UniCredit has raised its revenue forecast for the current year after second-quarter results exceeded analysts' expectations. The Italian bank reported on Wednesday that net profit increased to 2.68 billion euros ($2.91 billion), compared to 2.31 billion euros in the same period last year. Revenue grew by 6.1 percent to 6.33 billion euros.
The net interest income – the difference between income from loans and payments to deposit customers, an important source of revenue – increased year-over-year by 1.9 percent to 3.57 billion euros.
Analysts had expected a net profit of 2.38 billion euros on sales of 6 billion euros, according to a consensus estimate provided by the bank.
Due to the quarterly profit, UniCredit plans to distribute around 1.4 billion euros in the form of interim dividends, which are to be defined in more detail in October.
The bank also raised its revenue forecast for the year and now expects revenue to exceed 23 billion euros. Previously, the company had forecasted a revenue of around 22.5 billion euros for 2024.
