- UniCredit S.p.A. press release (OTCPK:UNCRY): Q2 GAAP EPS of €1.61.
- Revenue of €6.33B (+6.0% Y/Y).
- NII growth of 2% to €3.6 billion, and a very strong fee growth of 10% to €2.1 billion, driven by all main categories.
- In 2Q24 RoTE was 19.8% while at a 13% CET1 ratio was 23.6%, up by 2.6 p.p. and 2.3 p.p. respectively versus prior year. 2Q24 net profit reached €2.7 billion, with a 15.9% increase year-on-year.
- Improved 2024 guidance while retaining flexibility to further secure long-term ambitions for 2025 and 2026: FY24 net revenue guidance is upgraded to above €23 billion, while the organic capital generation guidance is improved to above 350 basis points. The net profit guidance is confirmed at above €8.5 billion, retaining further flexibility to secure 2025-26, and confirming our confidence in a high sustainable RoTE >15% and strong growth in EPS and DPS. Our FY24 distribution guidance is confirmed in line with FY23. On a calendar year basis, the 2024 distribution is expected at circa €10 billion.
