Unicredit soars, again. Fourteenth record quarter and announcement of strategic acquisitions. The institute led by Andrea Orcel closed another positive quarter, with a net profit of 2.7 billion euros, up 4.7% compared to the previous quarter and 15.9% on an annual basis. Net revenues stood at 6.3 billion euros, marking an increase of 6% compared to the same period of the previous year. And on the day of the publication of the results, there was also an announcement: the purchase of two banks, Vodeno and Aion Bank, for 370 million euros.
Piazza Gae Aulenti closed the fourteenth quarter of growth the day after the stock broke through the 39 euro mark. The period closed with a net profit of 2.7 billion (analysts’ estimate was 2.35 billion euros) and net revenues reached 6.3 billion. Interest margin stable at 3.6 billion euros despite the decrease in Euribor. This means +6% on the year. The drivers are commissions (+10% year), interest margin (+1.9%) and income from trading activities (+1.7%). The cost/income ratio improved to over 36%. The bank also confirmed an interim dividend of 1.4 billion euros in cash, distributed next November.
Record results that lead to an upward revision of the guidance for this year. Net revenues expected to exceed 23 billion euros and a net profit of over 8.5 billion euros. “For the first half and second quarter of this year, UniCredit has once again reported a record set of financial results. UniCredit is setting a new benchmark for the banking sector, and the clear strategic direction we have undertaken will allow us to grow, to consistently reward investors and our people, and to deliver on our ambitions for our clients and the communities in which we operate,” commented the CEO Andrea Orcel.
And on the day of record results, Unicredit also announced the binding agreement for the acquisition of the entire share capital of Vodeno and Aion Bank from the US fund Warburg Pincus, for 370 million euros. This operation had been in the air since last February and will be finalized in the fourth quarter of the year, after obtaining the authorizations. Acquisition that marks an important step towards the expansion of the bank led by Orcel in the Banking-as-a-Service (BaaS) sector. Vodeno and Aion Bank are able to incorporate complete financial services, including current accounts, deposits, loans and payment services, directly into the processes of retailers, marketplaces, e-commerce, fintechs, financial technology providers and banks and also offer investments and the increasingly widespread “buy now, pay later”. New customers and new markets throughout Europe for Unicredit therefore.
