- UniCredit S.p.A. press release (OTCPK:UNCRY): Q1 GAAP EPS of €1.52.
- Income of €6.37B (+7.4% Y/Y). Web revenues: €6.3B, up 10.9% Q/Q and up 7.5% Y/Y.
- RoTE of 23%.
- NII of €3.6 billion and costs of €2.1 billion rising on strong industrial momentum, supported by concentrate on purchasers and powered by product factories.
- CET1 ratio of 16.23% up 35 foundation factors.
- Mortgage/Deposit ratio: 87.4%, up 1.1 p.p. Q/Q, and down 2.3 p.p. Y/Y.
- Gross NPEs: €12.1B, up 3.4% Q/Q and down 4.0% Y/Y.
- Web NPEs: €6.6B, up 6.7% Q/Q and up 1.5% Y/Y.
- NPE protection ratio: 45.5%, down 1.7 p.p. Q/Q and down 2.9 p.p. Y/Y.
- Outlook: FY24 internet revenue steering improved to over €8.5 billion and whole FY24 distribution steering improved to consistent with 2023 Effectively on monitor to ship midterm aspirations of RoTE in extra of 15%, robust EPS and DPS progress with finest in school, sustainable and balanced distributions supported by natural capital era and the return or deployment of our substantial extra capital by no later than 2027.
- The monetary steering for FY24 internet revenue is improved to over €8.5 billion, with unchanged RoTE of circa 16.5% and an natural capital era above 300 foundation factors.
- Additional ESG progress with Web Zero transition plan printed, and launch of third “UniCredit for Italy” tranche for €10 billion.