Italian banking giant UniCredit on Tuesday reported a remarkable 67.7 percent surge in profits for the first three quarters of 2023 compared to the previous year.
The bank’s net profit for the first nine months reached 6.7 billion euros (7.1 billion U.S. dollars), with the third quarter leading the way with a net profit of 2.3 billion euros, up 36 percent year-on-year, the Milan-based bank said in a press release.
While UniCredit exceeded profit expectations and raised revenue forecasts, it maintained its full-year profit guidance at 7.25 billion euros.
UniCredit is Italy’s second-largest bank only after Banca Intesa Sanpaolo in terms of total assets.
UniCredit’s shares traded as much as 2.1 percent higher in trading Tuesday, before settling down to a 1.4-percent increase.
Despite the surge from UniCredit’s shares, the Italian bank index saw minimal change in the day, gaining just 0.1 percent compared to Monday’s close.
The index has risen by 48.3 percent over the past year, trailing UniCredit’s 98 percent increase during the same period.
Source: Xinhua
