Trending: UniCredit Lifts Shareholder Payout on Profit Return
January 31 2023 - 6:28AM
Dow Jones News
1058 GMT - UniCredit is among the most mentioned companies
across news items over the past 12 hours, according to Factiva
data, after the Italian bank said it plans to distribute EUR5.25
billion to shareholders in the coming months following a swing to
profit in the fourth quarter. The distribution will consist of a
EUR1.91 billion cash dividend and a share buyback of EUR3.34
billion, the company said. The cash dividend as well as the buyback
are above U.S. bank Citi's forecasts of EUR1.7 billion and EUR2.1
billion respectively, analyst Azurra Guelfi says in a note to
clients. The better-than-expected shareholder returns are due to a
return to profitability that also beat consensus forecasts, as net
interest income got a boost from higher interest rates and the
bank's efforts to rein in costs. UniCredit said net profit came in
at EUR2.46 billion for the quarter compared with a loss of EUR883
million in the year-earlier period, and against FactSet-provided
consensus expectations of EUR1.16 billion. Dow Jones & Co. owns
Factiva. (christian.moess@wsj.com)
(END) Dow Jones Newswires
January 31, 2023 06:13 ET (11:13 GMT)
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