UniCredit’s shares rose 9.9% after the bank reported a record third quarter and raised its 2026 net profit expectation to well above €11.5 billion before extraordinary charges. The positive reaction reflects accelerating revenue growth, strong profitability and capital generation, alongside a higher interim dividend.
- Third-quarter revenue rose 12% year over year; core revenue increased 9%, with net interest income up 8% and fees and net insurance up 11%.
- Net profit reached €3.3 billion, up 24%; return on tangible equity rose 4 percentage points to 25.5%.
- Costs fell 1%, bringing the cost-income ratio to 32.8%; cost of risk was 18 basis points.
- Nine-month organic capital generation was €8.2 billion, and CET1 reached 15% despite €7.3 billion accrued for shareholder distributions. The interim cash dividend was raised to €4.5 billion.
- Management cited Commerzbank as an additional source of potential value, with control expected upon settlement and the kickoff of Commerzbank Unlocked targeted by Q1 2027.
Community Discussion