(ANSA) – MILAN, MAY 05 – Unicredit closes the first quarter with a profit of 247 million and reduces its exposure to Russia by 2 billion. Adjustments amounted to approximately € 1.3 billion in the period. A result below the expectations of analysts who expected 413 million and collapsed compared to 2020 closed in profit for 887 million. “The first months of 2022 were marked by extreme geopolitical and macroeconomic uncertainty” underlines the CEO of Unicredit, Andrea Orcel, indicating that he is “confident about our ability to implement the 2022-24 Strategic Plan and to continue to support our community, our customers and the financial system during this turbulent period “Excluding Russia, net profit would have been 1.2 billion euros, with organic generation of capital of 44 basis points, net revenues of 4.7 billion and cost / income ratio of 47.8 per cent. Unicredit then confirms the buyback of treasury shares in 2021 for 1.6 billion, out of the 2.6 billion approved by the shareholders’ meeting. The group says it is convinced that it will also be able to distribute the remaining part of 1 billion but subject to the performance of Russia. (HANDLE).
Source: Ansa
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