Milan (Reuters) – Unicredit, the second largest Italian bank, noted its annual forecasts on Monday after having published a profit superior to the expectations in the first quarter, and stressed that it would only pursue transactions if they improve its “single case” more.
The group is now expecting net profit for 2025 of more than 9.3 billion euros, higher than that of last year, after deduction of tax credits, when it had previously declared that it would equal it “largely”.
The director general Andrea Orcel, who placed Unicredit in the heart of the wave of consolidation of the Italian banking sector, with a global offer of 14 billion euros for Banco BPM and a participation of 6.7% in the Generali insurer, as well as a 28% stake in Commerzbank.
However, the offer targeting BPM is pending after the Italian government has imposed strict conditions on its approval, deemed prejudicial by Unicredit.
Commerzbank’s buy -back projects are coming up against a strong opposition from the new German government, while the strategy concerning Generali remains uncertain.
The net profit over the January-March period reached 2.77 billion euros, up 8% in annual sliding and above the 2.36 billion euros expected by consensus.
Andrea Orcel said in a state -of -the -edge statement was confident in his ability to revise her profits and distribution forecasts for 2025.
(Written by Valentina ZA, Elena Smirnova, edited by Augustin Turpin)
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