By Elena Vardon


UniCredit lifted its 2024 guidance as it reported better than expected profit for the first quarter of the year.

The Italian bank on Tuesday reported a net profit of 2.56 billion euros ($2.75 billion) for the first three months of 2024, up from EUR2.06 billion in the same period a year before.

Revenue climbed 7.4% on year to EUR6.37 billion, with net interest income--the difference between what lenders earn from loans and pay for deposits--rising 8.5% and fees and trading revenue up 3.3% and 20.4%, respectively.

Analysts on average expected UniCredit to report a net profit of EUR2.13 billion on revenue of EUR5.94 billion, according to consensus estimates provided by the bank.

UniCredit said it upgraded its net profit guidance for the year to be over EUR8.5 billion, from "broadly in line with 2023" previously and in line with consensus' EUR8.51 billion estimate.

The group also raised its distribution outlook and expects 2024 to be in line with 2023 for which it paid EUR8.6 billion--or 100% of its net profit--out to shareholders. The lender reiterated that it would boost shareholder distributions to EUR10 billion for the calendar year.


Write to Elena Vardon at elena.vardon@wsj.com


(END) Dow Jones Newswires

05-07-24 0157ET