Unicredit beats estimates, useful in the first quarter to 2.8 billion (+8.3%). Orcel: « On Banco Bpm still no decision »

Unicredit is « reviewing » the OPS on Banco Bpm in the light of « Soul and Golden Power but we have not yet made a decision, » said CEO Andrea Orcel in an interview with Class CNBC. Meanwhile, the institute beats the market estimates once again and in the first quarter of 2025 it brings home 2.8 billion in net profit with an increase of 8.3% compared to the previous year while net revenues reached 6.5 billion (+9.2%). « We have achieved the best results in Unicredit’s history and the seventeenth consecutive trimester of profitable growth, » said the Ad Andrea Orcel, That warns: « We are positioned for a series of inorganic possibilities in our markets but we will pursue only those capable of improving our strong and resilient case of standalone investment ».

The conditions on the offer on BPM and the prize

On the conditions whether to go ahead or not on Banco Bpm, asked by Class Cnbc Orcel, he specified: « We are evaluating it, we made an offer in November, before the soul offer had a prize of 15-20% and since then it has risen substantially: 6% can be ascribed to the benefits of the 3.6 billion share-greenback, we realized that the bank has no coverage of aligned credits. To ours, which adds another 800 million and then the destruction of soul value so we estimate that the number from which we started – 15% – now we are between 40% and 50%. And we can still add value, but to this are added the requests of the Golden Power that we are discussing with the government, when we have more clarity, on these things we will make a decision, but there is no hurry ». As regards the investment in Generali, of which Unicredit has 6.7%, « It is financial, we want to do the good of society and this is the one that inspires our choices. »

The German front

The institute then, in addition to being engaged in a totalitarian offer on the former Milanese popular, also opened a front in Germany by buying 29% of Commerzbank. On which he says: « The results of the first quarter on the surface are solid, but if you exclude a much lower charges on the Swiss Franco and the release of Overlays the profit has fallen, not climbed ». The banker therefore noticed that « the gap between Commerzbank in Germany » and the controlled of Unicredit « HVB in Germany has enlarged: 20 percentage points of Cost/Income and our return to capital is almost double ». Unicredit is « exactly where we thought we would have been ». The bank has « almost obtained all the authorizations to climb up to 30% of the capital after which it will take a break » waiting to start constructive discussions with Commerzbank and the German government « . If the operations in Italy and Germany are visible, Orcel reveals that « there are many more that they are not visible that we have as a option »

«The macroeconomic scenario has become more complex and uncertain. In this context we present a positive and resilient differentiated investment case, with a high degree of visibility on profits and distribution, for the benefit of our shareholders and for their safety. These premises make us both confident in increasing our guidance for net profit and 2025 distribution, and convinced of our ambition for 2027 « .

Boom of investment commissions

The proceeds in March are still supported by the margin of interest, albeit falling of 4.8%, equal to 3.5 billion (-4.8%) while the leap of the commissions is noticed, up 8.2%to 2.3 billion. Negotiation revenues, mainly deriving from customers’ activity, provided further support: 2.3 billion (+16.5%). This result was the result of a particularly marked growth of the commissions on investments, commissions on financing activities and those on cover products for customers. In particular, the proceeds from negotiation activities stood at 641 million, with a 100% boom compared to the previous and uphill quarter of 19.9% ​​compared to last year, further pushing the performance of revenues. A voice that largely pushed by an intense customer activity, in particular in Germany. As for the credit portfolio, it remains « resilient (the loans rose by 0.3% to 405,361 billion), supported by low clear deteriorated exposures with increased coverage levels, a prudent approach towards the disbursement of new credits, and robust defense lines, including 1.7 billion overlays on the exhibitions in Bonis, substantially unchanged compared to Previous quarter ». All rumors that update estimates for 2025 to over 9.3 billion of net profit and a distribution to the 2026 higher than those of 2024 thanks to the highest growth of net profit; Net revenues for 2025 are expected to approximately 23.5 billion, better than initially anticipated thanks to a more solid first quarter and a more contained risk cost. For the year at the end of the floor 2027 Unicredit confirms profits to 10 billion. The Cet1 Ratio of the group’s patrimonial solidity has risen to 16.1%.

Digital infrastructures and ai

On the day of the accounts, the bank of Piazza Gae Aulenti also presented the signature of a memorandum of Undersanding (Mou) with Google Cloud which outlines a ten -year agreement to accelerate the digital transformation of the bank. This collaboration will see the credit institution using the infrastructure solutions, IA and analysis of the best-in-class data of Google Cloud to simplify its digital architecture and improve products and services in the 13 markets where the bank operates. « This strategic partnership with Google Cloud is a fundamental step in our strategy to be the bank of the future in Europe, » said Orcel. « In line with our approach to a single partner for strategic collaborations, we have sought the best with which we now work in the search for excellence », adds the CEO indicating that «The cutting -edge skills of Cloud, Ia and Data Analytics of Google Cloud will give slender to our current digital transformation by further strengthening the offer to customersmaking our operations more efficient and favoring a new era of innovation guided by the data ».