UniCredit Posts Record Q3 Profits, Raises Outlook

UniCredit SpA has reported a record net profit of €2.51 billion for Q3 2024, marking a significant 8% increase from the same period last year and exceeding analyst expectations. The bank's total revenue rose by 2.9% to €6.14 billion, despite a slight decline in net interest income. Following these results, UniCredit raised its full-year profit outlook to over €9 billion and revenue guidance to approximately €24 billion. CEO Andrea Orcel is pursuing a potential acquisition of Commerzbank AG, having already made a strategic investment in the German bank. The bank also plans to return a larger share of profits to shareholders in the coming years. This performance reflects UniCredit's successful transformation strategy and commitment to cost efficiency.