MILAN (Reuters) – Italy’s UniCredit on Friday reported better-than-expected full-year revenues and underlying profit, despite one-off hits under a new strategy by CEO Andrea Orcel driving a fourth-quarter loss.
UniCredit said 2021 revenues came in at 18 billion euros ($20.1 billion), ahead of its guidance for more than 16 billion euros, and underlying profit at 3.9 billion euros, versus an indication of more than 3.7 billion. Overall costs were also slightly lower than what the bank had guided for.
Restructuring costs and other charges linked to disposals of non-core assets under a 2022-2024 plan Orcel unveiled on Dec. 9 led UniCredit to post a 1.44 billion euro loss in October-December, above an average forecast of 1.15 billion euros in a company-provided analyst consensus.
($1 = 0.8965 euros)
(Reporting by Valentina Za; editing by Agnieszka Flak)
