UniCredit’s revenue at $4.7B, up 7.1% YoY
Italian banking giant UniCredit SpA announced on Thursday its revenue increased 7.1% in the first quarter to reach a figure of €4.7 billion. The bank’s net operating profit jumped to €2.1 billion from €624 million in the first quarter of 2020, while the stated net income was at €887 million. Operating expenses stood at €2.4 billion, 3.1% less than 12 months ago. This resulted in the lowest quarterly cost/income ratio in over a decade, at 51.5%. The bank’s CET1 ratio was strong at 15.92%. “As we look to the future, it will take time to re-energise and strengthen the business, moving from a period of active retrenchment to one defined by disciplined profitable growth and healthy organic capital generation. We will reinforce client centricity in everything we do. We will deliver increased integration of technology and simplify the business as we seek to remove blockers and obstacles that prevent us from adequately serving our clients,” stated Chief Executive Officer of UniCredit SpA Andrea Orcel.
ING’s net result soars 50% to €1B in Q1
ING Groep N.V. announced on Thursday that its net result in the first quarter of 2021 jumped 50% year on year to €1 billion and result before tax was up 43.9% to €1.5 billion. The Dutch bank’s total income amounted to €4.7 billion, climbing 4.2% compared to the same period a year earlier. Meanwhile, net fee and commission income rose 9.1% to €854 million. “ING delivered a strong performance in the first quarter of 2021. The sharp rebound in net profit compared to the year-earlier period was driven by a good increase in fee income and lower risk costs,” CEO Steven van Rijswijk stated.
Societe Generale revenue rises 20.8% to €6.24B in Q1
Societe Generale SA announced on Thursday that its revenue stood at €6.24 billion in the first quarter of fiscal 2021, rising by 20.8% compared to last year’s starting quarter. Its gross operating income landed at €1.49 billion, down from 2020’s first-quarter income of €492 million. The company reported an EPS of €0.79 for the time period, which marks an increase compared to last year’s loss per share of €0.57. “This excellent start to the year confirms, in particular, the relevance of the decisions taken in recent quarters and their successful execution. It is a major milestone for the Group and enables us to approach 2021 with confidence and determination, confirming our ability to achieve our financial targets,” said Group’s Chief Executive Officer Frederic Oudea. Nick Note: This is a global boom and you need to grasp the reality here. Reality is this is the START of the boom NOT the end!