Unicredit, net profit at 2.6 billion, up by 24%
Unicredit archives the first quarter of 2024 with a Net income equal to 2.6 billion euros, up by approximately 24% compared to the first quarter of last year, and a RoTe of 23%. THE Net revenues are equal to 6.3 billion euros, up 7% compared to the first quarter of 2023, with NII equal to 3.6 billion and commissions equal to 2.1 billion, “growing – highlights Unicredit in a note – thanks to a solid commercial momentum, supported by attention to customers and fueled by product factories”. The results – highlights the group – represent a “quality profitable growth for the thirteenth consecutive quarter“. The bank increases its financial guidance for 2024 net profit to over 8.5 billion, with unchanged RoTE of approximately 16.5 percent and organic capital generation above 300 basis points.
Total distributions from 2024 net profit increased in line with distributions for 2023. The provision and payout of dividing remain unchanged at 40 percent of net profit, with the remainder in the form of share buybacks. “The final distribution between dividend and share buyback – explains the Unicredit note – will depend on market conditions, and will be decided following the 2024 results, together with the final decision on distributions”. Distribution in the calendar year 2024 is expected to be around 10 billion euros.
Unicredit, Orcel: “We are on the right path to achieve exceptional results”
“Unicredit is on track to continue achieving exceptional results, and we are proud to represent a model in the sector“said the CEO Andrea Orcelcommenting on the results of the first quarter of 2024. “We started the year on an extremely solid basis with a net profit of 2.6 billion euros, up 24% year-on-year, fully exceeding expectations across all key lines , with a RoTe of 19.5%”, highlights the CEO.
“While continuing to invest, let’s stay vigilant about the costs and reap the benefits of the initiatives we have undertaken previously with an industry-leading cost/income ratio of 36.2%”, explains Orcel, then underlining that the Cet1 ratio is “among the best in the industry, increased once again to 16.2%, already net of the 2023 distribution of 8.6 billion and the 2024 distribution provision of 2.6 billion, reflecting our excellent organic capital generation of 3.4 billion, supporting our industry-leading distribution “.
“As a direct result of our investments in increasing our diversified fee streams and strengthening our defense lines, and thanks to the flexibility provided by our excess capital, we will continue to demonstrate sustainably high structural profitability and returns for shareholders among the best in the sector in changing macroeconomic contexts We are unshakably focused on building the future and achieving our ambitions for all stakeholders”, concludes the CEO.
Following the approval of the shareholders and the supervisory authority, the start of the second tranche of the share buyback program for 2023 net profit of 3.1 billion is expected – Unicredit says in the quarterly note – “as soon as possible following the results of the first quarter of 2024, subject to market conditions”. While the first tranche of the share buyback based on the 2023 net profit for an amount of 2.5 billion euros was concluded on March 7th.
Unicredit “iintends to deploy or distribute its excess capital to shareholders by 2027 at the latest” and “excluding inorganic growth options, expects average annual total distributions between 2025 and 2026 to be higher than 2024 distributions, with a dividend policy of 40% or more and capped share buybacks to organic capital generation in combination with the deployment of excess capital”. If instead “the excess capital were to be used for inorganic growth opportunities, which would be undertaken according to stringent criteria, the level of annual distributions in the period 2025-2026 it would depend on the performance of the acquisitions, which should present advantageous post-synergies returns compared to those deriving from the buyback of own shares”.
Related
Unicredit records a record quarter: profit at 2.6 billion, up by 24%
Pandora is giving away a bracelet for Mother’s Day and we tell you how to order it
The jewelry firm Pandora give a bracelet for him Mother’s day. Here we tell you how to order it.
The next Friday May 10 We will be celebrating Mother’s Day in Mexico, a date dedicated to recognizing mom for all her work and affection.
For this reason, various companies will be launching some offers and promotions for all those who want to give a nice detail on Mother’s Day.
One of these companies is Pandora, which will be giving away a beautiful bracelet for Mother’s Day to all customers who follow a purchasing dynamic.
Below, we explain how the bracelet that Pandora gives away can be yours.
How to order the bracelet that Pandora is giving away for Mother’s Day?
On the occasion of Mother’s day he May 10Pandora will give away a limited edition braceletwhich you can order as follows.
Most read in Business
What you have to do if you want it is to make purchases of 1,990 pesos or more on Pandora.
It is worth mentioning that the Pandora promo does not apply to purchases in the diamond category.
Also, the charms and decorative clips for the Pandora bracelet will be sold separately.
But that’s not all because Pandora has a second promotion that you can take advantage of
Which consists of taking free bracelet and jewelry box when purchasing a total of 3,990 pesos or more on Pandora.
6 jewels that you can buy at Pandora to get the free Mother’s Day bracelet
Some products of Pandora What can you buy to make the promo valid? free Mother’s Day bracelet are the following:
- Pandora mini pendant charm in the shape of Cupid: 2 thousand 105 pesos
- Pandora pendant charm of Our Lady Aparecida: 2 thousand 105 pesos
- Pandora shiny red heart ring: 2,295 pesos
- Hidden Message Heart Charm that changes color: 2,295 pesos
- Heart Charm I love you mom with 14-karat gold coating: 2,295 pesos
- Pavé Mom Heart Ring: 2,295 pesos
On any of these products, Pandora offers up to 6 months without interest paying with participating bank cards.
In addition to free shipping for purchases of 3,300 pesos or more.
Pandora is giving away a bracelet for Mother’s Day and we tell you how to order it
Citroen Relay Back to Back: Two-Cabin Car Drives in Both Directions – Real or April Fool’s Joke?
NEW YORK — The stars were out on the red carpet at the 2024 Met Gala on Monday in New York City.
The Met Gala is held annually at the Metropolitan Museum of Art, where all of the biggest names in fashion show off their best and boldest outfits.
The theme this year is “Sleeping Beauties: Reawakening Fashion,” stemming from the latest exhibition by the Costume Institute of the Metropolitan Museum of Art. The dress code is “The Garden of Time,” which means plenty of nature-inspired looks.
Follow our coverage below and see some of the most eye-catching outfits of the night.
Zendaya
Zendaya, Jennifer Lopez, Bad Bunny, and Chris Hemsworth join Vogue’s Anna Wintour as co-chairs of this year’s event. Zendaya has been to five Met Galas.
Bad Bunny
Bad Bunny arrives wearing custom Maison Margiela Artisanal by John Galliano. This is Bad Bunny’s third year at the Met Gala.
Demi Moore
Emily Ratajkowski
Lizzo
Cardi B
Camila Cabello
Doja Cat
Usher
Vera Wang and Janelle Monáe
Ariana Grande
Emma Chamberlain
Demi Lovato
Sebastian Stan
Dua Lipa
Shakira
Kim Kardashian
Kendall Jenner
Kylie Jenner
Pamela Anderson
Nicki Minaj
Jennifer Lopez
J.Lo has been on guest list at the Met Gala 13 times.
Chris Hemsworth and Elsa Pataky
Hemsworth is attending his first Met Gala with his wife Elsa Pataky.
Anna Wintour
Wintour, editor-in-chief of Vogue, has been orchestrating the Met Gala for 27 years.
Brie Larson
Lil Nas X
Serena Williams
Alia Bhatt
Hannah Bagshawe and Eddie Redmayne
Gwendoline Christie
Ed Sheeran
Gigi Hadid
Penelope Cruz
Queen Latifah
Stray Kids
Mindy Kaling
Zoe Saldana
Andy Cohen and Sarah Jessica Parker
Donald Glover
Matt Damon
Gayle King
Ben Simmons
Jessica Serfaty Michel
Mark Prussin
Mark Prussin is a Digital Producer at CBS New York. He covers breaking news, sports, politics and trending stories in New York, New Jersey and Connecticut for CBSNewYork.com. Mark joined the CBS New York team in 2019.
Citroen Relay Back to Back: Two-Cabin Car Drives in Both Directions – Real or April Fool’s Joke?