UniCredit vows to match 2023 income this year after beating forecast

UniCredit announced on Monday its commitment to matching the previous year’s result in 2024, despite a challenging economic environment. The bank reported a higher-than-expected profit for 2023 and plans to distribute the entire amount to shareholders. Net income for the October-December period reached 2.8 billion euros, exceeding the consensus forecast. Revenues also surpassed expectations, while costs and provisions against loan losses were lower than anticipated. UniCredit intends to allocate 8.6 billion euros to share buybacks and dividends from its 2023 earnings, equivalent to 100% of its underlying profit. From this year onward, the bank will implement a 90% payout policy.