Unicredit : A solid Q1 2022 but naturally reflecting a Russia effect
>Neutral rating reiterated – TP raised to € 12.0 (vs € 11.0) - The group’s Q1 2022 operating performances proved quite solid after adjusting for the Russia effect (~€ 1.2bn of provisions). This was thanks to resilient NBI (+13% vs consensus, mostly on the back of much higher fees and performances in the trading activities) and effective cost control (-3% vs consensus). We are taking advantage of the quarterly release to factor in our new net income estimates (see our ...Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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