Unicredit : A reassuring Q3 2020...but only partly
>Operational performance better than expected but mixed - Unicredit has reported Q3 2020 this time without any notable non-recurring elements, with net profit of € 680m well below forecasts (consensus at € 334m). Unsurprisingly, the performance was, to a great extent, underpinned by a lower level of loan loss provision than expected (€ 741m, i.e. -34% vs the consensus and -21% q-o-q) after an H1 marked by significant provisioning efforts expected for IFRS9/COVID....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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