Unicredit : Good Q1 for the arrival of A. Orcel... but medium-term outlook still mixed
>Operations: a solid performance, driven by trading and the cost of risk - UCG released solid Q1 2021 result that were well above expectations (net income of € 1.2bn vs consensus € 0.4bn) with no notable one-offs. Most of the operating beat was due to very high trading revenues (€ 639m, +68% vs consensus & 3.7x Q1 2020) and the very strong fall in loan loss provisions (-73% vs cons to € 167m).The performance was nonetheless also solid in terms of costs (-2% vs co...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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