Unicredit : Q2 2019: lacklustre underlying earnings and significant one-offs
>Operations: less good … - The Q2 2019 earnings release was broadly disappointing, with a reported net profit of € 1.85bn (-13% vs consensus) – the gap was due notably to the cost of risk (> forecasts) and revenues (< forecasts). The quarter was also marked by significant one-offs (positive relating to the sale of 17% of Fineco in the period, negative for the sale of Ocean Freeze). Interest income = € 2.55bn (-1% vs consensus and flat y-o-y) / Fees and commis...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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