Italian bank UniCredit lifted annual earnings guidance as surging interest rates boosted third-quarter profits.
The bank on Wednesday said profits would top €4.8bn this year. It posted for the three months to September 30 of €1.71bn, well above an average analyst forecast of €1bn in a consensus provided by the bank, as loan losses came in lower than expected.
Revenue of €4.83bn compared with estimates of €4.52bn.
“Good commercial dynamics, a favorable interest rate environment, cost discipline and low cost of risk” had enabled the bank to lift guidance, said chief executive Andrea Orcel.
“I am confident that UniCredit is well positioned to manage through whatever economic environment we face.”
