Shares of Italy's UniCredit jump 10% and hit eight-year high on earnings beat
Publishing timestamp: 2024-02-05 11:17:54
Summary
UniCredit's shares reached their highest level since 2015 after the bank announced plans to return 8.6 billion euros to investors. This comes after the bank reported fourth-quarter profit that exceeded analysts' expectations. The payout will be delivered through a combination of buybacks and dividends, and UniCredit also stated that it would adopt a 90% payout policy from this year. The bank's strong performance has been attributed to higher interest rates, and its value has tripled since Chief Executive Andrea Orcel took over in 2021.
Sentiment: POSITIVE
Tickers: UCG-IT,
Keywords: business news, interest rates, unicredit spa, earnings, financials, banks, economy, breaking news: economy,