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UniCredit lowers 2019 revenues guidance, sticks to profit goal

UniCredit lowers 2019 revenues guidance, sticks to profit goal
FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo -
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Stefano Rellandini(Reuters)
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MILAN (Reuters) – Italy’s biggest bank by assets UniCredit <CRDI.MI> on Wednesday cut its revenue target for 2019, citing expectations that interest rates will remain low, though it confirmed its net profit and dividend goals.

UniCredit reported a net profit of 1.9 billion euros (£1.7 billion) in the second quarter of the year, thanks to the sale of its stake in online broker Fineco, which it executed in two stages.

The revenue target for the year was lowered to 18.7 billion euros from 19 billion euros, a figure which was restated to take into account the sale of Fineco.

When he presented an update of his business plan in 2017, Chief Executive Jean-Pierre Mustier had set a revenue target for 2019 at 20.6 billion euros.

(Reporting by Gianluca Semeraro; editing by Silvia Aloisi)

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