UniCredit on Aug. 6 reported underlying net profit of 0.5 billion euros in the second quarter of 2020, nearly half the sum it earned in the same quarter of the previous year. The lender confirmed its 2021 goal for an underlying net profit of between 3 billion euros and 3.5 billion euros.
In a call with analysts, Chief Executive Jean Pierre Mustier ruled out boosting the bank’s market share in Italy through domestic M&A, adding that such a transaction would only add branches and bad debt. He reiterated his preference for share buybacks. Intesa Sanpaolo said on Aug. 3 that just over 90% of UBI Banca’s shares had been tendered in its share-and-cash takeover offer for the smaller rival.
Intesa expects annual synergies of 700 million euros from the bank deal, of which 510 million euros are cost savings. The bank also said it would use 2.8 billion euros of negative goodwill generated from the transaction to cover integration costs and additional loan loss provisions.
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