UniCredit Q1 Profit €3.22bn Beats Forecast

UniCredit posted Q1 net profit €3.22 bn, beating consensus €2.70 bn by 19.2% and raising 2026 profit target to ≥€11 bn.
Total revenue reached €6.87 bn, above the €6.15‑€6.69 bn forecast, driven by 7.8% YoY rise in fees and net insurance income to €2.51 bn.
Net interest income fell 2.0% YoY to €3.59 bn despite 5.8% loan and 5.5% deposit growth, while operating costs dropped 1.1% to €2.30 bn, cutting cost‑to‑income ratio to 33.4%.
CET1 ratio stood at 14.2% (pro‑forma 14.8% with Danish Compromise) and ROE rose to 25.8%, while NPE ratio held at 1.4% with coverage improving to 45.8%.