Reuters: UniCredit said Wednesday it would finish a share repurchase it had put on hold pending further clarification on the Russia hit, while increasing its outlook for the year following a surprise earnings jump in the second quarter.
The announcement came from UniCredit, a European bank exposed to Russia, which announced a $2 billion net profit for the three months through June, double the average analyst projection and the previous year’s number.
Its core capital rose to 15.73% of assets from 14% at the end of March, and it cut its exposure to Russia by 2.7 billion euros.
UniCredit expects a full-year profit of roughly 4 billion euros, up from 3.3 billion previously.
UniCredit summoned a shareholder meeting on Sept. 14 to approve a second 1-billion-euro share buyback after a first 1.6-billion-euro tranche in mid-July.
$1=0.9854 euros
