UniCredit Cuts Revenue Target as It Struggles to Spur Growth
- Quarterly profit misses estimates on lending, trading slowdown
- Targets including net income confirmed as costs declined
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UniCredit SpA cut its full-year revenue target as sluggish European economies and the sale of an online banking unit weighed on the Italian lender.
Second-quarter revenue declined by 4.6%, hit by slowdowns for lending, trading and fees, while profit missed analyst estimates. The bank lowered its 2019 sales goal to 18.7 billion euros ($21 billion) from 19.8 billion euros previously announced. The past target is 19 billion euros if the sale of its Fineco unit is included. UniCredit confirmed its full-year adjusted profit target.