UNCRY - UniCredit S.p.A. (UNCRY) Q1 2024 Earnings Call Transcript
2024-05-07 16:37:03 ET
UniCredit S.p.A. (UNCRY)
Q1 2024 Earnings Conference Call
May 7 2024 4:00 AM ET
Company Participants
Andrea Orcel - Chief Executive Officer
Stefano Porro - Chief Financial Officer
Magda Palczynska - Head of Investor Relations
Conference Call Participants
Ignacio Cerezo - UBS
Delphine Lee - JP Morgan
Andrea Filtri - Mediobanca
Antonio Reale - Bank of America
Ignacio Ulargui - Exane BNP Paribas
Azzurra Guelfi - Citi
Britta Schmidt - Autonomous Research
Marco Nicolai - Jefferies
Chris Hallam - Goldman Sachs
Presentation
Operator
Good morning, ladies and gentlemen. Before I hand over to Magda Palczynska, Head of Investor Relations, a reminder that today's call is being recorded. Madam, you may begin.
Magda Palczynska
Good morning, and welcome to UniCredit's First Quarter 2024 Results Conference Call. Andrea Orcel, our CEO, will take you through the results. This will be followed by a Q&A session with Andrea and Stefano Porro, our CFO. Please limit yourself to two questions.
With that, I will hand over to Andrea.
Andrea Orcel
Thank you, Magda. Good morning and thank you all for joining. Our Q1 ’24 results are the embodiment of the continued hard work by those at UniCredit and our commitment to continuously pursue excellence. They underscore again, that UniCredit Unlocked is the right strategy as we build on our momentum, adapting and navigating the changing external environment to the benefit of all our stakeholders.
We remain an attractive investment opportunity as our past performance and future prospects are still not reflected in our valuation. Both our price to earnings and price to distribution multiples remain at a substantial discount to both sector and top peers.
Our commitment to excellence has resulted in our best first quarter ever and our 13 th consecutive quarter of year-on-year profitable growth, setting new benchmarks in performance across all regions, product lines and metrics. This success is underpinned by resilient, profitable net NII, robust fee generation and improved operational and capital excellence with every region and business contributing to making a better whole.
We have spent the last three years securing a position of industry leadership as we continue to outperform expectations and peers while building strong foundations of investments, capital, asset quality and liquidity to support our future.
During the next three years, we remain committed to completing our UniCredit Unlocked transformation, further growing our results while delivering outsized returns. We will increase our focus on clients to counteract macro headwinds and further improve earnings quality. ...
UniCredit S.p.A. (UNCRY) Q1 2024 Earnings Call Transcript