Overview
- Net profit for the third quarter was €591 million versus a €659 million analyst consensus, with an effective tax rate raised to about 36%.
- Pre-tax profit came in at roughly €1 billion on higher revenues and lower loan-loss provisions, bringing nine-month net profit to about €1.9 billion.
- Guidance for 2025 net interest income increased to around €8.2 billion, about €200 million above prior plans, with risk costs now expected below the earlier €850 million outlook.
- The bank has launched a €1 billion share buyback and applied to the ECB for authorization of an additional €600 million program, reporting a CET1 ratio of 14.7%.
- Restructuring continues with about 3,900 job cuts targeted by end-2027 as the lender works to bolster returns and fend off takeover pressure from major shareholder UniCredit, which holds roughly 26–30%.