UniCredit SpA

UCG: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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UniCredit Earnings: Stronger Lending Lifts Our Fair Value Estimate by 11%

Johann Scholtz

Jul 30, 2026

UniCredit's income statement for the second quarter of 2026 told a familiar story: flat net interest income with fee and insurance income doing the heavy lifting for a 7% growth in overall revenue. The 8% surge in lending was, however, ahead of our expectations and that of consensus.

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UniCredit SpA

UniCredit Earnings: Stronger Lending Lifts Our Fair Value Estimate by 11%

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