MILAN (S&P Global Ratings) May 5, 2022--S&P Global Ratings said today that UniCredit SpA's first-quarter 2022 results suggest that the impact of the Russia–Ukraine conflict will weigh on its full-year profit. However, UniCredit's underlying profitability in other regions has remained resilient so far and should continue to underpin its operating performance. Excluding Russia, UniCredit's consolidated revenues increased by about 5.5% year on year in the first quarter of 2022, benefiting from the group's diversified business and geographical footprint and improved commercial dynamism. Rising interest rates are likely to support the group's net interest margin across its main countries of operation, particularly Italy. We believe that this will provide UniCredit with an additional cushion to absorb a potential deterioration in asset
