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UniCredit net profit rose 24.7 percent to €1.4bn

Christian Fernsby |
UniCredit plans to shed non-core assets and trim Italian bond exposure.

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In a quarterly earnings statement, Milan-based UniCredit said its strong performance put the bank “well on track” to hit its 2019 targets.

Group stated net profit rose 24.7 percent to €1.4bn from the same period a year earlier while adjusted net profit rose 1.5 percent to €1.1bn.

UniCredit, which makes 40 percent of its revenues in Italy and the rest in Germany and eastern Europe, said the sale of 17 percent of its asset manager Fineco this week had raised about €1bn.

The deal will increase UniCredit’s CET1 ratio by 21 basis points in the second quarter.

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