UniCredit CEO defies doubters with surprise profit surge
He's now focused on boosting net income to 4.7b euros by 2019 and growth in fees and commissions
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Milan
UNICREDIT SpA CEO Jean Pierre Mustier defied expectations that the bank couldn't keep up earnings growth, posting a surprise second-quarter profit surge and a further improvement in capital.
Net income climbed to 945 million euros (S$1.5 billion) from 916 million euros a year earlier, when earnings were boosted by one-time gains, the Milan-based bank said in a statement on Thursday. Profit beat the 587 million-euro average of five estimates compiled by Bloomberg as analysts predicted a tougher quarter than the first.
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