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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

Published Thu, Aug 3, 2017 · 09:50 PM
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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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