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UniCredit Beats Estimates as Mustier's Cleanup Takes Hold

  • Quarterly net income jumps on revenue increase, lower costs
  • Bank boosting profits after record 13 billion-euro share sale
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UniCredit SpA bounced back from a balance-sheet cleanup and a record share sale to deliver first-quarter profit that exceeded analysts’ estimates. The shares climbed as much as 5.4 percent.

Net income more than doubled to 907 million euros ($986 million) from 406 million euros a year earlier, lifted by higher revenue and lower costs and provisions, the Milan-based bank said in a statement Thursday. Profit beat the 587 million-euro average of 10 estimates compiled by Bloomberg.