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.
