MILAN, May 10 (Reuters) - Italy’s biggest bank UniCredit posted its best first-quarter result since 2007 on Thursday, topping forecasts with a 1.1 billion euro ($1.3 billion) net profit thanks to lower-than-expected loan losses.
Analysts had looked on average for a first-quarter net profit of 766 million euros according to a consensus of 25 brokers provided by the company.
Revenues rose 4 percent from the previous quarter to 5.1 billion euros, mainly driven by fees while the bank’s net interest income eased slightly.
Loan writedowns in the quarter fell more than expected from a year earlier to 496 million euros.
The bank confirmed all targets under its ‘Transform 2019’ plan.
$1 = 0.8427 euros Reporting by Valentina Za Editing by Mark Bendeich