Markets News

Italy's UniCredit posts higher-than-expected Q3 profit

MILAN, Nov 5 (Reuters) - Italy’s UniCredit posted a much higher than expected third-quarter net profit on Thursday, and strengthened its capital buffers, thanks to a rebound in revenues as Europe emerged from lockdowns imposed to stem COVID-19 contagion.

Italy’s second-biggest bank said net profit in the three months to the end of September was 680 million euros, compared with an average forecast of 334 million euros ($391 million) in a company-provided consensus.

Revenues rose 4.4% on a quarterly basis driven by fees and a jump in trading income as commercial activity on the bank’s main markets in Italy, Germany and Austria picked up after restrictions to fight the virus eased. ($1 = 0.8538 euros) (Reporting by Valentina Za; Editing by Alexander Smith and Muralikumar Anantharaman)