UniCredit profit up on cost cuts

Tim Wallace
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PROFITS more than doubled at Italian lender UniCredit in the second quarter, the bank announced yesterday.

It made a net profit of €361m (£312.6m), up 113.8 per cent on the same period last year.

Costs fell 1.8 per cent on the year, led by a 2.7 per cent reduction in staff costs. The bank cut 6,400 staff to achieve the fall.

UniCredit’s shares rose 2.16 per cent on the day.