UniCredit reports record 3.2 billion euro Q1 profit
Italy's UniCredit posted a record first-quarter net profit of 3.2 billion euros, exceeding analyst expectations and prompting an improved annual outlook. The bank also initiated its takeover bid for Commerzbank amid opposition from German officials.
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UNICREDIT SPA reported record first-quarter net profit rose 16% to 3.2 billion euros ($3.7 billion) on Tuesday morning. The result beat analyst estimates of 2.7 billion euros as the bank launches a takeover bid for Commerzbank AG. Stronger earnings provide capital for a cross-border merger despite political resistance from Germany.
