UniCredit ups profit outlook after strong quarter, says to be selective on deals
MILAN, May 12 (Reuters) - UniCredit (CRDI.MI), opens new tab on Monday improved its outlook for the year after reporting a surprise increase in first quarter profit, and said it would pursue deals only if they offered advantages compared to its "unmatched standalone case".
UniCredit said fee and trading income, as well as lower costs, drove net profit between January and March to 2.77 billion euros ($3.14 billion), up 8% year-on-year and above a 2.36 billion euro average analyst consensus gathered by the bank.
CEO Andrea Orcel has placed UniCredit at the heart of the consolidation wave sweeping Italian finance with a 14 billion euro all-share offer for Banco BPM and a 6.7% stake in insurer Generali (GASI.MI), opens new tab, which UniCredit has said is a financial investment, like a 28% stake in Commerzbank (CBKG.DE), opens new tab.
($1 = 0.8907 euros)
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