Unicredit, Italy's biggest bank by assets, has today posted a first-quarter net profit of €907m.
The results topped expectations and were as a result of rising revenues and lower loan losses as a turnaround under new chief executive Jean Pierre Mustier gathered pace.
Net income came in well above an average forecast of €612m in an analyst consensus provided by the bank.
Total revenues of €4.8 billion also topped expectations, thanks to higher fees and a sharp increase in trading income.
Net interest income fell slightly from a year earlier, but Mustier confirmed a full-year target of €10.2 billion.
UniCredit said the ratio measuring its best-quality capital stood at 11.45% of assets at the end of March after it raised €13 billion in a share issue this year.
Loan writedowns totalled €670m, down 12% from a year ago, after a balance-sheet clean-up that led to a 2016 loss of €11.8 billion.
