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International Business Times
International Business Times
Business

UniCredit Beats Expectations With Rise In Profits

UniCredit Andrea Orcel Italy
UniCredit confirmed its target of a net profit of 10.5 billion euros this year (Credit: AFP)

Italy's second largest bank, UniCredit, beat analyst expectations on Wednesday with record third-quarter profits as higher commissions and cost cutting measures outweighed lower interest income.

The 4.7-percent gain in net profit to 2.6 billion euros ($3.0 billion), easily outstripping the consensus forecast of just under 2.4 billion euros compiled by Bloomberg.

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