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Milan (dpa) - The major Italian bank Unicredit returned to profitability in the first quarter thanks to strong trading business, higher fee income and lower risk provisions for bad loans.
The bottom line was a profit of 887 million euros for the first three months, as the bank announced in Milan on Thursday.
The parent company of the German Hypovereinsbank thus joins the recently significantly improved industry trend.
A year ago, there was a loss of 2.7 billion euros due to high provisions for loans at risk of default.
Unicredit's income rose by a good seven percent year-on-year to EUR 4.7 billion in the first quarter.
The bank is currently reviewing its strategy under its new boss, ex-UBS investment banker Andrea Orcel.
Results should be known in the second half of the year.
© dpa-infocom, dpa: 210506-99-488588 / 2