UniCredit has beaten
analyst forecasts with a first quarter net profit of €810m
($1.15bn), a 56% increase from the same period a year
ago.

By contrast, Italian rival
Intesa Sanpaolo’s first quarter net income fell by 3.9% to €661m
for the three months to 31 March.

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UniCredit’s total
lending increased by 0.6% to €558.8bn while deposits were flat at
€582.4bn; total assets fell by 2.0% year-on-year to
€910.9bn.

Net interest income fell
by 0.2% to €3.88bn while net fees and commissions increased by 1.5%
to €2.17bn.

First quarter highlights
included a 130 basis point fall in UniCredit’s cost-income ratio to
55.7%; net non-performing loans to customers fell by 4 basis points
to 2.90%.

UniCredit’s Core Tier 1
Ratio increased from 8.58% a year ago to 9.06%.

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UniCredit ended the
first quarter with a total branch network of 9,607 outlets: 4,507
in Italy and 5,100 internationally.