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UniCredit: best first quarter since 2007

(CercleFinance.com) - UniCredit had its best first quarter in more than a decade, driven by a strong commercial activity which has translated into almost half a million new clients, the Italian banking giant said on Thursday.

The lender's quarterly net profit came in at 1.1 billion euros, up 22.6% year-on-year.

In the quarter, UniCredit's cost-to-income ratio improved to 53.5 per cent from 56 percent a year ago, while the number of new clients was 450,000 gross.

The bank also said that fully-loaded Core Tier-1 ratio — a measure of financial strength — stood at 13.06%.

Shares opened up 2.6 per cent at 18 euros on Thursday. By comparison, the STOXX Europe 600 Banks index was up only 0.3 percent.

UniCredit's shares have now risen by over 15 percent so far this year.

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