Unicredit profit jumps almost 59% in first quarter

(ANSA) - Milan, May 12 - Italy's largest bank Unicredit saw its profits jump by a whopping 58.8% in first quarter of this year, or 712 million euros, compared with the same period in 2013, the bank reported Monday.
    That beat analysts' forecasts for the bank to report a gain of about 550 million euros, and was well above the first-quarter earnings last year of about 449 million euros. The bank attributed the improved profit to its efforts to lower costs and reduce risky assets, including impaired loans. Unicredit has been working to improve its balance sheet ahead of a major review by the European Central Bank of lenders across the continent.
    The bank also reported a rise in new loans to business and families worth about 2.7 billion euros in the first three months of this year.
    That marked a 14.3% increase compared with the final quarter of last year, and a 63.2% jump compared with the same period in 2013.