English"UniCredit" SpA, the largest Italian bank, has seen its profit increase 16% in Q1 2010, due to earnings from trading and commissions.
The bank"s net profit amounted to EUR 520 million (USD 660 million), compared to EUR 447 million last year. The amount which was announced beat the figure expected by analysts: EUR 364 million.
Earnings from fees and commissions increased 17% to EUR 2.17 billion, and net interest earnings decreased 16%, to 3.92 billion. Net trading revenue stood at EUR 560 million, after last year the bank posted losses on this segment.
The Italian bank is currently reviewing all its strategic options for its "Pioneer Global Asset Management" division. According to sources, the options for this division are: divestment, IPO, or partnership. At the end of September 2009, "Pioneer" had EUR 172 billion in assets under management. The division is currently operating in 31 countries and employs some 2100 people.
"UniCredit" is selling off non-core assets and is cutting costs, in order to improve the company"s liqudity.
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