UniCredit, Italy's second-biggest bank, posted a much larger-than-forecast 24% yearly rise in third-quarter earnings and hiked its full-year profit goal, as it prepares to take control of Germany's Commerzbank.
UniCredit reported a much stronger-than-expected 24 percent annual profit growth in the third quarter. Italy's second-largest financial institution raised its earnings expectations for this year as a result of the outstanding performance, while it plans to take control of Germany's Commerzbank early next year.
The large bank wants to join Commerzbank as soon as possible. The planned merger with Unicredit subsidiary Hypovereinsbank is also to come faster than planned.