UniCredit’s second-quarter profits soar by 75 percent

UniCredit's second-quarter profits soar by 75 percent
Italian bank UniCredit has announced better than expected second-quarter profits. Photo: Gaetano Virgalitto/AFP
UniCredit, Italy's largest bank, said on Wednesday its net profit soared 75 percent to €916 million ($1.0 billion) on increased revenues and cost cutting measures.

Meanwhile the bank, which has been offloading assets to strengthen its capital base, also announced it had sold its credit card processing business in Italy, Germany and Austria to the Sia group for €500 million.