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Milan-based UniCredit unveiled better than expected second-quarter earnings and improved its early guidance on Wednesday as it also announced the acquisition of two small European fintech companies.
The lender said its second-quarter net profit was €2.68bn, up 16 per cent year on year and above the €2.36bn consensus.
Meanwhile, revenue fell less than expected to €6.33bn over the period, marking a 0.7 per cent drop compared to last year as higher net fees offset the drop in net lending income.
Revenue for the year is now expected to reach €23bn, slightly higher than the previous guidance.
Separately, UniCredit also said it would acquire Vodeno, a Polish cloud-based bank, and Aion Bank, a European Central Bank-licensed digital bank, for a combined €370mn.
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