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UniCredit profit up as Italian economy recovers

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MILAN (AP) — Italian bank UniCredit says its second-quarter profit rose 12 percent on higher fees and interest income along with lower provisions for bad loans.

UniCredit reported net profit of 403 million euros ($539 million), against 361 million euros in the same period of 2013. Revenue was down 6 percent to 5.7 billion euros.

The bank said impaired loans fell to 1 billion euros, from 1.53 billion euros a year earlier, including a 30 million-euro charge for its Hungarian unit. Income rose 3.3 percent from net interest and 7 percent from fees.

The earnings report also reflected some recovery in Italy's economy. UniCredit said its medium-term lending was up 13 percent to 3.1 billion euros, including home mortgages and corporate loans.

Shares in UniCredit SpA were up 1 percent to 5.98 euros.

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