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Originally published May 10, 2013 at 6:19 AM | Page modified May 10, 2013 at 6:20 AM

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Unicredit 1Q earns drop by half

Italy's largest bank, Unicredit, reports net profit dropped by half in the first quarter of 2013 due to lower interest and trading income.

The Associated Press

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MILAN —

Italy's largest bank, Unicredit, reports net profit dropped by half in the first quarter of 2013 due to lower interest and trading income.

The bank on Friday reported net profit for the first three months of the year was 449 million euros ($583 million), compared with 914 million euros last year.

Still, the bank's shares rose 2.36 percent to 4.16 euros, reflecting Unicredit's return to quarterly profit after fourth-quarter losses.

First-quarter revenues dropped 5.2 percent to 6.1 billion euros compared with 7.1 billion euros a year earlier, with interest income down 400 million euros and trading income down by nearly half.

The group reduced the cash reserve for bad loans to 1.2 billion euros.

The bank's Tier 1 capital ratio - a key measure of health - rose to 11.03 percent.

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