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UniCredit tops forecasts with strong fourth-quarter profit

UniCredit tops forecasts with strong fourth-quarter profit
FILE PHOTO: Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini -  Copyright  Stefano Rellandini(Reuters)
Copyright Stefano Rellandini(Reuters)
By Reuters
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MILAN (Reuters) - Italy's biggest bank UniCredit posted a much higher than expected fourth-quarter profit of 1.73 billion euros on Thursday boosted by a one-off tax effect.

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Even without the 887 million euro tax contribution, the bank reported a fourth-quarter profit of 840 million euros ($954 million), well above an average analyst forecast of 693 million euros in a consensus provided by the bank.

(Reporting by Valentina Za)

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