Net profit rose to 1.8 billion euros ($2 billion) in the period, from 1.02 billion euros in the same period of 2018. Second-quarter revenues declined 4.6% to just under 4.5 billion euros on lower commissions and higher loan impairments. The bank, meanwhile, cashed in 1.2 billion euros for the sale of a 17% stake in online bank Fineco.
UniCredit also deepened cost-cutting by 4.4%. Shares dropped 3.3% to 9.93 euros in Milan trading.