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UniCredit Group Profit Up 16% In Q1

UniCredit Group, an Italy-based financial services firm, has posted a net profit of EUR520m in the first quarter of 2010, an increase of 16.5% compared to EUR447m during the same period the prior year.

UniCredit Group operating income was EUR6.81bn, up 3.7% compared to EUR6.56bn in the corresponding quarter of 2009. Operating costs amounted to EUR3.87bn, compared to EUR3.82bn in first quarter 2009.

Net interest amounted to EUR3.92bn in first quarter 2010, compared to EUR4.65bn recorded in first quarter 2009.

The group has total assets of EUR948.86bn at March 2010 compared to EUR928.76bn at the end of first quarter of 2009.

Amortization, depreciation and impairment losses on intangible and tangible assets in first quarter 2010 was EUR317m, compared to EUR301m in first quarter of 2009.

Net investment income totaled EUR68m in first quarter 2010, an improvement over the net loss of EUR32m reported in first quarter 2009.