By Pietro Lombardi

UniCredit SpA (UCG.MI) reported Thursday a double-digit growth in first-quarter net profit, supported by lower net write-downs on loans and provisions.

The Italian bank's net profit rose almost 23% from a year earlier to 1.11 billion euros ($1.32 billion).

Operating income was roughly flat at EUR5.11 billion.

For the period, net write-downs on loans and provisions stood at EUR496 million compared with EUR766 million in the same period last year.

"The Group should benefit from the ongoing recovery in the economic cycle during 2018, despite the extraordinarily low interest rates and the still high level of liquidity, consequently affecting the net interest income dynamics," the bank said.

UniCredit said it also expects fee growth and cost reduction to be key drivers of its performance this year.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 10, 2018 01:31 ET (05:31 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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