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Glance-STOCKS NEWS EUROPE-UniCredit surges after results
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12:14GMT 18March2009-UniCredit (Milan: UCG.MI - news) surges after results
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UniCredit shares are up 12.34 percent at 1.087 euros following release of
the group's 2008 results.
'The market particularly liked the rise in net interest income in the final
quarter after bank management had previously said it could fall,' an analyst
says.
Net interest income in the final quarter rose to 5.3 billion euros from 4.7
billion euros the previous year and 4.9 billion euros in the third quarter.
UniCredit will seek up to 4 billion euros of state-backed capital aid which
will help take its core Tier 1 ratio to 7.2 percent from a current proforma 6.5
percent.
'They didn't say anything the market didn't want to hear and the outlook was
not negative,' a Milan trader says.
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