Italy’s largest bank by assets, UniCredit, posted a stronger-than-expected net profit in the second quarter of the year thanks to lower costs and a drop in loan-loss charges.

Net profit came in at 945 million euros, well above a consensus forecast of 676 million euros distributed by the bank and also helped by a positive one-off item in Germany.

The lender, which earlier this year completed a 13 billion euros capital increase, further boosted its core capital ratio to 12.8 percent at the end of June through the sale of Polish unit Pekao, up from 11.45 percent three months earlier.

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