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Nov 11, 10:01 AM EST

Italian bank UniCredit reports Q3 profit more than doubles, exceeding expectations

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MILAN (AP) -- Italian bank UniCredit reported profits more than doubled in the second quarter, exceeding market expectations.

UniCredit, Italy's largest bank by assets, said in a statement Tuesday that net profit for the three months ending Sept. 30 was 722 million euros ($958 million), up from 204 million euros in the same period. Analysts forecasts profit of 422 million euros.

The bank, which passed the European Central Bank's in-depth review of financial health last month, said the results were due to cost-cutting, a strong performance by its Italian commercial bank as well as operations in central Europe, in particular Poland.

UniCredit shares dipped 2.2 percent to 5.47 euros in Milan trading in an overall down market.

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