Revamped UniCredit delights diluted shareholders

UniCredit’s turnaround plan, which featured a €13bn rights issue and a €17bn NPL sale, seemed well on track on Thursday, as the bank smashed profit expectations for the second quarter with €945m, sending the shares soaring more than 7%. The bank itself prefers to cite a €1.3bn profit figure, stripping out currency translation effects from the sale of its Polish bank Pekao.