The Italian global banking group posted an underlying net profit of €0.7 billion for Q3 2020, up 31.1% quarter-on-quarter (QoQ), as it is on track to meet its FY2020 target of over €0.8 billion.

Unicredit’s revenues, at €4.4 billion, were up 4.4% quarter-on-quarter and down 7.4% year-on-year (YoY), as economic recovery across Western Europe in Q3 2020 led to increased client activity. At €455m, trading income was up 27.7% QoQ and 10.2% YoY, supported by valuation adjustments including debt/credit value adjustment (DVA/CVA), funding valuation adjustments (FuVA) and hedging desk. In the third quarter of  2020, investors were more ‘risk-on' However, the bank

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