U.S. Markets open in 4 hrs 32 mins

Unicredit profit up 13 percent in Q1

MILAN (AP) -- Italy's largest bank Unicredit says net profit rose 13 percent in the first quarter of 2012 as a capital increase helped shield it from market volatility.

Net profit for the first three months of the year was €914 million ($1.2 billion), up from €810 million the same quarter last year.

The group also said it increased its Tier 1 capital ratio — a key measure of a bank's health — to 10.31 percent, above the 2012 target of 9 percent.

Revenues rose 2.5 percent to €7.1 billion — nearly €700 million of that from the sale of shares to meet the new European requirements to boost financial cushions.

Unicredit is Italy's largest bank by assets, with €933 billion at the end of the first quarter, up from €926 billion at the end of 2011.