Italy's second largest bank, UniCredit, beat analyst expectations on Wednesday with record third-quarter profits as higher commissions and cost cutting measures outweighed lower interest income.

The 4.7-percent gain in net profit to 2.6 billion euros ($3.0 billion), easily outstripping the consensus forecast of just under 2.4 billion euros compiled by Bloomberg.

Over the first nine months of the year, UniCredit's net profits rose by 12.9 percent to 8.7 billion euros.

The bank confirmed its 2025 net profit target of 10.5 billion euros excluding measures to boost future performance, and its medium-term target of surpassing 11 billion euros in 2027.

"We are on track to deliver our best year ever," said chief executive Andrea Orcel.

UniCredit said it "continues to unlock opportunities fro

See Full Page