Unicredit SpA (BIT:UCG) announced its earnings for the first quarter of 2012 earlier today giving the shares a boost in afternoon trading. Net income at the firm was up 12% year on year to $1.2 nillion in the first three months of the fiscal year. The results left the company up almost 7% on the Italian exchange when it closed earlier today. Despite the positive reception most of the gains came from the company’s buy back of its own debt. The company, like many of its European rivals is going to great lengths to get its balance sheet in order. The…
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