Milan-based UniCredit unveiled better than expected second-quarter earnings and improved its early guidance on Wednesday as it also announced the acquisition of two small European fintech companies. 

The lender said its second-quarter net profit was €2.68bn, up 16 per cent year on year and above the €2.36bn consensus.

Meanwhile, revenue fell less than expected to €6.33bn over the period, marking a 0.7 per cent drop compared to last year as higher net fees offset the drop in net lending income.

Revenue for the year is now expected to reach €23bn, slightly higher than the previous guidance. 

Separately, UniCredit also said it would acquire Vodeno, a Polish cloud-based bank, and Aion Bank, a European Central Bank-licensed digital bank, for a combined €370mn.