UniCredit jumps to 13-years high on strong Q1, raised distribution goal

** Shares in UniCredit UCG rise over 3%, after Italy's second biggest lender posted a much higher Q1 net income than expected and raised its investor reward guidance for the year

** The Q1 figures are good, with a bottom line above expectations thanks to trading and fees, a Milan-based broker says

** Jefferies notes "strong trading print" and increased distributions

** It expects the lender to buy back 3.1 billion euros ($3.34 billion) out of 2023 earnings in Q2 and Q3, and a further interim 1.7 billion euros for 2024 in Q4

** The stock rises to 36 euros, the highest price since 2011, and is up 46% YTD​

($1 = 0.9293 euros)