Italy's UniCredit bank said Thursday it was back in the black in the first quarter despite the continued effects of coronavirus. The country's second largest bank booked a higher than expected profit of 887 million euros ($1.1 billion) in the first results presented by new chief executive Andrea Orcel. The 57-year-old took the reins last month promising changes though his . Over 2020, the bank suffered a net loss of 2.78 billion euros -- including 1.17 billion euros in the fourth quarter, due to the effects of the pandemic. On Thursday, Orcel welcomed a "strong net profit driven by a notable uptick in fees and trading... and continued cost discipline". Dubbed by some as the "Cristiano Ronaldo of bankers" for his past at UBS, Bank of America and Merrill Lynch, Orcel's pay package sparked a shareholder revolt. While his nomination was backed by a vote of 99 percent at the general meeting of shareholders in April, his 7.5-million-euro-a-year remuneration package only squeaked through with 54.10 percent of capital represented. bh/ar/lth