The financial world may be in a serious rough patch, but one bank stock has more than doubled over the past year, propelled by an audacious goal: turning a once-troubled Italian lender into a profit machine.

The bank, UniCredit, turned in its highest annual profit in over a decade for 2022. As of 24 April’s close, its shares were up 42% so far this year despite the March turmoil, compared with a 9% rise in the Stoxx Europe 600 Banks Index.