Intesa Sanpaolo Raises 2023 Outlook After 2Q Profit Beat Expectations
28 Julio 2023 - 6:25AM
Noticias Dow Jones
By Adria Calatayud
Intesa Sanpaolo on Friday upgraded its 2023 outlook for the
second time this year after second-quarter net profit rose and beat
expectations, benefiting from a sharp increase in income on the
back of higher interest rates.
The Italian bank said it expects net profit to grow to a level
well above 7 billion euros ($7.69 billion) and a significant
increase in its operating margin as a result of higher net interest
income, the difference between what banks earn on loans and what
they pay clients for deposits. Net interest income is now expected
to exceed EUR13.5 billion, Intesa said.
The bank had previously guided for net profit to grow to around
EUR7 billion and net interest income to exceed EUR13 billion in
2023.
For the second quarter, Intesa's net profit was EUR2.27 billion
compared with EUR1.30 billion in the same period last year.
Operating income--the bank's top-line figure--rose to EUR6.34
billion from EUR5.34 billion. Net interest income climbed to
EUR3.58 billion from EUR2.09 billion, while net fee and commission
income declined slightly to EUR2.22 billion.
Analysts polled by FactSet expected Intesa to report quarterly
net profit of EUR1.84 billion, net interest income of EUR3.38
billion and operating income of EUR6.16 billion.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 28, 2023 07:10 ET (11:10 GMT)
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