Intesa Sanpaolo Raises Outlook After Net Interest Income Buoys Earnings
03 Noviembre 2023 - 6:52AM
Noticias Dow Jones
By Pierre Bertrand
Intesa Sanpaolo raised its 2023 outlook after reporting an
increase in third-quarter earnings, boosted by net interest
income.
The Italian bank said Friday that it expects to achieve more
than 7.5 billion euros ($7.97 billion) in 2023 net income, or
profit, up from more than EUR7 billion previously, on net interest
income expected at more than EUR14 billion.
The bank had previously forecast net interest income--the
difference between what lenders earn from loans and pay for
deposits, and a key profit driver--to exceed EUR13.5 billion this
year.
The increase is the third time this year the bank has raised its
guidance.
Net profit for the period came to EUR1.9 billion, compared with
EUR957 million in the prior-year period, on operating income, or
revenue, which grew 27% to EUR6.37 billion.
Third-quarter net interest income came to EUR3.81 billion, a 60%
on-year increase.
The result compares with expectations of EUR6.25 billion in
quarterly revenue and net profit of EUR1.77 billion, according to
analysts polled by FactSet.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 03, 2023 08:37 ET (12:37 GMT)
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