By Pietro Lombardi 
 

Intesa Sanpaolo SpA (ISP.MI) reported its fourth-quarter and full-year results on Tuesday. Here's what you need to know:

 

NET PROFIT: The bank reported a net profit of 1.04 billion euros ($1.19 billion) for the quarter, with results including a EUR443 million capital gain from the nonperforming loans partnership with Intrum Justitia AB (INTRUM.SK). This compares with analysts' expectations of a EUR1 billion net profit, according to a consensus forecast provided by FactSet. The bank had posted a net profit of EUR1.43 billion a year earlier, when results were boosted by an EUR811 million gain from the disposal of Intesa's stake in Allfunds.

 

REVENUE: Operating income for the period was EUR4.19 billion, an 11% decline from a year earlier. Analysts had expected operating income of EUR4.26 billion, according to the consensus.

 

WHAT WE WATCHED:

 

-DIVIDEND: Intesa proposed a cash dividend of 19.7 European cents a share for a payout ratio of 85%, as indicated in its plan.

 

-ASSETS UNDER MANAGEMENT: Assets under management declined 2.6% compared with the end of 2017.

 

-CAPITAL: Intesa's pro forma fully loaded common equity Tier 1 ratio, a key measure of capital strength, was 13.6% as of December, compared with 13.7% in September.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

February 05, 2019 12:56 ET (17:56 GMT)

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