Intesa 1Q Net Profit Rose
05 Mayo 2020 - 06:26AM
Noticias Dow Jones
By Pietro Lombardi
Intesa Sanpaolo SpA's first-quarter net profit rose 9.6%,
boosted by growing revenue and lower costs.
Net profit for the period was 1.15 billion euros ($1.26 billion)
on revenue of EUR4.88 billion, the Italian bank said Tuesday. In
the same period last year, it reported profits of EUR1.05 billion
and revenue of EUR4.37 billion.
Analysts had forecast a quarterly profit of EUR811 million on
revenue of EUR4.19 billion, according to a consensus forecast
provided by FactSet.
The bank set aside around EUR300 million in provisions related
to the coronavirus pandemic. These provisions, along with the
capital gain related to a transaction with Nexi SpA, "would make it
possible to absorb a total of around EUR1.5 billion pretax
adjustments to loans for the full year," the bank said.
A number of European banks have increased provisioning so far
this year. Italy's largest bank UniCredit SpA said it would book
almost $1 billion in additional provisions for bad loans in the
first quarter. Swiss bank Credit Suisse Group AG and Germany's
Deutsche Bank AG set aside more than half a billion dollars each to
cover potential loan losses.
Intesa's revenue rose almost 12% to EUR4.88 billion.
Looking ahead, the bank expects a net profit of at least EUR3
billion in 2020 and EUR3.5 billion in 2021. It also confirmed its
dividend policy.
Given the impact of the coronavirus pandemic, the strategic
value of its takeover bid for smaller rival Unione di Banche
Italiane SpA is even stronger, Intesa said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 05, 2020 07:11 ET (11:11 GMT)
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