Intesa Sanpaolo 1Q Profits Rose -- Earnings Review
05 Mayo 2020 - 07:54AM
Noticias Dow Jones
By Pietro Lombardi
Intesa Sanpaolo SpA released first-quarter results on Tuesday.
Here is what you need to know.
NET PROFIT: Net profit for the period rose 9.6% to 1.15 billion
euros ($1.26 billion), beating analysts' expectations of a profit
of EUR811 million, according to FactSet.
REVENUE: The Italian bank's revenue rose almost 12% to EUR4.88
billion. Analysts had forecast revenue of EUR4.19 billion.
WHAT WE WATCHED:
-PROVISIONS: 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
pre-tax adjustments to loans for the full year," the bank said.
-REVENUE STREAMS: Net interest income fell 0.5% on year, while
fees and commissions declined 1.1%. Income from insurance business
rose 7.2%. Profits on financial assets and liabilities at fair
value more than doubled to EUR994 million.
-GUIDANCE: 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 08:39 ET (12:39 GMT)
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