By Pietro Lombardi 
 

Intesa Sanpaolo SpA on Tuesday posted higher second-quarter profits as a capital gain on a deal helped offset soaring provisions for credit losses, and said it will present a new business plan by the end of next year.

Net profit for the period was 1.42 billion euros ($1.67 billion), compared with EUR1.22 billion a year earlier.

The results include a capital gain of about EUR1.1 billion related to the bank's strategic agreement on payment systems with Nexi SpA.

The bank set aside EUR1.40 billion for potential loan losses, a sharp increase from the EUR554 million it reported a year earlier.

Revenue fell to EUR4.14 billion from EUR4.67 billion.

Last week, Intesa secured strong support for its takeover bid for smaller rival Unione di Banche Italiane SpA. Intesa now controls 91% of UBI's capital.

Intesa said it expects the entity emerging from the deal to have profits of at least EUR5 billion in 2022.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

 

(END) Dow Jones Newswires

August 04, 2020 07:25 ET (11:25 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Intesa Sanpaolo (BIT:ISP)
Gráfica de Acción Histórica
De Ago 2021 a Sep 2021 Haga Click aquí para más Gráficas Intesa Sanpaolo.
Intesa Sanpaolo (BIT:ISP)
Gráfica de Acción Histórica
De Sep 2020 a Sep 2021 Haga Click aquí para más Gráficas Intesa Sanpaolo.