By Pietro Lombardi

Intesa Sanpaolo SpA's (ISP.MI) first-quarter net profit fell significantly, but beat analysts' expectations.

Net profit for the period was 1.05 billion euros ($1.18 billion) compared with EUR1.25 billion a year earlier, the Italian bank said Tuesday.

Operating income fell to EUR4.39 billion from EUR4.81 billion.

Analysts had seen the bank's net profit at EUR890 million on operating income of EUR4.31 billion, according to a consensus forecast provided by FactSet.

Net interest income--the difference between what lenders earn from loans and pay for deposits, and a key profit driver for retail banks--was EUR1.76 billion compared with EUR1.85 billion a year earlier.

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

(END) Dow Jones Newswires

May 07, 2019 07:32 ET (11:32 GMT)

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