ISP Intesa Sanpaolo Spa

   By Pietro Lombardi 
 

Intesa Sanpaolo SpA (ISP.MI) said that its fourth-quarter net profit fell from a year earlier, when results included a significant capital gain, and that it sees growing revenue and profits for this year.

Net profit for the period was 872 million euros ($965.1 million), the Italian bank said Tuesday. For the same period last year, it posted a net profit of EUR1.04 billion, which included a capital gain of EUR443 million related to its partnership with Intrum.

Operating income, the bank's top line, rose to EUR4.57 billion from EUR4.18 billion, boosted by growing fees, income from insurance business and trading income.

Analysts had forecast a net profit of EUR769.5 million on revenue of EUR4.40 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 slightly up on year.

Higher revenue and lower operating costs should allow the bank to post higher profit this year, it said.

The bank said it would pay a dividend of 19.2 European cents a share for 2019, corresponding to a payout ratio of 80%. For 2020, the cash dividend should be equal to a payout ratio of 75%, it said.

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

(END) Dow Jones Newswires

February 04, 2020 07:46 ET (12:46 GMT)

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