ISP Intesa Sanpaolo Spa

By Pietro Lombardi

Intesa Sanpaolo SpA (ISP.MI) reported fourth-quarter results on Tuesday. Here is what you need to know:

NET PROFIT: The Italian bank's profit for the period was 872 million euros ($965.1 million), topping expectations of EUR769.5 million, according to an updated FactSet consensus.

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.

REVENUE: 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.

WHAT WE WATCHED:

-REVENUE STREAMS: The bank posted growing fees, income from insurance business and trading income. 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. "We expect a positive market reaction to these results, given progress on revenues," Citi said.

-CAPITAL: "Capital is also a touch better," Citi said. The bank "has a solid capital base [...], and market might look at opportunity for interim dividend in 2020 as well as growth options in wealth management and other areas," it said.

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

(END) Dow Jones Newswires

February 04, 2020 08:44 ET (13:44 GMT)

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