Intesa 2Q Net Profit Rose Despite Higher Provisions
04 Agosto 2020 - 06:40AM
Noticias Dow Jones
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 Feb 2024 a Mar 2024
Intesa Sanpaolo (BIT:ISP)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024