Intesa Sanpaolo 1Q Net Profit Rose
By Pietro Lombardi
Intesa Sanpaolo SpA posted on Wednesday higher profit for the
first quarter, as lower costs and provisions offset a decline in
The Italian bank's net profit for the period was 1.52 billion
euros ($1.83 billion), up almost 32% on year, according to figures
that take into account the inclusion of the UBI Group for the
Operating income, the bank's main top-line figure, dropped 2% to
EUR5.46 billion, with net interest income down 4.3% while fees and
commissions rose 8.9%.
Operating costs declined 2.6%, while loan-loss provisions fell
The bank expects profits well above EUR3.5 billion for this
year. It targets a payout ratio of 75% for the 2020 results and 70%
for the 2021 results.
Write to Pietro Lombardi at email@example.com;
(END) Dow Jones Newswires
May 05, 2021 07:43 ET (11:43 GMT)
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