ISP Intesa Sanpaolo Spa

   By Pietro Lombardi 
 

Intesa Sanpaolo SpA's (ISP.MI) third-quarter net profit rose more than expected, supported by growing revenue and lower provisions for bad loans.

Net profit for the period was 1.04 billion euros ($1.16 billion) compared with EUR833 million a year earlier, the Italian bank said Tuesday.

Operating income, the bank's top-line figure, rose to EUR4.52 billion from EUR4.27 billion.

Analysts had expected the lender to post a net profit of roughly EUR908 million on revenue of EUR4.26 billion.

Net interest income--the difference between what lenders earn from loans and pay for deposits, and a key profit driver for retail banks--fell to EUR1.74 billion from EUR1.84 billion. Fees and commissions, as well as income from insurance activities, rose.

Provisions for bad loans declined to EUR473 million from EUR519 million.

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

(END) Dow Jones Newswires

November 05, 2019 07:33 ET (12:33 GMT)

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