Intesa Sanpaolo 3Q Net Profit Beat Expectations
November 05 2019 - 7:48AM
Dow Jones News
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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