Intesa Sanpaolo 2Q Net Profit Rose
July 31 2019 - 8:03AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA (ISP.MI) said Wednesday that second-quarter
net profit rose, supported by lower provisions for bad loans and
lower costs.
Quarterly net profit was 1.22 billion euros ($1.36 billion)
compared with EUR927 million a year earlier.
Operating income, the bank's top-line figure, was EUR4.68
billion compared with EUR4.61 billion a year earlier.
Analysts had seen the bank's net profit at EUR899.5 million on
revenue of EUR4.29 billion, according to a consensus forecast
provided by FactSet.
Net interest income--the difference between what lenders earn
from loans and pay for deposits, and a key profit driver for retail
banks--was EUR1.76 billion, compared with EUR1.84 billion.
The bank's operating costs declined to EUR2.27 billion from
EUR2.31 billion. Provisions for bad loans declined, to EUR554
million from EUR694 million.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
July 31, 2019 07:48 ET (11:48 GMT)
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