Intesa Sanpaolo Beat 2Q Expectations on Higher Net Interest Income
29 Juli 2022 - 02:09PM
Dow Jones News
By Ed Frankl
Intesa Sanpaolo SpA said Friday that net profit dropped on year
but beat expectations, boosted by higher net interest and operating
income.
The Italian lender's net income in the three months to the end
of June was 1.33 billion euros ($1.36 billion), down from EUR1.51
billion in the same period last year, although up from EUR1.02
billion in the first quarter.
That compares with consensus net-profit expectations of EUR1.00
billion, according to analysts' estimates provided by FactSet.
Operating income was EUR5.35 billion, up 3.3% on year. Net
interest income rose 4.8% to EUR2.09 billion, though net fee and
commission income dropped 4.8% to EUR2.25 billion.
The company's common equity Tier 1 ratio, a measure of financial
strength, was 12.5%, after deducting dividends and a EUR3.4 billion
buyback.
The Turin-based bank also said its credit quality improved, with
nonperforming loans reduced by 27% over the course of the first
half of 2022.
However, operating costs climbed 4.5% on quarter, with personnel
expenses up 2.4%.
Still, the company said it generated solid profitability, even
in what it described as "complex contexts."
Intesa confirmed its midterm guidance of net income of EUR6.5
billion in 2025.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
July 29, 2022 07:54 ET (11:54 GMT)
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