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04.08.2020 14:46:30

Italian bank Intesa Sanpaolo sees Q2 profits up on cost cuts

MILAN (AP) — Italian bank Intesa Sanpaolo, fresh off its successful hostile takeover of a smaller rival to create Italy’s largest bank, on Tuesday posted a 16% increase in second-quarter profits as it cut costs and increased loan loss provisions against possible future impact from the COVID-19 pandemic. The bank reported 1.4 billion euros ($1.7 billion) in net income for the period, up from 1.2 billion euros a year ago. Reflecting the difficult economic conditions, net interest income was flat at 1.7 billion while net fees dropped 11% to 1.7 billion euros. The bank said revenues were sustained by the insurance business, while operating costs were down nearly 3% due to cuts in personnel and administrative expenses. Net income for the first six months of the year was up 13% to 2.6 billion euros, representing the lion’s share of the 3 billion euros in net income forecast for the full year. That takes into account 880 million euros set aside for future COVID-19 impact. Intesa Sanpaolo last week completed the takeover of UBI Banca, winning the support of 90.2% of the target bank’s shareholders after a five-month struggle. The move pushes ahead consolidation, which Italy’s central bank has advocated to improve efficiency in a sector long dominated by regional banks, and positions the new group for a larger role in Europe.‘’Together we are stronger and … have greater potential for growth,’’ CEO Carlo Messina said in a statement. He noted that the takeover makes the new bank the second biggest in the eurozone in terms of market capitalization, 6th for operating income and 8th for total assets. A business plan will be outlined next year ‘’as soon as the macroeconomic scenario becomes clearer,’’ Messina said.這篇文章 Italian bank Intesa Sanpaolo sees Q2 profits up on cost cuts 最早出現於 The China Post。
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