Intesa Sanpaolo Posts Profit Beat on Rates Boost, Backs Guidance
By Elena Vardon
Intesa Sanpaolo backed its profit guidance for 2024 as it reported better-than-expected first-quarter results driven by higher interest income.
The Italian bank on Friday reported a net income, or net profit, of 2.30 billion euros ($2.47 billion) for the three months ended March 31, compared with EUR1.96 billion in the year-earlier period.
Operating income--the lender's top-line figure--rose to EUR6.73 billion from EUR6.06 billion, it said. The result was boosted by a 21% on-year jump in net interest income--the difference between what banks earn on loans and what they pay clients for deposits--to EUR3.93 billion while fee and commission income also rose 6.3% to EUR2.27 billion.
A consensus compiled by Visible Alpha based on 11 analyst estimates expected net income of EUR2.17 billion and total revenue of EUR6.63 billion.
The Turin-based group confirmed that it expects net income to be over EUR8.0 billion for 2024 and for 2025.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
May 03, 2024 07:14 ET (11:14 GMT)
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