Intesa Sanpaolo Profit Rose in 4Q, Tempered by Dealmaking Slump
03 February 2023 - 11:08PM
Dow Jones News
By Ed Frankl
Intesa Sanpaolo SpA said Friday that profit and revenue beat
expectations at fourth-quarter earnings, though a slide in
dealmaking activities hit fee income.
The Italian lender said net income in the three months to the
end of December was 1.07 billion euros ($1.17 billion), well up
from EUR179 million in the same period of 2021.
Operating income, its top-line figure, rose 13% to EUR5.67
billion.
Those numbers beat expectations of net profit of EUR900 million
and revenue of EUR5.41 billion, according to analysts' estimates
provided by FactSet.
Net interest income surged 57% to EUR3.06 billion, helped by
rising rates.
However, the bank took EUR2.22 billion of fee income in the
period, sliding 12%, Intesa said, as management, dealing and
consultancy activities declined.
Shares at 1130 GMT were down 2.8% at EUR2.39
The Turin-based lender declared a final dividend for 2022 of
8.68 European cents a share, making a dividend of 16.06 cents in
the full year.
The company said it would now execute a EUR1.7 billion share
buyback, the second half of a EUR3.4 billion share buyback agreed
last year.
It confirmed its midterm net-income target for 2025 of EUR6.5
billion, having hit EUR5.5 billion in 2022 as a whole.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
February 03, 2023 06:53 ET (11:53 GMT)
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