• Italy edition
 
Italy's Intesa Sanpaolo reports profit surge
Photo: Oliver Morin/AFP

Italy's Intesa Sanpaolo reports profit surge

Published: 15 May 2014 16:02 GMT+02:00
Updated: 15 May 2014 16:02 GMT+02:00

Analysts polled by Dow Jones Newswires had predicted a profit well below the 64.4 percent increase of €363 million.

Income before tax from continuing operations rose 22.5 percent to €953 million despite the lender's "rigorous and conservative" provisioning policy.

The result marks a huge turnaround from 2013, when Intesa Sanpaolo reported a net loss of €4.55 billion after huge asset writedowns.

In 2014 "profitability targets will be combined with close attention to the profile of risk and liquidity, as well as with the group's excellent capital position," the bank said in its earnings statement.

Net interest income for the quarter came to €2.1 billion, a 4.1-percent increase from €2.02 billion before.

The bank operating margin was down slightly at €2.02 billion - 0.1 percent lower than in 2013.

Don't miss a story about Italy - Join us on Facebook and Twitter.

Don't miss...X
Left Right

Your comments about this article

Today's headlines
US soldiers charged over pregnant woman rape
Photo of Vicenza: Shutterstock

US soldiers charged over pregnant woman rape

Two American paratroopers charged with raping and beating a pregnant Romanian prostitute will stand trial in Italy, the justice ministry said on Friday. READ  

No Rome job for 'anti-Semitic' diplomat
Peter Szentmihalyi Szabo said he no longer wished to be an ambassador in Rome. Rome photo: Shutterstock

No Rome job for 'anti-Semitic' diplomat

Hungary's new ambassador to Rome - who once called Jews "agents of Satan" - stepped down on Friday amid mounting protests over his appointment. READ  

Half of Italians don't feel like EU citizens: report
File photo: Georges Gobet/AFP

Half of Italians don't feel like EU citizens: report

Half of Italians do not feel like citizens of the EU and 64 percent do not know their rights as EU citizens, a new EU report has suggested. READ  

Man sets himself alight 'due to quake trauma'
L'Aquila was struck by a devastating earthquake on April 6th 2009. Photo: Joe Klamar/AFP

Man sets himself alight 'due to quake trauma'

A pensioner in L’Aquila burnt himself to death on Friday morning, leaving a note in which he described his torment following the city’s 2009 earthquake which killed 309 people. READ  

Italian men 'Europe's hottest': survey
Italian actor Raoul Bova. Photo: Anne-Christine Poujoulat/AFP

Italian men 'Europe's hottest': survey

Italian men have been ranked Europe's most desirable, in a new survey looking at people's preferred nationality when it comes to finding their dream partner. READ  

Renzi slammed for 'coup' over Senate changes
Senate reform is a vital part of Prime Minister Matteo Renzi’s political agenda. Photo: Andreas Solaro/AFP

Renzi slammed for 'coup' over Senate changes

The Italian government has given MPs two week to agree on reforms to Italy's Senate, raising the stakes in the row over Italy's dysfunctional political institutions. A victory for PM Matteo Renzi could help him win the next election, one expert tells The Local. READ  

Italian family gets €1m over smoker's death
Photo of smoking: Shutterstock

Italian family gets €1m over smoker's death

A family in Milan is to be paid €1 million by a major tobacco company following the death of a father from lung cancer. The man had been a heavy smoker for forty years. READ  

Big Italian bank recognizes gay marriage
The employee benefit will be applied to couples who wed in countries where same-sex marriage is legal. Photo: Jeff Pachoud/AFP

Big Italian bank recognizes gay marriage

Intesa Sanpaolo, Italy’s second-largest bank, has formally recognized the rights of gay newlyweds, going against a ban on same-sex marriage in Italy. READ  

Parliament staff's fury as wages capped at €240k
Parliamentary staff will still have the possibility to earn more than German Chancellor Angela Merkel. Photo: Filippo Monteforte/AFP

Parliament staff's fury as wages capped at €240k

Parliamentary staff saw their salaries capped at €240,000 on Thursday, a move met with rowdy protest by a number of workers. READ  

BSkyB to buy Sky Italia
Photo: Giuseppe Cacace/AFP

BSkyB to buy Sky Italia

British satellite television group BSkyB said on Friday it had agreed multi-billion-dollar deals with Rupert Murdoch's media empire 21st Century Fox to create a pan-European pay-TV giant. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Culture
Top 10 foreign films made in Italy
International
Ukraine tragedy hits Mogherini's EU hopes
National
'Life in Italy is not how I thought it would be'
Politics
Critics scramble to block Mogherini from EU job
National
'Italy's ginger gene spread from Sicily'
National
'Refugees can contribute positively to Italy'
Society
Hospital to obese patient: Go to a vet instead
Politics
Italy backs controversial Russian gas pipeline
Culture
Ten things tweeters love about Italy
Society
Italy: no place for pets?
Opinion
Why doctors in Italy refuse to give abortions
National
Italy's centre-right leader open to gay unions
National
Top ten reasons Italians hate summer
Politics
Italy under fire over its huge debt
National
Americans taught how to 'rap' Italian gestures
National
How does Italy compare to its EU neighbours?
International
The Italian explorer training astronauts
Travel
Top ten: Italy's gay-friendly holiday hotspots
National
1,900 children languish in Italy's adoption system
Sport
Suarez banned after taking bite out of Italy
Politics
'Europe is without soul': Matteo Renzi
National
Italy battles crescendo of corruption scandals
Society
'Cohabitation is worse sin than murder': priest
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

548
jobs available