Intesa Sanpaolo Raises Mid-Term Target After Profit Growth
By Helena Smolak
Intesa Sanpaolo raised its 2024-25 net-income outlook after its fourth-quarter profit and revenue beat expectations, boosted by net interest income and higher interest rates.
The Italian lender said Tuesday that net profit in the three months to the end of December was 1.60 billion euros ($1.72 billion), up from EUR1.07 billion in the same period of 2022.
Operating income, its top-line figure, rose to EUR6.37 billion, up from EUR5.67 billion.
The numbers beat expectations for net profit of EUR1.51 billion and revenue of EUR6.31 billion, according to analysts' estimates provided by FactSet.
Net interest income--the difference between what lenders earn from loans and pay for deposits, and a key profit driver--came in at EUR3.995 billion, up from EUR3.06 billion and helped by rising interest rates.
The Turin-based lender declared a final dividend for 2023 of EUR0.1520 a share. It plans to launch a share buyback later this year as well.
Intesa raised its midterm net-income target for 2024-25 to above EUR8.0 billion, previously guided at EUR6.5 billion.
Shares at 1219 GMT were up 1.3% at EUR2.90.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
February 06, 2024 07:48 ET (12:48 GMT)
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