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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


(END) Dow Jones Newswires

May 03, 2024 07:14 ET (11:14 GMT)

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