Intesa Sanpaolo Raises Outlook After Net Interest Income Buoys Earnings
By Pierre Bertrand
Intesa Sanpaolo raised its 2023 outlook after reporting an increase in third-quarter earnings, boosted by net interest income.
The Italian bank said Friday that it expects to achieve more than 7.5 billion euros ($7.97 billion) in 2023 net income, or profit, up from more than EUR7 billion previously, on net interest income expected at more than EUR14 billion.
The bank had previously forecast net interest income--the difference between what lenders earn from loans and pay for deposits, and a key profit driver--to exceed EUR13.5 billion this year.
The increase is the third time this year the bank has raised its guidance.
Net profit for the period came to EUR1.9 billion, compared with EUR957 million in the prior-year period, on operating income, or revenue, which grew 27% to EUR6.37 billion.
Third-quarter net interest income came to EUR3.81 billion, a 60% on-year increase.
The result compares with expectations of EUR6.25 billion in quarterly revenue and net profit of EUR1.77 billion, according to analysts polled by FactSet.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
November 03, 2023 08:37 ET (12:37 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?
-
Home Depot Earnings: Macro Factors Pinch Demand, but Long-Term Outlook Intact
-
Tariffs On Chinese EVs Offer US Automakers a Chance to Capture Demand
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks