Intesa Sanpaolo Presents New Plan as 4Q Net Profit Soars
February 06 2018 - 01:48AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA (ISP.MI) said Tuesday that fourth-quarter
and full-year net profit had increased, while it also presented its
new strategic plan.
The Italian lender's fourth-quarter net profit was 1.43 billion
euros ($1.78 billion) compared with EUR776 million in the same
period last year. The results include an EUR811 million gain from
the disposal of Intesa's stake in Allfunds, as previously
announced.
For 2017, the bank's net profit soared to EUR7.32 billion, up
from EUR3.11 billion. This figure includes a EUR3.5 billion public
contribution, which the bank booked in the second quarter of last
year.
In 2017, the lender took part in the rescue of two Italian
regional banks. The Italian government liquidated the regional
banks' bad assets, while Intesa Sanpaolo bought the good ones for
one euro. The deal included the EUR3.5 billion public contribution
to Intesa to offset the impact of the transaction on its capital
ratios
Intesa followed through on its plan to pay out EUR3.4 billion in
dividends.
The Italian lender also unveiled a new business plan that
foresees significant derisking, cost reduction and revenue
growth.
The bank said its targets for 2021 include net income of up to
EUR6 billion, return on equity of 12.4% and operating income of up
20.8 billion.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 06, 2018 02:33 ET (07:33 GMT)
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