Intesa Sanpaolo 2Q Net Profit Beats Expectations -- Update
August 01 2018 - 9:09AM
Dow Jones News
(Updates to include CEO comment and outlook)
By Pietro Lombardi
Intesa Sanpaolo SpA (ISP.MI) said Wednesday that second-quarter
net profit fell compared with the same period last year, when
results were boosted by a cash contribution from the Italian
government, but still beat consensus estimates.
Net profit for the period was 927 million euros ($1.09 billion),
the bank said. This compares with net profit of EUR4.34 billion a
year earlier, when the bank booked a EUR3.5 billion public
contribution related to the rescue of two regional banks.
Analysts had expected net profit of EUR864 million for the
quarter, according to a consensus forecast provided by FactSet.
Excluding the cash contribution, net profit for the second
quarter of 2017 stood at EUR837 million, the bank said.
For the first six months of the year, net profit stood at
EUR2.18 billion, a 25% increase on the year excluding the
exceptional contribution, Intesa said.
"This is the best first-half result recorded since 2008," Chief
Executive Carlo Messina said in a statement.
The bank confirmed it expects 2018 net income to surpass the
previous year's, excluding the public cash contribution.
"Half-year results show that the bank is firmly on track to
deliver on the 2018-2021 business plan targets," it said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
August 01, 2018 09:54 ET (13:54 GMT)
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