Intesa’s net profit tops forecasts, helped by trading gains

Reuters | Nov 5, 2019 at 12:22 PM

MILAN, Nov 4 (Reuters) - Italy's top retail bank Intesa Sanpaolo posted on Tuesday a 25% rise in third-quarter net profit helped by trading gains and higher fees which more than offset a drop in interest income amid lower rates.

The bank further strengthened its core capital to 14.2% of assets in September, from 13.9% in June, after receiving supervisory clearance to set aside less capital against its insurance holdings.

Intesa reported a third-quarter net profit of 1.04 billion euros ($1.16 billion), topping an average forecast of 949 million euros in a Reuters survey of seven analysts.