Intesa Sanpaolo closes the third quarter with a net profit of 527 million euros, down 28,9% over the previous three months but up 3% year over year. The normalized figure is 448 million: in this case the drop is 15,3%. As for numbers over the nine months, net profit was 1,929 billion, down 12,3% compared to the same period in 2010, while the normalized figure reached 1,739 billion (-5,6%).
The group presents a Core Tier 1 of 10,2%, as at the end of June, and liquid assets of €83 billion. Operating income amounted to 3,8 billion, down 15,8% compared to the second quarter. The figure was affected by a negative trading result of 74 million. Furthermore, in the three months, write-downs were made on Greek government bonds for 593 million.
“The operational part is quite good. The interest margin is a surprise, while the loss in trading is less than expected as well as costs are better”, comments an analyst after reading the quarterly numbers. Numbers that they then brought the stock on the Stock Exchange to accelerate upwards: shortly after 15 pm, Intesa shares were in positive territory by more than 6,5%.
"We can confirm the dividend policy“, said the CEO of Intesa Sanpaolo, Corrado Passera. The group estimates that in 2011 "a trend may be recorded that is consistent with the 2011-2013/2015 business plan, which has the primary objective of guaranteeing sustainable profitability in the medium term, developing the business based on long-term relationships with customers, calibrating cost control and investments, overseeing credit quality and strengthening liquidity and capitalisation".
