Intesa Sanpaolo closed the third quarter with a net profit of 218 million euros, down 47,3% on the same period last year, although an improvement on the 116 million of the previous quarter. The result is slightly higher than the consensus which indicated 213 million euros.
Over the nine months, profits fell by 62,1% to 640 million. On the revenues front, operating income in the third quarter fell from 4,5 billion to 4,15 billion (expected 4,115 billion). In detail, net interest fell from 2,3 to 2,03 billion while net commissions rose from 1,33 to 1,48 billion. In terms of costs, operating costs decreased from 2,16 to 2,04 billion.
CoreTier 1 stood at 21,1% with the same treatment of insurance investments and 11,5% with the new treatment (11,7% at the end of June). The bank will complete the new business plan in the spring of 2014, communicates the company in the note accompanying the accounts, confirming what it had already explained to Carlo Messina shortly after the appointment. The plan implemented 'involving the 94 people in the group', as the company explains, will be 'focused on creating value with the achievement in the medium term of a return higher than the cost of capital for the group and for each business unit'.
Meanwhile, for the fourth quarter 'preserving the sustainability of the results to be achieved will remain a priority. In addition to the income targets, attention will be focused on continuing the actions aimed at strengthening capital solidity and further improving the risk and liquidity profile'.
After the news of the accounts, the Intesa Sanpaolo stock in Piazza Affari is plummeted over -3,5%, to 1,707 euros per share.
