The profit of the leading Italian bank falls. Intesa SanPaolo recorded a normalized profit (without considering write-downs) of 1,93 billion, down 17,1% compared to 2,32 billion in 2010. But a "strongly prudential" writedown of 10,23 billion euros weighs on the accounts of the bank managed by Cucchiani, leading the Group to a net loss of 8,19 billion euros. But they grow to 16,78 billion i net operating income, 1,5% more than in 2010. The push was especially recorded in the last quarter of the year, in which proceeds increased by 12,2% compared to the previous three months.
Il result of the trading activity has a positive balance of 173 million euro, a clear improvement compared to the negative balance of 74 million in the third quarter of 2011 and if we consider that they include 73 million for the write-down of derivatives included in the Greece risk. For the fifth consecutive year, the Group has also reduced its operating costs. The result ofinsurance business amounted to 205 million euros, up from 50 million in the third quarter of 2011 and 126 million in the fourth quarter of 2010.
Furthermore Intesa highlighted a strong capital strength, exceeding the requirements imposed by the EBA, the European regulatory institute. Core Tier 1 is 10,1% and EBA ratio at 9,2%, above the required 9%.
The Board will propose to the assembly a dividend of 5 cents cash per share ordinary and savings, with a dividend yield of 3,4% and 4,1% respectively.
For the future, the top management is not overwhelmed. Given the negative evolution of the markets and the expectations of very slow growth of the Italian economy, Intesa thinks it has to review part of the quantitative objectives indicated in the 2011-2013/2015 Business Plan. But the objective of Tier 1 at 10% starting from 2012 and an EBA ratio higher than 9% is confirmed.
In Piazza Affari, around 16.30 pm, the title Intesa gains 0,67% to 1,508 euros per share.
