Intesa Sanpaolo closed the first nine months of 2015 with a net profit that more than doubled: 2,73 billion against 1,2 billion in the same period of 2014. This is – as the bank wrote in a note – the highest figure for the January-September period from 2008. In the third quarter alone, the net result was 722 million, up from 483 million in the July-September 2014 period, but down from the 940 million of the previous quarter. The data is better than analysts' expectations, which aimed at a net profit of 2,46 billion in the 9 months and 642 million in the third quarter
In terms of revenues, the Bank recorded operating income up by 7,1% to 13,6 billion (in line with expectations) in the 9 months. In the third quarter, revenues amounted to 4,2 billion (slightly below expectations at 4,21 billion), recording a contraction of 9,6% on the previous quarter. As regards capital ratios, the Bank records a common equity ratio after accrued dividends of 13,4%.
Intesa's stock on the Stock Exchange, above parity before the quarterly announcement, dropped by 4,21%, to 3,046 euros, after the publication of the accounts. The shares are among the most rewarded by investors in recent times and the Bank is the first group by capitalization in Piazza Affari.
“The results we are presenting today are the best since the creation of our group – said the managing director of the Bank, Carlo Messina -. In a phase of clear recovery of the country, Intesa Sanpaolo represents the accelerator of the growth of the real economy, with the disbursement of 29 billion of medium/long-term credit in the first nine months of the year to Italian households and businesses; growth in small businesses and households is 66%. We issue double the mortgages of last year; of these, 30% went to young couples. But we are also engaged in a fundamental action to put the crisis behind us once and for all, that of bringing companies back to performing status: we have done this in over 22.500 cases since the beginning of 2014”.
