Intesa Sanpaolo concludes the first quarter with a net profit of 806 million euros, down 24% compared to 1,06 billion in the first three months of 2015, when the Bank however had benefited from "a particularly favorable trend" on the markets. Net of the contributions to the resolution fund for the entire year, already expensed in the period, the quarterly profit – the institute reports in a note – would amount to 902 million euro.
With the net capital gain of 895 million deriving from the sale of Setefi and Intesa Sanpaolo Card, the profit figure is more than 50% of 3 billion in cash dividends promised for 2016, a commitment which is therefore confirmed, reads a note.
The institute therefore specifies that for the rest of the year it expects "a growth in operating income, connected to the dynamics of net commissions and loans to customers, of the result of operating management, also thanks to the constant control of costs, and of the current result before taxes, with a reduction in the cost of risk, within the framework of sustainable profitability ”.
At the patrimonial level, the Cet1 it is confirmed at 13,1% fully loaded, while it is slightly lower if calculated in transitional at 12,9%.
Furthermore, Intesa Sanpaolo will contribute 845 million euros to the Atlante fund. To date, the bank has already paid about 300 million. The negative impact on the institution's capital levels is currently 8 basis points, which will rise to a maximum of 20 when the sums are paid in full. On the other hand the sale of Setefi and the Intesa Sanpaolo Card, announced in recent days, will contribute positively by around 35 basis points.
Between January and March the proceeds net operating assets rose by 4% compared to the last quarter of 2015 to 4,23 billion, excluding the contribution to the resolution fund (4,09 billion taking into account the contributions).
- net interest fell 4,6% year-on-year and 3,7% quarter-on-quarter to $1,881 billion, while fees and commissions fell to $1,713 billion (-10,7% quarter-on-quarter). The trading result rose to 228 million against 57 million in the fourth quarter of 2015.
In addition, also in the first quarter, were carried out credit adjustments for 694 million, the lowest figure since 2011. The stock of non-performing loans fell 1%, while the flow of non-performing loans from performing loans fell 23% quarter on quarter, the lowest figure since 2007.
The first three months of 2016 recorded a net inflow of collection from customers by more than 7 billion against 4 billion in the last quarter of 2015. In the first three months of 2015 there was a net outflow of 6 billion.
Immediately after the spread of the accounts the title it was rather volatile and then settled at 2,19 euros, down by just over one percentage point.
