Intesa Sanpaolo closed the first nine months of the year with a consolidated net profit of 1,688 billion euro, down 12,5% compared to the same period of 2011, due to the higher tax burden. On the other hand, there was strong growth in the operating margin, which amounted to 6,771 billion at the end of September, up 17,8%, the highest since 2009.
Further strengthened i capital ratios as at 30 September, taking into account the dividends accrued in the first nine months: The Core Tier 1 ratio rose to 11,1% from 10,1% at the end of 2011, the pro-forma EBA ratio to 10,3% from 10,1, 9% of the EBA analysis on June data, up from the minimum requirement of XNUMX%.
Intesa expects the 2012 financial year stable operating profitability, net of the non-recurring items of 2011. The repricing actions, started in 2011 and continued in 2012, will make it possible to contain the repercussions of the unfavorable context expected on market rates in the last quarter. Strict cost control will make it possible to counteract the effects induced by inflation and automatisms. The cost of credit will remain high, albeit under control, the Bank continues to say.
At the end of September Intesa had in its portfolio Greek government bonds for 12 million euros, Irish for 132 million and Portuguese for 285 million. The exposure to structured credit products with underlying US Subprime assets was instead 12 million.
After the publication of the quarterly report, Intesa shares take the lead over the Ftse Mib (+1,5%).
