The group Intesa Sanpaolo it closed the first quarter of the year with a net profit of 503 million, an increase of 64,4% compared to the first quarter of 2013. This is, explains a note from the bank, the highest result of the last eight quarters. Revenues rose 4,5% to $4,1 billion.
The capital ratios as at 31 March 2014 were further strengthened, taking into account the dividends accrued in the quarter for the 2014 financial year: the fully loaded pro-forma Basel 3 Common Equity ratio rose to 12,6% from 12,3% at the end of 2013 , top level among the major European banks and equivalent to approximately €9 billion of excess capital and approximately €12 billion of capital buffer for the exercise of Aqr.
The credit trend is improving, with flows of new impaired loans deriving from performing loans decreasing: net flows dropped to €1,5 billion in the first quarter of 2014 compared to €3,6 billion in the fourth quarter of 2013 (-58%) and to 2 billion in the first quarter of 2013 (-24%).
Provisions and net value adjustments totaled €1,144 billion, down sharply compared to €3,517 billion in the fourth quarter of 2013 and, in particular, net adjustments to loans amounted to €1,077 billion (€3,098 billion in the fourth quarter of 2013). .
The provisioning policy remains rigorous and prudential: provisions for credit risks of 1,077 billion in the first quarter decreased compared to 3,098 billion in the fourth quarter of 2013 and 1,158 billion in the first quarter of 2013.
The level of specific coverage of non-performing loans increased to 46,7% compared to 46% at the end of 2013, with specific coverage of the component consisting of non-performing loans rising to 62,9% from 62,5% at the end of 2013.
At the beginning of the afternoon, Intesa's stock dropped 2,47% to 2,288 euros.
