At the halfway point of the first half Intesa Sanpaolo closed the accounts with a net profit of 1.402 million, down 17% compared to the same period of 2010 (1.690 million). Restricting our gaze to the second quarter, profit stands at 741 million, a decrease of 26% compared to 1.002 million in the same period last year (when the leading Italian bank had benefited from a net capital gain of around 650 million for the disposal of the securities services business) and up 12,1% compared to 661 million in the January-March 2011 period.
Again in the second quarter, consolidated net income (calculated excluding the main non-recurring items) amounted to 529 million euros, up 5,8% compared to 500 million in the same period of 2010 and down 30,6 % compared to the previous three months (762 million). The same figure on a half-yearly basis reaches 1.291 million, up 6,7% on an annual basis (1.210 million). The institution's Core Tier 1 was 30% as of June 10,2, while its Tier 1 was 11,8%. At the end of the same month, liquid assets amounted to approximately 80 billion. The Bank also complies with the Net Stable Funding Ratio liquidity requirement envisaged by Basel 3.
As for the 2011 targets, the group expects to record "a recovery in revenues compared to 2010, a containment of operating costs and a reduction in the cost of bad credit, with a consequent improvement in the profitability of ordinary operations, in line with the plan `Enterprise 2011-2013/2015", which sets "the priority objective of ensuring sustainable profitability in the medium term".
Intesa Sanpaolo's net operating income amounted to 8.678 million euro in the first half, up by 5,6% compared to the first half of 2010: the growth is 0,4% if we exclude the capital gains deriving from the Prada and Findomestic operations. In the quarter the same item was 4.495 million, up 7,5% compared to the first quarter of 2011 and 12,3% compared to the second quarter 2010. Net fee and commission income for the six months was 1.399 million, up 1 % compared to the first quarter.
Trading income for the six months amounted to 543 million, almost doubled compared to 278 million in the first quarter of 2011. The capital markets and Afs financial assets component rose from 22 to 441 million (including 272 million in capital gains deriving from the sale of the approximately 4% of Prada and 154 million deriving from the sale of the residual 25% stake in Findomestic). Operating expenses amounted to 4.497 million, down by 0,2% compared to the first half of 2010, with a decrease of 2,5% in administrative expenses and an increase of 0,6% in personnel expenses and 4,2% of depreciation.
As at 30 June, loans to customers reached 372 billion, up by 0,1% compared to 30 June 2010 (by 2% if we consider the average volumes rather than those at the end of the period) and down by 1% compared to the December 2010, following a reduction in loans to large and very large companies and an increase in those to small and medium-sized enterprises. Overall non-performing loans amounted, net of value adjustments, to 21.285 million, up by 1% compared to 21.071 million as at 31 December 2010.
After a series of black days under the blows of speculation, the Intesa share rebounded today in Piazza Affari and around 14 pm it gained more than 8%.
