Intesa Sanpaolo almost triples its half-year profit to 2 billion and confirms for 2015 "the commitment to distribute two billion in cash dividends for 2015, indicated in the 2014-2017 Business Plan". Furthermore, the institution expects in the current year "a growth in operating income favored by net commissions, operating income and continuing income before tax, with a reduction in the cost of risk, within the framework of a sustainable profitability”.
After the release of the accounts for the first half year, shares accelerated in Piazza Affari with an increase of 1,97% to 3,52 euros.
The first Italian bank closed the first half with a net profit of 2 billion, almost tripled compared to 720 million in the same period of 2014. This is the best half-year result since the first six months of 2008.
Operating income rose by 9,7% to 9,4 billion, with net interest at 3,96 billion (-6%) and net commissions at 3,8 billion (+14,6%).
Operating expenses grew by 2,1% to 4,2 billion, for a cost/income ratio of 45%. The profitability of the first half-year, underlines a note, is "exceeding the objectives of the 2014-2017 business plan".
Just in second quarter, profit more than quadrupled to 940 million compared to 217 in the same period of 2014. Operating income rose by 4,2% to €4,7 billion (net interest -5,9% to €1,98 billion and fees and commissions +9,2% to €1,98 billion) .
It also improves credit quality. In the period, impairment losses fell by 28,8% compared to the first six months of 2014 to €1,6 billion, the lowest level since the first half of 2011. The gross flow of new non-performing loans from performing loans also it decreased by 27% to 4,6 billion, the lowest half-year value since 2007. As a result, net flows stood at 3 billion (-28%). Capital ratios are well above regulatory requirements . At June 30, 2015, taking into account one billion euro of dividends accrued in the half year, the Fully loaded pro-forma Common Equity ratio was 13,3%, the top level among the major European banks, and the Common Equity ratio according to the transitional criteria in force for 2015 at 13,4%.
