ISP Intesa Sanpaolo Spa

   By Pietro Lombardi 
 

Intesa Sanpaolo SpA (ISP.MI) said Wednesday that second-quarter net profit fell from the same period last year, when results were boosted by a cash contribution from the Italian government, but still beat consensus estimates.

Net profit for the period was 927 million euros ($1.09 billion), the bank said. This compares with net profit of EUR4.34 billion in the same period last year, when the bank booked a EUR3.5 billion public contribution related to the rescue of two regional banks.

Excluding the cash contribution, net profit for the second quarter of 2017 stood at EUR837 million, the bank said.

Analysts had expected net profit of EUR864 million for the quarter, according to a consensus forecast provided by FactSet.

Operating income for the quarter increased to EUR4.60 billion from EUR4.36 billion, with on-year rises in net interest income, fees and commissions, income from insurance business and profits on financial assets and liabilities designated at fair value.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

August 01, 2018 07:49 ET (11:49 GMT)

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