By Pietro Lombardi
Intesa Sanpaolo SpA posted on Wednesday higher profit for the first quarter, as lower costs and provisions offset a decline in revenue.
The Italian bank's net profit for the period was 1.52 billion euros ($1.83 billion), up almost 32% on year, according to figures that take into account the inclusion of the UBI Group for the pre-acquisition period.
Operating income, the bank's main top-line figure, dropped 2% to EUR5.46 billion, with net interest income down 4.3% while fees and commissions rose 8.9%.
Operating costs declined 2.6%, while loan-loss provisions fell 25%.
The bank expects profits well above EUR3.5 billion for this year. It targets a payout ratio of 75% for the 2020 results and 70% for the 2021 results.
Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10
(END) Dow Jones Newswires
05-05-21 0743ET