Intesa Sanpaolo Posts Profit Beat on Rates Boost, Backs Guidance

By Elena Vardon

Intesa Sanpaolo backed its profit guidance for 2024 as it reported better-than-expected first-quarter results driven by higher interest income.

The Italian bank on Friday reported a net income, or net profit, of 2.30 billion euros ($2.47 billion) for the three months ended March 31, compared with EUR1.96 billion in the year-earlier period.

Operating income--the lender's top-line figure--rose to EUR6.73 billion from EUR6.06 billion, it said. The result was boosted by a 21% on-year jump in net interest income--the difference between what banks earn on loans and what they pay clients for deposits--to EUR3.93 billion while fee and commission income also rose 6.3% to EUR2.27 billion.

A consensus compiled by Visible Alpha based on 11 analyst estimates expected net income of EUR2.17 billion and total revenue of EUR6.63 billion.

The Turin-based group confirmed that it expects net income to be over EUR8.0 billion for 2024 and for 2025.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

May 03, 2024 07:14 ET (11:14 GMT)

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