Intesa posted a €2.27-billion net profit for April-June, with lower than expected loan loss provision also helping to offset rising costs
Intesa Sanpaolo, Italy’s biggest bank, on Friday lifted its profit outlook for the current year and beyond, saying higher rates would continue to boost revenue after leading to record first-half earnings.
“If you look at the financial conditions of companies in Italy, we are talking about ... close to €400-billion in deposits,” Messina said when asked about low loan impairments. It said the 2025 figure would benefit to the tune of €0.5-billion from the digital operations it recently launched in both commercial and private banking to cut costs.
The European Central Bank’s rate hike cycle has yielded record profits at Italian banks in recent quarters, while payments on deposits remain low and the damage to borrowers from the higher cost of credit is yet to materialize.Intesa said revenues jumped 19 per cent annually to €6.34-billion, ahead of an average 6.14 billion in analyst forecasts, with income deriving from the gap between lending rates and interest paid on deposits, up 71 per cent year-on-year.
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