Banca Imi profit up +5.4% yoy
Banca IMI, the unlisted investment banking arm of Intesa Sanpaolo, recorded a consolidated profit of €411.4m in the first nine months of 2014, up 5.4% compared with the same period in 2013.
The result reflects the development of the total income which rose to €1.06bn (+5.6%), albeit a difficult market situation over the summer months, which according to the bank affected the customers’ investment choices and hedging flows.
The total income break-down includes €791m in the Capital Markets area, €177min the Structured Finance area and €98m in the Investment Banking area.
Consolidated operating costs amount to €285.6m – from €268.9m as of 30 September 2013 – with net growth due to the strategic investments envisaged by the plan and the new business initiatives, as well as the pro-rata provisions of the incentive system for the Intesa Sanpaolo Group’s employee share ownership plan.
The operating profit – equal to €780.5m (+5.3%) – brings the cost/income ratio to 26.8%, in line with 26.6% as of 30 September 2013.