Intesa achieves €155m nominal savings since beginning of 2012, Cucchiani confirms
Depite Italy’s challenging environment for the banking industry, Intesa Sanpaolo managed to further strengthen its balance sheet during the first 9 months of the year, increasing its Core Tier 1 from 10.1% to 11.1%, and reaching levels significantly above future Basel 3 requirements, both in terms of capital and liquidity, according to its chief executive Enrico Cucchiani.
Speaking in Turin, Cucchiani (pictured) said that in terms of the profit and loss results, the group has shown progress as the operating margin is up 17.8%, at a record high level since 2009.
“This is particularly significant considering our robust and conservative provisioning, and further demonstrates the strength of our balance sheet. Moving on to costs, the Group has been able to achieve nominal savings for €155m (in real terms savings are in excess of €385m), mainly due to a sharp reduction in administrative costs,” he said.
Following the results, Intesa confirmed the distribution of a dividend for 2012 at least equal to that of 2011.
“In summary, I see Intesa Sanpaolo as well projected towards positions of excellence, not only at a national level but also in comparison to major European players,” Cucchiani said.