Intesa Sanpaolo posts net profit of €422m – mid-year report

Intesa Sanpaolo Group has seen strong increase in net fees and commissions during first half of 2013, report says.

According to its mid-year report, Intesa Sanpaolo Group has posted a net profit of €422m over the first six months of the year, which reflects the “opportunity cost of a particularly rigorous and conservative high tax”, the report reads.

The bank has also seen a strong increase in net fees and commissions, with +7.4% in Q2 2013 versus Q1 2013; +15.2% in H1 2013 versus H1 2012.

As the report also reads, the Group’s results reflected a challenging environment and the adoption of a particularly rigorous and conservative stance aimed at a solid balance sheet getting stronger.

The Group focused on strengthening provisions further, ahead of both the upcoming asset quality review and the stress test exercise authorities will undertake on European Banks, Intesa Sanpaolo’s spokeperson also said.

 

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