Intesa Sanpaolo sees €218m net income in Q3

The group’s asset management arm Eurizon Capital has registered a slight decrease in net income compared with the same period in 2012.

Intesa Sanpaolo Management Board said that in the first nine months of 2013 the group’s results reflected a challenging economic environment and the adoption of a particularly rigorous and conservative stance aimed at further reinforcing a rock solid balance sheet.

“Specifically, the group remained focused on further strengthening provisions, even though there have been signs of stabilisation in credit trends, ahead of the upcoming asset quality review and stress test exercise that regulatory authorities will carry out on European Banks,” the report also read.

The group had a strong liquidity position and funding capability, with liquid assets of €124bn and large availability of unencumbered eligible assets with Central Banks, corresponding to liquidity of €92bn at the end of September 2013.

Eurizon Capital is developing increasingly effective synergies with the Banca dei Territori division, Intesa Sanpaolo also revealed.

The company is also focused on strengthening its presence in the “open architecture” segment through specific distribution agreements with other networks and institutional investors. Eurizon Capital controls Eurizon
Capital (Luxembourg).

The latter is a company specialising in managing Luxembourg mutual funds with low tracking error, as well as Slovak, Hungarian and Croatian mutual
funds following the setting up of a new hub in Eastern Europe. Eurizon Capital also controls Epsilon Associati, a company specialising in managing structured products and mutual funds using quantitative methods which is 51% owned by Eurizon Capital and 49% owned by Banca IMI.

Eurizon Capital owns a 49% stake in a Chinese asset management company, Penghua Fund Management.

In the third quarter of 2013, Eurizon Capital recorded:
– operating income of €84m, down 6.9% compared with Q2
– operating costs of €24m, down 1.9%
– operating margin of €60m, down 8.8%
– a cost/income ratio of 28.6% versus 27.5% in Q2 2013;
– income before tax from continuing operations of €60m, down 13.3% from
– net income of €36m, down 14.3%

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