Italy’s Banca IMI posts 37.5% increase in net income in H1
Banca IMI, the corporate and investment banking division of Italy’s Intesa Sanpaolo, reported a 37.5% increase in net income to €401m at the end of the first half of the year, as well as a 51.3% increase in operating income.
The financial performance was driven by the core business, supported by the financial profits from the capital markets, trading and sales activities, while contribution of net interest income was down in the second quarter, as a consequence of the choice made from April to reduce the securities portfolios, injecting more liquidity into the bank.
“The results presented today demonstrate that the long-term choices made in recent years have led Banca IMI to establish itself as a leading Italian bank, with a great capacity for growth and development in the international markets,” said Gaetano Micciché, chief executive at Banca IMI.
He added: “The brilliant performance in the first six months of the year compared to the first half of 2011 resulted from improvement in all main items of income and led to a net profit for the period of more than 400 million euros, up 37.5% over the same period last year”.