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Italian bank Intesa Sanpaolo returns to 4Q profit with higher commissions
– canadianbusiness.com
MILAN – Italian bank Intesa Sanpaolo returned to a profit in the fourth quarter of 2014, thanks to higher net fees and commissions and improvements in the credit market.
Italy’s second-largest bank by assets, Intesa Sanpaolo on Tuesday reported fourth-quarter net income of 48 million euros ($54 million), compared with a loss of 5.2 billion euros last year, when it write down investments to clear out its books ahead of a Europe-wide stress test.
Fees and commission rose 10 per cent to 1.8 billion euros, while net interest income was down 2 per cent to 2 billion euros.
For the year, Intesa posted profits of 1.25 billion euros, rebounding from a 4.5 billion euro loss in 2013. The bank said it has reduced its provisions for bad loans, reflecting improved credit trends.
The post Italian bank Intesa Sanpaolo returns to 4Q profit with higher commissions appeared first on Canadian Business.
Italy’s second-largest bank by assets, Intesa Sanpaolo on Tuesday reported fourth-quarter net income of 48 million euros ($54 million), compared with a loss of 5.2 billion euros last year, when it write down investments to clear out its books ahead of a Europe-wide stress test.
Fees and commission rose 10 per cent to 1.8 billion euros, while net interest income was down 2 per cent to 2 billion euros.
For the year, Intesa posted profits of 1.25 billion euros, rebounding from a 4.5 billion euro loss in 2013. The bank said it has reduced its provisions for bad loans, reflecting improved credit trends.
The post Italian bank Intesa Sanpaolo returns to 4Q profit with higher commissions appeared first on Canadian Business.
