By Pietro Lombardi

 

Intesa Sanpaolo SpA (ISP.MI) reported third-quarter results on Tuesday. Here's what you need to know:

 

NET PROFIT: The bank's net profit for the period rose to 1.04 billion euros ($1.16 billion) from EUR833 million a year earlier, exceeding analysts' expectations of EUR908 million.

 

REVENUE: Operating income--the bank's top-line figure--rose to EUR4.52 billion from EUR4.27 billion, surpassing expectations of EUR4.26 billion.

 

WHAT WE WATCHED:

 

-REVENUE STREAMS: Net interest income fell to EUR1.74 billion from EUR1.84 billion. Fees and commissions, as well as income from insurance activities, rose.

 

-OUTLOOK: The bank expects net profit for the year to be higher than the previous year. This is "a result of growth in revenues, continuous reduction in operating costs and decrease in the cost of risk," the bank said. It will pay shareholders cash dividends corresponding to a payout ratio of 80% of net income.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

November 05, 2019 09:01 ET (14:01 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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