Intesa Sanpaolo was down 1% in Milan following the publication of the bank's results for the first three months of the year, including a net profit up 17.6% to 2.3 billion euros, in line with its annual target (over eight billion).

The Italian bank saw its operating margin improve by 18.2% to 4.16 billion, with operating costs up by only 1.3%, while operating revenues climbed by 11.1% to 6.73 billion, driven by net interest income (+20.8%).

Intesa Sanpaolo added that it "continues to act as a growth gas pedal for the real economy in Italy", with around nine billion euros of new medium-to-long-term loans granted to companies and households in the first quarter.

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