Intesa Sanpaolo has the option of new buybacks but will take a cautious stance on share buybacks.

This was stated by CEO Carlo Messina during the conference call presenting the first quarter accounts.

"Our capital will improve and therefore there will be room to consider further share buybacks. You know I'm not a super fan," Messina said, adding that there is an excessive focus on the short term in the market.

In Piazza Affari, Intesa shares are down 3.4 percent after first-quarter results showed above-expected net income thanks to a recovery in net commissions. A positive trend that Messina says continued in April and will drive this revenue component to double-digit growth for the full year.

The stock extended losses during the conference call in the wake of Messina's reiterated cautious stance on the buyback

(Valentina Za, Italian version Andrea Mandalà, editing Stefano Bernabei)