Intesa said it expected its best quality capital to stand at around 13% at the end of the year and to remain well above the bank's minimum target of 12% over the course of its business plan "with significant value creation and distribution to shareholders."

It added that the reduction in risk-weighted assets that took place in the fourth quarter was due to regulatory changes kicking in on Jan. 1, 2023, which meant the assets in question had a negative impact when comparing the operating income they produced with the cost of capital they required.

(Reporting by Valentina Za; Editing by Leslie Adler)