Intesa Sanpaolo Upgrades 2023 Outlook as Second-Quarter Profits Beat Expectations
- Wednesday, October 16, 2024
This headline was corrected at 6:40 a.m ET. The original version incorrectly stated the second quarter figure in Swiss currency.
Intesa Sanpaolo Upgrades 2023 Outlook as Second-Quarter Profits Beat Expectations
Intesa Sanpaolo has upgraded its 2023 outlook for the second time this year following a rise in second-quarter net profit that surpassed expectations. The Italian bank experienced a significant increase in income due to higher interest rates.
According to Intesa Sanpaolo, it now expects net profit to exceed €7 billion ($7.69 billion). Additionally, the bank anticipates a significant growth in its operating margin, driven by higher net interest income. The new estimate for net interest income is projected to exceed €13.5 billion.
Previously, the bank had guided for net profit to grow to approximately €7 billion and net interest income to surpass €13 billion by 2023.
During the second quarter, Intesa Sanpaolo's net profit reached €2.27 billion, compared to €1.30 billion in the same period last year.
Operating income, which is the bank's top-line figure, rose to €6.34 billion from €5.34 billion. Net interest income climbed to €3.58 billion from €2.09 billion, while net fee and commission income slightly declined to €2.22 billion.
According to analysts polled by FactSet, Intesa Sanpaolo was expected to report quarterly net profit of €1.84 billion, net interest income of €3.38 billion, and operating income of €6.16 billion.
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