Market Commentary and Intraday News
Intesa Q2 earnings beat expectations
288 days ago
(AP:MILAN) Italian bank Intesa SanPaolo shares rose 7 percent after it reported second-quarter earnings that beat analyst estimates.
The bank on Friday reported net profit in the period slid 36 percent to (EURO)470 million ($574 million) from (EURO)741 million in the same quarter of 2011 due to the impact of Europe's deepening recession. Analysts were expecting net profit of (EURO)307 million, according to financial data provider FactSet.
Second-quarter operating income was down 8.5 percent to (EURO)4.13 billion, as the bank reported lower trading profits and higher loan adjustments.
For the first six months of the year, earnings were down 9 percent to (EURO)1.27 billion.
CEO Enrico Cucchiani says he is satisfied with the half-year results, noting high liquidity and strong capital ratios.
Intesa shares rose to (EURO)1 in Milan trading.
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