Intesa Sanpaolo Q4 Profit Falls; Expects Improvement In 2016 Operating Income

(RTTNews) - Intesa Sanpaolo (IITSF.PK, ISNPY.PK) reported fourth-quarter consolidated net income of 13 million euros, down from 48 million euros in the prior-year period.

Ezxcluding charges for the resolution fund, net income was 263 million euros in the quarter.

Operating income was 3.69 billion euros, down from 4.13 billion euros, a year ago. Net interest income amounted to 1.95 billion euros, down 5 percent from 2.07 billion euros in the year-ago period.

In 2016, Intesa Sanpaolo Group expects to register an improvement in operating income, driven by net fees and commissions, as well as in operating margin, and in income before tax from continuing operations with a decline in the cost of risk, all within the framework of a sustainable profitability.

The company said its commitment to distribute 3 billion euros cash dividends for 2016, as indicated in the 2014-2017 Business Plan, is confirmed.