Intesa Sanpaolo Q3 profits down 21 percent

AP News
Posted: Nov 13, 2012 7:44 AM

MILAN (AP) — Italian bank Intesa Sanpaolo SpA says its third-quarter profits fell 21 percent due mainly to higher taxes.

The Milan-based bank reports net income of €414 million (€525 million) for the quarter that ended Sept. 30, down from €527 million a year earlier.

The bank says it paid €454 million in taxes, including extraordinary taxes relating to subsidiaries in Slovakia and Hungary. Interest income was down slightly while fees and commissions were flat.

The bank says Tuesday its exposure to Greek bonds totaled €12 million. To Irish bonds its exposure was €132 million and to Portuguese ones €285 million.

Leaving the Left
John Stossel

Intesa's core Tier 1 ratio, a measure of a bank's health, was 11.1 percent, above European requirements of 9 percent.

The bank's share price was up 1.5 percent to €1.21.