Italian bank Intesa sees third quarter profit rise 50 pct

AP News
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Posted: Nov 03, 2015 7:29 AM

MILAN (AP) — Italian bank Intesa SanPaolo SpA says its third quarter profits rose by half as it benefited from higher interest income and commissions.

The bank reported net income of 722 million euros ($792 million) in the three months ending Sept. 30, compared with 483 million euros in the same period last year.

Italy's second-largest bank by assets also set aside 769 million euros in loan loss provisions for the quarter. Provisioning for the first nine months was 2.3 billion euros, the lowest level since 2011, reflecting an improving credit trend.

The bank noted that the level of performing loans was improving, and said it registered 29 billion euros in medium- and long-term loans to families and businesses in the first nine months of the year. That's up by half over 2014.