Bank Intesa SanPaolo's earnings boosted by wealth management

AP News
Posted: May 05, 2017 9:42 AM

MILAN (AP) — Italian bank Intesa SanPaolo says profits grew by nearly 12 percent in the first quarter as commissions hit their highest levels ever on double-digit growth.

Italy's second-largest bank on Friday reported a net income of 901 million euros ($987 million) in the period ending March 31, compared with 806 million euros in 2016.

Net fees and commissions grew by 10 percent to 1.85 billion euros thanks to a rebound of assets under management, now at 320 billion euros, and a rise of 3 percent in net interest income to 1.8 billion euros despite the low interest rate environment.

CEO Carlo Messina said assets under management grew by 5.3 billion euros in the first quarter, which "confirmed that ISP is one of the leading European wealth management companies."