The quarter was characterised by a record fee income generation and good cost control which more than offset ongoing net interest margin pressure. The group benefited from non-recurring gains to modestly increase its coverage on Unlikely-to-Pay loans, which remains notably below the market’s standards in our view. Management reiterated its €3.4bn cash dividend commitment for this year, which will be easily fulfilled as it is confident in the group’s ability to grow its earnin
03 Feb 2017
Record fee income generation, modest NPL coverage catch-up
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Record fee income generation, modest NPL coverage catch-up
Intesa Sanpaolo S.p.A. (ISP:WBO) | 0 0 1.0% | Mkt Cap: 52,671m
- Published:
03 Feb 2017 -
Author:
David Grinsztajn -
Pages:
2
The quarter was characterised by a record fee income generation and good cost control which more than offset ongoing net interest margin pressure. The group benefited from non-recurring gains to modestly increase its coverage on Unlikely-to-Pay loans, which remains notably below the market’s standards in our view. Management reiterated its €3.4bn cash dividend commitment for this year, which will be easily fulfilled as it is confident in the group’s ability to grow its earnin