The group released a globally good set of quarterly results. Indeed, if the quarter saw a strong net interest margin squeeze driven by excess liquidity and hedging, it also enjoyed record volume-driven fee income generation, cost control and ongoing cost of risk normalisation. Last but not least, the group managed to reduce its RWA intensity. Management was unable to address market concerns about the potential impact of ECB’s quantified provisioning guidelines. However, we understand it
07 Nov 2017
Reduced capital consumption
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Reduced capital consumption
Intesa Sanpaolo S.p.A. (ISP:WBO) | 0 0 1.0% | Mkt Cap: 52,671m
- Published:
07 Nov 2017 -
Author:
David Grinsztajn -
Pages:
2
The group released a globally good set of quarterly results. Indeed, if the quarter saw a strong net interest margin squeeze driven by excess liquidity and hedging, it also enjoyed record volume-driven fee income generation, cost control and ongoing cost of risk normalisation. Last but not least, the group managed to reduce its RWA intensity. Management was unable to address market concerns about the potential impact of ECB’s quantified provisioning guidelines. However, we understand it