The quarter showed good top-line resilience and cost control, and strong asset quality trends. On the other hand, it was also marked by an elevated provisioning effort to raise the coverage on unlikely-to-pay and overdue loans confirming a potential coverage issue. The full-year dividend commitment is already more than covered when including the €895m gain on SETEFI and Intesa Sanpaolo Card to be booked in Q4.
04 Nov 2016
Solid underlying performance but potential lack of NPL coverage
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Solid underlying performance but potential lack of NPL coverage
Intesa Sanpaolo S.p.A. (ISP:WBO) | 0 0 1.0% | Mkt Cap: 52,671m
- Published:
04 Nov 2016 -
Author:
David Grinsztajn -
Pages:
2
The quarter showed good top-line resilience and cost control, and strong asset quality trends. On the other hand, it was also marked by an elevated provisioning effort to raise the coverage on unlikely-to-pay and overdue loans confirming a potential coverage issue. The full-year dividend commitment is already more than covered when including the €895m gain on SETEFI and Intesa Sanpaolo Card to be booked in Q4.