Quarterly underlying trends were in line with expectations. The group used extraordinary gains to increase the NPL coverage ahead of the disclosure of its 2018-21 business plan. The latter sets aggressive financial targets with a €6bn net profit objective for 2021, corresponding to a 14.6% RoTE. Such a stronger-than-expected profitability recovery is articulated around strong cost savings, representing around 15% of the pro forma 2017 cost base.
06 Feb 2018
Strong efficiency gains ahead
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Strong efficiency gains ahead
Intesa Sanpaolo S.p.A. (ISP:WBO) | 0 0 1.0% | Mkt Cap: 52,671m
- Published:
06 Feb 2018 -
Author:
David Grinsztajn -
Pages:
2
Quarterly underlying trends were in line with expectations. The group used extraordinary gains to increase the NPL coverage ahead of the disclosure of its 2018-21 business plan. The latter sets aggressive financial targets with a €6bn net profit objective for 2021, corresponding to a 14.6% RoTE. Such a stronger-than-expected profitability recovery is articulated around strong cost savings, representing around 15% of the pro forma 2017 cost base.