Italian banking group Intesa SanPaolo has reported a net income of EUR806m for the first quarter of 2016, down 24.2% compared to EUR1.06bn in the year-ago quarter.
Excluding charges for the resolution fund, net income dipped 19.3% to EUR902m from EUR1.12bn a year earlier.
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Net interest income was EUR1.88bn, a fall of 4.6% from EUR1.97bn in the first quarter of 2015. Operating income dipped 12.8% to EUR4.09bn from EUR4.69bn a year earlier.
Net provisions and adjustments for the period were EUR730m, down 12% compared to EUR830m in the corresponding quarter of 2015, while net provisions for risks and charges slumped 70.4% year-on-year to EUR16m.
"In 2016, the Intesa Sanpaolo Group is expected to record improvement in operating income alongside the trend of net fees and commissions and customer loans, in operating margin also thanks to continuous cost control, in income before tax from continuing operations with a decrease in the cost of risk, all these within the framework of sustainable profitability," the bank said in a statement.
"The commitment to distribute EUR3 billion cash dividends for 2016, as indicated in the 2014-2017 Business Plan, is confirmed."
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