Italian banking major Intesa SanPaolo has posted a net income of EUR722m for the third quarter of 2015, a surge of nearly 50% compared with EUR483m a year ago.
The bank’s net profit for the quarter was boosted by lower provisions for bad loans of EUR769m, compared with EUR1.26bn in the year ago period.
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For the quarter ended 30 September 2015, revenues were flat on the same period a year ago at EUR4.2bn.
However, the bank’s net interest income, a measure of how much money a bank makes from its retail business, declined by 9.3% to EUR1.91bn from EUR2.11bn a year ago.
Italy’s second-largest bank by assets noted that the level of performing loans was improving, and said it registered EUR29bn in medium- and long-term loans to families and businesses in the first nine months of 2015.
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