Italian banking group Intesa SanPaolo has reported a net income of EUR13m for the fourth quarter of 2015, a fall of 72.9% compared to EUR48m in the year-ago quarter.
Excluding charges for the resolution fund, net income was EUR263m in the fourth quarter, the bank said in its earnings statement.
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Net interest income stood at EUR1.95bn, a decrease of 5% from EUR2.06bn in the corresponding quarter of 2014.
Operating income declined 10.8% to EUR3.69bn from EUR4.13bn in the prior year.
Net provisions and adjustments dropped to EUR1.09bn from EUR1.43bn a year ago, while net provisions for risks and charges fell to EUR56m from EUR291m a year earlier.
Highlighting its outlook for the current year, the bank said: "In 2016, the Intesa Sanpaolo Group is expected to register an improvement in operating income, driven by net fees and commissions and customer loans, as well as in operating margin with continuous cost management, and in income before tax from continuing operations with a decline in the cost of risk, all within the framework of sustainable profitability."
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