Italian Banks: Revenue Recovery and Lower LLPs in Q3 2020, but COVID Pressure Likely to Persist in Q4
Italian banks (UniCredit, Intesa Sanpaolo, Banco BPM, Banca MPS, and BPER) reported an aggregate net profit of EUR 990 million in Q3 2020, compared to a net profit of EUR 2.8 billion in Q3 2019 (EUR 1 billion in Q2 2020). For the 9M 2020, the aggregate net profit fell to EUR 391 million compared to a net profit of EUR 8.9 billion in 9M 2019.
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