Fee Income Disappoints in Intesa Sanpaolo's 1Q
Intesa Sanpaolo reported net income of EUR 1.1 billion for the first quarter of 2019. This is below the EUR 1.3 billion it reported for the corresponding quarter in 2018; however, those results were inflated by a EUR 246 million nonrecurring gain on disposal. We were disappointed by the revenue decline year on year, especially the softness in fees. We maintain our no-moat rating and EUR 2.70 fair value estimate.Revenue was under pressure, declining 4% year on year to EUR 4.4 billion if we exclu...
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