Intesa's 3Q Results Indicate No Sign of Profitability
No-moat Intesa Sanpaolo reported third-quarter results that are on track to meet our full-year estimates. Net profits rose 4% to EUR 650 million compared with the third quarter of 2016. If we exclude the results from the recently acquired Venetian banks, net profits would have increased 16%. We do not believe that we will make any changes to our earnings or fair value estimates.ÂWe could not find a reference to profitability or a measure of return in any of the 97 slides in Intesa’s presentatio...
Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.
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