Intesa Sanpaolo : A solid Q1 2020, but which will not change the situation
>Figures better than expected but should be viewed in perspective - ISP has reported Q1 2020 figures that comfortably beat forecasts (net profit at € 1.15bn vs € 0.85bn for the consensus), principally underpinned by very high trading revenues (~€ 1.0bn vs € 0.4bn for the consensus) and loan-loss provisions close to 20% below (€ 0.4bn, i.e. ‘underlying’ cost of risk of only 40bp vs >50bp in 2019), whilst figures on other revenues (notably NII and commissions) harboured...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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