Intesa Sanpaolo : Solid Q2 2019 numbers but the risk-reward profile is still lacklustre
>Fairly reassuring on the operating front - Better-than-expected Q2 2019 figures (net income at € 1.22bn, +36% vs cons / pre-tax profit at € 1.82bn, +28% vs cons): the nice surprise came mainly from higher trading revenues (€ 0.6bn vs € 0.3bn consensus) while the underlying performance came in close to expectations (core revenues +1% vs cons at € 3.75bn, costs in line at € 2.27bn, provisions -3% vs cons at € 0.6bn).A pretty reassuring picture overall: resilient ...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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