Report
Steven Gould

Intesa Sanpaolo : Un T1 2020 solide, mais qui ne change in fine pas la donne !

>Chiffres supérieurs aux attentes mais à relativiser… - ISP a publié un T1 2020 bien au-dessus des attentes (RN à 1.15 Md€ vs 0.85 Md€ cons), soutenu principalement par des revenus de trading très élevés (~1.0 Md€ vs 0.4 Md€ cons) et par des provisions sur crédits près de 20% inférieures (0.4 Md€ soit un CdR ‘underlying’ de seulement 40 pb vs >50pb en 2019), alors que la copie sur les autres revenus (notamment NII & commissions) ressort sans surprise notable tout comm...
Underlying
Intesa Sanpaolo S.p.A.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Steven Gould

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