Intesa Sanpaolo Q2 net 1.357 bln eur vs 1.346 bln, in line UPDATE

Intesa Sanpaolo Q2 net 1.357 bln eur vs 1.346 bln, in line UPDATE

	Published : Tue, 11 Sep 2007 13:29 By : Agencies Print this Story

(Updating with more Q2 and H1 results)

MILAN (Thomson Financial) - Intesa Sanpaolo SpA said its net profit in the second quarter rose to 1.357 bln eur from a pro forma 1.346 bln in the same period last year.

Intesa Sanpaolo was created on Jan 1 this year from the merger of Banca Intesa and Sanpaolo IMI. The comparative data are pro forma numbers provided by the bank.

The net profit for the quarter is in line with a Thomson Financial range consensus of 1.263-1.425 bln eur.

Total revenues in the period came in at 4.723 bln eur, up from 4.429 bln, roughly in line with a consensus range of 4.695-4.964 bln.

Intesa Sanpaolo said it expects the full-year results growth trend to be in line with its business plan.

The bank said that up to Aug 31 it had no sub-prime mortgages in its mortgage portfolio, adding that it had financial instruments with US sub-prime mortgages as the underlying product for a total value of 33 mln eur.

Intesa Sanpaolo said it has agreed to sell the 198 bank branches it must dispose of for antitrust reasons, to a banking consortium for 1.9 bln eur in cash.

The capital gain from the sale at a consolidated level will be 1.9 bln eur, the bank said.

The consortium consists of Banca Carige, Banca Popolare di Bari, Credito Valtellinese and Veneto Banca.

In the second quarter gross operating profit rose 27.5 pct on the same period last year to 2.614 bln eur.

Net interest income rose 10.7 pct to 2.482 bln eur while net commissions fell 2.4 pct to 1.603 bln and trading revenue rose to 332 mln from 326 mln.

Provisions in the period were 444 mln eur from 324 mln.

Intesa Sanpaolo said in the first half of the year its net profit was over 5.3 bln eur from 2.6 bln the year before, thanks to the sale of Cariparma and FriulAdria.

At the end of June the bank's Tier 1 ratio stood at 7.9 pct.

stephen.jewkes@thomson.com

sj/cm2/sj/gp

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.