Italian bank Intesa profits up by a quarter

MILAN — Italian bank Intesa SanPaolo says third-quarter profits rose by 25% on higher trading profits, fewer bad loans and cost-cutting.

The bank said Tuesday that net income rose to just over 1 billion euros ($1.1 billion) from 833 million euros in the same period in 2018.

Net fees and commissions rose slightly to 1.99 billion euros while interest income sank 7% to 1.74 billion euros. Net adjustments to loans were down 8% to 473 million euros and net provisions also sank by a quarter to 24 million euros. Trading profit rose 11%, while belt-tightening saved 23 million euros.

Its Tier 1 ratio, a key measure of capital strength, rose to 14.2%, taking into account the deduction of 2.6 billion euros in dividends accrued in the first nine months of 2019.

The Associated Press