Intesa Sanpaolo, the Italian bank, has reported an increase in third-quarter earnings and has raised its outlook for 2023. The boost in earnings was driven by net interest income, and the bank now expects to achieve over 7.5 billion euros ($7.97 billion) in net income for 2023, up from the previous forecast of over 7 billion euros. The net interest income is projected to exceed 14 billion euros.
Positive Growth and Increased Guidance
Intesa Sanpaolo has raised its guidance three times this year, indicating sustained growth and positive performance. The bank’s net profit for the period reached 1.9 billion euros, compared to 957 million euros in the same period last year. Operating income also showed significant growth, increasing by 27% to reach 6.37 billion euros.
Strong Net Interest Income
Net interest income played a crucial role in driving Intesa Sanpaolo’s positive results for the third quarter. It reached 3.81 billion euros, marking a significant 60% increase compared to the previous year. Analysts polled by FactSet had expected quarterly revenue of 6.25 billion euros and a net profit of 1.77 billion euros.
Intesa Sanpaolo’s positive performance and increased outlook highlight the bank’s strong financial position and its ability to adapt to changing market conditions.