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Intesa Sanpaolo Group Q1 Profit Rises

Intesa Sanpaolo Group (ISNPY.PK,IITSF.PK) reported that its first-quarter 2018 net income rose to 1.252 billion euros from 901 million euros in the same quarter last year.

Net interest income for the quarter was 1.855 billion euros, down 1.3% from 1.880 billion euros last year. Net fee and commission income was 2.008 billion euros, up 4.5% from 1.922 billion euros in the previous year.

In 2018, the Group's net income is expected to grow compared with 2017, excluding from the 2017 net income the 3.5 billion euros public cash contribution that offset the impact on the capital ratios resulting from the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca. An increase in revenues, continuous cost management and a decrease in the cost of risk are envisaged as the drivers of the expected performance of net income. The dividend policy for 2018 envisages the distribution of an amount of cash dividends corresponding to a payout ratio of 85% of net income.

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