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Intesa Sanpaolo Q2 Net Income Rises YoY Excl. Prior Year Public Contribution

Intesa Sanpaolo Group (ISNPY.PK,IITSF.PK) reported second-quarter net income of 927 million euros compared to 837 million euros (excluding from prior year the public contribution of 3.5 billion euros), a year ago.

Second-quarter net interest income was 1.84 billion euros, down 2.7% from 1.89 billion euros, prior year, or down 1.6% excluding the impact deriving from the reversal in time value on the bad loans to be sold to Intrum which was no longer accounted in second quarter 2018. Net fee and commission income was 1.99 billion euros, in line with prior 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. 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.

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