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Intesa Sanpaolo Q4 Profit Down

Intesa Sanpaolo Group (ISNPY.PK,IITSF.PK) reported that its fourth-quarter net income declined to 1.038 billion euros from 1.428 billion euros in the prior year.

Operating income amounted to 4.190 billion euros, down 11.2% from 4.720 billion euros last year.

Net interest income was 1.738 billion euros, down 5.4% from 1.837 billion euros in the prior year.

Net fee and commission income amounted to 1.959 billion euros, down 9% from the prior year.

In 2019, the Group's net income is expected to grow compared with 2018 as a result of growth in revenues, continuous reduction in operating costs and decrease in the cost of risk. The dividend policy for 2019 envisages the distribution of cash dividends corresponding to a payout ratio of 80% of net income.

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