Arab Today, arab today intesa sanpaolo registers 132b quarterly loss
Last Updated : GMT 14:08:41
Arab Today, arab today
Arab Today, arab today

Intesa Sanpaolo registers $13.2B quarterly loss

Arab Today, arab today

Arab Today, arab today Intesa Sanpaolo registers $13.2B quarterly loss

Milan - Arabstoday

Intesa Sanpaolo, Italy’s biggest retail bank, posted a 10.1 billion euro ($13.2 billion) quarterly loss after writing down goodwill to repair a balance sheet damaged by the euro zone debt crisis. Intesa also said it was to revise targets because of market turmoil and expectations the Italian economy could shrink as much as 2.2 per cent this year. The current plan, presented last April, factored in 0.8 per cent growth for the domestic economy this year. “We are in a situation of extreme volatility and a very uncertain macro environment,” chief executive Enrico Cucchiani told analysts in a conference call. “We do not know what lies ahead but we are well prepared if we hit strong headwinds,” he said, declining to give a timeframe for the presentation of the new business plan. Intesa wrote down 10.2 billion euros goodwill from past acquisitions, mostly related to the all-share merger that created it in 2007 — a deal between Banca Intesa and Sanpaolo IMI worth $37 billion at the time. The impairments also included its acquisition of medium-sized Tuscan bank Carifirenze and Egyptian lender Bank of Alexandria. The writedowns did not impact the bank’s capital, liquidity and cash flow, and Intesa shares rallied on relief it had cleaned up its accounts. The stock closed up 4 per cent at 1.56 euros, outperforming a 0.6 per cent higher European banking index. “Q4 includes quite a lot of kitchen sinking,” said one banking analyst who declined to be named, adding core revenues and costs were better-than-expected. Intesa said it would pay a dividend of 0.05 euro for 2011, down from 0.08 euro in 2010. Its core tier 1 ratio, adjusted to the European Banking Authority’s requirements, stood at 9.2 per cent after the dividend - one of Italy’s highest. Intesa is the only top Italian bank that does not have a capital shortfall to plug to meet EBA requirements. It is vulnerable to a further weakening of an Italian economy in recession, as it gets 80 per cent of its revenue from its domestic hub. Reflecting the deteriorating economy, total non-performing loans grew 7 per cent to 22.7 billion euros at the end of 2011, and the bank said it had loans loss provisions of 2 billion.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today intesa sanpaolo registers 132b quarterly loss Arab Today, arab today intesa sanpaolo registers 132b quarterly loss

 



Arab Today, arab today
Arab Today, arab today Kanye West puts hijab-wearing model

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 17:36 2017 Monday ,13 February

Designer prepares to present 2017 collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday