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Intesa posts 5.19 billion euro loss for in Q4 2013

Stock jumps 5% on new business plan forecasts

28 March, 16:38
Intesa posts 5.19 billion euro loss for in Q4 2013 (ANSA) - Milan, March 28 - Intesa Sanpaolo said Friday that it had posted a massive loss of 5.19 billion euros in the fourth quarter of 2013.

Still, Intesa stock jumped as much as 5% Friday morning after the lender forecast it will post a profit of 4.5 billion euros by the end of 2017, on top of dividend payouts of 10 billion euros in the 2014-2017 period, according to a new business plan revealed to journalists.

Dividend payouts are to be broken down into one billion euros for this year, two billion euros next year, three billion euros in 2016 and four billion euros in 2017.

The new plan was announced shortly after the bank Total writedowns last year were 6.8 billion euros.

Company management ruled out any acquisition plans or the repurchase of savings shares. Executives also excluded having any plans in the pipeline for a return to the stock market of its asset management unit, Banca Fideuram, adding that the lender currently has excess capital of eight billion euros and a Fideuram listing would boost this significantly, which it didn't require at the moment.