Italy's biggest bank Intesa Sanpaolo
on Wednesday posted first-quarter profits of 1.52 billion euros,
up from 1.15 billion in the same quarter last year.
It said the results confirmed the bank's ability to "effectively
face the complexity of the context deriving from the COVID-19
epidemic and are fully in line with the objective of a net
yearly profit amply above 3.5 billion euros".
CEO Carlo Messina said "the role of strong impetus towards
recovery in growth that Intesa Sanapaolo will be able to play is
based on the levels of efficiency, profitability and solidity
that place us at the top of the sector in Europe".
Intesa is Italy's largest bank by total assets and the world's
27th largest.
It was formed through the merger of Banca Intesa and Sanpaolo
IMI in 2007, but has a corporate identity stretching back to its
first foundation as Istituto Bancario San Paolo di Torino in
1583.
In 2020 the bank served approximately 14.6 million customers in
Italy and 7.2 million customers in Eastern and Central Europe,
the Middle East and North Africa through several brands such as
CIB Bank, VÚB Banka and Bank of Alexandria.
Last year it boosted its total assets to over 833 billion euros
with the acquisition of UBI bank.
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