Italian banking major Intesa SanPaolo has posted a net income of EUR722m for the third quarter of 2015, a surge of nearly 50% compared with EUR483m a year ago.
The bank’s net profit for the quarter was boosted by lower provisions for bad loans of EUR769m, compared with EUR1.26bn in the year ago period.
For the quarter ended 30 September 2015, revenues were flat on the same period a year ago at EUR4.2bn.
However, the bank’s net interest income, a measure of how much money a bank makes from its retail business, declined by 9.3% to EUR1.91bn from EUR2.11bn a year ago.
Italy’s second-largest bank by assets noted that the level of performing loans was improving, and said it registered EUR29bn in medium- and long-term loans to families and businesses in the first nine months of 2015.