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Intesa SanPaolo Q1 earnings up solidly following recovery in interest income and commissions

Italian bank Intesa SanPaolo says first-quarter earnings rose 64 percent thanks to higher interest income and commissions.

The bank on Thursday reported a net income of 503 million euros ($687 million). That was the highest in eight quarters and up from 306 million euros last year.

However, Intesa shares dropped 2.8 percent to 2.28 euros, as it tracked a broader fall on Italy's main stock market a following news of a 0.1 percent quarterly contraction in the country's first-quarter growth.

Provisions for bad loans at the bank dropped to 1 billion euros from 1.2 billion in the same period of 2013. Interest income was up 3.3 percent to 2.1 billion euros while fees and commissions rose 6.3 percent to 1.6 billion euros.