Europe

Italian bank Intesa sees Q3 profit fall as provisions rise

Italian bank Intesa SanPaolo SpA says third -quarter profits dipped by 13 percent as both interest income and net fees and commissions declined.

The bank said Friday that its net income fell to 628 million euros ($700 million) in the three months ending Sept. 30, compared with 722 million euros in the same period last year.

Italy's second-largest bank by assets also set aside 917 million euros in loan-loss provisions for the quarter, thaking the year to date provisioning to 2.5 billion euros from the equivalent 2.3 billion last year.

The bank also said net fees and commissions fell 6 percent to 1.7 billion euros while interest income dropped 3 percent to 1.8 billion euros. Earnings were also hit by a 103 million-euro charge for a deposit guarantee scheme.