Italian bank Intesa sees Q3 profit fall as provisions rise
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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.
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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.