MILAN, May 14 (Reuters) - The results of Italy’s biggest retail bank Intesa Sanpaolo in the first three months are in line with commitments it made regarding its dividend, the CEO said on Tuesday.
“Overall, I am pleased with the Q1 results - which I understand are above consensus - and are in line with our dividend commitments,” the lender’s Chief Executive Enrico Cucchiani said in a statement.
Intesa Sanpaolo’s net profit fell by 62 percent in the first quarter but still came in slightly above expectations thanks to strong fees.
Loan loss provisions, however, rose by 20 percent to 1.17 billion euros.
Reporting By Stephen Jewkes; editing by Francesca Landini