MILAN (AP) — Italian bank Intesa SanPaolo says its 2018 earnings increased by a modest 5 percent as it refocuses its business on asset management.
The bank on Tuesday reported net income of 4 billion euros ($4.5 billion) compared with 3.8 billion euros a year earlier.
Investments on financial assets increased in the period by 22 percent to 1.6 billion euros, while net interest income and net fees and commission each declined 2 percent, to 7.2 billion euros and 7.8 billion euros, respectively.
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Intesa said it expects net income to grow this year on higher revenues, cost cuts and the reduced cost of risk. The bank reduced its non-performing loan portfolio by more than a quarter over the year.
Fourth-quarter earnings dropped 27 percent, to 1 billion euros from 1.4 billion euros.
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