Intesa lifts profit goal, signals extra rewards after strong quarter

Italy’s biggest bank Intesa Sanpaolo (ISP.MI), opens new tab on Tuesday raised its profit outlook, after posting stronger than expected quarterly earnings and signalling additional investor rewards ahead.

“We have a lot of excess capital and there is a lot of room for future buybacks,” CEO Carlo Messina told analysts.

Intesa, which pays out 70% of profit in cash, decides on share buybacks, which have become bank investors’ favoured remuneration tool, only at the end of each year.

Source: REUTER