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Posted by
Two Blokes May 22, 2025 -
Filed in
Stock
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Italian bank Intesa Sanpaolo delivered another strong set of results for its first quarter, with net income reaching new highs despite lower interest rates. While its net interest income fell, strong non-interest revenue, cost control and credit quality kept its return on tangible equity comfortably above 20%. Intesa trades for a hefty premium to tangible book value, but this looks justified based on the strength of its earnings and attendant shareholder yield.
