MILAN (AP) — Italian bank Intesa SanPaolo says its second-quarter profit dipped as trading earnings fell and interest income was flat.
Italy's second-largest bank by assets said Tuesday that net income dropped 7 percent to 837 million euros ($988 million) in the three months through June, compared with 901 million euros a year earlier.
The net profit figure excludes a 3.5 billion euro cash-injection from a government fund for taking over the good assets of two failing banks in the northeast Veneto region.
Net fees and commission income and interest income were flat at 1.8 billion euros. Trading profit dipped 22 percent to 365 million euros in the same period last year.
The bank's core Tier 1 capital ratio, a key measure of the bank's strength, was 13 percent.