Intesa Sanpaolo S.p.A. (IITSF)
- Zacks
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- Reuters
Intesa books 66 million euros impairment on Intrum venture
Intesa Sanpaolo has booked an impairment on its joint venture with Sweden's Intrum, Europe's biggest debt collector, in a move that highlights the challenges facing the bad loan recovery industry. In its full year report, Intesa said it had reduced by 66 million euros ($71 million) the book value of its stake in the joint venture it struck with Intrum back in 2018. At the time, Intesa merged is loan collection business with the one Intrum owned in Italy in a deal that allowed the bank to shed a nominal 10.8 billion euros in bad debts.
- Reuters
Italy's Intesa and UniCredit take different stance on provisions
Record annual profits from Italy's two biggest banks last week showed both Intesa Sanpaolo and UniCredit benefiting from a drop in loan losses, but also highlighted different policies towards provisions. The cost of risk - which measures provisions to cover loan losses as a proportion of total loans - was 36 basis points (bps) at Intesa and 12 bps at smaller rival UniCredit. UniCredit will pay out as share buybacks and dividends all of its 2023 profit, net of a tax asset write-back.
