August 1, 2018 / 11:38 AM / in 3 months

Intesa posts better-than-expected Q2 net profit, revenues drop q/q

MILAN, Aug 1 (Reuters) - Italy’s biggest retail bank Intesa Sanpaolo said on Wednesday it was on track to meet its midterm targets after posting a better-than-expected net profit for three months through June, despite a quarter-on-quarter drop in revenues.

Intesa said its net profit was 927 million euros ($1.08 billion) in the second quarter, compared with an average 866 million euro forecast in a Reuters poll of seven analysts.

That compares with 837 million euros in the second quarter of last year when excluding an extraordinary 3.5 billion euro contribution Intesa received from the state to take over two failing Veneto-based regional banks.

Intesa said operating revenues fell 4.3 percent in the second quarter from the January to March period. ($1 = 0.8559 euros) (Reporting by Valentina Za; editing by Agnieszka Flak)

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