Intesa Lifts Guidance as Lending Income, Fees Boost Revenue
- Net interest income rises 12%, fueling revenue growth
- Lender is benefiting from rate hedges, higher fee income
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Intesa Sanpaolo SpA raised its full-year profit target as higher income from lending and fees propelled second-quarter earnings past analyst estimates.
The Milan-based bank expects profit will increase above €8.5 billion ($9.2 billion) both this year and next, compared with a previous guidance of more than €8 billion, as it benefits from higher fees and commissions as well as hedges put in place to protect against declining rates.