Finance
Intesa to Buy Back €2 Billion in Shares on Record Profit
An Intesa Sanpaolo bank branch in Turin, Italy.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Intesa Sanpaolo SpA announced a new share buyback worth €2 billion ($2.1 billion) as its profit beat estimates.
The repurchase program, scheduled to start June, complements €6.1 billion in cash dividends on last year’s earnings, it said in a statement on Tuesday. Intesa announced the plan alongside fourth-quarter results that showed net income at €1.5 billion, compared with the analysts’ expectation of €1.4 billion.