Intesa Sanpaolo Bank Albania net income surges 82.6% in Q1 2011.

By bne IntelliNews May 17, 2011
Intesa Sanpaolo Bank Albania posted a net income of EUR 5.9mn in the first quarter of 2011, up 82.6% y/y, the banks Italian parent company said in its first-quarter financial report. The banks revenue picked up by 1.8% y/y, due to a 7.9% y/y growth in net commissions income, which more than offset the 0.6% y/y decline in net interest income and the 3.6% y/y drop in profits on trading. At the same time operating costs decreased by 7.5% y/y on account of lower administrative expenses. The bank's operating profit increased by 8.8% y/y to EUR 5.9mn, while pre-tax income rose by 47.7% y/y to EUR 5mn. Intesa Sanpaolo Bank Albania is the third-largest lender on the local market in terms of assets. The second-largest National Commercial Bank (BKT), a subsidiary of Turkish holding group Calik, posted a first-quarter net profit of EUR 3.9mn, down 11.6% y/y. The countrys largest commercial bank Raiffeisen Albania has not yet published its first-quarter results.

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