Intesa reports record profit and rules out Generali deal

INTESA SANPAOLO reported a 6% rise in net income to 2.76 billion euros for the first quarter on Friday afternoon. Revenue rose 5% to 7.15 billion euros, beating the 6.91 billion euro consensus estimate from LSEG. CEO Carlo Messina ruled out a deal for Generali, prioritizing organic growth over Italian financial consolidation.

### Record Fees Drive Earnings Outperformance The bank posted a record for first-quarter net fees as income from lending remained stable. Revenue in Italy reached 7.15 billion euros, exceeding the 6.91 billion euro consensus.