Intesa ups profits to US$1.21bn

Italian banking group Banca Intesa's (Intesa) posted consolidated net income of 1.03bn euros (US$1.21bn) in the first nine months of this year, compared to 56mn euros in the same year-ago period, the bank said in statement. Total operating costs reached 4.6bn euros at end-September, down 4.4% compared to 4.7bn at the same time 2002 with total provisions and net value adjustments (excluding goodwill amortization) amounting to 947mn euros, a 42% decrease compared to 1,64bn for the first nine months last year. According to Intesa, extraordinary items included 160mn euro charges from the bank's ongoing exodus from Latin America. Intesa has divested its Sudameris banking units in Argentina, Brazil, Chile and Colombia so far in its regional exit process. The bank continues with a large presence in Peru, through Wiese Sudameris, and a smaller presence in some other Latin American countries. Banca Intesa forms part of the Italian financial group IntesaBci.