Intesa Sanpaolo Earnings: We Raise Fair Value by 29% as We Gain Greater Confidence in NIM Resilience

Intesa's first-quarter net profit rose 14% year on year as higher fee income offset an 8% drop in net interest income, keeping revenue flat. Lower regulatory charges drove an 8% decline in expenses, boosting earnings. It kept its 2025 guidance, which implies at least a 5% higher net income in 2025.