An Irish subsidary of Italy's biggest banking group Intesa Saopaolo, saw profits narrow last year, recently filed accounts show.
Intesa Sanpaolo Bank Ireland, which employs 27 people locally, reported a pretax profit of €80.9 million last year, down 14 per cent versus the €93.6 million recorded for 2014.
Total assets amounted to €13.7 million at the end of 2015, as against €12.5 million a year earlier while liabilites came in at €12.4 million, up from €11.2 million.
The total exposure to the company from loans to banks and customers amounted to €10.7 billion at the end of 2015, up from €8.9 million last year.
Administrative costs, including wages and salaries, amounted to €4.97 million, as against €3.75 million a year earlier. Directors’ remuneration totalled €350,281, versus €275,722 a year earlier.
Intesa's parent was formed from the merger between Banca Intesa and Sanpaolo IMI in 2010. It is the biggest banking group in Italy with a marketing capitalisation of €40.7 billion. It has 11.1 million customers, which are served through a network of more than 4,100 branches in its local market. The group also has a growing presence in Eastern Europe, the Middle East and North Africa.
