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Intesa Sanpaolo Q1 Income Down 36%

Intesa Sanpaolo, an Italy-based banking group, has posted a net income of EUR688m for the first quarter ended march 31, 2010, down 36% compared to EUR1.07bn in the first quarter of 2009.

For the first quarter of 2010, Intesa Sanpaolo registered operating income of EUR4.22bn, up 4% from EUR4.06bn in the first quarter of 2009.

In the first quarter of 2010 net interest income was EUR2.41bn, down 9.5% from EUR2.66bn in the first quarter of 2009.

Operating costs in the first quarter of 2010 was EUR2.25bn, down 2.2% compared to EUR2.29bn in the first quarter of 2009.

Customer financial assets on March 31, 2010, were EUR831bn (after netting referred to items included in both direct and indirect customer deposits), up 3.5% from March 31, 2009.

As at March 31, 2010, the Intesa Sanpaolo Group’s operating structure had a total network of 7,793 branches, of which 5,921 in Italy and 1,872 abroad, with 103,651 employees, 67 lower than at December 31, 2009.