MILAN, May 5 (Reuters) - Italy's biggest bank Intesa
Sanpaolo on Friday raised its 2023 profit goal after
nearly doubling its first quarter net income from a year
earlier, thanks to higher interest rates and shrinking loan loss
provisions.
Intesa forecast a net income of 7 billion euros ($7.7
billion) this year, after saying in February it would top last
year's result of 5.5 billion.
The upgrade comes after fellow heavyweight UniCredit on Wednesday raised its 2023 profit target by more
than a fifth.
Net income in the first quarter came in at 1.96 billion
euros, well above an analyst consensus gathered by Reuters of
1.54 billion euros. ($1 = 0.9069 euros)
(Reporting by Valentina Za, editing by Alvise Armellini)
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