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Intesa CEO says bank profits at peak

Published 30/11/2023, 12:06
Updated 30/11/2023, 12:11
© Reuters. Carlo Messina, Chief Executive Officer of Intesa Sanpaolo bank, looks on during a meeting in Rome, Italy April 18, 2023. REUTERS/Remo Casilli/File Photo

MILAN (Reuters) - Bank profits are close to peaking, and net fees will again play a prominent role from next year, giving an edge to banks such as Intesa Sanpaolo (BIT:ISP) which has a diversified business model, Chief Executive Carlo Messina said on Thursday.

"There is no doubt that we are currently in a peak phase for bank profits," Messina said.

Italian banks have posted record profits this year thanks to higher interest rates, which lifted lending costs while deposit returns remained very low.

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