Agence France-PresseMarch 28, 2014 07:50
Italian bank Intesa Sanpaolo reported a net loss of 4.55 billion euros for 2013 on Friday, after huge asset writedowns to strengthen its balance sheet in readiness for stress tests.
The bank, the second-biggest in Italy, turned in a net loss of 5.19 billion euros ($7.1 billion) in the last three months of the year.
That was caused by a charge for writedowns of 5.797 billion euros.
Excluding the effects of these asset depreciations, the outcome for the year was a profit of 1.218 billion euros, and for the last quarter a profit of 578 million euros.