Intesa, UniCredit Beneit From Deposit Hedges
Intesa Sanpaolo SpA and UniCredit SpA each reaped almost 1 billion euro ($1.28 billion) benefit from hedges they put in place to guard against declines in investment income in the first nine months of this year, results show.
Intesa made 920 million euros from hedges in the first nine months of the year, 330 million euros of which came in the third quarter, according to a Nov. 13 earnings presentation. The bank hedged its 56 billion euros of deposits, Chief Financial Officer Carlo Messina said on an analyst call on the same day. Uni-Credit made 935 million euros in the first nine months, with 350 million euros in the third quarter, according to Chief Financial Officer Marina Natale.
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