Intesa Sanpaolo continues battle against bad loans

Intesa Sanpaolo slashed its non-performing loans (NPLs) for the twelfth consecutive quarter, cutting its total stock by more than one third from a year ago.

The Italian bank reduced on-balance sheet NPLs by 3% to €17.8 billion ($20.3 billion) in the third quarter, down from €18.4 billion in the second. It has shed €9.6 billion of soured assets in the last 12 months – 35% of its total for last year.

At end-September, the ratio of NPLs to total exposures dropped to 4.5%, from 4.6% in the

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