Intesa Sanpaolo cut €2.4bn of bad loans in 2019

Non-performing loans (NPLs) at Italian lender Intesa Sanpaolo dropped to €14.2 billion ($15.7 billion) at end-2019, –14% lower than a year earlier, outpacing the bank’s own expectations.

The jettisoning of soured assets took place at a slower rate than in 2018, when NPLs fell by –26%, and in 2017, when they declined by –24%. The drop would have been greater but for the adoption of a new definition of default in November, which lifted NPL amounts by €500 million net.

As of end-2019, the ratio

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