Intesa Sanpaolo Q3 Net Profit Down 21%

Italy's bank Intesa Sanpaolo

reported a 21% drop in its third-quarter net profit. Intesa Sanpaolo's quarterly net profit fell to 414 million euros, from 527 million euros, in the year-ago period. However, analysts were expecting a profit of 431.4 million euros. Intesa Sanpaolo shares closed at $1.50 yesterday.