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Italian bank Intesa SanPaolo will pay dividend despite 2011 loss of $10.7 billion
MILAN (AP) ' Italian bank Intesa SanPaolo says it lost euro8.2 billion ($10.71 billion) last year due to heavy writedowns, but said it will pay shareholders a dividend.
Without the euro10.2 billion writedowns, Italy's second-largest bank by assets said Thursday it would have recorded 2011 earnings of euro2 billion. That would have been down 24.5 percent on 2010's figure however.
The bank insisted its capital position was solid, with a core Tier 1 ratio, a key measure of a bank's health, of 10.1 percent. It proposed a dividend of euro0.05 a share.
Shares, down all day in anticipation of the earnings, rose 1.6 percent to euro1.52.