Intesa Sanpaolo: Interest Rate Tailwinds Fading, But Earnings Remain Robust (Rating Downgrade)

Core Viewpoint - Intesa Sanpaolo, Italy's largest bank by assets, is on track for another exceptional year with robust earnings and a nearly 60% year-to-date stock return in USD terms, including dividends [1]. Financial Performance - The bank's earnings remain incredibly strong, contributing to its positive stock performance [1]. Investment Perspective - The investment approach favored is long-term, buy-and-hold, focusing on stocks that can sustainably deliver high-quality earnings, particularly in the dividend and income sectors [1].