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Intesa posts lower net profit in Q1, beats forecasts

MILAN, May 7 (Reuters) - Italy's largest retail bank Intesa Sanpaolo posted a 16 percent drop in first-quarter net profit although it still managed to beat analyst forecasts.

Net profit came at 1.05 billion euros, higher than an analyst consensus of 900 million euros. Results a year ago had benefited from one-off gains.

Core capital remained strong with a common equity tier 1 ratio, a key measure of financial strength, at 13.5 percent at the end of March. (Reporting by Silvia Aloisi, editing by Valentina Za)