Intesa Sanpaolo SpA‘s first-quarter results came in better than expected on the back of a jump in trading revenue.

Profit at Italy’s largest bank rose to €2.76 billion ($3.2 billion), it said in a statement Friday, compared with an consensus estimate of €2.59 billion. Trading revenue almost doubled while credit provisions declined unexpectedly. The Milan-based lender confirmed its guidance for net income of about €10 billion this year and a shareholder payout ratio of 95%.