MILAN: Italy's biggest bank Intesa Sanpaolo posted a 3.3 billion euro ($4 billion) profit for 2020 after a similar-size loss in the fourth quarter when it used an accounting boost from its takeover of rival UBI to fund restructuring and clean-up costs.

Intesa Sanpaolo last year snatched the healthiest among Italy's second-tier banks following a strenuous takeover battle, reaping a multi-billion paper profit thanks to discounted market valuations for banks.