Italy's largest bank, Intesa Sanpaolo, cuts its share buyback program planned for this year in half.
The money house originally wanted to buy back its own shares worth 3.4 billion euros in 2022.
According to a statement, only 1.7 billion euros are to be bought back from the beginning of July to October.
The decision on the second half of the program will be postponed to next year and should only be made after the business figures for 2022 have been confirmed, Intesa explained.
At the beginning of May, the bank had reduced the profit target for 2022 in view of the high provisions for its Russia commitment: instead of more than five, the group now only expects more than four billion euros in net profit.