MILAN (ITALPRESS) – Intesa Sanpaolo’s Board of Directors has approved the consolidated interim report as of September 30, 2024.Results for the first nine months of 2024 show a net profit of 7.2 billion euros, up 17.1 percent from 6.1 billion in the same period of 2023. Net income is projected at more than 8.5 billion in the full year, taking into account management actions in the fourth quarter to further strengthen the future sustainability of the Group’s results, which contribute to the 2025 net income projected at about 9 billion.Management actions include accelerating generational change in the context of technological transformation, with a resilient business model in the scenario of digitization and artificial intelligence. In particular, a union agreement was signed in October that envisages, by 2027, 4,000 voluntary departures and, by the first half of 2028, 3,500 hires of young people, including 1,500 as Global Advisors for commercial activities in the network particularly in Wealth Management & Protection, from which arise charges in the order of 500 million euros before tax and 350 million net to be accounted for in the fourth quarter of 2024.”The results of the first nine months of 2024 confirm Intesa Sanpaolo as a leader at the European level: the stock market value achieved places us in the same grouping as BNP Paribas and Santander, banks with a balance sheet size well above ours. In 2024 we expect to achieve a net profit of more than 8.5 billion euros, the result of significant actions aimed at further sustainability of results, while the net profit target for 2025 has been increased to around 9 billion euros, thanks to our bank’s high potential to develop profitability organically,” comments Carlo Messina, managing director and CEO of Intesa Sanpaolo. “In the first nine months of 2024, net profit was 7.2 billion euros, of which 2.4 billion euros was in the third quarter. Of the cash dividends – amounting to 5 billion – accrued as of September 30, about 3 will be distributed to our shareholders in November as an interim dividend,” he adds. “Intesa Sanpaolo has developed a unique model in Europe for the consolidated leadership of its Divisions serving households and businesses, the significant Wealth Management, Protection and Advisory component, the efficiency-driven management of international activities, the technologically advanced digital offering, the “Zero NPL” status of the Bank, and a highly relevant ESG profile at the international level.”Our strengths-represented by high profitability, sustainable results, capital strength and low risk profile-allow us to play a unique role in Italy in favor of the real and social economy. In the first nine months of 2024, medium- and long-term disbursements to Italian households and businesses exceeded 30 billion euros. The resources allocated to our people working in Italy exceeded 4 billion euros,” Messina stressed. “As of September 30, 2024, cash dividends already accrued amount to 5 billion euros, 40% of which goes to Italian families and shareholder foundations. In the first nine months of 2024, taxes for Intesa Sanpaolo are 4.6 billion euros, up 700 million from the first nine months of 2023. Intesa Sanpaolo is an institution at the service of the country: we carry out the main project of social cohesion, to promote a more equitable society in a structural and concrete way: in addition to the billion in the period 2018 – 2021 we are implementing a program of interventions for 1.5 billion euros by 2027 promoted by a thousand professionals of the Bank; more than 500 million have already been deployed. At the core of our strategies and development prospects are our customers, their trust in the soundness of our Bank and its leadership, and the strong relationship with the professionals serving them for credit and advice. Listening to their needs is our priority. “The interest rate environment is evolving, we will nevertheless be able to deal with it successfully thanks to the significant diversification of our business model and the savings entrusted to us by households and businesses, which as of September 30, 2024 amounted to about 1.4 trillion, up by more than 135 billion from September 30, 2023,” the Intesa Sanpaolo CEO and Ceo says further. “We are first in the Eurozone in terms of revenue growth and in the ratio of commissions and insurance business to total revenue. Our strength is also represented by about 17,000 professionals – which will become 20,000 by 2027 – dedicated to advisory services in asset management. We have identified 100 billion euros of customer financial assets that can boost the growth of asset management. The creation of a unified oversight of wealth management activities fosters its growth and the operational simplification of product factories.The strong focus on costs – in the face of growth in technological investments – allows us to achieve our best-ever cost/income result of 39.1 percent.The flow to historic lows in NPLs brings the annualized cost of risk to 25 basis points, accompanied by an increase in hedges. “Robust capital generation further strengthens us: the CET1 ratio as of September 30 was 13.9 percent. The significant capital surplus puts us in a position to consider further significant distributions of resources to shareholders.Technological innovation is a key element of our success: we are positioned as a European leader thanks to the 3.5 billion euros of IT investments already made and about 2,250 IT specialists already hired,” Messina concludes. We are strongly committed to combating climate change: from 2021 to September 30, 2024, new disbursements in support of the Green Economy and the ecological transition amounted to almost €63 billion, of which more than €11 billion from 2022 in support of the circular economy, and our supplies in Italy from renewable sources have reached 100 percent. The professional quality of our people is a determining element in achieving solid and sustainable results for the benefit of all stakeholders: our thanks go to them.”
– Intesa Sanpaolo press office photo –
(ITALPRESS).
