Intesa Sanpaolo (CHIX:ISPm)
€ 4.8825 -0.12 (-2.35%) Market Cap: 85.81 Bil Enterprise Value: 155.20 Bil PE Ratio: 9.53 PB Ratio: 1.28 GF Score: 56/100
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Full Year 2024 Intesa Sanpaolo SpA Earnings Call Transcript

Feb 04, 2025 / 02:00PM GMT
Release Date Price: €4.26 (+3.14%)

Key Points

Positve
  • Intesa Sanpaolo (IITSF) delivered a record net income of EUR8.7 billion for 2024, with EUR9 billion when excluding nonrecurring items.
  • The company announced a significant cash dividend of EUR6.1 billion for 2024, rewarding shareholders.
  • A new share buyback program of EUR2 billion is planned for June, subject to shareholder approval.
  • Intesa Sanpaolo (IITSF) achieved strong growth in commissions and insurance income, with a notable acceleration in Q4.
  • The bank's technology investments have been substantial, with EUR4.2 billion deployed and over 60% of applications cloud-based, enhancing efficiency and scalability.
Negative
  • The reduction in Euribor is expected to negatively impact net interest income in 2025.
  • Despite strong performance, there is no intention to engage in M&A, which could limit growth opportunities.
  • There is a potential slight reduction in pricing for assets under management in 2025.
  • The company faces challenges in maintaining net interest income levels due to market conditions and interest rate fluctuations.
  • Asset quality improvements may be marginal, with a potential increase in non-performing loan inflows in 2025.
Operator

Good afternoon, ladies and gentlemen, and welcome to the conference call of Intesa Sanpaolo for the presentation of the full year 2024 results hosted today by Mr. Carlo Messina, Chief Executive Officer. My name is Ravia and I will be your coordinator for today's conference. (Operator Instructions) I'll remind you that today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Carlo Messina, CEO. Sir, you may begin.

Carlo Messina
Intesa Sanpaolo SpA - Chief Executive Officer, Managing Director, General Manager, Executive Director

Welcome to our full year results conference call. This is Carlo Messina, Chief Executive Officer; and I'm here with Luca Bocca, our CFO; and Marco Delfrate and Andrea Tamagini, Investor Relations Officers.

We are over delivering on our commitments as we enter the final year of our business plan. We just delivered our best-ever net income at EUR8.7 billion. This comes to EUR9 billion when excluding nonrecurring items and the EUR900 million of gross income managerial actions

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