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Net Income: EUR8.7 billion, EUR9 billion excluding nonrecurring items.
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Cash Dividends: EUR6.1 billion for 2024.
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Share Buyback: EUR2 billion planned for June.
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Customer Financial Assets: Increased by EUR77 billion.
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Technology Investment: EUR4.2 billion deployed, over 60% of applications cloud-based.
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Isybank Customers: Nearly 900,000 total, with over 500,000 new clients in Q4.
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Cost Income Ratio: Below 43%, best-in-class in Europe.
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Cash Dividend per Share: EUR0.341, up 15% from last year.
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Core Revenues: Up 8% for the year.
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Net Income Growth: 12% increase, EUR9.3 billion excluding nonrecurring items.
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Commissions Growth: 14% year-on-year in Q4.
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Net Interest Income: Resilient despite a 50 basis point decline in Euribor.
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Assets Under Management Net Inflows: More than EUR5 billion in Q4.
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Administrative Costs: Decreased by 2% year-on-year.
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Gross NPL Stock: Down EUR200 million, less than EUR5 billion in net nonperforming loans.
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Common Equity Tier 1 Ratio: Above 13.9%, 13.3% considering the share buyback.
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Cost of Risk: 26 basis points.
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Capital Distribution: EUR8.1 billion distributed, with capital ratios above 12% target.
Release Date: February 04, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Intesa Sanpaolo (IITSF) delivered a record net income of EUR8.7 billion for 2024, with EUR9 billion when excluding nonrecurring items.
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The company announced a significant cash dividend of EUR6.1 billion for 2024, rewarding shareholders.
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A new share buyback program of EUR2 billion is planned for June, subject to shareholder approval.
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Intesa Sanpaolo (IITSF) achieved strong growth in commissions and insurance income, with a notable acceleration in Q4.
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The bank’s technology investments have been substantial, with EUR4.2 billion deployed and over 60% of applications cloud-based, enhancing efficiency and scalability.
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The reduction in Euribor is expected to negatively impact net interest income in 2025.
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Despite strong performance, there is no intention to engage in M&A, which could limit growth opportunities.
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There is a potential slight reduction in pricing for assets under management in 2025.
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The company faces challenges in maintaining net interest income levels due to market conditions and interest rate fluctuations.
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Asset quality improvements may be marginal, with a potential increase in non-performing loan inflows in 2025.
Q: Can you elaborate on the increase in current accounts and its impact on net interest income (NII) for 2025? A: Carlo Messina, CEO, explained that the increase in current accounts in Q4 will positively impact NII in 2025. Despite a reduction in Euribor, positive factors such as hedging, increased volumes in loans and deposits, and an expanded government bond portfolio will support NII. The expectation is to maintain NII levels similar to 2023, with potential gains from trading income.
