Intesa Sanpaolo S.p.A. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • CEO Carlo Messina led the presentation of Q1 2022 results, with participation from CFO Stefano Del Punta and Investor Relations Officers Marco Delfrate and Andrea Tamagnini.
  • Net Income: €1 billion reported including a provisioning of €800 million for Russia-Ukraine exposure. Excluding this, net income was €1.7 billion—the highest quarterly net income since 2008.
  • 2022 Guidance Adjusted: Net income of over €4 billion expected assuming stable commodity supply; well above €3 billion expected even with heavy provisioning (40%) for Russia-Ukraine exposure.
  • Net Interest Income: Up 1.3% QoQ when adjusted for calendar effects. Sensitivity to +50bps rate increase estimated at €900 million boost; +100bps would deliver ~€1.7-€1.8 billion.
  • Commissions and Insurance: 2nd-best Q1 ever. Overall fees grew 1% YoY excluding performance fees. €3.8 billion net inflows into assets under management in Q1.
  • Operating Costs: Down 3.2% YoY. Cost-income ratio improved to 46.3%, among the best in Europe.
  • NPL Reduction: €5 billion gross NPL reduced in first four months of 2022. NPL ratio now at 1%; stock below €6 billion—placing ISP among cleanest banks in Europe.

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Operator: Good afternoon, ladies and gentlemen, and welcome to the Conference Call of Intesa Sanpaolo for the presentation of the 2022 First Quarter Results. Hosted today by Mr. Carlo Messina, Chief Executive Officer. My name is Mary, and I will be your coordinator for today's conference. At the end of the presentation there will be a Q&A session. [Operator Instructions]. Today's conference is being recorded. At this time, I would like to hand the call over to Mr. Carlo Messina. Sir, you may begin. Carlo Messina: Good morning, ladies and gentlemen, and welcome to today's conference call on our first quarter results. This is Carlo Messina, Chief Executive Officer; and I'm here with Stefano Del Punta, CFO; and Marco Delfrate and Andrea Tamagnini, Investor Relations Officers. I want to start by thanking our shareholders, especially the foundations and our international investors for supporting my reappointment as CEO for another term. I guarantee that I will work non-stop to lead ISP through the current challenging environment and that we will emerge stronger than before, just as we did in all the previous crisis. This is the first quarterly call since the launch of our new business plan. And I'm proud to say that the plan is proceeding at full speed with our people working hard to deploy the key industrial initiatives which are well underway. The new plan moves us into the future and creates a bank for the next 10 years. Before diving into our Q1 results, I want to express my p

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