Intesa Sanpaolo S.p.A. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Intesa Sanpaolo Full-Year 2021 Earnings and 2022–2025 Business Plan Summary

Key Highlights from 2021 Results (vs. FY 2020)
  • Net Income: €4.2 billion (+25% YoY). Adjusted for provisions, income reached €5.3 billion.
  • Operating Margin: Record high, increased over 5% YoY.
  • Revenues: €21.4 billion (+2% YoY), driven by commission growth.
  • Commission Income: Record high with >9% YoY growth.
  • Customer Financial Assets: +€90 billion YoY, fueling Wealth Management trajectory.
  • Administrative Costs: Down almost 6% YoY.
  • Loan Loss Provisions: Decreased nearly 40% YoY. Underlying cost of risk at 25bps.
  • Gross NPLs: Reduced by €10.5 billion YoY; NPLs now among the lowest in Europe.
  • CET1 Fully Phased-In: 14%; Fully Loaded CET1 Ratio: 15.2%.
  • Dividends: €2.9 billion cash dividend (70% payout ratio from FY21 earnings).
2022–2025 Strategic Plan Targets
  • Net Income: Target of €6.5 billion in 2025 (vs. adjusted €5.3B in 2021).
  • Capital Return Commitment: Over €22 billion (2022–2025):
    • €19 billion in growing cash dividends (70% payout ratio maintained).

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Carlo Messina: Good morning, ladies and gentlemen, and welcome to our today's conference call on our year-end results and our new 2022-2025 business plan. This is Carlo Messina, Chief Executive. And I'm here with Stefano Del Punta, CFO; Marco Delfrate and Andrea Tamagnini, Investor Relations Officers. Before starting our presentation, let me briefly recap the main elements of our strategic journey, which is rooted in our past and 2020 and 2021 as crucial stepping stone towards the new business plan. Over the last years, we have created a unique and resilient business model strongly focused on commissions and characterized by high efficiency and low risk. In particular, we have based our strategy on 3 pillars: revenue growth, becoming a European leader in wealth management and protection with distinctive fully owned product factors, efficiency with continuous cost reduction, simplifying our operating model and evolving from a branch-centric to an omnichannel bank. And then derisking achieving a low risk profile also thanks to effective partnership, coupled with a solid capital position. This strategy has been enabled over time by strong investments in digital and our people. But the acquisition of UBI has been fully consistent with our long-term strategy for 3 key reasons. It was a bank with a good commission income with upside potential for growth, it adds a sound asset quality and the use of badwill enable further acceleration of NPL deleveraging and the possibility to have

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