Intesa Sanpaolo S.p.A. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Net Income: FY 2024 net income came in at EUR 8.7 billion, a 12% increase YoY. When excluding non-recurring items and EUR900 million in gross income allocated to strengthen future profitability, adjusted net income was EUR 9.3 billion.
  • Shareholder Returns: Total dividends for 2024 equal EUR 6.1 billion in cash, plus a EUR 2 billion share buyback program to launch in June 2025. Cumulative shareholder returns during the current business plan already reached EUR 24.6 billion, exceeding the EUR 22 billion target.
  • 2025 Guidance: Net income is expected to be “well above EUR 9 billion” (defined as up to EUR 10 billion), sustainable over the coming years. Dividend for FY 2025 set at over EUR 6 billion plus additional distributions to be determined with full-year results.
  • Revenue Drivers:
    • Net Interest Income (NII): Resilient despite a 50bps drop in Euribor in Q4. Deposit inflows of EUR 14 billion in Q4 aided NII, now projected to increase versus 2023 levels in 2025 and again in 2026.
    • Fees and Commissions: Double-digit growth forecasted in FY 2025, driven by wealth management and insurance. Q4 2024 commissions rose 14% YoY and 5% QoQ, underpinned by private banker hires and asset conversion initiatives.

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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. At the end of the presentation, there will be a question-and-answer session. [Operator Instructions] In case of additional questions, the IR team will be at your disposal after the conference call. 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: 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 non-recurring items and the EUR900 million of gross income managerial actions that we took to strengthen our future profitability. This excellent performance enabled us to reward shareholders with cash dividends of EUR6.1 billion for 2024. Our strong profitability and rock solid capital position also means that subject to shareholders' approval. In June, we will launch a new share buyback of EUR2 billion. This 2024 results are marked b

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