Intesa Sanpaolo S.p.A. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Net Income: Q1 2024 net income was €2.3 billion (or €2.6B excluding the final contribution to the deposit guarantee scheme), the best quarterly performance since 2007. This represents an 18% increase year-over-year (YoY).
  • Earnings Per Share (EPS): Grew 21% YoY.
  • Total Shareholder Return: Distribution of at least €7.3 billion in 2024, including a €1.7 billion share buyback in June.
  • Revenue Performance:
    • Net interest income (NII) up more than 20% YoY.
    • Fees and commissions up over 40% YoY, partly driven by wealth management, protection, and advisory services.
    • Insurance income showed double-digit growth both YoY and quarter-over-quarter (QoQ).
  • Wealth Management Acceleration: Identified €100 billion of customer assets for conversion into managed products. Gross inflows up significantly in Q1 2024 to €30–35 billion per quarter compared to €20–25 billion in 2023. A new fee and commission steering committee chaired by CEO Carlo Messina has been established for acceleration.
  • Operating Costs:
    • Cost/income ratio at historical low of 38%.
    • Operating costs down 3% YoY excluding depreciation and union contract impact.
    • Administrative costs fell >3% YoY.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good afternoon, ladies and gentlemen. And welcome to the Conference Call of Intesa Sanpaolo for the Presentation of First Quarter 2024 Results hosted today by Mister Carlo Messina, Chief Executive Officer. My name is Razia, 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] I’ll remind you all that this 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 first quarter results conference call. This is Carlo Messina, Chief Executive Officer; and I’m here with Luca Bocca, our new CFO; Marco Delfrate and Andrea Tamagnini, Investor Relations Officers. We delivered the best ever start to the year with high quality results. Also, thanks to a strong acceleration in commissions and insurance, income. Costs are firmly under control, while we are even investing in technology and asset quality remains excellent. €2.3 billion net income was the best quarterly net income since 2007. Earnings per share grew 21% on a yearly basis and in 2024 we will reward shareholders with a total distribution of at least €7.3 billion, including the €1.7 billion buyback in June. In the quarter we increased the common equity ratio and we strengthened our zero NPL status. We clearly an additional distribution for this year and next will be evaluated year by year. Customer financial assets

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional