Intesa Sanpaolo S.p.A. Q3 FY2022 Earnings Call

Carlo Messina: Welcome to our nine month results conference call. This is Carlo Messina, Chief Executive Officer; and with me are Mr. Stefano Del Punta, CFO; and Marco Delfrate and Andrea Tamagnini, Investor Relations Officers. Today, I'm going to walk you through a high-quality set of results. Let me start by saying that in Q3, we delivered a 65% reduction of our exposure to Russia that now is just 0.3% of group's total loans. We can already be considered a zero Russia exposure bank, and we will continue to work to reduce the limited remaining exposure. Whenever we see a problem emerging, we face it immediately and put rather solutions into action. Whenever possible, we rapidly remove the problem from our balance sheet, so removed from our balance sheet. We did this with Intesa. We did this with the pandemic, and now we've done this with Russia. It is our managerial approach, and it is one of our secrets to delivering high and sustainable profitability and not short-term profitability. Nine-month net income was €4.4 billion when excluding provisions for Russia de-risking. The best nine months since 2008. This is fully in line with the 2022 business plan net income target of more than €5 billion. We are upgrading our net income guidance for this year to more than €4 billion. It is thanks to the strong Q3 operating performance coupled with massive Russia de-risking and despite the deterioration of energy supplies and the provision for Russia de-risking booked in future. We hav