Intesa Sanpaolo S.p.A. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights – FY 2023
  • Net Income: Reported at €7.7 billion, up 76% YoY. Adjusted (excluding final resolution fund contribution and €300 million social impact cost): €8.1 billion.
  • Q4 Net Income: €1.6 billion, highest fourth quarter ever.
  • Dividend Distribution: €5.4 billion in dividends for 2023 with a 12% dividend yield—the highest in Europe.
  • EPS and DPS: Fully diluted Earnings Per Share and Dividend Per Share increased by 80% YoY.
  • Cost/Income Ratio: 45%, the lowest ever.
  • Return on Equity: Operating margin increased by over 30%; revenue rose more than 17% YoY.
  • Common Equity Tier 1 (CET1) Ratio: 13.7%; or 15.1% including DTAs. Adjusted for proposed buyback: 13.2%.
Operational & Strategic Highlights
  • Business Model: Leader in Wealth Management, Protection & Advisory. Well-diversified earnings base effective in various rate environments.
  • Customer Financial Assets: Grew by over €100 billion YoY, reaching €1.3 trillion total. Over €60 billion added in Q4 alone.

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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 2023 Results, hosted today by Mr. 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: Thank you. Welcome to our full year 2023 results conference call. This is Carlo Messina, Chief Executive Officer; and I’m here with Stefan Del Punta, CFO; Luca Bocca, Deputy CFO; and Marco Delfrate and Andrea Tamagnini, Investor Relations Officers. Today, I’m going to walk you through our best ever results. We are over delivering on our financial commitments as we execute our industrial plan. This excellent performance enables us to reward shareholders with dividends of €5.4 billion for 2023. Our dividend yield is the highest in Europe at 12%. Our fully earning per share and dividend per share are up 80% versus the previous year. Our strong profitability and rock solid capital position means that subject to ECB and shareholders approvals, in June, we intend to launch a new share buyback representing around 55 basis points of common equity tier one ratio. We clearly have excess capital. Any additional distribution for 2024

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