The industrial initiatives of Intesa SanPaolo’s 2022-2025 Business Plan are well underway and the target of 6.5 billion euros of net profit in 2025 is confirmed. released the numbers for the second quarter and first half of 2022
For 2022, profitability at the top of the sector is expected:
– net profit of over € 4 billion assuming that there are no critical changes in the supply of raw materials / energy;
– net profit well above 3 billion euro even with the very conservative assumption of a coverage of around 40% of the exposure to Russia and Ukraine, which implies the transition to Stage 3 of the majority of the exposure.
A solid capital position is expected, with a fully phased-in Common Equity Tier 1 ratio target of over 12% over the horizon of the 2022-2025 Business Plan according to the Basel 3 / Basel 4 rules.
Intesa SanPaolo expects a strong distribution of value:
– payout ratio equal to 70% of the consolidated net profit in each year of the Business Plan (1,648 million euros already accrued from the net profit of the first half of 2022);
– today’s Board of Directors has provided for an interim dividend to be distributed based on the results of 2022 an amount not less than 1.1 billion euro and the board resolution regarding the interim dividend will be defined on 4 November next, in the occasion of the approval of the consolidated results as at 30 September 2022, in relation to the results of the third quarter of 2022 and those expected for the fourth quarter of 2022;
– further distribution to shareholders of 3.4 billion euros through buybacks, of which 1.7 billion in progress and 1.7 billion to be executed subject to the resolution – within the approval of the results as at 31 December 2022 – by the Board of Administration;
– possible further distribution to be assessed year by year starting from 2023. The prospects for 2022 are subject to refinement in the coming months based on the evolution of events concerning Russia and Ukraine.