For Intesa Sanpaolo the best year ever
“A particularly complex year ends, but also the one with the best budget ever both considering the Russia or by not considering it”. She said it the number one of Intesa Sanpaolo Charles Messina during the 2022 budget presentation meeting which recorded a accounting net profit by 4.35 billion euros, up 4% compared to 2021. Profit was dented by 1.4 billion euros of Russia-related advances, but in the second half of 2022 the exposure towards the country of the institute was reduced by 68% and fell below 0.3% of credits. “Our exposure to Russia is very important and only with an exit is it possible to contain the risk. Different strategies are unsuccessful and we are doing everything to reduce the risk to zero ”she recalled.
As for 2023, however, the manager said that “there is the possibility of navigating well even after the interventions of the central banks. We have positive perspectives, with GDP growing, and if gas falls further there will be a further acceleration of GDP. The bank’s vision is excellent, with very high income prospects even if it is better to be cautious about the objectives to be achieved”.
In March, indications on outlook 2023
On the title inflection on the Stock Exchange after the 2022 accounts, the CEO underlined that “if we look at the trend in the last week it has been positive, the reactions we have seen today are those who will short, of those who work in the short term”. Right now “banks like us don’t make investors dream with indications on the future outlook. I gave one 2023 profit forecast at 5.5 billion eurosnot at 6 billion as some expected, but to do so the business plan. We have a very strong upside from rates, but to review the numbers I’m waiting to understand what the final policy of the ECB will be because we still have a situation today in which we get news at every meeting”. “In March we will see based on the real numbers and we will do all the calculations. And we will also have a clearer strategy for the ECB in the future’.
Already a large bank, it cannot make new mergers
On the front Mps, the CEO withdrew from the privatization. “I don’t know anything about pole projects around Mps, but more specific weight operators, than big dimensions, there are in our country the better it is for the economic system. If there is a project to strengthen some system operators are happy with it. We have a specific weight in the country that is unassailable and we already have such a market share that we can no longer merge”.
Already with the acquisition of Ubi Banca “we had difficulties with the Antitrust which led us to sell a significant share of the business“. To those who still asked him what he would answer if someone came knocking on his door asking him to participate in an operation on MpsMessina then reiterated: “I would answer that we are too big to be able to carry out operations of aggregation, so it is very difficult for someone to knock on our door and if they knock, I open it please but then I close it again”.
High but sustainable public debt
For what concern governmentMessina said he was “positive on the budget policy because the public debta key element for the Bce on which our country has a strong dependence”. While acknowledging the high level of public debt, Messina believes that “sustainable” also thanks to a very wise approach adopted by the government which continues on the path traced by its predecessor. “Also for this reason investors continue to look positively on Italy. Intesa Sanpaolo is the second largest creditor of the state, after the ECB, and for this reason I expect this rigor is maintained because we are an absolute point of reference” for the country.
Accelerate investment and employment
The CEO then hopes that the executive “accelerates the investments because in this way jobs and GDP are created. The country’s fundamentals are strong and thanks to the grounding of the Pnrr, growth of 1.4% is expected in 2024″. Our two strengths are “le best companies in Europewhich Germany doesn’t have either, ei household savings which are the least indebted in Europe. Unfortunately many families impacted by the crisis, but it remains that they are an absolute strength”.