Intesa Sanpaolo, profit at 7.7 billion (+76%). Messina: 'Best year ever'

Intesa Sanpaolo ended 2023 with net profit up to EUR 7.72 billion, up 76.4% from EUR 4.4 billion in the previous year.

The bank expects a 'significant' cash return for shareholders. The bank will propose to the shareholders' meeting total dividends of EUR 5.4 billion (EUR 2.6 billion interim dividend 2023 paid in November 2023 and proposed EUR 2.8 billion balance dividend 2023 to be paid in May 2024) and the intention to execute a buyback of approximately 55 cents of a point of Common Equity Tier 1 ratio as of 31 December 2023 to be initiated in June 2024 subject to the approval of the ECB and the shareholders' meeting.

"The forecast for 2024 and 2025 is a net profit of more than 8 billion," says Intesa Sanpaolo's CEO and Ceo, Carlo Messina, commenting on the 2023 results. "In 2024," he adds, "we will continue to design new strategies as a European leader, maintaining our commitment to the most important project for social cohesion in the country, with significant benefits for all stakeholders. The net profit in 2023 was EUR 7.7 billion, the best year ever; considering the EUR 300 million committed in 2023 to the social project, the net profit is close to EUR 8 billion'.

"Our bank," said CEO Messina in a note, "ranks first in Europe in terms of dividend yield: it should be emphasised that around 40% of dividends are destined for Italian families and our shareholder foundations, enabling important social interventions in the territories to which they belong. Direct and indirect taxes incurred in 2023 amount to EUR 4.6 billion, which implies an increase of EUR 1.4 billion compared to 2022, with an increase in the benefit brought by Intesa Sanpaolo's results to the public budget. Medium- and long-term credit disbursed in Italy in 2023 exceeds EUR 40 billion; the companies supported by us in returning from temporary difficulties to normal operations are 3,600 over the twelve months, with benefits in terms of safeguarding jobs".