CEO Carlo Messina: ‘These are high-quality results, reflecting a strong acceleration in fees and insurance revenues, and a resilient net interest income. Our revenue growth was the highest in Europe among peers”
The first half of 2024 was the best ever for Intesa Sanpaolo (ISP), Italy’s largest bank, which posted a net profit of €4.8bn, marking a 13% increase over the first half of 2023. As a result, net profit forecasts for 2024 and 2025 were revised upwards to over EUR 8.5 billion. The second quarter of 2024 saw a net profit of EUR 2.5 billion, representing the best quarter since 2007. This figure shows an increase of 9% compared to Q2 2023 and an increase of 7% compared to Q1 2024.
During the conference call with the financial community, Intesa Sanpaolo CEO Carlo Messina shared some thoughts on the first half 2024 results and future prospects. ‘The contribution of commissions and insurance revenues to total revenues is over 40%, the highest in Europe after UBS,’ Messina said. “These are high-quality results, reflecting a strong acceleration in commissions and insurance revenues, and a resilient net interest income. Our revenue growth was the highest in Europe among peers.”
Messina also pointed out that ‘client financial assets increased by more than EUR 100 billion year-on-year and by EUR 20 billion in the second quarter. Our solid results allow us to raise our annual net profit forecast to over EUR 8.5 billion for both this year and next.”
Benefits for all stakeholders
‘Our staff, families, businesses and the public sector all benefit from our growing profitability,’ Messina said. ‘Earnings per share grew by 15 per cent year-on-year and in 2024 we will reward shareholders with a total distribution of more than €7.4 billion, including the buyback launched in June and the interim dividend of €3 billion to be paid in November.’
Strong and sustainable value creation
Messina also highlighted that ‘our technological transformation is advancing rapidly with EUR 3.2 billion already invested and our significant profitability allows us to have a world-leading position in social impact. We have a massive programme to address social needs and promote inclusion with a contribution of EUR 1.5 billion, of which EUR 500 million has already been disbursed.”
(Associated Medias) – Tutti i diritti sono riservati
