(Finance) – “We have revised the outlook for 2022 on a prudent and conservative basis, or rather how we always manage Intesa Sanpaolo. In fact, we will reach a level of more than 4 billion in net income, assuming that there are no crucial changes in the supplies of raw materials. Even in a very prudent scenario, which provides a very conservative hypothesis of a coverage of about 40% of the exposure to Russia and Ukraine, we will reach more than 3 billion in net income “. Intesa Sanpaolo, Carlo Messinaduring the conference call with financial analysts for the results of the first quarter of the year.
“We continue to maintain our net result target of 6.5 billion in 2025 and the same goes for the buyback and our payout ratio of 70% for each year of the plan – added the CEO – The strong value creation and distribution will continue to be our priority. Intesa San Paolo and its long-standing and cohesive management have always achieved the objectives it has set itself, and it will be the same this year and for years to come “.
“In the first quarter we achieved a solid operating performance in a challenging context – explained Messina – Thanks to a diversified business plan model we achieved a net result of 1.7 billion, which is the best quarter since 2008 excluding provisions for the Russian-Ukrainian exposure“.
According to the banker, “the plan is moving at full speed with all our people committed and on key industrial initiatives, which are well underway. “As for the first pillar of the plan, namely the massive upfront de-riskingthe bank achieved “a reduction in the stock of gross non-performing loans of 4.8 billion euros, equivalent to the Russia-Ukraine exposure, reducing the net NPL ratio below 1%”.
“We did a deleveraging for 26 consecutive quarterswith a total reduction of impaired persons of almost 55 billion since the peak of September 2015 – he highlighted – Thanks to this truly impressive result, among the best in Europe, the cost of risk is already in line with that of a bank with zero impaired , we are practically a Nordic bank “.