Intesa, Messina: “Profitability expected to grow in 2024. Fly-to-quality effect with rate cut”

Intesa Messina Profitability expected to grow in 2024 Fly to quality effect

(Finance) – From the Isybank case to the prospects on the Bank’s rates and profitability. Carlo MessinaCEO of Intesa Sanpaolospeaking with the press, touched on the hottest topics of the moment, including the renewal of the contract.

“Our goal is develop technology and make sure that too country can benefit from innovation. In the specific case, we have created a unique innovation in Europe, because Isybank and in particular the proprietary Isy Tech technology, is already considered a European benchmark“, said Messina speaking about the Group’s online bank.

“I believe that all authorities must be respected. We believe we have operated in accordance with the laws of this country – he added regarding the Antitrust investigation into the Isybank case – and of having received authorizations from the Bank of Italy and the ECB, but it is also true that, if a limited number of customers – we are talking about 2,000 customers – did not rate our procedures as the best they could use, we will make sure that happens.”

Regarding future decisions of ECB monetary policythe CEO of Intesa said that it is “reasonable to imagine that we have reached the peak of interest rates” and defined “likely” the hypothesis that “there is a cut in the second part of 2024” although “not significant” in terms of size. Messina also said he was convinced that “when rates begin to fall a sort of fly to quality” and that will push investors towards those banks that have greater capacity to manage savingswho have the asset management and the insurance bank” and who generate more commissions.

“We will certainly return to being a point of reference for the quality and sustainability of our results”, stated the manager, adding “we expect that in 2024 profitability will be higher than in 2023” and “a profit still growing thanks to the recovery of commissions that will take place during 2024″.

I believe that in the end a good contract was made for people who work in banks and who i unions have demonstrated that they have a far-sighted vision“, said the CEO regarding the renewal of the contract. “For my part – he added – I believe I have favored a conclusion of this contract quite quickon the other hand we with Intesa San Paolo were willing to go ahead on our own in increasing people’s salaries, because I have always considered this a priority.” “If a company earns a lot, it must ensure that the people who work in the company can benefit from it”, reiterated Messina, adding “this is an awareness at the basis of my being the CEO of this Bank”.

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