(Finance) – The Group Intesa Sanpaolo closed the first quarter 2024 with a Net income up by 17.6% to 2,301 million euros, from 1,956 million in the first quarter of 2023, “fully in line” with the objective of over 8 billion for the current year.
The consolidated income statement records net interest equal to 3,932 million euros, down by 1.6% compared to the 3,995 million in the fourth quarter of 2023 and up by 20.8% compared to the 3,254 million in the first quarter of 2023. net commissions they amount to 2,272 million euros, an increase of 7.7% compared to the 2,110 million of the fourth quarter of 2023. In detail, there was a decline in commissions from commercial banking activities of 2.6% and a growth of 12.3% of commissions from management, intermediation and consultancy activities (asset management, insurance products, securities placement).
Intesa Sanpaolo underlines high efficiency, with a cost/income at 38.2%, among the best among the major European banks; The cost of risk annualized it is 22 hundredths of a point, with an overlay amount of 0.9 billion euros.
As of March 31, 2024 i financing to customers amounted to 423 billion euros, down by 1.5% compared to 31 December 2023 and by 5.9% compared to 31 March 2023. As part of customer financial activities, direct banking deposits amounted to 576 billion, in line with 31 December 2023 and an increase of 7.8% compared to 31 March 2023.
At the end of March 2024, the incidence of impaired loans on total loans it is equal to 1.2% net of value adjustments and 2.3% gross. Considering the methodology adopted by the EBA, the incidence of impaired loans is equal to 1% net of value adjustments and 2% gross.
L’exposure to Russia is further decreasing, decreasing by approximately 84% (over 3 billion euros) compared to the end of June 2022 and falling to 0.1% of the Group’s overall customer loans, and cross-border loans to Russia are largely part performing and classified at Stage 2.
The bank highlights a significant cash return for shareholders: 1.6 billion in dividends accrued in the quarter (in addition to the 2.8 billion of the 2023 balance of dividends to be paid in May 2024 and the buyback of 1.7 billion euros to be started in June 2024).