(Finance) – Intesa Sanpaolo archives the first half of the year with a Net income accounting for 2.354 billion euros. Excluding value adjustments for exposure in Russia and Ukraine – explains the bank in the note to the accounts – net profit for the first half of 2022 stood at 3.276 billion euros (+ 8.4% compared to 3.023 billion in the first half of the year. 2021).
Intesa Sanpaolo at the end of the first half of 2022 records a “high capitalizationwidely exceeds regulatory requirements: the common equity tier 1 ratio at full capacity at 12.5% by deducting from the capital 1.6 billion of dividends accrued in the first half of 2022 and 3.4 billion of buybacks authorized by the ECB “. The Common Equity Tier 1 ratio calculated by applying the criteria transitory in force for 2022 – it reads – was equal to 12.7% and the Common Equity Tier 1 ratio at full capacity at 12.5% without considering approximately 110 hundredths of a point of benefit deriving from the absorption of deferred tax assets ( DTA), of which about 40 within the horizon of the 2022-2025 Business Plan.
“We were able to achieve particularly significant resultsthanks to the full launch of the main industrial initiatives of a Business Plan capable of projecting us into the next decade “. managing director and CEO of Intesa Sanpaolo, Carlo Messina, commenting on the bank’s data for the first half of 2022. “The results achieved in the first half of 2022 are further demonstration of how Intesa Sanpaolo is able to generate significant and sustainable profitability in extremely complex contexts thanks to a highly diversified and resilient business modelto the benefit of all stakeholders “, added the top manager.
Outlook
Intesa Sanpaolo for 2022 expects “profitability at the top of the sector: net profit of over 4 billion euros assuming that no critical changes in the supply of raw materials and energy occur; net profit well above 3 billion euros even with very conservative assumption of a coverage of about 40% of the exposure to Russia and Ukraine, which implies the passage to Stage 3 of most of the exposure “.
Interim dividend on 2022 not less than 1.1 billion
Intesa Sanpaolo “has provided for an interim cash dividend to be distributed based on the results of 2022 an amount not less than 1.1 billion euros”. The board resolution on the interim dividend – explains the Bank – will be defined on 4 November next, on the occasion of the approval of the consolidated results as at 30 September 2022, in relation to the results of the third quarter of 2022 and those expected for the fourth quarter. 2022. Intesa Sanpaolo envisages a payout ratio equal to 70% of the consolidated net profit in each year of the Business Plan (1,648 million euros already accrued from the net profit of the first half of 2022). A further distribution to shareholders of 3.4 billion euros through buybacks, of which 1.7 billion in progress and 1.7 billion to be executed subject to the resolution, by the approval of the results as at 31 December 2022, by the Board of Administration. “Possible further distribution to be evaluated year by year starting from 2023”, underlines the institute led by Messina.