Intesa Sanpaolo Posts Fourth Quarter Profits; sees future earnings growth; Plans a dividend, a buyout of 3.4 billion euros

(RTTNews) – Intesa Sanpaolo (ISNPY.PK, IITSF.PK) reported on Friday that its consolidated net profit for the fourth quarter was 179 million euros, compared to a net loss of 3.10 billion euros last year. last year.

The adjusted net profit for the previous year would be 393 million euros.

Operating profit amounted to 5.02 billion euros, down 2.5% from 5.15 billion euros last year.

Net interest income decreased by 5.7% compared to last year to 1.95 billion euros, while net commission income increased by 3.7%.

For the 2022 financial year, Intesa Sanpaolo expects a net result of more than 5 billion euros, compared to 4.19 billion euros last year.

The company expects to see revenue growth and continued cost management, leading to increases in operating margin and, also due to a sharp reduction in the cost of risk, gross income.

In addition, the company announced a 2022-2025 business plan. The company forecasts a value creation of more than 520 billion euros for all stakeholders in 2022-2025.

The company forecasts a net profit of up to 6.5 billion euros in 2025.

Intesa Sanpaolo expects a distribution for 2021-2025 of more than 22 billion euros, including more than 6.6 billion euros in 2022, through cash dividends with a distribution rate of 70% in 2022-2025 and a €3.4 billion takeover in 2022.

Any additional distribution will be assessed on an annual basis starting in 2023.

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