CEO Carlo Messina: “Intesa Sanpaolo is an institution in service to the country: we are implementing the main social cohesion project to promote a more equitable society in a structural and concrete way. In addition to the billion-euro commitment from 2018 to 2021, we are now rolling out a 1.5 billion euro intervention program by 2027, led by a thousand of the Bank’s professionals.”
“The results of the first nine months of 2024 confirm Intesa Sanpaolo as a European leader: the stock market valuation places us alongside BNP Paribas and Santander, banks with significantly larger balance sheets than ours.” These are the words of Intesa Sanpaolo’s CEO, Carlo Messina, commenting on the results achieved by Italy’s largest bank in the first nine months of 2024, which solidify its position as a European banking leader.
Looking at the overall results for this year, Messina reaffirmed the forecast of a net profit exceeding 8.5 billion euros, with a revised target for 2025 set at around 9 billion. “Our bank has high potential to organically increase profitability,” stated the CEO, highlighting that Intesa Sanpaolo is well-equipped to face the current economic environment.
“In the first nine months of 2024,” Messina explained, “net profit was 7.2 billion euros, of which 2.4 billion was generated in the third quarter. Of the 5 billion euros in cash dividends accrued by September 30, about 3 billion will be distributed to our shareholders in November as an interim dividend. Intesa Sanpaolo,” the CEO continued, “has developed a unique model in Europe with the consolidated leadership of its Divisions serving families and businesses, a significant Wealth Management, Protection, and Advisory component, efficient management of international operations, technologically advanced digital offerings, a ‘Zero NPL’ bank status, and a high-profile ESG rating at an international level.”
Messina also outlined the bank’s main strengths, including high profitability, sustainable results, a solid capital position, and a low-risk profile, qualities that enable the bank to play a crucial role in the Italian real economy and society. Indeed, in the first nine months of 2024, Intesa Sanpaolo disbursed over 30 billion euros in medium and long-term loans to Italian families and businesses, while resources allocated to staff in Italy exceeded 4 billion euros.
On the dividend distribution front, Intesa Sanpaolo accrued 5 billion euros in cash dividends, 40% of which is allocated to Italian families and shareholder foundations. Additionally, the bank paid 4.6 billion euros in taxes in the first nine months of 2024, an increase of 700 million compared to the same period in 2023.
Messina also focused on the role and mission of the bank: “Intesa Sanpaolo,” explained the CEO, “is an institution in service to the country. We are implementing the main social cohesion project to promote a more equitable society in a structural and concrete way. In addition to the billion euros allocated from 2018 to 2021, we are now executing a 1.5 billion euro intervention program by 2027, led by a thousand professionals within the Bank; over 500 million euros have already been invested. At the heart of our strategies and development prospects,” he concluded, “are our clients, their trust in our Bank’s stability and leadership, and the strong relationship with the professionals serving them in credit and consulting. Listening to their needs is our priority.”
(Associated Medias) – All rights reserved