Intesa Sanpaolo confirms that this year i dividends they will touch altitude three billion euros, bringing the total for the period 2014-2017 to 10 billion, as envisaged in the industrial plan. In detail, the Board has proposed to distribute 17,8 cents for ordinary shares e 19,9 cents for unit-level savings.
The coupon generosity is supported by profits. The Bank closed 2016 with a net profit of 3,111 billion euros, up 13,6% compared to 2,739 billion in 2015. Profit amounts to 3,67 billion if contributions and other charges relating to the banking system are excluded (3,091 billion in 2015).
La capitalization at the end of 2016, underlines the Bank in the press release on the accounts, it was "far exceeding the regulatory requirements even in the adverse scenario of the stress test”, with a fully loaded pro-forma Common Equity ratio of 12,9% taking into account the proposed dividends.
As for forecasts for the current year, the press release says that for the Intesa Sanpaolo group "in 2017 an increase in the operating margin is expected, resulting from the growth in revenues and ongoing cost management, and in the gross result, with a reduction in the cost of risk".
In a context of "significant complexity - commented the CEO of the group, Charles Messina – we have maintained our commitments in the distribution of dividends: we will distribute 3 billion out of 2016. This will make it possible to reach the sum of 6,6 billion in dividends assigned to our shareholders in the first three years of the business plan, thus exceeding by 600 million is the estimated figure".
Furthermore, Intesa Sanpaolo “confirms itself among the most efficient banks in Europe with a cost/income ratio of 51 percent – continues Messina – against a sector average of 65%. We also rank at the top in Europe in terms of profitability, thanks to the significant contribution of all the Bank's divisions. There reduction of non-performing loans shows relevant results and NPL flows are to the minimum values since the creation of Intesa Sanpaolo“, while coverage “has further increased. The objective is to bring the incidence of non-performing loans back to pre-crisis values by 2019 with limited and targeted transfers to third parties”.
But it's not over. Today the board of Intesa also approved the cession “at the nominal value coinciding with the book value” of a total quota equal to 4,88% of the share capital of the Bank of Italy, for a value of approximately 366 million euro.
Among the buyers are the Compagnia di San Paolo and the Cariplo Foundation, together with various pension funds. At this point, Intesa's stake in the share capital of the Bank of Italy “decreases to 27,81%. The group intends to reduce the stake to within the threshold of 3% and hold it exclusively through Intesa Sanpaolo Vita for investment purposes and Banca IMI for market making purposes.
Early in the afternoon the stock on the stock exchange of Intesa Sanpaolo is up by 0,64%, to 2,194 euro, at the moment in which the conference call of the chief executive officer Carlo Messina began, who did not fail to intervene also on the Generali question: "On Generali we are taking time to evaluate ”, Messina said, adding that with the Leone the bank “is evaluating a potential industrial combination”, referring to the latest rumors circulated on a possible integration between the two groups.
The CEO then also reminded that “bad debts are at pre-crisis levels”, namely 2007, the year of foundation of Intesa Sanpaolo which celebrates with the last quarter of 2016 "the best result since its foundation, ten years ago". Messina made it clear that the dividend was confirmed "despite the unfavorable moment, because our shareholders are the priority".
Speaking Eurizon, asset management company of the Intesa Sanpaolo group, Carlo Messina said that "it is the best company of 2016 in terms of net inflows".
