In the first quarter of 2019 Intesa Sanpaolo's net profit stands at 1,050 billion euros, a figure which represents a drop of 16% compared to the 1,252 billion of the first three months of last year (when, however, the result had been influenced by the capital gain of 260 million for the Ntv operation), but which beats the expectations of the bank - which had announced profits of 898 million euros – and analysts, who expected profits of 901 million euros.
I operating income they fell by 8,8% to 4,4 billion by, with net interest falling by 5,2% to 1,76 billion and net commissions falling by 7% to 1,9 billion euros.
In the first quarter of the year, i operating costs they recorded a drop of 4,5% to 2,2 billion, for a cost/income ratio that rose to 50,2%.
Turning to capital solidity, the Cet1 fully loaded pro forma is 13,5% (13,1% based on transitional criteria for 2019), taking into account €840 million in dividends accrued in the quarter (a figure consistent with the 80% payout expected for the year in progress).
"We are particularly satisfied with the first quarter of the year: in a more complex context than expected, Intesa Sanpaolo confirms its ability to achieve important results, in line with the objective of a net profit higher than that of 2018", commented the bank managing director, Charles Messina. “We were able to achieve this without resorting to any extraordinary voice – he added – We confirm, at the same time, a pay out ratio of 80% and we are therefore in line with the commitment to reward our shareholders with a significant dividend”.
As for credit quality, Messina notes that "in the quarter, the flow of new NPLs was at historic lows, thanks to our ability to proactively manage new disbursements and thanks to the quality of our client companies, currently much more solid and profitable compared to what they were before the 2008 crisis", "Intesa Sanpaolo is a factor in accelerating the growth of the country's real economy", concludes Messina, underlining that "in the first quarter of 2019 in Italy medium and long-term disbursements to households and businesses amounted to 10,5 billion".
Returning to the accounts, the credit adjustments in the January-March period they amounted to 369 million, down by 47,1% compared to the previous quarter and by 23,6% compared to the first quarter of 2018.
As for the balance sheet aggregates, loans to customers amounted to 396 billion (+0,5% from the end of 2018). THE non-performing loans, gross of value adjustments, decreased by around one billion in the first quarter of 2019, by around 30 billion since September 2015 and by around 17 billion since December 2017, "realizing in the first 15 months of the 2018-2021 business plan already the 64% of the reduction target envisaged for the entire four-year period”. The stock of non-performing loans thus fell in March 2019, compared to December 2018, by 2,6% gross of value adjustments and by 1,8% net. The ratio of non-performing loans to total loans is 8,5% gross of value adjustments and 4,1% net. The level of coverage of NPLs is equal to 54,1%, with a specific coverage of the component consisting of non-performing loans at 66,2%.
After the publication of the accounts Intesa Sanpaolo shares drop 1,73% at 2,25 euros weighted like the whole price list fromEU alarm on Italian accounts. Also weighs the decision of Fitch to put under observation with negative implications the short-term rating “F2” of Intesa Sanpaolo. The decision, explains the institute, is due to the implementation of new methodological criteria for short-term ratings applied to the entire banking sector.
Finally, the Intesa Sanpaolo board of directors set up i internal committees. The nomination committee includes Livia Pomodoro (chairman), Paolo Andrea Colombo, Gian Maria Gros-Pietro, Maria Mazzarella (representative of the minority list) and Bruno Picca. The remuneration committee includes Colombo (chairman), Franco Ceruti, Anna Gatti (minority), Giovanni Gorno Tempini and Luciano Nebbia. The risk committee includes Rosella Locatelli (chairman), Ceruti, Picca, Guglielmo Weber and Daniele Zamboni (minority), while the committee for transactions with related parties includes Zamboni (chairman and minority representative), Gorno Tempini, Locatelli, Mazzarella (minority) and Maria Alessandra Stefanelli.
