Numbers beyond expectations and title in flight for Intesa Sanpaolo, which in the early afternoon gains more than 3% on the stock market, at 2,358 euros. The data on thefourth quarter profit, down 16% over the year (to 872 million), but still higher than forecasts (consensus was at 775 million).
In the whole exercise 2019, moreover, the Bank has recorded net profits for 4,18 billion, an increase of 3,3% compared to 2018.
I net operating income instead they rose by 1,5%, to 18,1 billion, with net interest to 7 billion (-3,7%) e net commissions to just under 8 billion (+0,1%). Down 2,1%, to 9,3 billion, operating costs, for a cost/income ratio down to 51,4%.
Good news on the front too dividends: the Board will propose the distribution of a cash coupon of 19,2 cents per share, for a total of 3,4 billion, in line with the 80% payout envisaged in the business plan.
On the side of financial solidity, the Cet1 coefficient is 14,1%, based on the criteria in force when fully operational, and 13,9% according to the transitional parameters for 2019.
With regard to forecasts for 2020, Intesa estimates “an increase in the net result compared to 2019, even without taking into account the expected capital gain deriving from the Nexi operation, following a growth in revenues, a continuous reduction in operating costs and a decrease in the cost of risk. Taking into account the expected Nexi capital gain, the 2020 net result is expected to be well above that of 2019".
Dividend policy confirmed, which for the 2020 financial year "provides for the distribution of an amount of cash dividends corresponding to a payout ratio equal to 75% of the net result".
The CEO of Intesa Sanpaolo, Charles Messina, underlines that "all the objectives set in the business plan" have been achieved and confirms the commitment to "achieving a higher net profit in 2020 than that of 2019".
