Financial Data and Key Metrics Changes - The company reported a net income of €2.5 billion for Q1 2024, marking the best quarterly net income since 2007, with an 18% year-on-year increase in net income [22][28][31] - Earnings per share grew by 21% year-on-year, and the cost-income ratio reached its lowest ever at 38% [29][32] - Customer financial assets increased by €120 billion year-on-year, reaching over €1.3 trillion, with significant growth in both assets under management and assets under administration [20][41] Business Line Data and Key Metrics Changes - Commissions related to management, dealing, and consultancy activities increased by double digits, contributing over 40% to revenues, the highest in Europe after UBS [42][52] - Administrative costs decreased by over 3% year-on-year, while operating costs were down 3% when excluding depreciation for tech investments [54][32] - The wealth management and protection businesses contributed 45% of gross income in Q1 [41] Market Data and Key Metrics Changes - The company experienced a reduction in deposits, attributed to a technical movement of €5 billion related to client tax payments [9] - The net interest income was up over 20% year-on-year, with a stable quarterly performance when adjusted for the number of days [38][40] - NPL inflows remained at historical lows, with a net NPL of €5 billion and an NPL ratio of 1% [55][43] Company Strategy and Development Direction - The company aims to focus on wealth management, protection, advisory, and technological leadership, with significant investments planned in these areas [23][15] - A fees and commissions steering committee has been established to enhance commission growth across all divisions [35][68] - The company is positioned to leverage its fully owned product factories for quick market responses and product customization [31][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving net income above €8 billion for both 2024 and 2025, supported by strong performance in wealth management and advisory services [50][36] - The outlook remains conservative, with expectations of a slight increase in the cost of risk but overall strong credit quality [96][110] - The company is monitoring the impact of BTP placements on client deposits but remains optimistic about its ability to generate significant fee income [84][147] Other Important Information - The company plans to return at least €7.3 billion to shareholders in 2024, including a €1.7 billion buyback [29][51] - The liquidity coverage ratio was over 140%, indicating a strong liquidity position [45] - The company has committed €1.5 billion to address social needs and promote inclusion, with €400 million already deployed [47][48] Q&A Session Summary Question: What are the main actions of the fee and commission steering committee? - The committee is focused on increasing commissions across all divisions, with a strong emphasis on wealth management and protection services [68][100] Question: How do you see the trends in net interest income and deposit costs? - The expectation is for a modest increase in deposit costs, with net interest income remaining strong due to core hedging strategies [90][92] Question: What is the outlook for asset quality and cost of risk? - The company anticipates a stable cost of risk, with no significant deterioration in asset quality expected [96][110] Question: How will the company manage the potential outflows to BTP Valori? - The company plans to actively engage clients to manage their portfolios and mitigate outflows, leveraging its strong position in wealth management [84][147] Question: What is the expected contribution from fee and commissions for 2024? - The company expects double-digit growth in fees and commissions, particularly from wealth management and insurance products [100][119]

tupungato Introduction Earnings season is upon us; as usual, it opened up with the major big banks. JPMorgan Chase & Co. (JPM) beat estimates, yet its shares fell 6.5%. The issue was the softer than expected guidance. Intesa Sanpaolo S.p.A. (OTCPK:ISNPY, IITSF) continues to impress, and it is becoming more and more followed on Seeking Alpha since it secured a spot as one of the best 2024 picks in the market and the number one pick among financial stocks. JPMorgan includes Intesa among its top European p ...

A strong bank for a sustainable world 2023 Results Excellent performance with Balance sheet further strengthened in Q4 Well-diversified business model, ready to leverage on our leadership in Wealth Management, Protection & Advisory JTFS4 loon S February 6, 2024 MIL-BVA362-03032014-90141/VR Best-ever year with €7.7bn Net income 1 €7.7bn FY23 Net income (+76% vs FY22(1)), the best year ever (€7.9bn when excluding the final Resolution Fund contribution) €1.6bn Net income in Q4 (+49% vs 4Q22(1)), the best Q4 ev ...

Intesa Sanpaolo S.p.A. (OTCPK:ISNPY) Q4 2023 Earnings Conference Call February 6, 2024 9:00 AM ET Company Participants Carlo Messina - Chief Executive Officer Stefan Del Punta - Chief Financial Officer Luca Bocca - Deputy Chief Financial Officer Marco Delfrate - Investor Relations Officers Andrea Tamagnini - Investor Relations Officers Conference Call Participants Antonio Reale - Bank of America Azzurra Guelfi - Citi Delphine Lee - JPMorgan Britta Schmidt - Autonomous Research Giovanni Razzoli - Deutsche Ba ...

Financial services stocks are a solid addition to any investor’s portfolio. This is because they offer reliable growth throughout the industry and substantial dividend payouts to investors.Financial services are a much-needed resource for individuals, corporations, and institutions alike. It gives individuals and businesses the peace of mind that their financial future is heading in the right direction and allows for attention to be given to other endeavors.Below are several financial services stocks offeri ...

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, January 22:Northern Trust Corporation (NTRS) : This financial holding company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 8% over the last 60 days.Northern Trust Corporation's shares gained 26.4% over the last three months compared with the S&P 500’s advance of 14.3%. The company possesses a Momentum Score of A.Intesa Sanpaolo S.p.A. (ISNPY) : T ...

Sergio Delle Vedove/iStock Editorial via Getty Images Italian bank Intesa Sanpaolo S.p.A. (OTCPK:ISNPY)(OTCPK:IITSF) has performed strongly since I first covered it in early 2022. The ADSs have returned almost 70% in that time, justifying the initial Buy rating thanks to a surge in profitability on the back of higher interest rates and strong credit quality. Data by YCharts Where we go from here is an interesting question. Intesa stock has since re-rated up to around the 1x tangible book value per share ...

Intesa Sanpaolo S.p.A. (OTCPK:ISNPY) Q3 2023 Results Conference Call November 3, 2023 10:00 AM ET Company Participants Carlo Messina - Chief Executive Officer Stefan Del Punta - Chief Financial Officer Marco Delfrate - Investor Relations Officers Andrea Tamagnini - Investor Relations Officers Luca Bocca - Head of Group Planning and Control and Deputy Chief Financial Officer Massimo Proverbio - Group Chief of our Technology and Data Stefano Barrese - Chief of our Banca dei Territori Division Conference Call ...

Intesa Sanpaolo S.p.A. (OTCPK:ISNPY) Q2 2023 Earnings Call Transcript July 28, 2023 9:00 AM ET Company Participants Carlo Messina - Managing Director and Chief Executive Officer Massimo Proverbio - Chief Data, AI, Innovation & Technology Officer Stefano Barrese - Head of the Banca dei Territori Division Tommaso Corcos - Head of the Private Banking Division Stefano Del Punta - Chief Financial Officer Conference Call Participants Antonio Reale - Bank of America Delphine Lee - JP Morgan Christian Carrese - Int ...

A strong bank for a sustainable world 1H23 Results The best six months ever with €4.2bn Net income A leading bank with a fintech approach: significant tech investments already deployed to continue to succeed in the future July 28, 2023 MIL-BVA362-03032014-90141/VR ISP delivered the best six months ever, while making significant tech investments to continue to succeed in the future 1 €4.2bn Net income in H1 (+80% vs 1H22(1)), the best six months since 2007 (€4.4bn when excluding the final Resolution Fund con ...