Intesa Sanpaolo reports record Q3 2024 results alongside CEO Carlo Messina's vision for sustained growth

Core Insights - Intesa Sanpaolo achieved record net income of €7.2 billion for the first nine months of 2024, marking a 17% increase year-over-year [1] - The bank's market value positions it alongside major European competitors like BNP Paribas and Santander, despite having smaller balance sheets [2] - The net income target for 2024 is projected to exceed €8.5 billion, with a raised target of around €9 billion for 2025, indicating strong organic growth potential [3] Financial Performance - The bank's diversified business model and significant savings from families and businesses reached approximately €1.4 trillion, an increase of over €135 billion from the previous year [4] - Intesa Sanpaolo leads the Eurozone in revenue growth and has a high ratio of commissions and insurance activity to total revenue [4] - The cost/income ratio improved to 39.1%, the best-ever nine-month performance, achieved through rigorous cost management and increased tech investments [5] Strategic Initiatives - The bank is enhancing its wealth management capabilities, with plans to increase the number of wealth management advisors from approximately 17,000 to 20,000 by 2027 [5] - Identified €100 billion of clients' financial assets that can drive growth in asset management activities [5] - Technological innovation is a key focus, with €3.5 billion invested in IT and around 2,250 IT specialists hired to date [6]