Core Insights - Intesa Sanpaolo achieved a record net income of €8.7 billion for 2024, marking a 12% increase from 2023, and plans to distribute €6.1 billion in cash dividends to shareholders [1][8] - The bank has raised its net income guidance for 2025 to well above €9 billion, indicating strong profitability and a solid capital position [2][7] Financial Performance - The bank experienced significant revenue growth, with commissions rising by 9% year-over-year and insurance income reaching an all-time high with a 4% increase [3] - Customer financial assets grew by €77 billion, totaling approximately €1.4 trillion, supported by €5.1 billion in net inflows into Assets under Management (AuM) in Q4 [3] Cost Management - Intesa Sanpaolo maintained a record-low cost/income ratio of 42.7%, reflecting effective cost discipline despite heavy investments in technology [4] Technology Investments - The bank invested €4.2 billion in digital transformation, hiring over 2,300 IT specialists and migrating 62% of its applications to the cloud [5] - The digital-only platform Isybank saw significant growth, with over 500,000 new customers in Q4, bringing the total customer base close to 900,000 [5][8] Social Impact Commitment - In 2024, Intesa Sanpaolo allocated approximately €340 million to social impact initiatives aimed at combating poverty and reducing inequalities [6] Future Outlook - The bank anticipates net income to exceed €9 billion in 2025, with plans to return over €6 billion in cash dividends and evaluate additional distributions at year-end [7][9] - The diversified business model, focused on Wealth Management and Protection, is expected to perform well under various interest rate scenarios [9]
Intesa Sanpaolo reports record Net Income of €8.7 billion in 2024, raises 2025 Guidance