Intesa Sanpaolo(US:ISNPY)2023-02-03 20:26Financial Performance - FY22 Net income reached €55 billion excluding Russia de-risking, exceeding the >€5 billion Business Plan target[3] - FY22 Stated Net income was €4354 million, the best year since 2007[3] - Operating income increased by 33% compared to FY21[3] - Net interest income grew significantly by 202% compared to FY21, with a strong acceleration in Q4 (+284% vs Q3)[3] - Operating costs decreased by 04% compared to FY21, with the Cost/Income ratio down to 509%[3] Capital Position and Distribution - The fully phased-in Common Equity ratio increased to 135%[3] - €3 billion in cash dividends are planned for 2022, representing a 70% payout ratio[3] - A second tranche of buyback worth €17 billion will be launched, bringing the total additional distribution to €34 billion[3] Asset Quality and Risk Management - Gross NPL stock was reduced by €46 billion in FY22, reaching the lowest-ever NPL stock and ratio at 10%[3] - Russia exposure was reduced by 68% in H2, down to below 03% of Group customer loans[3] Customer Financial Assets - Customer financial assets exceeded €12 trillion, with a €26 billion increase in Q4[18]