AUB partners news

With net income of €7.2 billion (+17% compared to 9M23), Intesa Sanpaolo recorded its best nine-month performance in its history. The Group also delivered its best-ever nine-month performance in operating income (+9% compared to 9M23), operating margin (+14%) and gross profit (+13%).

The 2024 net profit forecast was confirmed at >€8.5 billion, despite significant management performance in Q4 aimed at strengthening future profitability, while the 2025 net profit forecast was increased to ~€9 billion.

Net income for the third quarter was €2.4 billion (+26% compared to Q3 23), an all-time high, as well as net interest income (+3% compared to Q3 23), operating income, operating margin and gross income.

Key achievements for the first nine months of 2024 include:

• Best-in-class profitability - €7.2 billion in net income and 8% growth in commission income (best nine months in history for insurance income).
  
• Effective cost management with a cost-to-income ratio of 39.1%, the best in its class in Europe.
  
• A bank with zero non-performing loans, with a net non-performing loan ratio of 0.9%, a historically low figure.
  
• Strong capital position with a CET1 ratio of 13.9% (up 30 bps in Q3), given a dividend payout ratio of 70% of cash flow.
  
• Strong and sustainable value creation and distribution, with a dividend of €5.0 billion, of which €3 billion will be paid in November, and a €1.7 billion share buyback completed in October.
  
• World-class social impact position, with over €0.5 billion outstanding and around 1,000 dedicated people.
  
• The results show that Intesa Sanpaolo is fully poised for further success thanks to a well-diversified and sustainable business model: with around €1.4 trillion in customer assets and significant technological investments (€3.5 billion already deployed), the Group is ready to leverage its leadership in technology and wealth management, protection and advisory.
  
• Intesa Sanpaolo’s 2022-2025 business plan is fully operational and the technological transformation is accelerating and running smoothly:

Isytech, Intesa Sanpaolo’s cloud-based technology platform, is already available to Isybank customers and is gradually being rolled out across the Group.
Isybank, Intesa Sanpaolo’s digital bank, reaches over 400,000 accounts opened by new customers (75% under 35), over 110 million transactions processed and ~2.1 billion customer deposits.
In light of Intesa Sanpaolo's ESG commitments, the following are the main results achieved as of 30/09/2024 under the 2022-2025 Business Plan:

Supporting social needs: expansion of service and shelter programs for people in need with over 48.2 million interventions.

Financial inclusion: new social lending (new lending to support non-profit activities, vulnerable groups, youth and urban regeneration) of €18.7 billion.
Continued commitment to culture with the Progetto Cultura and Gallerie d'Italia museums: 30,000 sq m across 4 sites with ~1,700,000 visitors.
Fostering innovation: ~€115 million invested in startups.
Supporting clients in the ESG/climate transition process: new lending in support of the green economy, circular economy and ecological transition reached ~€62.7 billion; new green lending to individuals - €7.6 billion; 77% of assets under management invested in ESG products (% of total assets under management).
Renewable energy: ~90% at Group level, 100% in Italy.