INTESA SANPAOLO: Consolidated Results as at 31 March 2024

The results for the first quarter 2024 highlight that the Intesa Sanpaolo Group is able to generate solid sustainable profitability, with net income of €2.3bn, fully in line with the target of over €8bn for the current year.
The solid performance of income statement and balance sheet in the quarter translated into significant value creation for all stakeholders, which is also grounded in the Group’s strong ESG commitment.

Specifically:

• significant cash return to shareholders: €1.6bn of dividends accrued in Q1 2024 (in addition to remaining dividends for 2023 of €2.8bn to be paid in May 2024 and buyback of €1.7bn to be launched in June 2024);
• €1.6bn taxes (°) generated and increased by €0.2bn on Q1 Q12023 (°°) as a consequence of the growth in net interest income which drove the increase of €0.6bn in gross income;
• expansion of the food and shelter programme for people in need (over 38.3 million interventions in the period 2022 - Q1 2024);
• enhancement of initiatives to fight inequalities and foster financial, social, educational and cultural inclusion (€15.8bn of social lending and urban regeneration in the period 2022 - Q1 2024);
• an amount equal to around €1.5bn total costs to be contributed in the five-year period 2023-2027 to support initiatives addressing social needs (around €0.4bn already included in the results for 2023 and Q1 2024 and the remaining portion included, on a pro-rata basis, in the outlook for net income for full-year 2024 and for 2025), with around 1,000 people devoted to supporting these initiatives.
• Intesa Sanpaolo is fully equipped to continue operating successfully in the future, in any interest rate scenario, thanks to:
  the Group’s key strengths, notably resilient profitability, a solid capital position, the zero-NPL bank status, significant investment in technology and high flexibility in managing operating costs;
• its leadership in Wealth Management, Protection & Advisory with around €100bn in customer financial assets identified  to fuel growth.

 The full report read here