INTESA SANPAOLO: BOARD OF DIRECTORS APPROVES PARENT COMPANY DRAFT FINANCIAL STATEMENTS, AS WELL AS CONSOLIDATED FINANCIAL STATEMENTS, AS AT 31 DECEMBER 2023

Turin - Milan, 27 February 2024 – At its meeting today, the Board of Directors of Intesa Sanpaolo approved the parent company draft financial statements, as well as the consolidated financial statements, as at 31 December 2023 which confirm the results as at 31 December 2023 approved by the Board and disclosed to the market on 6 February 2024. In 2023, net income for the parent company was 7,292 million euro (in 2022: 4,284 million euro) and consolidated net income was 7,724 million euro (in 2022: 4,379 million euro).

The approval of the parent company draft financial statements includes the approval of the proposal for net income allocation, which reflects the proposal made by the Board of Directors upon approval of the results as at 31 December 2023 and disclosed to the market on 6 February 2024.

The parent company financial statements as at 31 December 2023 and the proposal regarding a cash distribution of 15.20 euro cents per share, before tax, as remaining dividend will be submitted for approval at the Ordinary Shareholders’ Meeting scheduled for 24 April 2024. Specifically, the Board of Directors has decided to propose at the next Ordinary Shareholders’ Meeting a total distribution of 5,407,970,787.35 euro on the 2023 net income, corresponding to a payout ratio of 70% of consolidated net income. The proposal, given the interim dividends of 2,628,985,341.02 euro ^(*) paid in November 2023, is to distribute 2,778,985,446.33 euro ^(**) as remaining dividends, corresponding to 15.20 euro cents for each of the 18,282,798,989 ordinary shares. No distribution will be made to own shares held by the Bank at the record date. The distribution, if approved at the Shareholders’ Meeting, will take place from 22 May 2024 (with coupon presentation on 20 May and record date on 21 May).

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(*)   Interim dividends are considered net of the portion not distributed to the 25,956,343 own shares held by the Bank at the record date, amounting to 3,737,713.40 euro.
(**)   From the Parent Company’s net income of 7,292,121,182.96 euro, an amount of 275,743,257.91 euro is to be allocated to unavailable reserve, relating to fair value valuation effects, while an amount of 1,991,446,276.10 euro is to be allocated to non-distributable reserve, corresponding to two and a half times the amount - equal to 796,578,510.44 euro - of the one-off tax calculated on the increase in net interest income, in lieu of the payment of this tax, pursuant to Decree Law no. 104 of 10 August 2023 converted with amendments by Law no. 136 of 9 October 2023. The proposal of the Board of Directors, therefore, envisages the cash distribution of 2,373,107,308.77 euro as remaining dividends on the Parent Company’s net income (corresponding to 12.98 euro cents for each share) and 405,878,137.56 euro as assignment of reserves drawn on the Share Premium Reserve (corresponding to 2.22 euro cents for each share). The assignment of reserves will be subject to the same tax regime as the distribution of dividends.

 

 

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