Full year 2023 results: statement by CEO Carlo Messina

“Intesa Sanpaolo, now in the second year of executing its four-year 2022-2025 Business Plan, is exceeding objectives set for the end of 2025.

“Our model is unique: high and sustainable profitability draws strength from the solid commercial leadership of the divisions serving families and businesses, from the significant Wealth Management and Protection contribution, from our advanced digital offering, from our international activities distinguished by their efficiency, and from our status as a Zero-NPL Bank.

“In 2024, we will continue to design new strategies as a European leader, maintaining our commitment to Italy’s most important social cohesion program, with significant benefits for all our stakeholders.

“This is possible thanks to the Bank’s strength and profitability: Net income in 2023 was €7.7 billion, the best year ever; when taking into account the €300 million allocated to social impact in 2023, Net income approaches €8 billion.

“In 2024 and 2025, we see Net income above €8 billion in both years.

“We foresee a significant return of cash to shareholders: at the next Shareholders’ Meeting we will propose €5.4 billion in dividends, along with the intention to carry out a share buyback equivalent to around 55 basis points of the Common Equity Tier 1 ratio, to be launched in June 2024, subject to ECB and shareholder approvals.

“Our Bank ranks first in Europe in terms of dividend yield. Around 40% of dividends paid go to Italian families and our shareholder Foundations, enabling important social interventions in their respective communities.

“Direct and indirect taxes generated in 2023 amounted to €4.6 billion, an increase of €1.4 billion compared to 2022, benefitting the public budget with an increase generated by Intesa Sanpaolo’s performance.

“Medium- and long-term credit disbursed in Italy in 2023 was above €40 billion. We supported 3,600 companies in returning to health from temporary difficulties, thus safeguarding jobs.

“We are committed to serving our country by providing €1.5 billion by 2027 – in addition to the €1 billion contributed between 2018 and 2021 – and the involvement of 1,000 professionals from the Bank, to support Italy’s most significant project for social cohesion, promoting a more equitable society through tangible investment. This commitment is rooted in the Intesa Sanpaolo community and its 100,000 people.

“In a moment characterized by a sharp increase in the cost of living, we took a leading role in defining the new national banking-sector labor contract that includes a significant salary increase. Protecting employment remains a top priority, even in a technology-driven environment.

“Our clients are at the center of our strategies and our capacity to grow: they trust our solidity, rely on our capacity to advise and lend, and know that we will offer them market-leading innovations. Our priority is listening carefully to their needs.

“Technological innovation – a key to our success – will contribute an additional €500 million to 2025 Gross income not envisaged in the Business Plan. The key tech programs include our new cloud-based core banking platform isytech, with €2.8 billion in IT investments already deployed and around 1,550 IT specialists hired; isybank, the Group’s new digital bank that will attract around one million new clients by 2025; Fideuram Direct, the digital Wealth Management platform for Private Banking, that will count 150,000 customers in 2025; and artificial intelligence, with around 150 use cases and 300 specialists by the end of the Business Plan.

“Intesa Sanpaolo is uniquely-positioned for revenue growth in Wealth Management, Protection & Advisory – particularly in a declining rate environment – with over €1.3 trillion in customer financial assets, a team of over 16,000 dedicated professionals, a leading digital offering, and wholly-owned insurance and asset management companies. We have identified €100 billion in customer financial assets to support growth of the Group's Assets under Management.

“This is why Intesa Sanpaolo ranks at the top of the sector in Europe and plays a uniquely important role in our country, benefiting economic growth and a more inclusive society.

“The professional quality of our people is the key factor in achieving solid and sustainable results that benefit all stakeholders: our thanks go to them.”

6 February 2024