Intesa beats estimates: “No mergers”

Intesa beats estimates: “No mergers”
Intesa beats estimates: “No mergers”

Intesa Sanpaolo beats the consensus estimates, reaches 4 billion in net profit forecast for the whole of 2021 in the nine months (with a growth of 28.7% net of the Ubi operation) and expects a profit of at least 5 billion for 2022 . But in Piazza Affari the stock closed the session down by 0.4% to 2.5 euros. Some market participants in the short term have risked the absence, so to speak, of the fireworks, while the CEO Carlo Messina, during the conference call following the publication of the data, reduced the performance to a normal retreat after the increases recorded in the last few days (the stock is gaining 31% from the beginning of the year). For more strategic indications, the manager then made an appointment to the new business plan which will be presented in February and will be “stand alone”.

«We are preparing the new business plan, focused on business sustainability and shareholder compensation, to strengthen the bank’s position in Europe. We will support families and businesses, to make a difference and support the growth of the country in what, thanks to the PNRR, represents a unique opportunity for Italy. Especially since we are, in fact, a proxy for Italy since we guard the savings of citizens, finance companies and invest in public debt securities », Messina claimed. To achieve similar objectives, the CEO of Ca ‘de Sass intends to “enter the new plan without problems related to the cost of risk and impaired loans (the total of impaired loans amounts to 9.1 billion in hot 14.9 % compared to December ed) »and, for this reason, evaluates possible transactions to be carried out in the fourth quarter.

No “transformational M&A, that is capable of radically changing the perimeter of the bank” is envisaged for the near future, not even with regard to wealth management where, in Messina’s opinion, “the internal potential to be developed is still high” and, in any case, “the difficulty of making a deal makes external growth impossible”.

On the other hand, as regards the Italian M&A, the banker believes that the downward revision, “to a level of reasonableness”, of the tax advantages (Dta) provided by the State to encourage marriage between operators is correct. “I think it is right to set a limit”, Messina pointed out, recalling how the integration with Ubi took place “without anyone giving us anything”. As for the Mps node, after the negotiations with Unicredit have stopped, «I believe there will be a third pole in public hands. This is the most likely scenario. It will be necessary to see if the other banks will have recompositions among themselves with market operations ». Returning to the quarterly report, between July and September Intesa recorded a net profit of 983 million (compared to 798 million estimated by analysts), 5.09 billion in revenues (-1.8% on 2020) with 1.99 billion in interest ( -6.1%) and 2.32 billion in net commissions (+ 6.5%). As for capital solidity, the pro forma Cet1 stands at 15.1 per cent. Lastly, an interim dividend of 1.4 billion (0.0721 euros per share) was approved, which will be paid on 24 November.

PREV Lazio, Property in Paideia for further checks: the situation
NEXT were negative he will return with Napoli