(ANSA) - MILAN, 05 MAY - Intesa Sanpaolo beats analysts' estimates and closes the first quarter with a net profit of around 2 billion euros (1.96 billion), up sharply compared to 1.04 billion in the same period of the year last year and 1.08 billion in the fourth quarter of 2022. The result is driven by net interest.
For 2023, the bank expects a significant increase in operating margin, deriving from a solid growth in revenues driven by net interest (interest in 2023 expected to be over 13 billion euro) and a continued focus on cost management, and a sharp drop in adjustments of net value on loans, with a consequent increase in net income to approximately 7 billion euro.
Intesa Sanpaolo expects a strong distribution of value with a cash payout ratio equal to 70% of the consolidated net profit for each year of the business plan and a possible further distribution to be assessed year by year.
"The hypothesis of an increase in taxation on bank profits is under discussion, in consideration of revenues from growing interest margins, in the current situation of rate hikes by the ECB. We will respectfully observe every decision taken by the government", he says Carlo Messina, CEO of Intesa Sanpaolo.
"At the same time - he adds - we hope that these additional levies, in the event that new tax rules are applied, will be used to deal with the major social emergency of the country, that of the growth of inequalities, by adopting measures for those who find themselves in greater difficulty".
(HANDLE).