the MILAN – today, Intesa Sanpaolo has closed the end of 2016, with a net profit of 3.1 billion, an increase of 13.6% compared to the previous year. In the quarter between October and December, which had not yet been made known, the profit rose to 776 million, from 13 million in the same period of 2015, but a little less of 804 million expected from the average of the analysts. Income quarterly increased to 4.2 billion, with net interest income decreasing to € 1.7 billion and net fees and commissions rising to $ 2 billion.
In the full year, the operating income declined by 1.5% to 16.9 billion, divided equally between net interest income (7.3 billion, 5.5%) and commission, net (7.3 billion, or 0.7%. Operating expenses decreased 0.7% to € 8.7 billion, for a ratio cost/income ratio increased to 51.2%. The board of directors will propose to the shareholders ‘ meeting the distribution of a cash dividend by 3 billion, and the bank has confirmed that in the entire span of the four-year 2014-2017 will distribute 10 billion in total dividends, as the business plan. So far, Intesa Sanpaolo, in the period you have already paid 6.6 billion euros of dividends, including the next ex-dividend.
In the last quarter of the financial year, which has reduced the mountain of impaired loans and the flow of these coming from those performing loans (“the lowest since the establishment of Intesa Sanpaolo”, reports a note), you would have gained more without the contributions of ordinary and extraordinary to the resolution fund, regular contributions to the guarantee fund of the deposits and expenses related to the adjustments of value concerning the Atlas and the voluntary scheme of the Interbank Fund for deposit Protection of Deposits”, that have reduced the net profits from 1.153 million to 776 million. This implies the devaluation of the 845 million invested in the fund Atlas to save the popular Vicenza and the Veneto region: the budget reflects adjustments to 227 million.
The bank is the “protagonist of the european scenario, with growth prospects that we will be able to catch a condition to maintain our ability to remunare members in a significant way and our strength is asset, which remains a competitive factor of crucial importance”, said Carlo Messina.
the reference is to The dossier, the General, which remain an object of assessment to Intesa Sanpaolo, but Trieste seems a bit more distant from the axis of the Milano-Torino of the bank. In a note in the morning, the institute had defined a “case study” the possible integration with the company, which in recent days has been heavily approached the bank for a possible extraordinary transaction, with the exceptional size for Italy. The action of the insurer is a little move (follow live), while the Agreement is slightly higher (follow live).
this Morning, the bank had stated: “With reference to recent media reports about the imminent launch of a public exchange offer concerning Assicurazioni Generali, showing also alleged related conditions, Intesa Sanpaolo – as anticipated by a spokesman yesterday afternoon,” he said in a press release issued a short while ago, as already announced to the market in the press release of 24 January. Intesa Sanpaolo confirms, therefore, that the possible combinations of the industry with Insurance companies in general are still only the subject of a ‘case study’, in the context of the multiple evaluations that the management of the bank performs regularly on the topic of growth options with endogenous and exogenous of the group.”
wonder also analysts. For Equity there are two concepts to take home: in the very short term are not expected to develop and Understanding has several options on the table, including – possibly – an exchange offer for 100% of shares and a mixed shares and cash. “Our base case – writes sim – is an offer on 60% of the General 19 euro, with 8 euro paid cash”. According to Hammer, Partners, the press release of the Agreement is “still confused” as it is not clear if the bank decided to drop its interest for the General, in a definitive way, or if you are looking at different options. For Intermonte timing seem to “stretch” and “the methods and objectives of Intesa Sanpaolo are not entirely clear”. In each case, the bank “does not seem to be willing” to launch a public offer of exchange. Always Intermonte does not exclude that the Agreement “has initiated discussions with both the regulators and t he Ecb to evaluate a possible impact on the capital” of the operation, “both with its shareholders and with those of the General to understand the modalities for a possible partnership.” If the appeal of speculative decreases “in short”, concludes there are “still a chance of significant developments in each other.”
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