Intesa Sanpaolo Backs Guidance
November 04 2020 - 7:58AM
Dow Jones News
By Pietro Lombardi
Intesa Sanpaolo SpA backed its guidance on Wednesday as it
released its third-quarter results, which consolidate the
contribution of UBI Banca, and said it will ask the European
Central Bank for the green light to distribute shareholders cash
from reserves next year.
The Italian bank confirmed its profit guidance for this year and
the next, as well as the profits outlook for the combined entity in
2022.
Intesa also confirmed its dividend policy, which foresees a cash
dividend corresponding to a payout ratio of 75% for this year and
70% for the next.
"In addition to the envisaged distribution of cash dividends
from the 2020 net income, Intesa Sanpaolo intends to obtain
approval from the ECB to distribute cash from reserves in 2021 in
light of the allocation of the 2019 net income to reserves in
2020," it said.
Quarterly net profit was 3.81 billion euros ($4.47 billion), a
figure that includes the contribution of UBI and EUR3.26 billion
badwill related to the acquisition of its smaller rival. Excluding
badwill and the contribution of UBI, net income was EUR507 million.
In the same period last year, net profit was EUR1.04 billion.
Intesa Sanpaolo in July secured investor support to take over
UBI Banca, in a merger that creates Italy's largest bank by
assets.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
November 04, 2020 07:43 ET (12:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Intesa Sanpaolo (BIT:ISP)
Historical Stock Chart
From Apr 2024 to May 2024
Intesa Sanpaolo (BIT:ISP)
Historical Stock Chart
From May 2023 to May 2024