Intesa Sanpaolo S p A: Business plan 2022-2025

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A strong Bank for a sustainable world

A leader in wealth management, protection and advice

Zero NPL, digital and paid

Intesa Sanpaolo 2022-2025 business plan

This presentation includes certain forward-looking statements, projections, objectives and estimates reflecting the current views of the Company’s management with respect to future events. Forward-looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “anticipate”. , “estimates”, “believes”, “intent”, “plan”, “goal” or “target” or the negative of these words or other variations of these words or comparable terminology. Such forward-looking statements include, but not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the future financial condition and results of operations of the Company, its strategy, plans, objectives, goals and targets and future developments in the markets in which the Company participates or seeks to participate.

Because of these uncertainties and risks, readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Group’s ability to achieve planned objectives or results depends on many factors beyond management’s control. Actual results may differ materially from (and be more negative than) those projected or implied by forward-looking statements. This forward-looking information involves risks and uncertainties that could materially affect expected results and is based on certain key assumptions.

All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

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Key messages

The 2022-2025 Business Plan formula

Final remarks

Intesa Sanpaolo today: a continuing success story

A proven delivery machine paying ~€19bn in cash dividends(1) since 2014 while strengthening the capital In a stimulating environment

A Fee-based, efficient and low-risk asset management and protection company with full ownership product

factories and ~€1.3 trillion in Client financial assets

Massive risk reduction(~54 billion euros of NPL deleveraging(2)) with the lowest ever stock and NPL ratios

One of the best Cost/Revenue ratios in Europe, at 52.5%, with a lean operating model and strong integration capabilities (e.g. UBI Banca)

~€8 billion out of 2020-2021 Before taxprofits allocated to succeed in the years to come

Leading bank in ESG, with a top position in major indices and rankings

Strong digital proposition: 93% of customers(3) already multi-channel; our mobile app(4) recognized by Forrester as #1

“Global Digital Experience Leader” in Europe

  1. Including €1.5bn to be paid in May 2022, linked to 2021 net income
  2. Since the peak of 30.9.15, of which ~€4.8bn of gross disposals of NPL 2022 already financed in 4Q21 and still accounted for in NPL at 31.12.21
  3. Scope Banca dei Territori (Italian retail and SME division)

(4) Used by 8.1 million customers, Banca dei Territori scope (Italian retail and SME division)

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2022-2025 Business Plan Highlights

NPL Zero Bank with no impact of calendar provisioning: net NPL ratio at ~1%(1) and Cost of risk at ~40bps

throughout the horizon of the Business Plan

Cost/income reduced to 46% in 2025, with Lower costs absolutely despite 7.1 billion euros of investments

CAGR of 2.3% of revenueGuided by Insurance commissions and income, and ~€1,500 billion in Customer financial assets

Leadership position in ESG further strengthened: the No. 1 bank in the world for Social Impact and strong focus on the climate, supporting the green transition

Solid capitalization: Basel 3/Basel 4 CET1 ratio fully progressive intarget >12%

Creation of increasing and sustainable value: €6.5 billion Net income in 2025 with ~14% ROTATION(2)

Strong distribution of value: 70% dividend distribution(3) each year of the business plan and a €3.4bn additional return of capital to Shareholders in 2022 by redemption(4)

> €22 billion total capital return via cash dividends and redemption for 2021-2025(5)with

any additional distribution to be assessed year by year from 2023

  1. According to EBA definition
  2. Net income/Tangible net equity (Equity excluding net income, AT1, Goodwill and other intangibles)
  3. On reported net income, subject to shareholder approval
  4. Subject to ECB and shareholder approval. Redemption amount equivalent to the 2019 suspended dividend
  5. Subject to ECB and shareholder approval and based on the achievement of The 2022-2025 business plan sets out net profit objectives. Of which €1.4 billion in 2021 interim dividends paid in November 2021. Amount of redemption equivalent to the 2019 suspended dividend

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Intesa Sanpaolo SpA published this content on February 04, 2022 and is solely responsible for the information contained therein. Distributed by publicunedited and unmodified, on February 04, 2022 07:45:04 UTC.

Public now 2022

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Analyst recommendations for INTESA SANPAOLO SPA

Sales 2021 20,696 million
23,664 million
23,664 million
Net income 2021 4,278 million
4,892 million
4,892 million
Net debt 2021

PER 2021 ratio 12.6x
2021 performance 7.14%
Capitalization 52,887M
60,470 million
60,470 million
capi. / Sales 2021 2.56x
capi. / Sales 2022 2.54x
# of employees 97,600
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Medium consensus TO BUY
Number of analysts 26
Last closing price

2,73 €

Average target price

2,92 €

Average Spread / Target 7.03%


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