Italian bank Intesa Sanpaolo (ISNPY.PK,IITSF.PK) reported Tuesday weak profit in its fourth quarter on lower net interest income, despite growth in net fee and commission income. Further, the firm lifted net income forecast for fiscal 2025.
For 2025, the company projects increasing revenues, with net interest income resilience, and growth in net fee and commission income.
The company further said the implementation of the 2022-2025 Business Plan is proceeding at full speed, with the outlook for 2025 net income raised to well above 9 billion euros. The company previously expected net income of over 8.5 billion for 2025.
Further, Intesa Sanpaolo plans buyback of 2 billion euros to be launched in June 2025.
The total dividend per share proposed for 2024 is 34.1 euro cents.
Additional distribution for 2025 will be quantified when full-year results are approved, the firm noted.
For the fourth quarter, consolidated net income amounted to 1.50 billion euros, lower than last year's 1.60 billion euros.
Operating income, however, grew 4.2 percent to 6.67 billion euros from 6.40 billion euros in the prior year.
Net interest income of 3.80 billion euros was down 5.2 percent from 4.01 billion euros a year ago.
Net fee and commission income amounted to 2.42 billion euros, up 14.2 percent from 2.12 billion euros a year ago.
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