Italian bank Intesa Sanpaolo (ISNPY.PK, IITSF.PK) reported Friday that its first-quarter net income climbed 17.6 percent to 2.30 billion euros from last year's 1.96 billion euros.
Gross income went up 16.9 percent to 3.93 billion euros from last year's 3.36 billion euros.
Operating income grew 11.1 percent to 6.73 billion euros from last year's 6.06 billion euros. Operating margin went up 18.2 percent.
Net interest income was up 20.8 percent, net fee and commission income grew 6.3 percent, and income from insurance business went up 14.6 percent.
Looking ahead for fiscal 2024, the company continues to project solid revenue growth, driven by a further increase in net interest income and growth in net fee and commission income and income from insurance business.
The implementation of the 2022-2025 Business Plan is proceeding at full speed, with the prospect of net income in 2024 and 2025 to exceed 8 billion euros.
The company further plans an increase in the dividend per share for 2024 and 2025, compared to that of 2023. A buyback of 1.7 billion euros will be launched in June 2024.
Intesa Sanpaolo further said that additional distribution for 2024 and 2025 will be evaluated year by year.
In Milan, Intesa Sanpaolo shares were trading at 3.53 euros, down 1.16 percent.
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