MILAN, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Intesa Sanpaolo posted record-breaking results for the first nine months of 2024, with net income reaching €7.2 billion, a 17% increase over the previous year.
Read excerpts from CEO Carlo Messina’s remarks highlighting Intesa Sanpaolo’s unique strengths, including its strategic investments in digital transformation, which position Intesa Sanpaolo for sustained growth.
“The results of the first nine months of 2024 reaffirmed Intesa Sanpaolo’s position as a European leader: our market value now places us alongside BNP Paribas and Santander, despite these banks having considerably larger balance sheets.
“For 2024, we expect net income to exceed €8.5 billion, driven by significant actions aimed at further enhancing the sustainability of our performance. The net income target for 2025 has been raised to around €9 billion, reflecting the substantial organic growth potential of our bank.
“While the interest rate landscape is evolving, we are well-positioned to navigate these changes successfully, thanks to our highly diversified business model and the savings entrusted to us by families and businesses, which reached around €1.4 trillion as of September 30, 2024, up by over €135 billion from a year earlier.
“We lead the Eurozone in revenue growth and in the ratio of commissions and insurance activity to total revenue.
“Our strength is further bolstered by approximately 17,000 wealth management advisors—set to grow to 20,000 by 2027. We have identified €100 billion of clients’ financial assets that can drive growth of our asset management activities.
“Our rigorous cost management—all while increasing tech investments—has delivered our best-ever nine-month cost/income ratio at 39.1%.
“Technological innovation is a cornerstone of our success: we lead in Europe, with €3.5 billion invested in IT and approximately 2,250 IT specialists hired to date.”
Read here for more information on Intesa Sanpaolo’s Q3 results:
https://group.intesasanpaolo.com/en/newsroom/all-news/news/2024/highlights-3q24-results
Contact: international.media@intesasanpaolo.com
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