Your Money

Intesa to pay out over 22 billion euros to investors under new plan

Distressed Patriotic Flag Unisex T-Shirt - Celebrate Comfort and Country $11.29 USD Get it here>>


FILE PHOTO: New Intesa Sanpaolo skyscraper, designed by Italian architect Renzo Piano, is seen in Turin
FILE PHOTO: Intesa Sanpaolo skyscraper, designed by Italian architect Renzo Piano, is seen in Turin April 10, 2015. REUTERS/Giorgio Perrottino

February 4, 2022

MILAN (Reuters) -Intesa Sanpaolo, Italy’s biggest bank by assets, on Friday said it would drive its net profit to 6.5 billion euros ($7.5 billion) in 2025 and pay out more than 22 billion euros to investors over the period.

The capital distribution, which compares with more than 16 billion euros planned by rival UniCredit under its strategy unveiled in December, will start with 6.6 billion euros this year, including a 3.4 billion euro share buyback.

Intesa posted a 4.2 billion euro net profit for 2021, in line with expectations despite clean-up and restructuring costs in the fourth quarter to prepare for the new plan.

Intesa, which aims to further lower its cost-to-income ratio to 46.4% in 2025, said it would invest 5 billion euros in technology and growth in a digital push under the new plan, including a new digital bank.

($1 = 0.8729 euros)

(Reporting by Valentina Za; editing by Agnieszka Flak and Keith Weir)





Source link

TruthUSA

I'm TruthUSA, the author behind TruthUSA News Hub located at https://truthusa.us/. With our One Story at a Time," my aim is to provide you with unbiased and comprehensive news coverage. I dive deep into the latest happenings in the US and global events, and bring you objective stories sourced from reputable sources. My goal is to keep you informed and enlightened, ensuring you have access to the truth. Stay tuned to TruthUSA News Hub to discover the reality behind the headlines and gain a well-rounded perspective on the world.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.