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Intesa Sanpaolo Q4 Net Loss Including UBI Takeover One-Offs At EUR 3.10 Bln

Feb 5 (Reuters) – Intesa Sanpaolo SpA:

* FY NET PROFIT INCLUDING UBI TAKEOVER ONE-OFFS EUR 3,277 MILLION

* Q4 NET LOSS INCLUDING UBI TAKEOVER ONE-OFFS EUR 3,099 MILLION

* Q4 NET PROFIT EXCLUDING UBI TAKEOVER ONE-OFFS EUR 10 MILLION

* CASH DIVIDENDS PROPOSAL FOR € 694 MILLION, EQUAL TO MAXIMUM PERMITTED BY ECB RECOMMENDATION

* Q4 NET INTEREST INCOME EUR 2.19 BILLION VERSUS EUR 2.10 BILLION IN Q3

* Q4 FEES EUR 2.58 BILLION VERSUS EUR 2.13 BILLION IN Q3

* Q4 LOAN WRITEDOWNS EUR 1.48 BILLION VERSUS EUR 938 MILLION IN Q3

* VALUE GENERATION FOR ALL STAKEHOLDERS TO BE ACCRETED BY COMBINATION WITH UBI BANCA, WITH SYNERGIES HIGHER THAN ORIGINAL ESTIMATES, AND BY MORE THAN €6 BILLION OUT OF PRE-TAX PROFIT DEVOTED BY THE GROUP IN 2020

* FULLY LOADED CET1 RATIO AT END-DEC 15.4%

* IN 2021, INTESA SANPAOLO GROUP, INCLUDING ACQUISITION OF UBI BANCA, IS EXPECTED TO RECORD NET INCOME EXCEEDING €3.5BN, WITH COST OF RISK BELOW 70BPS

* 2020 NPL RATIO WAS 4.9% GROSS AND 2.6% NET (4.4% AND 2.3% INCLUDING THE CONTRIBUTION OF UBI BANCA)

* 2020 NPL STOCK DOWN 34.6% GROSS AND 27.3% NET ON YEAR-END 2019

* COST OF RISK AT 50 BASIS POINTS IN 2020 EXCLUDING THE IMPACT OF LOAN ADJUSTMENTS FOR FUTURE COVID-19 IMPACTS

* BOARD PROPOSES DISTRIBUTION OF 3.57 EURO CENTS PER SHARE

* NPL CASH COVERAGE RATIO WAS 49.4% AT THE END OF DECEMBER 2020 EXCLUDING THE CONTRIBUTION OF UBI BANCA (48.6% INCLUDING IT)

* 2020 NET INCOME WAS €3,505 MILLION EXCLUDING THE ITEMS RELATED TO THE ACQUISITION OF UBI BANCA

* SEES CASH DISTRIBUTION FROM RESERVES FOR 2020 RESULTS POSSIBLY BY END OF 2021, WITH PAYOUT RATIO OF 75% OF EUR 3.5 BILLION ADJUSTED NET INCOME

* FOR 2021 RESULTS, PAYMENT OF AMOUNT OF CASH DIVIDENDS CORRESPONDING TO PAYOUT RATIO OF 70%, TO BE PARTIALLY DISTRIBUTED AS INTERIM DIVIDEND THIS YEAR

* TAKING INTO ACCOUNT GROUP’S DIVIDEND POLICY FOR 2020 AND 2021 RESULTS, CAPITAL RATIOS REMAIN STRONG, WITH PRO-FORMA FULLY LOADED COMMON EQUITY TIER 1 RATIO MINIMUM AT 13% IN 2021 (AT 12% FULLY PHASED-IN

* SEES SYNERGIES WITH UBI TO GROW TO OVER EUR 1 BLN – FULLY IMPLEMENTED IN 2024 AND AT LEVEL ABOVE 80% IN 2023 Source text for Eikon: Further company coverage: (Gdansk newsroom)


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