Intesa Sanpaolo has posted its best-ever financial results, closing 2024 with a net income of €8.7 billion, up 12% compared to 2023. This outstanding performance enables the bank to distribute €6.1 billion in cash dividends to shareholders for 2024. Additionally, subject to shareholder approval, a new €2 billion share buyback will be launched in June. With strong profitability and a robust capital position, Intesa Sanpaolo has raised its net income guidance for 2025 to well above €9 billion.
Strong revenue growth and cost efficiency
Intesa Sanpaolo recorded significant growth in commissions, up 9% compared to 2023, with acceleration in Q4. Insurance income reached an all-time high, increasing by 4% year-over-year. Customer financial assets expanded by €77 billion, reaching around €1.4 trillion, supported by €5.1 billion in net inflows into Assets under Management (AuM) in Q4.
Despite heavy investments in technology, cost discipline remains a priority. The bank achieved a record-low cost/income ratio of 42.7%, one of the best in Europe.
Technology investments and digital transformation
Technology remains at the core of Intesa Sanpaolo’s strategy. The bank has invested €4.2 billion in digital transformation, hiring over 2,300 IT specialists and migrating 62% of its applications to the cloud.
Isybank, the bank’s digital-only platform, saw a surge in new customers in Q4, surpassing a total of 500,000 new sign-ups. This brought the total isybank customer base close to 900,000, reinforcing its position as a key digital player.
Outlook for 2025 and beyond
The bank expects net income to be well above €9 billion in 2025, maintaining strong and sustainable profitability. Plans include returning over €6 billion in cash dividends, with additional distributions to be determined at year-end.
Carlo Messina – CEO of Intesa Sanpaolo, remarked on the results:
“We are over-delivering on our commitments as we enter the final year of our Business Plan. We just delivered our best-ever net income, at €8.7 billion. This rises to €9 billion when excluding non-recurring items and the €900 million in gross income managerial actions taken to strengthen future profitability.”
“Our 2024 results are marked by our best-ever Insurance income and strong growth in commissions. Costs remained stable, asset quality was top-tier, and customer financial assets increased by €77 billion. We leveraged Q4 profitability to reinforce our buffers and sustain future results, while increasing our net income guidance for 2025 to well above €9 billion.”
“We continue to invest in technology, with €4.2 billion already deployed, more than 2,300 IT specialists hired, and over 60% of applications already cloud-based. Isybank now has over 500,000 new clients, with a strong acceleration in Q4. This brings the total Isybank customer base to nearly 900,000, giving us significant scale.”
“Our tech investments are also enabling a generational shift in our workforce. In three years, we will see 9,000 exits, allowing us to attract new talent and enhance efficiency. We are generating significant synergies internally, with no need for acquisitions, and avoiding related execution risks.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
