联合圣保罗银行(ISNPY)
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Intesa Sanpaolo: Interest Rate Tailwinds Fading, But Earnings Remain Robust (Rating Downgrade)
Seeking Alpha· 2024-11-06 06:10
Intesa Sanpaolo ( OTCPK:ISNPY )( OTCPK:IITSF ) ("ISP" hereafter), Italy's largest bank by assets, remains on track to record another exceptional year. Not only do earnings remain incredibly robust, but the stock has continued its fine run, returning nearly 60% year-to-date (in USD terms, with dividends). This is roughly 40 pointsI like to take a long term, buy-and-hold approach to investing, with a bias toward stocks that can sustainably post high quality earnings. Mostly found in the dividend and income se ...
Intesa Sanpaolo(ISNPY) - 2024 Q3 - Earnings Call Transcript
2024-11-01 05:11
财务数据和关键指标变化 - 公司在2024年前九个月实现净收入72亿欧元,其中第三季度为24亿欧元,显示出强劲的增长 [5][6] - 每股收益同比增长20%,预计2024年净收入将超过85亿欧元,2025年将增加至约90亿欧元 [6][15] - 资本充足率提升至13.9%,较年初增加70个基点 [16][24] 各条业务线数据和关键指标变化 - 第三季度佣金收入同比增长10%,保险收入创下历史新高 [18][19] - 财富管理与保护业务在前九个月的佣金收入增长12% [19] - 物业与意外险的季度贡献环比增长10% [19] 各个市场数据和关键指标变化 - 客户金融资产同比增加1350亿欧元,第三季度增加250亿欧元 [18] - 意大利经济表现强劲,预计GDP将超越欧元区平均水平 [25] 公司战略和发展方向和行业竞争 - 公司将继续投资于技术,已投入35亿欧元,计划在未来三年内实现9000人退出,预计节省约5亿欧元 [7][9] - 公司在财富管理和保护领域的业务模式被认为是行业内的竞争优势 [27][28] - 公司准备应对金融科技挑战,认为自身在技术投资和人力资源方面具备优势 [10][27] 管理层对经营环境和未来前景的评论 - 管理层对未来的展望乐观,预计2025年净收入将达到90亿欧元,认为公司在各个利率环境下均具备增长潜力 [28][29] - 管理层指出,意大利企业的现金流状况良好,预计贷款需求将回升 [80] 其他重要信息 - 公司计划在2025年进行更多的成本削减,预计将继续减少行政成本 [21][40] - 公司在ESG方面的行动和社会影响力被强调为其核心竞争力之一 [25] 问答环节所有提问和回答 问题: 关于成本和资本使用的提问 - 关于成本,管理层表示将继续进行成本削减,预计在2025年将显著减少人员成本和行政费用 [34][36] - 关于资本使用,管理层确认将继续进行股票回购,预计在2024年和2025年将有显著的资本分配 [41][47] 问题: 关于资本和净利息收入的提问 - 管理层表示,预计2025年净利息收入将保持良好趋势,尽管Euribor下降 [45][46] - 对于资本分配,管理层确认将保持70%的现金分红政策,并有可能进行股票回购 [47] 问题: 关于资产管理和贷款增长的提问 - 管理层对资产管理的增长持乐观态度,预计未来几季度将继续增加净流入 [72][75] - 关于贷款增长,管理层预计在2025年将实现低个位数的增长,主要受益于意大利经济的复苏 [81][83] 问题: 关于保险收入和交易收益的提问 - 管理层指出,保险收入的下降主要是由于人寿保险的负面趋势,但预计在2025年将恢复增长 [90][91] - 对于交易收益,管理层认为在Euribor下降的情况下,交易收入将有助于抵消净利息收入的下降 [92][93] 问题: 关于风险成本和未来的提问 - 管理层表示,预计未来的风险成本将保持在30个基点以下,且不会使用任何覆盖 [98][99] - 对于净利息收入,管理层承认第四季度可能会出现下降,但对未来持乐观态度 [100][101]
Intesa Sanpaolo reports record Q3 2024 results alongside CEO Carlo Messina's vision for sustained growth
GlobeNewswire News Room· 2024-11-01 01:40
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 Europea ...
Intesa Sanpaolo(ISNPY) - 2024 Q3 - Earnings Call Presentation
2024-11-01 00:52
业绩总结 - 2024年前三季度净收入为72亿欧元,同比增长17%[4] - 第三季度净收入为24亿欧元,同比增长26%[21] - 2024年前三季度营业收入增长9%,营业利润率为14%[19] - 2024年第三季度净利息收入增长至119亿欧元,全年指引提高至超过155亿欧元[6] - 2024年前三季度佣金收入增长8%,达到69.7亿欧元[25] - 2024年9月的净收入为7,167百万欧元,同比增长17.1%[139] - 2024年9月的营业收入为20,439百万欧元,同比增长8.5%[139] - 2024年9月的毛收入为11,420百万欧元,同比增长13.4%[139] 用户数据 - 2024年9月30日,客户金融资产达到1.378万亿欧元,同比增长10.9%[160] - 2023年前九个月客户金融资产增加730亿欧元,其中第三季度增加250亿欧元[70] - 2024年9月30日,客户贷款总额为421,946百万欧元[135] - 2024年9月30日,客户数量约为74,200[120] - 2023年新增约58,000份合同,客户金融资产流入达184亿欧元[116] 未来展望 - 预计2025年净收入指引超过80亿欧元,CET1比率预计在14%至15%之间[15] - 预计2025年巴塞尔4影响将导致约40个基点的CET1比率下降[61] - 预计2024年和2025年的股息收益率分别为10%和10.5%[16] - 预计到2025年,数字业务将为公司增加约5亿欧元的毛收入贡献[76] - 预计到2025年将新增约100万名客户,带来额外的毛收入[81] 新产品和新技术研发 - 2023年3月推出的意大利首张共标识借记卡,专为商业客户设计[116] - 2023年推出的Alpian数字银行平台,提供多币种财富管理和财务顾问服务[116] - 2023年,意大利首家银行推出Nexi SoftPOS解决方案,允许智能手机和平板电脑进行无接触数字支付[116] - 超过50%的应用程序已迁移至云端,云迁移进展顺利[77] - 通过AI的全面应用,预计到2025年将为公司增加约1亿欧元的毛收入[113] 市场扩张和并购 - 2023年10月,签署收购99.98% First Bank的合同,预计于2024年5月31日完成[118] - Eurizon在2023年7月与Eurobank资产管理公司签署谅解备忘录,进入希腊市场[117] - 2024年第二季度,推出Visa商业解决方案,针对商业信用卡[116] 负面信息 - 预计2025年巴塞尔4的影响约为40个基点[168] - 俄罗斯市场的客户贷款风险暴露已降至集团客户贷款的0.1%[192] - 2023年第三季度新不良贷款的净流入为494百万欧元,较2024年第二季度的661百万欧元有所下降[185] 其他新策略和有价值的信息 - 2024年9月的流动性比率目标为115%,MREL比率为21.7%[63] - 2024年,ISP在全球ESG企业奖中被评为最佳多样性、公平与包容性公司[132] - 2024年,ISP被评为Top Employer,连续第三年获此殊荣[133] - 2024年9月,ISP的ESG投资产品渗透率达到76.7%[129] - 2024年9月,ISP的绿色专用S贷款自2020年7月推出以来累计发放约63亿欧元[129]
Intesa Sanpaolo: 10% Sustainable Yield For The Largest European Bank
Seeking Alpha· 2024-10-28 23:24
I focus on long term growth and dividend growth investing. I follow both the US and the European stock markets, looking for undervalued stock and/or for high quality dividend growing companies that provide me with cash to reinvest. Over time, I have come to realize that profitability is a much safer driver of gains than low valuation. As a result, I give utmost importance to margins, free cash flow stability and growth, and returns on invested capital. I research stocks within my areas of competence and whe ...
Intesa Sanpaolo is the World's Leading Bank for Diversity and Inclusion in the 2024 “Ftse Diversity & Inclusion Index – Top 100”
GlobeNewswire News Room· 2024-09-23 21:30
MILAN and TURIN, Italy, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Intesa Sanpaolo has been ranked the world's leading bank among the 100 most inclusive and diversity-sensitive workplaces in the FTSE Diversity & Inclusion Index – Top 100, the FTSE Russel (formerly Refinitiv) international index. The Group ranks seventh globally among all companies, and is the leading banking group worldwide as well as the only Italian bank in the index. The analysis by FTSE Russell assesses more than 15,500 listed companies worldwi ...
Intesa Sanpaolo Leads in Europe for Relations with Investors and Analysts and for Best ESG Program
GlobeNewswire News Room· 2024-09-05 22:36
MILAN, Sept. 05, 2024 (GLOBE NEWSWIRE) -- LaPresse- Intesa Sanpaolo is once again Europe's leading bank for relations with institutional investors and financial analysts and for Best ESG Program, according to the 2024 survey by the research firm Extel (formerly Institutional Investor Research). Carlo Messina CEO of Intesa Sanpaolo Carlo Messina is the Best CEO in the European banking sector for the seventh year since the ranking was introduced nine years ago, reflecting the votes of both institutional inves ...
Intesa Sanpaolo: Low-Risk Visibility And Attractive Return
Seeking Alpha· 2024-08-27 18:27
tupungato Despite an impressive performance since our initial buy rating, here at the Lab, we still believe in Intesa Sanpaolo's (OTCPK:ISNPY) (OTCPK:IITSF) (ISP) future stock price appreciation. For our new readers, the group is the largest Italian bank in terms of volumes and branches, with approximately 20% of the market share following the UBI acquisition in 2020. The bank has a strong franchise, both in retail banking activities and in the wealth management division, with an exceptional track record of ...
ISNPY or HDB: Which Is the Better Value Stock Right Now?
ZACKS· 2024-08-20 00:46
Investors interested in Banks - Foreign stocks are likely familiar with Intesa Sanpaolo SpA (ISNPY) and HDFC Bank (HDB) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look. Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends ...
Intesa Sanpaolo: Still Making Hay While The Sun Shines
Seeking Alpha· 2024-08-07 07:56
tupungato Italian banking giant Intesa Sanpaolo (OTCPK:ISNPY)(OTCPK:IITSF)("ISP" hereafter) continues to generate record financial results amid a supportive macro backdrop. These shares had re-rated to around 1x tangible book value when I last covered them back in January, but I didn't think that was an especially taxing valuation given the bank was comfortably clearing a double-digit return on tangible equity. ISP has continued to outperform European financials (EUFN) since then, returning roughly 28% with ...