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

by Mike Robinson

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© Reuters. FILE PHOTO – The Intesa Sanpaolo Skyscraper designed by Renzo Piano in Italy can be seen in Turin on April 10, 2015. REUTERS/Giorgio Perrottino

MILAN (Reuters), -Intesa Sanpaolo in Italy, the country’s largest bank, said Friday that it will increase its net profit by 6.5 billion euro ($7.5 billion) and give out 22 billion euros over the same period to investors.

This year’s capital distribution is compared with the more than 16 Billion euros that UniCredit has planned under their strategy, unveiled December. It will begin with 6.6Billion euros and include a 3.4Billion Euro share buyback.

Intesa recorded a net profit in 2021 of 4.2 Billion Euros, which was consistent with forecasts despite restructuring and cleanup costs in its fourth quarter.

Intesa said that the plan would see it invest 5billion euros in technology, growth, and technology in order to reduce its cost-to income ratio to 46.4% by 2025.

($1 = 0.8729 euros)

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