Intesa Sanpaolo S.p.A. (OTCPK:ISNPY) Q1 2024 Earnings Conference Call May 3, 2024 9:00 AM ET
Company Participants
Carlo Messina - Chief Executive Officer
Luca Bocca - Deputy Chief Financial Officer
Conference Call Participants
Azzurra Guelfi - Citi
Delphine Lee - JPMorgan
Pamela Zuluaga - Morgan Stanley
Ignacio Cerezo - UBS
Britta Schmidt - Autonomous Research
Andrea Lisi - Equita
Hugo Cruz - KBW
Fabrizio Bernardi - Intermonte.
Operator
Good afternoon, ladies and gentlemen. And welcome to the Conference Call of Intesa Sanpaolo for the Presentation of First Quarter 2024 Results hosted today by Mister Carlo Messina, Chief Executive Officer. My name is Razia, and I will be your coordinator for today’s conference. At the end of the presentation, there will be a question-and-answer session. [Operator Instructions]
I’ll remind you all that this conference is being recorded. At this time, I would like to turn the conference over to Mr. Carlo Messina, CEO. Sir, you may begin.
Carlo Messina
Welcome to our first quarter results conference call. This is Carlo Messina, Chief Executive Officer; and I’m here with Luca Bocca, our new CFO; Marco Delfrate and Andrea Tamagnini, Investor Relations Officers.
We delivered the best ever start to the year with high quality results. Also, thanks to a strong acceleration in commissions and insurance, income. Costs are firmly under control, while we are even investing in technology and asset quality remains excellent. €2.3 billion net income was the best quarterly net income since 2007.
Earnings per share grew 21% on a yearly basis and in 2024 we will reward shareholders with a total distribution of at least €7.3 billion, including the €1.7 billion buyback in June. In the quarter we increased the common equity ratio and we strengthened our zero NPL status. We clearly an additional distribution for this year and next will be evaluated year by
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