The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Delphine Lee - JP Morgan Chase & Co, Research Division - Analyst
: Just a few small quick questions, and then one on net interest income. Maybe just on my quick questions. Just wondering, the 10 basis points CET1
decrease, if you just can explain it, just very briefly. Secondly, on the P&L impact of the -- is there any P&L impact actually from the RBM acquisition?
I assume it's all goodwill and goes directly through equity, but I just wanted to check.
Thirdly, just on the tax rate, which for 2019 has been maybe slightly lower than expected. If you could just provide an update of what you consider
the normal run rate for 2020 and 2021?
And just on net interest income, would you mind just giving us for 2020, the amount of expiring bonds and issuances that you intend to make?
And if you don't mind, on the expiring bonds, just an average, sort of, rate of how much they cost? Just trying to get a better feel of the outlook
for NII, and particularly, on the spread component.
Question: Domenico Santoro - HSBC, Research Division - Analyst
: Just a clarification on the dividend side. You already kind of answered to my question. But if -- I mean, it's difficult to envisage any particular
transformation, top-up on provision this year. So the risk -- the upside risk, of course, is that the dividend for 2020 will be way above the level of
2019. So I'm just wondering whether we should apply this 75% payout to a sort of an adjusted net profit? Or you confirm this apply to stated net
profit? On the tier reserve -- tier reserve system? I was just wondering whether the pro rata for this quarter was already accrued in the NII?
And again, on provision, I was just wondering, whether you will confirm the EUR 1.8 billion provisioning level for 2020 -- 2021? This is probably the
number which a consensus is a bit more cautious. Or there is any impact from calendar provisioning of the new definition of defaulted by EBA?
Question: Domenico Santoro - HSBC, Research Division - Analyst
: Sure, sure. I beg your pardon. It was just on provision. I was just wondering whether you will confirm the level for 2021, which was EUR 1.8 billion.
This is probably the number on which a consensus is a bit more cautious? Or there is any change, which is calendar provisioning? Or EBA guideline
that might change this number?
And then just a follow-up on the capital. I mean you're very close to the level that you set as a target for 2021. You don't expect any negative apart
from the EBA guideline, if I understood correctly, which is 35 basis points. There might be some positive from DTA next year that you might want
to comment on. Just wondering with this level of capital, which you -- of course, you're are very confident, if there is any initial talk about buyback
of shares going into the end of the plan.
Question: Hugo Moniz Marques Da Cruz - Keefe, Bruyette & Woods Limited, Research Division - Analyst
: Just a quick question on a Tier 1. Do you have any -- can you quantify your plans to issue in the next 2 years?
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FEBRUARY 04, 2020 / 2:00PM, ISP.MI - Full Year 2019 Intesa Sanpaolo SpA Earnings Call
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