Full Year 2021 Intesa Sanpaolo SpA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst : I just have 2 quick number questions. First of all, I just wanted to check your real number in '25, which is EUR 369 billion. So this seems to suggest you're growing quite a bit in terms of organic I'm just trying to understand because your plan is mainly fees and commission growth. So why is the organic order rate coming from? And also how much of the regulatory impact does that actually include I assume this is excluding Basel IV, but it must include also the 60 basis points regulatory impacts, which I assume is within the guideline or is it anything else? So just some clarification around what's in that number if there is any mitigation or not? And my second question is on your cost of risk target of around 40 basis points basis points. It doesn't seem to be quite consistent with the large NPL deleveraging that you have done and the 0 NPL policy. So I would have expected a lower run rate. So if you could just elaborate on that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 04, 2022 / 9:00AM, ISP.MI - Full Year 2021 Intesa Sanpaolo SpA Earnings Call

Question: Domenico Santoro - HSBC, Research Division - Analyst : Well, you almost answered all my questions already. Just a little bit of a color on the way that we should think about further shareholders' remuneration in the future. Because my understanding is that the plan is extremely conservative when it comes to loan loss provision. You have a number of contingency plans as well. Capital could be better. So the decision should we assume that every year, based on what is in excess of 12, you will make a decision in the future. And then on the back of this, I just wonder the spacing or the regulatory headwinds over the plan. So how much is it per year? And whether the optimization of risk with the assets that would have any impact on revenues?

Question: Domenico Santoro - HSBC, Research Division - Analyst : Very clear. Sticking with the optimization, revenue neutral? Or just...

Question: Hugo Moniz Marques Da Cruz - Keefe, Bruyette & Woods Limited, Research Division - Analyst : So 2 questions. One on NII, I think when the concern from investors that NII continues to decline sequentially. So can you give guidance for 2022? And when do you expect to see the NII growing again? And second, on fees, a big part of the story. But again, I think some concern from investors is around the amount of upfront fees and performance fees in the numbers. I understood from the plan that the plan did not assume any performance fees. If you could confirm that and if you could talk about the development of upfront fees that you expect in the plan.