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 - JPMorgan Chase & Co, Research Division - Analyst
: Yes. So I just want to come back on the dividend. Just wanted to clarify that your -- the full year '19 dividends that you intend to pay, if you get the
approval, that's EUR 3.4 billion or is it 0.197, just to clarify. And also related to that, where do you get the confidence that you can get the approval
from the ECB early 2021? It does seem that other CEOs in Europe seem to think the contrary. So if you could maybe elaborate a little bit on this,
that would be very helpful.
And also on the question of dividend, do you think there will be some scrutiny from the SSM on the payout ratio? And do you expect any issues
on your 75% or 70% payout ratios -- ratio targets or not at all?
And then just on -- to go back on provisions, so your guidance for this year, the 90 basis points, is quite clear. But would you rule out any additional
provisioning by year-end, if you include also UBI, even beyond the EUR 1.8 billion that you had already planned as part of the usage of badwill, just
to understand a little bit the outlook on what we should expect on -- in terms of acceleration of the NPL stock?
And lastly, on net interest income, which was maybe a little bit, sort of, we've seen some weak trends this quarter. If you could provide maybe some
guidance on what we could expect for the rest of the year, including also the benefit from TLTRO? That would be great.
Question: Domenico Santoro - HSBC, Research Division - Analyst
: I think Alberto deserve some answer. Should I go ahead with my question in the meanwhile? Hello? Can you hear me. Okay, guys. I'm waiting for
a go-ahead from you.
Question: Domenico Santoro - HSBC, Research Division - Analyst
: So I will ask my...
Question: Domenico Santoro - HSBC, Research Division - Analyst
: Three very quick question from my side. First of all, thanks for -- appreciate that you gave us the direction of the NII over the next quarters, that is
going to be positive. Can you help us to work out how much is going to be the incremental contribution from the TLTRO? Shall we just applied 1%
on the total, so we got the incremental contribution? Or like other banks are pointing out in Europe a lower percentage, given that most of this
liquidity is given back to the ECB. So an absolute number would help.
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AUGUST 04, 2020 / 1:00PM, ISP.MI - Q2 2020 Intesa Sanpaolo SpA Earnings Call
Second, on fees. I was wondering whether there is any though of unrealized performance fees at a reason that might emerge in the fourth quarter
as usual, assuming that the market doesn't collapse, of course.
And third, I see that you are going to integrate the IT system -- the IT integration will be relatively quick at the beginning of 2021. So for the benefit
of our model, I was just wondering whether you can help us to understand what could be the phasing of the cost synergies and whether -- I mean,
a chunk of cost synergies might be already front-loaded in 2021?
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