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
: So I'd like to ask first on net interest income. At the start of the year, you mentioned that NII this year could still be slight -- potentially flattish. With
a 3% decline so far in the first half, do you think this is still achievable? And could you maybe point us to what tailwinds could we have in the second
half or how you're thinking about the second half outlook for NII?
And my second question is on the interim dividend. Can you maybe just explain a little bit the rationale for maybe not paying a little bit more than
EUR 1.4 billion, which is just below 50% -- or 46% payout ratio? Is it just out of prudence? Is there a call from the ECB for prudence, just trying to
think about the rationale for that?
Question: Domenico Santoro - HSBC, Research Division - Analyst
: A question on fees. I wonder given the message that we got from the other Italian wealth manager, this is going to probably be another record
year in terms of performance fees. So can you give us the update or performance fees of your asset management company as of today or an
indication whether they're going to be higher than last year? That would be useful to factor the seasonality in Q4.
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AUGUST 04, 2021 / 1:30PM, ISP.MI - Q2 2021 Intesa Sanpaolo SpA Earnings Call
Given also that these performance fees are paid 100% back to PMs, I just wonder whether we should include also the same seasonality on cost?
And whether your 2% -- minus 2% is something that we can model also for the end of the year in terms of cost, given that -- my understanding is
that synergies from UBI left are quite minimal. Going forward, is that beyond 2021, can you give us an idea -- we know how much the synergies
related to UBI, but it would be nice also to understand the direction in terms of cost because I see much variance in terms of consensus, mid-single
digit, high single digits, it will be very useful for us to model profitability?
And then a question on capital. From last call, I remember that they were mentioned something like 30 bps of regulatory headwinds for 2021. I
just wonder whether there is an accrual of this already in this quarter and how much is left for the second part of the year?
Question: Hugo Moniz Marques Da Cruz - Keefe, Bruyette & Woods Limited, Research Division - Analyst
: Just 3 quick questions. First, on the P&L, if you could give guidance for the tax rate in the second half? And then with the new plan, can you confirm
that the EUR 5 billion net income is still a starting point for 2022? And you're talking about cost-cutting. Is there a risk that we could see or should
we be assuming material restructure charges, one-offs from the new plan? That's it.
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AUGUST 04, 2021 / 1:30PM, ISP.MI - Q2 2021 Intesa Sanpaolo SpA Earnings Call
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