Intesa Sanpaolo SpA Q3 2021 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 : Yes. I'd like to just ask about just a very short term about this year's performance in Q4. Clearly, we've already achieved EUR 4 billion. I was just wondering what we should expect in terms of provisioning again in Q4 or anything that we should be aware in terms of cost increase. Just trying to get a sense of sort of how much you can anticipate to improve profitability in the plan for the future? And also, in terms of -- can you just remind us like the stock of provisions you've taken for us -- well, for Stage 2 loans? And how much of that has already been used just to get a sense of how much could be written back over time? And I just wanted to follow up on Antonio's question, just briefly on Basel IV. Is your guidance still unchanged around, if I remember correctly, 80 basis points of Basel IV?

Question: Domenico Santoro - HSBC, Research Division - Analyst : Just a few questions from my side. I will be very quick. First of all, I mean, other banks in Europe, they are releasing the COVID-related provision. The macro overlay that they have booked last year. So I'm just wondering if you could quantify them. . And whether at the point accountant that we ask you to release, if everything goes right next year. And I'm just wondering, if those are the provision on which you will do a sort of assessment in the fourth quarter to accelerate the leveraging to build up a profitability in the future. The second is on capital. I mean the quality of your balance sheet now makes us in a position to look carefully at your excess capital. So I'm just wondering whether this 12% minimum that you fix in a way, is that after Basel IV and it is comparable with the 13.8% that you're having this quarter? This is just a methodological question. And whether the 70% payout that you confirm for 2021 could be consider there was a as a raise for the next years and therefore our models? And then on cost, I mean, a chunk of the savings related to the merger, they're going to filter already next year. And I wonder, if you could give us the direction for cost, which is going to be negative for sure or a range in the case of revenues that go very strong or in case you may use cost also as a contingency plan.