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Intesa announces share buyback after meeting 2021 profit goal

Intesa sets $25 billion payout goal and grasps digital challenge
Intesa sets $25 billion payout goal and grasps digital challenge   -   Copyright  Thomson Reuters 2022
By Reuters

MILAN – Italy’s biggest bank Intesa Sanpaolo on Friday posted a 2021 net profit of 4.2 billion euros ($4.8 billion) and said it would carry out a 3.4 billion euro share buyback, in addition to 2.9 billion euros cash dividends over 2021 results.

Intesa, which will present the new plan to 2025 later on Friday, said net profit for the year totalled 4.2 billion euros, versus a guidance of more than 4 billion euros.

Intesa wrote down loans for 1.2 billion euros in the fourth quarter after saying it wanted to start the new plan without any legacy problem loans.

($1 = 0.8731 euros)