By Pietro Lombardi

 

Intesa Sanpaolo SpA backed its guidance on Wednesday as it released its third-quarter results, which consolidate the contribution of UBI Banca, and said it will ask the European Central Bank for the green light to distribute shareholders cash from reserves next year.

The Italian bank confirmed its profit guidance for this year and the next, as well as the profits outlook for the combined entity in 2022.

Intesa also confirmed its dividend policy, which foresees a cash dividend corresponding to a payout ratio of 75% for this year and 70% for the next.

"In addition to the envisaged distribution of cash dividends from the 2020 net income, Intesa Sanpaolo intends to obtain approval from the ECB to distribute cash from reserves in 2021 in light of the allocation of the 2019 net income to reserves in 2020," it said.

Quarterly net profit was 3.81 billion euros ($4.47 billion), a figure that includes the contribution of UBI and EUR3.26 billion badwill related to the acquisition of its smaller rival. Excluding badwill and the contribution of UBI, net income was EUR507 million. In the same period last year, net profit was EUR1.04 billion.

Intesa Sanpaolo in July secured investor support to take over UBI Banca, in a merger that creates Italy's largest bank by assets.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

 

(END) Dow Jones Newswires

November 04, 2020 07:43 ET (12:43 GMT)

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