May 5, 2020 / 10:42 AM / 25 days ago

BRIEF-Intesa Sanpaolo Q1 Net Profit At EUR 1.15 Bln

May 5 (Reuters) - Intesa Sanpaolo Spa:

* Q1 NET PROFIT EUR 1.15 BILLION VERSUS EUR 805 MILLION IN REUTERS POLL

* FULLY-LOADED PROFORMA CET1 RATIO 14.5% AT END-MARCH VERSUS 14.1% AT END-DEC

* Q1 NET LOAN WRITEDOWNS EUR 403 MILLION VERSUS EUR 693 MILLION IN Q4

* Q1 FEES EUR 1.84 BILLION VERSUS EUR 2.17 BILLION IN Q4

* NON-PERFORMING LOAN COVERAGE RATIO AT END-MARCH OF 53.6%

* GROSS NON-PERFORMING LOAN RATIO AT END-MARCH DOWN 4.1%

* SEES NET PROFIT OF NO LESS THAN 3 BILLION EUROS IN 2020 AND 3.5 BILLION EUROS IN 2021

* Q1 OPERATING INCOME EUR 4.88 BILLION VERSUS EUR 4.25 BILLION IN REUTERS POLL

* NET PROFIT GUIDANCE ASSUMES POTENTIAL COST OF RISK UP TO AROUND 90BPS IN 2020 AND UP TO AROUND 70BPS IN 2021

* BUSINESS PLAN PROJECTION OF PRO-FORMA FULLY LOADED COMMON EQUITY TIER 1 RATIO ABOVE 13% IN 2021 IS CONFIRMED

* DIVIDEND POLICY INDICATED IN THE 2018-2021 BUSINESS PLAN IS CONFIRMED

* CONFIRMS RATIONALE OF OFFER FOR UBI BANCA TAKES ON EVEN STRONGER SIGNIFICANCE AMID COVID-19

* COUNTS ON SOLID BUFFER AGAINST COVID-19 IMPACTS, CONSISTING OF €300M PROVISIONS SET ASIDE IN Q1 AND CAPITAL GAIN ON NEXI TRANSACTION

* DIVIDEND POLICY SEES DISTRIBUTION OF CASH DIVIDENDS CORRESPONDING TO A PAYOUT RATIO OF 75% OF NET INCOME FOR 2020 AND 70% FOR 2021

* SYNERGIES IN OFFER FOR UBI BANCA ARE CONFIRMED

* ESTIMATES COMBINED GROUP WITH UBI BANCA COULD POST NET INCOME OF NO LOWER THAN €5 BILLION IN 2022

* DIVIDEND POLICY FOR COMBINED GROUP: PAYOUT RATIO OF 75% OF NET INCOME FOR 2020

* EXPECTED PRO-FORMA FULLY LOADED CET1 FOR COMBINED GROUP ABOVE 13% IN 2021 IS CONFIRMED Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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