The bank also announced with the 2023 accounts its intention to conduct a buyback next June of about 55 cents of a point of Cet1 as of Dec. 31, 2023, a note said.

A total dividend payout of 5.4 billion will be proposed at the Annual General Meeting, including 2.6 billion already paid in November as an interim dividend. The total dividend per share for 2023 is 29.60 cents, almost double the 16.39 cents for 2022.

For 2024 and 2025, the possibility of further distribution of value to shareholders will be evaluated year by year, the note says.

In the fourth quarter alone, net income was 1.6 billion, against expectations compiled by Lseg of 1.56 billion. In the last three months of 2023, net interest income was nearly 4 billion (up 4.8 percent over the third quarter and up 30.4 percent year-on-year), while net fee and commission income grew 0.7 percent quarter-on-quarter and was down 5 percent year-on-year to 2.11 billion.

Cet 1 stood at 13.7% taking into account the interim and balance dividend and would fall to 13.2% including the buyback. "Solid capitalization" is expected with confirmation of a Cet1 above 12 percent over the 2022-25 plan period.

Intesa accelerated in the stock market to +3% after the announcement of the accounts and then fell back to +1.22% against a Ftse Mib index up 0.23% and a banking index at +0.80%.

(Gianluca Semeraro, editing Claudia Cristoferi)