Intesa Sanpaolo: Strong Earnings And Higher Capital Returns Still Support A Buy

Summary Q2 delivered record earnings, supported by stronger NII, resilient fees, and disciplined cost control. Non-interest revenues now represent a larger share of the mix, reducing reliance on the rate cycle. The 95% payout framework supports an attractive dividend and continued buybacks, even on a standalone basis. MPS adds strategic upside, while our valuation still points to a favorable total-return profile. David Taljat/iStock Editorial via Getty Images Following our recent analysis of UniCredit (again rated a buy, after two years of no publication), today we are back to comment on Intesa Sanpaolo ( ISNPY ) ( IITSF ). Our team had This article was written by Mare Evidence Lab 6.17K Followers Follow Buy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as they might be, and must be treated as such. We take no responsibility for your investments but wish you best of luck. Analyst’s Disclosure: I/we have a beneficial long position in the shares of ISNPY, IITSF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.