Intesa Sanpaolo - Consolidated Results as at 30 June 2023

The Board of Directors of Intesa Sanpaolo approved the consolidated half-yearly report as at 30 June 2023

The results for the first half of 2023 confirm that the Intesa Sanpaolo Group is able to generate sustainable profitability even in complex environments thanks to its well-diversified and resilient business model, with net income of €4.2bn driven by net interest income.

„The Bank’s unique business model developed over the years – defined by a traditional strength in commercial banking, a leading position in Wealth Management & Protection, and an advanced digital infrastructure – enables us to benefit from the current environment, while also ensuring resilience and profitability in the long term. Thanks to these distinctive elements, Intesa Sanpaolo is at the top of the sector in Europe and plays a uniquely important role in our country, contributing to economic growth and social cohesion“, said Carlo Messina, CEO of Intesa Sanpaolo.

The solid performance of income statement and balance sheet in the first half of the year translated into significant value creation for all stakeholders, also grounded in the Group’s strong ESG commitment: specifically, around €3bn dividends accrued, €2.6bn taxes generated and increased by around €590m on H1 2022 as a consequence of the net interest income growth which has driven the increase of around €1.9bn in net income, expanding the food and shelter programme for people in need (over 28.1 million interventions in the period 2022 – H1 2023), enhancing initiatives to fight inequalities and foster financial, social, educational and cultural inclusion (around €12bn of social lending and urban regeneration in the period 2022 – H1 2023).

Intesa Sanpaolo is fully equipped to continue operating successfully in the future given the Group’s key strengths, notably resilient profitability, a solid capital position, the “zero-NPL” Bank status and high flexibility in managing operating costs.

Net income of €4,222m in H1 2023, up 80% compared with €2,346m in H1 2022
Gross income up 61% on H1 2022
Operating margin up 28.5% on H1 2022
Operating income up 15.3% on H1 2022
Operating costs slightly up (0.9%) on H1 2022
Credit quality:
NPL stock down 3.6% net and 2.5% gross on year-end 2022
NPL ratio of 1.2% net and 2.3% gross, respectively 1% and 1.9% according to the eba methodology
Annualised cost of risk in H1 2023 at 25 basis points (from 70 basis points in 2022, 30 basis points when excluding adjustments for the exposure to Russia and Ukraine, for overlays and to favour de-risking, net of the partial release of generic provisions which were set aside in 2020 for future Covid-19 impacts)
A solid capital position, well above regulatory requirements:
Common equity tier 1 ratio as at 30 june 2023, after deducting from capital around €3bn of dividends accrued in H1 2023, at 13.7% fully loaded without taking into account the benefit of around 120 basis points deriving from the absorption of deferred tax assets (dtas) of which around 30 basis points within the Q3 2023 – 2025 horizon