Net income for Q1 2017 was €901 million, above the quarterly quota of the €3.4 billion cash dividend commitment for 2017. Excluding contributions and other charges concerning the banking industry, net income was €1,183 million.
Around €800 million net capital gain from the sale of all funds, which was signed in q1, is to be booked in H2 2017.
Q1 2017 results reflect the strengths of Intesa Sanpaolo’s unique business model: revenue generation enhanced by fee growth, and best-in-class efficiency.
operating performance improved: up 18.4% on q4 2016 and up 1.5% on Q1 2016. assets under management rebounded strongly (up €6 billion in the quarter).
The capital base was strong and well above regulatory requirements, even under the adverse scenario of the stress test. pro-forma fully loaded common equity ratio was 12.9%, net of dividends accrued in the quarter.
The credit quality trend improved: the past 18 months recorded a €7.5 billion gross NPL stock reduction, which was achieved at no extraordinary cost to shareholders, and in q1 2017 gross NPL inflow from performing loans was at its lowest since the creation of Intesa Sanpaolo.
Intesa Sanpaolo continues to operate as an accelerator for growth in the real economy in Italy. in q1 2017, medium/long-term new lending granted by the group to Italian households and businesses amounted to around €12.5 billion (up 22% on q1 2016). in Q1 2017, the bank facilitated the return to performing status of about 5,000 companies – bringing the total to over 57,000 since 2014.