Intesa Sanpaolo: Consolidated results as of 30 June 2022

The Board of Directors of Intesa Sanpaolo approved the consolidated half-yearly report as of 30 June 2022.

The results for the first half of 2022 confirm that Intesa Sanpaolo has been able to generate solid profitability and create value for all its stakeholders even in complex contexts, such as the context characterised by the current events involving Russia and Ukraine and the COVID-19 pandemic, thanks to its well-diversified and resilient business model. Value generation for all stakeholders is also grounded in the strong ESG commitment of Intesa Sanpaolo.

“We are presenting our first-half 2022 results in an extraordinarily complex context. The economic outlook is marked by a significant increase in inflation – which was already becoming evident at the beginning of the year – along with the consequent increase in social difficulties. For this reason, we have decided to allocate to our people in Italy and abroad an extraordinary contribution totaling nearly €50 million, benefiting 82,000 people in our Group. We also continue our support to the people of Ukraine through our €10 million donation to support humanitarian initiatives that were allocated immediately following the outbreak of the conflict“, said CEO Carlo Messina.

  • Net income of €3,276m in H1 2022 when excluding write-downs for the Russia-Ukraine exposure (up 8.4% vs €3,023m in H1 2021). stated net income of €2,354m.
  • Operating margin up by 4.2% on H1 2021
  • Operating income up by 0.9% on H1 2021
  • Operating costs down by 2.5% on H1 2021
  • Improvement in credit quality trend:
    • Decrease in NPLs:
  • Gross NPL reduction of around €54bn since the September 2015 peak
  • NPL stock down 26.9% gross and 13% net on year-end 2021
  • NPL to total loan ratio of 2.3% gross and 1.3% net, respectively 1.8% and 1% according to the EBA methodology; NPL ratio would be 2.2% gross and 1.2% net taking into account the reduction due to the additional disposals planned in 2022 already provisioned for in Q4 2021, respectively 1.7% and 1% according to the EBA methodology
  • Annualised cost of risk in H1 2022 to 61 basis points (from 59 basis points in 2021), 27 basis points when excluding adjustments for the Russia-Ukraine exposure NET of partial release of generic provisions set aside in 2020 for future COVID-19 impacts (from 25 basis points in 2021 when excluding provisions to accelerate NPL deleveraging)

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