Intesa Sanpaolo: First half 2022 results
Intesa Sanpaolo delivered excellent results in the first half of 2022, continuing to execute the 2022-2025 Business Plan announced in February, while building a strong bank for the future. The results achieved show how the Group is able to generate significant and sustainable profitability thanks to a highly diversified and resilient business model, even in a challenging environment.
Following are some key highlights of Intesa Sanpaolo’s first half 2022 results:
• €2,354m H1 stated Net income (€1,330m in Q2), thanks to the highest-ever Operating income and Operating margin
• €3.3bn H1 Net income excluding €1.1bn provisions/writedowns for Russia-Ukraine exposure, the best first half since 2008
• Strong acceleration of Net interest income in Q2 (+6.9% vs Q1)
• Q2 the best quarter ever for Insurance income
• Resilient Commissions despite negative market performance
• Cost/Income ratio down to 47.5%
• €4.1bn gross NPL stock reduction in H1 (with gross NPL ratio at 1.8%)
• 2022-2025 Business Plan proceeding at full speed, with key industrial initiatives well underway.
More information on the 1H22 financial results together with the outlook and main industrial initiatives of the Intesa Sanpaolo 2022-2025 Business Plan are available in the Group’s Investor Relations section.