Intesa Sanpaolo: results for the first nine months of 2022.
Intesa Sanpaolo delivered high-quality earnings in the first nine months of 2022 driven by a strong acceleration of Net interest income, supported by its standing as a Zero-NPL Bank and the strong third-quarter reduction of exposure to Russia that is now approaching zero.
Following are some key highlights of Intesa Sanpaolo’s 9M22 results:
• €4.4 billion Net income, when excluding Russia de-risking; €3.3 billion reported Net income
• ~65% reduction of Russia exposure in Q3 (-€2.3 billion), down to just 0.3% of Group loans
• Highest-ever 9M Operating income and Operating margin
• Significant growth in Net interest income with strong acceleration in Q3 (+14.1% vs Q2)
• Best-ever Insurance income
• Strong decrease in Operating costs with Cost/Income ratio down to 49.4% while investing in technology
• Among the lowest NPL stock and ratios in Europe
• Very low underlying cost of risk, driven by Zero-NPL Bank status
In the first nine months, Intesa Sanpaolo worked along two dimensions: first, delivering high-quality results in the short term and, second, building a strong bank for the next ten years, by continuing to execute the 2022-2025 Business Plan.
More information on the 3Q22 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.
Intesa Sanpaolo: Consolidated results as at 30 september 2022: https://group.intesasanpaolo.com/en/investor-relations/press-releases/2022/11/20221104-ris-3q22-uk
3Q22 results: Statement by CEO Carlo Messina: https://group.intesasanpaolo.com/en/newsroom/news/all-news/2022/3q22-results-ceo-statement