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.
«Intesa Sanpaolo remains an engine of the country's real and social economies. In the first half of the year, medium- and long-term lending to households and businesses totaled €32.4 billion in Italy (€42.2 billion in total), and we helped 2,100 Italian businesses return to performing status» - said Carlo Messina, CEO of the Intesa Sanpaolo Group, in its statement regarding the financial results for the first half of 2022.
Highlights of Intesa Sanpaolo in the first half of 2022:
- net income at €3,276m when excluding write-downs for Russia and Ukraine (up 8.4% vs €3,023m in H1 2021), stated net income at €2,354m, fully in line with the 2022-2025 Business plan net income target of over €5 billion for this year;
- growth in operating margin, up by 4.2% on H1 2021;
- growth in operating income, up by 0.9% on H1 2021;
- operating costs down by 2.5% on H1 2021;
- high efficiency, with a cost/income of 47.5% in H1 2022, a level among the best in the top tier European banks;
- improving credit quality:
- gross NPLs were reduced by around €4.1bn since year-end 2021 and by around €54bn since the September 2015 peak;
- Q2 the best quarter ever for Insurance income;
- resilient Commissions despite negative market performance;
- 2022-2025 Business Plan proceeding at full speed, with key industrial initiatives well underway.
Read more about the financial results for the 1H of 2022 at the link.
Statement by Carlo Messina, CEO of the Intesa Sanpaolo Group, regarding the Financial Results for 1H 2022 at the link.