The results for the first quarter of 2021 confirm the ability of Intesa Sanpaolo Group to efficiently overcome the complex impact of the COVID-19 epidemic and are fully in line with the goal to receive a net profit for a full year that would considerably exceed EUR 3.5 billion.
The results reflect the Group’s sustainable profitability, which stems from a strong capitalization and liquidity, a stable and diversified business model and strategic flexibility in managing operating costs and assets quality.
Value creation for all stakeholders will be ensured through synergy estimated at more than EUR 1 billion from the merger with UBI Banca, successfully completed without social costs, and more than EUR 6 billion from the Group's pre-tax profit, dedicated in 2020 by the Group to further strengthening of the sustainability of the results.
“Net profit for the first quarter amounted to EUR 1.5 billion, there was a significant acceleration of operating incomes and operating margin. Due to a significant reduction of operational costs (by 2.6% compared to the first quarter of 2020), our efficiency has increased even more with the cost ratio,” said Carlo Messina, Chairman of the Management Board of Intesa Sanpaolo Group.
- Operating income by the results of the 1st quarter of 2021 amounted to EUR 5,461 billion, having increased by 8.9% compared to the 4th quarter of 2020 and having decreased by 2% compared to the 1st quarter of 2020.
- Operating costs by the results of the 1st quarter of 2021 amounted to EUR 2,542 billion, having decreased by 12.3% compared to the 4th quarter of 2020 and by 2.6% compared to the 1st quarter of 2020.
- Operating margin by the results of the 1st quarter of 2021 amounted to EUR 2,919 billion, having increased by 38.1% compared to the 4th quarter of 2020 and having decreased by 1.4% compared to the 1st quarter of 2020.
- Gross income by the results of the 1st quarter of 2021 amounted to EUR 2,630 billion versus EUR 740 million in the 4th quarter of 2020 and versus EUR 2,153 billion in the 1st quarter of 2020.
- Net income by the results of the 1st quarter of 2021 amounted to EUR 1,516 billion compared to EUR 393 million in the 4th quarter of 2020, excluding the acquisition of UBI Banca, and compared to EUR 1.151 billion in the 1st quarter of 2020.
- Common Equity Tier 1 RatioAfter Accrued Dividends in the 1st quarter of 2021 was:
- 14.9% on a phased in basis
- 14.4% on a fully loaded basis
- 15.7% pro-forma fully loaded
As of March 31, 2021, Intesa Sanpaolo Group had 5,675 branches, 4,671 of which were located in Italy and 1,004 abroad. The total number of employees is 99,599 people.
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