Figures as at 30 September 2022
A great Group for a great impact
We are the leading banking group in Italy in financial services for households and businesses, ranking among the top five groups in the euro area
Million customers in Italy and abroad
Branches in Italy and abroad
Billion euro of loans to customers
Milion euro in total assets
Employees in Italy and abroad
Figures as at 30 September 2022
The results for the first nine months of 2022 confirm that Intesa Sanpaolo is able to generate solid profitability and create value for all its stakeholders even in complex contexts thanks to its well-diversified and resilient business model, with net income - driven by net interest income - of €4.4bn when excluding Russia de-risking. In Q3 2022, exposure to Russia was reduced by around 65% (around €2.3bn), and was down to 0.3% of the Group’s total loans to customers.
Net income for the nine months was €4,367m when excluding write-downs of €1.3bn for Russia and Ukraine, fully in line with the 2022-2025 Business Plan net income target of over €5bn for this year. Stated net income amounted to €3,284m.
Intesa Sanpaolo is fully equipped to continue succeeding in the future due to the Group’s key strengths, notably under the financial, operational, technological and organisational profile.
The formula of the 2022-2025 Business Plan and, specifically, the 2025 net income target of €6.5bn are confirmed. The implementation of the Plan is proceeding at full speed, with the key industrial initiatives well underway.
Value generation for all stakeholders is also grounded in the strong ESG commitment of Intesa Sanpaolo. In the first nine months of the year, this translated, among other actions, into a one-off contribution of around €50m to the Group’s people (excluding the managers) to mitigate the impact of inflation as well as into several humanitarian initiatives to support people of the Group’s subsidiary Pravex Bank and the Ukrainian population.
Significant ESG commitment, with a world-class position in social impact and strong focus on climate and reinforcement of the ESG governance, with the Risks Committee which in April 2022 became the Risks and Sustainability Committee with enhanced ESG responsibilities.
Intesa Sanpaolo is the only Italian bank listed in the Dow Jones Sustainability Indices and ranks first among European banks in three of the top ESG international assessments: MSCI, Sustainalytics and Bloomberg ESG Disclosure Score. Furthermore, Intesa Sanpaolo received the S&P Global Sustainability Award - Bronze Class in February 2022 and has been:
Intesa Sanpaolo continues to operate as a growth accelerator in the real economy with around €64bn of medium/long-term new lending in 9M 2022. Loans amounting to around €46bn were granted in Italy, of which around €41bn was granted to households and SMEs. In 9M 2022, the Group facilitated the return from non-performing to performing status of around 3,200 companies thus safeguarding over 15,000 jobs. This brought the total to over 136,000 companies since 2014, thus safeguarding over 680,000 jobs over the same period.
The industrial initiatives of the 2022-2025 Business Plan are well underway and the net income target of €6.5bn in 2025 is confirmed, with clear and strong upside deriving from the increase of interest rates (net interest income growth of around €2bn in a twelve-month period assuming yearly average Euribor 1-month at 2%).
Net income of more than €4bn is envisaged for 2022 following the reduction of the exposure to Russia and the strong operating performance of the third quarter, despite the worsening of commodity / energy supplies.
A solid capital position is envisaged, with a fully phased-in Common Equity Tier 1 ratio target above 12% over the 2022-2025 Business Plan horizon, in accordance with Basel 3 / Basel 4 regulations.
A strong value distribution is envisaged:
- a payout ratio of 70% of the consolidated net income in each year of the Business Plan (€2.3bn already accrued on the net income of the first nine months 2022, of which €1.4bn payable as an interim dividend on 23 November 2022);
- additional distribution to shareholders of €1.7bn through the buyback launched on 4 July 2022 and concluded on 11 October 2022;
- the decision regarding the buyback for the remaining amount of €1.7bn authorised by the ECB will be taken by the time the results as at 31 December 2022 are approved;
- any additional distribution to be evaluated on a yearly basis starting from 2023.
We endeavour to guarantee our sound capital base and the sustainability of results over time, striving to create a relationship of trust with our customers, our shareholders and the territories in which we operate. In Italy, where we have the largest network of bank branches in the country, we aim to act as the driver of the real economy and make our contribution to community development. We also operate in 37 countries.
Conscious of the value of our activity in Italy and abroad in Europe, Egypt and Brazil we promote a style of growth that is attentive to financial strength and capital solidity, sustainable results and the creation of a process based on the trust deriving from customer and shareholder satisfaction, a sense of belonging on the part of our employees and close monitoring of the needs of the community and the local area. We compete on the market with a sense of fair play and are ready to cooperate with other economic entities - both private and public - whenever necessary to reinforce the overall capacity for growth of the economies of the countries in which we operate.
Our organisational structure includes six divisions operating in Italy and abroad
Focus on the market and the territory for stronger relations with individuals, SMEs and non-profit entities
A global partner supporting corporates, financial institutions and public administration in Italy and in 25 countries
Includes the commercial banking subsidiaries with a strategic presence in Central Eastern Europe, the Middle East and North Africa
Serves the customer segment consisting of Private clients and High Net Worth Individuals with tailored products and services
Asset management solutions targeted at the Group’s customers, commercial networks outside the Group, and institutional clientele
Insurance and pension products tailored for the Group’s clients
A leader in Italy operating on a European scale, we offer our customers a strategic presence in markets with a high growth potential.
Not just bankers: our people have a wide range of talents but are united by the commitment to ensuring the group's growth. We want to help them fulfil their professional and personal ambitions: we invest in training to develop skills, we work to create a context that enhances diversity and promotes well-being.
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