The results for the first half of 2022 confirm that Intesa Sanpaolo has been able to generate solid profitability and create value for all its stakeholders even in complex contexts, such as the context characterised by the current events involving Russia and Ukraine and the COVID-19 pandemic, thanks to its well-diversified and resilient business model.

Net income for the first half of the year was €3,276m when excluding write-downs of €1.1bn 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 €2,354m.

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 half 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 and into several humanitarian initiatives to support people of the Group’s subsidiary Pravex Bank and the Ukrainian population.

Significant ESG commitment, also with a world-class position in social impact and strong focus on climate and reinforcement of the ESG governance, with the Risks Committee which 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:

• - included for the fifth consecutive year in the Bloomberg Gender-Equality Index (GEI) 2022, obtaining a score well above the average of the global financial sector and of Italian companies;
• - the first bank in Europe in the Refinitiv Diversity & Inclusion Index among the top 100 companies for diversity and inclusion;
• - among the first in Europe to receive the Gender Equality European & International Standard (GEEIS Diversity), the prestigious international certification assessing the commitment to diversity and inclusion.

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.