INTESA SANPAOLO: CONSOLIDATED RESULTS AS AT 31 MARCH 2026
THE RESULTS FOR Q1 2026 HIGHLIGHT THAT INTESA SANPAOLO IS ABLE TO GENERATE SOLID SUSTAINABLE PROFITABILITY, WITH A NET INCOME OF €2.8 BILLION (+5.6% ON Q1 2025). NET INCOME OUTLOOK FOR 2026 CONFIRMED AT AROUND €10 BILLION.
SIGNIFICANT CASH RETURN TO SHAREHOLDERS: €2.6 BILLION ACCRUED IN Q1 2026 FOR DISTRIBUTION, OF WHICH €2.1 BILLION AS DIVIDENDS, IN ADDITION TO THE REMAINING DIVIDEND FOR 2025 OF €3.3 BILLION TO BE PAID IN MAY 2026 AND THE BUYBACK OF €2.3 BILLION TO BE LAUNCHED IN JULY 2026.
THE SOLID PERFORMANCE OF INCOME STATEMENT AND BALANCE SHEET IN THE QUARTER TRANSLATED INTO SIGNIFICANT VALUE CREATION FOR ALL THE STAKEHOLDERS, NOT ONLY FOR THE SHAREHOLDERS, GENERATED BY THE GROUP, WHICH MAINTAINS A WORLD-CLASS POSITION IN SOCIAL IMPACT. SPECIFICALLY, €1.8 BILLION TAXES WERE GENERATED, FINANCIAL INCLUSION WAS STRENGTHENED WITH AROUND €1.4 BILLION OF SOCIAL LENDING DISBURSED IN Q1 2026, AROUND €1.1 BILLION WAS ALREADY DEPLOYED IN THE PERIOD 2023 - Q1 2026 TO FIGHT POVERTY AND REDUCE INEQUALITIES.
INTESA SANPAOLO CONTINUES TO OPERATE AS A GROWTH ACCELERATOR IN THE REAL ECONOMY IN ITALY: IN Q1 2026, MEDIUM/LONG-TERM NEW LENDING DISBURSED BY THE GROUP TO ITALIAN HOUSEHOLDS AND BUSINESSES AMOUNTED TO AROUND €13 BILLION. IN Q1 2026, THE GROUP FACILITATED THE RETURN TO PERFORMING STATUS OF AROUND 560 COMPANIES, THUS SAFEGUARDING AROUND 2,800 JOBS. THIS BROUGHT THE TOTAL TO AROUND 147,300 COMPANIES SINCE 2014, WITH AROUND 737,000 JOBS SAFEGUARDED OVER THE SAME PERIOD.
INTESA SANPAOLO IS FULLY EQUIPPED TO SUCCEED IN ANY SCENARIO THANKS TO THE GROUP’S KEY STRENGTHS, NOTABLY:
- RESILIENT PROFITABILITY, ALSO DUE TO THE INTEGRATED MANAGEMENT OF REVENUES TO CREATE VALUE;
- SOLID CAPITAL POSITION, LOW LEVERAGE, STRONG LIQUIDITY AND ZERO-NPL BANK STATUS;
- SIGNIFICANT INVESTMENT IN TECHNOLOGY AND HIGH FLEXIBILITY IN MANAGING OPERATING COSTS;
- ITS LEADERSHIP IN WEALTH MANAGEMENT, PROTECTION & ADVISORY.
A SOLID CAPITAL POSITION AS AT 31 MARCH 2026, WELL ABOVE REGULATORY REQUIREMENTS: THE COMMON EQUITY TIER 1 RATIO WAS 13%, DEDUCTING FROM CAPITAL THE AMOUNT ACCRUED IN Q1 2026 FOR DISTRIBUTION AND THE BUYBACK TO BE LAUNCHED IN JULY 2026, AT 13.9% CONSIDERING A BENEFIT OF OVER 80 BASIS POINTS DERIVING FROM THE ABSORPTION OF DEFERRED TAX ASSETS (DTAS).
GROSS INCOME WAS UP +9.7% ON Q1 2025.
OPERATING MARGIN WAS UP 9% ON Q1 2025, WITH OPERATING INCOME UP 5.3% (NET FEE AND COMMISSION INCOME +3.1%, INCOME FROM INSURANCE BUSINESS +3%, STRONG GROWTH IN PROFITS ON FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE, NET INTEREST INCOME +0.1%) AND OPERATING COSTS DOWN 0.7%.
CREDIT QUALITY:
- BAD LOANS RESET TO NEAR ZERO;
- NPL RATIO WAS 0.8% NET AND 1.5% GROSS, ACCORDING TO THE EBA METHODOLOGY;
- ANNUALISED COST OF RISK AT 16 BASIS POINTS;
- LOANS OF THE RUSSIAN SUBSIDIARY CLOSE TO ZERO.
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(°) Deducting from capital also €0.1bn of coupons accrued on the Additional Tier 1 issues.
(°°) Common Equity Tier 1 ratio of 13% even without including in capital any Q1 2026 net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.
(°°°) Estimated pro-forma Common Equity Tier 1 ratio of 13.9%, taking into account: (i) the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, and (ii) the expected absorption of DTAs on losses carried forward and DTAs related to the acquisition of UBI Banca, the agreement with the trade unions of November 2021 and that of October 2024 integrated in December 2025, and the reorganisation of asset management.
HIGHLIGHTS: |
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OPERATING INCOME: |
Q1 2026
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+4.6% +5.3% |
TO €7,154M FROM €6,841M IN Q4 2025 FROM €6,796M IN Q1 2025 |
OPERATING |
Q1 2026
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-27.6% -0.7% |
TO €2,569M FROM €3,549M IN Q4 2025 FROM €2,588M IN Q1 2025
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OPERATING MARGIN: |
Q1 2026
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+39.3% +9% |
TO €4,585M FROM €3,292M IN Q4 2025 FROM €4,208M IN Q1 2025 |
GROSS INCOME: |
Q1 2026
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€4,339M |
FROM €1,890M IN Q4 2025 FROM €3,957M IN Q1 2025 |
NET INCOME: |
Q1 2026
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€2,761M |
FROM €1,733M IN Q4 2025 FROM €2,615M IN Q1 2025 |
CAPITAL RATIOS: |
COMMON EQUITY TIER 1 RATIO AT 13% (°), DEDUCTING FROM CAPITAL (°°) THE AMOUNT ACCRUED IN Q1 2026 (°°°) FOR DISTRIBUTION AND THE BUYBACK TO BE LAUNCHED IN JULY 2026 |
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(°) Estimated pro-forma Common Equity Tier 1 ratio of 13.9%, taking into account: (i) the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, and (ii) the expected absorption of DTAs on losses carried forward and DTAs related to the acquisition of UBI Banca, the agreement with the trade unions of November 2021 and that of October 2024 integrated in December 2025, and the reorganisation of asset management.
(°°) Deducting from capital also €0.1bn of coupons accrued on the Additional Tier 1 issues.
(°°°) Common Equity Tier 1 ratio of 13% even without including in capital any Q1 2026 net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.
Turin - Milan, 8 May 2026 – At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as 31 March 2026 (*) (**).
The Group’s results for the first quarter of 2026, with a net income of €2.8bn, highlight that Intesa Sanpaolo, Europe’s most resilient bank (as shown in the EBA stress test), is fully equipped to succeed in any scenario and deliver strong and sustainable value creation and distribution. The net income outlook for 2026 has been confirmed at around €10bn.
The solid performance of income statement and balance sheet in the quarter translated into significant value creation for all stakeholders generated by the Group, which maintains a world-class position in social impact. Specifically:
- significant cash return to shareholders: €2.6bn accrued in Q1 2026 for distribution, of which €2.1bn as dividends, in addition to €3.3bn remaining dividend for 2025 to be paid in May 2026 and the buyback of €2.3bn to be launched in July 2026;
- €1.8bn taxes (°) generated;
- strengthening of financial inclusion, with around €1.4bn of social lending disbursed in Q1 2026;
- around €1.1bn already deployed (°°) in the period 2023 - Q1 2026 (of which around €60m in Q1 2026) to fight poverty and reduce inequalities.
Intesa Sanpaolo is fully equipped to operate successfully in any scenario thanks to the Group’s key strengths, including:
▪ resilient profitability, also due to the integrated management of revenues to create value, as highlighted in particular in the EBA stress test;
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(*) In accordance with Article 65-bis and Article 82-ter of the Issuers’ Regulation, effective as of 2 January 2017, Intesa Sanpaolo opted for periodical disclosure, on a voluntary basis, of financial information as at 31 March and 30 September of each financial year, in addition to the annual report and the half-yearly report. This information consists of interim statements approved by the Board of Directors, basically providing continuity with the interim statements published in the past.
(**) Methodological note on the scope of consolidation on page 20.
(°) Direct and indirect taxes.
(°°) Including structure costs related to the people dedicated to sustaining the initiatives/projects.
▪ solid capital position, with the Common Equity Tier 1 ratio at 13%, low leverage, strong liquidity and zero-NPL bank status;
▪ high flexibility in managing operating costs, also thanks to the acceleration in technological transformation (€5.7bn investments already deployed and around 2,500 IT specialists already hired in the period 2022 - Q1 2026), enabling generational change at no social cost and cost savings (around €570m at run rate in 2030), with no impact on revenues thanks to technology/AI-enabled process streamlining; Group headcount reduction of around 6,100 by 2029, resulting from around 12,400 exits in addition to around 3,900 exits in 2025 (already around 1,400 exits in Q1 2026), deriving from around 9,750 voluntary exits – including natural turnover – in Italy (1) (already around 1,125 exits in Q1 2026) and around 2,650 net exits due to natural turnover in the international subsidiaries (2) (already around 275 exits in Q1 2026), and hiring of around 6,300 young people in Italy (3), including around 2,300 as Global Advisors (4), in addition to around 1,300 hires in 2025, mainly consisting of Global Advisors (already around 500 hires in Q1 2026, including around 350 Global Advisors);
▪ its leadership in Wealth Management, Protection & Advisory, with over €1,400bn in customer financial assets, characterised by fully owned product factories, enabling quick time-to-market and production/distribution synergies, distinctive advisory networks, with around 19,000 people(5) dedicated, around 350 more than at year-end 2025 and expected to grow to around 22,500 by 2029, and 360-degree advisory services (6), acting also as a stabiliser of commissions against the impact of market volatility and regarding customer financial assets that amounted to €171bn as at 31 March 2026, up by €26bn compared with 31 March 2025.
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(1) Around 1,600 exits from the agreement with the trade unions of October 2024 integrated in December 2025 (related costs already fully booked), around 4,500 potential exits of people who already applied to previous early retirement schemes and exits due to natural turnover.
(2) Focused on central function.
(3) Of which around 2,200 from agreements already signed with the trade unions.
(4) With hybrid contract (employed with part-time indefinite-term contract and on a self-employed basis), in order to ensure greater proximity to customers, specifically in Wealth Management & Protection.
(5) Financial Advisors, Private Bankers, Global Advisors, Relationship Managers for Exclusive customers, Relationship Managers for Affluent customers, and Relationship Managers and Financial Advisors of the International Banks Division.
(6) Valore Insieme, Private Advisory, WE ADD and Sei.
The implementation of the 2026-2029 Business Plan is proceeding at full speed. Specifically:
· cost reduction, benefitting from the strong investments in technology already deployed:
- ongoing progressive rollout and extension of isytech 2.0;
- 15 AI/GenAI/Agentic AI projects launched;
- ongoing acceleration of generational change, with the exit of around 1,400 people in Q1 2026 (out of the around 12,400 expected by 2029);
· revenue growth, fuelled by Wealth Management, Protection & Advisory leadership:
- in Q1 2026, around 350 Global Advisors hired, exceeding 2,150 people, and over 70 Global Advisor offices opened in high-potential areas not covered by Exclusive branches;
- non-life specialist network of the Banca dei Territori Division strengthened (from around 210 to over 280 people);
- ongoing strengthening of the Private Banker/Financial Advisor network in Italy, with an increase of around 60 people since the end of 2025;
- continuous growth of Isybank, which reached 1.1 million customers, with around 980,000 accounts opened by new customers (around 80,000 in Q1 2026);
- new Financial Advisor model launched in the International Banks Division, with 40 Financial Advisors in Slovakia and Hungary;
· low cost of risk thanks to the zero-NPL bank status and high-quality origination:
- bad loans reset to near zero;
- credit governance framework upgraded through newly established strategic and operational credit committees;
- evolution of credit risk models, incorporating updated data and new methodologies (e.g., Machine Learning);
· significant investment in the Group’s people, its most important asset:
- around 550 people involved in upskilling/reskilling initiatives for high value-added activities for the Bank in Q1 2026;
- around 7,300 people under 35 engaged in Phase 1 of the Future Gen listening initiative;
- Intesa Sanpaolo has been confirmed as Top Employer Europe 2026 and Top Employer Italy for the second and fifth consecutive year, respectively, by Top Employers Institute;
· leadership in social impact, supporting clients in the sustainable transition and confirming commitments to decarbonisation:
□ social impact:
- around €1.4bn of social lending disbursed in Q1 2026 to strengthen financial inclusion;
- several initiatives launched in education, orientation, and employability, reaching over 11,000 young people and improving the socio-economic wellbeing of over 52,000 vulnerable people to address key systemic social challenges (around €60m already deployed in Q1 2026 to fight poverty and reduce inequalities);
□ sustainable transition:
- €4.2bn disbursed in Q1 2026 for the sustainable transition;
□ culture and innovation:
- continuous commitment to culture: three new exhibitions with over 224,000 visitors;
- promotion of innovation: 156 innovation initiatives and start-up services carried out by Intesa Sanpaolo Innovation Center and around €1m investments in start-ups by Neva SGR in Q1 2026.
In the first quarter of 2026, the Group recorded:
● growth in net income of 5.6% to €2,761m from €2,615m in Q1 2025;
● growth in gross income of 9.7% on Q1 2025;
● growth in operating margin of 9% on Q1 2025;
● growth in operating income of 5.3% on Q1 2025, with net fee and commission income +3.1%, income from insurance business +3%, strong growth in profits on financial assets and liabilities at fair value, and net interest income +0.1%;
● operating costs down 0.7% on Q1 2025;
● high level of efficiency, with a cost/income of 35.9%, a level among the best in the top-tier European banks;
● annualised cost of risk at 16bps, with overlays equal to €0.9bn;
● credit quality (°):
- NPL ratio (°°) at end of March 2026 was 0.9% net and 1.8% gross. According to the EBA methodology, the NPL ratio was 0.8% net and 1.5% gross;
- the exposure to Russia (^) was further reduced, down by over 94% (over €3.4bn) on end of June 2022 to 0.05% of the Group’s total customer loans: customer loans of the Russian subsidiary were close to zero, cross-border customer loans to Russia were largely performing and classified in Stage 2;
● sizeable NPL coverage:
- NPL cash coverage ratio of 49.5% at end of March 2026, with a cash coverage ratio of 68.6% for the bad loan component;
- robust reserve buffer on performing loans, amounting to 0.4% at end of March 2026;
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(°) No material payment suspension at end of March 2026. The amount of loans backed by a state guarantee, in application of the measures to support the production system established in response to the COVID-19 pandemic, was around €6.5bn (around €0.9bn from SACE and around €5.6bn from SME Fund).
(°°) NPLs at end of March 2026 did not include portfolios classified as ready to be sold, accounted under non-current assets held for sale and discontinued operations, which amounted to around €1.4bn gross and around €0.4bn net.
(^) On-balance credit exposure to customers, both cross-border and at the Russian subsidiary Banca Intesa, net of guarantees by Export Credit Agencies and after adjustments. As at 31 March 2026, after adjustments, the on-balance cross-border credit exposure to Russia amounted to €0.22bn of which €0.21bn to customers, net of €0.6bn guarantees by Export Credit Agencies (off-balance to customers of €0.01bn, net of €0.3bn guarantees by ECA, and off-balance of €0.02bn to banks) and the on-balance credit exposure of the subsidiaries amounted to €0.04bn, of which €0.01bn to customers, for Banca Intesa in Russia and €0.1bn, to banks, for Pravex Bank in Ukraine (off-balance, to customers, of €0.01bn for the Russian subsidiary and €0.03bn for the Ukrainian subsidiary). The credit exposure to Russian counterparties currently included in the SDN lists of names to which sanctions apply amounted to €0.26bn.
● very solid capital position, with capital ratios well above regulatory requirements. As at 31 March 2026, deducting from capital (°) €2.6bn accrued in the first quarter of 2026 for distribution and €2.3bn of buyback to be launched in July 2026, the Common Equity Tier 1 ratio came in at 13% (°°), at 13.9% considering the benefit of over 80 basis points deriving from the absorption of deferred tax assets (DTAs) (°°°). This compares with a SREP requirement, comprising Capital Conservation Buffer, O-SII Buffer, Countercyclical Capital Buffer (*) and Systemic Risk Buffer(**), equal to 9.96% (***).
● strong liquidity position and funding capability, with liquid assets of €299bn and high available unencumbered liquid assets of €206bn at end of March 2026. Regulatory requirements for the Liquidity Coverage Ratio (at 139% (^)) and the Net Stable Funding Ratio (at 121% (#)) have been comfortably complied with.
● Minimum Requirement for own funds and Eligible Liabilities (MREL) comfortably complied with: at end of March 2026 (#), calculated on risk-weighted assets, the total MREL ratio was 34.7% and the subordination component was 21.8%, compared with requirements of 25.5% and 18%, respectively, comprising a Combined Buffer Requirement of 4.5%;
● support provided to the real economy, with around €22bn of medium/long-term new lending in Q1 2026. Loans amounting to around €13bn were disbursed in Italy, of which around €12bn was disbursed to households and SMEs. In Q1 2026, the Group facilitated the return from non-performing to performing status of around 560 Italian companies thus safeguarding around 2,800 jobs. This brought the total to around 147,300 companies since 2014, thus safeguarding around 737,000 jobs over the same period.
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(°) Deducting from capital also €0.1bn of coupons accrued on the Additional Tier 1 issues.
(°°) Common Equity Tier 1 ratio of 13% even without including in capital any Q1 2026 net income, in compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.
(°°°) Estimated pro-forma Common Equity Tier 1 ratio of 13.9%, taking into account: (i) the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, and (ii) the expected absorption of DTAs on losses carried forward and DTAs related to the acquisition of UBI Banca, the agreement with the trade unions of November 2021 and that of October 2024 integrated in December 2025, and the reorganisation of asset management.
(*) Countercyclical Capital Buffer calculated taking into account the exposure as at 31 March 2026 in the various countries where the Group has a presence, as well as the respective requirements set by the competent national authorities and relating to 2027, where available, or the most recent update of the reference period (requirement was set at zero per cent in Italy for the first half of 2026).
(**) Systemic Risk Buffer calculated taking into account the exposure as at 31 March 2026 to residents in Italy.
(***) Applying the regulatory change introduced by the ECB with effect from 12 March 2020, which establishes that the capital instruments not qualifying as Common Equity Tier 1 may be partially used to meet the Pillar 2 requirement.
(^) Average for the last twelve months.
(#) Preliminary management figures, taking into account the buyback to be launched in July 2026. The figures remain unchanged when not including any Q1 2026 net income.
The income statement for the first quarter of 2026
The consolidated income statement for Q1 2026 recorded net interest income of €3,636m, down 1.3% from €3,684m in Q4 2025 and up 0.1% from €3,632m in Q1 2025.
Net fee and commission income amounted to €2,515m, down 5.3% from €2,655m in Q4 2025. Specifically, commissions on commercial banking activities recorded a 7.5% decrease and commissions on management, dealing and consultancy activities recorded a 1.6% decrease. The latter, which include portfolio management, distribution of insurance products, dealing and placement of securities, etc., recorded a 19.9% increase in dealing and placement of securities, an 11.9% decrease in portfolio management (performance fees of €6m in Q1 2026 and €99m in Q4 2025), and a 1.2% decrease in distribution of insurance products. Net fee and commission income for Q1 2026 was up 3.1% from €2,439m in Q1 2025. Specifically, commissions on commercial banking activities were up 1.3% and those on management, dealing and consultancy activities were up 3.6%. The latter recorded a 12.9% increase in dealing and placement of securities, a 4.5% increase in distribution of insurance products and a 0.3% decrease in portfolio management (performance fees of €9m in Q1 2025).
Income from insurance business amounted to €476m compared with €443m in Q4 2025 and €462m in Q1 2025.
Profits on financial assets and liabilities at fair value amounted to €505m, compared with €58m in Q4 2025. Contributions from customers amounted to €82m from €85m, those from capital markets recorded a positive balance of €19m compared with a negative balance of €60m, and those from securities portfolio and treasury increased to €404m from €33m. Profits of €505m for Q1 2026 are compared with profits of €265m in Q1 2025 when contributions from customers amounted to €83m, those from capital markets amounted to €90m, and those from securities portfolio and treasury amounted to €92m.
Operating income amounted to €7,154m, up 4.6% from €6,841m in Q4 2025 and up 5.3% from €6,796m in Q1 2025.
Operating costs amounted to €2,569m, down 27.6% from €3,549m in Q4 2025, due to decreases of 27.3% in personnel expenses, 36.6% in administrative expenses and 6.4% in adjustments. Operating costs for Q1 2026 were down 0.7% from €2,588m in Q1 2025, due to decreases of 0.6% in personnel expenses and 2.4% in adjustments and stable administrative expenses.
As a result, operating margin amounted to €4,585m, up 39.3% from €3,292m in Q4 2025 and up 9% from €4,208m in Q1 2025. The cost/income was 35.9% in Q1 2026 versus 51.9% in Q4 2025 and 38.1% in Q1 2025.
Net adjustments to loans amounted to €170m (including recoveries of €6m relating to the exposure to Russia and Ukraine), compared with €962m in Q4 2025 (including €7m relating to the exposure to Russia and Ukraine and €648m of additional adjustments to favour de-risking and strengthen the balance sheet) and €224m in Q1 2025 (including €1m relating to the exposure to Russia and Ukraine).
Net provisions and net impairment losses on other assets amounted to €64m (no contribution for the exposure to Russia and Ukraine), compared with €250m in Q4 2025 (including €1m for the exposure to Russia and Ukraine and €80m to favour de-risking and strengthen the balance sheet) and €23m in Q1 2025 (including recoveries of €20m for the exposure to Russia and Ukraine).
Other income recorded a negative balance of €12m, compared with a negative balance of €190m in Q4 2025 (including charges of €176m to favour de-risking and strengthen the balance sheet) and a negative balance of €4m in Q1 2025.
Income (Loss) from discontinued operations was nil, the same as in Q4 2025 and Q1 2025.
Gross income amounted to €4,339m, compared with €1,890m in Q4 2025 and €3,957m in Q1 2025.
Consolidated net income amounted to €2,761m, after recording:
- taxes on income of €1,482m;
- charges (net of tax) for integration, transformation and exit incentives of €60m;
- negative effect of purchase price allocation (net of tax) of €17m;
- levies and other charges concerning the banking and insurance industry (net of tax) of €9m, deriving from the following pre-tax figures: charges of €1m in relation to the resolution fund, €6m in relation to contributions to the deposit guarantee scheme concerning the international network, €5m in relation to levies incurred by international subsidiaries, and positive fair value differences of €2m regarding the Atlante fund. In Q4 2025, this caption amounted to €60m, deriving from pre-tax charges of €27m in relation to contributions to the Italian deposit guarantee scheme, €6m in relation to contributions to the deposit guarantee scheme concerning the international network, €7m in relation to levies incurred by international subsidiaries, €43m in relation to the life insurance guarantee fund and €1m in relation to negative fair value differences regarding the Atlante fund. In Q1 2025, this caption amounted to €9m, deriving from the following pre-tax figures: charges of €2m in relation to the resolution fund, €5m in relation to contributions to the deposit guarantee scheme concerning the international network, €6m in relation to levies incurred by international subsidiaries and positive fair value differences of €3m regarding the Atlante fund.
- minority interests of €10m;
Net income of €2,761m in Q1 2026 is compared with €1,733m in Q4 2025 and €2,615m in Q1 2025.
Balance sheet as at 31 March 2026
With regard to the consolidated balance sheet figures, as at 31 March 2026 loans to customers amounted to €430bn (*), up 1.1% on year-end 2025 and up 3.1% on 31 March 2025 (up 1.1% versus Q4 2025 and up 0.4% on Q1 2025 when taking into account quarterly average volumes (**)). Total non-performing loans (bad, unlikely-to-pay, and past due) amounted - net of adjustments - to €3,907m, up 0.4% compared with €3,892m at year-end 2025. In detail, bad loans amounted to €820m compared with €790m at year-end 2025, with a bad loan to total loan ratio of 0.2% (0.2% at year-end 2025 as well), and a cash coverage ratio of 68.6% (67.3% at year-end 2025). Unlikely-to-pay loans amounted to €2,774m from €2,780m at year-end 2025. Past due loans amounted to €313m from €322m at year-end 2025.
Customer financial assets amounted to €1,443bn (***), down 1% on year-end 2025 and up 4.7% on 31 March 2025. Under customer financial assets, direct deposits from banking business amounted to €600bn (***), in line with year-end 2025 and up 4.6% on 31 March 2025. Direct deposits from insurance business amounted to €179bn, down 2.3% on year-end 2025 and up 3% on 31 March 2025. Indirect customer deposits amounted to €832bn, down 1.5% on year-end 2025 and up 4.5% on 31 March 2025. Assets under management amounted to €556bn (****), down 1.2% on year-end 2025 and up 4.2% on 31 March 2025; in Q1 2026, the new business for life policies amounted to €4.6bn. Assets held under administration and in custody amounted to €276bn, down 2.2% on year-end 2025 and up 5.1% on 31 March 2025 (****).
Capital ratios as at 31 March 2026, deducting from capital (°) €2.6bn accrued in the first quarter of 2026 for distribution and €2.3bn of buyback to be launched in July 2026, were as follows:
- Common Equity Tier 1 ratio at 13% (13.2% at year-end 2025),
- Tier 1 ratio at 15.9% (15.6% at year-end 2025),
- total capital ratio at 18.9% (18.7% at year-end 2025).
Capital ratios as at 31 March 2026 – not including in capital any Q1 2026 net income (°°) – were as follows:
- Common Equity Tier 1 ratio at 13%,
- Tier 1 ratio at 15.8%,
- total capital ratio at 18.8%.
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(*) As of 31 December 2025, the amount related to an institutional client previously classified under due from banks is included; the amount was around €1.2bn as at 31 December 2025 and around €1bn as at 31 March 2025.
(**) Excluding the loan to the banks in compulsory administrative liquidation (formerly Banca Popolare di Vicenza and Veneto Banca).
(***) As of 31 December 2025, the amount of direct deposits related to an institutional client previously classified under due to banks is included; the amount was around €19bn as at 31 December 2025 and around €9.5bn as at 31 March 2025.
(****) As of 31 December 2025, assets under management include third-party AuM products previously included in assets under administration. The 12-month percentage change is calculated on the figures as at 31 March 2025 restated consistently.
(°) Deducting from capital also €0.1bn of coupons accrued on the Additional Tier 1 issues.
(°°) In compliance with the ECB’s guidance, which specifically states that a supervised entity is not allowed to include any interim or year-end profits in Common Equity Tier 1 in case it adopts a distribution policy that does not specify any upper limit for cash dividends and any share buybacks, and it does not commit not to distribute neither via cash dividends nor via share buybacks the profits that it wants to include in Common Equity Tier 1.
As a result of the strategic decisions taken, Intesa Sanpaolo has maintained its position as one of the most solid international banking Groups. In addition to the asset quality and level of capital ratios commented on above, the Group has continued to build on its key strengths: robust liquidity and low leverage.
Specifically, with regard to the components of the Group’s liquidity:
- the high level of available unencumbered liquid assets (including eligible assets with Central Banks received as collateral and excluding eligible assets currently used as collateral) amounted to €206bn at end of March 2026;
- the high level of liquid assets (comprising available unencumbered liquid assets, excluding eligible assets received as collateral, and eligible assets currently used as collateral) amounted to €299bn at end of March 2026;
- liquidity indicators well above regulatory requirements: Liquidity Coverage Ratio at 139% (°) and Net Stable Funding Ratio at 121% (*);
- the sources of funding were stable and well diversified, with retail funding representing 75% of direct deposits from banking business (including securities issued);
- medium/long-term wholesale funding was €2.2bn in Q1 2026 and included a benchmark transaction of Additional Tier 1 of €1.25bn (90% was placed with foreign investors (^)).
The MREL ratio as at 31 March 2026 (*), calculated on risk-weighted assets, was 34.7% for the total and 21.8% for the subordination component, compared with requirements of 25.5% and 18%, respectively, comprising a Combined Buffer Requirement of 4.5%.
The Group’s leverage ratio as at 31 March 2026 (which includes exposures to the European Central Bank) was 5.8% (**), best in class among major European banking groups.
* * *
The Intesa Sanpaolo Group’s operating structure as at 31 March 2026 had a total network of 3,569 branches, consisting of 2,645 branches in Italy and 924 abroad, and employed 89,931 people.
* * *
________
(°) Average for the last twelve months.
(*) Preliminary management figures, taking into account the buyback to be launched in July 2026. The figures remain unchanged when not including any Q1 2026 net income.
(**) The figure remains unchanged when not including any Q1 2026 net income.
(^) Not considering €0.75bn of covered bonds issued by VUB Banka.
Breakdown of results by Business Area
The Banca dei Territori Division includes:
- Retail customers (individuals and enterprises with less complex financial needs);
- Exclusive customers (individuals with more complex financial needs);
- Enterprise customers (enterprises with more complex financial needs, generally Small and Medium Enterprises);
- customers that are non-profit organisations.
The division includes Isybank, the digital bank subsidiary (which also operates in instant banking through Mooney, the partnership with the ENEL Group).
The Banca dei Territori Division recorded:
(millions of euro) |
Q1 2026 |
Q4 2025 |
% changes |
|||
Operating income |
3,041 |
3,151 |
-3.5% |
|||
Operating costs |
-1,428 |
-1,832 |
-22.1% |
|||
Operating margin |
1,613 |
1,319 |
22.3% |
|||
cost/income |
47.0% |
58.1% |
|
|||
Total net provisions and adjustments |
-204 |
-732 |
|
|||
Gross income |
1,409 |
587 |
|
|||
Net income |
867 |
317 |
|
|||
(millions of euro) |
Q1 2026 |
Q1 2025 |
% changes |
|||
Operating income |
3,041 |
3,030 |
0.4% |
|||
contribution to the Group's operating income |
43% |
45% |
|
|||
Operating costs |
-1,428 |
-1,450 |
-1.5% |
|||
Operating margin |
1,613 |
1,580 |
2.1% |
|||
cost/income |
47.0% |
47.9% |
|
|||
Total net provisions and adjustments |
-204 |
-296 |
|
|||
Gross income |
1,409 |
1,284 |
|
|||
Net income |
867 |
832 |
|
|||
The IMI Corporate & Investment Banking Division comprises:
- Client Coverage & Advisory, including Institutional Clients which manages the relationship with financial institutions and Global Corporate which manages the relationship with corporate customers with a turnover higher than €350m, grouped, in accordance with a sector-based model, in the following eight industries: Automotive & Industrials; Basic Materials & Healthcare; Food & Beverage and Distribution; Retail & Luxury; Infrastructure; Real Estate; Energy; Telecom, Media & Technology;
- Distribution Platforms & GTB, including Global Transaction Banking which manages transaction banking services and IMI CIB International Network which ensures the development of the Division and is responsible for foreign branches, representative offices and foreign subsidiaries carrying out corporate banking (Intesa Sanpaolo Bank Luxembourg and Intesa Sanpaolo Brasil);
- Global Banking & Markets, which operates specifically in structured finance, primary markets and capital markets (equity and debt capital markets).
The Division also comprises the management of the Group’s proprietary trading.
The IMI Corporate & Investment Banking Division recorded:
(millions of euro) |
Q1 2026 |
Q4 2025 |
% changes |
|||
Operating income |
1,526 |
1,138 |
34.1% |
|||
Operating costs |
-342 |
-513 |
-33.3% |
|||
Operating margin |
1,184 |
625 |
89.4% |
|||
cost/income |
22.4% |
45.1% |
|
|||
Total net provisions and adjustments |
-47 |
-248 |
|
|||
Gross income |
1,137 |
500 |
|
|||
Net income |
767 |
351 |
|
|||
(millions of euro) |
Q1 2026 |
Q1 2025 |
% changes |
|||
Operating income |
1,526 |
1,229 |
24.2% |
|||
contribution to the Group's operating income |
21% |
18% |
|
|||
Operating costs |
-342 |
-345 |
-0.9% |
|||
Operating margin |
1,184 |
884 |
33.9% |
|||
cost/income |
22.4% |
28.1% |
|
|||
Total net provisions and adjustments |
-47 |
15 |
|
|||
Gross income |
1,137 |
898 |
|
|||
Net income |
767 |
606 |
|
|||
The International Banks Division is responsible for operations on international markets through commercial banking subsidiaries and associates, and provides guidelines, coordination and support for the Group’s subsidiaries. It is responsible for defining the Group’s development strategy related to its direct presence abroad, including exploring and analysing new growth opportunities in markets where the Group already has a presence, as well as in new ones. This division also coordinates operations of international subsidiary banks and their relations with the Parent Company’s head office departments and the IMI Corporate & Investment Banking Division’s branches and offices abroad. The division operates through the South-Eastern Europe HUB, comprising Privredna Banka Zagreb in Croatia, Intesa Sanpaolo Banka Bosna i Hercegovina in Bosnia and Herzegovina and Intesa Sanpaolo Bank in Slovenia, the Danube HUB, comprising VUB Banka in Slovakia and in the Czech Republic, and Intesa Sanpaolo Bank Romania, and through Intesa Sanpaolo Bank Albania, CIB Bank in Hungary, Banca Intesa Beograd in Serbia, Bank of Alexandria in Egypt, Pravex Bank in Ukraine and Eximbank in Moldova.
The International Banks Division recorded:
(millions of euro) |
Q1 2026 |
Q4 2025 |
% changes |
|||
Operating income |
774 |
818 |
-5.4% |
|||
Operating costs |
-328 |
-418 |
-21.5% |
|||
Operating margin |
446 |
400 |
11.5% |
|||
cost/income |
42.4% |
51.1% |
|
|||
Total net provisions and adjustments |
6 |
-75 |
|
|||
Gross income |
452 |
324 |
|
|||
Net income |
255 |
221 |
|
|||
(millions of euro) |
Q1 2026 |
Q1 2025 |
% changes |
|||
Operating income |
774 |
800 |
-3.3% |
|||
contribution to the Group's operating income |
11% |
12% |
|
|||
Operating costs |
-328 |
-329 |
-0.3% |
|||
Operating margin |
446 |
471 |
-5.3% |
|||
cost/income |
42.4% |
41.1% |
|
|||
Total net provisions and adjustments |
6 |
11 |
|
|||
Gross income |
452 |
482 |
|
|||
Net income |
255 |
319 |
|
|||
The Private Banking Division serves the top customer segment (Private and High Net Worth Individuals) through Fideuram and its subsidiaries Intesa Sanpaolo Private Banking, SIREF Fiduciaria, Intesa Sanpaolo Wealth Management, Reyl Intesa Sanpaolo and Fideuram Asset Management Ireland.
The Private Banking Division recorded:
(millions of euro) |
Q1 2026 |
Q4 2025 |
% changes |
|||
Operating income |
893 |
862 |
3.6% |
|||
Operating costs |
-255 |
-317 |
-19.6% |
|||
Operating margin |
638 |
545 |
17.1% |
|||
cost/income |
28.6% |
36.8% |
|
|||
Total net provisions and adjustments |
14 |
-17 |
|
|||
Gross income |
646 |
528 |
|
|||
Net income |
394 |
413 |
|
|||
(millions of euro) |
Q1 2026 |
Q1 2025 |
% changes |
|||
Operating income |
893 |
847 |
5.4% |
|||
contribution to the Group's operating income |
12% |
12% |
|
|||
Operating costs |
-255 |
-251 |
1.6% |
|||
Operating margin |
638 |
596 |
7.0% |
|||
cost/income |
28.6% |
29.6% |
|
|||
Total net provisions and adjustments |
14 |
-7 |
|
|||
Gross income |
646 |
589 |
|
|||
Net income |
394 |
409 |
|
|||
The Asset Management Division develops asset management solutions targeted at the Group’s customers, commercial networks outside the Group and the institutional clientele through Eurizon Capital. Eurizon Capital controls Eurizon Asset Management Slovakia, which heads up Eurizon Asset Management Hungary and Eurizon Asset Management Croatia (the asset management hub in Eastern Europe), Eurizon Capital Real Asset SGR focused on alternative asset classes, Eurizon SLJ Capital LTD, an English asset management company focused on macroeconomic and currency strategies, Eurizon Capital Asia Limited and the 49% of the Chinese asset management company Penghua Fund Management.
The Asset Management Division recorded:
(millions of euro) |
Q1 2026 |
Q4 2025 |
% changes |
|||
Operating income |
247 |
336 |
-26.5% |
|||
Operating costs |
-54 |
-90 |
-40.0% |
|||
Operating margin |
193 |
246 |
-21.5% |
|||
cost/income |
21.9% |
26.8% |
|
|||
Total net provisions and adjustments |
2 |
0 |
|
|||
Gross income |
195 |
246 |
|
|||
Net income |
136 |
166 |
|
|||
(millions of euro) |
Q1 2026 |
Q1 2025 |
% changes |
|||
Operating income |
247 |
240 |
2.9% |
|||
contribution to the Group's operating income |
3% |
4% |
|
|||
Operating costs |
-54 |
-54 |
0.0% |
|||
Operating margin |
193 |
186 |
3.8% |
|||
cost/income |
21.9% |
22.5% |
|
|||
Total net provisions and adjustments |
2 |
2 |
|
|||
Gross income |
195 |
188 |
|
|||
Net income |
136 |
136 |
|
|||
The Insurance Division develops insurance products tailored for the Group’s customers; the Division includes Intesa Sanpaolo Assicurazioni (which also controls Intesa Sanpaolo Protezione, Intesa Sanpaolo Insurance Agency and InSalute Servizi) and Fideuram Vita.
The Insurance Division recorded:
(millions of euro) |
Q1 2026 |
Q4 2025 |
% changes |
|||
Operating income |
474 |
446 |
6.3% |
|||
Operating costs |
-84 |
-124 |
-32.3% |
|||
Operating margin |
390 |
322 |
21.1% |
|||
cost/income |
17.7% |
27.8% |
|
|||
Total net provisions and adjustments |
-3 |
-42 |
|
|||
Gross income |
387 |
280 |
|
|||
Net income |
257 |
169 |
|
|||
(millions of euro) |
Q1 2026 |
Q1 2025 |
% changes |
|||
Operating income |
474 |
460 |
3.0% |
|||
contribution to the Group's operating income |
7% |
7% |
|
|||
Operating costs |
-84 |
-84 |
0.0% |
|||
Operating margin |
390 |
376 |
3.7% |
|||
cost/income |
17.7% |
18.3% |
|
|||
Total net provisions and adjustments |
-3 |
0 |
|
|||
Gross income |
387 |
376 |
|
|||
Net income |
257 |
251 |
|
|||
Outlook
Net income of around €10bn is envisaged for 2026, deriving from:
- growth in revenues, mainly driven by commissions and insurance income, with increasing net interest income also thanks to core deposit hedging and volume growth;
- stable costs;
- significant reduction in provisions;
- increase in tax rate (due to the Italian Budget Law) and in levies and other charges concerning the banking and insurance industry.
A strong value distribution is envisaged, with a payout ratio of 95% (1) for 2026, of which 75% through cash dividends (2) and 20% through buyback (3).
* * *
_______
(1) Calculated on the stated net income.
(2) Subject to the approval from the Shareholders’ Meeting.
(3) If the Common Equity Tier 1 ratio exceeds 12.5% and no options for higher-ROI (Return On Investment) capital allocation to external growth are available (focusing on Wealth Management). Subject to approvals from the Shareholders’ Meeting and the ECB.
For consistency purposes, the income statement figures for the four quarters 2025 were restated:
- as a result of the outsourcing relating to the custodian bank business line, effective from November 2025, recording the corresponding impact in operating costs against an entry in the item “minority interests”;
- as a result of the integration of Fideuram Asset Management UK into Eurizon SLJ Capital in November 2025, which determined the line-by-line consolidation of what previously valued using the equity method, fully consolidating the related items against the derecognition of the contribution to the item “dividends and profits (losses) on investments carried at equity”;
- as a result of Neva SGR’s assets having exceeded the materiality threshold, which determined the line-by-line consolidation of what previously valued using the equity method, fully consolidating the related items against the derecognition of the contribution to the item “dividends and profits (losses) on investments carried at equity”;
- in the item “net interest income” of the Banca dei Territori Division and the Corporate Centre, following the adoption of a different methodology to calculate internal transfer rates for certain categories of loans of the Banca dei Territori Division.
* * *
In order to present more complete information on the results generated in the first quarter of 2026, the reclassified consolidated income statement and the reclassified consolidated balance sheet included in the interim statement approved by the Board of Directors are attached. Please note that the auditing firm is completing its activities according to the approach required for the issue of the statement provided for by art. 26 (2) of Regulation EU n. 575/2013 and by ECB Decision no. 2015/656.
* * *
The manager responsible for preparing the company’s financial reports, Elisabetta Stegher, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
* * *
The content of this document has a merely informative nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this document. By accessing these materials, you agree to be bound by the foregoing limitations.
This press release contains certain forward-looking statements (projections, objectives, estimates and forecasts) reflecting the Intesa Sanpaolo management’s current views with respect to certain future events. Forward-looking statements (projections, objectives, estimates and forecasts) are generally identifiable by the use of the words “may,” “will,” “should,” “plan,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,”, “objective”, “goal”, “target” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding Intesa Sanpaolo’s future financial position and results of operations, strategy, plans, objectives, goals, targets and future developments in the markets where Intesa Sanpaolo participates or is seeking to participate.
Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Intesa Sanpaolo Group’s ability to achieve its projected objectives or results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions.
All forward-looking statements included herein are based on information available to Intesa Sanpaolo as of the date hereof. Intesa Sanpaolo undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to Intesa Sanpaolo or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
* * *
Investor Relations
+39.02.87943180
investor.relations@intesasanpaolo.com
Media Relations
+39.02.87962326
international.media@intesasanpaolo.com
group.intesasanpaolo.com
Last updated 8 May 2026 at 12:36
