1Q 2022 results: highlights

Image portraying the new Intesa Sanpaolo skyscraper in Turin designed by Renzo Piano and LEED Platinum certified for sustainability

Intesa Sanpaolo delivered solid operating performance in a challenging environment during the first quarter of 2022, thanks to a well-diversified and resilient business model.

Execution of the 2022-2025 Business Plan announced in February is proceeding at full speed, with key industrial initiatives well underway.

Following are some key highlights of Intesa Sanpaolo’s Q1 results:

  • €1.7bn Net income when excluding provisions for Russia-Ukraine exposure, making it the best quarter since 2008
  • €1.024bn stated Net income including conservative Q1 provisions for Russia-Ukraine exposure
  • Strong acceleration of Operating income and Operating margin (+7.8% and +46.0% vs 4Q21)
  • Second-best Q1 ever for Commissions and Insurance income, despite impact from Russia-Ukraine conflict
  • ~€1,250 billion in Customer financial assets with a +3.8bn in AuM Net inflow in Q1 (+€16.5bn on a yearly basis)
  • Strong decrease in Operating costs (-3.2% vs 1Q21) with Cost/Income ratio down to 46.3%
  • Further significant NPL reduction (€4.8bn in disposals finalized January to April) and lowest-ever NPL stock and ratios
  • Reduced exposure to Russia with no new financing or investments since the beginning of the war, limited to ~1% of Group customer loans
  • Fully phased-in CET1 ratio at 13.6%
  • Confirmed leading ESG position in the main sustainability indexes and rankings

More information on financial results for 1Q22 together with the outlook and main industrial initiatives of the Intesa Sanpaolo 2022-2025 Business Plan are available in the Group’s Investor Relations section.