First half 2023 results: statement by CEO Carlo Messina

The image accompanying the News on the CEO's statement on the occasion of the presentation of the 2023 half-year results, portrays Carlo Messina, CEO of Intesa Sanpaolo.

As Intesa Sanpaolo published its first half 2023 financial results, CEO Carlo Messina underlined Intesa Sanpaolo's ability to generate significant and sustainable profitability that benefits all stakeholders.

Carlo Messina also recalled the launch of isybank and Fideuram Direct that took place in the second quarter, two key initiatives of the 2022-2025 Business Plan that put Intesa Sanpaolo at the forefront in terms of fully-digital offerings to customers.

Intesa Sanpaolo’s CEO also emphasised the importance of the programme promoted by the Bank aimed at reducing inequality in Italy.  

Read the full statement by Carlo Messina, CEO of Intesa Sanpaolo

“The first six months of 2023 were particularly positive for Intesa Sanpaolo. Again, we demonstrated our ability to generate significant and sustainable profitability while benefitting all our stakeholders. At the same time, we launched isybank and Fideuram Direct, two key initiatives of our 2022-2025 Business Plan that place us at the forefront in terms of a fully-digital offering to our customers. We did this while doubling down on the Bank’s program to reduce inequalities in Italy.

“The Bank’s unique business model developed over the years – defined by a traditional strength in commercial banking, a leading position in Wealth Management & Protection, and an advanced digital infrastructure – enables us to benefit from the current environment, while also ensuring resilience and profitability in the long term.

“Thanks to these distinctive elements, Intesa Sanpaolo is at the top of the sector in Europe and plays a uniquely important role in our country, contributing to economic growth and social cohesion.

“Growth in net interest income in the first half contributed to net income of €4.2 billion, consequently driving accrued cash dividends to €3 billion. Of these, some 40% will go to Italian families and our shareholder Foundations, enabling them to carry out their important social interventions in their communities.

“Direct and indirect taxes generated in the first half totaled €2.6 billion, an increase of nearly €600 million compared to the first half of 2022, with an increase in the benefit brought by Intesa Sanpaolo's performance to the public budget.

“The total amount received by the People who work in Intesa Sanpaolo was €3.2 billion in the six-month period. In 2022, we allocated an extraordinary contribution of €1,000 to our People, excluding executives, to help deal with inflation, for a total of around €80 million.

“As for the renewal of the national employment contract, expected starting next year, we were immediately open to the increase requested by the unions and the Bank's People. In a phase marked by a significant increase in the Group’s profitability, and considering the increase in the cost of living, we believe that an intervention that makes a difference is necessary for the people who work in the bank.

“Medium- and long-term credit disbursed in Italy in the six months exceeded €19 billion. We helped over 1,900 companies return to normal operations from temporary difficulties in the six months alone, safeguarding jobs.

“Inflation continues to have a significant impact on households, which is why we have allocated €30 billion to businesses and households, making it possible to suspend or remodulate mortgages and loans, granting loans at subsidized rates and permitting installments at zero interest rates. This underlines Intesa Sanpaolo's role as a point of reference for the real economy.

“We have strengthened initiatives to tackle inequality and promote financial, social, educational and cultural inclusion, with around €12 billion in social lending and for urban regeneration between 2022 and the first half of 2023. We have also expanded the food and shelter program for people in need, with 28 million interventions between 2022 and the first half of 2023.

“The strong results in the first half allow us to raise the outlook for 2023 net income to well above €7 billion. This year, we will distribute €5.8 billion to our shareholders,  considering the dividend paid in May, the second tranche of the buyback, and the interim dividend to be paid in November. These are important resources, not only for our shareholders but also for the country's economy. In 2024 and 2025, we expect net income to grow further, thanks to higher interest and fee income, improved operating efficiency and a very low cost of risk. Thanks to the prospect of greater profitability, we will further accelerate projects in favor of those who find themselves in situations of particular social hardship.

“We are convinced that the Group’s strong commitment to its technological evolution will enable Intesa Sanpaolo to remain a European leader in the years to come.

“We have already made robust investments – totaling €1.8 billion – in a new cloud-native platform (isytech), with over 1,200 IT specialists already hired. This infrastructure is the key element of isybank, the Group's digital bank launched recently with the goal of reaching 5 million customers in Italy by 2025. Our intention is to gradually extend new fully-digital offers internationally, starting from the countries where we are already present through the International Subsidiary Banks Division.

"We also recently completed the successful launch of Fideuram Direct, the digital wealth management platform for Private Banking, with a target of around 150,000 customers in 2025.

“We are developing applications in artificial intelligence, targeting around 140 use cases by 2025 thanks to the expertise of 300 AI specialists.

“This strong tech push will generate an additional €500 million of gross income in 2025, not envisaged in the 2022-2025 Business Plan.

“Long-term investors are paying increasing attention to the importance of having an industrial vision and to the ability execute strong technological innovations. We are optimally positioned from this perspective.

“We believe it is crucial to support Italy’s productive economy in the move towards the green transition and environmental sustainability. Intesa Sanpaolo is the only bank in Europe to have defined a specific objective in its Business Plan in terms of loans dedicated to the circular economy (€8 billion to be disbursed in 2022-2025) and, to date, we are the bank that has provided the largest number of loans in favor of the circular economy.

“The professional quality of our people remains the key factor in achieving solid and sustainable results that benefit all stakeholders: our thanks go to them.”


28 July 2023