First half 2024 results: highlights

With a net income of €4.8 billion, the first half of 2024 marks the best six months ever for Intesa Sanpaolo, reflecting a 13% increase compared to the first half of 2023. Consequently, the net income guidance for both 2024 and 2025 has been raised to over €8.5 billion.

Additionally, second quarter net income of €2.5 billion represents the best quarter since 2007, showing a 9% increase compared to the second quarter of 2023 and a 7% increase compared to the first quarter of 2024.

Among the main milestones achieved by the Group in the first half of 2024, characterized by best-in-class profitability, are:

• Effective cost management, with the lowest-ever half-yearly Cost/Income ratio at 38.3%, best-in-class in Europe
• Zero-NPL Bank, with net NPL ratio at 1.0%
• Rock-solid capital position, with fully phased-in CET1 ratio >13.5%
• Strong and sustainable value creation, with €3.3 billion accrued dividends and €1.7 billion share buyback launched in June
• World-class position in Social Impact, with around €500 million already deployed (out of €1.5 billion total contribution over the 2023-2027 period) and some 1,000 dedicated employees.

The first half of 2024 also saw a strong acceleration in Commissions, up 7% compared to the first half of 2023 and 5% compared to the first quarter of 2024. Insurance income increased 6% compared to the first half of 2023, marking the best six months ever. Intesa Sanpaolo is the eurozone-leader in terms of the ratio of insurance activities to revenues.

Intesa Sanpaolo’s excellent performance benefits all its stakeholders:

• Shareholders, with €3.3 billion cash dividends already accrued in the first half and around 40% of cash dividends going directly to Italian households and to charitable foundations
• Employees, with €3.2 billion in Personnel expenses, a growing employee satisfaction index and recognition as Top Employer for the third consecutive year
• Public Sector, with €3.1 billion in taxes (~+€500m vs 1H23) driven by €1.0 billion growth in gross income
• Households and businesses, with medium/long-term new lending equal to €31.4 billion, of which €20.3 billion in Italy and ~1,500 Italian companies helped to return to performing status.

With over €1.35 trillion in customer financial assets, Intesa Sanpaolo is poised to capitalize on its leadership in Wealth Management, Protection & Advisory. A €100 billion asset pool has been identified to drive growth in assets under management, with the Group’s delivery machine already at work. In the second quarter of 2024, assets under management saw a net inflow of €1 billion, while assets under administration increased by €5 billion net.

More information on the 1H 2024 financial results 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.