Third quarter 2024 results: highlights

With Net income of €7.2 billion (+17% vs 9M23), Intesa Sanpaolo recorded its best nine months ever. It also delivered the best nine months ever for Operating income (+9% vs 9M23), Operating margin (+14%) and Gross income (+13%).

Net Income guidance for 2024 is confirmed at >€8.5bn, despite significant Q4 managerial actions to strenghten future profitability and while the 2025 Net income guidance was raised to ~€9bn.

With Q3 Net income of €2.4bn (+26% vs 3Q23), the third quarter represents the best Q3 ever, as well as for Net interest income (+3% vs 3Q23), Operating income, Operating margin and Gross income.

Among the key achievements in the first nine months of 2024:

• Best-in-class profitability, with €7.2 billion Net income and 8% Commissions growth (best nine months ever for Insurance income)
• Effective cost management, with a 39.1% Cost/Income ratio, best-in-class in Europe
• Zero-NPL Bank, with 0.9% Net NPL ratio, at historical lows
• Rock-solid capital position, with 13.9% Fully phased-in CET1 ratio (up 30bps in Q3), considering 70% cash dividend payout ratio
• Strong and sustainable value creation and distribution, with €5.0bn accrued dividends, of which €3bn to be paid in November, and €1.7bn Share buyback, finalised in October
• World-class position in Social Impact, with >€0.5bn Contribution already deployed and ~1,000 dedicated People.

As these results show, Intesa Sanpaolo is fully equipped for further success, thanks to a well-diversified and resilient business model: with ~€1.4 trillion in Customer financial assets and significant tech investments (€3.5bn already deployed), the Group is ready to leverage on its leadership in technology and Wealth Management, Protection & Advisory.

Intesa Sanpaolo’s 2022-2025 Business Plan is proceeding at full speed and the tech transformation is accelerating and operating successfully:

• Isytech, Intesa Sanpaolo’s cloud-based core technology platform, is already available to isybank clients and is being progressively extended to the entire Group
• isybank, Intesa Sanpaolo’s digital bank, reached >400,000 accounts opened by new customers (75% under 35 years old), >110m transactions completed and ~€2.1bn customer deposits.

With reference to Intesa Sanpaolo’s ESG commitment, here is a summary of the main results achieved as of 09.30.2024, within the scope of the 2022-2025 Business Plan:

• Support to address social needs: expanding food and shelter program for people in need, with >48.2m interventions
• Financial inclusion: new social lending (new lending to support non-profit activities, vulnerable and young people and urban regeneration) at €18.7bn
• Continuous commitment to culture, with Progetto Cultura and Gallerie d’Italia museums: 30,000sqm across 4 venues with ~1,700,000 visitors
• Promoting innovation: ~€115m investments in startups
• Supporting clients through the ESG/climate transition: new lending to support the green economy, circular economy and ecological transition reached ~€62.7bn; new green lending to individuals €7.6bn; 77% AuM invested in ESG products (% of total AuM)
• Energy acquired from renewable sources: ~90% at Group level, 100% in Italy.

More information on the 3Q2024 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.