Intesa Sanpaolo’s first quarter 2025 results: statement by CEO Carlo Messina

“The results achieved in the first quarter of 2025 reinforce Intesa Sanpaolo’s standing among Europe’s major banks. Intesa Sanpaolo takes pride in its role as a steady partner for Italy’s growth and stability.

“We began the year with our strongest-ever quarterly net income—amounting to €2.6 billion in the first quarter—that means an annualised return on equity (ROE) of 20%.

“We expect net income well above €9 billion for 2025, driven by the Bank’s strong potential for organic growth.

“With one of the highest shareholder payouts in the European banking sector, we will return at least €8.2 billion to shareholders this year, including the final dividend in May, the share buyback in June and the expected interim dividend in November. Further capital distributions will be quantified at year-end.

“In terms of market capitalisation, we rank among the leading European banking groups, alongside competitors with significantly larger balance sheets.

“Our Bank has a business model that is unique in Europe, built on leadership in services for households and businesses, a strong Wealth Management, Protection & Advisory component, highly efficient international operations and a technologically advanced digital offering. Added to this are our Zero-NPL status and an internationally recognised, best-in-class ESG profile.

“The strength of our results, the sustainability of our growth, our solid capital base and low-risk profile enable us to play a unique role in supporting both the real economy and social inclusion.

“In the first quarter of 2025, we disbursed €15 billion to households and businesses in Italy, and €21 billion across the Group as a whole.

“We allocated €1.6 billion to our people. Dividends already accrued in the quarter totalled €1.8 billion. Of these, 40% are destined for Italian households and the charitable foundations that are among our shareholders. Taxes paid during the quarter amounted to €1.6 billion.

“We reaffirm our commitment to social cohesion through a €1.5 billion programme of targeted actions to be implemented by 2027, driven by 1,000 of our people. To date, more than €700 million has already been invested.

“Our customers are at the heart of our strategy and growth outlook. Their trust in the Bank’s strength and leadership—together with their relationships with our credit and advisory professionals—is a key driver of our growth.

“Amid market volatility and shifting interest rates, we are facing these challenges from a position of strength, thanks to a resilient, efficient and well-diversified business model. Household and business assets entrusted to us have reached approximately €1.4 trillion, up €45 billion compared with the first quarter of 2024.

“We rank first in the eurozone for the contribution of fees and insurance activities to total revenues.

“Strict cost discipline has enabled us to achieve our best-ever level of operational efficiency, with a cost/income ratio of 38.0%. A limited inflow of non-performing loans has kept the annualised cost of risk at 21 basis points.

“Capital generation remains strong: our CET1 ratio stands at 13.3%. During the quarter, we increased it by approximately 45 basis points, confirming the Bank’s ability to generate capital consistently and robustly. “Our surplus capital puts us in a strong position to carry out significant shareholder distributions. 

“Technological innovation is a key driver of our success. We have already invested €4.4 billion in cutting-edge technology and hired around 2,350 IT specialists, positioning the Bank among Europe’s leaders in digital transformation.

“Isybank, our digital bank, has surpassed one million customers, with strong acceleration in the first quarter of 2025—confirming the success of our digital strategy.

“We are strongly committed to the environmental transition. From 2021 to the first quarter of 2025, we have provided €72.2 billion in support of the green economy, including €13.1 billion since 2022 for the circular economy. More than 92% of our energy supply comes from renewable sources.

“The quality of our people is a decisive factor in generating strong, sustainable results. I am proud of what we have achieved and thank all our people for their extraordinary contribution.

“Our well-diversified business model, solid capital position and strong income-generating capacity are the pillars of Intesa Sanpaolo’s success. We are confident that the Group’s existing potential will sustain our leadership in Europe in the years ahead.”

Milan, 6 May 2025