1H26 Results: €5.6 billion Net income and 2026 guidance upgraded to >€10 billion
29 July 2026
In the first half of 2026, Intesa Sanpaolo delivered its best six months ever, with Net income of €5.6 billion, of which €2.8 billion in the second quarter, making it the best quarter in the Group’s history.
Annualised Return on Equity (ROE) reached 20%, with annualised Return on Tangible Equity (ROTE) at 25%, while earnings per share (EPS) increased by 9% year-on-year.
These excellent results allow Intesa Sanpaolo to upgrade its 2026 Net income guidance to more than €10 billion, reflecting the quality and sustainability of its earnings and providing a strong foundation for further growth.
High-quality revenues were supported by all-time-high Commissions and Insurance income, while Customer Financial Assets grew to more than €1.5 trillion, reflecting continued commercial momentum.
Second-quarter revenues set a new all-time record, following the first quarter’s record revenues.
Intesa Sanpaolo continues to offer one of the highest dividend yields in European banking. In 2026, it expects to return €9.4 billion to shareholders through dividends and buybacks.
The execution of the 2026-2029 Business Plan continues at full speed, with key initiatives well underway. The Monte dei Paschi transaction will further accelerate its execution and create additional value.
1H26 excellent performance - Highlights
The first half 2026 results in more detail:
- Best-in-class profitability:
- €5.6 billion Net income, marking the best six months and best quarter in the Group’s history, with record-high Revenues and all-time-high Commissions and Insurance income
- 20% annualised ROE, with 25% annualised ROTE
- Effective cost management: 35.9% lowest-ever Cost/Income ratio, best-in-class in Europe
- Zero-NPL Bank: 0.8% Net NPL ratio at historical low, with Bad loans reset to near zero
- Rock-solid capital position: ~13.1% CET1 ratio, >13.8% including additional ~75bps from DTA absorption
- High and sustainable value creation:
- €5.3 billion accrued in H1 for distribution, of which €4.2 billion cash dividends
- ~€3.8 billion cash dividend, to be paid in November
- €2.3 billion share buyback, launched in July
- ~7% dividend yield
- World-class position in Social Impact: >€1.1 billion contribution already deployed to fight poverty and reduce inequalities
- Significant increase in Customer financial assets: >€1.5 trillion (+€121 billion vs 30.6.25, +€68 billion vs Q1)
Results creating value for all Intesa Sanpaolo stakeholders
Intesa Sanpaolo’s profitability benefits all its stakeholders by supporting the real economy and helping to fight poverty and inequalities. More specifically:
- Shareholders: €5.3 billion accrued in H1 for distribution, of which €4.2 billion cash dividends. ~35% of cash dividends (~€1.5 billion) go directly to Italian households and to charitable foundations
- Employees: €3.2 billion Personnel expenses, and confirmed as Top Employer Europe 2026 and Top Employer Italy for the second and fifth consecutive year, respectively
- Public sector: €3.6 billion taxes (€0.4 billion increase vs 1H25)
- Households and businesses: €44.1 billion medium/long-term new lending (+6% vs 1H25), with ~1,200 Italian companies returned to performing status in H1 (~148,000 since 2014)
Combination with Banca Monte dei Paschi di Siena
The combination with Monte dei Paschi di Siena will deliver clear benefits for all stakeholders through stronger growth and increased value creation and distribution.
Intesa Sanpaolo has strong standalone growth potential, while the transaction will significantly accelerate the execution of the Business Plan, enabling the Group to achieve its targets three years ahead of plan, including reaching ~€2 trillion in Customer financial assets by 2029.
Intesa Sanpaolo will enlarge its client base by 6 million clients, while strengthening its franchise in Consumer Finance and Corporate and Investment Banking, also leveraging Mediobanca’s international footprint.
Intesa Sanpaolo will also deliver €2.9 billion in synergies by leveraging its best-in-class delivery machine and IT platform.
As a result, Intesa Sanpaolo will generate more than €16 billion Net income in 2029, with strong EPS/DPS/capital distribution per share accretion.
Full details on Intesa Sanpaolo’s 2026 first half financial results and on the MPS transaction are available in the Group’s Investor Relations section.
Last updated 29 July 2026 at 13:08:01
