Intesa Sanpaolo posts record Q1 profit as Wealth Management accelerates
8 may 2026
In the first quarter of 2026, Intesa Sanpaolo delivered net income of €2.8 billion, the best quarterly result in the Group’s history (+6% vs. Q1 2025).
Operating income reached a record €7.2 billion (+5.3% vs. Q1 2025), driven by balanced growth across net interest income, commissions, insurance activities and trading. Net fees and commissions recorded the best first quarter ever, while insurance income reached record levels, with both up 3% year-on-year. Operating costs declined by 0.7%.
"In a global environment marked by growing geopolitical uncertainty, our strategic choices are proving to be forward-looking and sound."
Net income guidance for 2026 is confirmed at around €10 billion. In the first quarter, revenue growth — driven by fees and commissions and insurance income — lower costs and provisions (-24.1% vs. Q1 2025), and a CET1 ratio above 13%, all confirm the Bank’s low risk profile, solid outlook and ability to deliver sustainable profitability.
STATEMENT BY CARLO MESSINA, CEO OF INTESA SANPAOLO, ON THE GROUP’S FIRST QUARTER 2026 FINANCIAL RESULTS
“These first-quarter results mark the start of our 2026-2029 Business Plan. This is a strong Plan designed to deliver a sustainable 20% ROE through fee growth and technology, supported by solid foundations and no execution risk, as already demonstrated by our initial performance. In a global environment marked by growing geopolitical uncertainty, our strategic choices are proving to be forward-looking and sound.
“We delivered our best-ever quarterly and first-quarter net income, at €2.8 billion, driven by the positive contribution from all revenue components and by lower costs. We confirm our 2026 net income target of around €10 billion, in line with the trajectory set out in the Plan.
“With one of the highest shareholder returns in the European banking sector, this year we will return around €9.4 billion to shareholders through the May final dividend, the July buyback and the expected interim dividend in November.
“Our Bank benefits from a business model that is unique in Europe, built on an integrated Wealth Management, Protection & Advisory platform, with a sector-leading contribution from fees and insurance activities to total revenues. Our best-in-class proprietary technology infrastructure and our position as a Zero-NPL Bank enable us to maintain structurally high efficiency and a low cost of risk.
“Customer financial assets exceeded €1.4 trillion, up by €64 billion over the past twelve months, reflecting the strength of our advisory model and continued customer confidence.
“In the first quarter of 2026, we granted €13 billion in medium/long-term new lending to households and businesses in Italy, and €22 billion across the Group, confirming our role in supporting the real economy and social development, backed by strong results, solid capital and a low-risk profile.
“In the first quarter alone, €2.1 billion has already been accrued for shareholder remuneration, with 35% allocated to Italian households and charitable banking Foundations as shareholders, highlighting the importance of our value creation for the economy and society.
“As part of our commitment to Social Impact, we have already committed €1.1 billion to initiatives aimed at tackling poverty and reducing inequalities. We are also supporting the sustainable transition, with €4.2 billion granted in the first quarter of 2026.
“Our rigorous cost discipline enabled us to deliver our best-ever operating efficiency, with a cost/income ratio of 35.9%. The contained inflow of non-performing loans brought the annualised cost of risk to 16 basis points.
“Capital generation remains robust: our CET1 ratio stands at 13%, confirming the Bank’s strong and consistent capacity to generate capital. Our solid capital position enables us to deliver significant shareholder distributions.
“Technological innovation is a key enabler of our execution capacity and our ability to serve customers effectively. Significant investments in technology — with €5.7 billion already deployed — and a focus on artificial intelligence, including agentic AI, enable us to increase productivity and support the evolution of skills, while maintaining our commitment to employment.
“The quality of our People is a key factor in delivering solid and sustainable performance. I am proud of what we have achieved and thank all our People for their extraordinary contribution.
“Our new Business Plan defines a path of sustainable growth and is already being executed effectively. The quality of the first quarter results confirms the strength of the Plan and our confidence in delivering the next phases through a resilient, efficient and scalable business model.”
Carlo Messina
CEO, Intesa Sanpaolo
Milan, 8 May 2026
Wealth Management: a strategic driver of growth
Intesa Sanpaolo further strengthens its leadership in Wealth Management, Protection & Advisory, with over €1.4 trillion in customer financial assets, confirming client trust and the strength of its advisory model. Wealth Management remains a key growth engine, with an increasing contribution to revenues through fees and commissions and insurance income.
In the 2026–2029 Business Plan, the Group aims to further reinforce this leadership through growth in Private Banking, expansion of the Global Advisor network and enhancement of its digital and international offerings. In this context, the extension of Aladdin Wealth™ by BlackRock—a digital platform for integrated investment and risk management in wealth management—will also support the objective of improving client service and accelerating the Group’s international growth.
Revenues and profitability: the strength of a well-diversified business model
In the first quarter of 2026, Intesa Sanpaolo’s operating income reached a record €7.2 billion, up 5.3% year-on-year.
Net interest income (€3.6 billion) increased slightly despite lower interest rates, while growth was driven by fees and commissions (€2.5 billion), insurance income (€476 million), and a strong contribution from profits on financial assets (€505 million). The revenue mix confirms a well-diversified and resilient business model.
Operating margin amounted to €4.6 billion and net income to €2.8 billion, marking the highest quarterly result ever recorded by Intesa Sanpaolo. A ROE of 21% and a ROTE of 25% underline best-in-class profitability.
Operating efficiency: lowest-ever Cost/Income ratio, best-in-class in Europe
In the first quarter of 2026, Intesa Sanpaolo’s Cost/Income ratio stood at 35.9%, the lowest level ever and among the best in the European banking sector.
Operating costs declined by 0.7% to €2.6 billion, confirming strong cost discipline despite ongoing investments in technology and innovation.
Since 2022, the Group has invested approximately €5.7 billion in technology to support digital transformation and process optimization and this will lead to further cost efficiency.
Asset quality: the Zero-NPL Bank model confirmed
As at 31 March 2026, Intesa Sanpaolo’s net NPL ratio stood at 0.8%, among the lowest in the sector, with a net stock of non-performing loans of €3.9 billion and bad loans almost zeroed.
NPL coverage increased to 49.5% (+0.9pp vs. 31.12.25). The annualized cost of risk declined to 16 basis points (vs. 21bps in Q1 2025), in line with the Zero-NPL Bank model.
The Bank’s strong risk profile is supported by a solid capital position, with a CET1 ratio above 13.0%, well above regulatory requirements.
Shareholder remuneration: among the highest payout ratios in Europe
Intesa Sanpaolo confirms its strong shareholder remuneration capacity, with around €2.6 billion accrued in the first quarter of 2026, including €2.1 billion in cash dividends.
This is complemented by €3.3 billion in cash dividends to be paid in May and a €2.3 billion share buyback program to be launched in July, confirming a high and sustainable distribution policy.
The dividend yield stands at 7.5%, among the highest in the European banking sector, with an overall payout ratio of 95% of net income (75% in cash and 20% through share buybacks).
Social Impact: a global leader
Since 2023, Intesa Sanpaolo has allocated around €1.1 billion to initiatives aimed at combating poverty and reducing inequalities.
In the first quarter of 2026, €4.2 billion was also disbursed to support the sustainable transition, including energy efficiency measures and initiatives to support SMEs. The strategic partnership with the Ellen MacArthur Foundation has also been renewed through a new four-year agreement. The initiative aims to strengthen the development of the circular economy as a driver of industrial competitiveness, economic resilience and resource security.
Final remarks
The first-quarter results confirm Intesa Sanpaolo’s ability to combine growth, sustainable profitability, a strong capital position and strategic investments in technology, supported by a well-diversified business model.
Learn more: 2026-2029 Business Plan and 2025 Full Year Earnings
Last updated 8 May 2026 at 13:08:30
