MILANO – Intesa Sanpaolo almost doubles its net profit in the second quarter of 2023, thanks to the take-off in the interest margin which was affected by the rise in ECB interest rates and brought 3.58 billion euros in income to the largest Italian bank, and to an overall decline in costs, both for personnel and credit. The dowry of profits in the six months therefore rises to 4.22 billion (+80% on last year) and allows the CEO Carlo Messina to raise expectations for the year: “The solid and positive results of the first six months of the year allow us to increase the forecast of a 2023 net profit well above 7 billion euros. This year we will be able distribute to our shareholders 5.8 billion considered: the May dividend, the second tranche of the buyback, and the November interim dividend. These are important resources, not only for our shareholders but for the country’s economy”.
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The strong growth in revenues from loans and lending in general, common to all commercial banks in Europe, is accompanied by stable commission income (slightly down to 2.21 billion in the quarter), and a slight improvement in the insurance business (459 million proceeds) while revenues from securities trading are almost decimated, to 75 million. Intesa Sanpaolo too, like its rival Unicredit and other institutions at the end of June, on the other hand, it does not feel inflation on the cost side: operating costs are down slightly to 2.67 billion, those on disbursed credit have halvedas shown by the provisions which fell between April and June to 367 million, compared to 730 million a year ago.
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“The first six months of 2023 were particularly positive for us: we confirmed the ability to generate significant and sustainable profitability with significant benefits for all stakeholders; at the same time we launched isybank and Fideuram Direct, two qualifying initiatives of the Business Plan which put us at the forefront in terms of fully digital offering to our customers. All this confirming the centrality of the program promoted by the bank in favor of the reduction of inequalities in the country”, added Messina. The head of the company also expressed upward estimates for the next two years, in which the macroeconomic context should worsen: “In 2024 and 2025, we expect net income to grow further, thanks to higher interest and fee income, improved operating efficiency and a very low cost of risk. Thanks to the prospect of greater profitability, we will further accelerate projects in favor of those who find themselves in situations of particular social hardship”.