Intesa Sanpaolo, results for the first quarter of 2023 presented: net profit of almost 2 billion
Intesa Sanpaolo presented the results of first quarter 2023 confirming the Group’s ability to generate a sustainable profitability even in complex contexts thanks to the well-diversified and resilient business model, with a Net income driven by the net interest it has achieved almost 2 billion of Euro.
The solid economic and financial performance of the quarter translated into a significant creation of value for all stakeholderalso founded on the fort ESG commitment of the Group: in particular, 1.4 billion of euros of accrued dividends, 1.4 billion of euros of generated taxes and increased by approximately 300 million euros compared to the first quarter of 2022 due to the growth in net interest which drove theapproximately 900 million euro increase in net incomeexpansion of the food and shelter program for people in difficulty (about 24.3 million interventions between 2022 and the first quarter of 2023), strengthening initiatives to tackle inequalities and foster financial, social, educational and cultural inclusion (€10.5 billion of social credit and urban regeneration between 2022 and Q1 2023).
Intesa Sanpaolo is fully capable of continuing to operate successfully in the future, relying on the strengths that distinguish the Group, in particular the resilient profitabilitysolid capitalisation, the status of a “bank”zero NPL” and the high flexibility in the operating cost management.
Exposure to Russia is further decreasing, down by approximately 70% (over 2.5 billion euro) compared to the end of June 2022 and down to 0.2% of the Group’s total customer loans. THE cross-border credits to Russia are largely in bonis and classified in Stage 2. The formula of Business Plan 2022-2025 is confirmed, with a clear and strong upside outlook for thetarget of 6.5 billion of euros of net profit in 2025 resulting from the increase in interest rates. The implementation of the Plan is proceeding at full speed, with the main industrial initiatives well underway:
Results for the first quarter of 2023
Il consolidated income statement Q1 2023 records net interest of 3,254 million euros, up by 6.2% compared to €3,064m in the fourth quarter of 2022 and by 66.3% compared to €1,957m in the first quarter of 2022.
The net commissions amounted to 2,137 million euros, down by 3.8% compared to 2,222 million in the fourth quarter of 2022. In detail, there was a 7.5% decrease in commercial banking fees it’s a 0.3% growth in management fees, brokerage e advice (asset management, insurance products, placement of securities,…), in which an increase of 37.7% was recorded for the component relating to intermediation and placement of securities and a decrease of 8.4% for that relating to asset management (no performance fees in the first quarter of 2023 and equal to 24 million euros in the fourth quarter of 2022) and 2.5% for that relating to insurance products.
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