Intesa Sanpaolo closed the first nine months of the year with a net profit of 4.37 billion euros excluding value adjustments for Russia and Ukraine (+ 9% compared to 4.01 billion in the first nine months of 2021). The net book profit is equal to 3.28 billion euro (-18%). The result – explains the bank – is fully in line with the 2022-2025 Business Plan target of over 5 billion for the current year. Precisely on the exposure to Moscow, the bank explains that it was reduced by about 65% (about 2.3 billion euros) in the third period of the year, down to 0.3% of the group’s total loans to customers. Intesa Sanpaolo is “fully capable of continuing to operate successfully in the future, being able to count on the strengths that distinguish the group, in particular from a financial, operational, technological and organizational point of view”, details a note.
As for the results of the third quarter alone, Intesa Sanpaolo recorded a net result of 930 million euros, which compares with that of 1,330 million in the second quarter of 2022 and 983 million in the third quarter of 2021. The consolidated income statement for the third quarter of 2022 it recorded net interest of € 2.4 billion, up by 14.1% compared to the 2.09 billion in the second quarter of 2022 and by 19.4% compared to the 2 billion in the third quarter of 2021.
Objectives chapter: confirmed that of 6.5 billion euros of net profit in 2025, with a “clear and sharp rise deriving from the increase in interest rates (growth of about 2 billion euros on an annual basis in net interest assuming the Euribor at 1 month on average per year equal to 2%). For 2022 a net profit of over 4 billion euros is expected following the reduction of the exposure to Russia and the strong operating performance in the third quarter, despite the worsening in the supply of raw materials / energy Finally, the board of directors approved an interim dividend for 2022 of 1.4 billion.