Intesa Sanpaolo first-half 023 results

Intesa Sanpaolo achieved the best six months ever in the first half of 2023, with net income reaching €4.2 billion, of which €2.3 billion in Q2.

Net profit guidance for 2023 raised to well above €7 billion thanks to solid growth in net interest income – expected to exceed €13.5 billion in 2023 – and from continued focus on cost management and a strong decline in provisions for loan losses. Looking ahead, net income in 2024 and 2025 is expected to exceed that of 2023, as the Group’s 2022-2025 Business Plan proceeds at full speed.

Rewarding shareholders while maintaining a solid capital position remains a priority for Intesa Sanpaolo. In the first half 2023, the Group accrued cash dividends of €3 billion and completed the €1.7 billion share buyback. In November, an interim cash dividend of at least €2.45 billion will be distributed to shareholders.

Intesa Sanpaolo’s tech transformation gathered speed in the first half of 2023, with investments in artificial intelligence and the launch of the Group’s digital bank isybank and digital wealth management platform Fideuram Direct. Since the beginning of the 2022-2025 Business Plan, the Group has invested €1.8 billion in technology and hired 1,200 IT specialists. These tech initiatives will contribute an additional €500 million to gross income as soon as 2025.

Here are some key highlights from Intesa Sanpaolo’s first half 2023 results.