Turin – Milan – Moscow, 5 August 2021 – At its meeting 4th of August, the Board of Directors of Intesa Sanpaolo approved the consolidated half-yearly report as at 30 June 2021.

The results for the first half of 2021 confirm Intesa Sanpaolo’s ability to effectively face the challenging aftermath of the COVID-19 epidemic and are fully on track to deliver a full-year net income of minimum €4 billion.

The results reflect Intesa Sanpaolo’s sustainable profitability deriving from a solid capital base and liquidity position, a resilient and well-diversified business model, strategic flexibility in managing operating costs and asset quality. These feature have made it possible to effectively mitigate the impact of the adverse scenario of the 2021 EBA/ECB stress test and are reflected in a low risk profile bolstering the support provided to Italy by the Group, which is also committed to becoming a reference model in terms of sustainability and social and cultural responsibility.

Value generation for all stakeholders will be accreted by synergies estimated at over €1bn deriving from the merger of UBI Banca, successfully completed with no social costs, and by over €6bn in 2020 and over €300m in H1 2021, both out of pre-tax profit, devoted by the Group to further strengthening the sustainability of results.

In the first half of 2021, the Group recorded:

- net income at €3,023m up by 17.8% versus €2,566m in H1 2020;
- growth in gross income, up 1.6% on H1 2020;
- growth in operating margin, up 5.9% on H1 2020;
- growth in operating income, up 1.7% on H1 2020 with net fee and commission income up by 13.2%;
- operating costs down by 2.3% on H1 2020;

As at 30 June 2021, the Intesa Sanpaolo Group’s operating structure had a total network of 5,255 branches, consisting of 4,258 branches in Italy and 997 abroad, and employed 99,112 people.

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