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Intesa Sanpaolo: Consolidated Results as at 30 June 2016

Turin - Milan, 2 August 2016 – At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated half-yearly report as at 30 June 2016.

In the second quarter of 2016, the Group achieved an improvement in profitability compared with the first quarter of 2016, and maintained a solid balance sheet, as the figures below show:


HIGHLIGHTS:

OPERATING
INCOME:

Q2 2016

+14.5% 
+6.9%

AT €4,605M VS €4,023M IN Q1 2016, EXCLUDING RESOLUTION FUND CHARGES AND INCOME  FROM THE SALE OF VISA EUROPE STAKE

 

H1 2016

-5.6%
-7.2%

VS €4,689M IN Q1 2015, EXCLUDING CHARGES IN RELATION TO RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME AND INCOME FROM THE SALE OF VISA EUROPE STAKE

OPERATING COSTS:

Q2 2016

+5.2%

AT €2,154M FROM €2,047M IN Q1 2016;

 

H1 2016

-0.1%

AT €4,201M FROM €4,205M IN H1 2015

OPERATING
MARGIN:

Q2 2016

+24% 
+8.6%

AT €2,451M VS €1,976M IN Q1 2016, EXCLUDING RESOLUTION FUND CHARGES AND INCOME FROM THE SALE OF VISA EUROPE STAKE;

 

H1 2016

-10.3%
-13.2%

AT €4,427M VS €4,934M IN H1 2015, EXCLUDING CHARGES IN RELATION TO RESOLUTION  FUND AND DEPOSIT GUARANTEE SCHEME AND INCOME FROM THE SALE OF VISA EUROPE STAKE

INCOME BEFORE
TAX FROM
CONTINUING
OPERATIONS:

Q2 2016

€1,360M
€1,372M

VS €1,241M IN Q1 2016;
VS €1,377M IN Q1 2016,
EXCLUDING RESOLUTION FUND CHARGES

 

H1 2016

€2,601M
€2,749M

VS €3,224M IN H1 2015;
VS €3,362M IN H1 2015,
EXCLUDING CHARGES IN RELATION TO RESOLUTION
FUND AND DEPOSIT AND GUARANTEE SCHEME

NET INCOME:  

Q2 2016

€901M
€908M

VS €806M IN Q1 2016;
VS €902M IN Q1 2016,
EXCLUDING RESOLUTION FUND CHARGES

 

H1 2016

€1,707M
€1,810M

VS €2,004M IN H1 2015;
VS €2,106M IN H1 2015,
EXCLUDING CHARGES IN RELATION TO RESOLUTION
FUND AND DEPOSIT GUARANTEE SCHEME

CAPITAL RATIOS:

COMMON EQUITY RATIO AFTER ACCRUED DIVIDENDS:
12.9% PRO-FORMA FULLY LOADED (3) (4);
12.7% PHASED IN  (4)

Full text of the press-release

(3) Estimated by applying the fully loaded parameters to the financial statements as at 30 June 2016, considering the total absorption of deferred tax assets (DTAs) related to the goodwill realignment and adjustments to loans, the expected absorption of DTAs on losses carried forward and the expected distribution of the H1 2016 net income of insurance companies; including the effect of the Danish compromise (under which insurance investments are risk weighted instead of being deducted from capital, with a benefit of 16 basis points).
(4) After deduction of accrued dividends, assumed equal to the net income for the first half of the year minus the accrued coupons on Additional Tier 1 issues.

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