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Intesa Sanpaolo: consolidated results as at 31 March 2017

Turin - Milan, 5 May 2017. At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 31 March 2017.

The results for the first quarter of 2017 reflect the strengths of Intesa Sanpaolo’s unique business model, which combines revenue generation enhanced by fee growth and high efficiency, with a best-in-class cost/income.

HIGHLIGHTS:
OPERATING INCOME: +0.6%
+0.8%
€4,209M FROM €4,184M IN Q4 2016
FROM €4,177M IN Q1 2016
OPERATING COSTS: -13.1%
0.0%
€2,055M FROM €2,364M IN Q4 2016
FROM €2,054M IN Q1 2016
OPERATING MARGIN: +18.4%
+1.5%
€2,154M FROM €1,820M IN Q4 2016
FROM €2,123M IN Q1 2016
GROSS INCOME: €1,652M FROM €1,560M IN Q4 2016;
FROM €1,408M IN Q1 2016;
NET INCOME: €901M


€1,183M
FROM €776M IN Q4 2016;
FROM €806M IN Q1 2016,

FROM €1,153M IN Q4 2016;
FROM €908M IN Q1 2016,
EXCLUDING LEVIES AND OTHER CHARGES CONCERNING THE BANKING INDUSTRY (*)
CAPITAL RATIOS: COMMON EQUITY RATIO AFTER ACCRUED DIVIDENDS:
12.9% PRO-FORMA FULLY LOADED (1) (2);
12.5% ON A TRANSITIONAL BASIS FOR 2017 (2)

Full text of the press release.(PDF, 860 КБ)


(*) Contributions to the resolution fund and charges in relation to impairment losses regarding the Atlante fund and the National Interbank Deposit Guarantee Fund voluntary scheme.

(1) Estimated by applying the fully loaded parameters to the financial statements as at 31 March 2017, considering the total absorption of deferred tax assets (DTAs) related to goodwill realignment and loan adjustments, the expected absorption of DTAs on losses carried forward, the expected distribution of Q1 net income of insurance companies, and the effect of the Danish compromise (under which insurance investments are risk weighted instead of being deducted from capital, with a benefit of 18 basis points).

(2) After the deduction of accrued dividends, assumed equal to the net income for the first quarter of the year minus the coupons accrued on the Additional Tier 1 issues.

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