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Intesa Sanpaolo: the consolidated results as at 31 March 2020

6 May 2020, Turin, Milan, Moscow. At its meeting on May, 5, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 31 March 2020.

Results for Q1 2020 strengthen Intesa Sanpaolo’s ability to face effectively the challenging aftermath of the COVID-19 epidemic. They reflect both the Group’s sustainable profitability, which derives from a solid capital base and a strong liquidity position, a resilient and well-diversified business model and the strategic flexibility in managing operating costs.

Specifically, Intesa Sanpaolo, in Q1 2020 recorded a further improvement in capital ratios, efficiency, asset quality and cost of risk, set a robust buffer of around €1.5bn to tackle the possible COVID-19 epidemic impacts for the entire year. The new environment finds Intesa Sanpaolo fully equipped thanks to the Group’s competitive advantages, including its position in health and wealth protection, effective proactive credit management and strategic partnerships with leading industrial players, top positioning in business digitalization, etc.

Operating income in Q1 2020 was €4,882M (+6.96% versus Q4 2019, and +11.7% versus Q1 2019).

Operating costs in Q1 2020 were €2,169M (-15% versus Q4 2019, and -2.7% versus Q1 2019).

Operating margin in Q1 2020 was €2,713M (+34.6% versus Q4 2019, and +26.8% versus Q1 2019).

Gross income in Q1 2020 was €1,923M versus €1,229M in Q4 2019, and versus €1,765M in Q1 2019.

Net income in Q1 2020 was €1,151M versus €872M in Q4 2019, and versus €1,050M in Q1 2019.

Capital ratios: common equity tier 1 ratio after dividends accrued in Q1 2020:

•  14,5% pro-forma fully loaded;

•  14,2% phased in.

As at 31 March 2020, the Intesa Sanpaolo Group’s operating structure had a total network of 4,727 branches, consisting of 3,681 branches in Italy and 1,046 abroad, and employed 88,130 people.

“We present our first quarter results in the midst of an extraordinary emergency for Italy and globally. The support provided by Intesa Sanpaolo to help families, businesses and society as a whole in facing these exceptional difficulties – which we initiated with the very first signs of the COVID-19 pandemic – is a source of pride for us, Carlo Messina, CEO of Intesa Sanpaolo said.

In a moment of unprecedented complexity, we have been a reference point for Italy thanks to the dedication and competence of our people, as well as the strength and solidity of our Group, built over years of management defined by sustainable profitability, robust capitalization and a low risk profile.”

He stressed that in the pandemic context Intesa Sanpaolo increased the amount of credit available for Italian companies to €50 billion, helped more than 3,000 companies to get back on track, preserving around 15,000 jobs. The response to the health emergency has been robust, providing over €100 million to strengthen of healthcare structures.

Carlo Messina renewed the offer to UBI shareholders to merge, providing the opportunity to that financial institution to join with the strongest bank in Italy and one of the strongest in Europe.

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