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Intesa Sanpaolo: the consolidated results as at 30 June 2020

5 August 2020, Turin, Milan, Moscow. At its meeting on 4 August, the Board of Directors of Intesa Sanpaolo approved the consolidated half-yearly report as at 30 June 2020.  

Results for both Q2 and H1 of 2020 confirm Intesa Sanpaolo’s ability to effectively face the challenging aftermath of the coronavirus pandemic. They reflect 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.

Sustainable value generation for all stakeholders will be accreted by the combination

with UBI Banca.

Operating income in Q2 2020 was €4,136M (-16.3% versus Q1 2020), and in H1 2020 was €9,075M (no changes versus H1 2019).

Operating costs in Q2 2020 were €2,230M (+2.6% versus Q1 2020), and in H1 2020 was €4,403M (-2.8% versus H1 2019).

Operating margin in Q2 2020 was €1,906M (-31.1% versus Q1 2020), and in H1 2020 was €4,672M (-2.8% versus H1 2019).

Gross income in Q2 2020 was €1,883M versus €1,976M in Q1 2020, and in H1 2020 was €3,859M versus €3,602M in H1 2019.

Net income in Q2 2020 was €1,415M versus €1,151M in Q1 2020, and in H1 2020 was €2,566M in versus €2,266M in H1 2019.

Capital ratios: common equity tier 1 ratio after dividends accrued in H2 2020:

•  14,9% pro-forma fully loaded;

•  14,6% phased in.

As at 30 June 2020, the Intesa Sanpaolo Group’s operating structure had a total network of 4,719 branches, consisting of 3,680 branches in Italy and 1,039 abroad, and employed 87,996 people.

“In an exceptionally challenging moment marked by the consequences of the COVID-19 pandemic, Intesa Sanpaolo once again demonstrated its ability to achieve its objectives and meet its commitments”, Group’s CEO Carlo Messina said. “Faced with this very challenging environment, we achieved the best first-half Net income since 2008 – at €2.6 billion – meaning we have already delivered 86% of the €3 billion minimum Net income target for this year.”

Now we are opening a new chapter in our Group’s history, after having successfully concluded our offer to UBI shareholders, and those representing 90.2% of the share

capital chose to become part of Intesa Sanpaolo, he noted.

“Together, we can reinforce a Group that is a national champion and a leader in Europe”, added the Group’s Head. “Through this operation, we rank at the very top of Eurozone banking: our combined group is #2 by market capitalization, #6 by operating income and #8 by total assets.”

Carlo Messina informed, that in 2021, as soon as the macroeconomic scenario becomes clearer, a detailed Business Plan for the new combined Group would be prepared.

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