Intesa Sanpaolo has released the results for the first half of 2026. The bank closed the period with a net profit of 5,554 billion euros, up compared to the 5,216 billion in the same half of 2025 (+6.5%), while net operating income stood at 14,533 billion euros, up 5.3% on an annual basis.
The operating result was equal to 9,311 billion euros, with operating costs equal to 5,222 billion and a cost/income ratio of 35.9%, an improvement compared to the 38.1% recorded twelve months earlier. The bank has also raised its guidance, now forecasting a 2026 net profit well over 10 billion euros, with a distribution of cash capital of at least 8.2 billion euros, to which is added the 2 billion buyback expected in 2027 subject to regulatory authorisations.
Profit and revenues grow in the half-year
This first half-year has highlighted a positive trend in the group’s main economic indicators. The net profit of 5,554 billion euros compares with the 5,216 billion in the same period of 2025, marking a growth of 6.5%, while net operating income went from 13,795 to 14,533 billion euros. The gross current result amounted to 8,617 billion, compared to the 7,944 billion of the previous year (+8.5%), while the operating result reached 9,311 billion, an increase of 9.1%.
On the cost front, operating expenses stood at 5,222 billion euros, compared to 5,260 billion in the first half of 2025 (-0.7%). The cost/income ratio thus stood at 35.9%, confirming one of the highest levels of efficiency among the main European banks.
The interest margin exceeds 7 billion euros
The interest margin stood at 7,480 billion euros, compared to 7,432 billion in the same period of 2025 (+0.6%). Net commissions reached 5,131 billion euros, compared to 4,891 billion in the previous year (+4.9%), while the result of insurance activity rose to 973 million euros, compared to 922 million in the first half of 2025 (+5.5%). The net result of financial assets and liabilities measured at fair value grew to 905 million euros, compared to 552 million in the same period of the previous year.
Credit, capital and asset quality
The Common Equity Tier 1 ratio (CET1) stood at 13.1%, compared to 13.2% at the end of 2025, remaining well above the SREP requirement of 9.96%. The Tier 1 ratio was equal to 15.9%, while the Total Capital Ratio reached 19%.
In terms of credit quality, net impaired loans amounted to 3,997 billion euros, while the NPL ratio was 0.9% net and 1.8% gross. The annualized cost of risk stood at 20 basis points, while the coverage of non-performing loans rose to 50.1%, with that of bad loans at 69.2%.
Guidance with a target of 10 billion at the end of the year
At the same time as the half-year results, Intesa Sanpaolo revised its objectives for the entire financial year upwards. Management now expects a 2026 net profit well above 10 billion euros, compared to the previous target of around 10 billion, supported by fee growth, resilient net interest income and maintaining a low cost of risk.
The bank also confirmed a particularly generous shareholder remuneration policy, foreseeing at least 8.2 billion euros in cash dividends relating to 2026 and announcing its intention to distribute a further 2 billion euro buyback in 2027, subject to ECB authorizations. At the same time, the group maintains solid capital generation, with a CET1 ratio of 13.1% already calculated after deducting 5.3 billion euros of distributions accrued in the half-year and the 2.3 billion euro share buyback program launched in July.
