Intesa Sanpaolo S.p.a Stock Earnings Reports

Intesa Sanpaolo reported record 9-month 2025 results with net income of EUR 7.6bn (EUR 2.4bn in Q3), a CET1 ratio of 13.9% (up >100 bps year-to-date), annualized ROE ~20% and EPS +9%. Management reiterated full-year net income guidance of well above EUR 9bn and announced an interim dividend of EUR 3.2bn (to be paid in November) as part of EUR 8.3bn returned to shareholders year-to-date, with an additional year-end capital distribution to be quantified. Revenues were supported by all-time highs in commissions and insurance income (wealth management and protection are major growth drivers), while costs declined despite EUR 5bn tech investment (including AI). Net interest income saw a quarter-on-quarter dip driven by concentrated loan repricing (6–12 month buckets) but management expects a rebound and further growth in 2026, supported by hedges. Asset quality is robust (lowest NPL inflows, NPL coverage >51%, cost of risk ~25 bps) and Russia exposure is negligible. The bank highlights significant excess capital and limited organic capital needs, plans to finalize a new business plan and dividend policy in early February (including reconsideration of payout mix between cash dividends and buybacks), and will pursue efficiency actions (IT/mainframe rationalization, workforce generational change) to underpin future profitability.