Intesa Sanpaolo beats analysts' expectations again, and while awaiting news on the takeover bid launched last June on Monte dei Paschi, presents the market with solid results and still growing profitability.
Intesa: Profits rise 6,5% in the first half of the year
In detail, the first semester ended with a net profit of 5,55 billion euros, up 6,5% compared to last year, a figure that allows the bank to improve its targets, which now estimate a final result for 2026 of "over 10 billion".
In the second quarter alone, however, net profit stood at 2,79 billion, significantly beating analysts' consensus expectations of earnings of 2,52 billion.
On the revenue front, Ca' de Sass recorded in the first half of the year net interest equal to 7,480 billion, up 0,6% while the net commissions grew to 5,131 billion (+4,9%) and net write-downs on loans dropped to 428 million.
Also declining operating costs, fell 0,7% to 5,222 billion, with an annualized cost of risk of 20 basis points. On the balance sheet front Cet1 is at 13,1%.
Intesa: €5,3 billion to shareholders in the first half of the year
For Intesa Sanpaolo, the "solid" performance of the first half of the year translated into "significant value creation for all stakeholders," also in light of the cash return for shareholders. This involves 5,3 billion euros of distribution matured in the semester, of which 4,2 billion in dividends (of which approximately 3,8 billion expected as interim dividends to be distributed next November), which are added to the buyback of €2,3 billion launched in July 2026.
For the full year, Intesa estimates a payout ratio of 95% for 2026, of which 75% comes from cash dividends and 20% from buybacks. However, two conditions apply: the CET1 ratio must remain above 12,5% and no external growth opportunities capable of offering higher returns must emerge, particularly in wealth management.
Intesa Sanpaolo raises its forecasts: net profit above €10 billion in 2026.
In light of the results recorded in the first half of the year, the bank led by Carlo Messina has improved its forecasts for the current year, bringing the target of net profit of over 10 billion euros.
Messina: "With MPS, profits will exceed €16 billion in 2029."
In June, as Intesa Sanpaolo “we presented to the market and an offer to the shareholders of Monte dei Paschi di Siena" with the aim of "creating together an even more solid and profitable group, a protagonist in a global scenario of increasing complexity, capable of maintaining strong roots in the economy, in society, and in the development capabilities of our country". This is what the CEO said. Carlo Messina comments on the first half-year figuresThe union of forces of Intesa Sanpaolo, of the Rocca Salimbeni component destined to become part of the new group and of Mediobanca, continues the CEO, "will allow us to reach the €2.000 trillion in customer financial assets by 2029, to expand its leadership in activities serving families, businesses and wealth management, to create a reference operator in consumer credit, wealth management, corporate and investment banking, and to grow internationally”. In conclusion, the new group's net profit by 2029 is expected to be “exceeding 16 billion euros, the total distribution to shareholders is estimated at 61 billion between 2025 and 2029”. The dividend per share is expected to increase starting in 2026.
