Intesa Sanpaolo closes i first nine months of 2025 with a net profit of 7,6 billion of euros, up 5,9% compared to the same period in 2024. Despite the overall positive result, the stock slips to the bottom of the Fste Mib, with a drop of 1,54%, influenced by the decline in the third quarter only, equal to 2,4 billion, slightly above analysts' expectations. The bank confirms the perspective of a annual net profit of more than 9 billion, also thanks to the management actions planned for the fourth quarter, while it has already approved a interim dividend, confirming a significant return for shareholders, while capital strength remains well above regulatory requirements.
“Thanks to the significant results achieved in the first nine months of 2025 – explained the CEO Charles Messina Intesa Sanpaolo confirms its position as a leading European bank in terms of solidity and value creation, with one of the highest shareholder returns. To this – which is a key aspect for our group's future growth prospects – we combine a far-reaching social program aimed at reducing inequalities and supporting those most in need in our country. We are making a concrete contribution to building a more inclusive society, while also strengthening the economic fabric that constitutes it.
Intesa Sanpaolo: Revenues stable despite declining interest margin
I revenues overall remain stable at 20,4 billion euros, despite the decline in interest margin of 6,8% compared to 11,9 billion in 2024. The performance is supported by the commissions nice, up 5,1%, and the result from insurance business rose to €1,4 billion. Management, brokerage, and advisory fees were particularly dynamic, increasing by 8,6%, while securities placements recorded a significant increase of 30,2%.
I operating costs Total operating expenses amounted to €7,956 billion, a slight decrease of 0,4% compared to 2024. The reduction affected both personnel expenses (-0,9%) and administrative expenses (-1,5%), offset by an increase in depreciation and amortization (+4,6%). Operating profit reached €12,476 billion, up 0,2%, while the cost/income ratio improved to 38,9% compared to 39,1% in the first nine months of 2024, confirming the bank's operational efficiency.
Credit quality and capitalization
At the end of September, the non-performing loans They represent 1,1% of loans net of write-downs and 2,3% gross; according to the EBA methodology, the values correspond to 1% and 2%. Exposure to Russia it is now almost nothing, less than 0,1% of total loans, after a reduction of over 91% since 2022. The coverage level remains high, with an average of 51,1% and bad debt coverage increasing to 67,2%.
La capitalization is broad and exceeds regulatory requirements, with a Cet1 ratio at 13,9%, up approximately 1,05 percentage points in the first nine months and approximately 0,4 points in the third quarter alone. At the same time, the ECB set the overall capital requirement to be met starting January 1, 2026, at 9,97%, following the completion of the SREP review.
Dividends, Messina: "New policy at the end of February with the new plan."
The group distributed 5,3 billion euros in the first nine months dividends, of which 3,2 billion as an advance in November. To these is added the 2 billion buyback, concluded in October, confirming a significant return for shareholders. As CEO Carlo Messina explained in a conference call with analysts, "In 2025, we will return approximately €8,3 billion to our shareholders, including the €3,2 billion interim dividend that will be paid in November. This confirms one of the highest returns for our shareholders in the European banking landscape."
Looking ahead, the CEO announced: “We will evaluate the distribution of capital in the new industrial planWe are aware that other players are working on a higher cash payout than the one we have at Intesa Sanpaolo, it is something we are evaluating." The new dividend policy will be announced.in early February”, explained Messina, specifying that “since we do not see any type of M&A opportunity, by definition the excess capital belongs to our shareholders”.
Third quarter 2025 performance
Just in third quarter, the net profit consolidated amounted to 2,37 billion, with a flexion of 1,2% on an annual basis, which however exceeds analysts' expectations (they estimate an average of 2,3 billion). Revenues show resilience: the commissions nice are growing (+5,9% compared to the third quarter of 2024) and the insurance business contributes positively, with a result of 450 million.net interest remain under pressure, with a reduction of 3,2% compared to the previous quarter and 6,6% compared to the third quarter of 2024.
"Regarding net interest, I want to clarify," Messina said. "When we provided the outlook for our net interest, we indicated that the third quarter could be lower than the second. This is because between June and September, there was a concentration of repricing of the loan portfolio due to the decline in Euribor. Only €8 billion of loans will be repriced in the fourth quarter. Therefore, we can confirm the guidance."
I net operating income stand at 6,643 billion, while operating costs rise to 2,714 billion, offsetting the cost/income ratio remains low at 40,9%.
Forecasts for 2025 and beyond
For the 2025, the group foresees growing revenues, supported by integrated management. Net interest income is expected to be higher than in 2023, with further increases expected in 2026 thanks to the greater contribution from hedging on demand items. net commissions and the rresult of the insurance business should increase, based on the group's position in the Wealth Management, Protection & Advisory.
Trading profits are also expected to grow and reduction of operating costsThe low cost of risk reflects the high quality of the credit portfolio, a limited stock of non-performing loans and proactive credit management. Finally, lower taxes and charges in the banking and insurance systems, also due to the cessation of contributions to the deposit guarantee fund, will contribute to overall profitability management. The distribution of value for shareholders remains significant, with a payout 70% cash ratio on consolidated net profit and a dividend per share increase in 2025 compared to 2024, to which further distributions will be added once the annual results have been approved.
Messina: Intesa Sanpaolo out of the game of risk
On the topic mergers and acquisitions in ItalyThe CEO confirmed the bank's position: "Regarding mergers and acquisitions in Italy, what I can say is that I don't believe there will be any significant moves in the coming months. Then, in 2026, we'll see what happens for other competitors who haven't closed deals. In any case, Intesa Sanpaolo will not participate in any consolidation movement in the banking and insurance sectors."
Messina on the budget: "No worries about the new tax."
Messina also underlined the bank tax contribution"Let me focus on contributions to the public sector: in terms of taxes, in the first nine months we contributed €4,6 billion, an amount equivalent to the new tax the government intends to raise from the banking sector." He added: "In nine months, we have contributed the same amount, thus hopefully contributing to the fight against inequality."
Finally, on the new tax on banks wanted by governmentMessina ruled out any concerns: "The impact we could have on both net income and shareholders' equity is completely manageable. Therefore, we are not at all concerned about this." To know the "actual tax rate," he concluded, "we will have to wait for the budget to be approved."
Last updated Friday, October 31, 2025, at 16:15 PM
