Another Record-breaking semester for major Italian banksIntesa Sanpaolo, Unicredit, Banco Bpm, Mps and Bper closed the first six months of 2026 with overall net profits exceeding 15 billion eurosin growth of 3,7% compared to the same period last year. Commissions and insurance activity are primarily supporting the results, while branches and employment continue to decline.
This is what emerges from theanalysis by the Fiba Foundation of First Cisl on the accounts of the five largest Italian banking groups. profitability growth This comes despite the substantial stability of net interest, down 0,2%, confirming how banks' business model is progressively shifting its focus towards services with a higher commission component.
Commissions and insurance become the new revenue drivers
What made the difference in the semester were above all the net commissions, increased by 6,3%, and the result of the insurance business, which jumped by 24,2%. Together, these components now represent 39% of the total revenues of the five large groups. This data certifies the growing weight of managed savings, consultancy and wealth management in the strategies of Italian banks, which are increasingly less dependent exclusively on the performance of the interest margin.
La direct collection It increased by 3,6%, while indirect savings increased by 3,1%. Within the latter, managed savings rose by 4,6%, also supported by the favorable performance of financial markets.
After a long period of weakness they also return to grow jobs, up 6,3% compared to the first half of 2025. Credit quality remains high, with the ratio of non-performing loans to total loans remaining at 1,1% and a cost of risk contained at 22 basis points.
Efficiency at its peak, cost-income drops to 37,2%.
Alongside the growth in earnings, theoperational efficiencyIn the first six months of the year, operating costs decreased by 1,1%, while personnel costs remained substantially stable. cost/income ratio fell to 37,2%, from 39,6% in the same period in 2025, a level significantly lower than the 50,7% estimated for the main European competitors.
It also continues to reduce the weight of labor costs on operating incomeThe incidence rate fell from 24,3% to 23,1%, a decrease of 8,7 percentage points compared to the 31,8% recorded at the end of 2022.
Productivity is also growingOperating profit per employee increased by 12,4%, commissions per worker by 9,2%, and operating income per employee by 8,1%. Profitability thus remains at particularly high levels. As of June 30, the ROE of the five major banks stood at 15,1%, compared to an average of 10,02% recorded at the end of March for European banks considered "significant."
On the capital front, the Cet1 ratio remains solid at 14,1%, despite dividend distributions and share buybacks.
Fewer employees and branches, First Cisl calls for value redistribution
However, the growth in economic results continues to be accompanied by the physical network resizing. Compared to the first half of 2025, the five groups have reduced the number of branches by 333 units, while employed people decreased by 5.621 people.
For the general secretary of First Cisl, Riccardo Colombani, the numbers “confirm the excellent profitability of the Italian banking system and levels of efficiency that place the sector at the top of Europe”.
According to Colombani, the reduction in the ratio between labor costs and revenues to 23,1% represents "a very low level which attests that efficiency is at its highest levels." The union therefore asks that a greater part of the value produced is recognized to workers, also through the next renewal of the national contract.
“With the game of risk raging, the pressure to achieve results is ever greater because no one wants to be left behind,” observes Colombani, underlining how the sector is experiencing “a permanent test of strength to grab market share and increase profitability.”
Furthermore, for First Cisl, the profound reorganisations linked to the reorganisation of the banking system and the diffusion of artificial intelligence make new protections needed“The time has come to value work,” concludes Colombani.
Meanwhile, record profits could also reignite political debate over banks' contribution to public finances. Deputy Prime Minister Matteo Salvini has already announced that the League will advance a proposal along these lines in the next Budget Law. "Italian banks are making profits like never before in the history of the Italian Republic," he stated, arguing that a portion of their profits should be reinvested to support struggling families and businesses.
