Intesa Sanpaolo closes the first half of 2016 with a net profit of 1,707 billion euros, down by 14,8% compared to 2,004 billion in the first six months of 2015. The figure remains above analysts' expectations and is affected by the ordinary contribution to the resolution fund for the whole of 2016 already spent in the period. It should be emphasized that the result already represents almost 90% of the announced dividends considering the expected net capital gain of 895 million from the sale of Setefi and Intesa Sanpaolo
The profit relating to the second quarter of 2016 instead amounted to 901 million, a decrease of 4,1% compared to the same period of the previous year (940 million euros). Also in this case, the expectations of analysts who expected a figure between 720 and 800 million euros were exceeded.
Based on the bank's forecasts, this year's pre-tax profit and consolidated net profit should grow compared to 2015. Precisely for this reason, the bank has confirmed its commitment to distribute 3 billion euros of cash dividends for the 2016 financial year, and 4 billion for 2017 as indicated in the business plan.
For the revenues, operating income fell by 5,6% in the first half to 8,6 billion, while operating costs amounted to 4,2 billion (-0,1%). The result of operating management fell by 10,3% to 4,427 billion, operating income by -5,6% to 8,628 billion.
In the second quarter of the current year, net interest fell, compared to the previous three months, by 1,3% to 1,831 billion, while net commissions rose by 10,3% to 1,848 billion. Trading results also grew to 467 million from 228 million, operating income to 4,6 billion, +14,5% compared to the previous quarter, and operating expenses to 2,154 billion (+5,2%).
In the months of April-May-June 2016, Intesa Sanpaolo also carried out 923 million euro of loan adjustments, while the coverage of non-performing loans in the half year was 47,3% from 47,6% at the end of 2015, that of non-performing loans was 60,7% from 61,8%.
In terms of assets, the bank confirms its solidity with a Cet1 at 12,9 taking into account the dividends accrued in the semester.
The CEO Carlo Messina is satisfied: "The first half of 2016 closes with solid results and significant growth that allow us to confirm the objective of 3 billion in dividends for the entire year".
'The net profit for the half year - underlined the manager - is 1,7 billion euro, if we add to this the 900 million capital gain resulting from the sale of the shareholdings in Setefi and Intesa Sanpaolo Card we can state that the Approximately 90% of the dividend target for 2016, in a particularly complex market condition”, he specified. In thanking all the people of Intesa Sanpaolo, Messina added that "they were able to achieve very demanding results, exceeding the objectives set by the Plan, in a particularly difficult market context".
At Piazza Affari, Intesa Sanpaolo was also feeling the effects of the rain in sales that hit the European banking system also due to the profit warning launched by the German giant Commerzbank. Despite this, after the publication of the tasks, iThe stock managed to cut losses. Currently, the bank's shares are down by 2,05% to 1,862 euros after hitting an intraday low of 1,813 euros.
