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Full year 2022 results – Highlights

06/ 02/ 2023
  Full year 2022 results are the best-ever in Intesa Sanpaolos history, marked by a fourth quarter that was the best quarter ever for revenues - up 13% over the previous year - with a strong acceleration of net interest income. Intesa Sanpaolo exceeded its Business Plan commitments for 2022 by achieving Net Income of €5.5 billion (excluding Russia de-risking) despite the complex macro-economic environment. Rewarding shareholders remains a priority for Intesa Sanpaolo, which will distribute €3 billion in cash dividends for 2022, maintaining its commitment to a 70% payout ratio. The bank will also launch the second tranche of share buyback for €1.7 billion, bringing the total distribution of additional capital to €3.4 billion. A Wealth Management, Protection & Advisory leader, Intesa Sanpaolo has more than €1.2 trillion in customer financial assets to fuel its wealth management engine and drive net interest income growth; during the fourth quarter, customer financial assets increased by €26 billion. Benefits for all stakeholders from the solid operating performance achieved in 2022: Shareholders: €3 billion in cash dividends Employees: €77 million one-off contribution to Intesa Sanpaolo people to mitigate the impact from inflation Public sector: €3.2 billion in taxes Households and businesses: €81.4 billion in medium/long-term new lending, of which €58.4 billion in Italy. All the industrial initiatives in the Business Plan have been launched and many of them - about 70% - ahead of schedule. Including the launch in 2023 of Isybank, Intesa Sanpaolos digital bank designed to serve about 4 million existing clients who already choose not to use branches. Intesa Sanpaolo is a Zero-Russia exposure bank, with a nearly 70% reduction in exposure (-€2.5 billion) in the second half of the year alone, falling to below 0.3% of the Groups loans to customers. We are among the best banks in Europe for NPL stock and ratio, also thanks to a €4.6 billion reduction in gross NPLs in 2022. Looking ahead to 2025, the final year of the Business Plan, the forecast is for Intesa Sanpaolo to comfortably exceed the €6.5 billion Net income target, thanks to the resilience of its business model. Following are the highlights of the results delivered in 2022: Net income of €4.4 billion; €5.5 billion when excluding Russia de-risking Capital position significantly strengthened in Q4 (+110bps vs Q3) with fully phased-in Common Equity ratio up to 13.5%, which will remain at ~13% throughout 2023, taking into account regulatory headwinds Achieved the best-ever year for operating income, operating margin, and gross income Net interest income increasing momentum, with a 20% year-on-year increase and a strong acceleration in the fourth quarter (+28.4% vs Q3) Among the best banks in Europe for NPL stock and ratio; lowest-ever NPL inflow in 2022 Low structural cost of risk thanks to the Zero-NPL Bank status For further information on the financial data, outlook and main industrial initiatives of Intesa Sanpaolos 2022-2025 Business Plan, consult the Investor Relations section.

Full year 2022 results are the best-ever in Intesa Sanpaolo’s history, marked by a fourth quarter that was the best quarter ever for revenues – up 13% over the previous year – with a strong acceleration of net interest income.

Intesa Sanpaolo exceeded its Business Plan commitments for 2022 by achieving Net Income of €5.5 billion (excluding Russia de-risking) despite the complex macro-economic environment.

Rewarding shareholders remains a priority for Intesa Sanpaolo, which will distribute €3 billion in cash dividends for 2022, maintaining its commitment to a 70% payout ratio. The bank will also launch the second tranche of share buyback for €1.7 billion, bringing the total distribution of additional capital to €3.4 billion.

A Wealth Management, Protection & Advisory leader, Intesa Sanpaolo has more than €1.2 trillion in customer financial assets to fuel its wealth management engine and drive net interest income growth; during the fourth quarter, customer financial assets increased by €26 billion.

Benefits for all stakeholders from the solid operating performance achieved in 2022:

  • Shareholders: €3 billion in cash dividends
  • Employees: €77 million one-off contribution to Intesa Sanpaolo people to mitigate the impact from inflation
  • Public sector: €3.2 billion in taxes
  • Households and businesses: €81.4 billion in medium/long-term new lending, of which €58.4 billion in Italy.

All the industrial initiatives in the Business Plan have been launched and many of them – about 70% – ahead of schedule.

Including the launch in 2023 of Isybank, Intesa Sanpaolo’s digital bank designed to serve about 4 million existing clients who already choose not to use branches.

Intesa Sanpaolo is a Zero-Russia exposure bank, with a nearly 70% reduction in exposure (-€2.5 billion) in the second half of the year alone, falling to below 0.3% of the Group’s loans to customers.

We are among the best banks in Europe for NPL stock and ratio, also thanks to a €4.6 billion reduction in gross NPLs in 2022.

Looking ahead to 2025, the final year of the Business Plan, the forecast is for Intesa Sanpaolo to comfortably exceed the €6.5 billion Net income target, thanks to the resilience of its business model.

Following are the highlights of the results delivered in 2022:

  • Net income of €4.4 billion; €5.5 billion when excluding Russia de-risking
  • Capital position significantly strengthened in Q4 (+110bps vs Q3) with fully phased-in Common Equity ratio up to 13.5%, which will remain at ~13% throughout 2023, taking into account regulatory headwinds
  • Achieved the best-ever year for operating income, operating margin, and gross income
  • Net interest income increasing momentum, with a 20% year-on-year increase and a strong acceleration in the fourth quarter (+28.4% vs Q3)
  • Among the best banks in Europe for NPL stock and ratio; lowest-ever NPL inflow in 2022
  • Low structural cost of risk thanks to the Zero-NPL Bank status

For further information on the financial data, outlook and main industrial initiatives of Intesa Sanpaolo’s 2022-2025 Business Plan, consult the Investor Relations section.

This material is provided by a member company or partner organization of the European Business Association as part of an informational collaboration. The Association is not responsible for the accuracy, completeness, or reliability of the information presented. The views, opinions, and recommendations expressed in this material are solely those of the authors and do not reflect the official position of the European Business Association.

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