Q2 2026 Intesa Sanpaolo SpA Earnings Call Transcript

Jul 29, 2026 / 01:00PM GMT

Release Date Price: €6.48 (+1.60%)

Transcript

Key Points

Positve

Intesa Sanpaolo (IITSF) reported a record net income of EUR 5.6 billion for the first half of 2026, with EUR 2.8 billion in the second quarter alone.
The company upgraded its 2026 net income guidance to more than EUR 10 billion, indicating strong confidence in future performance.
Intesa Sanpaolo maintains a robust capital position with a common equity Tier 1 ratio of 13.1%, showcasing financial stability.
The bank's asset quality remains excellent, with a low non-performing loan (NPL) stock and historical lows in NPL inflows.
Intesa Sanpaolo plans to return EUR 9.4 billion to shareholders in 2026 through dividends and buybacks, offering one of the highest dividend yields in European banking.

Negative

The tax rate increased by 2 percentage points compared to the previous year, primarily due to Italy's budget law.
Commercial banking fees showed weaker performance compared to other revenue streams, indicating potential challenges in this area.
There is uncertainty regarding the integration of Monte Paschi di Siena, despite claims of zero integration risk.
The bank's trading income, while strong, may not be sustainable at current levels, potentially impacting future revenue.
Intesa Sanpaolo faces competitive pressure in the Italian market, particularly from UniCredit, which has shown significant loan growth.

Operator

Good afternoon, ladies and gentlemen, and welcome to the conference call of Intesa Sanpaolo for the presentation of the first-half 2026 results hosted today by Mr. Carlo Messina, Chief Executive Officer. My name is Nadia, and I will be your coordinator for today's conference. (Operator Instructions) I remind you that today's conference is being recorded.

At this time, I would like to hand the conference over to Mr. Carlo Messina, CEO. Sir, you may begin.

Carlo Messina

Intesa Sanpaolo SpA - Chief Executive Officer, Managing Director, General Manager, Executive Director

Thank you. Welcome to our first-half 2026 results conference call. This is Carlo Messina, Chief Executive Officer, and I'm here with Luca Bocca, our CFO; and Marco Delfrate and Andrea Tamagnini, Investor Relations Officers.

We have just delivered our best six months ever with net income of EUR5.6 billion, including EUR2.8 billion in the second quarter, making it the best quarter ever. Our annualized return on equity reached 20%, with return on tangible equity of 25%, while

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