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.