Image: Palazzo Zevallos Stigliano, Naples
Intesa Sanpaolo has reported first-half 2026 net income of 5.554 billion euros, up 6.5% from 5.216 billion euros in the same period of 2025, as the Italian banking group also raised its full-year outlook. Net operating income rose 5.3% year on year to 14.533 billion euros, while operating result reached 9.311 billion euros. Operating costs were 5.222 billion euros, bringing the cost/income ratio to 35.9%, compared with 38.1% a year earlier.
The figures were published on 29 July 2026 and show a business that continued to expand core earnings while keeping costs contained. Gross income for the period came to 8.617 billion euros, up 8.5% from the same semester in 2025. The group also reported that its margin of interest stood at 7.480 billion euros, broadly stable year on year, while net fees and commissions increased to 5.131 billion euros from 4.891 billion euros.
Intesa Sanpaolo said its insurance result reached 973 million euros, compared with 922 million euros in the first half of 2025. The net result of financial assets and liabilities measured at fair value climbed to 905 million euros from 552 million euros a year earlier. Those gains helped support the group’s operating performance over the six-month period.
Capital and asset quality indicators remained robust. The common equity tier 1 ratio stood at 13.1%, slightly below 13.2% at the end of 2025 but well above the 9.96% SREP requirement. The Tier 1 ratio was 15.9%, and the total capital ratio was 19%. Net non-performing loans were 3.997 billion euros, with a net NPL ratio of 0.9% and a gross ratio of 1.8%.
The bank also reported an annualised cost of risk of 20 basis points. Coverage of non-performing loans increased to 50.1%, while coverage of bad loans reached 69.2%. These measures were presented alongside the earnings data as part of a balance sheet that remained solid through the semester.
Alongside the results, management raised its guidance for the year. Intesa Sanpaolo now expects 2026 net income to be well above 10 billion euros, compared with the previous target of around 10 billion euros. The group said this view is supported by commission growth, the resilience of interest income and contained credit risk costs.
The bank also reaffirmed its shareholder remuneration plans, with at least 8.2 billion euros in cash distributions for 2026 and an additional 2 billion-euro buyback planned for 2027, subject to regulatory approval. The revised outlook was presented together with the semester figures and the capital data.
