Intesa Sanpaolo closed the first nine months of 2026 with a net profit of 8.2 billion euros, up 8% compared to the same period in 2025. It is the best result ever for the nine months, with over 2.6 billion in the third quarter alone. For the second time in the year, the group has revised its profit target for 2026 upwards, which rises to over 10 billion euros.
“These results confirm the solidity of our business model and the ability to fully execute the 2026-2029 Business Plan,” declared CEO Carlo Messina, commenting on the data as of September 30th in a note from the last few hours.
Revenues at the highest, costs falling
Profitability remains at the top of the sector, with an annualized ROE of 21% and an annualized ROE of 26%. Earnings per share grew by 10% on an annual basis, results achieved despite a fiscal impact of almost one billion euros from the 2026 budget law.
“We recorded revenues at historic highs, growing in all components thanks to the diversification of our business model,” added Messina.
Commissions and insurance activity recorded the best nine months and the best third quarter ever, with growth of 5% and 6% respectively, driven by wealth management and protection. Net interest increased by 2% despite the decline in Euribor. Overall, revenues grew by more than a billion year-over-year.
On the commercial front, customer financial assets exceeded 1,500 billion euros, with an increase of 100 billion on an annual basis and a growth in managed savings of 6%. Loans to customers increased by 4%, direct deposits by 8%.
Operating costs decreased by 1.3% compared to the first nine months of 2025, also thanks to 6.2 billion in technology investments made from 2022. The cost/income ratio fell to 36.7%, the lowest level ever for the nine months and among the best in Europe.
Financial strength and dividends
The net NPL ratio, which measures the weight of net impaired loans on total loans, stood at 0.8%, the lowest level ever. The annualized cost of risk fell to 19 basis points.
In 2026 Intesa Sanpaolo will distribute 9.4 billion euros to shareholders through dividends and buybacks, with a dividend yield of approximately 7.5%, among the highest in Europe. On November 25, the interim dividend of 3.8 billion euros will be paid, equal to 0.22 euros per share, an increase of 18% on an annual basis. Approximately 35% of cash dividends, equal to approximately 2.2 billion, go directly to Italian families and foundations.
The Cet1 ratio, the main indicator of capital solidity, stands at around 13.1%, considering the €2.3 billion buyback concluded in October and a payout ratio of 95%.
The offer on Monte dei Paschi di Siena
Messina also took stock of the public purchase and exchange offer on Monte dei Paschi di Siena, which is continuing on schedule and has already obtained all the authorizations from the sector supervisory authorities, including the ECB and Ivass.
“Our offer allows the shareholders of Monte dei Paschi di Siena to become part of the main Italian banking group and one of the main European banking groups. We are convinced of the solidity of the industrial project and the value it can generate for shareholders, employees, customers and territories”, declared the CEO.
According to Intesa Sanpaolo, the operation represents a strong accelerator of the 2026-2029 Business Plan and would allow the achievement of the objectives to be brought forward by three years. The new group could achieve a net profit of more than 16 billion in 2029, with overall distributions to shareholders estimated at approximately 61 billion in the period 2025-2029: 11 billion more than expected in the plan announced in February.
Specific initiatives are also planned for Siena and Tuscany: the increase in funding in the area, the creation of a technological hub in Siena, the assignment of a secondary headquarters in Siena for the group’s central structures and the evaluation of a new commercial direction in Tuscany.
The contribution to the country
In the first nine months, the group – we read in a note – provided 66.4 billion in new credit to families and businesses, of which approximately 15.1 billion was earmarked for medium-long term financing for the sustainable transition and 4.4 billion for new social credit. It also allowed approximately 1,900 Italian companies to return to a regular financial situation (approximately 148,600 since 2014) and generated 5.2 billion in taxes.
The commitment to combating poverty and inequality continues, with over 210 million allocated in the first nine months and over 1.2 billion from 2023.
Messina concluded: “The quality of our people represents the foundation of the results we continue to achieve and of our ability to create sustainable value over time. My most sincere thanks go to them for the professionalism, dedication and excellent contribution with which, every day, they make the success of Intesa Sanpaolo possible”.