Banks

Intesa Sanpaolo exceeds estimates, quarterly profit rises to EUR 2.76 billion

Profit guidance of 10 billion for 2026 confirmed. Messina: 'Generali? No acquisition due to Antitrust limits"

by L. D.

8 May 2026

2' min read

Translated by AI

Versione italiana

2' min read

Translated by AI

Versione italiana

Intesa Sanpaolo closed the first quarter of 2026 with a net profit of EUR 2.76 billion, higher than the EUR 2.62 billion expected by analysts' consensus and 5.6% higher than in the first quarter of 2025. The group also confirmed its guidance for the full year 2026, with net profit expected at around EUR 10 billion.

In the quarter, net operating income stood at EUR 7.154bn from EUR 6.796bn in 1Q2025 (+5.3%), above analysts' expectations of EUR 6.91bn. Net interest income amounted to EUR 3.64bn, while net fee and commission income reached EUR 2.52bn.

The Cet1 ratio, informs a release, stood at 13%, deducting from capital EUR 2.6bn of distribution accrued in Q1 2026 and EUR 2.6bn of buyback to be launched in July 2026; at 13.9% considering more than 80 cents of a point of benefit from the absorption of deferred tax assets (Dta).

Credit adjustments for the quarter amounted to EUR 170 million.

The bank also launched a EUR 2.3 billion buyback programme, scheduled to start in July 2026.

Lastly, the reduction in exposure to Russia continued, falling by over 94%, or more than EUR 3.4 billion, compared to the end of June 2022. The residual exposure now represents 0.05% of the group's total loans to customers.

Distribution of EUR 2.6 billion in the quarter

"The strong financial and balance sheet performance in the quarter resulted in significant value creation for all stakeholders by the group, which ranks among the world's top performers in terms of social impact," reads a note from the bank. During the quarter, the bank generated a cash return for shareholders with EUR 2.6bn in accrued distributions, including EUR 2.1bn as dividends, which are in addition to the EUR 3.3bn 2025 dividend balance to be paid in May 2026 and the EUR 2.3bn buyback to be launched in July 2026.

CEO Messina: 'Our best quarterly result, in 2026 to shareholders 9.4 billion'

"In this start of the plan we record our best quarterly and first-quarter net result ever, amounting to 2.8 billion euro, thanks to the positive contribution of all revenue components and the reduction of costs". Thus Intesa Sanpaolo CEO and Ceo Carlo Messina, commenting on the results.

'With one of the highest shareholder remunerations in the European banking landscape,' he adds, 'we will return around EUR 9.4 billion to shareholders this year, taking into account the balance dividend in May, the July buyback and the expected interim dividend in November.

"No acquisition due to antitrust restrictions"

"I can only emphasise that antitrust is a crucial aspect for us that does not allow us to consider any kind of acquisition". Thus the CEO of Intesa Sanpaolo, Carlo Messina, responding during the conference call to a question regarding Generali.

"The answer as far as Generali is concerned is always the same. We have a business model that is based on wealth management and protection, but we also have a market share in Italia that does not allow us to engage in transactions in the banking and insurance system, because we would run into antitrust issues".