Overview

• Intesa Sanpaolo’s net operating income grew 1.1% year-on-year, powered by a 4.7% rise in net commissions and a 2.1% increase in insurance income.
• The board committed at least €8.2 billion to shareholders this year through a €2 billion buyback and accumulated dividends set for November.
• Operational efficiency held the cost/income ratio at 38%, placing the bank among the most efficient of Europe’s major lenders.
• Impaired loans fell to 1.2% net of provisions at end-June, while Russian exposure was cut below 0.1% of total customer lending.
• The share price jumped about 4% to €5.4 on the results day and the lender extended roughly €42 billion in new medium-to-long-term credit in the first half.