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Intesa Sanpaolo: Consolidated Results as at 30 September 2016

Turin - Milan, 10 November 2016 – At its meeting, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 30 September 2016.

In the third quarter of 2016, the Group’s income statement remained solid. This is highlighted by an operating margin which was significantly higher than in the third quarter of 2015, against a seasonal decrease versus the second quarter of 2016. Its balance sheet also remained solid, with inflow and stock of NPLs improving further:

HIGHLIGHTS:

OPERATING
INCOME:

Q3 2016

 

 

9M 2016

-12.4%
-7%

 

-4.5%
-3.3%

AT €4,036M VS €4,605M IN Q2 2016,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME, AND THE INCOME FROM THE SALE OF THE VISA EUROPE STAKE(*);
AT €12,664M VS €13,266M IN 9M 2015,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME, THE INCOME FROM THE SALE OF THE VISA EUROPE STAKE(*) AND THE BENEFIT FROM A CLAIM(**)

OPERATING COSTS:

Q3 2016
9M 2016

-1.7%
+0.9%

AT €2,117M VS €2,154M IN Q2 2016;
AT €6,318M VS €6,264M IN 9M 2015

OPERATING
MARGIN:

Q3 2016

 

9M 2016

-21.7%
-12%

 

-9.4%
-7.1%

AT €1,919M VS €2,451M IN Q2 2016,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME, AND THE INCOME FROM THE SALE OF THE VISA EUROPE STAKE(*);
AT €6,346M VS €7,002M IN 9M 2015,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME, THE INCOME FROM THE SALE OF THE VISA EUROPE STAKE(*) AND THE BENEFIT FROM A CLAIM(**)

INCOME BEFORE TAX FROM CONTINUING OPERATIONS:

Q3 2016

 

9M 2016

€941M
€1,044M

 

€3,542M
€3,805M

VS €1,360M IN Q2 2016;
VS €1,377M IN Q2 2016,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME
VS €4,302M IN 9M 2015;
VS €4,442M IN 9M 2015,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME

NET INCOME:

Q3 2016

 

9M 2016

€628M
€697M

 

€2,335M
€2,517M

VS €901M IN Q2 2016;
VS €912M IN Q2 2016,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME
VS €2,726M IN 9M 2015;
VS €2,830M IN 9M 2015,
EXCLUDING CHARGES FOR RESOLUTION FUND AND DEPOSIT GUARANTEE SCHEME

CAPITAL RATIOS:

COMMON EQUITY AFTER ACCRUED DIVIDENDS:
13% PRO-FORMA FULLY LOADED(1) (2);
12.8% PHASED IN(2)

Full text of the press release
(*) Income from the sale of the stake in VISA Europe in Q2 2016.
(**) Benefit deriving from a claim in Q3 2015.
(1) Estimated by applying the fully loaded parameters to the financial statements as at 30 September 2016, considering
the total absorption of deferred tax assets (DTAs) related to the goodwill realignment and adjustments to loans, the
expected absorption of DTAs on losses carried forward and the effect of the Danish compromise (under which
insurance investments are risk weighted instead of being deducted from capital, with a benefit of 14 basis points).
(2) After deduction of accrued dividends, assumed equal to the net income for the first nine months of the year minus
accrued coupons on Additional Tier 1 issues.

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