6 November 2019, Turin, Milan, Moscow. At its meeting on 30 November, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 30 September 2019.
Results for the first nine months of 2019 show that the Group is firmly on track to deliver on its targets. Results reflect the Group’s sustainable profitability which derives from a solid capital base and a strong liquidity position, and from a resilient and well-diversified business model. They also highlight the continued support provided by the Group to Italy, which includes its commitment to becoming a reference model in terms of sustainability and social and cultural responsibility.
Operating income in Q3 2019 was €4,516 (-3.4% versus Q2 2019), and in 9M 2019 was €13,582M (-0.8% versus 9M 2018).
Operating costs in Q3 2019 were €2,288M (+1% versus Q2 2019), and in 9M 2019 was €6,758M (-2.5% versus 9M 2018).
Operating margin in Q3 2019 was €2,228M (-7.6% versus Q2 2019), and in 9M 2019 was €6,824M (+0.9% versus 9M 2018).
Gross income in Q3 2019 was €1,734M versus €1,821M in Q2 2019, and in 9M 2019 was €5,347M versus €4,953M in 9M 2018.
Net income in Q3 2019 was €1,044M versus €1,216M in Q2 2019, and in 9M 2019 was €3,310M in versus €3,012M in 9M 2018.
Capital ratios: common equity tier 1 ratio after dividends accrued in 9M 2019:
• 14,2% pro-forma fully loaded;
• 14% phased in.
As at 30 September 2019, the Intesa Sanpaolo Group’s operating structure had a total network of 4,886 branches, consisting of 3,825 branches in Italy and 1,061 abroad, and employed 89,397 people.
“We are particularly pleased with the first nine months of 2019. Despite a more challenging operating environment than expected, Intesa Sanpaolo confirmed its ability to achieve significant results, inline with the objective of delivering a 2019 net income that is higher than in 2018, said Carlo Messina, CEO of Intesa Sanpaolo. We also confirm an 80% payout ratio and are therefore inline with our commitment to reward our shareholders once again with a significant dividend”.
He added that the net income for the first nine months of the year, at € 3.31 billion, is the best nine-month result since 2008, and that the Group delivered the best third-quarter net income since 2007.