Intesa Sanpaolo: the consolidated results as at 31 December 2021

7 February 2022, Turin, Milan, Moscow. At its meeting in February, 4 the Board of Directors of Intesa Sanpaolo Group approved the consolidated results for the year ended 31 December 2021.

The results for 2021 have confirmed Intesa Sanpaolo’s ability to respond effectively to the complexities brought about by the pandemic and generate value for all stakeholders, achieving a net income of €4.2bn while allocating to further strengthen the future sustainability of the Group’s results.

In the two-year period 2020-2021, Intesa Sanpaolo allocated around €8bn in total – out of the pre-tax profit - to strengthen the future sustainability of the Group’s results.

Operating income in Q4 2021 was €5,020M (-1.4% versus Q3 2021), and in year 2021 was €20,786M (+1.9% versus year 2020).

Operating costs in Q4 2021 were €3,027M (+14.7% versus Q3 2021), and in year 2021 were €10,920M (-1.1% versus year 2020).

Operating margin in Q4 2021 was €1,993M (-18.8% versus Q3 2021), and in year 2021 was €9,866M (+5.4% versus 2020).

Gross income in Q4 2021 was €434M versus €1.892M in Q3 2021, and in year 2021 was €6,637M versus €6,188M in year 2020.

Net income in Q4 2021 was €179M versus €983M in Q3 2021, and in year 2021 was €4,185M versus €3,277M in 2020, or versus €3,505M in 2020, excluding the items related to the acquisition of UBI Banca.

Capital ratios: common equity tier 1 ratio after distribution of reserves in October 2021, interim dividends for 2021 paid in November 2021 and proposed remaining dividends for 2021 in year 2021:

• 14.5% phased in;

• 14% fully loaded;

• 15.2% pro-forma fully loaded.

Equity tier 1 ratio deducting also the proposed buyback:

• 13.4% phased in;

• 12.9% fully loaded;

• 14.2% pro-forma fully loaded.

As at 31 December 2021, the Intesa Sanpaolo Group’s operating structure had a total network of 4,719 branches, consisting of 3,740 branches in Italy and 979 abroad, and employed 97,698 people.

The Board of Directors of Intesa Sanpaolo approved also the 2022-2025 Business Plan. Around 58,000 Group people have contributed to defining its strategic priorities and all the business units and governance functions have been involved in its scenario-based planning to develop a post-COVID approach.

The Plan envisages strong and sustainable value creation and distribution, solid capital position and a significant ESG (Environmental, Social, Governance) commitment.

By 2025, the Group's net profit is expected to reach €6.5bn against €4.2bn in 2021.

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