Intesa Sanpaolo S.p.A. Q3 2026 Earnings Recap

Intesa Sanpaolo’s shares rose 7.2% after the bank raised its 2026 net income guidance to well above €10 billion, supported by higher quarterly revenue and net interest income. The upgrade and record nine-month profit appear to have outweighed the roughly €900 million tax impact from the 2026 budget law.

Key Takeaways

• Nine-month net income was €8.2 billion, up 8% year-on-year; Q3 net income exceeded €2.6 billion, up 12%.
• Q3 revenue rose 4% year-on-year, with net interest income up 6%; management expects full-year net interest income well above €15 billion and further growth in 2027.
• Nine-month revenue increased by more than €1 billion year-on-year while operating costs fell by over 1%; the cost/income ratio improved by 2.4 percentage points.
• Asset quality remained favorable: annualized cost of risk was 19 basis points, with management reporting no sign of deterioration. The CET1 ratio was 13.1% at the start of the call; later, management cited 13.8% including the benefit from DTA absorption.
• The bank said it will return €9.4 billion to shareholders this year through dividends and buybacks, including a €3.8 billion interim dividend.