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

Intesa Sanpaolo rose 5.5% after earnings, as investors responded to record nine-month net income of €8.2 billion and upgraded 2026 net income guidance to well above €10 billion. The upgrade came despite a stated €900 million impact from the 2026 budget law.

Key Takeaways

• Nine-month net income increased 8% year on year; Q3 net income was more than €2.6 billion, up 12%.
• Q3 revenue rose 4% year on year, with net interest income up 6%; the bank expects full-year net interest income well above €15 billion.
• Customer financial assets topped €1.5 trillion, up €100 billion year on year; loans grew 4% and customer deposits 8%.
• Operating costs fell by more than 1% year on year, while annualized cost of risk was 19 basis points; management reported no sign of asset-quality deterioration.
• The CET1 ratio was 13.1% in the opening remarks; management later cited 13.8% including the benefit from DTA absorption. The bank plans €9.4 billion in shareholder returns this year.