Intesa Sanpaolo, net profit at 4.35 billion but the war in Ukraine weighs. Down the stock in Piazza Affari

MILAN – Intesa Sanpaolo closes 2022 with a net profit of €5.5 billion excluding €1.4 billion of provisions/value adjustments for Russia and Ukraine, exceeding the target of the 2022-2025 business plan by more than €5 billion for 2022. The net book income amounted to 4.35 billion euros, up 4% compared to 2021. In the second half of 2022, the exposure to the Russia, which fell below 0.3% of the group’s total customer loans. The indications coming from the accounts disappoint the market, with the stock marking a decrease of about three points in Piazza Affari.

Intesa Sanpaolo’s consolidated income statement in 2022 recorded net interest of 9.5 billion euro, up 20.2% compared to 7.9 billion in 2021. Net fee and commission income amounted to 8.92 billion, down by 6.4% compared to 9.53 billion of the previous year. Operating income amounted to €21.47 billion, up by 3.3% compared to €20.79 billion in 2021. Operating costs amounted to €10.93 billion, down by 0.4% compared to 2021. net write-downs on loans amounted to €3.11 billion (including approximately €1.3 billion for exposure to Russia and Ukraine, approximately €1.2 billion for overlays and to facilitate derisking and approximately €0.7 billion for issuance of generic adjustments made in 2020 for future impacts of Covid-19), compared to €2.77 billion in 2021.
In the fourth quarter, Intesa Sanpaolo recorded a net profit of 1.07 billion euro, up from 930 million in the third quarter of 2022 and 179 million in the fourth quarter of 2021.