Intesa Sanpaolo reported first-half 2026 operating income of €14,533 million, up 5.3% year on year, with operating margin rising 9.1% to €9,311 million while operating costs fell 0.7% to €5,222 million.
In the second quarter alone, operating income reached €7,379 million, a 3.1% sequential increase, according to the results release issued through the group's investor relations channel. Second-quarter operating margin also rose 3.1% quarter on quarter to €4,726 million.
NET INTEREST INCOME EDGES HIGHER
Second-quarter net interest income came in at €3,844 million, up 5.7% quarter on quarter and 1.2% higher than the same period a year earlier.
The year-on-year gain of 1.2% is more modest; for the half as a whole, net interest income rose 0.6% to €7,480 million. Net fee and commission income rose 4.9% to €5,131 million in the half and income from insurance business rose 5.5% to €973 million.
OPERATING LEVERAGE DELIVERS
Operating income rose 5.3% while operating costs fell 0.7%, and the cost/income ratio improved to 35.9% from 38.1% in the first half of 2025.
Intesa also reported record first-half net income of €5.6 billion, including €2.8 billion in the second quarter, and raised its 2026 net income guidance to more than €10 billion.
The bank accrued €5.3 billion in the first half for distribution to shareholders, including around €3.8 billion envisaged as an interim dividend to be paid in November 2026, in addition to a €2.3 billion buyback launched in July 2026.
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