For H1 2020, Intesa Sanpaolo earned a net income of €2.56bn, which is an increase of 13.2% compared to €2.26bn made in H1 2019
Intesa Sanpaolo reported a net income for the second quarter of 2020 (Q2 2020) of $1.41bn, compared to $1.21bn it made in the same period of 2019, and €1.15bn in Q1 2020.
For the first six months of this year (H1 2020), the Italian banking major earned a net income of €2.56bn, which is an increase of 13.2% compared to €2.26bn made in H1 2019.
The operating income for Q2 2020 was €4.13bn, which is down by 11.5% from the figure of €4.67bn reported in Q2 2019. For H1 2020, the bank’s operating income stayed flat at €9.075bn compared to H1 2019.
Operating costs in the reported quarter came down by 2.9% to €2.2bn from €2.3bn incurred during the same period in 2019. During H1 2020, the operating costs were down by 2.8% to €4.4bn compared to €4.53bn reported in H1 2019.
Intesa Sanpaolo said that its Banca dei Territori unit had a net loss of €223m and an operating income of €1.92bn in the second quarter of 2020. For the first half of this year, the unit’s net income came down by 88.5% to €58m, compared to €505m made in H1 2019, while its operating income was down by 4.1% to €3.97bn compared to €4.14bn reported in the same period last year.
The Italian banking group’s corporate and investment banking division reported a net income of €303m in Q2 2020, which is 66.7% less compared to €911m in Q1 2020. On the other hand, the operating income of the unit was €960m in Q2 2020, which is 41.2% less than €1.63bn made in Q1 2020.
For H1 2020, the corporate and investment banking division’s net income moved up by 34.7% to €1.21bn compared to €901m in H1 2019. The operating income of the unit in the first six months of this year came to €2.59bn, which is 29.2% more than the figure of €2bn reported in H1 2019.
Intesa Sanpaolo said that its private banking unit net income in Q2 2020 was down by 11.6% to €200m compared to the previous quarter, while the operating income remained flat at €478m compared to Q1 2019. For H1 2020, the business had a net income of €427m, which is 8% down compared to H1 2019, while the operating income remained nearly flat at €955m.
Intesa Sanpaolo statement on H1 2020 results
The Italian bank stated: “Results for the first half of 2020 confirm Intesa Sanpaolo’s ability to effectively face the challenging aftermath of the COVID-19 epidemic. They reflect the Group’s sustainable profitability, which derives from a solid capital base and a strong liquidity position, a resilient and well-diversified business model and the strategic flexibility in managing operating costs.
“The results also reflect the support provided to Italy by the Group, which is also committed to becoming a reference model in terms of sustainability and social and cultural responsibility.”