Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — Intesa Sanpaolo Spa Ord — Q1 2023 Earnings Presentation
87 slides from Intesa Sanpaolo's earnings presentation, May 5, 2023
Slide 1: 1Q23 Results
1Q23 Results Best-ever start to the year €2bn Net income with Balance Sheet further strengthened A strong bank for a sustainable world May 5, 2023
Slide 2: ISP delivered the best-ever start to the year with €2bn Net income
MIL-BVA362-03032014-90141/VR ISP delivered the best-ever start to the year with €2bn Net income €2.0bn Net income (+88% vs 1Q22(1)), the best quarter since 2007 (€2.2bn when excluding the final contribution to the Resolution Fund) Rock-solid capital position with fully phased-in Common Equity ratio
Slide 3: The best quarterly Net income since 2007
MIL-BVA362-03032014-90141/VR The best quarterly Net income since 2007… Net income €m Net impact of provisions/writedowns for Russia-Ukraine exposure 1,956 1,749 1,689 1,516 +88% 1,252 1,151 1,075 1,064 1,050 901 804 806 688 661 503 1,043 306 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q1
Slide 4: Rock-solid and increased capital base despite Q1 regulatory headwinds
MIL-BVA362-03032014-90141/VR … with a rock-solid and increased capital base despite Q1 regulatory headwinds… Rock-solid and increased capital base despite absorbing in Q1 … enabling an increase in projections the vast majority of expected regulatory headwinds… Fully phased-in CET1 ratio, % Fully pha
Slide 5: Best-in-class liquidity position
MIL-BVA362-03032014-90141/VR … while maintaining a best-in-class liquidity position… Retail funding represents 83% of Direct Liquidity ratios well above regulatory High liquidity reserves deposits from banking business requirements and Business Plan targets € bn, 31.3.23 31.3.23 Wholesale %, 31.3.23
Slide 6: Improved Net income guidance for 2023
MIL-BVA362-03032014-90141/VR … driving improved Net income guidance for 2023 Excellent start to the year… … driving improved Net income guidance for 2023 Net income, € m 2023 Net income guidance 1,956 ~€7bn Well above €5.5bn +88% 1,043 1Q22(1) 1Q23 Guidance Guidance in February in May (1) Restated f
Slide 7: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q23: the best-ever start to the year 2022-2025 Business Plan proceeding at full speed ISP is fully equipped for further success
Slide 8: 1Q23: €2.0bn Net income, the best quarter since 2007
MIL-BVA362-03032014-90141/VR 1Q23: €2.0bn Net income, the best quarter since 2007 1Q23 P&L; € m +19% QoQ not Non-motor P&C revenues at €134m (+11% vs considering 4Q22 1Q22), €156m including credit-linked products Including €228m €2,184m excluding TLTRO net benefit and Levies and other Levies and oth
Slide 9: Further acceleration in Net interest income despite no TLTRO contribution
MIL-BVA362-03032014-90141/VR Further acceleration in Net interest income in Q1 despite no contribution from TLTRO… Net interest income €m +~€460m excluding 4Q22 % Euribor 1M(2) net contribution from TLTRO 3,254 3,064 2,387 +€1,297m 1,997 2,000 2,092 1,953 1,955 1,957 1Q21(1) 2Q21(1) 3Q21 4Q21 1Q22 2
Slide 10: Commercial component to fuel Net interest income growth
MIL-BVA362-03032014-90141/VR … thanks to the commercial component that will continue to fuel Net interest income growth Net interest income – Quarterly comparison Net interest income – Yearly comparison € m, 1Q23 vs 4Q22 % Euribor 1M(2) € m, 1Q23 vs 1Q22 % Euribor 1M(2) +19% not considering 4Q22
Slide 11: More than €1.2 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR More than €1.2 trillion in Customer financial assets, with a €11.2bn increase in Q1 Customer financial assets(1) € bn 545.4 534.5 Decline driven by Direct deposits highly-liquid Δ +€11.2bn Corporate clients 1,222.0 1,233.1 31.12.22 31.3.23 Δ +€4.8bn 430.2 435.0 Assets un
Slide 12: Well-balanced Asset and Liability management
MIL-BVA362-03032014-90141/VR Well-balanced Asset and Liability management Customer loans Direct customer deposits Loan to Deposit ratio € bn Customer loans down €1.5bn € bn % in Q1 excluding Repos, due to the usage of liquidity Customer deposits buffers by Corporate clients up in April Δ -€24bn Δ -€
Slide 13: Stable Operating costs and lowest-ever Cost/Income ratio
MIL-BVA362-03032014-90141/VR Stable Operating costs and lowest-ever Cost/Income ratio despite inflation and while investing in technology and growth Operating costs €m x Cost/Income ratio, % Total Operating costs Administrative 634 865 644 costs +1.6% -0.3% net of Depreciation 1Q22 4Q22 1Q23 3,130 2
Slide 14: Best-in-class Cost/Income ratio in Europe
MIL-BVA362-03032014-90141/VR Best-in-class Cost/Income ratio in Europe Cost/Income ratio(1) % 73.0 63.0 64.2 60.7 61.0 Peer average: 56.1 56.8 57.1 53.3% 51.1 48.2 43.6 44.1 41.9 42.0 39.2 40.0 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 ISP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer
Slide 15: Zero-NPL Bank status with NPL inflow at historical low
MIL-BVA362-03032014-90141/VR Zero-NPL Bank status with NPL inflow at historical low… NPL stock NPL inflow(2) from Performing loans € bn € Netbn NPL x Gross NPL ratio(1), % € bn Net inflow(4) x Net NPL ratio(1), % 2.3 1.9 2.0 1.1 1.0 1.0 14.4 3.5 +€124m -€3.6bn 10.6 10.8 -81% 2.5 1.1 6.8 0.6 0.7 0.7
Slide 16: Among the best banks in Europe for NPL stock and ratios
MIL-BVA362-03032014-90141/VR … positioning ISP among the best banks in Europe for NPL stock and ratios… Net NPL stock for the main European banks(1) € bn x Net NPL ratio(2), % x Gross NPL ratio(2), % 34.2 19.3 12.5 11.8 9.0 8.2 7.5 6.5 6.1 5.4 3.4 1.2 1.7 0.8 1.0 1.0 1.0 0.9 1.0 1.6 1.0 0.5 0.5 2.8
Slide 17: Lowest-ever Cost of risk
MIL-BVA362-03032014-90141/VR … and driving the lowest-ever Cost of risk… Loan loss provisions (LLP) Cost of risk €m Provisions for Russia-Ukraine exposure (net of release of part of bps; annualised Provisions for Russia-Ukraine exposure, provisions as overlays and additional generic provisions booke
Slide 18: NPL coverage up further in Q1
MIL-BVA362-03032014-90141/VR … with NPL coverage up further in Q1 Coverage ratios % 65.8 69.2 70.0 NPL coverage ratio Bad loans +4.2pp coverage ratio 30.9.22 31.12.22 31.3.23 46.9 48.4 50.0 +3.1pp 38.9 38.5 40.0 UTP coverage +1.1pp f(x) ratio 30.9.22 31.12.22 31.3.23 30.9.22 31.12.22 31.3.23 22.2 25
Slide 19: Russia exposure reduced to 0.2% of Group customer loans
MIL-BVA362-03032014-90141/VR Russia exposure reduced to 0.2% of Group customer loans Cross-border exposure to Russia Local presence in Russia Loans to customers net of ECA guarantees and provisions, € bn Loans to customers net of provisions – Banca Intesa, € bn 3.2 -71% 1.3 1.0 0.9 0.4 0.3 0.2 0.2 -
Slide 20: Rock-solid and increased capital base absorbing regulatory headwinds
MIL-BVA362-03032014-90141/VR Rock-solid and increased capital base despite absorbing in Q1 the vast majority of expected regulatory headwinds ISP CET1 ratios vs requirements SREP + ISP fully phased-in CET1 ratio Improvement in projections combined buffer % After ~60bps impact from regulatory %, 31.3
Slide 21: All stakeholders benefit from our solid performance
MIL-BVA362-03032014-90141/VR All stakeholders benefit from our solid performance Shareholders Employees Net income, € bn Personnel expenses, € bn 2.0 1.6 1Q23 1Q23 €1.4bn cash dividends already accrued in Q1 and €1.7bn In 2022, €77m one-off contribution to ISP People to buyback executed in February-
Slide 22: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q23: the best-ever start to the year 2022-2025 Business Plan proceeding at full speed ISP is fully equipped for further success
Slide 23: 2022-2025 Business Plan proceeding at full speed
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Our People are our most important asset Massive upfront Structural Cost reduction, Growth in Commissions, Significant ESG commitment, de-risking, slashing enabled by technology driven by Wealth Management, with a world-cla
Slide 24: Massive upfront de-risking, slashing Cost of risk
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Massive upfront de-risking, slashing Cost of risk Key highlights ▪ Massive deleveraging with €4.5bn gross NPL stock reduction in 2022-1Q23, reducing Net NPL ratio to 1%(1) and anticipating Business Plan target ▪ Focus on m
Slide 25: Structural Cost reduction, enabled by technology
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Structural Cost reduction, enabled by technology Key highlights ▪ New Digital Bank (Isybank ) setup well underway: Delivery Unit “Domain Isy Tech” already operational with ~390 dedicated specialists, contract with Thought
Slide 26: Growth in Commissions: Wealth Management, Protection & Advisory (1/3)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (1/3) Key highlights ▪ New dedicated service model for Exclusive clients fully implemented ▪ Enhancement of the product offering (new AM/Insurance p
Slide 27: Growth in Commissions: Wealth Management, Protection & Advisory (2/3)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (2/3) Key highlights ▪ On 1.1.23 completed the merger of the two Private Banks in Luxembourg with the new Intesa Sanpaolo Wealth Management (ISWM) f
Slide 28: Growth in Commissions: Wealth Management, Protection & Advisory (3/3)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Growth in Commissions, driven by Wealth Management, Protection & Advisory (3/3) Key highlights ▪ Go live of Cardea, an innovative and digital platform for financial institutions ▪ Strengthening the corporate digital platfo
Slide 29: Significant ESG commitment (1/4)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/4) ▪ Expanding food and shelter program for people in need to counter poverty by providing concrete aid throughout the
Slide 30: Significant ESG commitment (2/4)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/4) ▪ Gallerie d’Italia, the 4 venues of Intesa Sanpaolo's museum, in Milan, Naples, Turin and Vicenza. In Q1: ‒ almost
Slide 31: Significant ESG commitment (3/4)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (3/4) ▪ Development of multi-disciplinary applied research projects: – 12 projects in progress (8 in the neuroscience fie
Slide 32: Significant ESG commitment (4/4)
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (4/4) ▪ ~€35bn disbursed in the period 2021-1Q23 out of the €76bn in new lending available for the green economy, circula
Slide 33: Leading ESG position in sustainability indexes and rankings
MIL-BVA362-03032014-90141/VR Confirmed leading ESG position in the main sustainability indexes and rankings Top ranking(1) for Sustainability The only Italian bank listed in the Dow Jones Sustainability Indices, the CDP Climate A List 74 A AAA 86 15.8 2022 and 2023 Corporate Knights 67 A AA 84 16.9
Slide 34: Our People are our most important asset
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed Our People are our most important asset Key highlights ▪ ~1,800 professionals hired since 2021 ▪ ~2,500 people reskilled in 2022 and 1Q23 ▪ ~13.6m training hours delivered since 2022 ▪ More than 180 talents have completed
Slide 35: The 2022-2025 Business Plan formula
MIL-BVA362-03032014-90141/VR The 2022-2025 Business Plan formula Our People are our most important asset Massive upfront Structural Cost reduction, Growth in Commissions, Significant ESG commitment, de-risking, slashing enabled by technology driven by Wealth Management, with a world-class position i
Slide 36: Contents
MIL-BVA362-03032014-90141/VR Contents 1Q23: the best-ever start to the year 2022-2025 Business Plan proceeding at full speed ISP is fully equipped for further success
Slide 37: The Italian economy is stronger and fundamentals support resilience
MIL-BVA362-03032014-90141/VR The Italian economy is stronger than in the past and Italy’s solid fundamentals support the resilience of the economy… % Italian GDP YoY evolution The Italian economy is resilient thanks to solid fundamentals % Households ▪ Strong Italian household gross wealth at more t
Slide 38: ISP far better equipped than peers
MIL-BVA362-03032014-90141/VR … and ISP is far better equipped than its peers thanks to a best-in-class risk profile, rock-solid capital position and a well-diversified and resilient business model Buffer vs requirements SREP + combined LCR Cost/Income ratio buffer(1) bps, 31.3.23 Fully phased-in CET
Slide 39: Delivering on our commitments and fully equipped for further success
MIL-BVA362-03032014-90141/VR Delivering on our commitments and fully equipped for further success Fully equipped for further success thanks to a well-diversified and Best-ever Q1 driven by high-quality earnings resilient business model ▪ €2.0bn Net income, the best quarter since 2007 ▪ Resilient pro
Slide 40: Improved outlook for 2023
MIL-BVA362-03032014-90141/VR Improved outlook for 2023 Solid growth in Revenues driven by Net … leading to significant Operating margin interest income, coupled with a continuous growth focus on Cost management… Strong decline in Loan loss provisions… … triggering Net income growth to ~€7bn Strong a
Slide 41: 1Q23 Results: Detailed information
1Q23 Results Detailed information
Slide 42: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 1Q23 31.3.23 Operating income 6,057 Loans to customers 449,860 Operating costs (2,536) Customer financial assets(1) 1,233,091 Cost/Income ratio 41.9% of which Direct deposits from banking business 534,462 Operating margin 3,521 of whi
Slide 43: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 42
Slide 44: 1Q23 vs 1Q22: €2.0bn Net income
MIL-BVA362-03032014-90141/VR 1Q23 vs 1Q22: €2.0bn Net income, the best quarter since 2007 €m 1Q22(1) 1Q23 % Net interest income 1,957 3,254 66.3 Net fee and commission income 2,289 2,137 (6.6) Income from insurance business 392 397 1.3 Profits on financial assets and liabilities at fair value 769 2
Slide 45: Q1 vs Q4: strong growth in profitability
MIL-BVA362-03032014-90141/VR Q1 vs Q4: strong growth in profitability €m 4Q22(1) 1Q23 % Net interest income 3,064 3,254 6.2 Net fee and commission income 2,222 2,137 (3.8) Income from insurance business 395 397 0.5 Profits on financial assets and liabilities at fair value (2) 262 n.m. Other operati
Slide 46: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q22(1) 2Q22(1) 3Q22(1) 4Q22(1) 1Q23 Net interest income 1,957 2,092 2,387 3,064 3,254 Net fee and commission income 2,289 2,255 2,153 2,222 2,137 Income from insurance business 392 449 439 395 397 Profits on financial assets and liabilities at fair valu
Slide 47: Net interest income: significant growth despite no TLTRO
MIL-BVA362-03032014-90141/VR Net interest income: significant growth, despite no contribution from TLTRO, thanks to the commercial component Quarterly analysis Yearly analysis €m % Euribor 1M (average data) €m % Euribor 1M (average data) +19% not considering 4Q22 TLTRO net Of which -€79m for the dif
Slide 48: Net fee and commission income
MIL-BVA362-03032014-90141/VR Net fee and commission income: impacted by negative market performance Quarterly analysis Yearly analysis €m €m 2,222 2,137 2,289 2,137 -3.8% -6.6% 4Q22 1Q23 1Q22 1Q23 ▪ Increase in Management, dealing and consultancy activities ▪ Commissions from Commercial banking acti
Slide 49: Net fee and commission income: quarterly breakdown
MIL-BVA362-03032014-90141/VR Net fee and commission income: quarterly development breakdown €m Net fee and commission income 1Q22 2Q22 3Q22 4Q22 1Q23 Guarantees given / received 47 54 86 59 34 Collection and payment services 139 164 156 164 156 Current accounts 346 348 348 344 341 Credit and debit c
Slide 50: Profits on financial assets and liabilities at fair value
MIL-BVA362-03032014-90141/VR Profits on financial assets and liabilities at fair value Quarterly analysis Yearly analysis €m €m 769 -65.9% 262 262 n.m. (2) 1Q22 1Q23 4Q22 1Q23 Contributions by activity 1Q22 4Q22 1Q23 Customers 90 91 89 Capital markets (11) (74) 65 Trading and Treasury 694 (2) 107 St
Slide 51: Operating costs
MIL-BVA362-03032014-90141/VR Operating costs: stable despite inflation and while investing in technology and growth Quarterly analysis Yearly analysis Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 3,130 -19.0% 2,536 2,524 2,536 +0.5% 1,921 -18.8% 1,560 1,576 1,560
Slide 52: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans: lowest-ever Cost of risk coupled with increased NPL coverage Quarterly analysis Yearly analysis €m Provisions for Russia-Ukraine exposure, €m Provisions for Russia-Ukraine provisions as overlays and additional exposure (net of release of part of
Slide 53: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 52
Slide 54: More than €1.2 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR More than €1.2 trillion in Customer financial assets, with a €11.2bn increase in Q1 Customer financial assets(1) Direct deposits from banking business € bn € bn 1,222 1,233 +0.9% 545 534 -2.0% 31.12.22 31.3.23 31.12.22 31.3.23 Direct deposits from insurance business Indi
Slide 55: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 31.3.23 ~70% Households % Percentage of total ~30% Corporates Wholesale Retail 534 Current accounts 12 397 and deposits Repos and 3 - securities lending 445 Senior bonds(1) 30 7 Covered bonds 21 - 90 Sh
Slide 56: Strong funding capability: broad access to international markets
MIL-BVA362-03032014-90141/VR Strong funding capability: broad access to international markets 2023 wholesale funding plan(1) Main wholesale issues Issued in Q1 € bn To be issued in Q2-Q3-Q4 2022 ◼ €1bn AT1, €1bn green senior non-preferred, £400m Tier 2, €750m social senior preferred and ~11 dual tra
Slide 57: High liquidity: LCR and NSFR above requirements
MIL-BVA362-03032014-90141/VR High liquidity: LCR and NSFR well above regulatory requirements and Business Plan targets Unencumbered eligible assets with Central Banks(2) Liquid assets(1) (net of haircuts) € bn € bn 298 272 178 166 31.12.22 31.3.23 31.12.22 31.3.23 ▪ LCR at 176% and NSFR at 125% (202
Slide 58: Rock-solid and increased capital base
MIL-BVA362-03032014-90141/VR Rock-solid and increased capital base, despite ~60bps impact from regulatory headwinds in Q1 Fully phased-in Common equity ratio Fully phased-in Tier 1 ratio Fully phased-in Total capital ratio €1.4bn dividends already accrued in Q1 €1.4bn dividends already accrued in Q1
Slide 59: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 58
Slide 60: Non-performing loans: massive deleveraging
MIL-BVA362-03032014-90141/VR Non-performing loans: massive deleveraging x Gross NPL ratio, % x Net NPL ratio, % x Gross and net NPL ratio based on EBA definition, % Gross NPL Net NPL € bn € bn 31.3.22 31.12.22 31.3.23 31.3.22 31.12.22 31.3.23 Bad loans 7.3 3.7 3.9 Bad loans 2.1 1.1 1.2 - of which fo
Slide 61: Non-performing loans: increased coverage in Q1
MIL-BVA362-03032014-90141/VR Non-performing loans: sizeable and increased coverage in Q1 Cash coverage; % Total NPL(1) +1.7pp 52.8 48.4 50.0 31.3.22 31.12.22 31.3.23 Bad loans Unlikely to pay Past due 70.6 69.2 70.0 35.7 38.5 40.0 21.3 25.2 25.8 31.3.22 31.12.22 31.3.23 31.3.22 31.12.22 31.3.23 31.3
Slide 62: Non-performing loans inflow at historical low
MIL-BVA362-03032014-90141/VR Non-performing loans inflow: at historical low Gross inflow of new NPL(1) from Performing loans Net inflow of new NPL(1) from Performing loans € bn € bn Impact from the acquisition of Impact from the acquisition of 3.5 the two former Venetian banks 2.5 the two former Ven
Slide 63: Non-performing loans gross inflow
MIL-BVA362-03032014-90141/VR Non-performing loans gross inflow €m Gross inflow of new NPL(1) from Performing loans 1,105 659 657 1Q22 4Q22 1Q23 Bad loans Unlikely to pay Past due 800 396 339 290 308 248 15 15 10 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 Note: figures may not add up exactly due to
Slide 64: Non-performing loans net inflow
MIL-BVA362-03032014-90141/VR Non-performing loans net inflow €m Net inflow of new NPL(1) from Performing loans 848 397 427 1Q22 4Q22 1Q23 Bad loans Unlikely to pay Past due 601 238 264 219 169 158 9 9 5 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 Note: figures may not add up exactly due to rounding
Slide 65: Loans to customers: a well-diversified portfolio
MIL-BVA362-03032014-90141/VR Loans to customers: a well-diversified portfolio Non-retail loans of the Italian banks and companies of the Group Breakdown by business area (data as at 31.3.23) Breakdown by economic business sector Repos, Capital markets and 31.3.23 Financial Institutions Public Admini
Slide 66: Russia exposure reduced to 0.2% of Group customer loans
MIL-BVA362-03032014-90141/VR Russia exposure reduced to 0.2% of Group customer loans € bn, data as at 31.3.23 Local presence Russia Cross-border exposure to Russia(1) Loans to customers (net of ECA guarantees and provisions) 0.2(2) 0.9(3) ECA(4) guarantees - 0.8(5) Due from banks (net of provisions)
Slide 67: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and capital base Asset quality Divisional results and other information 66
Slide 68: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 31.3.23 Divisions IMI International Corporate Banca dei Corporate & Private Asset Investment Subsidiary Insurance (4) Centre / Total Territori Banking(2) Management(3) Banking Banks(1) Others(5) Operating income (€ m) 2,785 972
Slide 69: Banca dei Territori: 1Q23 vs 1Q22
MIL-BVA362-03032014-90141/VR Banca dei Territori: 1Q23 vs 1Q22 €m 1Q22 1Q23 % Net interest income 960 1,573 63.9 Net fee and commission income 1,191 1,182 (0.8) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 32 6.7 Other operating income (expens
Slide 70: Banca dei Territori: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q1 vs Q4 €m 4Q22 1Q23 % Net interest income 1,063 1,573 48.0 Net fee and commission income 1,214 1,182 (2.6) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 32 6.7 Other operating income (expenses
Slide 71: IMI Corporate & Investment Banking: 1Q23 vs 1Q22
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 1Q23 vs 1Q22 €m 1Q22 1Q23 % Net interest income 469 611 30.3 Net fee and commission income 292 258 (11.6) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 624 103 (83.5) Other operating
Slide 72: IMI Corporate & Investment Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q1 vs Q4 €m 4Q22 1Q23 % Net interest income 599 611 2.0 Net fee and commission income 292 258 (11.6) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (17) 103 n.m. Other operating incom
Slide 73: International Subsidiary Banks: 1Q23 vs 1Q22
MIL-BVA362-03032014-90141/VR International Subsidiary Banks: 1Q23 vs 1Q22 €m 1Q22 1Q23 % Net interest income 345 519 50.4 Net fee and commission income 140 138 (1.4) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 27 21 (22.2) Other operating income
Slide 74: International Subsidiary Banks: Q1 vs Q4
MIL-BVA362-03032014-90141/VR International Subsidiary Banks: Q1 vs Q4 €m 4Q22 1Q23 % Net interest income 460 519 12.8 Net fee and commission income 138 138 0.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 21 (30.0) Other operating income (expe
Slide 75: Private Banking: 1Q23 vs 1Q22
MIL-BVA362-03032014-90141/VR Private Banking: 1Q23 vs 1Q22 €m 1Q22 1Q23 % Net interest income 49 280 471.4 Net fee and commission income 512 455 (11.1) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 13 20 53.8 Other operating income (expenses) 3 (1
Slide 76: Private Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Private Banking: Q1 vs Q4 €m 4Q22 1Q23 % Net interest income 216 280 29.6 Net fee and commission income 475 455 (4.2) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 31 20 (35.5) Other operating income (expenses) 4 (1) n
Slide 77: Asset Management: 1Q23 vs 1Q22
MIL-BVA362-03032014-90141/VR Asset Management: 1Q23 vs 1Q22 €m 1Q22 1Q23 % Net interest income 0 1 n.m. Net fee and commission income 241 209 (13.3) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (5) 8 n.m. Other operating income (expenses) 17 17 0
Slide 78: Asset Management: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Asset Management: Q1 vs Q4 €m 4Q22 1Q23 % Net interest income 1 1 0.0 Net fee and commission income 222 209 (5.9) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1 8 700.0 Other operating income (expenses) 14 17 21.4 Ope
Slide 79: Insurance: 1Q23 vs 1Q22
MIL-BVA362-03032014-90141/VR Insurance: 1Q23 vs 1Q22 €m 1Q22(1) 1Q23 % Net interest income 0 0 n.m. Net fee and commission income 1 1 0.0 Income from insurance business 367 399 8.7 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (3) (1) (66.7) Op
Slide 80: Insurance: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Insurance: Q1 vs Q4 €m 4Q22(1) 1Q23 % Net interest income 0 0 n.m. Net fee and commission income 1 1 0.0 Income from insurance business 356 399 12.1 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (2) (1) (50.0) Opera
Slide 81: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 1Q23 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 17% 1 Loans 19.1 Insurance 7% 1 Deposits(3) 21.7 Banca 48% dei Territori 1 Pension Funds(4) 24.1 13% Private Bankin
Slide 82: International Subsidiary Banks by country
MIL-BVA362-03032014-90141/VR International Subsidiary Banks by country Data as at 31.3.23 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania Moldova Ukraine(*) Egypt Operating income (€ m) 114 160 33 134 12 96 14 12 5 581 84 665 11.0% Operating costs (€ m)
Slide 83: Total exposure by main countries
MIL-BVA362-03032014-90141/VR Total exposure(1) by main countries €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 45,639 37,198 4,023 86,860 410,827 Austria 759 657 3 1,419 469 Belgium 3,552 2,886 152 6,590 1,347 Bulgaria 0 0 1 1 11 Croatia 280 931 77 1,288 8,259 C
Slide 84: Exposure to sovereign risks by main countries
MIL-BVA362-03032014-90141/VR Exposure to sovereign risks(1) by main countries €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 35,049 28,900 1,402 65,351 10,600 Austria 615 505 0 1,120 0 Belgium 2,595 2,828 130 5,553 0 Bulgaria 0 0 1 1 0 Croatia 150 931 77 1,158 1,
Slide 85: Exposure to banks by main countries
MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 2,000 4,357 1,414 7,771 18,651 Austria 128 121 3 252 216 Belgium 11 48 20 79 305 Bulgaria 0 0 0 0 0 Croatia 0 0 0 0 42 Cyprus 0 0 0 0 0 Czech Republ
Slide 86: Exposure to other customers by main countries
MIL-BVA362-03032014-90141/VR Exposure to other customers by main countries(1) €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 8,590 3,941 1,207 13,738 381,576 Austria 16 31 0 47 253 Belgium 946 10 2 958 1,042 Bulgaria 0 0 0 0 11 Croatia 130 0 0 130 6,663 Cyprus 0
Slide 87: Disclaimer
MIL-BVA362-03032014-90141/VR Disclaimer “The manager responsible for preparing the company’s financial reports, Fabrizio Dabbene, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the
Intesa Sanpaolo Spa Ord — Q1 2023 Earnings Presentation on 6ix