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INTESA SANPAOLO: CONSOLIDATED RESULTS AS AT 31 MARCH 2016

NET INCOME FOR Q1 2016 WAS €806M. EXCLUDING ESTIMATED ORDINARY CHARGES FOR THE RESOLUTION FUND FOR FULL YEAR 2016, BOOKED IN THIS QUARTER, NET INCOME WAS €902M. NET INCOME WAS ALREADY IN EXCESS OF 50% OF THE €3BN DIVIDEND COMMITMENT FOR 2016 WHEN CONSIDERING THE NET CAPITAL GAIN OF AROUND €895M FROM THE DISPOSAL OF SETEFI AND INTESA SANPAOLO CARD (THE SALE-AND-PURCHASE AGREEMENT CONCERNING THIS TRANSACTION WAS EXECUTED A FEW DAYS AGO). THE CAPITAL BASE WAS STRONG AND WELL ABOVE REGULATORY REQUIREMENTS: PRO-FORMA FULLY LOADED COMMON EQUITY RATIO WAS 13.1% NET OF ACCRUED DIVIDENDS. STRONG NET INFLOW OF DIRECT DEPOSITS INTO BANCA DEI TERRITORI AND PRIVATE BANKING DIVISIONS. PROVISIONS WERE DOWN, REFLECTING AN IMPROVING CREDIT TREND. GROSS NPL INFLOW FROM PERFORMING LOANS DIMINISHED IN THE QUARTER AND WAS AT ITS LOWEST SINCE 2007. GROSS NPL STOCK DECREASED. INTESA SANPAOLO CONTINUES TO BE AN ACCELERATOR FOR GROWTH IN THE REAL ECONOMY IN ITALY. IN Q1 2016, MEDIUM/LONG-TERM NEW LENDING GRANTED BY THE GROUP TO ITALIAN HOUSEHOLDS AND BUSINESSES AMOUNTED TO €10BN (UP 34% VS Q1 2015). IN THE QUARTER, THE BANK FACILITATED THE RETURN TO PERFORMING STATUS OF OVER 5,000 COMPANIES - MAKING A TOTAL OF OVER 34,000 SINCE 2014.

  • ROBUST NET INCOME:

    • €902M EXCLUDING RESOLUTION FUND CHARGES, VS €263M IN Q4 2015 AND €1,118M IN Q1 2015

  • PRE-TAX INCOME MORE THAN DOUBLE THE Q4 2015 FIGURE:

    • €1,424M IN Q1 2016 VS €537M IN Q4 2015, EXCLUDING RESOLUTION FUND CHARGES

  • SIGNIFICANT INCREASE IN OPERATING MARGIN VS Q4 2015:

    • €2,159M, UP 37% EXCLUDING RESOLUTION FUND CHARGES

• €806M IN Q1 2016, VS €13M IN Q4 2015 AND €1,064M IN Q1 2015

  • GROWTH IN OPERATING INCOME VS Q4 2015:

    • €4,226M, UP 4% EXCLUDING RESOLUTION FUND CHARGES

  • REDUCTION IN OPERATING COSTS:

• €2,067M, DOWN 17% VS Q4 2015 AND 2% VS Q1 2015

  • DECREASE IN PROVISIONS, REFLECTING AN IMPROVING CREDIT TREND:

    • LOAN LOSS PROVISIONS IN Q1 2016 AT THEIR LOWEST LEVEL SINCE 2011: €694M, DOWN 25% VS Q4 2015 AND 10% VS Q1 2015

    • THE LOWEST GROSS NPL INFLOW FROM PERFORMING LOANS IN A QUARTER SINCE 2007: DOWN 23% VS Q4 2015 AND 30% VS Q1 2015

    • NPL STOCK DECREASING, DOWN 1% GROSS VS Q4 2015 AND Q1 2015

  • STRONG NET INFLOW OF DIRECT DEPOSITS INTO THE BANCA DEI TERRITORI AND THE PRIVATE BANKING DIVISIONS: MORE THAN €7BN IN Q1 2016 (VS €4BN IN Q4 2015 AND -€6BN IN Q1 2015)

  • A STRONG CAPITAL BASE, WELL ABOVE REGULATORY REQUIREMENTS, WITH COMMON EQUITY RATIO, NET OF AROUND €790M DIVIDENDS ACCRUED IN Q1 2016, OF:

    • 13.1% ON A FULLY LOADED BASIS(1)(2)

    • 12.9% ON A TRANSITIONAL BASIS FOR 2016(2) ("PHASED IN")

  1. Estimated by applying the fully loaded parameters to the financial statements as at 31 March 2016, considering the total absorption of deferred tax assets (DTAs) related to the goodwill realignment and adjustments to loans, the expected absorption of DTAs on losses carried forward and the expected distribution of the Q1 2016 net income of insurance companies; including the effect of the Danish compromise (under which insurance investments are risk weighted instead of being deducted from capital, with a benefit of 13 basis points).

  2. After deduction of accrued dividends, assumed equal to the net income for the quarter minus accrued coupons on Additional Tier 1 issues.

    HIGHLIGHTS:

    OPERATING INCOME:

    +10.9%

    +4%

    -12.8%

    -11.3%

    AT €4,090M VS €3,687M IN Q4 2015, EXCLUDING RESOLUTION FUND CHARGES;

    VS €4,689M IN Q1 2015,

    EXCLUDING RESOLUTION FUND CHARGES

    OPERATING COSTS:

    -17%

    -2.4%

    AT €2,067M VS €2,490M IN Q4 2015; VS €2,118M IN Q1 2015

    OPERATING MARGIN:

    +69%

    +37.3%

    -21.3%

    -18.4%

    AT €2,023M VS €1,197M IN Q4 2015, EXCLUDING RESOLUTION FUND CHARGES;

    VS €2,571M IN Q1 2015,

    EXCLUDING RESOLUTION FUND CHARGES

    INCOME BEFORE TAX FROM CONTINUING OPERATIONS:

    €1,288M

    €1,424M

    VS €161M IN Q4 2015 AND VS €1,769M IN Q1 2015;

    VS €537M IN Q4 2015 AND VS €1,843M IN Q1 2015,

    EXCLUDING RESOLUTION FUND CHARGES

    NET INCOME:

    €806M

    €902M

    VS €13M IN Q4 2015 AND VS €1,064M IN Q1 2015;

    VS €263M IN Q4 2015 AND VS €1,118M IN Q1 2015,

    EXCLUDING RESOLUTION FUND CHARGES

    CAPITAL RATIOS:

    COMMON EQUITY RATIO AFTER ACCRUED DIVIDENDS:

    13.1% PRO-FORMA FULLY LOADED(3)(4);

    12.9% PHASED IN(4)

  3. Estimated by applying the fully loaded parameters to the financial statements as at 31 March 2016, considering the total absorption of deferred tax assets (DTAs) related to the goodwill realignment and adjustments to loans, the expected absorption of DTAs on losses carried forward and the expected distribution of the Q1 2016 net income of insurance companies; including the effect of the Danish compromise (under which insurance investments are risk weighted instead of being deducted from capital, with a benefit of 13 basis points).

  4. After deduction of accrued dividends, assumed equal to the net income for the quarter minus accrued coupons on Additional Tier 1 issues.

    Turin - Milan, 6 May 2016 - At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 31 March 2016(5).

    In the first quarter of 2016, the Group achieved a strong improvement in profitability compared with the fourth quarter of 2015, despite sharper negative impacts of market volatility in January and February, and maintained a solid balance sheet, as the figures below show:

    • robust net income at €806m in Q1 2016. This compares to €13m in Q4 2015 and

      €1,064m in Q1 2015, the latter benefitting from a particularly positive trend in financial markets. Excluding charges relating to the resolution fund - for which the total estimated ordinary contribution for full year 2016 was booked in the first quarter - the net income was €902m, versus €263m in Q4 2015 and €1,118m in Q1 2015. The net income was already in excess of 50% of the €3bn dividend commitment for 2016 when considering the net capital gain of around €895m deriving from the disposal of Setefi and Intesa Sanpaolo Card (the sale-and-purchase agreement concerning this transaction was executed a few days ago).

    • pre-tax income more than double to €1,424m in Q1 2016, compared with €537m in Q4 2015, when excluding the resolution fund charges. The stated pre-tax income amounted to €1,288m in Q1 2016 versus €161m in Q4 2015.

    • increasing pre-tax income from all business units in Q1 2016. The Wealth Management area generated €756m pre-tax income (up 47.3% vs Q4 2015) with contributions of €309m from Private Banking (up 31.5% vs Q4 2015), €117m from Asset Management (down 28.2% vs Q4 2015, up 21.9% excluding performance fees) and

      €330m from Insurance (up 185.6% vs Q4 2015). Banca dei Territori contributed €493m (up 29.4% vs Q4 2015), Corporate and Investment Banking €520m (up 13.1% vs Q4 2015) and International Subsidiary Banks €227m (up 51.4% vs Q4 2015).

    • significant increase in operating margin to €2,023m in Q1 2016, up 37.3% versus Q4 2015 excluding the resolution fund charges

    • increase in operating income to €4,090m in Q1 2016, up 4% versus Q4 2015 excluding the resolution fund charges

  5. Methodological note on the scope of consolidation on page 20.

Intesa Sanpaolo S.p.A. published this content on 06 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 06 May 2016 11:32:02 UTC.

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