Intesa Sanpaolo lifts 2026 profit guidance as nine-month net income rises 8.1% to 8.2 billion euros

Nine-month results beat expectations

Intesa Sanpaolo posted a net profit of 8.2 billion euros for the first nine months of 2026, 8.1% more than a year earlier. The third quarter alone brought in 2.65 billion euros, up 11.5% and above the 2.5 billion euros that market consensus had expected. Operating income rose 5% to 21.5 billion euros, with net interest income at 11.4 billion euros (up 2.3%) and net commissions at 7.7 billion euros (up 5.2%). Operating costs fell 1.3% to 7.9 billion euros, which pushed the cost/income ratio down to 36.7%.

Market consensus2.5

Q3 2026 actual2.65

Market consensus

2.5 € bn

Q3 2026 actual

2.65 € bn

Data from the article text

Capital and guidance

The group's Cet1 ratio stands at 13.1% after deducting the 7.8 billion euros of distribution accrued over the nine months, of which 6.1 billion euros are dividends. Including the absorption of deferred tax assets, the ratio would rise to 13.8%. On the back of these figures, Intesa raised its guidance for the whole of 2026: net profit is now expected to be well above 10 billion euros, compared with the earlier outlook of above 10 billion. The bank also foresees a 2026 payout ratio of 95%, of which 75% in cash dividends and 20% in buybacks.

Interim dividend and payment schedule

The board approved an interim dividend of 0.22 euros per share, roughly 3.8 billion euros in total. The shares go ex-dividend on 23 November, and the payment is due on 25 November. Measured against the current share price, the payment corresponds to a yield of 3.7%. The schedule runs alongside the start of the takeover offer for Monte dei Paschi.

Takeover bid for Monte dei Paschi

The results arrive in the middle of the contest for control of Monte dei Paschi di Siena (MPS). Intesa has adjusted its exchange offer to 1.664 Intesa shares for each MPS share, up from an initial 1.6, so that the interim dividend does not reduce the value of the offer. The cash component is 1.25 euros per MPS share, raised a month ago from an initial one euro. Bloomberg puts the offer at 33 billion euros, or 37 billion dollars, and reports that CEO Carlo Messina will ask MPS shareholders to decide on it. In late October, an extraordinary meeting of MPS shareholders rejected a defensive plan presented by Luigi Lovaglio, and the offer is due to start in the week of 23 November.