Intesa Sanpaolo Reports Net Income of €2,645 Million in Third Quarter
Key Facts
Intesa Sanpaolo said on November 3 that net income was €2,645 million in the third quarter of 2026, compared with €2,793 million in the second quarter and €2,372 million in the same period a year earlier. The results put the current quarter between a sequential decline and annual profit growth, while diverging from analysts’ expectations for operating income. Net income was €8,199 million in the first nine months, up 8.1% from €7,588 million in the corresponding period of 2025. In its results statement, the bank said net income for the first nine months was €8,199 million, up 8.1% year over year. In Milan trading after the announcement, the shares fell about 1%, according to Investing.com coverage.
The revenue picture was more subdued than cumulative profit growth: third-quarter operating income was €6.924 billion, versus analysts’ forecast of €7 billion, according to Investing.com. The coverage said, "Revenue of €6.92 billion came in below the €7 billion analysts had expected." The gap indicates that quarterly performance fell short of market estimates for operating income, even as nine-month net income exceeded the figure for the corresponding period a year earlier. Quarterly net income itself was lower than in the second quarter, but higher than in the third quarter of 2025. The comparison shows that the results look different depending on the metric and period: a quarterly decline in net income, annual growth and operating income below expectations.
The current full-year guidance preceded the third-quarter results: on July 29, after reporting first-half net income of €5.6 billion, the bank raised its 2026 net income forecast to more than €10 billion. The guidance published in July therefore provides context for assessing the new results, but does not establish that the bank raised it again in its November 3 announcement. Investing.com coverage had said the bank raised its annual profit outlook, but the public disclosure used here does not confirm new guidance above the previous forecast. The figure announced in July thus remains the available reference for the annual forecast: more than €10 billion. The third-quarter result adds quarterly net income of €2,645 million and nine-month net income of €8,199 million.
On lending, the group disbursed about €66 billion in new medium- and long-term loans in the first nine months of 2026, including about €37 billion in Italy. The figure provides a measure of the financing the bank extended during the same period in which it recorded annual net income growth. The Italian portion remains a large component of total new loans disbursed, according to the bank’s statement. The figures come amid results combining extensive lending activity, year-over-year growth in net income and a quarterly decline in net income. Operating income cited in coverage of the results came in below analyst estimates, while the shares posted a modest decline in Milan after the announcement.