Italy's biggest bank Intesa Sanpaolo
on Friday posted record results for last year with profits
reaching 4.35 billion, 4% up on 2021.
Net profits were 5.5 billion excluding 1.4% billion of
allocations and adjustments for the Russia-Ukraine war, passing
the 2022-2025 business plan's objective of over 5 billion for
2022.
In the second half of 2022 Intesa's exposure to Russia was
reduced by 68%, or around 2.5 billion euros, below 0.3% of
overall client credits of the group.
"Today we have presented extremely high quality results," said
CEO Carlo Messina.
"The 2022 balance sheet is the best in Intesa Sanpaolo's
history".
"The fourth quarter was the best quarter ever for earnings, up
13% on the previous year with a strong acceleration in the
interest margin component.
"With a net result of 5.5 billion, excluding reserves set aside
for de-risking relative to Russia, we amply passed the plan's
objective for 2022."
Intesa is Italy's largest bank by total assets and the world's
27th largest.
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