Intesa Sanpaolo targets over €10bn profit in 2026

Intesa Sanpaolo raised its 2026 earnings forecast on Tuesday, saying it now aimed for net profit "well beyond 10 billion euros".

Italy's biggest bank reported net profit of 8.2 billion euros, or $9.2 billion, for the first nine months of the year, up eight percent from the same period a year earlier. Revenue rose five percent to 21.5 billion euros, helped by growth in fees and insurance.

For the third quarter, Intesa said net profit climbed eight percent to more than 2.6 billion euros. The bank said that result came despite paying 930 million euros in taxes linked to a new contribution to the Italian government's budget.

Intesa also announced a dividend advance of 0.22 euros per share, for a total payout of 3.8 billion euros.

Chief executive Carlo Messina said in a statement that the results confirmed the strength of the bank's business model and its ability to carry out its 2026-2029 business plan.

The bank said it was continuing with plans to merge with Monte dei Paschi di Siena. Intesa said the potential new group aims for net profit of more than 16 billion euros by 2029.