The bank achieved record net income of €9.3 billion in 2025, exceeding business plan targets with a best-in-class cost-income ratio and lowest-ever NPL inflows. The new 2026-2029 business plan targets net income above €11.5 billion by 2029, sustainable ROE above 20%, and €50 billion in capital returns to shareholders.
Cyborg Score Rationale
The bank demonstrated record profitability in 2025 and overdelivered on all previous business plan targets with shareholder distributions 50% above target. ISP trades at a sub-9x 2026 P/E, below the broader EU sector. Strong execution risk mitigation through diversified operations and robust capital position support operational resilience.
Top Insights
Customer financial assets grew to approximately €1.5 trillion, with robust inflows and leadership in Wealth Management, Protection & Advisory.
On January 30, 2026, Intesa Sanpaolo completed its acquisition of the remaining 24% of Swiss private bank REYL & Cie, gaining complete control and expanding its private banking business.
The bank raised its cash payout ratio to 75% with an additional 20% buyback, totaling a 95% payout.
Upside catalysts include wealth management fee growth, continued strength in IMI investment banking, and the expansion potential of the in-house digital bank.
Named Competitors
UniCredit — Major Italian banking group with significant European presence
Banco BPM — Italian bank focused on retail and corporate clients
Deutsche Bank — Major European investment and commercial bank
BNP Paribas — Leading European universal banking group
Recent Developments
(February 2026) Record 2025 net income of €9.3 billion with enhanced 2026-2029 business plan targeting €11.5bn+ net income and €50bn shareholder returns
(January 2026) Completed acquisition of remaining 24% stake in Swiss private bank REYL & Cie, gaining complete control
(November 2025) Merged First Bank into Intesa Sanpaolo Bank Romania, consolidating Romanian operations
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