Intesa Sanpaolo(US:ISNPY)2022-07-29 16:17Financial Performance - H1 Net income reached €3.3 billion, excluding €1.1 billion in provisions/writedowns for Russia-Ukraine exposure, marking the best first half since 2008[6] - Q2 saw a strong acceleration of Net interest income, increasing by 6.9% compared to Q1[6] - Operating costs decreased by 2.5% compared to 1H21, resulting in a Cost/Income ratio of 47.5%[6] - Net income excluding provisions/writedowns for Russia-Ukraine exposure in Q2 was €1.6 billion, a 6.6% increase[17] Asset Quality - Gross NPL stock was reduced by €4.1 billion in H1, with €3.2 billion reduction in Q2[6] - The gross NPL ratio reached a record low of 1.8%, and the net NPL ratio was at 1.0%[6] - The bank's exposure to Russia is limited to approximately 1% of Group customer loans[49] Capital and Liquidity - Customer financial assets exceeded €1.2 trillion[22] - The fully phased-in CET1 ratio stood at 12.5%, including the impact of a €3.4 billion buyback[67] Strategic Initiatives - The 2022-2025 Business Plan is proceeding at full speed, with key industrial initiatives well underway[6] - The bank is committed to ESG, with a focus on social impact and climate[81]