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Intesa Sanpaolo ADR ISNPY

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Reasonable Stress Test for Intesa Sanpaolo

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

No-moat Intesa Sanpaolo performed reasonably well under the recent European Central Bank stress test. Its 2023 common equity Tier 1 ratio of 9.4% under the adverse scenario of the stress test is above the 8.6% regulatory minimum that Intesa needs to keep to pay dividends. Its stressed 2023 CET1 ratio was 4.6 percentage points lower than the 14% that Intesa reported for 2020, a similar decline to that of the average European bank we cover. If we compare Intesa’s operational performance under the base and adverse scenarios, revenue held up better than its peer group but it saw a greater increase in loan-loss provisions. We maintain our no-moat rating and EUR 2.70 fair value estimate.

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Company Profile

Business Description

Intesa Sanpaolo is an Italian banking group resulting from the merger of Banca Intesa and Sanpaolo IMI, based in Turin. It has clear leadership in the Italian market and a minor but growing international presence focused on Central and Eastern Europe, the Middle East, and North Africa.

Piazza San Carlo, 156
Torino, 10121, Italy
T +39 115551
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 99,112