(ANSA) - ROME, FEB 3 - 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. (ANSA).