A senior banking executive told Reuters that lenders had been ready for 'the chopping block, but then the axe didn't come down,' following Italy's 40% windfall tax for 2023. Sharply higher official interest rates have yielded record profits for banks
Italian banks are up 50% over the past year, outperforming a 20% European sector rise.Intesa Sanpaolo bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration
Italy will tax 40% of the NIM earned in 2022 or 2023 - depending on which sum is bigger - targeting the yearly increase above thresholds set at no less than 5% for 2022 and 10% for 2023. Under an early draft, the thresholds were 3% and 6%. All main Italian lenders reported much stronger than expected results for the first six months and upgraded their profit outlook thanks to higher rates.
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