Unicredit S.p.a. · MIL:UCG
Unicredit — Q3 2011 Earnings Presentation
76 slides from Unicredit's earnings presentation, Nov 14, 2011
Slide 1: UniCredit Group 3Q11 Results
UNICREDIT GROUP 3Q11 RESULTS Federico Ghizzoni, Chief Executive Officer Milan, 14 November 2011
Slide 2: Disclaimer
Disclaimer This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations,
Slide 3: Agenda
Agenda Consolidated Results 3Q11 Annex 3
Slide 4: Executive Summary
Executive Summary Third Quarter penalized by changing macro scenario trend 3Q Operating results characterized by adverse macro scenario and seasonality Revenues down q/q, due to Trading Loss and seasonal effects on Fees Costs down q/q with HR costs slightly up and Non-HR costs down by 4.4% L
Slide 5: Net Profit and Net Operating Profit
Net Profit and Net Operating Profit Quarterly trend worsening due to trading and heavy one-offs Net Profit (mln) Net Operating Profit (1) (mln) Net profit 3Q11 One Offs +2% n.m. 2,856 2,914 1,003 n.m. 511 334 1,349 -474 929 -10,167 -9,320 -2 -10,641 9M 10 9M 11 9M 10 9M 11 3Q10 2Q11 3Q11 3Q10 2Q11 3
Slide 6: Non recurring items
Non recurring items 3Q11 results deeply impacted by significant non recurring items (mainly non cash items) 3Q11 Total Revenues 5,725 STATED P&L Line, Mln PRE-TAX POST-TAX PRE-TAX Operating Costs -3,879 Goodwill Implicit in Strategic -439 -439 Investments Gross Operating Profit 1,846 Losses from Goo
Slide 7: Net Operating Profit
Net Operating Profit Weak revenues but decreasing costs; CEE&Poland confirm their strength Net Operating Profit Composition (mln) Net Operating Profit by region (mln) Western Europe 2,856 2,914 CEE & Poland 1,349 1,136 1,384 -18% 929 759 n.m. 379 1,778 1,471 19,600 -2.5% 19,108 550 590 +7.4% 634 +20
Slide 8: Total Revenues
Total Revenues Trading loss and seasonality negatively affect the quarter Revenues composition (mln) Revenues by Region (mln) Western Europe CEE & Poland -2.5% 19,600 6,422 6,455 19,600 19,108 -6.4% 5,725 563 19,108 -11.3% -8.1% 517 4,740 4,794 -15.5%4,052 14,792 -4.4% 14,147 6,455 999 6,422 Others
Slide 9: Net Interest
Net Interest Net interest up net of one-offs posted in 2Q Net Interest (mln) Net Interest by Region (mln) Western Europe CEE & Poland -1.0% 3,893 3,903 3,831 11,739 11,618 11,739 11,618 2,789 2,810 -2% 2,753 8,520 -1.9% 8,360 1,104 1,093 -1.5% 1,077 3,218 +1.2% 3,257 -1.6% -1.9% 3Q10 2Q11 3Q11 9M 10
Slide 10: Volumes
Volumes Loans stable and Deposits down mainly due to CIB Loans to customers (mln) Deposits with customers (mln) +0.6% +0.1% -0.3% 558,836 561,792 562,447 -3.5% 393,806 406,713 392,517 Western 472,681 474,076 474,202 +0.3% Western Europe 318,285 330,690 -5.3% 313,027 Europe CEE & CEE & 89,111 -0.8% 8
Slide 11: Fees & Commissions
Fees & Commissions Seasonal trend drives the quarterly drop Net fees and Commissions (mln) Net fees and Commissions by Region (mln) Western Europe CEE & Poland -0.5% 2,096 6,300 6,268 6,300 6,268 1,993 2,004 0.5% -1.5% 1,490 1,623 1,635 -5.5% 1,545 4,979 4,906 1,540 -4.4% 2,096 1,993 2,004 453 462 -
Slide 12: Operating Costs
Operating Costs Down on a quarterly and almost stable on yearly basis Total Operating Costs (mln) Total Operating Costs by Region (mln) Western Europe 0.5% CEE & Poland -1.2% +0.5% 3,859 3,925 3,879 11,604 11,662 3,859 3,925 3,879 11,604 11,662 3,094 3,134 -0.7% 3,111 9,346 -0.1% 9,338 +0.6% +0.3% S
Slide 13: FTEs
FTEs Staff down in the quarter despite seasonal apprentices hire in Germany FTEs (unit) FTEs by Region (unit) Western Europe CEE & Poland -617 -10 161,169 160,562 160,552 161,169 160,562 160,552 89,172 88,981 +0.2% 89,154 Business -319 129,032 128,521 128,202 Divisions 71,997 71,581 -0.3% 71,399 GBS
Slide 14: Cost of Risk
Cost of Risk Cost of risk up q/q, severe provisions in Italy Loan Loss Provisions (mln) – Group COR (bp) Cost of Risk (bp) Western Europe 3Q10 2Q11 3Q11 CEE & Poland -11.8% 13.1% 5,141 210 +56.5% 167 148 141 4,533 106 109 100 100 1,848 48 1,634 4,062 CIB F&SME CEE 1,181 3,673 1,266 1,576 3Q10 2Q11 3
Slide 15: Asset Quality
Asset Quality Stable coverage - prudent policy of early classification of loans in the impaired category confirmed. Italy and CEE the main source of new additions NPLs (bln) +4.1% Gross Impaired Loans (bln) 40.4 42.1 38.5 +2.5% 68.2 69.9 71.6 Dec 10(1) Jun 11 Sept 11 Coverage ratio 57.5% 58.6% 58.3%
Slide 16: Asset Quality
Asset Quality Net additions, despite small increase, remained well below 2009-10 average 68 Annualized cost of risk per quarter, bps 57 44 Impaired loans’ additions (1) , bps 56 40 43 31 Impaired loans’ additions net of CCG effect (2) , bps 24 42 16 8 5 26 164 -3 150 146 1Q10 2Q10 3Q10 4Q10 1Q11 2Q1
Slide 17: Asset Quality
Asset Quality Reverse ratio deteriorated due to Germany (a single ticket) and Austria after an exceptional positive half year. Italy continued to improve Gross impaired loans flows (mln) 4,531 Inflows (1) 3,677 2,874 Outflows (2) 1,592 2,192 1,143 7,702 6,209 5,954 5,152 4,309 4,798 -2,532 -3,171 -3
Slide 18: Asset Quality in Italy
Asset Quality in Italy Positive trend confirmed also in 3Q11 thanks to fewer inflows from performing and stable work-out Gross impaired loans flows (mln) 2,674 Inflows (1) 2,324 1,292 Outflows (2) 1,092 747 602 5,031 3,990 3,835 3,285 2,960 2,806 -1,666 -2,192 -2,213 -2,205 -2,357 -2,543 Quarterly Q
Slide 19: Balance Sheet structure
Balance Sheet structure One-offs accounted in the quarter impact Tangible Equity Total Assets (bn) Tang. Equity(1) (bn); TE per share (eur) Leverage Ratio(2) -1.9% -5.4% 1.1x 3.4% 2.5x -7.0% 968.8 950.3 38.83 39.47 23.4x 918.8 36.73 22.3x 20.8x 2.01 2.05 1.90 Sep 10 Jun11 Sep 11 Sep 10 Jun11 Sep 11
Slide 20: Balance Sheet structure
Balance Sheet structure Financial investments stable, Net Interbank worsening Securities issued (bn) Net Interbank Position (bn) Financial investments(1) (bn) -0.5 -22.9 97.4 96.9 89.3 -12.5 195 179 167 -28.1 -44.1 -67.0 Sep 10 Jun11 Sep 11 3Q10 2Q11 3Q11 Sep 10 Jun11 Sep 11 Net Interbank position
Slide 21: Medium-Long Term Funding Plan
Medium-Long Term Funding Plan UniCredit is pre-funding 2012, leveraging on diversified sources by geography and type % of 2011 funding plan done % of m/l term run offs by Region 118% Austria 33.6 38.1 3.0 16% 29.7 29.5 3.0 3.5 4.0 55% Italy 54% 46% 10.5 Germany 21% 63% 14.1 Italy 29% 38% Germany 30%
Slide 22: UniCredit Funding
UniCredit Funding UCG benefits from diversified funding platforms in Germany, Austria and Italy €12.6 bn public issuance through 15 different benchmark transactions carried out in 2011 so far, with access to covered markets in all the three countries of presence in Western Europe and a debut deal
Slide 23: Capital position
Capital position RWA slight increase mainly due to Markets RWA eop Basel 2 (bln) RWA eop composition (%) 453.5 450.0 445.2 Operat. 41.0 50.2 50.8 Market 9.3 Germany&Austria 11.6 Italy 33% 9.9 37% 403.2 383.0 Credit (1) 384.9 Floor 0.1 4.5 7% Sep 10 Jun 11 Sep 11 24% Other Credit CEE&Poland RWAs / 72
Slide 24: Capital position
Capital position Capital ratios affected by Cashes reclassification and results dynamic Capital Ratios Basel 2 (%) Core Tier I Ratio: QoQ evolution (%) 9.12% 0.50% +0.06% 8.74% -0.31% 13.49% 8.49% Total Capital 12.97% 12.80% 9.92% 9.68% Tier I 9.67% Jun. 11 Cashes Accrued Org. Sep. 11 dividend capit
Slide 25: Italian Commercial Business
Italian Commercial Business(1) Strict cost control and improving quality of performing portfolio Total Operating costs FTE -1.2% -368 1,520 45,317 44,411 44,044 1,495 1,477 3Q10 2Q11 3Q11 3Q10 2Q11 3Q11 EL CIB(2) - Index figures (Dec 10=100) EL SB and SME(2) - Index figures (Dec 10=100) 100 100 91 8
Slide 26: Agenda: Annex
Agenda Consolidated Results 3Q11 Annex Additional Group Slides Divisional Results 3Q11 Database 26
Slide 27: P&L
P&L q/q y/y y/y 3Q 10 2Q11 3Q11 9M 10 9M 11 % % % Total Revenues 6,422 6,455 5,725 -11.3% -10.9% 19,600 19,108 -2.5% Operating Costs -3,859 -3,925 -3,879 -1.2% 0.5% -11,604 -11,662 0.5% Gross Operating Profit 2,563 2,530 1,846 -27.0% -28.0% 7,996 7,446 -6.9% Net Write-downs of Loans -1,634 -1,181 -1
Slide 28: Well matched Balance Sheet Structure
Well matched Balance Sheet Structure 950.3 bn Equity and Permanent funds (61) Fixed Assets (33) 201.9 Debts in issues (133) Loans to customers (341) Deposits from banks (8) Loans to banks (6) 412.5 M/L term AFS and HTM (32) 392.5 Deposits from customers Loans to customers (222) Loans to banks (66) 4
Slide 29: Agenda
Agenda Consolidated Results 3Q11 Annex Additional Group Slides Divisional Results 3Q11 Database 29
Slide 30: Executive Summary – Family & SME
Executive Summary – Family & SME NOP increasing q/q (strongly y/y) benefiting from a further improvement of cost of risk, tight costs control and stable revenues despite seasonality impact Revenues stable in 3Q11 (+0.1% q/q) despite seasonality on net commissions, thanks to net interest income g
Slide 31: P&L and Volumes
P&L and Volumes NOP further improving q/q benefiting from stable revenues, cost control and lower LLP; PBT impacted by one offs(1) F&SME Networks and Product Factories ∆ % vs. ∆ % vs. Revenues /RWA avg P&L (mln) 3Q10 2Q11 3Q11 2Q11 3Q10 -0.28 p.p. Total Revenues 2,946 3,161 3,164 0.1% ▲ 7.4% ▲ 8.8%
Slide 32: Total Revenues and Operating Costs
Total Revenues and Operating Costs Significant revenues improvement y/y cross border Focus on cost control confirmed F&SME Networks and Product Factories Total Revenues (mln) Operating Costs (mln)(1) 2,946 3,161 3,164 2,075 2,093 2,057 Other Revenues 62 49 0.1% -1.7% 35 1,087 1,179 1,125 HR 952 943
Slide 33: Cost of Risk and Net Operating Profit
Cost of Risk and Net Operating Profit Further reduction of cost of risk boosted Net Operating Profit F&SME Networks and Product Factories LLP (mln) Net Operating Profit (mln) ∆ % vs. ∆ % vs. 3Q11 q/q y/y 3Q11 q/q y/y Italy Network 410 -14.4% -4.3% Italy Network 160 49.1% n.m. Germany Network 15 n.m.
Slide 34: TFA volumes
TFA volumes TFA impacted by market turmoil mainly because of performance effect F&SME Networks and Product Factories Total Financial Assets(1) (bn), breakdown by Product Total Financial Assets(1) (bn), breakdown by Geography 415 419 415 419 402 402 Asset 63 59 Gathering 59 AUM 112 109 102 Poland Net
Slide 35: Loan volumes
Loan volumes Loan volumes slightly down q/q as a result of a selective lending approach and a lower demand for mortgages mainly in Italy F&SME Networks and Product Factories Loans Breakdown (bn) Network Loans Breakdown by country (bn) ∆ % vs. 259 259 257 q/q y/y Consumer Sep 11 9 10 10 Finance Leasi
Slide 36: Multichannel business support
Multichannel business support Further improvement of direct channel contribution on client acquisition and on personal loans sales Online Banking Growth (‘000) Acquisition via Multichannel #(2) - % total customer acquisition 7.4% CAGR ’08-’11 +12.3% 6.0% ~4,700 ~4,400 ~3,900 ~3,400 +13.0% ~2,900 ~3,
Slide 37: Asset Gathering
Asset Gathering TFA impacted by market performance but confirming steadily positive net sales Significant growth in transactions and further support by marketing campaigns F&SME Product Factories Fineco Marketing Campaigns, 9M11 Results ∆ % vs. ∆ % vs. KPI 3Q10 2Q11 3Q11 2Q11 3Q10 "Member Get Target
Slide 38: Consumer Finance
Consumer Finance New business increasing y/y, with continuous focus on personal loans to existing clients F&SME Product Factories New Flows (mln) Market Share – Italy (%), New Production +1.1% 9.9% 10.5% 10.3% -21.6% 1,354 1,050 1,062 Sep 10 Jun 11 Sep 11* * Estimate 3Q10 2Q11 3Q11 ∆ % vs. Gross Mar
Slide 39: Leasing & Factoring
Leasing & Factoring Ongoing selective growth in Leasing and Factoring, leading to constant margin improvement. Factoring still characterized by low RWA debtors F&SME Product Factories Leasing Factoring New business by channel (mln) and % Bank on Total Turnover (Mln), All-in margin(2) and relevant ma
Slide 40: Executive Summary – CIB
Executive Summary – CIB Revenues: Markets performance impacted by turbulent economic environment. Overall results supported by resilient client franchise F&A: Revenues almost in line with previous quarter and y/y net of one-off effects xxx: Markets: Drop in revenues (q/q and y/y) given ongoi
Slide 41: P&L and Volumes
P&L and Volumes Results negatively affected by challenging market conditions CIB Revenues /RWA avg ∆ % vs. ∆ % vs. P&L (mln) 3Q10 2Q11 3Q11 2Q11 3Q10 -1.1 p.p. Total Revenues 1,908 2,077 1,532 -26.3% ▼ -19.7% ▼ 4.4% 3.7% 3.3% +-0.4 p.p. Operating Costs -673 -692 -680 -1.7% ▼ 1.1% ▲ Gross Operating P
Slide 42: Total Revenues and Operating Costs
Total Revenues and Operating Costs NII slightly increasing on a normalized basis1. Fees keep improving Trading reflects deteriorating market conditions CIB Total Revenues (mln) Operating Costs (mln) 2,077 673 692 680 1,908 -1.7% Trading & Other 342 1,532 282 287 397 HR 283 283 Fee 364 420 Network NI
Slide 43: Cost of Risk
Cost of Risk LLP increasing following large single name provisions in Italy CIB LLP (mln) LLP by Region (mln) ∆ % vs. 3Q11 ∆ % vs. 3Q11 q/q y/y q/q y/y Total CIB 907 Total CIB 907 250.5% 67.3% 250.5% 67.3% Italy 763 141.3% 118.3% F&A 918 250.6% 81.4% Germany 97 n.m. -44.8% Markets -2 n.m. n.m. Austr
Slide 44: Loan Book
Loan Book A large and diversified loan portfolio both by Segment and by Region CIB Loans breakdown (including loans to banks); 100% = 287 bn, Sep 2011 Breakdown by borrower(1) (%) Loans to customers by segment(1) (%) Loans to customers by Region(1) (%) GTB, 3% Markets, Loans to 8% 24.3% Other, 9% It
Slide 45: Markets
Markets Deteriorating market conditions and seasonality: high volatility and some slowdown in customers' flows CIB Managerial Revenues (mln) Fixed Income and Currencies (mln) -73.6% 475 463 -74.3% 122 3Q10 2Q11 3Q11 -67.9% Equities (mln) -55.9% -67.5% 94 96 637 628 -55.0% 42 3Q10 2Q11 3Q11 204 Capit
Slide 46: Financing & Advisory – Selected deals in 3Q 2011
Financing & Advisory – Selected deals in 3Q 2011 Project Finance, M&A, Financial Sponsor Solutions, Corporate Structured Finance, Equity Capital Markets and Debt Capital Markets UC Rusal Enel Rete Gas HSL Bretagne MICEX Giorgione Investimenti Compagnia Italiana di Pays-de-Loire PPP Navigazione (CIN)
Slide 47: Executive Summary – Private Banking
Executive Summary – Private Banking P&L results: Revenues down (-10.9% q/q) due to lower commissions, mainly sales fees, affected by seasonality and market turmoil; net interest income benefits from volume growth Revenues up on a yearly basis (+5%) thanks to net interest income double digit gr
Slide 48: P&L and Volumes
P&L and Volumes NOP and PBT down q/q, impacted by revenues slowdown due to seasonality and market turmoil, but improving y/y Private Banking ∆ % vs. ∆ % vs. P&L (mln) 3Q10 2Q11 3Q11 2Q11 3Q10 Revenues / Ordinary TFA avg (bps) Total Revenues 198 233 208 -10.9% ▼ 5.0% ▲ Operating Costs -141 -142 -141
Slide 49: Total Revenues and Operating Costs
Total Revenues and Operating Costs Fees down partly offset by significant Net Interest growth. Good cost control Private Banking Total Revenues (mln) Operating Costs (mln) 233 141 142 141 198 2 208 -0.4% 1 -10.9% Other Revenues 3 HR 75 76 77 159 129 Fees 134 NHR 66 66 64 Net Interest 61 73 78 3Q10 2
Slide 50: Total TFA
Total TFA Ordinary TFA decreasing q/q heavily affected by negative performance effect; slight inflows on AUC and on Deposits side Private Banking Total Financial Assets (bn) Ordinary TFA 3Q11 – Q/Q Evolution (bn) 154.6 154.3 144.6 121.8 -0.3 0.1 0.2 -5.1 Deposits 23.5 22.5 22.8 AUC 56.5 56.0 52.1 AU
Slide 51: Executive Summary – Asset Management
Executive Summary – Asset Management Pioneer Revenues predominantly impacted by unfavourable market conditions other than Net Redemptions throughout the distribution channels Revenues / TFA avg. impacted by asset mix deterioration, and by a negative one-off item(1) Operating Costs improved (-4
Slide 52: P&L and Volumes
P&L and Volumes Revenues mainly affected by decreasing TFA; costs under control and improved since Q1 Asset Management ∆ % vs. ∆ % vs. P&L (mln) 3Q10 2Q11 3Q11 Revenues / TFA avg (bps) 2Q11 3Q10 Total Revenues 203 205 183 -10.6% ▼ -9.6% ▼ - 3 bp 42 44 41 Operating Costs -114 -117 -112 -4.9% ▼ -2.0%
Slide 53: AUM and Net Sales
AUM and Net Sales AuM trend mainly impacted by market turmoil and by lower sales Asset Management AUM (bln) Net sales by Distribution Channel (mln) 178.1 -5.0 -10.4 2.2 164.9 Captive -847 -1,786 Non Captive -954 -2,854 -788 -2,107 Jun 11 Net Sales Perf. FX effect Sep 11 3Q10 2Q11 3Q11 effect ∆ % vs.
Slide 54: Executive Summary – CEE
Executive Summary – CEE Double digit growth in Net Operating Profit (+15.6% q/q, at constant rates) driven by improved revenues (+5% q/q) and stable Costs and LLP (+0.3% q/q and -0.5% respectively); best quarter since 2008 Solid revenues growth (+5% q/q): Net interest income flat q/q Higher
Slide 55: P&L and Volumes
P&L and Volumes NOP up due to strong operating result and despite impairments on Greek bonds Substantial growth in deposit volumes CEE ∆ % vs. ∆ % vs. P&L (mln) 3Q10 2Q11 3Q11 2Q11 3Q10 Revenues /RWA avg Constant FX Constant FX Total Revenues 1,226 1,170 1,197 5.0% ▲ 3.9% ▲ 0.0 p.p. Operating Costs
Slide 56: Total Revenues and Operating Costs
Total Revenues and Operating Costs Revenues further improving due to recovery of fee income Operating Costs stable q/q despite business expansion CEE Total Revenues (mln) Operating Costs (mln) 1,226 1,170 1,197 536 556 544 Trading & Other 75 5.0% 0.3% 64 90 Fee 305 297 311 263 HR 246 252 Net Interes
Slide 57: Cost of Risk and Net Operating Profit
Cost of Risk and Net Operating Profit Confirmed positive LLP and CoR trend. NOP up due to high revenues and lower LLP y/y, best quarter since 2008 CEE LLP (mln) Net Operating Profit (mln) ∆ % q/q ∆ % y/y ∆ % q/q ∆ % y/y 3Q11 const. FX const. FX 3Q11 const. FX const. FX CEE CEE Division 238 -0.5% -25
Slide 58: Executive Summary – Poland
Executive Summary – POLAND Profit before taxes at 229 mln (+7.3% q/q, +13.7% y/y) driven again by solid gross operating profit (+2.8% q/q, +14.6% y/y) Total revenues improve (+1.4% q/q, + 8.2% y/y) driven by both Net Interest and Fees Loan volumes growth (+5.3% q/q, +10.2% y/y) supported by so
Slide 59: P&L and Volumes
P&L and Volumes Confirmed growth on PBT led by solid operational results POLAND ∆ % vs. ∆ % vs. 2Q11 3Q10 Revenues /RWA avg P&L (mln) 3Q10 2Q11 3Q11 Constant FX Constant FX Total Revenues 456 491 475 1.4% ▲ 8.2% ▲ 0.3 p.p. 8.0% 8.5% 8.1% Operating Costs -229 -235 -224 -0.1% ▼ 1.9% ▲ Gross Operating
Slide 60: Agenda
Agenda Consolidated Results 3Q11 Annex Additional Group Slides Divisional Results 3Q11 Database 60
Slide 61: Group P&L
GROUP P&L Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 3,831 3,903 3,884 3,982 3,893 3,956 3,890 -1.9% -1.6% 11,618 11,739 -1.0% Dividends and other income from equity investments 91 126 117 144 69 135 60 -28.0% +32.3%
Slide 62: 3Q11 P&L Breakdown
3Q11 P&L BREAKDOWN F&SME Corporate F&SME Private Product CIB AM CEE Centre & Group Network Banking Factories Elision Net interest 1,614 376 1,237 78 2 797 -273 3,831 Dividends and other income from equity investments 0 14 39 1 1 3 34 91 Net fees and commissions 1,022 103 420 129 177 311 -158 2,004 N
Slide 63: F&SME Network P&L
F&SME NETWORK P&L 46% of Group revenues Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 1,614 1,572 1,530 1,517 1,495 1,491 1,527 +2.6% +8.0% 4,716 4,513 4.5% Dividends and other income from equity investments 0 3 3 4 0 5
Slide 64: F&SME Product Factories P&L
F&SME PRODUCT FACTORIES P&L 9% of Group revenues Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 376 348 348 355 330 334 324 +8.2% +14.0% 1,072 989 8.4% Dividends and other income from equity investments 14 13 0 22 9 3 10
Slide 65: CIB P&L
CIB P&L 27% of Group revenues Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 1,237 1,338 1,312 1,411 1,263 1,339 1,265 -7.5% -2.0% 3,887 3,866 0.5% Dividends and other income from equity investments 39 35 79 51 20 64 21 +
Slide 66: CEE P&L
CEE P&L 21% of Group revenues Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 797 809 818 820 846 827 787 -1.5% -5.8% 2,423 2,460 -1.5% Dividends and other income from equity investments 3 6 3 4 5 4 1 -54.5% -51.0% 11 10 1
Slide 67: Private Banking P&L
PRIVATE BANKING P&L 4% of Group revenues Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 78 73 64 67 61 55 58 +6.9% +27.3% 215 173 23.8% Dividends and other income from equity investments 1 1 1 7 1 2 0 -54.1% +15.4% 3 3 29
Slide 68: Asset Management P&L
ASSET MANAGEMENT P&L 3% of Group revenues Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 2 3 3 2 2 1 2 -19.4% +48.8% 8 5 77.7% Dividends and other income from equity investments 1 1 2 1 1 1 1 +5.4% +10.4% 4 3 16.6% Net fe
Slide 69: Poland Region
POLAND REGION 8% of Group revenues Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % 9M 9M Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y 2011 0 2010 0 y/y Net interest 281 284 269 268 257 249 252 -1.3% +9.0% 834 759 +9.9% Dividends and other income from equity investments 4 7 5 2 5 7 5 -44.6% -25.7% 17 17
Slide 70: Group Balance Sheet
GROUP BALANCE SHEET September June March December September June March Var. (mln Euro) 2011 2011 2011 2010 2010 2010 2010 y/y % Cash and cash balances 5,566 6,596 5,982 6,414 4,935 7,225 5,796 +12.8% Financial assets held for trading 140,008 107,203 106,400 122,551 156,983 152,100 138,495 -10.8% Loa
Slide 71: Customer Loans Breakdown
CUSTOMER LOANS BREAKDOWN Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y F&SME Network 202,732 205,151 201,888 203,478 206,643 205,205 205,538 -1.2% -1.9% Italy 128,076 128,735 126,077 125,708 128,586 126,569 126,537 -0.5% -0.4% Germany 44,274 44,971 45,832 46,885 4
Slide 72: Group Asset Quality
GROUP ASSET QUALITY September June March December (1) September June December December Var.% (mln Euro) 2011 2011 2011 2010 2010 2010 2009 2008 q/q y/y NPLs - Face value 42,070 40,414 39,335 38,538 37,784 36,979 32,836 27,949 +4.1% +11.3% Writedowns 24,510 23,685 23,145 22,158 22,677 22,106 20,144 1
Slide 73: Direct Funding Breakdown
DIRECT FUNDING BREAKDOWN Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y F&SME Network 171,568 171,189 170,107 173,282 177,281 178,170 177,525 +0.2% -3.2% Italy 95,096 94,550 94,498 97,349 99,244 102,174 102,783 +0.6% -4.2% Germany 41,183 40,357 39,483 39,252 42,248
Slide 74: Group Regulatory Capital and Ratios under Basel 2
GROUP REGULATORY CAPITAL AND RATIOS UNDER BASEL 2 Capital September June March December September June March December December Change (mln Euro) 2011 2011 2011 2010 2010 2010 2010 2009 2008 q/q y/y Core Capital 39,344 40,618 40,217 39,006 39,047 38,624 38,524 34,435 30,755 -3.1% +0.8% Tier I Capital
Slide 75: Group RWA EOP Breakdown
GROUP RWA EOP BREAKDOWN Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. % (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y F&SME Network 93,917 92,016 86,121 92,622 93,758 89,894 91,748 +2.1% +0.2% Italy 57,821 56,800 51,971 52,945 52,710 53,784 57,357 +1.8% +9.7% Germany 14,608 14,208 13,889 15,447 15,299 15,005 14
Slide 76: Group FTE Breakdown
GROUP FTE BREAKDOWN Q3 Q2 Q1 Q4 Q3 Q2 Q1 Var. (mln Euro) 2011 2011 2011 2010 2010 2010 2010 q/q y/y F&SME Network 56,076 56,335 56,524 57,414 57,144 57,732 57,885 -259 -1,069 Italy 30,574 30,917 31,020 31,895 31,997 32,419 32,415 -344 -1,424 Germany 7,485 7,479 7,498 7,511 7,017 7,094 7,156 6 468 Au