Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — Q1 2022 Earnings Presentation
85 slides from Intesa Sanpaolo's earnings presentation, May 6, 2022
Slide 1: 1Q22 Results
1Q22 Results Solid operating performance in a challenging environment Fully focused on executing the 2022-2025 Business Plan A strong bank for a sustainable world May 6, 2022
Slide 2: ISP delivered solid operating performance in a challenging environment
MIL-BVA362-03032014-90141/VR ISP delivered solid operating performance in a challenging environment, thanks to a well-diversified and resilient business model Execution of the 2022-2025 Business Plan proceeding at full speed, with key industrial initiatives well underway €1.7bn Net income excluding
Slide 3: Contents
MIL-BVA362-03032014-90141/VR Contents 2022-2025 Business Plan proceeding at full speed 1Q22: solid operating performance Final remarks 2
Slide 4: 2022-2025 Business Plan proceeding at full speed
MIL-BVA362-03032014-90141/VR 2022-2025 Business Plan proceeding at full speed… Our People are our most important asset Massive upfront Structural Cost reduction, Growth in Commissions, Significant ESG commitment, de-risking, slashing enabled by technology driven by Wealth Management, with a world-cl
Slide 5: Key industrial initiatives well underway (1/3)
MIL-BVA362-03032014-90141/VR … with key industrial initiatives well underway (1/3) Key highlights ▪ Massive deleveraging with €4.8bn gross NPL stock reduction in the first 4 months, equal to the amount of Russia-Ukraine exposure, reducing Net NPL ratio below 1%(1) and anticipating Business Plan targ
Slide 6: Key industrial initiatives well underway (2/3)
MIL-BVA362-03032014-90141/VR … with key industrial initiatives well underway (2/3) Key highlights ▪ New dedicated service model for Exclusive clients fully implemented ▪ Further growth of the advanced advisory service “Valore Insieme” for Affluent and Exclusive clients: 14,000 new contracts and €4.7
Slide 7: Key industrial initiatives well underway (3/3)
MIL-BVA362-03032014-90141/VR … with key industrial initiatives well underway (3/3) Key highlights ▪ Reinforced ISP ESG governance, with the Risks Committee becoming the Risks and Sustainability Committee with enhanced ESG responsibilities from April 2022 ▪ Net-Zero targets being implemented in all B
Slide 8: Massive deleveraging with ~€5bn gross NPL stock reduction
MIL-BVA362-03032014-90141/VR Massive deleveraging with ~€5bn gross NPL stock reduction in the first 4 months of 1 the year… NPL stock(1) € bn Net NPL x Gross NPL ratio, % x Net NPL ratio, % 64.5 Equivalent to Russia-Ukraine exposure -€4.8bn 20.7 34.2 15.2 14.4 10.4 9.6 10.5 7.1 6.8 5.9 5.5 30.9.15 3
Slide 9: ISP among the best banks in Europe for NPL stock and ratios
MIL-BVA362-03032014-90141/VR 1 … positioning ISP among the best banks in Europe for NPL stock and ratios Net NPL stock for the main European banks(1) € bn x Net NPL ratio(2), % x Gross NPL ratio(2), % 34.2 19.6 12.4 10.1 8.6 8.5 7.9 7.7 7.5 5.9 4.6 2.5 2.1 1.9 1.3 0.8 1.1 1.1 1.4 1.1 2.2 1.0 0.8 0.8
Slide 10: Continued structural Cost reduction while investing for growth
MIL-BVA362-03032014-90141/VR 2 Continued structural Cost reduction while investing for growth… Operating costs reduction… … improving Cost/Income Operating costs, € m Cost/Income, % 2,587 47.1 -3.2% 46.3 -0.8pp 2,504 1Q21(1) 1Q22 1Q21(1) 1Q22 (1) Data redetermined considering, on the basis of manage
Slide 11: New Digital Bank setup well underway
MIL-BVA362-03032014-90141/VR 2 … with the new Digital Bank setup well underway… A new Digital Bank to effectively serve … enabling a structural Cost a significant portion of ISP clients … with key features… reduction currently not using branches… 2021 Yearly Cost savings due to the new Digital Bank,
Slide 12: Tech infrastructure extended to the entire Group
… and tech infrastructure progressively extended to the entire Group, including the MIL-BVA362-03032014-90141/VR 2 Mooney Enel international network Second wave: 2024 and beyond First wave: 2022-2024 Creation of a new Digital Bank Tech infrastructure extension to serve other for domestic mass ISP in
Slide 13: ~€1,250 billion in Customer financial assets
MIL-BVA362-03032014-90141/VR 3 ~€1,250 billion in Customer financial assets… Customer financial assets(1) € bn Δ +€24.4bn 524.9 555.6 549.3 +€27.7bn in short- term retail and Direct deposits corporate deposits on a yearly basis 31.3.21 31.12.21 31.3.22 Δ +€46.7bn Δ +€12.0bn 1,276.3 +€3.8bn in AuM 1,
Slide 14: Fuel the Wealth Management engine
MIL-BVA362-03032014-90141/VR 3 … to fuel the Wealth Management engine Dedicated service model for Continuous focus on fully owned product Strengthened leadership in Private Banking Exclusive clients factories (Asset management and Insurance) Dedicated commercial organisation and tools Upgraded comme
Slide 15: Accelerating our support to address social needs
MIL-BVA362-03032014-90141/VR Accelerating our support to address social needs and also mitigate the impact of the 4 Russia-Ukraine conflict Supporting people in need Fostering youth education and employability Assisting senior population ▪ Expanding food and shelter program for ▪ Launch of employabi
Slide 16: Humanitarian projects supporting the Ukrainian population
MIL-BVA362-03032014-90141/VR ISP has implemented multiple humanitarian projects to support the Ukrainian 4 population and Pravex Bank colleagues ▪ €10m donation supporting initiatives abroad (within Ukraine and at its borders) and in Italy (for arriving refugees) through leading humanitarian organis
Slide 17: Our People are our most important asset
MIL-BVA362-03032014-90141/VR 5 Our People are our most important asset Business Plan targets enabled by very significant investments in our People ▪ “Next way of working” at large-scale (hybrid ▪ Reskilling/upskilling program, tailored to employee needs, to physical-remote) guaranteeing maximum depl
Slide 18: The 2022-2025 Business Plan formula
MIL-BVA362-03032014-90141/VR The 2022-2025 Business Plan formula Our People are our most important asset Massive upfront Structural Cost reduction, Growth in Commissions, Significant ESG commitment, de-risking, slashing enabled by technology driven by Wealth Management, with a world-class position i
Slide 19: Contents
MIL-BVA362-03032014-90141/VR Contents 2022-2025 Business Plan proceeding at full speed 1Q22: solid operating performance Final remarks 18
Slide 20: 1Q22 highlights
MIL-BVA362-03032014-90141/VR 1Q22 highlights ◼ Solid economic performance despite the impact from the Russia-Ukraine crisis, thanks to a well-diversified and resilient business model: ❑ €1.7bn Net income excluding provisions/writedowns for Russia-Ukraine exposure, the best quarter since 2008 (+10.2%
Slide 21: Highest quarterly Net income since 2008 excluding Russia-Ukraine provisions
MIL-BVA362-03032014-90141/VR 1Q22: the highest quarterly Net income since 2008 when excluding provisions/writedowns for Russia-Ukraine exposure Net income €m 1,670 1,516 +10.2% Net impact of 1,252 646 provisions/ 1,151 writedowns for 1,075 1,064 1,050 Russia-Ukraine exposure 901 804 806 688 661 Stat
Slide 22: 1Q22: €1.7bn Net income excluding Russia-Ukraine provisions
MIL-BVA362-03032014-90141/VR 1Q22: €1.7bn Net income when excluding provisions/writedowns for Russia-Ukraine exposure 1Q22 P&L €m Non-motor P&C revenues at €123m (+104% vs 4Q21), €147m including credit-linked products Including €0.8bn provisions for Russia- Including €266m Levies 5,414 Ukraine expos
Slide 23: Net interest income: +1.3% vs 4Q21 adjusted for days
MIL-BVA362-03032014-90141/VR Net interest income: +1.3% vs 4Q21 when adjusting for the different number of days in the two quarters Quarterly comparison Yearly comparison Net interest income, 1Q22 vs 4Q21 Net interest income, 1Q22 vs 1Q21 €m €m +€13m when adjusting for the different number of da
Slide 24: Continued strong reduction in Operating costs
MIL-BVA362-03032014-90141/VR Continued strong reduction in Operating costs while investing for growth Operating costs €m Total Operating costs Administrative 651 845 612 3,027 costs -6.0% 2,587 2,504 1Q21(1) 4Q21 1Q22 -3.2% 1,629 1,844 1,577 Personnel -3.2% f(x) costs 1Q21(1) 4Q21 1Q22 Depreciation
Slide 25: One of the best Cost/Income ratios in Europe
MIL-BVA362-03032014-90141/VR One of the best Cost/Income ratios in Europe Cost/Income ratio(1) % 98.7 69.2 66.5 63.6 59.2 59.4 60.2 60.5 Peer average: 58.0 56.0 58.2% 52.1 50.9 44.8 45.0 46.3 46.7 40.7 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 ISP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Pee
Slide 26: Low NPL inflow and reduction of Cost of risk
MIL-BVA362-03032014-90141/VR Low NPL inflow and reduction of Cost of risk when excluding provisions for Russia- Ukraine exposure Gross NPL inflow(1) from Performing Loan loss provisions (LLP) Cost of risk loans € bn Net inflow(2) €m Provisions for Russia-Ukraine bps; annualised Additional provisions
Slide 27: Exposure to Russia limited to ~1% of Group customer loans
MIL-BVA362-03032014-90141/VR Exposure to Russia limited to ~1% of Group customer loans Not considering Q1 provisioning, € bn Local presence(1) Cross-border exposure to Russia Ukraine Russia(2) (Banca Intesa) (Pravex Bank) Loans to customers 0.6(3) 0.15(3) 3.85(4) ECA(5) guarantees - - 0.9(6) Due fro
Slide 28: €0.8bn provisions/writedowns for Russia/Ukraine exposure in Q1
MIL-BVA362-03032014-90141/VR €0.8bn provisions/writedowns for Russia/Ukraine exposure in Q1 Limited and decreasing exposure to … already significantly provisioned in Q1 Russia… ▪ ISP exposure to Russia limited to ~1% of Q1 Loan loss provisions/writedowns, € m Group customer loans ▪ Exposure to Russi
Slide 29: Solid capital base, well above regulatory requirements
MIL-BVA362-03032014-90141/VR Solid capital base, well above regulatory requirements ISP CET1 ratios vs requirements SREP + combined buffer 31.3.22, % Not considering ~110bps additional benefit from DTA absorption and ~100bps impact from the buyback(1) 13.8 ~+4.7pp 13.6(2) 8.9 ISP 2022 fully loaded r
Slide 30: All stakeholders benefit from our solid performance
MIL-BVA362-03032014-90141/VR All stakeholders benefit from our solid performance Shareholders Employees Net income, € bn Personnel expenses, € bn 1.6 1.0 1Q22 1Q22 €0.7bn dividends already accrued in Q1 Public sector Households and businesses Taxes(1), € bn Medium/Long-term new lending, € bn Of whic
Slide 31: Significant ESG commitment (1/2)
MIL-BVA362-03032014-90141/VR Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (1/2) ▪ Expanding food and shelter program for people in need: ~28m interventions(1) since the beginning of the program (2019), with a strong commitment to achieve an add
Slide 32: Significant ESG commitment (2/2)
MIL-BVA362-03032014-90141/VR Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate (2/2) ▪ ~60 innovation projects launched in Q1 ▪ Initiatives for the development of innovation ecosystems: — Turin: closed third class of the “Torino Cities of the Future
Slide 33: Leading ESG position in sustainability indexes and rankings
MIL-BVA362-03032014-90141/VR Confirmed leading ESG position in the main sustainability indexes and rankings Top ranking(1) for Sustainability The only Italian bank listed in the Dow Jones Sustainability 71 A AAA 99 16.8 Indices 63 A- AAA 99 19.3 62 A- AAA 97 20.2 Ranked first among peers by 61 A- AA
Slide 34: Contents
MIL-BVA362-03032014-90141/VR Contents 2022-2025 Business Plan proceeding at full speed 1Q22: solid operating performance Final remarks 33
Slide 35: ISP far better equipped than European peers
MIL-BVA362-03032014-90141/VR ISP is far better equipped than European peers to succeed in the future Best-in-class risk profile Solid capital position High operating efficiency Fully phased-in CET1(1)/Total illiquid assets(2), Buffer vs requirements SREP + combined buffer(3), Cost/Income, 31.3.22, %
Slide 36: Expansion in Italy expected in 2022 supported by solid fundamentals
MIL-BVA362-03032014-90141/VR Expansion in Italy expected in 2022 supported by solid fundamentals Italian GDP YoY evolution The Italian economy is resilient thanks to solid fundamentals • Strong Italian household wealth at €10,000bn, of which €4,800bn in financial % assets, coupled with low household
Slide 37: ISP fully equipped to succeed in challenging environments
MIL-BVA362-03032014-90141/VR ISP is fully equipped to succeed in challenging environments, as demonstrated during the COVID-19 emergency … and is fully equipped to succeed in challenging ISP delivered solid operating performance in Q1… environments ▪ €1.7bn Net income when excluding provisions for ▪
Slide 38: ISP outlook
MIL-BVA362-03032014-90141/VR ISP outlook ▪ 2022-2025 Business Plan industrial initiatives well underway ▪ €6.5bn Net income target for 2025 confirmed ▪ Best-in-class profitability in 2022 with: ─ >€4bn Net income assuming no critical changes to commodity/energy supplies ─ Well above €3bn Net income
Slide 39: 1Q22 Results: Detailed information
1Q22 Results Detailed information
Slide 40: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 1Q22 31.3.22 Operating income 5,414 Loans to customers 468,366 Operating costs (2,504) Customer financial assets(1) 1,247,434 Cost/Income ratio 46.3% of which Direct deposits from banking business 549,325 of which Direct deposits from
Slide 41: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 40
Slide 42: 1Q22 vs 1Q21 P&L
MIL-BVA362-03032014-90141/VR 1Q22 vs 1Q21: €1bn Net income, €1.7bn when excluding provisions/writedowns for Russia-Ukraine exposure €m 1Q21 1Q22 % (1) (2) stated redetermined [C] [C]/[B] [A] [B] Net interest income 2,013 1,952 1,956 0.2 Net fee and commission income 2,395 2,313 2,286 (1.2) Income f
Slide 43: Q1 vs Q4: strong growth in profitability
MIL-BVA362-03032014-90141/VR Q1 vs Q4: strong growth in profitability €m 4Q21 1Q22 % Net interest income 1,954 1,956 0.1 Net fee and commission income 2,532 2,286 (9.7) Income from insurance business 410 402 (2.0) Profits on financial assets and liabilities at fair value 108 767 610.2 Other operati
Slide 44: Net interest income: +1.3% vs 4Q21
MIL-BVA362-03032014-90141/VR Net interest income: +1.3% vs 4Q21 when adjusting for the different number of days in the two quarters Quarterly analysis Yearly analysis €m % Euribor 1M €m % Euribor 1M +€13m when adjusting for the different number of days in the two quarters +0.1% +0.2% 1,954 33 33 1,9
Slide 45: Net fee and commission income: second-best Q1 ever
MIL-BVA362-03032014-90141/VR Net fee and commission income: second-best Q1 ever despite the impact from the Russia-Ukraine conflict Quarterly analysis Yearly analysis €m €m 2,532 2,313 2,286 2,286 -9.7% -1.2% 4Q21 1Q22 1Q21 1Q22 redetermined(1) ▪ Decrease largely due to the decline in performance fe
Slide 46: Profits on financial assets and liabilities at fair value
MIL-BVA362-03032014-90141/VR Profits on financial assets and liabilities at fair value: solid performance Quarterly analysis Yearly analysis €m €m 767 795 767 -3.5% +610.2% 108 4Q21 1Q22 1Q21 1Q22 redetermined(1) Contributions by activity 1Q21 4Q21 1Q22 redetermined(1) Customers 85 80 88 Capital mar
Slide 47: Operating costs: further significant reduction
MIL-BVA362-03032014-90141/VR Operating costs: further significant reduction while investing for growth Quarterly analysis Yearly analysis Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 3,027 -17.3% 2,587 -3.2% 2,504 2,504 1,844 -14.5% -3.2% 1,577 1,629 1,577 4Q21 1
Slide 48: Net adjustments to loans
MIL-BVA362-03032014-90141/VR Net adjustments to loans: strong decrease when excluding provisions for Russia- Ukraine exposure Quarterly analysis Yearly analysis €m Provisions for Russia-Ukraine exposure (net of release of part of €m Provisions for Russia-Ukraine exposure (net of release of part of g
Slide 49: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 48
Slide 50: Customer financial assets
MIL-BVA362-03032014-90141/VR ~€1,250 billion in Customer financial assets to fuel the Wealth Management engine % 31.3.22 vs 31.3.21 and 31.12.21 Customer financial assets(1) Direct deposits from banking business € bn € bn 1,201 1,276 1,247 525 556 549 31.3.21 31.12.21 31.3.22 31.3.21 31.12.21 31.3
Slide 51: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 31.3.22 % Percentage of total Wholesale Retail 549 Current accounts 17 425 and deposits Repos and 2 - securities lending 458 Senior bonds(1) 30 5 Covered bonds 21 - 91 Short-term 10(2) - institutional f
Slide 52: Strong funding capability: broad access to international markets
MIL-BVA362-03032014-90141/VR Strong funding capability: broad access to international markets 2022-2024 MLT maturities Main wholesale issues € bn Wholesale 2020(1) Retail ◼ GBP350m senior unsecured, €3bn AT1 and €1.25bn senior unsecured placed. On average 85% demand from foreign investors; orderbook
Slide 53: High liquidity: LCR and NSFR well above requirements
MIL-BVA362-03032014-90141/VR High liquidity: LCR and NSFR well above regulatory requirements Unencumbered eligible assets with Central Banks(2) Liquid assets(1) (net of haircuts) € bn € bn 360 335 302 192 189 169 31.3.21 31.12.21 31.3.22 31.3.21 31.12.21 31.3.22 ▪ Refinancing operations with the ECB
Slide 54: Solid Capital base
MIL-BVA362-03032014-90141/VR Solid Capital base Phased-in Common equity ratio Phased-in Tier 1 ratio Phased-in Total capital ratio €0.7bn dividends already accrued in Q1 €0.7bn dividends already accrued in Q1 €0.7bn dividends already accrued in Q1 % % % 18.6 16.0 13.8 31.3.22 31.3.22 31.3.22 ▪ 13.6%
Slide 55: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 54
Slide 56: Non-performing loans coverage
MIL-BVA362-03032014-90141/VR Non-performing loans coverage Cash coverage; % Total NPL(1) 49.4 53.6 52.8 31.3.21 31.12.21 31.3.22 Bad loans Unlikely to pay Past due 70.4 70.6 59.4 41.4 40.6 35.7 18.9 19.6 21.3 31.3.21 31.12.21 31.3.22 31.3.21 31.12.21 31.3.22 31.3.21 31.12.21 31.3.22 (1) Bad loans (S
Slide 57: Non-performing loans inflow
MIL-BVA362-03032014-90141/VR Non-performing loans inflow Gross inflow of new NPL(1) from Performing loans Net inflow of new NPL(1) from Performing loans € bn € bn Impact from the acquisition of the Impact from the acquisition of the two former Venetian banks two former Venetian banks 3.5 3.4 Impact
Slide 58: Non-performing loans gross inflow
MIL-BVA362-03032014-90141/VR Non-performing loans gross inflow €m Gross inflow of new NPL(1) from Performing loans 1,143 614 659 1Q21 4Q21 1Q22 Bad loans Unlikely to pay Past due 681 369 396 443 236 248 9 19 15 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 Note: figures may not add up exactly due to
Slide 59: Non-performing loans net inflow
MIL-BVA362-03032014-90141/VR Non-performing loans net inflow €m Net inflow of new NPL(1) from Performing loans 843 379 397 1Q21 4Q21 1Q22 Bad loans Unlikely to pay Past due 481 359 244 219 132 169 3 3 9 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 1Q21 4Q21 1Q22 Note: figures may not add up exactly due to rounding
Slide 60: Non-performing loans stock and ratios
MIL-BVA362-03032014-90141/VR Non-performing loans stock and ratios x Gross NPL ratio, % x Net NPL ratio, % x Gross and net NPL ratio based on EBA definition, % Gross NPL Net NPL € bn € bn 31.3.21(1) 31.12.21(2) 31.3.22(3) 31.3.21(5) 31.12.21(6) 31.3.22(7) Bad loans 9.8 7.2 7.3 Bad loans 4.0 2.1 2.1
Slide 61: Loans to customers: a well-diversified portfolio
MIL-BVA362-03032014-90141/VR Loans to customers: a well-diversified portfolio Non-retail loans of the Italian banks and companies of the Group Breakdown by business area (data as at 31.3.22) Breakdown by economic business sector Repos, Capital markets and 31.3.22 Financial Institutions Public Admini
Slide 62: Moratoria volumes
MIL-BVA362-03032014-90141/VR Moratoria volumes Moratoria stock as at 31.3.22 % of total net loan Segments # Clients (k) Volumes (€ bn) portfolio Households 3 0.3 0.07% Enterprises 1 0.3 0.06% Total 4 0.6(1) 0.13% €48bn expired moratoria with 2.9%(2) default rate Note: figures may not add up exactly
Slide 63: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 62
Slide 64: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 31.3.22 Divisions IMI International Corporate Banca dei Corporate & Private Asset Investment Subsidiary Insurance (4) Centre / Total Territori Banking(2) Management(3) Banking Banks(1) Others(5) Operating income (€ m) 2,194 1,39
Slide 65: Banca dei Territori: 1Q22 vs 1Q21
MIL-BVA362-03032014-90141/VR Banca dei Territori: 1Q22 vs 1Q21 €m 1Q21 1Q22 % redetermined Net interest income 991 971 (2.0) Net fee and commission income 1,199 1,190 (0.8) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 29 30 3.4 Other operating in
Slide 66: Banca dei Territori: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q1 vs Q4 €m 4Q21 1Q22 % Net interest income 998 971 (2.7) Net fee and commission income 1,227 1,190 (3.0) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 29 30 5.2 Other operating income (expenses) 1
Slide 67: IMI Corporate & Investment Banking: 1Q22 vs 1Q21
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 1Q22 vs 1Q21 €m 1Q21 1Q22 % redetermined Net interest income 563 475 (15.6) Net fee and commission income 271 296 9.2 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 577 624 8.1 Other
Slide 68: IMI Corporate & Investment Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q1 vs Q4 €m 4Q21 1Q22 % Net interest income 528 475 (10.0) Net fee and commission income 311 296 (4.8) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 139 624 348.8 Other operating inc
Slide 69: International Subsidiary Banks: 1Q22 vs 1Q21
MIL-BVA362-03032014-90141/VR International Subsidiary Banks: 1Q22 vs 1Q21 €m 1Q21 1Q22 % redetermined Net interest income 323 342 5.9 Net fee and commission income 122 140 14.8 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 30 30 0.0 Other operatin
Slide 70: International Subsidiary Banks: Q1 vs Q4
MIL-BVA362-03032014-90141/VR International Subsidiary Banks: Q1 vs Q4 €m 4Q21 1Q22 % Net interest income 349 342 (1.9) Net fee and commission income 138 140 1.5 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 23 30 31.1 Other operating income (expen
Slide 71: Private Banking: 1Q22 vs 1Q21
MIL-BVA362-03032014-90141/VR Private Banking: 1Q22 vs 1Q21 €m 1Q21 1Q22 % redetermined Net interest income 52 47 (9.6) Net fee and commission income 522 509 (2.5) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 20 11 (45.0) Other operating income (e
Slide 72: Private Banking: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Private Banking: Q1 vs Q4 €m 4Q21 1Q22 % Net interest income 51 47 (8.0) Net fee and commission income 539 509 (5.5) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 5 11 134.0 Other operating income (expenses) 1 3 172.7
Slide 73: Asset Management: 1Q22 vs 1Q21
MIL-BVA362-03032014-90141/VR Asset Management: 1Q22 vs 1Q21 €m 1Q21 1Q22 % redetermined Net interest income 0 0 n.m. Net fee and commission income 286 241 (15.7) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (1) (5) (400.0) Other operating income
Slide 74: Asset Management: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Asset Management: Q1 vs Q4 €m 4Q21 1Q22 % Net interest income (0) 0 n.m. Net fee and commission income 395 241 (39.0) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (2) (5) (165.9) Other operating income (expenses) 12 1
Slide 75: Insurance: 1Q22 vs 1Q21
MIL-BVA362-03032014-90141/VR Insurance: 1Q22 vs 1Q21 €m 1Q21 1Q22 % redetermined Net interest income 0 0 n.m. Net fee and commission income 0 0 n.m. Income from insurance business 386 388 0.5 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (3) (3
Slide 76: Insurance: Q1 vs Q4
MIL-BVA362-03032014-90141/VR Insurance: Q1 vs Q4 €m 4Q21 1Q22 % Net interest income (0) 0 n.m. Net fee and commission income 1 0 (100.0) Income from insurance business 397 388 (2.4) Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (6) (3) 48.5 Ope
Slide 77: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q21 2Q21 3Q21 4Q21 1Q22 redetermined(1) Net interest income 1,952 1,995 1,999 1,954 1,956 Net fee and commission income 2,313 2,370 2,325 2,532 2,286 Income from insurance business 398 456 365 410 402 Profits on financial assets and liabilities at fair
Slide 78: Net fee and commission income: quarterly development breakdown
MIL-BVA362-03032014-90141/VR Net fee and commission income: quarterly development breakdown €m Net fee and commission income 1Q21 2Q21 3Q21 4Q21 1Q22 redetermined(1) Guarantees given / received 42 51 57 52 47 Collection and payment services 137 139 138 138 139 Current accounts 344 352 352 364 345 Cr
Slide 79: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 1Q22 Operating income breakdown by business area(1) Leader in Italy Ranking Market share(2) IMI Corporate & Investment Banking % 1 Loans 20.3 26% Banca 42% dei Territori 1 Deposits(3) 22.3 7% 1 Asset Management(4) 24.1 Insurance 11% 1 Pension F
Slide 80: International Subsidiary Banks by country
MIL-BVA362-03032014-90141/VR International Subsidiary Banks by country Data as at 31.3.22 Total % of the Total CEE Group Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania Moldova Ukraine(*) Egypt Operating income (€ m) 71 115 18 97 11 74 10 11 4 410 89 499 9.2% Operating costs (€ m) 27
Slide 81: Total exposure by main countries
MIL-BVA362-03032014-90141/VR Total exposure(1) by main countries €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 49,069 44,243 -1,882 91,430 430,274 Austria 807 181 -39 949 1,446 Belgium 2,220 1,961 311 4,492 772 Bulgaria 0 0 1 1 16 Croatia 275 1,104 104 1,483 7,5
Slide 82: Exposure to sovereign risks by main countries
MIL-BVA362-03032014-90141/VR Exposure to sovereign risks(1) by main countries €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 35,833 35,976 -4,303 67,506 10,892 Austria 614 98 -51 661 0 Belgium 2,163 1,893 314 4,370 0 Bulgaria 0 0 0 0 0 Croatia 149 1,104 104 1,357
Slide 83: Exposure to banks by main countries
MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 2,318 4,175 968 7,461 20,821 Austria 175 45 11 231 127 Belgium 12 49 -3 58 95 Bulgaria 0 0 0 0 0 Croatia 43 0 0 43 41 Cyprus 0 0 0 0 0 Czech Republi
Slide 84: Exposure to other customers by main countries
MIL-BVA362-03032014-90141/VR Exposure to other customers by main countries(1) €m DEBT SECURITIES Banking Business LOANS AC FVTOCI FVTPL(2) Total (3) EU Countries 10,918 4,092 1,453 16,463 398,561 Austria 18 38 1 57 1,319 Belgium 45 19 0 64 677 Bulgaria 0 0 1 1 16 Croatia 83 0 0 83 6,240 Cyprus 0 0 0
Slide 85: Disclaimer
MIL-BVA362-03032014-90141/VR Disclaimer “The manager responsible for preparing the company’s financial reports, Fabrizio Dabbene, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the