Unicredit S.p.a. · MIL:UCG
Unicredit — Q3 2013 Earnings Presentation
76 slides from Unicredit's earnings presentation, Nov 12, 2013
Slide 1: UniCredit Group 3Q13 Results
UNICREDIT GROUP 3Q13 RESULTS Federico Ghizzoni, Chief Executive Officer Milan, 12th November 2013
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 3Q13 Annex 3
Slide 4: Executive Summary
Executive Summary Confirmed profitability leading to over 1bn net profit in 9M13 Stable coverage ratio and solid capitalization 3Q13 Net profit at 204 mln and over 1 bn in 9M13 Revenue trend affected by lower trading revenues, FX effect and regulatory changes impact on NII in Turkey Costs redu
Slide 5: Net profit breakdown
Net profit breakdown Net profit at 204 mln, sustained by the sale of Yapi Sigorta Stable underlying profitability in CEE&Poland Net profit (mln) Net profit by region (mln) Adjustments(1) CEE & Poland Adjustments(1) Western Europe 1,418 1,418 517 1,014 517 351 1,014 335 361 204 361 39 335 170 181 351
Slide 6: Net Operating Profit breakdown
Net Operating Profit breakdown Reducing cost base and lower Loan Loss Provisions partially counterbalanced lower trading revenues Buy-backs(1) CEE & Poland Revenues (adjusted(3)), mln Western Europe -4.7% -7.1% 18,853 17,962 Net Operating Profit(2), mln 6,196 6,162 5,722 3,446 1,078 756 2,725 3Q12 2
Slide 7: Total revenues
Total revenues Revenues down, mostly due to dropping trading income and unfavorable FX trend Buy-backs(1) CEE & Poland Net Interest, mln Net of buy-backs(1) Western Europe -2.0% -8.8% Revenues by Region, mln 3,534 3,320 3,254 10,861 9,903 -7.1% -10.8% 3Q12 2Q13 3Q13 9M12 9M13 19,609 18,216 6,255 6,4
Slide 8: Net interest
Net interest Net interest down q/q mostly due to FX depreciations and regulatory changes in Turkey which capped the lending rates, -0.6% net of these impacts Net interest (mln) Net interest by Region (mln) Western Europe -7.9% -8.8% CEE & Poland -2.0% 10,861 10,861 3,534 9,903 3,534 9,903 3,320 3,25
Slide 9: Net interest bridge
Net interest Net interest declined by 0.6% q/q net of FX and regulatory changes in Turkey Repricing on deposits able to offset lower lending volumes Net interest bridge (mln) 3,320 -0.6% -32 -16 3,272 3,254 -63 -17 +26 +12 +60 -37 2Q13 FX Effect Regulatory Adjusted Loans Deposits Loans Deposits Term
Slide 10: Net interest: customer rates
Net interest Customer rates benefiting from ongoing re-pricing efforts in Western Europe on the deposit side Group lending customer rate, % (managerial figures) Group deposit customer rate, % (managerial figures) -25 bps -7 bps -43 bps 4.02% 3.84% 1.43% 3.77% -9 bps 1.09% 1.00% 3Q12 2Q13 3Q13 3Q12 2
Slide 11: Volumes
Volumes Weak commercial loan demand leading to lower avg. loan volumes. Deposits down due to decreasing funding needs which allowed a more selective pricing Customer loans (mln) Customer deposits (mln) Western Europe Market and Institutional counterparties(1) Western Europe Market and Institutional
Slide 12: Fees & Commissions
Fees & Commissions Fees down driven by lower Investment Services fees, due to seasonality (but up 10% y/y) Net fees and commissions (mln) Net fees and commissions by region (mln) Western Europe CEE & Poland +0.5% 1,899 1,952 1,884 5,794 5,821 5,794 5,821 -0.8% 1,715 -12.1% 1,507 1,505 1,528 -3.8% 1,
Slide 13: Operating Costs
Operating Costs Continuing cost optimization with positive trends in both Western Europe and CEE&Poland Total operating costs (mln) Total operating costs by region (mln) Net of Buy-backs(1) Western Europe -3.0% CEE & Poland -1.6% -2.2% 3,721 3,672 3,611 11,289 11,042 3,721 3,672 11,289 11,042 3,611
Slide 14: FTEs
FTEs Staff reduction continued this quarter (-32K since March '08), also considering the sale of Yapi Sigorta and the deconsolidation of the IT services JV FTEs (unit) FTEs by region (unit) -8,849 Western Europe (Kazakhstan) -2,445 CEE & Poland 157,190 157,190 150,787 148,341 150,787 148,341 89,014
Slide 15: Cost of Risk
Cost of Risk CoR down, mostly thanks to CIB, CEE and Commercial Bank Italy, reflecting the stabilization of net flows to impaired and coverage ratio slightly up Loan Loss Provisions (mln) – Group CoR (bps) Cost of Risk (bps) Western Europe 3Q12 2Q13 3Q13 -10.6% CEE & Poland -6.8% 209 228 223 1,736 1
Slide 16: Group Asset Quality
Group Asset Quality Conservative approach leading to a slightly increased coverage ratio Net impaired loans ratio flat in the quarter NPLs (bn) +1.1% 43.5 46.5 47.0 Gross impaired loans (bn) +1.5% 82.6 83.9 77.8 Sept. 12 June 13 Sept. 13 Coverage ratio 55.6% 55.3% 55.5% Other impaired loans (bn) Sep
Slide 17: Asset Quality in Italy
Asset Quality in Italy This quarter confirmed a stabilization of impaired loans growth and coverage ratios Gross impaired loans (bn) NPLs (bn) +2.3% +0.8% 59.5 60.9 30.1 32.5 32.7 54.9 Sept. 12 June 13 Sept. 13 Sept. 12 June 13 Sept. 13 Coverage ratio 53.7% 54.6% 54.9% Coverage ratio 40.2% 42.1% 42.
Slide 18: Medium-Long Term funding plan
Medium-Long Term funding plan 2013 Funding Plan well on track through high quality and diversified issuance Funding Mix % of m/l term run-offs by Region(1) 34.7 bn 29 bn 24.7 bn 28.5 Germany Austria 25.6 26.4 23% 30% 19% 22% 15% Italy 49% 7% 54% 8% 9% 1% Poland 52% 9% 6% 11% 29% Germany 32% 32% 27%
Slide 19: Capital: RWA
Capital RWA down q/q driven by Credit RWAs (mostly CIB, Commercial Bank Italy, CEE), offsetting an increase in Market RWAs due to internal model roll-over RWA, eop (bln) RWA composition, eop (%) -2.7% 436.8 CB Germany 410.9 399.7 Operat. 52.4 9% 51.7 CB Austria 0% 51.7 CB Italy 6% 28% Credit 365.3 -
Slide 20: Capital: organic generation
Capital Strong organic capital generation in the quarter driven by RWA reduction Capital ratios, BIS 2.5 Core Tier I ratio: q/q evolution (basis points) +32 bp -4 bp 11.71% 15.12% 15.42% +8 bp -6 bp Total Capital 13.83% 11.93% 12.22% 11.41% Tier I 11.26% +30bp 11.41% 11.71% Jun 13 Earnings Dividends
Slide 21: Capital – Basel 3
Capital – Basel 3 Including latest disposals, sound capital position with a 9.86% fully loaded ratio, 11.29% at the starting period of the phase in, before any earnings accrual CET1 ratio fully-loaded at September ‘13 CET1 ratio - first year application (2014) 11.71% 11.71% -0.32% -1.27% 11.24% 11.2
Slide 22: Italian optimization portfolio
Italian optimization portfolio Optimization strategies have been broadly delivered with positive signals on the reduction of riskier exposures Italian optimization portfolio - Gross customer loans, bn UniCredit SpA - Whole portfolio -6.5% Positive signs: 47.2 -3.1 Gross new inflows to doubtful slo
Slide 23: Lending new flows in Italy
Lending new flows in Italy First signs of lending recovery, mainly in Corporate, though not yet sufficient to offset the amount of loans running off Household mortgages new flows, mln Personal loans new flows, mln +20.6% +9.5% 889 1,494 1,636 737 Sept. 2012 Sept 2013 Sept. 2012 Sept 2013 YTD YTD YTD
Slide 24: Concluding Remarks
Concluding Remarks UniCredit held up well thanks to further cost reduction and good profitability in CEE & Poland Our cost savings efforts are yielding tangible results and we are committed to continue to find additional opportunities to further reduce our cost base Loan loss provisions are re
Slide 25: Agenda
Agenda Consolidated results 3Q13 Annex Additional Group slides Divisional results 3Q13 Database 25
Slide 26: P&L
P&L UniCredit net profit at 204 mln in 3Q13 and 1,014 mln in 9M13 q/q y/y y/y 3Q12 2Q13 3Q13 9M12 9M13 % % % Total Revenues 6,255 6,416 5,722 -10.8% -8.5% 19,609 18,216 -7.1% Operating Costs -3,721 -3,672 -3,611 -1.6% -3.0% -11,289 -11,042 -2.2% Gross Operating Profit 2,534 2,744 2,111 -23.1% -16.7%
Slide 27: Non-operating items in 3Q13
Non-operating items in 3Q13 Profit from investments represented by the sale of Yapi Sigorta, which lowered also the Tax rate to 28.9% Non-operating items bridge (mln) -165 -174 +204 0 -16 -105 558 191 mln gain on Yapi Sigorta disposal (181 mln post tax) -98 204 Net Operating Risks & Charges Restru
Slide 28: Net Interest Margin
Net Interest Margin Margins bottoming out as the on-going liabilities repricing almost offset lower assets yields Interest yield %, on avg. earning assets, bn -8 bps -34 bps 3.22% 3.04% 2.96% 3.37% 3.03% Net interest margin, % 3Q12 2Q13 3Q13 9M12 9M13 -3 bps -13 bps Avg. Earning 873 840 828 859 841
Slide 29: Balance Sheet structure
Balance Sheet structure Total assets down due to lower customer loans and trading assets (derivatives). Leverage ratio further down to a record low 17.4x Total assets (bn) Tang. Shareholders’ Equity(1) (bn) Leverage ratio(2) TE per share (eur) 7.9 -6.9% -1.1x -1.9% -0.7% -0.2x +0.1% 949.8 926.8 18.5
Slide 30: Balance Sheet structure: securities and interbank
Balance Sheet structure UCG was able to issue on the wholesale market at a very competitive pricing. Net interbank position visibly improving in the quarter Securities in issue (bn) Net interbank position (bn) Financial investments(1) (bn) +0.9 bn -6.2 bn +6.9 bn 117.5 118.3 -1.0 bn 108.7 102.2 165
Slide 31: Liquidity
Liquidity Sound position: 1Y Liquidity buffer exceeds 12m wholesale funding Liquidity buffer (12 months) as of September 2013 (bn) (1) 161.9 Additional eligible assets 23 available within 12 months Cash and Deposits 26 with Central Banks Unencumbered assets 138.5 112 (immediately available) Liquidit
Slide 32: Balance Sheet Structure and Risk Management
Balance Sheet Structure and Risk Management Well diversified Sovereign debt portfolio mirrors Group’s geographic diversification Sovereign Debt Securities, Italian sovereign bonds on Tangible Equity, % Book Value, September 2013 102,121 530% 488% Italy 45% GIPS 0% 263% 242% 214% Germany 23% 165% 181
Slide 33: Asset quality
Asset quality Coverage improvement in Austria, Germany, Poland and CEE Gross impaired loan growth stabilizing in Italy Italy Germany Austria 56.7 59.5 60.9 9.4 8.4 8.4 8.2 8.2 4.5 5.0 4.8 4.6 44.0 48.1 4.2 Gross impaired loans (bn) Dec10 Dec11 Dec12 Jun13 Sept.13 Dec10 Dec11 Dec12 Jun13 Sept.13 Dec1
Slide 34: Asset quality in Italy – industrial sector breakdown
Asset quality in Italy – industrial sector breakdown Domestic demand driven sectors were hit the most by the deterioration of the economic environment in the country Net Impaired Loans (bn), September 2013 8 7 6 5 2 2 2 1 1 1 Households Primary & Construction Real estate, Utilities Services Raw Manu
Slide 35: Asset Quality: gross flows
Asset Quality Gross flows decelerated for the fourth quarter in a row, registering a further improvement in the reverse ratio 4,531 Gross impaired loans - net flows(1-2) (mln) 3,476 2,874 2,257 2,059 1,947 1,592 1,336 1,600 1,143 Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly
Slide 36: Asset Quality in Italy: gross flows
Asset Quality in Italy This quarter confirmed a stabilization of gross flows Gross impaired loans - net flows(1-2) (mln) 2,756 2,674 1,921 1,679 1,467 1,497 1,292 1,092 747 750 Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly 1Q13 2Q13 3Q13 avg.2H09 avg.1H10 avg.2H10 avg.1H11 av
Slide 37: Agenda
Agenda Consolidated results 3Q13 Annex Additional Group slides Divisional results 3Q13 Database 37
Slide 38: Commercial Bank Italy – Executive Summary
Commercial Bank Italy– Executive Summary Strict cost control limits Gross Operating Profit decline to 11%. LLPs decreasing both y/y and q/q leading to a better COR Gross operating profit stands at 945 mln (-11% q/q), affected by revenue decrease (-6.6% q/q) despite cost control (-2.7% q/q); on a n
Slide 39: Commercial Bank Italy – P&L and Volumes
Commercial Bank Italy – P&L and Volumes Revenues decreasing q/q mainly due to commissions. Costs still improving and LLP drop. 3Q Net result at -165mln Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. 9M12 9M13 ∆ % vs. 2Q13 3Q12 9M12 Total Revenues 2,072 2,255 2,106 -6.6% ▼ 1.6% ▲ 6,562 6,585 0.4% ▲ Operat
Slide 40: Commercial Bank Italy – Hub&Spoke
Commercial Bank Italy – Hub&Spoke The evolution and streamlining of the Italian branch network is proceeding in line with the strategic plan. Importance of direct channels confirmed Italian branch network – Hub&Spoke(1) Direct Channels Transaction Ratio(2) Extra 350 less 2008 Direct Channel branches
Slide 41: Commercial Bank Germany – Executive Summary
Commercial Bank Germany – Executive Summary Net Profit 9M13 at 422 mln - Commercial Bank Germany still with significant profit contribution Commercial Bank Germany with 3Q13 Net Profit of 34 mln (-83.0% q/q) and with 9M13 Net Profit of 422 mln, below previous year which benefitted of higher LLP re
Slide 42: Commercial Bank Germany – P&L and Volumes
Commercial Bank Germany – P&L and Volumes All quarters with positive net profit Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. 9M12 9M13 ∆ % vs. 2Q13 3Q12 9M12 Total Revenues 694 707 651 -7.9% ▼ -6.2% ▼ 2,234 2,187 -2.1% ▼ Operating Costs -532 -537 -550 2.4% ▲ 3.4% ▲ -1,624 -1,624 0.0% ▲ Gross Operating
Slide 43: Commercial Bank Austria – Executive Summary
Commercial Bank Austria – Executive Summary Net Profit turned positive in third quarter thanks to higher revenues and lower costs Positive trend in revenues: +4.5% q/q driven by higher interest. Y/y comparison impacted by 2012 hybrid buy back transaction (+126 mln, included in 9M12 results). Imp
Slide 44: Commercial Bank Austria – P&L and Volumes
Commercial Bank Austria – P&L and Volumes GOP kept rebounding further reducing the still high Cost Income Ratio thanks to increasing revenues Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. 9M12 9M13 ∆ % vs. 2Q13 3Q12 9M12 Total Revenues 444 402 420 4.5% ▲ -5.3% ▼ 1,356 1,197 -11.7% ▼ Operating Costs -357
Slide 45: Poland – Executive Summary
Poland – Executive Summary Strong commercial results, improved cost efficiency Net profit +7.8% q/q on a comparable basis (excluding deconsolidation of Ukraine and lower AFS gains) Revenues -4.9% q/q, +1.1% q/q on a comparable basis, driven by strong commercial results Net interest stabilized,
Slide 46: Poland – P&L and Volumes
Poland – P&L and Volumes Higher revenues q/q on a comparable basis, good cost control and stable CoR Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. Sep12 Sep13 ∆ % vs. 2Q13 3Q12 Sep12 Constant FX Constant FX Constant FX Total Revenues 491 463 435 -4.9% ▼ -9.0% ▼ 1,391 1,340 -3.8% ▼ Operating Costs -218 -
Slide 47: CEE – Executive Summary
CEE – Executive Summary Double digit growth in Net profit confirms CEE as key contributor to the Group bottom line Revenues (-2.4% q/q, -1.6% y/y) impacted by: regulatory constrains in Turkey capping Short Term lending rates lower AFS gains in 3Q13 (+0.1% q/q growth in revenues excluding this
Slide 48: CEE – P&L and Volumes
CEE – P&L and Volumes Sound loans and direct funding growth. Revenues affected by a change in regulatory framework in Turkey, Costs under control excluding FTT in Hungary Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. Sep12 Sep13 ∆ % vs. 2Q13 3Q12 Sep12 Constant FX Constant FX Constant FX Total Revenues
Slide 49: CEE – Breakdown by geography
CEE – Breakdown by geography Net of one-offs, good operational results confirmed CoR increased y/y to improve and sustain the coverage ratio Total Revenues (mln) Operating Costs (mln) ∆ % q/q ∆ % y/y ∆ % q/q ∆ % y/y 3Q13 const. FX const. FX 3Q13 const. FX const. FX CEE -2.4% -1.6% CEE -0.4% 4.7% 1,2
Slide 50: CIB – Executive Summary
CIB – Executive Summary Improved Net Profit q/q and y/y thanks to business positioning, resilient Revenues and lower Cost of Risk Revenues: effective business actions to preserve revenues generation despite seasonality F&A: sustained activity in the quarter offset lower volumes and pricing press
Slide 51: CIB – P&L and Volumes
CIB – P&L and Volumes Higher Net Profit, RoAC at 20% Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. 9M 12 9M 13 ∆ % vs. 2Q13 3Q12 9M 12 Total Revenues 1,133 1,133 1,013 -10.6% ▼ -10.5% ▼ 3,459 3,239 -6.4% ▼ Operating Costs -442 -407 -420 3.2% ▲ -5.0% ▼ -1,324 -1,258 -5.0% ▼ Gross Operating Profit 691 726
Slide 52: CIB – Total Revenues and Operating Costs
CIB – Total Revenues and Operating Costs Constantly improving franchise contribution benefiting from commercial efforts. HR visibly improved y/y after resizing Total Revenues (mln) Operating Costs (mln) 442 420 3Q 13 Var.q/q Var.y/y 407 -5% HR 187 141 163 1 Total CIB 1,013 -11% -11% NHR 255 266 257
Slide 53: CIB – Cost of Risk
CIB – Cost of Risk Lower Cost of Risk q/q and y/y, with the 3Q 2013 influenced by some releases LLP (mln) LLP by Region (mln) 3Q 13 Var.q/q Var.y/y 3Q 13 Var.q/q Var.y/y Total CIB 71 -60% -63% Total CIB 71 -60% -63% F&A 88 -47% -54% Italy 48 -14% -34% Markets -9 n.m. n.m. Germany 10 -90% -91% GTB -7
Slide 54: CIB: Good performance in Europe across products
CIB Good performance in Europe across products confirmed the strength of our franchise EMEA All Bonds, EUR-denominated (1) EMEA All Loans, EUR denominated (1) Pos. Bookrunner Deal Value No. of Pos. Bookrunner Deal Value No. of (EUR mn) Issues (EUR mn) Issues 1 Deutsche Bank 51,408 236 1 BNP Paribas
Slide 55: CIB: Selected 3Q landmark transactions
CIB Selected significant 3Q landmark transactions across products and regions Evonik REWE K+S KION GROUP AG alstria office REIT-AG Gunvor EUR 995,000,000 EUR 1,750,000,000 EUR 1,750,000,000 EUR 1,000,000,000 Revolving Credit EUR 544,100,000 USD 500,000,000 Revolving Credit Revolving Credit Facility
Slide 56: CIB Global Transaction Banking – house awards 2013 YTD
CIB Global Transaction Banking – selected house awards 2013 YTD Cash Management Export, Trade & Supply Chain Finance #1 Trade Finance Provider in Bosnia & Best Overall Bank for Cash Management Best Trade Finance Bank in Austria, Herzegovina, Bulgaria, Czech Republic, Italy, in CEE 2012 and 201
Slide 57: Asset Gathering – Executive Summary
Asset Gathering – Executive Summary Solid growth of TFA led by positive flows and market effect Revenues -6.7% q/q due to the impact of Tobin tax introduction in Italy Costs -8.0% q/q driven by lower expenses linked to PFA network and further savings in advertising campaign Volumes and flows:
Slide 58: Asset Gathering – P&L and Volumes
Asset Gathering – P&L and Volumes Strong profitability confirmed with return on capital at 45% despite the impact of Tobin tax on revenues Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. 9M12 9M13 ∆ % vs. 2Q13 3Q12 9M12 Total Revenues 132 127 119 -6.7% ▼ -9.8% ▼ 421 377 -10.3% ▼ Operating Costs -71 -76 -7
Slide 59: Asset Gathering: Business KPIs
Asset Gathering: Business KPIs Further increase of both AUM and AUC driven both by positive commercial performance and market effect TFA Evolution, bn TFA Net Inflows, mln +11% -12% 3.8% Var. Var. -25.5% q/q y/y 71 73 66 1,380 +4.3% +16.5% 1,170 32 33 1,028 AUM 29 100 AUC 21 22 +4.4% +2.7% 22 Deposi
Slide 60: Asset Management – Executive Summary
Asset Management – Executive Summary Increasing TFA in 3Q driven by AUM growth in both Captive and Non Captive, higher GOP q/q positively impacted by cost reduction TFA increase q/q thanks to positive net sales and positive market performance, partially offset by unfavorable FX : Positive net fl
Slide 61: Asset Management – P&L and Volumes
Asset Management – P&L and Volumes Higher GOP driven by lower operating costs, revenues stable q/q Euro (mln) 3Q12 2Q13 3Q13 ∆ % vs. ∆ % vs. 9M12 9M13 ∆ % vs. 2Q13 3Q12 9M12 Total Revenues 171 179 179 0.1% ▲ 4.3% ▲ 511 532 4.1% ▲ Operating Costs -124 -124 -121 -2.6% ▼ -2.7% ▼ -346 -360 3.9% ▲ Gross
Slide 62: Asset Management – AUM and Net Sales
Asset Management – AUM and Net Sales Growing AuM Q/Q driven by positive market performance and positive flows both in Captive and Non Captive, partially offset by unfavorable FX AUM (bn) Net inflows by Distribution Channel (mln) 2,7 -1.1 168.9 1,9 165.5 2,590 832 1,028 185 Captive -688 Non Captive -
Slide 63: Agenda
Agenda Consolidated results 3Q13 Annex Additional Group slides Divisional results 3Q13 Database 63
Slide 64: Group P&L
Group P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 3,710 3,617 3,534 3,314 3,329 3,320 3,254 -2.0% -7.9% 9,903 10,861 -8.8% Dividends and other income from equity investments 54 169 68 106 46 124 67 -46.1% -1.5% 237
Slide 65: 3Q13 P&L Breakdown
3Q13 P&L Breakdown CORPORATE CB P&L CB ITALY CB AUSTRIA CIB AM AG CEE POLAND CENTER & GERMANY ELITIONS Net interest 1,334 410 204 602 1 51 836 249 -434 Dividends and other income from equity investments 0 1 31 35 1 0 1 3 -7 Net fees and commissions 784 197 134 126 174 59 277 137 -5 Net trading incom
Slide 66: Commercial Bank Italy – P&L
Commercial Bank Italy – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 1,336 1,382 1,273 1,302 1,351 1,340 1,334 -0.5% +4.8% 4,025 3,991 +0.9% Dividends and other income from equity investments 0 0 -1 0 0 0 0 n.m. n.m
Slide 67: Commercial Bank Germany – P&L
Commercial Bank Germany – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 476 430 436 378 451 464 410 -11.7% -6.1% 1,325 1,342 -1.3% Dividends and other income from equity investments 1 6 5 8 0 5 1 -75.6% -76.4% 6 12 -
Slide 68: Commercial Bank Austria – P&L
Commercial Bank Austria – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 203 219 200 190 197 193 204 +5.7% +2.2% 594 622 -4.5% Dividends and other income from equity investments 23 52 26 12 28 31 31 +0.1% +21.4% 90 10
Slide 69: Poland – P&L
Poland – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 273 273 284 289 262 255 249 -2.1% -12.0% 766 829 -7.6% Dividends and other income from equity investments 3 5 3 3 4 5 3 -30.4% -7.3% 11 12 -6.4% Net fees and com
Slide 70: CEE – P&L
CEE – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 805 832 878 876 878 870 836 -4.0% -4.8% 2,585 2,515 +2.8% Dividends and other income from equity investments 4 4 3 4 3 9 1 -86.5% -66.2% 13 11 +14.6% Net fees and c
Slide 71: CIB – P&L
CIB – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 783 766 749 675 601 581 602 +3.7% -19.5% 1,784 2,298 -22.4% Dividends and other income from equity investments 22 44 30 44 23 36 35 -2.1% +19.9% 95 96 -1.2% Net fee
Slide 72: Asset Management – P&L
Asset Management – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 3 3 2 1 1 1 1 +1.8% -48.4% 3 7 -58.4% Dividends and other income from equity investments 1 1 0 1 1 1 1 -0.9% n.m. 3 2 +28.7% Net fees and commissions 1
Slide 73: Asset Gathering – P&L
Asset Gathering – P&L Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. % 9M 9M Var. % (mln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y 2013 0 2012 0 y/y Net interest 77 80 68 68 57 56 51 -7.7% -23.9% 164 225 -27.0% Dividends and other income from equity investments 0 0 0 0 0 0 0 -82.6% -33.3% 0 0 +107.1% Net fees and
Slide 74: Group Balance Sheet
Group Balance Sheet Q1 Q2 Q3 Q4 Q1 Q2 Q3 Var. (m ln Euro) 2012 2012 2012 2012 2013 2013 2013 y/y % Cash and cash balances 19,427 31,307 5,914 7,570 7,193 7,185 7,164 +21.1% Financial assets held for trading 108,290 112,702 112,902 107,119 98,593 93,772 88,017 -22.0% Loans and receivables with banks
Slide 75: Group Asset Quality
Group Asset Quality Q1 Q2 Q3 Q4 Q1 Q2 Q3 Change (m ln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y NPLs - Face value 41,260 42,769 43,496 44,377 45,418 46,489 46,987 +1.1% +8.0% Writedowns 23,547 24,124 24,164 25,017 25,251 25,723 26,057 +1.3% +7.8% as a percentage of face value (Coverage Ratio)
Slide 76: Group Regulatory Capital and Ratios under Basel 2.5
Group Regulatory Capital and Ratios under Basel 2.5 Capital Q1 Q2 Q3 Q4 Q1 Q2 Q3 Change (m ln Euro) 2012 2012 2012 2012 2013 2013 2013 q/q y/y Core Capital 46,952 46,540 46,593 46,314 46,633 46,885 46,803 -0.2% +0.5% Tier I Capital 49,429 48,975 49,184 48,868 48,841 49,034 48,857 -0.4% -0.7% Total C