Intesa Sanpaolo S.p.a. · MIL:ISP
Intesa Sanpaolo — FY2021 Earnings Presentation
75 slides from Intesa Sanpaolo's earnings presentation, Feb 4, 2022
Slide 1: 2021 Results
2021 Results Ready for the new Business Plan Excellent performance with Balance sheet further strengthened A strong Bank for a sustainable world February 4, 2022
Slide 2: ISP delivered excellent 2021 performance…
MIL-BVA362-03032014-90141/VR ISP delivered excellent 2021 performance… Best year since 2007 for Net income at €4.2bn (+19% vs FY20(1)), €5.3bn excluding additional provisions on NPL portfolios to accelerate NPL deleveraging €2.9bn cash dividends for 2021, equal to a 70% payout ratio Best-ever year f
Slide 3: … allocating €2.2bn out of 2021 Pre-tax profit to succeed in the coming years
MIL-BVA362-03032014-90141/VR … allocating €2.2bn out of 2021 Pre-tax profit to succeed in the coming years Pre-tax, € m Enabling ~€7.7bn gross NPL disposals ~2,220 (of which ~€4.8bn(3) in 2022) ~320 ~170 ~1,250 ~160 ~125 ~€1.7bn in Q4 ~200 Q2 additional Q2 strengthening Q3 additional Q4 additional Q
Slide 4: ISP is a proven delivery machine, with Net income at a €5bn run rate
MIL-BVA362-03032014-90141/VR ISP is a proven delivery machine, with Net income structurally growing since 2013 and already at a €5bn run rate Net income €m Provisions for potential future Additional provisions on NPL COVID-19 impacts portfolios to accelerate NPL deleveraging ~5,260 ~5,010 4,050 4,18
Slide 5: All stakeholders benefit from our excellent performance
MIL-BVA362-03032014-90141/VR All stakeholders benefit from our excellent performance Shareholders Employees Net income, € bn Personnel expenses, € bn 6.8 4.2 FY21 FY21 €2.9bn cash dividends(1) Public sector Households and businesses Taxes(2), € bn Medium/Long-term new lending, € bn Of which 2.8 77 €
Slide 6: ISP successfully mitigating the COVID-19 impact…
MIL-BVA362-03032014-90141/VR ISP successfully mitigating the COVID-19 impact… Strong value proposition on digital channels enabled Care for ISP People and clients Continuous support to the real economy and society immediate business reaction ▪ Remote working enabled for ~78,000 €100m to the National
Slide 7: … while being the engine of sustainable and inclusive growth with ISP4ESG…
MIL-BVA362-03032014-90141/VR … while being the engine of sustainable and inclusive growth with a dedicated ESG/Climate program (ISP4ESG)… ▪ Consolidating Group leadership around ESG/Climate topics Objectives ▪ Identification and prioritising of ESG/Climate initiatives most relevant for the Group ▪ S
Slide 8: … and delivering tangible results for society
MIL-BVA362-03032014-90141/VR SELECTED HIGHLIGHTS … and delivering tangible results for society COVID-19 related initiatives In 2021, evaluated ~780 startups Ecobonus: ISP ready to buy tax credits to support families, condominiums and businesses through modular and flexible financial solutions benefi
Slide 9: ISP leads in the main sustainability indexes and rankings
MIL-BVA362-03032014-90141/VR ISP leads in the main sustainability indexes and rankings Top ranking(1) for Sustainability The only Italian bank listed in 67 A AAA 99 16.8 the Dow Jones Sustainability 62 A- AAA 99 20.6 Indices. 57 A- AAA 97 20.7 Ranked first among peers by 57 A- AA 94 21.7 Bloomberg (
Slide 10: Contents
MIL-BVA362-03032014-90141/VR Contents 2021: excellent performance Ready for the new Business Plan
Slide 11: 2021: highlights
MIL-BVA362-03032014-90141/VR 2021: highlights ▪ Excellent economic performance despite COVID-19 impact while successfully merging UBI Banca and paving the way for the new Business Plan: ❑ Best year since 2007 for Net income at €4,185m (+19.4% vs FY20(1)) ❑ €179m Net income in Q4, with the best quart
Slide 12: 2021: strong growth in profitability thanks to solid operating performance
MIL-BVA362-03032014-90141/VR 2021: strong growth in profitability thanks to solid operating performance while paving the way for the new Business Plan FY21 P&L – considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from disc
Slide 13: Q4: best quarter ever for Commissions
MIL-BVA362-03032014-90141/VR Q4: best quarter ever for Commissions and €1.7bn Pre-tax income allocated to succeed in the coming years 4Q21 P&L €m 5,020 108 16 410 (1,844) Conservative provisions to €212m charges related to ~2,000 succeed in the coming years voluntary exits (€316m pre-tax) 2,532 (845
Slide 14: Best-ever year for Commissions
MIL-BVA362-03032014-90141/VR Best-ever year for Commissions Net fees and commissions €m Q4 the best quarter ever 9,540 8,725 +9.3% 8,057 7,952 7,962 7,342 7,331 6,654 6,765 6,132 5,698 5,652 5,466 5,451 5,364 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20(1) FY21(2) (1) Data r
Slide 15: ~€1.3 trillion in Customer financial assets
MIL-BVA362-03032014-90141/VR ~€1.3 trillion in Customer financial assets, with a €90bn increase on a yearly basis Customer financial assets(1)(2) € bn 526.8 535.7 555.6 +€27bn in ST retail and corporate Direct deposits deposits on a yearly basis 31.12.20 30.9.21 31.12.21 Δ +€90.2bn Δ +€35.1bn 1,276.
Slide 16: Continued Cost reduction while investing for growth
MIL-BVA362-03032014-90141/VR Continued Cost reduction while investing for growth Operating costs €m Total Operating costs 3,078 2,899 -5.8% x Cost/Income, % Administrative costs 11,039 10,920 FY20(1) FY21 -1.1% 6,705 6,773 +1.0% Personnel f(x) costs Decrease due to the effect of 4Q20 write-off of FY
Slide 17: Massive NPL stock reduction
MIL-BVA362-03032014-90141/VR Massive NPL stock reduction NPL stock € bn Net NPL x Gross NPL ratio, % x Net NPL ratio, % 64.5 -€10.5bn -€7.8bn 20.9 18.3 34.2 15.2 10.4 10.7 9.1 7.1 5.6 30.9.15 31.12.20(1) 30.9.21(2) 31.12.21(3) 31.12.21 pro-forma(4) Including UBI Banca 17.2 4.4 3.6% and 1.9% 3.8 2.9%
Slide 18: Strong reduction in Loan loss provisions and Cost of risk…
MIL-BVA362-03032014-90141/VR Strong reduction in Loan loss provisions and Cost of risk… Loan loss provisions Cost of risk €m Provisions for potential future bps Provisions for potential future COVID-19 impacts COVID-19 impacts Additional provisions on NPL portfolios Including ~€1.6bn for additional
Slide 19: … coupled with lowest-ever gross NPL inflow and increased coverage
MIL-BVA362-03032014-90141/VR … coupled with lowest-ever gross NPL inflow and increased coverage Gross 2021 NPL inflow(1) from Performing loans NPL coverage € bn Net inflow(2) % 3.7 -6.1% 3.5 53.6 +5pp 48.6 2.6 2.5 FY20 FY21 FY20 FY21 Lowest-ever gross NPL inflow (1) Inflow to NPL (Bad loans, Unlikel
Slide 20: Rock-solid capital base, well above regulatory requirements
MIL-BVA362-03032014-90141/VR Rock-solid capital base, well above regulatory requirements ISP CET1 ratios vs requirements SREP + combined buffer 31.12.21, % x Fully phased-in, % 13.4 considering the impact 14.2 considering the impact from the 2022 buyback(2) from the 2022 buyback(2) 15.2 ~+6.6pp 14.5
Slide 21: Contents
MIL-BVA362-03032014-90141/VR Contents 2021: excellent performance Ready for the new Business Plan
Slide 22: In the 2018-2021 Business Plan horizon, ISP substantially reduced NPL stock
MIL-BVA362-03032014-90141/VR In the 2018-2021 Business Plan horizon, ISP substantially reduced NPL stock, while strengthening capital and reinforcing an already efficient business model… Contribution of Net fees and Commissions NPL stock ISP fully loaded CET1 ratio and Insurance income to Operating
Slide 23: … and is now far better equipped than European peers
MIL-BVA362-03032014-90141/VR … and is now far better equipped than European peers to capture growth opportunities… 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/Inco
Slide 24: … delivering more than €5bn Net income in 2022
MIL-BVA362-03032014-90141/VR … delivering more than €5bn Net income in 2022 ISP outlook for 2022 Growth in Revenues and continued … leading to Operating margin Cost management… growth … triggering further growth in Strong decline in Cost of risk… Gross income >€5bn Net income in 2022, with a 70% pay
Slide 25: 2021 Results: Detailed information
2021 Results Detailed information
Slide 26: Key P&L and Balance sheet figures
MIL-BVA362-03032014-90141/VR Key P&L and Balance sheet figures €m 2021(1) 31.12.21 Operating income 20,786 Loans to customers 465,254 Operating costs (10,920) Customer financial assets(2) 1,276,312 Cost/Income ratio 52.5% of which Direct deposits from banking business 555,565 of which Direct deposit
Slide 27: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 26
Slide 28: 2021: best Net income since 2007
MIL-BVA362-03032014-90141/VR 2021: best Net income since 2007 €m 2020 2021 D% redetermined(1) stated(2) redetermined(3) [C]/[A] [A] [B] [C] Net interest income 8,278 7,966 7,900 (4.6) Net fee and commission income 8,725 9,634 9,540 9.3 Income from insurance business 1,685 1,586 1,629 (3.3) Profits o
Slide 29: Q4 vs Q3: best quarter ever for Commissions
MIL-BVA362-03032014-90141/VR Q4 vs Q3: best quarter ever for Commissions while paving the way for the new Business Plan €m 3Q21 4Q21 D% Net interest income 1,999 1,954 (2.3) Net fee and commission income 2,325 2,532 8.9 Income from insurance business 365 410 12.3 Profits on financial assets and liab
Slide 30: Net interest income: impacted by all-time low interest rates
MIL-BVA362-03032014-90141/VR Net interest income: impacted by all-time low interest rates Quarterly analysis Yearly analysis €m Euribor 1M; % €m Euribor 1M; % % D 4Q21 vs 4Q20 and 3Q21 % D 2021 vs 2020 8,278 7,900 2,072 1,999 1,954 -0.55 -0.56 -0.57 -0.50 -0.56 4Q20 3Q21 4Q21 2020 2021(1) redetermin
Slide 31: Net interest income: yearly increase in the commercial component
MIL-BVA362-03032014-90141/VR Net interest income: yearly increase in the commercial component Quarterly analysis Yearly analysis €m €m 8,278 119 80 34 7,900 (611) Commercial component Mainly due to NPL 1,999 10 1,954 stock and securities portfolio reduction (5) (2) (48) Commercial component 3Q21 Vol
Slide 32: Net fee and commission income: best year ever
MIL-BVA362-03032014-90141/VR Net fee and commission income: best year ever Quarterly analysis Yearly analysis €m % D 4Q21 vs 4Q20 and 3Q21 €m % D 2021 vs 2020 8,725 9,540 2,442 2,325 2,532 4Q20 3Q21 4Q21 2020 2021(1) redetermined redetermined +3.7 +8.9 +9.3 ▪ 4Q21 is the best quarter ever ▪ Best yea
Slide 33: Profits on financial assets and liabilities at fair value
MIL-BVA362-03032014-90141/VR Profits on financial assets and liabilities at fair value: solid yearly performance Quarterly analysis Yearly analysis €m % D 4Q21 vs 4Q20 and 3Q21 €m % D 2021 vs 2020 1,675 1,625 193 378 108 (1) 4Q20 3Q21 4Q21 2020 2021 redetermined redetermined (44.0) (71.4) (3.0) Cont
Slide 34: Operating costs: further yearly reduction while investing for growth
MIL-BVA362-03032014-90141/VR Operating costs: further yearly reduction while investing for growth Quarterly analysis Yearly analysis % D 4Q21 vs 4Q20 and 3Q21 % D 2021 vs 2020 Operating costs Personnel expenses Operating costs Personnel expenses €m €m €m €m 11,039 10,920 2,957 2,638 3,027 6,705 6,77
Slide 35: Net adjustments to loans: significant yearly reduction
MIL-BVA362-03032014-90141/VR Net adjustments to loans: significant yearly reduction coupled with a strong decrease in NPL stock and inflows, and increased coverage Quarterly analysis Yearly analysis €m % D 4Q21 vs 4Q20 and 3Q21 €m % D 2021 vs 2020 ~€2,250m due to provisions for potential future COVI
Slide 36: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 35
Slide 37: Strong growth in Customer financial assets
MIL-BVA362-03032014-90141/VR Strong growth in Customer financial assets % D 31.12.21 vs 31.12.20 and 30.9.21 Customer financial assets(1) Direct deposits from banking business € bn € bn 1,186 1,241 1,276 527 536 556 31.12.20(2) 30.9.21 31.12.21 31.12.20(2) 30.9.21 31.12.21 +7.6 +2.8 +5.5 +3.7 Direct
Slide 38: Funding mix
MIL-BVA362-03032014-90141/VR Funding mix Breakdown of Direct deposits from banking business € bn; 31.12.21 % Percentage of total Wholesale Retail 556 Current accounts 7 436 and deposits Repos and 3 - securities lending 465 Senior bonds(1) 37 7 Covered bonds 18 - 90 Short-term 12(2) - institutional f
Slide 39: 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 40: High liquidity: LCR and NSFR well above regulatory 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 335 335 289 195 181 192 31.12.20 30.9.21 31.12.21 31.12.20 30.9.21 31.12.21 ▪ Refinancing operations with the E
Slide 41: 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 After dividends (€2.9bn(1) for 2021) After dividends (€2.9bn(1) for 2021) After dividends (€2.9bn(1) for 2021) % % % 18.1% considering the €3.4bn buyback in 2022(2) 15.3
Slide 42: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 41
Slide 43: Non-performing loans: sizeable and increased coverage
MIL-BVA362-03032014-90141/VR Non-performing loans: sizeable and increased coverage after massive deleveraging, paving the way for the new Business Plan Cash coverage; % Total NPL(1) 48.6 49.9 53.6 31.12.20 30.9.21 31.12.21 Bad loans Unlikely to pay Past due 70.4 58.3 60.7 41.7 40.9 40.6 17.5 20.0 19
Slide 44: Non-performing loans: lowest-ever gross inflow
MIL-BVA362-03032014-90141/VR Non-performing loans: lowest-ever gross inflow Gross inflow of new NPL(1) from Performing loans Net inflow of new NPL(1) from Performing loans € bn € bn Impact from the Impact from the acquisition of the two acquisition of the two former Venetian banks former Venetian ba
Slide 45: 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 1,143 944 751 4Q20 3Q21 4Q21 Bad loans Unlikely to pay Past due 681 444 484 450 443 262 45 10 19 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 Note: figures may not add up exactly due t
Slide 46: 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 843 743 417 4Q20 3Q21 4Q21 Bad loans Unlikely to pay Past due 481 368 375 359 315 35 67 0 3 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 Note: figures may not add up exactly due to roundin
Slide 47: Non-performing loans: lowest-ever stock and ratios
MIL-BVA362-03032014-90141/VR Non-performing loans: lowest-ever 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 31.12.20(1) 30.9.21(2) 31.12.21(3) 31.12.20(5) 30.9.21(6) 31.12.21(7) Bad loans 9.6 9.1 7.2 Bad loa
Slide 48: Loans to customers: a well-diversified portfolio
MIL-BVA362-03032014-90141/VR Loans to customers: a well-diversified portfolio Breakdown by business area (data as at 31.12.21) Breakdown by economic business sector Repos, Capital markets and 31.12.21 Loans of the Italian banks and companies of the Group Financial Institutions Global Corporate & Hou
Slide 49: Moratoria volumes: enterprises accounting for ~89%
MIL-BVA362-03032014-90141/VR Moratoria volumes: enterprises accounting for ~89% Moratoria stock as at 31.12.21 % of total net loan Segments # Clients (k) Volumes (€ bn) portfolio Households 5 1 0.1% Enterprises 8 4 0.9% Total 13 5(1) 1.0% €47bn expired moratoria with 2.8%(2) default rate Note: figur
Slide 50: Contents
MIL-BVA362-03032014-90141/VR Contents Detailed consolidated P&L results Liquidity, Funding and Capital base Asset quality Divisional results and other information 49
Slide 51: Divisional financial highlights
MIL-BVA362-03032014-90141/VR Divisional financial highlights Data as at 31.12.21 Divisions IMI International Corporate Banca dei Corporate & Private Asset Total Investment Subsidiary Insurance (4) Centre / Territori Banking(2) Management(3) redetermined(6) Banking Banks(1) Others(5) Operating income
Slide 52: Banca dei Territori: 2021 vs 2020
MIL-BVA362-03032014-90141/VR Banca dei Territori: 2021 vs 2020 €m 2020 2021 D% redetermined Net interest income 4,199 3,985 (5.1) Net fee and commission income 4,548 4,836 6.3 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 109 103 (5.5) Other operat
Slide 53: Banca dei Territori: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Banca dei Territori: Q4 vs Q3 €m 3Q21 4Q21 D% Net interest income 998 995 (0.2) Net fee and commission income 1,204 1,231 2.3 Income from insurance business 0 0 (20.3) Profits on financial assets and liabilities at fair value 24 29 18.0 Other operating income (expenses)
Slide 54: IMI Corporate & Investment Banking: 2021 vs 2020
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: 2021 vs 2020 €m 2020 2021 D% redetermined Net interest income 2,048 2,094 2.2 Net fee and commission income 1,049 1,176 12.1 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 1,341 1,299
Slide 55: IMI Corporate & Investment Banking: Q4 vs Q3
MIL-BVA362-03032014-90141/VR IMI Corporate & Investment Banking: Q4 vs Q3 €m 3Q21 4Q21 D% Net interest income 529 507 (4.1) Net fee and commission income 278 322 16.1 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 339 139 (58.9) Other operating inco
Slide 56: International Subsidiary Banks: 2021 vs 2020
MIL-BVA362-03032014-90141/VR International Subsidiary Banks: 2021 vs 2020 €m 2020 2021 D% redetermined Net interest income 1,310 1,337 2.1 Net fee and commission income 505 546 8.1 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 131 127 (3.1) Other o
Slide 57: International Subsidiary Banks: Q4 vs Q3
MIL-BVA362-03032014-90141/VR International Subsidiary Banks: Q4 vs Q3 €m 3Q21 4Q21 D% Net interest income 339 349 2.9 Net fee and commission income 145 138 (4.7) Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 31 23 (26.2) Other operating income (exp
Slide 58: Private Banking: 2021 vs 2020
MIL-BVA362-03032014-90141/VR Private Banking: 2021 vs 2020 €m 2020 2021 D% redetermined Net interest income 252 212 (15.9) Net fee and commission income 1,921 2,097 9.2 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 47 46 (2.1) Other operating incom
Slide 59: Private Banking: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Private Banking: Q4 vs Q3 €m 3Q21 4Q21 D% Net interest income 55 51 (7.3) Net fee and commission income 518 539 4.0 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value 9 5 (48.4) Other operating income (expenses) 6 1 (82.8) O
Slide 60: Asset Management: 2021 vs 2020
MIL-BVA362-03032014-90141/VR Asset Management: 2021 vs 2020 €m 2020 2021 D% redetermined Net interest income (1) (1) n.m. Net fee and commission income 1,074 1,282 19.4 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (1) (4) 300.0 Other operating inc
Slide 61: Asset Management: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Asset Management: Q4 vs Q3 €m 3Q21 4Q21 D% Net interest income (0) (0) 18.2 Net fee and commission income 291 395 35.6 Income from insurance business 0 0 n.m. Profits on financial assets and liabilities at fair value (1) (2) (190.8) Other operating income (expenses) 15 1
Slide 62: Insurance: 2021 vs 2020
MIL-BVA362-03032014-90141/VR Insurance: 2021 vs 2020 €m 2020 2021 D% redetermined Net interest income 0 0 n.m. Net fee and commission income (3) 2 n.m. Income from insurance business 1,613 1,586 (1.7) Profits on financial assets and liabilities at fair value 1 0 (100.0) Other operating income (expen
Slide 63: Insurance: Q4 vs Q3
MIL-BVA362-03032014-90141/VR Insurance: Q4 vs Q3 €m 3Q21 4Q21 D% Net interest income (0) (0) 5.5 Net fee and commission income 0 1 46.1 Income from insurance business 364 397 9.2 Profits on financial assets and liabilities at fair value 0 0 n.m. Other operating income (expenses) (4) (6) (33.1) Opera
Slide 64: Quarterly P&L
MIL-BVA362-03032014-90141/VR Quarterly P&L €m 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 redetermined(1) Net interest income 2,040 2,037 2,129 2,072 1,952 1,995 1,999 1,954 Net fee and commission income 2,122 2,014 2,147 2,442 2,313 2,370 2,325 2,532 Income from insurance business 440 456 353 436 398 4
Slide 65: 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 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 redetermined(1) Guarantees given / received 46 44 43 44 42 51 57 52 Collection and payment services 124 113 115 140 137 139 138 138 Cur
Slide 66: Market leadership in Italy
MIL-BVA362-03032014-90141/VR Market leadership in Italy 2021 Operating income breakdown by business area(1) Leader in Italy IMI Corporate & Ranking Market share(2) Investment Banking % 22% 1 Loans 20.4 Banca 43% dei Territori 1 Deposits(3) 22.4 Insurance 8% 1 Asset Management(4) 23.9 11% 1 Pension F
Slide 67: International Subsidiary Banks: key P&L data by country
MIL-BVA362-03032014-90141/VR International Subsidiary Banks: key P&L data by country Data as at 31.12.21 (Δ% vs 2020) Operating income Operating costs €m €m +2.3 +2.4 +2.0 +7.9 +16.9 +0.9 +4.5 +9.3 (5.2) +9.8 +9.4 +1.2 (0.3) +2.0 +8.7 +2.9 +1.5 +5.3 +4.4 +8.4 +9.8 (1.0) 458 440 371 221 282 184 207 1
Slide 68: International Subsidiary Banks by country: 8% of the Group's total loans
MIL-BVA362-03032014-90141/VR International Subsidiary Banks by country: 8% of the Group’s total loans Data as at 31.12.21 Total Total CEE Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania Moldova Ukraine Egypt Oper. income (€ m) 207 458 69 440 45 282 40 39 11 15 1,607 371 1,978 % of Gr
Slide 69: International Subsidiary Banks by country: loan breakdown and coverage
MIL-BVA362-03032014-90141/VR International Subsidiary Banks by country: loan breakdown and coverage Data as at 31.12.21 Total Total CEE Hungary Slovakia Slovenia Croatia Bosnia Serbia Albania Romania Moldova Ukraine Egypt Performing loans (€ bn) 3.4 16.3 2.1 7.4 0.8 4.0 0.4 0.9 0.1 0.2 35.6 2.8 38.4
Slide 70: Common Equity Tier 1 ratio as at 31.12.21: from phased-in to pro-forma fully loaded
MIL-BVA362-03032014-90141/VR Common Equity Tier 1 ratio as at 31.12.21: from phased-in to pro-forma fully loaded ~€ bn ~bps Direct-deduction relevant items DTA on losses carried forward(1) 1.9 60 IFRS9 transitional adjustment (1.5) (45) Total 0.4 15 Cap relevant items(*)(2) Total 0.0 25 (*) as a mem
Slide 71: Total exposure by main countries
MIL-BVA362-03032014-90141/VR Total exposure(1) by main countries €m DEBT SECURITIES Banking Business Insurance LOANS Total AC FVTOCI FVTPL(2) Total Business(3) EU Countries 35,377 43,502 668 79,547 79,115 158,662 426,766 Austria 193 167 -107 253 358 611 1,677 Belgium 804 2,816 224 3,844 709 4,553 92
Slide 72: Exposure to sovereign risks by main countries
MIL-BVA362-03032014-90141/VR Exposure to sovereign risks(1) by main countries €m Banking Business DEBT SECURITIES Insurance FVTOCI/AFS LOANS Total AC FVTOCI FVTPL(2) Total Business(3) Reserve (4) EU Countries 22,493 35,693 -1,454 56,732 68,852 125,584 131 10,967 Austria 0 71 -96 -25 241 216 0 0 Belg
Slide 73: Exposure to banks by main countries
MIL-BVA362-03032014-90141/VR Exposure to banks by main countries(1) €m DEBT SECURITIES Banking Business Insurance LOANS Total AC FVTOCI FVTPL(2) Total Business(3) EU Countries 1,864 3,940 707 6,511 4,785 11,296 21,362 Austria 174 46 -11 209 91 300 198 Belgium 11 49 -2 58 97 155 284 Bulgaria 0 0 0 0
Slide 74: 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 Insurance LOANS Total AC FVTOCI FVTPL(2) Total Business(3) EU Countries 11,020 3,869 1,415 16,304 5,478 21,782 394,437 Austria 19 50 0 69 26 95 1,479 Belgium 35 20 2 57 109 166 644 Bulga
Slide 75: 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