Banco Bpm Spa · MIL:BAMI
Banco Bpm Spa — Banco Bpm Societa Ord — FY2024 Earnings Presentation
64 slides from Banco Bpm Spa's earnings presentation, Feb 12, 2025
Slide 1: Group FY2024 Results and Strategic Plan update
Group FY2024 Results and Strategic Plan update A Solid – and continuing – Success Story February 12th, 2025
Slide 2: FY 2024 Results: Disclaimer
FY 2024 Results: DISCLAIMER This presentation has been prepared by Banco BPM ("Banco BPM"); for the purposes of this notice, "presentation" means this document, any oral presentation, any questions and answers session and any written or oral material discussed following the distribution of this docu
Slide 3: Strategic Plan update: Disclaimer
Strategic Plan update: DISCLAIMER This presentation has been prepared by Banco BPM ("Banco BPM") and includes certain forward-looking statements, projections, objectives and estimates reflecting the current views of the management of the Bank with respect to future events. Forward-looking statements
Slide 4: The road towards a >24% RoTE
: the place to be The road towards a >24% RoTE 2024 RESULTS AT ALL-TIME HIGH, OUTSTANDING TARGETS, STILL CONSERVATIVE AND ALREADY EXCEEDING 2026 TARGETS BACKED BY A PROVEN TRACK RECORD OF DELIVERY • Net Income Stated at €1.9bn, with €1.5bn dividends • 2027 Net Income €2.15bn, realistic and highly fe
Slide 5: Agenda
Banco BPM: Group FY2024 Results and Strategic Plan updated targets AGENDA Page FY2024 results 6 Strategic Plan update: key highlights 16 Strategic Plan update: deep dive 26 Final remarks 36 Annex 39 5
Slide 6: FY2024 results
FY2024 results
Slide 7: Accelerated profitability & higher remuneration: unprecedented level
Accelerated profitability & higher remuneration: unprecedented level 16% €1.5BN DIV. PAYOUT INCREASED AT ~80%2 NET INCOME Adj. €1.7bn ROTE Adj. 2024 • 67% in 2023 • +€330m vs. 2024 guidance, +24% (vs. ~12.9% DIVIDENDS DPS 2024 at €1 • +€190m vs. 2026 target, +13% Guidance) (+78% vs. 2023) • 11.2% di
Slide 8: FY 2024 results at historical highs, already surpassing our 2026 targets
FY 2024 results at historical highs, already surpassing our 2026 targets EXCELLENT REVENUE DELIVERY, SUSTAINED BY CONTINUING EFFICIENCY GAINS, SOLID & DIVERSIFIED BUSINESS MODEL BEST EVER RESULTS ON ASSET QUALITY €m COST / INCOME CORE REVENUES1 +5.4% vs. 2026 target 54% • NII & Fees 5,689 <50% 5,399
Slide 9: FY 2024 Net Income Adjusted at €1.7bn (+18% Y/Y)
FY 2024 Net Income Adjusted at €1.7bn (+18% Y/Y) Net Income Stated +52% Y/Y P&L HIGHLIGHTS, €m Q4 23 Q4 24 Chg. Y/Y FY 23 FY 24 Chg. FY/FY MAIN FY TRENDS Net interest income 868 855 -1.4% 3,289 3,440 4.6% 2023-26 Net fees and commissions 467 494 5.9% 1,920 2,004 4.4% STRATEGIC PLAN Income from assoc
Slide 10: Net Interest Income: solid Y/Y performance (+4.6%)
Net Interest Income: solid Y/Y performance (+4.6%) COMMERCIAL NETWORK: TREND OF NET INTEREST INCOME VOLUMES AND SPREADS1 Core Gross Performing Customer Loans €95.3bn (-0.3% in Q4) MANAGERIAL ACTIONS ADDING POSITIVE NII CONTRIBUTION BOTH IN AN INCREASING AND IN A DECLINING INTEREST RATE SCENARIO €21.
Slide 11: Net Interest Income: proven resilience driven by effective managerial actions
Net Interest Income: proven resilience driven by effective managerial actions CONSERVATIVE APPROACH IN MANAGING KEY MANAGERIAL ACTIONS ON NII SENSITIVITY VS. PEERS1 SENSITIVITY & FUNDING COST Euribor 3M 1Q22-4Q24 (avg. quarter) >€22bn 3.8% 4.0% 3.9% 3.8% 3.7% 3.4% 3.0% 2.6% Replicating portfolio2 (€
Slide 12: Total Net Fees & Commissions at an all time high: €2bn
Total Net Fees & Commissions at an all time high: €2bn (+4.4% Y/Y) INCREASE IN TOTAL NET FEES … WITH INVESTMENT PRODUCT FEES UP THANKS TO A STRONG GROWTH IN AUM & AUC… TOTAL REVENUES FROM & COMMISSIONS1… KEY PRODUCT FACTORIES3 INVESTMENT PRODUCT STOCK OF €m PLACEMENTS (€bn) INDIRECT FUNDING (€bn) €m
Slide 13: Cost/Income ratio reduced to 47%, driven by rigorous cost discipline
Cost/Income ratio reduced to 47%, driven by rigorous cost discipline Positive contribution from solidarity fund starting from 2025 TOTAL OPERATING COSTS €m 2,571 2,656 Staff costs are set to benefit from the D&A 247 266 645 solidarity fund signed in December 2024, 652 Other Administrative Expenses f
Slide 14: Outperforming derisking plan, with enhanced asset quality and CoR
Outperforming derisking plan, with enhanced asset quality and CoR NET NPEs: NOW BELOW €1BN (excl. State Guarantees) Gross NPEs -23.9% Y/Y Net NPEs -15.1% Y/Y LLPs & COST OF RISK €3.75bn €2.85bn €1.86bn €961m LLPs UTP + Past Due 2.15 €1.58bn excl. loans with State 1.69 1.24 Guarantees, o/w: -17.4% 1.
Slide 15: Strong Capital, Liquidity and Funding position
Strong Capital, Liquidity and Funding position ORGANIC CAPITAL GENERATION: +358BPS ANTE DIVIDEND DISTRIBUTION % +343bps -242bps 15.44 14.16 -49bps -3bps +28bps +52bps -39bps 15.05 ~14% Including +88bps from 2023-26 Numia transaction Strategic Plan landing point 31/12/23 FY 2024 AT1 coupons Impact of
Slide 16: Strategic Plan update: key highlights
Strategic Plan update: key highlights A Solid – and continuing – Success Story
Slide 17: A highly attractive competitive position, built on best-in-class footprint
A highly attractive competitive position, built on best-in-class footprint and a leading product factories model A STRONG FRANCHISE ROOTED IN THE A NEW MODEL EXTRACTING INCOME WEALTHIEST AREAS OF THE COUNTRY FROM ALL PRODUCT FACTORIES In-house JV product product PEER 1 PEER 2 PEER 3 PEER 4 factory f
Slide 18: A management team with an undisputable track-record of growth
A management team with an undisputable track-record of growth and accomplishments... CONSISTENTLY EXCEEDING OUR OWN OUTSTANDING PERFORMANCE TRAJECTORY COMMITMENTS Adjusted Stated 1,432 1,264 1,691 1,920 1,432 1,691 1,360 Net Income 710 569 869 685 740 €m 2023 2023 2024 2024 guid. FY2021 FY2022 FY202
Slide 19: Constantly exceeding market expectations and generating superior shareholder value
...constantly exceeding market expectations and generating superior shareholder value creation CONSENSUS ESTIMATES TOTAL SHARHEOLDER RETURN DOUBLE DIGIT DIVIDEND YIELD2 VS. ACTUAL NET INCOME (€ M) ABOVE 1,000% Consensus on Net Income at Actual end of year € beginning of the year Net Income (stated)
Slide 20: Sizeable increase of Net Income target for 2026, with further growth in 2027
Sizeable increase of Net Income target for 2026, with further growth in 2027 KEY MESSAGES BETTER PERFORMANCE, HIGHER REMUNERATION 2023-26 UPDATE STRATEGIC PLAN incl. ANIMA1 ▪ Updated macro scenario with conservative assumptions (-110bps in 2026 vs previous est.) Net Income > €1.5bn €2.15bn in 2027 a
Slide 21: Updated main underlying macro-economic assumptions
Updated main underlying macro-economic assumptions % 2023-26 Plan1 Updated assumptions EURIBOR 3M (YEARLY AVERAGE) 0.9 GDP ITALY % 2023-26 Plan1 0.6 REAL 0.4 Updated assumptions 0.7 0.7 GROWTH 0.6 4.0 (YOY %) 3.4 2023 2024 2026 2027 3.1 3.6 2.0 2.0 % 2023-26 Plan1 Updated assumptions -0.4 -0.5 0.3 I
Slide 22: 2027 Net Income target builds on our excellent performance in 2024
2027 Net Income target builds on our excellent performance in 2024, with Anima providing additional contribution NET INCOME 2024-27 CAGR AT 7.5% € bn • + €0.28bn net fees & commissions • + €0.08bn Net Financial Result, including: Net Income 2027 estimate – +€0.05bn of MPS dividend based on consensus
Slide 23: Main performance drivers aligned with 2023-26 Strategic Plan
Main performance drivers aligned with 2023-26 Strategic Plan SAME STAND-ALONE DRIVERS AS IN 2023-26 STRATEGIC PLAN, WITH DIFFERENT STARTING POINTS CORE GROSS PERF. NET FEES & INDIRECT OPERATING COST OF RISK CUSTOMER LOANS COMMISSIONS FUNDING COSTS ~ +1.7% ~ +4.4% ~ +6% ~ 40bps Stable 3-yr CAGR1 3-yr
Slide 24: Integration of Anima adding ~€0.2bn of Net Income in 2027
8 Integration of Anima adding ~€0.2bn of Net Income in 2027, based on consensus and conservative synergies estimation KEY ASSUMPTIONS Net Income (€ bn) • From 22.4% to 100% stake, included in consolidated P&L figures line by line (reclassification vs. today: (-) income from associates, (+) commissio
Slide 25: Update on Anima PTO: 43.3% of capital already committed
8 Update on Anima PTO: 43.3% of capital already committed, new proposed price allowing to maintain significant shareholder value creation GENERAL ASSEMBLY MEETING COMMITMENTS AND OTHER ELEMENTS • General Assembly meeting planned for 28/02. Key decisions: • Received commitments to tender by Poste and
Slide 26: Strategic Plan update: deep dive
Strategic Plan update: deep dive
Slide 27: Strategic Plan update: Net Income 2027 at €2.15bn, RoTE >24%
Strategic Plan update: Net Income 2027 at €2.15bn, RoTE >24% 2023-26 PLAN UPDATE INCL. ANIMA € bn 2023 2024 2026 3 2026 2027 Lower contribution to revenues from NII, Total revenues 5.34 5.70 ~ 5.4 6.07 6.36 factoring in a conservative interest rates scenario o/w NII 3.29 3.44 ~ 3.05 3.01 3.15 o/w Ne
Slide 28: Volumes: moderate loan growth, indirect funding remix towards AuM
Volumes: moderate loan growth, indirect funding remix towards AuM CAGR CORE GROSS PERF. CUSTOMER LOANS C/A & CUSTOMER DEPOSITS INDIRECT FUNDING € bn € bn € bn +5.7% +1.7% +0.5% -2.1% +1.4% +12.8% 103.2 97.3 95.3 100.3 103.7 98.8 100.3 101.8 137.0 106.2 116.2 91.3 2022 2023 2024 2027 2022 2023 2024 2
Slide 29: NII: managerial actions effectively compensating sensitivity
NII: a demonstrated track record of managerial actions effectively compensating sensitivity xx Euribor 3M (yearly avg.) INTEREST RATES SENSITIVITY: NET INTEREST INCOME CONSERVATIVE APPROACH Delta NII (1Q22-4Q23) 2023-2027, € bn > €100m in +97% 2024 alone 3.4% 3.6% 2.0% +70% Lower NII growth in the 3
Slide 30: Net fees & commissions: growth sustained by strategic partnerships
Net fees & commissions: growth sustained by strategic partnerships at “full steam” and additional contribution from Anima consolidation NET FEES & COMMISSIONS 2023-2027, € bn +6.4% +4.4% CAGR +0.50 2.78 • Standalone three- normalised4 year target growth +4.4% aligned with 2024 Y/Y +0.07 +0.06 2.28 p
Slide 31: Revenues from key product factories
Revenues from key product factories: Anima consolidation to further increase key product factories revenues TOTAL REVENUES FROM KEY PRODUCT FACTORIES 2023-2027, € bn +0.44 1.72 +0.30 0.86 0.97 2023 2024 Key product factories Effect of 2027 growth (Anima @22%) Anima consolidation o/w Net fees & commi
Slide 32: Operating costs: decreasing stand-alone cost base
Operating costs: decreasing stand-alone cost base despite reinforced investment plan OPERATING COSTS 2024-2027, € bn +0.17 2.79 2.66 -0.06 0.03 2.62 2024 HR costs D&A and other 2027 pre Anima Consolidation of 100% 2027 post Anima administrative costs integration of Anima cost base integration • -0.1
Slide 33: Asset quality: prudent projections leaving room for improvement
Asset quality: prudent projections leaving room for further improvement UNDERLYING ASSUMPTIONS COST OF RISK In bps 268 Default rate 2023-26 Plan2 1.3% 24.1% 1.1% GROSS NPE RATIO 0.9% 0.9% 1.0% 0.9% (EoP data) 83 63 54 46 40 2023 2024 2026 2027 NET NPE RATIO 14.7% 5.8% Workout activity3 (EoP data) 4.
Slide 34: 2027 Net Income target: comparison vs. market consensus
2027 Net Income target: comparison vs. market consensus Breakdown across single P&L lines 2027 NET INCOME KEY DRIVERS OF THE STAND-ALONE PRE-TAX UPSIDE 2024 2027 2027 Upside vs. € bn BBPM BBPM market consensus € bn actual target consensus (2027) Main drivers justifying the upside 2.15 +78% stake of
Slide 35: Rock-solid capital position
Rock-solid capital position CET1 RATIO EXPECTED EVOLUTION ~130bps of additional CET1 ratio Fully Loaded • -151bps Ordinary RWA potential capital from DTA • +48bps Synthetic Securitizations and FVOCI beyond 2027 +146bps -103bps +31bps 16.0% -159bps ~15.7% 15.0% -94bps +151bps 14.2% -39bps 14.4% CET1
Slide 36: Final remarks
Final remarks
Slide 37: Cumulative Net Income > €7.7bn, enabling a further increase in shareholder remuneration
Cumulative Net Income > €7.7bn, enabling a further increase in shareholder remuneration € bn > 7.7 SIZEABLE 2024-27 SHARHEOLDER REMUNERATION ~ 6.0 CUMULATIVE • >50% current market cap2 NET INCOME Strategic Plan 2023-26 Updated – Form of remuneration (dividends / buyback) to be re- targets 2024-27 as
Slide 38: A clear evolution path towards a value-oriented and diversified business mix
A clear evolution path towards an increasingly value-oriented and well diversified business mix Breakdown of net income (€ bn) Wealth & Asset Management + Protection1 EPS EPS EPS €0.5 €1.12 ~ €1.40 2.15 WM activity 1.69 ~35% 10-15% More capital light Wealth Asset Life Non-life Management Management
Slide 39: Annex: FY 2024 Performance Details
Annex: FY 2024 Performance Details
Slide 40: P&L: Quarterly comparison
P&L: Quarterly comparison Reclassified income statement (€m) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Chg. Q/Q Chg. Q/Q % Net interest income 743.0 809.9 868.7 867.7 864.4 858.4 861.9 855.3 -6.6 -0.8% Income (loss) from invest. in associates carried at equity 36.3 24.3 34.1 49.4 30.3 44.6 31.
Slide 41: P&L: FY comparison
P&L: FY comparison Reclassified income statement (€m) FY 23 FY 24 Chg. Y/Y Chg. Y/Y % Net interest income 3,289.2 3,440.0 150.8 4.6% Income (loss) from invest. in associates carried at equity 144.1 151.7 7.6 5.3% Net interest, dividend and similar income 3,433.3 3,591.7 158.4 4.6% Net fee and commis
Slide 42: P&L FY 2024: comparison of stated vs. adjusted
P&L FY 2024: comparison of stated vs. adjusted FY 24 Reclassified income statement (€m) FY 24 One-off Non-recurring items Adjusted Net interest income 3,440 3,440 0 Income (loss) from invest. in associates carried at equity 152 152 0 Net interest, dividend and similar income 3,592 3,592 0 Net fee an
Slide 43: Positive trend in FVOCI debt reserves and Net Financial Result
Positive trend in FVOCI debt reserves and Net Financial Result RESERVES OF DEBT SECURITIES BREAKDOWN OF NET FINANCIAL RESULT: AT FVOCI1 STRONG CONTRIBUTION FROM HEDGING STRATEGIES Post-tax EVOLUTION Y/Y DETAILS Q/Q €m Total Net Financial Result Other NFR Components ▪ Q3 benefitted from 31/12/23 30/0
Slide 44: Balance Sheet
Balance Sheet Reclassified assets (€ m) Chg. Y/Y Chg. Q/Q 31/12/23 31/03/24 30/06/24 30/09/24 31/12/24 Value % Value % Cash and cash equivalents 18,297 9,877 10,994 9,079 12,125 -6,173 -33.7% 3,046 33.6% Loans and advances measured at AC 108,154 106,859 104,406 103,573 103,090 -5,065 -4.7% -484 -0.5
Slide 45: Total Customer Financial Assets +€12bn Y/Y and €21.5bn of New Lending
Total Customer Financial Assets +€12bn Y/Y and €21.5bn of New Lending TOTAL CUSTOMER FINANCIAL ASSETS CORE PERFORMING CUSTOMER LOANS GBV, € bn € bn 97.3 95.6 95.3 217.8 222.3 11.8 10.9 Cap.-protected Certificates 210.3 11.3 5.9 Financials, PA & Other 27.9 & other Debt Securities at FV 5.3 6.1 27.3 2
Slide 46: Strong liquidity & funding position
Strong liquidity & funding position Cash + Unencumbered Assets: +€6.4bn YTD and -€1.0 in Q4 30/09/24 31/12/24 € bn 49.4 48.4 Cash 41.9 0.5 0.6 158% 12-month 0.6 8.1 11.0 average Depo facility with ECB 17.4 Eligible Assets 36.4 31.5 • o/w €16.3bn securities LCR 153% 132% • o/w €15.2bn credit claims O
Slide 47: Strong and well diversified liability profile
Strong and well diversified liability profile, driven by successful issuance activity BONDS, CERTIFICATES & OTHER DEBT SECURITIES AT FV MREL REQUIREMENTS & BUFFERS outstanding as of 31/12/2024 as of 31/12/2024 Nominal amounts MREL as % of RWA, including Combined Buffer Requirement2 9.3% Senior Prefe
Slide 48: Wholesale bond maturities and calls
Wholesale bond maturities and calls SENIORITY PROFILE OF WHOLESALE BOND MATURITIES1 & CALLS2 UNTIL YE 2027 € bn Calls 0.22 Calls 0.30 €0.72bn 0.50 €0.70bn 0.40 Calls 0.40 €1.05bn 0.65 0.75 2.00 Maturities 0.75 1.25 Maturities €3.25bn Maturities €3.25bn 0.50 €2.37bn 0.75 1.12 1.25 0.50 FY 2025 FY 202
Slide 49: Total Direct Funding from the Banking business
Total Direct Funding from the Banking business EVOLUTION OF TOTAL DIRECT FUNDING1 € bn Capital-protected Certificates & other 128.6 132.0 Debt Securities at FV 126.0 REPOs & Other Bonds 98.8 97.3 100.3 C/A, Sight & Time deposits - (Core Funding) (78.4%) (75.7%) (75,9%) (% Share on total) 31/12/2023
Slide 50: Indirect customer funding up at €116.2bn
Indirect customer funding up at €116.2bn: +9.4% Y/Y; +1.5% Q/Q ASSETS UNDER MANAGEMENT (AuM)1 ASSETS UNDER CUSTODY (AuC) € bn € bn +6.6% +13.3% +1.1% +2.0% 65.4 66.1 62.0 4.7 4.9 49.1 50.1 4.4 44.2 15.7 16.2 16.5 41.9 44.5 44.7 31/12/2023 30/09/2024 31/12/2024 31/12/2023 30/09/2024 31/12/2024 Funds
Slide 51: Optimization and diversification of Debt Securities portfolio
Optimization and diversification of Debt Securities portfolio TREND AND BREAKDOWN BY ACCOUNTING CATEGORY COMPOSITION BY COUNTERPARTY € bn € bn 44.0 31/12/23 30/09/24 31/12/24 42.3 37.9 1.1 1.0 7.5 9.2 9.4 Non-Govies1 0.5 13.1 FVTPL 12.6 10.4 Govies 30.4 34.8 32.9 FVOCI 29.8 28.7 63.9% 61.0% 61.5% AC
Slide 52: Net Customer Loans at Amortized Cost
Net Customer Loans at Amortized Cost EVOLUTION OF NET CUSTOMER LOANS € bn -4.1% -0.5% Change Net Performing Customer Loans 31/12/23 30/09/24 31/12/24 In % Y/Y In % Q/Q 104.0 100.2 99.7 Core customer loans 96.9 95.1 94.8 -2.1% -0.3% 1.9 1.7 1.6 - Medium/Long-Term loans 77.1 75.7 75.2 -2.5% -0.7% - Cu
Slide 53: NPE migration dynamics
NPE migration dynamics €m 354 Inflows from 231 260 202 286 212 296 233 Performing to NPEs Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 €m Outflows from NPEs 42 38 22 37 24 36 17 15 to Perf. Loans Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 €m Flows from UTP to 102 84 79 80 98 46 38 42 Bad Loa
Slide 54: Asset Quality details
Asset Quality details Loans to Customers at AC Gross exposures 31/12/2023 31/03/2024 30/06/2024 30/09/2024 31/12/2024 Chg. Y/Y Chg. Q/Q € m and % Value % Value % Bad Loans 1,601 1,547 1,545 1,282 1,160 -441 -27.5% -122 -9.5% UTP 2,056 1,931 1,697 1,703 1,552 -504 -24.5% -151 -8.9% Past Due 93 90 146
Slide 55: Capital position in detail
Capital position in detail FULLY LOADED CAPITAL FULLY LOADED RWA 31/12/2023 30/09/2024 31/12/2024 31/12/2023 30/09/2024 31/12/2024 POSITION (€ m and %) COMPOSI TI ON (€ bn) CET 1 Capital 9,036 9,583 9,275 CREDI T & COUNTERPARTY RI SK 54.2 52.7 51.8 T1 Capital 10,425 10,972 10,665 Total Capital 12,12
Slide 56: ESG Update – Key results in 2024
ESG Update – Key results in 2024 ENVIRONMENT SOCIAL & GOVERNANCE • New “Transition & Sustainability” 2023 2024 unit officially started in July 2024, • Low-Carbon New M/L Term financing: €5.7bn in 2024 directly reporting to the Co- (vs. €5bn FY 2024 target)1 Women in managerial positions5 29.7% 30.7%
Slide 57: Successfully continuing our digitalization path
Successfully continuing our digitalization path MAIN ACHIEVEMENTS IN 2024 DIGITAL BANKING KPIs ▪ Wider digitalized customer base: >1.6m individual # BRANCH AND APP-BASED TRANSACTIONS (M) customers with Digital Identity (2/3 of active customers) Branch-based APP-based and >45% of Small Business custo
Slide 58: Methodological Notes
Methodological Notes ▪ The balance sheet and income statement layouts contained in this news release have been reclassified along management criteria in order to provide an indication on the Group’s overall performance based on more easily understandable aggregate operating and financial data. These
Slide 59: Annex: Strategic Plan update details
Annex: Strategic Plan update details
Slide 60: Key financial targets
Key financial targets € bn 2024 2026 2027 Total revenues 5.70 6.07 6.36 o/w NII 3.44 3.01 3.15 o/w Net fees & commissions 2.00 2.65 2.78 Profit Core revenues 5.69 5.93 6.24 & Loss o/w key product factories1 0.97 1.60 1.72 Operating costs 2.66 2.79 2.79 Net Income 1.69 adj3. 1.95 2.15 Non-interest in
Slide 61: ESG: Ambitions
ESG: Ambitions • Supporting our clients in their transition path through advisory and commercial offering, consistently with our ESG Strategy • Confirming our strong position in financing renewable energy projects • Strengthening the C&E risk drivers’ identification and treatment • Continuing on the
Slide 62: ESG: key initiatives and targets
ESG: key initiatives and targets ENVIRONMENT SOCIAL & GOVERNANCE • ESG Factory: becoming a reference partner for • New training Academy structure to uphold an improved standard in skills development Corporate & SME clients in their sustainable transition (ESG Training, Advisory & Offering) • Involve
Slide 63: Definitions of key indicators included in the presentation
DEFINITIONS OF KEY INDICATORS INCLUDED IN THE PRESENTATION INDICATOR DEFINITION CASH + UNENCUMBERED ASSETS I ncluding assets receiv ed as collateral, net of accrued interests. Managerial data, net of haircuts CORE REVENUES Core Rev enues: NI I + Net Commissions + I ncome from Associates and I ncome
Slide 64: Contacts for Investors and Financial Analysts
Contacts for Investors and Financial Analysts Banco BPM Arne Riscassi +39 02 9477.2091 Registered Offices: Piazza Meda 4, I-20121 Milano, Italy Silvia Leoni +39 045 867.5613 Corporate Offices: Piazza Nogara 2, I-37121 Verona, Italy Carmine Padulese +39 02 9477.2092 investor.relations@bancobpm.it www