Investor Presentation • May 6, 2022
Investor Presentation
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A strong bank for a sustainable world
Fully focused on executing the 2022-2025 Business Plan
Execution of the 2022-2025 Business Plan proceeding at full speed, with key industrial initiatives well underway
€1.7bn Net income excluding €0.8bn provisions/writedowns for Russia-Ukraine exposure, the best quarter since 2008 (+10.2% vs 1Q21(1))
€1,024m stated Net income
Strong acceleration of Operating income and Operating margin (+7.8% and +46.0% vs 4Q21)
Net interest income up 1.3% vs 4Q21 when adjusting for the different number of days in the two quarters
Second-best Q1 ever for Commissions and Insurance income, despite impact from Russia-Ukraine conflict
Strong performance in financial market activities once again was a natural hedge to the impact from volatility on our fee-based business
Strong decrease in Operating costs (-3.2% vs 1Q21(1)) with Cost/Income ratio down to 46.3%
€4.8bn gross NPL stock reduction considering the €3.9bn disposal finalised in April
Lowest-ever NPL stock and ratios, with gross NPL ratio at 1.6% and net NPL ratio at 0.9% on a pro-forma basis(2)(3)
(2) According to EBA definition
(1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(3) Taking into account 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 31.3.22, of which €3.9bn gross (€0.9bn net) finalised in April
1Q22: solid operating performance
Final remarks
1
2
| Massive upfront de-risking, slashing Cost of risk |
▪ 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 target ▪ Focus on modular approach and sectorial forward looking – factoring in the macroeconomic scenario – and on proactive credit management ▪ Focus on dedicated Banca dei Territori Division action plan, with strong control of underlying Cost of risk, NPL inflows from Performing loans and new solutions for new needs arising in the current scenario ▪ Extension of cybersecurity anti-fraud protection to new products and services for retail customers, including the use of Artificial Intelligence ▪ Completion of the first Italian credit-risk-transfer transaction on a portfolio of commercial real estate loans (€1.9bn). In addition, the Active Credit Portfolio Steering unit has strengthened capital efficiency initiatives and enhanced credit strategies, shifting €5bn in new lending towards lower risk/higher return sectors in Q1 |
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| Structural Cost reduction, enabled by technology |
▪ New Digital Bank (Isybank) setup well underway with ~190 dedicated specialists and a finalised contract with Thought Machine ▪ New head of Isybank and new head of Sales & Marketing Digital Retail hired and operational ▪ Insourcing of core capabilities in IT ongoing with the first ~100 people already hired ▪ AI Lab in Turin already operating (setup of Centai Institute) ▪ >450 branches closed in 4Q21/1Q22 in light of the launch of Isybank ▪ Digital platform for analytical cost management up and running ▪ Rationalisation of real estate in Italy in progress, with a reduction of ~250k sqm in 4Q21/1Q22 ▪ ~900 voluntary exits in Q1(2) |
MIL-BVA362-03032014-90141/VR
Growth in
Advisory
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Commissions, driven by Wealth Management, Protection & 3
| ▪ Reinforced ISP ESG governance, with the Risks Committee becoming the Risks and Sustainability Committee with enhanced ESG responsibilities from April 2022 |
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| Significant ESG | ▪ Net-Zero targets being implemented in all Business Units; in April 2022, ISP's commitment to the SBTi validation was published on the SBTi website |
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| 4 | commitment, with a world-class |
▪ ~€20bn disbursed in 2021 and Q1 out of the €76bn of new lending available for the green economy, circular economy and green transition in (1) relation to the "2021-2026 Piano Nazionale di Ripresa e Resilienza" |
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| position in Social | ▪ Enhancement of ESG investment products both for asset management and insurance with penetration increasing to 48% of total AuM(2) |
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| Impact and strong | ▪ Granted >€2bn in social lending (€25bn cumulative flows announced in the Business Plan) |
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| focus on climate | ▪ Renewed partnership with Ellen McArthur Foundation. In Q1, granted €0.8bn (€0.4bn disbursed) as part of the €8bn circular economy credit facility |
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| ▪ Revised the advisory model to embed ESG principles in need-based financial planning and launched a comprehensive training program for ESG certification of Fideuram bankers |
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| ▪ ~700 professionals hired in 2021 and Q1 |
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| ▪ ~375 people reskilled in Q1 |
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| ▪ ~1.7m training hours delivered in Q1 |
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| ▪ Over 100 talents have already completed their training as part of the International Talent Program, still ongoing for other ~200 resources |
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| ▪ Identified ~380 key people among Middle Management for dedicated development and training initiatives |
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| 5 | Our People are our | ▪ Live webinars, podcasts, video content and other ongoing initiatives to foster employee wellbeing |
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| most important asset | ▪ Defined the new Long-Term Incentive Plan to support the 2022-2025 Business Plan goals and foster individual entrepreneurship |
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| ▪ Approved by the Board of Directors the creation of the new leading education player in Italy through the combination between ISP Formazione and Digit'Ed, a Nextalia Fund company |
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| ▪ Defined and shared 2022 Diversity & Inclusion goals for every organisational unit, including the implementation of the new commitment related to equal gender access to senior leadership roles |
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| ▪ as Top Employer 2022(3) ISP recognised and ranked at the top of LinkedIn's Top Companies 2022 list |
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(1) 2021-2026 National Recovery and Resilience Plan
(2) Eurizon perimeter – Funds pursuant to art. 8 and 9 SFDR 2088
(3) By Top Employers Institute
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(6) Data as at 31.3.22 taking into account the disposal of €3.9bn gross (€0.9bn net) finalised in April and an additional €0.8bn gross (€0.4bn net) 2022 NPL disposal already funded in 4Q21 and still booked in NPL as at 31.3.22
(1) Including only banks in the EBA Transparency Exercise. Sample: BBVA, Crédit Agricole Group, Deutsche Bank, Nordea, Santander, Société Générale and UniCredit as at 31.3.22; BNP Paribas, Commerzbank and ING Group as at 31.12.21
(2) According to EBA definition. Data as at 30.6.21
(3) Data as at 31.3.22 taking into account the disposal of €3.9bn gross (€0.9bn net) finalised in April
Source: EBA Transparency Exercise, Investor presentations, press releases, conference calls and financial statements
(1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
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| First wave: 2022-2024 | Second wave: 2024 and beyond | |
|---|---|---|
| Creation of a new Digital Bank for domestic mass market retail clients, working in partnership with leading Fintech |
Tech infrastructure extension to serve other ISP individual client segments beyond mass market retail clients (e.g. Affluent) |
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| New customer acquisition and business expansion (e.g. electric mobility) through |
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| Development of a single international core banking/digital front-end system(1) with set |
partnerships | |
| Consolidation of the model at Group level, including main European International Subsidiary Banks |
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| up in line with the new Digital Bank |
Note: figures may not add up exactly due to rounding
(1) Net of duplications between Direct Deposits and Indirect Customer Deposits
| Dedicated service model for Exclusive clients |
Strengthened leadership in Private Banking | Continuous focus on fully owned product factories (Asset management and Insurance) |
|---|---|---|
| Dedicated commercial organisation and tools ~4,200 highly-specialised Relationship Managers in ~470 dedicated advisory centers, leveraging advanced financial planning tools |
Upgraded commercial proposition in Italy Continuous enhancement of commercial proposition in Italy through tailored advisory services and new product offer (e.g. ESG focus, alternative investments, Lombard lending) |
Asset management Innovative product offering (e.g. liquidity conversion, alternative investments, ESG), international expansion and end-to-end digitalisation |
| Distinctive Banca dei Territori Investment Center Banca dei Territori Investment Center empowered by fully-owned product factories |
New omnichannel strategy Development of an investment and trading platform dedicated to high-tech/low-touch clients around IW Bank and evolution of the digital service model |
Life insurance Enhanced Life offer to address specific needs (e.g. generational transition, wealth protection), client segments (e.g. Silver generation, Millennials, HNWI(1)) and digital attitude |
| State-of-the-art investment platform Top-notch investment and advisory services, in partnership with leading asset managers |
Scale-up of international presence Strengthening of European leadership in Wealth Management, through recruitment of Private Banking teams and selective small acquisitions in strategic geographies |
P&C insurance Development of innovative ecosystems for individuals (e.g. "Caring program", Healthcare Initiatives) and dedicated offering to corporates |
| ▪ Q1 Dedicated service model for Exclusive clients fully implemented ▪ ▪ support relationship managers |
Adoption of the BlackRock Aladdin Wealth and Aladdin Risk platforms for investment services Introduction of new functionalities of Robo4Advisor by BlackRock to generate investment advice on selected products (funds and certificates) to |
(1) High Net Worth Individuals (2) Ultra High Net Worth Individuals
13
2022-2025 ~50
Promoting social housing for youth in Italy (e.g. students, young workers)
Creating ~30 senior community hubs to provide, at the local level, social and leisure activities and dedicated health and social assistance services
Q1
Donations and other support initiatives for Ukraine
Launched a fundraising campaign through ISP For Funding crowdfunding platform, with a 1:1 matching mechanism(2), currently collecting an average of ~€22,500 daily, >€800,000 collected in total(3)
Agreed concession, with free loan for use, of IMMIT building in Bergamo to Ukrainian Zlaghoda Association to collect donated goods
Contribution by ISP Onlus of €3,000 to each Pravex Bank colleague fleeing with children <18 years old (total of €250,000)
Identified additional initiatives to support and facilitate the integration of Pravex Bank colleagues' families in Bergamo such as sports activities, support for administrative activities, ensure school access by providing devices for distance learning with Ukrainian schools
(1) United Nations High Commissioner for Refugees
(2) Contributions collected to be doubled by the Bank
(3) As at 30.4.22
(4) Agreed with Labour Unions
| ▪ "Next way of working" at large-scale (hybrid physical-remote) guaranteeing maximum flexibility to all employees while upgrading IT equipment and workplace layouts |
▪ Reskilling/upskilling program, tailored to employee needs, to deploy excess capacity towards Business Plan priorities (e.g. ESG, digital, credit initiatives) ▪ Creation of the leading education player in Italy, leveraging on |
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|---|---|---|---|
| Next way of working |
▪ Large-scale employee wellbeing and safety initiatives (e.g. new office spaces, gyms, healthy food, business trip safety) |
ISP innovative learning infrastructure, to: – Position itself as an aggregator of best Italian players in the industry |
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| ▪ New incentive plans (including Long Term Incentives) to foster individual entrepreneurship |
Learning ecosystem |
– Offer ISP People best-in-class training on critical capabilities for both the digital (i.e. cybersecurity, digital data, cloud) and ecological transition (i.e. sustainability, circular economy) |
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| ▪ "Future leaders" program targeting ~1,000 talents and key people at Group level |
– Invest in top-notch learning technologies (e.g. AI) to provide an increasingly more effective learning experience |
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| Innovative talent strategy |
▪ International footprint reinforcement with distinctive capabilities in key markets (e.g. IMI C&IB, Wealth Management) and insourcing |
▪ New "job communities", clusters of professionals with homogeneous skillsets, learning paths and titles, aimed at defining a coherent development model throughout the Group |
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| of core capabilities in the digital space | ▪ Cloud infrastructure enabling a new Group "HR platform" |
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| Diversity | ▪ Promotion of an inclusive and diverse |
Tech-enabled process |
▪ Organisational streamlining to improve efficiency and time-to market (e.g. aggregation of selected activities) |
| & Inclusion | environment thanks to a set of dedicated initiatives and a focus on gender equality |
streamlining | ▪ Innovative organisational models in selected areas of the Group, enhancing agility and entrepreneurship |
| ▪ Q1 ▪ ▪ |
~700 professionals hired in 2021 and Q1 and ~375 people reskilled in Q1 Over 100 talents have already completed their training as part of the International Talent Program, still ongoing for other ~200 Identified ~380 key people among Middle Management for dedicated development and training initiatives |
resources |
| Our People are our most important asset | ||||||||
|---|---|---|---|---|---|---|---|---|
| Massive upfront de-risking, slashing Cost of risk |
Structural Cost reduction, enabled by technology |
Growth in Commissions, driven by Wealth Management, Protection & Advisory |
Significant ESG commitment, with a world-class position in Social Impact and strong focus on climate |
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| ~1% net NPL ratio(1) | €2bn Cost savings | ~€100bn growth in AuM | ~€25bn in social lending/contribution to society |
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| ~40bps Cost of risk(1) | €5bn investments in technology and growth |
~57% of Revenues from fee based business(2) |
~€90bn in new loans to support the green transition |
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| €6.5bn Net income target for 2025 confirmed, with potential upside from an interest rate increase, high flexibility in managing Costs and Zero-NPL Bank status already achieved |
(1) Throughout the entire Business Plan horizon
(2) Commissions and Insurance income
2022-2025 Business Plan proceeding at full speed
1Q22: solid operating performance
Final remarks
(2) Subject to ECB approval. Buyback amount equivalent to 2019 suspended dividend
(3) According to EBA definition
(1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(4) Taking into account 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 31.3.22, of which €3.9bn gross (€0.9bn net) finalised in April
1Q22 P&L € m
Note: figures may not add up exactly due to rounding
(1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(2) Net provisions and net impairment losses on other assets, Other income (expenses), Income (Loss) from discontinued operations
(3) Charges (net of tax) for integration and exit incentives, Effect of purchase price allocation (net of tax), Levies and other charges concerning the banking industry (net of tax), Impairment (net of tax) of goodwill and other intangible assets, Minority interests
(4) Including charges for the Resolution Fund: €365m pre-tax (€251m net of tax), our estimated commitment for the year
Note: figures may not add up exactly due to rounding
(1) ~€132m benefit from hedging on core deposits in 1Q22
(2) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas
22
(1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(1) Sample: Barclays, BBVA, BNP Paribas, Crédit Agricole S.A., Credit Suisse, Deutsche Bank, HSBC, Lloyds Banking Group, Nordea, Santander, Société Générale, Standard Chartered, UBS and UniCredit (31.3.22 data); Commerzbank and ING Group (31.12.21 data)
(1) Inflow to NPL (Bad Loans, Unlikely to Pay and Past Due) from Performing loans
(2) Inflow to NPL (Bad Loans, Unlikely to Pay and Past Due) from Performing loans minus outflow from NPL into Performing loans
(3) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(4) As at 31.3.22
| Not considering Q1 provisioning, € bn | Local presence(1) | ||
|---|---|---|---|
| Russia (Banca Intesa) |
Ukraine (Pravex Bank) |
Cross-border exposure to Russia(2) |
|
| Loans to customers | 0.6(3) | 0.15(3) | 3.85(4) |
| ECA(5) guarantees |
- | - | 0.9(6) |
| Due from banks | 0.3(7) | 0.05(7) | n.m.(8) |
| Bonds | 0.03 | 0.04 | 0.09(9) |
| Derivatives | - | - | 0.02 |
| RWA | 1.4 | 0.2 | 7.5 |
| Total assets | 1.0 | 0.3 | n.a. |
| Intragroup funding | 0.3 | - | n.a. |
(1) As at 31.12.21 for Ukraine and as at 31.3.22 for Russia
(2) Management accounts as at 31.3.22, Cross-border exposure to Ukraine not meaningful
(3) There is also off-balance: for Russia €0.2bn (of which €0.1bn undrawn committed lines) and not significant for Ukraine (no undrawn committed lines)
(4) Net of Export Credit Agencies guarantees. There is also off-balance of €0.6bn (of which €0.4bn undrawn committed lines)
(5) Export Credit Agencies
(6) There are also Export Credit Agencies guarantees against off-balance of €0.8bn (of which €0.8bn against undrawn committed lines)
(7) There is also €1m off-balance for Russia (no off-balance for Ukraine)
(8) There is also off-balance: €0.3bn (no undrawn committed lines)
(9) Including insurance business (concerning policies where the total risk is not retained by the insured)
26
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▪ Best-in-class leverage ratio: 6.4%
(2) 14.7% pro-forma fully loaded Basel 3 (31.3.22 financial statements considering the total absorption of DTA related to IFRS9 FTA, DTA convertible in tax credit related to goodwill realignment and adjustments to loans, DTA related to non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks, as well as the expected absorption of DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21 and DTA on losses carried forward, and the expected distribution on 1Q22 Net income of insurance companies)
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(1) €3.4bn buyback subject to ECB approval. Buyback amount equivalent to 2019 suspended dividend
(1) Direct and indirect (2) Deriving from Non-performing loans outflow MIL-BVA362-03032014-90141/VR
Unparalleled support to address social needs
— "Giovani e Lavoro" program aimed at training and introducing more than 3,000 young people to the Italian labour market in the 2022-2025 Business Plan horizon. Over 3,600 students (aged 18-29) applied for the program in Q1: ~500 interviewed and ~125 trained/in-training through 5 courses (over 2,300 trained/intraining since 2019). Over 2,100 companies involved since its inception
▪ Inauguration of the museum Palazzo degli Alberti Gallery in Prato, in a building owned by the Bank, allowing the city to enjoy an important identity heritage
▪ Gallerie d'Italia Academy: launch of the second edition of the Executive Course in "Management of artistic-cultural heritage and corporate collections": 30 participants, 8 scholarships
| ▪ ~60 innovation projects launched in Q1 |
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|---|---|
| ▪ Initiatives for the development of innovation ecosystems: |
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| — Turin: closed third class of the "Torino Cities of the Future" program managed by Techstars. Since its inception in 2019, there have been 35 accelerated startups (11 Italian teams), >20 proofs of concept with local stakeholders, €30m in capital raised and over 180 new resources hired after acceleration |
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| Promoting innovation |
— Florence: new three-year "Italian Lifestyle" program launched on 15.3.22 for the first class of 6 Italian startups; 8 Corporates involved and participating through an Advisory board, with a view to open innovation and support for the business development of startups |
| — Naples: new three-year Bioeconomy program "Terra Next", promoted with Cassa Depositi e Prestiti and with the support of various local scientific partners, aimed at 10 startups a year, presented in February 2022, call closed on 30.3.22 (130 candidates, of which 97% Italian). Corporates involved |
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| ▪ 2 startup acceleration courses launched at the request of companies, over 60 applications received so far |
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| ▪ UP2Stars initiative aimed at 40 startups on four vertical pillars (Digital/Industry 4.0; Bioeconomy, focus on Agritech and Foodtech; Medtech/Healthcare; Aerospace). Over 230 applications received for the first course |
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| ▪ Following the Group's adherence to Net-Zero alliances(1), in April 2022 ISP's commitment to the SBTi validation was published on the SBTi website |
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| Accelerating | Active engagement in various GFANZ(2) ▪ taskforces to support target setting for banking, asset management and insurance businesses |
| commitment to | ▪ Group's Guidelines for the governance of ESG risks revised in line with regulatory developments and climate and environmental initiatives underway |
| Net-Zero | ▪ Already active in the regulated carbon markets with a dedicated product catalogue. Launched a project to develop a service model focused on afforestation and reforestation activities, in line with the Business Plan commitment aimed at planting over 100 million trees, together with corporate clients |
| ▪ ~€20bn disbursed in 2021 and Q1 out of the €76bn of new lending available for the green economy, circular economy and green transition in relation to the "2021-2026 Piano Nazionale di Ripresa e Resilienza" (3) |
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| ▪ €8bn circular economy credit facility announced in the 2022-2025 Business Plan; in Q1, 84 projects assessed and validated for an amount of €2.3bn; granted €844m in 36 transactions (of which €391m related to green finance) and €395m disbursed (of which €320m related to green finance). Renewed partnership with the Ellen McArthur Foundation |
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| Supporting clients through |
▪ Activated the first three ESG Laboratories (in Venice, Padua and Brescia), a physical and virtual meeting point to support SMEs in approaching sustainability, and evolution of the advisory services offered by partners (e.g. Circularity, Nativa, CE Lab and others) |
| the ESG/climate transition |
▪ Continued enrichment of the S-Loan product range dedicated to SMEs to finance projects aimed at improving their sustainability profile (5 product lines: S-Loan ESG, S-Loan Diversity, S-Loan Climate Change; S-Loan Agribusiness and S-Loan Tourism). ~€1.9bn granted since launch, of which ~€0.6bn in Q1 |
| ▪ In October 2021, launch of Digital Loans (D-Loans) aimed at improving the digitalisation of companies: €9.1m disbursed since launch (€7m in Q1) |
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| ▪ In March 2022, ISP won the Milano Finanza Banking Awards for its S-Loan product and for the dedicated ESG training platform for corporate clients (Skills4ESG) |
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| Enhancement of ESG investment products both for asset management and insurance with penetration increasing to 48% of total AuM(4) ▪ |
|
| ▪ Revised the Advisory model to embed ESG principles in need-based financial planning and launched a comprehensive training program for the ESG certification of Fideuram bankers |
|
| Reinforced ISP ESG governance, with the "Risks Committee" becoming the "Risks and Sustainability Committee" with enhanced ESG responsibilities from April 2022 |
31 (1) Net-Zero Banking Alliance, Net-Zero Asset Managers Initiative, Net-Zero Asset Owner Alliance and Net-Zero Insurance Alliance; (2) Glasgow Financial Alliance for Net-Zero; (3) 2021-2026 National Recovery and Resilience Plan; (4) Eurizon perimeter – Funds pursuant to art. 8 and 9 SFDR 2088
The only Italian bank listed in the Dow Jones Sustainability Indices
Ranked first among peers by Bloomberg (ESG Disclosure Score), Sustainalytics and MSCI
In January 2022, ISP was confirmed in the Bloomberg GEI Index
In February 2022, ISP received the S&P Global Sustainability Award – Bronze Class
In 2021 ranking by Institutional Investor, ISP was Europe's Best Bank and Italy's Best Company for ESG Aspects
| 71 | A | AAA | 99 | 16.8 | |
|---|---|---|---|---|---|
| 63 | A | AAA | 99 | 19.3 | |
| 62 | A | AAA | 97 | 20.2 | |
| 61 | A | AA | 94 | 20.6 | |
| 61 | A | AA | 94 | 20.6 | |
| 60 | A | AA | 94 | 20.7 | |
| 59 | A | AA | 93 | 22.5 | |
| 56 | B | AA | 92 | 22.6 | |
| 56 | B | AA | 92 | 22.7 | |
| 55 | B | AA | 81 | 23.8 | |
| 54 | B | AA | 79 | 23.9 | |
| 52 | B | AA | 78 | 24.1 | |
| 52 | B | AA | 71 | 24.3 | |
| 50 | B | A | 70 | 24.9 | |
| 50 | B | A | 70 | 27.4 | |
| 49 | B | A | 69 | 27.9 | |
| 44 | F | A | 65 | 28.2 |
Top ranking(1) for Sustainability
(1) ISP peer group
Source: Bloomberg ESG Disclosure Score (Bloomberg as at 31.3.22), CDP Climate Change Score 2021 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) data as at 31.3.22; S&P Global (Bloomberg as at 31.3.22); Sustainalytics score (https://www.sustainalytics.com/ ESG Risk Rating as at 31.3.22)
2022-2025 Business Plan proceeding at full speed
1Q22: solid operating performance
Final remarks
Note: figures may not add up exactly due to rounding
2022-2025 Business Plan well underway and Q1 performance fully in line with 2022 Net income target of >€5bn when excluding provisions/writedowns for Russia-Ukraine exposure
(1) Data redetermined considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(2) According to EBA definition. Pro-forma taking into account 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 31.3.22, of which €3.9bn gross (€0.9bn net) finalised in April
| € 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 |
| Operating margin | 2,910 | of which Direct deposits from insurance business and technical reserves |
195,093 |
| Gross income (loss) | 2,144 | of which Indirect customer deposits | 696,472 |
| Net income | 1,024 | - Assets under management |
459,910 |
| - Assets under administration |
236,562 | ||
| RWA | 330,514 | ||
| Total assets | 1,073,244 |
Liquidity, Funding and Capital base
Asset quality
Divisional results and other information
€ m
| 1Q21 | |||||
|---|---|---|---|---|---|
| stated(1) [ A ] |
redetermined(2) [ B ] |
[ C ] | [ C ] / [ 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 from insurance business | 373 | 398 | 402 | 1.0 | |
| Profits on financial assets and liabilities at fair value | 796 | 795 | 767 | (3.5) | |
| Other operating income (expenses) | 49 | 32 | 3 | (90.6) | |
| Operating income | 5,626 | 5,490 | 5,414 | (1.4) | |
| Personnel expenses | (1,678) | (1,629) | (1,577) | (3.2) | |
| Other administrative expenses | (648) | (651) | (612) | (6.0) | |
| Adjustments to property, equipment and intangible assets | (306) | (307) | (315) | 2.6 | |
| Operating costs | (2,632) | (2,587) | (2,504) | (3.2) | |
| Operating margin | 2,994 | 2,903 | 2,910 | 0.2 | |
| Net adjustments to loans | (408) | (402) | (702) | 74.6 | Including €0.8bn provisions for Russia-Ukraine exposure in 1Q22 |
| Net provisions and net impairment losses on other assets | (133) | (134) | (60) | (55.2) | |
| Other income (expenses) | 198 | 198 | (4) | n.m. | |
| Income (Loss) from discontinued operations | 0 | 48 | 0 | (100.0) | |
| Gross income (loss) | 2,651 | 2,613 | 2,144 | (17.9) | |
| Taxes on income | (839) | (837) | (781) | (6.7) | |
| Charges (net of tax) for integration and exit incentives | (52) | (52) | (16) | (69.2) | |
| Effect of purchase price allocation (net of tax) | (16) | (16) | (54) | 237.5 | |
| Levies and other charges concerning the banking industry (net of tax) | (209) | (196) | (3) (266) |
35.7 | |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | 0 | n.m. | |
| Minority interests | (19) | 4 | (3) | n.m. | €1,670m, +10.2% excluding |
| Net income | 1,516 | 1,516 | 1,024 | (32.5) | provisions/writedowns for Russia-Ukraine exposure in 1Q22 |
Note: figures may not add up exactly due to rounding
considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(3) €384m pre-tax of which Charges for the Resolution Fund: €365m pre-tax (€251m net of tax), our estimated commitment for the year
(1) Including the contribution of branches sold in 1H21 and the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni from the effective date of their acquisition and REYL Group from 1.1.21
(2) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not
€ 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 operating income (expenses) | 16 | 3 | (81.3) | |
| Operating income | 5,020 | 5,414 | 7.8 | |
| Personnel expenses | (1,844) | (1,577) | (14.5) | |
| Other administrative expenses | (845) | (612) | (27.6) | |
| Adjustments to property, equipment and intangible assets | (338) | (315) | (6.8) | |
| Operating costs | (3,027) | (2,504) | (17.3) | |
| Operating margin | 1,993 | 2,910 | 46.0 | |
| Net adjustments to loans | (1,222) | (702) | (42.6) | |
| Net provisions and net impairment losses on other assets | (415) | (60) | (85.5) | |
| Other income (expenses) | 78 | (4) | n.m. | |
| Income (Loss) from discontinued operations | (0) | 0 | n.m. | |
| Gross income (loss) | 434 | 2,144 | 394.0 | |
| Taxes on income | (82) | (781) | 852.4 | |
| Charges (net of tax) for integration and exit incentives | (291) | (16) | (94.5) | |
| Effect of purchase price allocation (net of tax) | 46 | (54) | n.m. | |
| Levies and other charges concerning the banking industry (net of tax) | (22) | (1) (266) |
n.m. | |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. | |
| Minority interests | 94 | (3) | n.m. | |
| Net income | 179 | 1,024 | 472.1 |
Including €0.8bn provisions for Russia-Ukraine exposure in 1Q22
€1,670m excluding provisions/writedowns for Russia-Ukraine exposure
Note: figures may not add up exactly due to rounding
(1) €384m pre-tax of which Charges for the Resolution Fund: €365m pre-tax (€251m net of tax), our estimated commitment for the year
Note: figures may not add up exactly due to rounding
(2) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(1) ~€132m benefit from hedging on core deposits in 1Q22
€3.8bn in AuM net inflow in Q1
+1.0% excluding performance fees
Note: figures may not add up exactly due to rounding
1,017 headcount reduction in Q1
Strong reduction (-6.0%) in Other administrative expenses
Low NPL inflow (-42% vs 4Q21)
Annualised Cost of credit at 18bps when excluding €0.8bn provisions for Russia-Ukraine exposure and €0.3bn release of part of generic provisions conservatively booked in 2020 for COVID-19 impacts
(1) Considering, on the basis of management accounts, the reallocation of the contribution of branches sold in 1H21 to Income (Loss) from discontinued operations, the full line-by-line consolidation of Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas Assicurazioni (not considering, on the basis of management accounts, the contribution of branches sold in 1H21), and the effects of the acquisition of the REYL Group
(2) Taking into account the disposal of €3.9bn gross (€0.9bn net) finalised in April and an additional €0.8bn gross (€0.4bn net) 2022 NPL disposal already funded in 4Q21 and still booked in NPL as at 31.3.22
Detailed consolidated P&L results
Liquidity, Funding and Capital base
Asset quality
Divisional results and other information
Note: figures may not add up exactly due to rounding
(1) Net of duplications between Direct deposits and Indirect customer deposits
Note: figures may not add up exactly due to rounding
(1) Including Senior non-preferred
(2) Certificates of deposit + Commercial papers
(3) Including Certificates
◼ GBP350m senior unsecured, €3bn AT1 and €1.25bn senior unsecured placed. On average 85% demand from foreign investors; orderbooks average oversubscription ~3.5x
◼ March: €1bn Additional Tier 1 placed. 89% demand from foreign investors and orderbooks ~2.6x oversubscribed. The deal was the first AT1 from ISP since the dual tranche priced in August 2020 and marked the re-opening of the EUR AT1 primary market for 2022
Liquid assets(1) Unencumbered eligible assets with Central Banks(2) (net of haircuts) 192 189 31.3.21 169 31.12.21 31.3.22
▪ Refinancing operations with the ECB: ~€132bn(3) consisting entirely of TLTRO III, out of a maximum allowance of ~€133bn
(3) In 2021: €36bn borrowed in March (settlement date 27.3.21), €11bn borrowed in June (settlement date 24.6.21), €1.5bn borrowed in September (settlement date 29.9.21) and €0.5bn borrowed in December (settlement date 22.12.21)
(4) Loans to customers/Direct deposits from banking business
MIL-BVA362-03032014-90141/VR
(1) 14.7% pro-forma fully loaded Basel 3 (31.3.22 financial statements considering the total absorption of DTA related to IFRS9 FTA (€1.1bn as at 31.3.22), DTA convertible in tax credit related to goodwill realignment (€5.7bn as at 31.3.22) and adjustments to loans (€2.8bn as at 31.3.22), DTA related to non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of operations of the two former Venetian banks (€0.1bn as at 31.3.22), as well as the expected absorption of DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21 (€0.6bn as at 31.3.22) and DTA on losses carried forward (€2.1bn as at 31.3.22), and the expected distribution on 1Q22 Net income of insurance companies)
(2) Subject to ECB approval. Buyback amount equivalent to 2019 suspended dividend
Detailed consolidated P&L results
Liquidity, Funding and Capital base
Asset quality
Divisional results and other information
MIL-BVA362-03032014-90141/VR
(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)
(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)
(2) 2012 figures recalculated to take into consideration the regulatory changes to Past due classification criteria introduced by the Bank of Italy (90 days since 2012 vs 180 days up until 31.12.11)
€ m
Note: figures may not add up exactly due to rounding
(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)
€ m
Note: figures may not add up exactly due to rounding
(1) Bad loans (Sofferenze), Unlikely to pay (Inadempienze probabili) and Past due (Scaduti e sconfinanti)
| x Gross NPL ratio, % |
x Net NPL ratio, % |
x | Gross and net NPL ratio based on EBA definition, % | |||||
|---|---|---|---|---|---|---|---|---|
| Gross NPL | Net NPL | |||||||
| € bn |
31.3.21(1) | 31.12.21(2) | 31.3.22(3) | € bn |
(5) 31.3.21 |
31.12.21(6) | 31.3.22(7) | |
| Bad loans - of which forborne |
9.8 1.8 |
7.2 1.5 |
7.3 1.5 |
Bad loans - of which forborne |
4.0 0.8 |
2.1 0.5 |
2.1 0.5 |
|
| Unlikely to pay - of which forborne |
10.4 4.5 |
7.3 2.9 |
6.5 3.1 |
Unlikely to pay - of which forborne |
6.1 3.0 |
4.3 2.1 |
4.2 2.1 |
|
| Past due - of which forborne |
0.5 - |
0.8 0.2 |
0.6 0.1 |
Past due - of which forborne |
0.4 - |
0.6 0.1 |
0.4 - |
|
| Total | 20.7 4.4 3.5 |
15.2 3.2 2.4 |
14.4 €9.6bn pro-forma(4) 2.0 pro-forma(4) 3.0 2.3 1.6 pro-forma(4) |
Total | 10.5 2.3 1.8 |
7.1 1.5 1.2 |
6.8 1.4 1.1 |
€5.5bn pro-forma(4) 1.2 pro-forma(4) 0.9 pro-forma(4) |
| Lowest-ever NPL stock and ratios |
Note: figures may not add up exactly due to rounding
(4) Taking into account the disposal of €3.9bn gross (€0.9bn net) finalised in April and an additional €0.8bn gross (€0.4bn net) 2022 NPL disposal already funded in 4Q21 and still booked in NPL as at 31.3.22
(5) Not including €1.1bn net NPL booked in Discontinued operations
(6) Not including €1.2bn net NPL booked in Discontinued operations
(7) Not including €1.3bn net NPL booked in Discontinued operations
| 31.3.22 | |
|---|---|
| Public Administration | 3.8% |
| Financial companies | 8.4% |
| Non-financial companies | 47.1% |
| of which: | |
| UTILITIES | 5.1% |
| SERVICES | 4.5% |
| REAL ESTATE | 3.7% |
| CONSTRUCTION AND MATERIALS FOR CONSTR. | 3.3% |
| DISTRIBUTION | 3.2% |
| FOOD AND DRINK | 2.6% |
| METALS AND METAL PRODUCTS | 2.6% |
| TRANSPORT | 2.6% |
| INFRASTRUCTURE | 2.3% |
| TRANSPORTATION MEANS | 2.3% |
| FASHION | 2.3% |
| ENERGY AND EXTRACTION | 2.2% |
| MECHANICAL | 1.8% |
| TOURISM | 1.8% |
| AGRICULTURE | 1.7% |
| CHEMICALS, RUBBER AND PLASTICS | 1.5% |
| ELECTRICAL COMPONENTS AND EQUIPMENT | 0.9% |
| PHARMACEUTICAL | 0.8% |
| FURNITURE AND WHITE GOODS | 0.7% |
| MEDIA | 0.6% |
| WOOD AND PAPER | 0.5% |
| OTHER CONSUMPTION GOODS | 0.2% |
| Moratoria stock as at 31.3.22 | |||||
|---|---|---|---|---|---|
| Segments | # Clients (k) | Volumes (€ bn) | % of total net loan portfolio |
||
| Households | 3 | 0.3 | 0.07% | ||
| Enterprises | 1 | 0.3 | 0.06% | ||
| Total | 4 | 0.6(1) | 0.13% |
Note: figures may not add up exactly due to rounding (1) €0.1bn according to EBA criteria (2) Italian perimeter
Detailed consolidated P&L results
Liquidity, Funding and Capital base
Asset quality
Divisional results and other information
Data as at 31.3.22
| Divisions | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banca dei Territori |
IMI Corporate & Investment Banking |
International Subsidiary Banks(1) |
Private Banking(2) |
Asset Management(3) |
Insurance (4) |
Corporate Centre / (5) Others |
Total | |
| Operating income (€ m) | 2,194 | 1,394 | 499 | 570 | 253 | 385 | 119 | 5,414 |
| Operating margin (€ m) | 673 | 1,076 | 243 | 355 | 204 | 301 | 58 | 2,910 |
| Net income (€ m) | 528 | 168 | 35 | 245 | 145 | 201 | (298) | 1,024 |
| Cost/Income (%) | 69.3 | 22.8 | 51.3 | 37.7 | 19.4 | 21.8 | n.m. | 46.3 |
| RWA (€ bn) | 91.1 | 119.7 | 34.2 | 12.1 | 1.8 | 0.0 | 71.7 | 330.5 |
| Direct deposits from banking business (€ bn) | 291.4 | 91.8 | 51.4 | 56.7 | 0.0 | 0.0 | 58.0 | 549.3 |
| Loans to customers (€ bn) | 253.6 | 150.9 | 38.7 | 13.7 | 0.4 | 0.0 | 11.1 | 468.4 |
Note: figures may not add up exactly due to rounding
(1) Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division
(2) Fideuram, Intesa Sanpaolo Private Banking, Intesa Sanpaolo Private Bank (Suisse) Morval, REYL Group, and Siref Fiduciaria
(3) Eurizon
(4) Cargeas Assicurazioni, Fideuram Vita, Intesa Sanpaolo Assicura, Intesa Sanpaolo Insurance Agency, Intesa Sanpaolo Life, Intesa Sanpaolo RBM Salute, and Intesa Sanpaolo Vita
(5) Treasury Department, Central Structures and consolidation adjustments
| 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 income (expenses) | 7 | 3 | (57.1) |
| Operating income | 2,226 | 2,194 | (1.4) |
| Personnel expenses | (876) | (828) | (5.5) |
| Other administrative expenses | (715) | (692) | (3.2) |
| Adjustments to property, equipment and intangible assets | (2) | (1) | (50.0) |
| Operating costs | (1,593) | (1,521) | (4.5) |
| Operating margin | 633 | 673 | 6.3 |
| Net adjustments to loans | (285) | 141 | n.m. |
| Net provisions and net impairment losses on other assets | (17) | (15) | (11.8) |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 331 | 799 | 141.4 |
| Taxes on income | (109) | (265) | 143.1 |
| Charges (net of tax) for integration and exit incentives | (2) | (2) | 0.0 |
| Effect of purchase price allocation (net of tax) | (2) | (3) | 50.0 |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 0 | (1) | n.m. |
| Net income | 218 | 528 | 142.2 |
| 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 | 3 | 108.9 |
| Operating income | 2,255 | 2,194 | (2.7) |
| Personnel expenses | (920) | (828) | (10.0) |
| Other administrative expenses | (767) | (692) | (9.8) |
| Adjustments to property, equipment and intangible assets | (1) | (1) | 52.9 |
| Operating costs | (1,688) | (1,521) | (9.9) |
| Operating margin | 566 | 673 | 18.8 |
| Net adjustments to loans | (219) | 141 | n.m. |
| Net provisions and net impairment losses on other assets | (68) | (15) | (78.0) |
| Other income (expenses) | (41) | 0 | n.m. |
| Income (Loss) from discontinued operations | (0) | 0 | n.m. |
| Gross income (loss) | 238 | 799 | 235.8 |
| Taxes on income | (79) | (265) | 234.8 |
| Charges (net of tax) for integration and exit incentives | (160) | (2) | (98.8) |
| Effect of purchase price allocation (net of tax) | (12) | (3) | (74.2) |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | (1) | (1) | 17.6 |
| Net income | (14) | 528 | n.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 operating income (expenses) | 1 | (1) | n.m. | |
| Operating income | 1,412 | 1,394 | (1.3) | |
| Personnel expenses | (110) | (115) | 4.5 | |
| Other administrative expenses | (197) | (198) | 0.5 | |
| Adjustments to property, equipment and intangible assets | (5) | (5) | 0.0 | |
| Operating costs | (312) | (318) | 1.9 | |
| Operating margin | 1,100 | 1,076 | (2.2) | |
| Net adjustments to loans | (66) | (723) | 995.5 | Including €679m provisions for Russia-Ukraine exposure in 1Q22 |
| Net provisions and net impairment losses on other assets | (3) | (25) | 733.3 | |
| Other income (expenses) | 0 | 0 | n.m. | |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. | |
| Gross income (loss) | 1,031 | 328 | (68.2) | |
| Taxes on income | (325) | (155) | (52.3) | |
| Charges (net of tax) for integration and exit incentives | (5) | (5) | 0.0 | |
| Effect of purchase price allocation (net of tax) | 20 | 0 | (100.0) | |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. | |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. | |
| Minority interests | 0 | 0 | n.m. | €689m, (4.4)% excluding |
| Net income | 721 | 168 | (76.7) | provisions/writedowns for Russia Ukraine exposure in 1Q22 |
| 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 income (expenses) | 2 | (1) | n.m. | |
| Operating income | 979 | 1,394 | 42.4 | |
| Personnel expenses | (149) | (115) | (22.7) | |
| Other administrative expenses | (223) | (198) | (11.2) | |
| Adjustments to property, equipment and intangible assets | (6) | (5) | (11.4) | |
| Operating costs | (378) | (318) | (15.8) | |
| Operating margin | 602 | 1,076 | 78.8 | |
| Net adjustments to loans | 59 | (723) | n.m. | Including €679m provisions for Russia-Ukraine exposure in 1Q22 |
| Net provisions and net impairment losses on other assets | (45) | (25) | (44.1) | |
| Other income (expenses) | 0 | 0 | n.m. | |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. | |
| Gross income (loss) | 616 | 328 | (46.8) | |
| Taxes on income | (171) | (155) | (9.1) | |
| Charges (net of tax) for integration and exit incentives | (9) | (5) | (44.3) | |
| Effect of purchase price allocation (net of tax) | 0 | 0 | n.m. | |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. | |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. | |
| Minority interests | 0 | 0 | n.m. | €689m, +57.8% excluding |
| Net income | 437 | 168 | (61.5) | provisions/writedowns for Russia Ukraine exposure in 1Q22 |
€ 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 operating income (expenses) | (7) | (13) | 85.7 | |
| Operating income | 468 | 499 | 6.6 | |
| Personnel expenses | (129) | (134) | 3.9 | |
| Other administrative expenses | (92) | (92) | 0.0 | |
| Adjustments to property, equipment and intangible assets | (29) | (30) | 3.4 | |
| Operating costs | (250) | (256) | 2.4 | |
| Operating margin | 218 | 243 | 11.5 | |
| Net adjustments to loans | (47) | (136) | 189.4 | Including €122m provisions for Russia-Ukraine exposure in 1Q22 |
| Net provisions and net impairment losses on other assets | (7) | (5) | (28.6) | |
| Other income (expenses) | 2 | 1 | (50.0) | |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. | |
| Gross income (loss) | 166 | 103 | (38.0) | |
| Taxes on income | (44) | (49) | 11.4 | |
| Charges (net of tax) for integration and exit incentives | (9) | (9) | 0.0 | |
| Effect of purchase price allocation (net of tax) | 0 | 0 | n.m. | |
| Levies and other charges concerning the banking industry (net of tax) | (9) | (10) | 11.1 | |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. | |
| Minority interests | 0 | 0 | n.m. | €155m, +49.0% excluding |
| Net income | 104 | 35 | (66.3) | provisions/writedowns for Russia Ukraine exposure in 1Q22 |
Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division
€ 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 (expenses) | (9) | (13) | 41.0 | |
| Operating income | 500 | 499 | (0.2) | |
| Personnel expenses | (153) | (134) | (12.3) | |
| Other administrative expenses | (113) | (92) | (18.6) | |
| Adjustments to property, equipment and intangible assets | (32) | (30) | (6.4) | |
| Operating costs | (298) | (256) | (14.1) | |
| Operating margin | 202 | 243 | 20.1 | |
| Net adjustments to loans | (39) | (136) | 245.1 | Including €122m provisions for Russia-Ukraine exposure in 1Q22 |
| Net provisions and net impairment losses on other assets | (51) | (5) | (90.1) | |
| Other income (expenses) | 2 | 1 | (55.9) | |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. | |
| Gross income (loss) | 115 | 103 | (10.1) | |
| Taxes on income | (26) | (49) | 88.6 | |
| Charges (net of tax) for integration and exit incentives | (14) | (9) | (36.8) | |
| Effect of purchase price allocation (net of tax) | 0 | 0 | n.m. | |
| Levies and other charges concerning the banking industry (net of tax) | (5) | (10) | 113.1 | |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. | |
| Minority interests | 0 | 0 | n.m. | €155m, +122.6% excluding |
| Net income | 70 | 35 | (49.8) | provisions/writedowns for Russia Ukraine exposure in 1Q22 |
Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division
| 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 (expenses) | 7 | 3 | (57.1) |
| Operating income | 601 | 570 | (5.2) |
| Personnel expenses | (110) | (109) | (0.9) |
| Other administrative expenses | (79) | (87) | 10.1 |
| Adjustments to property, equipment and intangible assets | (18) | (19) | 5.6 |
| Operating costs | (207) | (215) | 3.9 |
| Operating margin | 394 | 355 | (9.9) |
| Net adjustments to loans | 0 | 2 | n.m. |
| Net provisions and net impairment losses on other assets | (7) | 4 | n.m. |
| Other income (expenses) | 194 | 0 | (100.0) |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 581 | 361 | (37.9) |
| Taxes on income | (181) | (104) | (42.5) |
| Charges (net of tax) for integration and exit incentives | (4) | (8) | 100.0 |
| Effect of purchase price allocation (net of tax) | 0 | (5) | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | (1) | 1 | n.m. |
| Net income | 395 | 245 | (38.0) |
| 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 |
| Operating income | 596 | 570 | (4.3) |
| Personnel expenses | (140) | (109) | (22.0) |
| Other administrative expenses | (96) | (87) | (9.3) |
| Adjustments to property, equipment and intangible assets | (19) | (19) | (1.0) |
| Operating costs | (255) | (215) | (15.6) |
| Operating margin | 341 | 355 | 4.2 |
| Net adjustments to loans | 4 | 2 | (44.4) |
| Net provisions and net impairment losses on other assets | (9) | 4 | n.m. |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 335 | 361 | 7.6 |
| Taxes on income | (92) | (104) | 13.1 |
| Charges (net of tax) for integration and exit incentives | (25) | (8) | (68.2) |
| Effect of purchase price allocation (net of tax) | (6) | (5) | (17.6) |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 1 | 1 | (25.0) |
| Net income | 213 | 245 | 15.0 |
| 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 (expenses) | 16 | 17 | 6.3 |
| Operating income | 301 | 253 | (15.9) |
| Personnel expenses | (23) | (23) | 0.0 |
| Other administrative expenses | (26) | (25) | (3.8) |
| Adjustments to property, equipment and intangible assets | (2) | (1) | (50.0) |
| Operating costs | (51) | (49) | (3.9) |
| Operating margin | 250 | 204 | (18.4) |
| Net adjustments to loans | 0 | 0 | n.m. |
| Net provisions and net impairment losses on other assets | 0 | 0 | n.m. |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 250 | 204 | (18.4) |
| Taxes on income | (68) | (57) | (16.2) |
| Charges (net of tax) for integration and exit incentives | 0 | (1) | n.m. |
| Effect of purchase price allocation (net of tax) | 0 | (1) | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | (10) | 0 | (100.0) |
| Net income | 172 | 145 | (15.7) |
| 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 | 17 | 36.4 |
| Operating income | 406 | 253 | (37.6) |
| Personnel expenses | (42) | (23) | (45.0) |
| Other administrative expenses | (32) | (25) | (22.7) |
| Adjustments to property, equipment and intangible assets | (2) | (1) | (43.8) |
| Operating costs | (76) | (49) | (35.5) |
| Operating margin | 330 | 204 | (38.1) |
| Net adjustments to loans | 0 | 0 | n.m. |
| Net provisions and net impairment losses on other assets | 0 | 0 | n.m. |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 330 | 204 | (38.1) |
| Taxes on income | (91) | (57) | (37.3) |
| Charges (net of tax) for integration and exit incentives | (6) | (1) | (84.3) |
| Effect of purchase price allocation (net of tax) | (1) | (1) | 0.3 |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | (1) | 0 | n.m. |
| Net income | 230 | 145 | (37.1) |
| 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) | 0.0 |
| Operating income | 383 | 385 | 0.5 |
| Personnel expenses | (34) | (33) | (2.9) |
| Other administrative expenses | (48) | (46) | (4.2) |
| Adjustments to property, equipment and intangible assets | (5) | (5) | 0.0 |
| Operating costs | (87) | (84) | (3.4) |
| Operating margin | 296 | 301 | 1.7 |
| Net adjustments to loans | 0 | 0 | n.m. |
| Net provisions and net impairment losses on other assets | (3) | (7) | 133.3 |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 293 | 294 | 0.3 |
| Taxes on income | (80) | (73) | (8.8) |
| Charges (net of tax) for integration and exit incentives | (1) | (2) | 100.0 |
| Effect of purchase price allocation (net of tax) | (5) | (17) | 240.0 |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 18 | (1) | n.m. |
| Net income | 225 | 201 | (10.7) |
| 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 |
| Operating income | 392 | 385 | (1.8) |
| Personnel expenses | (40) | (33) | (17.7) |
| Other administrative expenses | (70) | (46) | (34.4) |
| Adjustments to property, equipment and intangible assets | (5) | (5) | 4.3 |
| Operating costs | (115) | (84) | (26.9) |
| Operating margin | 277 | 301 | 8.6 |
| Net adjustments to loans | 0 | 0 | n.m. |
| Net provisions and net impairment losses on other assets | (179) | (7) | (96.1) |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 98 | 294 | 200.3 |
| Taxes on income | (37) | (73) | 94.8 |
| Charges (net of tax) for integration and exit incentives | (24) | (2) | (91.5) |
| Effect of purchase price allocation (net of tax) | (37) | (17) | (53.5) |
| Levies and other charges concerning the banking industry (net of tax) | 0 | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 95 | (1) | n.m. |
| Net income | 96 | 201 | 109.9 |
€ 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 value | 795 | 344 | 378 | 108 | 767 |
| Other operating income (expenses) | 32 | 19 | 25 | 16 | 3 |
| Operating income | 5,490 | 5,184 | 5,092 | 5,020 | 5,414 |
| Personnel expenses | (1,629) | (1,657) | (1,643) | (1,844) | (1,577) |
| Other administrative expenses | (651) | (710) | (693) | (845) | (612) |
| Adjustments to property, equipment and intangible assets | (307) | (301) | (302) | (338) | (315) |
| Operating costs | (2,587) | (2,668) | (2,638) | (3,027) | (2,504) |
| Operating margin | 2,903 | 2,516 | 2,454 | 1,993 | 2,910 |
| Net adjustments to loans | (402) | (599) | (543) | (1,222) | (702) |
| Net provisions and net impairment losses on other assets | (134) | (220) | (82) | (415) | (60) |
| Other income (expenses) | 198 | (7) | 63 | 78 | (4) |
| Income (Loss) from discontinued operations | 48 | 10 | (0) | (0) | 0 |
| Gross income (loss) | 2,613 | 1,700 | 1,892 | 434 | 2,144 |
| Taxes on income | (837) | (85) | (619) | (82) | (781) |
| Charges (net of tax) for integration and exit incentives | (52) | (55) | (41) | (291) | (16) |
| Effect of purchase price allocation (net of tax) | (16) | (18) | (51) | 46 | (54) |
| Levies and other charges concerning the banking industry (net of tax) | (196) | (83) | (210) | (22) | (266) |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | 0 | 0 | 0 |
| Minority interests | 4 | 48 | 12 | 94 | (3) |
| Net income | 1,516 | 1,507 | 983 | 179 | 1,024 |
€1,670m excluding provisions/writedowns for Russia-Ukraine exposure
Note: figures may not add up exactly due to rounding
€ 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 | ||||||
| Credit and debit cards | 61 | 106 | 108 | 89 | 83 | ||||||
| Commercial banking activities | 584 | 648 | 655 | 643 | 614 | ||||||
| Dealing and placement of securities | 290 | 283 | 207 | 227 | 225 | ||||||
| Currency dealing | 3 | 3 | 3 | 4 | 2 | ||||||
| Portfolio management | 733 | 781 | 764 | 896 | 706 | ||||||
| Distribution of insurance products | 406 | 383 | 401 | 417 | 403 | ||||||
| Other | 58 | 50 | 58 | 109 | 73 | ||||||
| Management, dealing and consultancy activities | 1,490 | 1,500 | 1,433 | 1,653 | 1,409 | ||||||
| Other net fee and commission income | 239 | 222 | 237 | 236 | 263 | ||||||
| Net fee and commission income | 2,313 | 2,370 | 2,325 | 2,532 | 2,286 |
Note: figures may not add up exactly due to rounding
Note: figures may not add up exactly due to rounding
Data as at 31.3.22
| Total | Total | % of the | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hungary | Slovakia | Slovenia | Croatia | Bosnia | Serbia | Albania | Romania | Moldova | Ukraine (*) |
CEE | Egypt | Group | ||
| Operating income (€ m) | 71 | 115 | 18 | 97 | 11 | 74 | 10 | 11 | 4 | 410 | 89 | 499 | 9.2% | |
| Operating costs (€ m) | 27 | 53 | 11 | 45 | 6 | 28 | 5 | 8 | 2 | 185 | 39 | 224 | 8.9% | |
| Net adjustments to loans (€ m) | 2 | 11 | 4 | 4 | 2 | 20 | (1) | 1 | 0 | 42 | 4 | 46 | 6.6% | |
| Net income (€ m) | 23 | 25 | 2 | 34 | 3 | 17 | 4 | (0) | 1 | 108 | 27 | 136 | 13.2% | |
| Customer deposits (€ bn) | 5.5 | 18.3 | 2.9 | 11.1 | 0.9 | 4.8 | 1.4 | 0.9 | 0.2 | 45.9 | 4.9 | 50.8 | 9.2% | |
| Customer loans (€ bn) | 3.4 | 16.4 | 2.1 | 7.6 | 0.8 | 4.2 | 0.4 | 0.9 | 0.1 | 35.9 | 2.6 | 38.6 | 8.2% | |
| Performing loans (€ bn) of which: |
3.3 | 16.3 | 2.1 | 7.4 | 0.8 | 4.2 | 0.4 | 0.9 | 0.1 | 35.4 | 2.6 | 38.0 | 8.2% | |
| Retail local currency | 49% | 61% | 42% | 30% | 33% | 23% | 22% | 13% | 56% | 45% | 62% | 47% | ||
| Retail foreign currency | 0% | 0% | 0% | 21% | 14% | 29% | 14% | 14% | 0% | 8% | 0% | 8% | ||
| Corporate local currency | 21% | 33% | 58% | 25% | 18% | 7% | 13% | 50% | 19% | 28% | 27% | 28% | ||
| Corporate foreign currency | 30% | 7% | 0% | 25% | 36% | 41% | 51% | 23% | 25% | 18% | 12% | 17% | ||
| Non-performing loans (€ m) | 66 | 99 | 7 | 207 | 15 | 44 | 8 | 21 | 1 | 468 | 57 | 525 | 7.7% | |
| Non-performing loans coverage | 42% | 71% | 75% | 49% | 55% | 65% | 53% | 60% | 54% | 58% | 61% | 59% | ||
| Annualised Cost of credit (1) (bps) | 18 | 27 | 79 | 22 | 79 | 188 | n.m. | 38 | 120 | 47 | 56 | 48 | ||
Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in the IMI C&IB Division
(*) Considering the limited operations of Pravex Bank in Q1 and, more in general, its not-material size, its income statement has not been consolidated; the consolidated financial statements recognised the effect on the income statement of the valuations regarding this subsidiary carried out by central functions. The subsidiary's balance sheet has been consolidated on the basis of the countervalue of 2021 year-end figures at the exchange rate as at 31.3.22
(1) Net adjustments to loans/Net customer loans
€ m
| Banking Business | |||||
|---|---|---|---|---|---|
| AC | FVTOCI | FVTPL(2) | Total(3) | LOANS | |
| 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 | 7,501 |
| Cyprus | 0 | 0 | 0 | 0 | 23 |
| Czech Republic | 103 | 0 | 0 | 103 | 972 |
| Denmark | 30 | 23 | 5 | 58 | 39 |
| Estonia | 0 | 0 | 0 | 0 | 5 |
| Finland | 271 | 79 | -34 | 316 | 292 |
| France | 7,221 | 4,691 | -1,853 | 10,059 | 12,380 |
| Germany | 1,504 | 2,107 | -342 | 3,269 | 5,878 |
| Greece | 25 | 0 | 12 | 37 | 16 |
| Hungary | 376 | 959 | 50 | 1,385 | 3,283 |
| Ireland | 804 | 1,321 | 644 | 2,769 | 659 |
| Italy | 26,575 | 20,928 | -309 | 47,194 | 362,929 |
| Latvia | 0 | 0 | 0 | 0 | 29 |
| Lithuania | 0 | 0 | 0 | 0 | 1 |
| Luxembourg | 463 | 756 | 151 | 1,370 | 7,515 |
| Malta | 0 | 0 | 0 | 0 | 146 |
| The Netherlands | 1,101 | 896 | 130 | 2,127 | 2,486 |
| Poland | 199 | 124 | 0 | 323 | 1,155 |
| Portugal | 627 | 561 | -53 | 1,135 | 146 |
| Romania | 66 | 380 | 14 | 460 | 954 |
| Slovakia | 0 | 754 | 0 | 754 | 14,122 |
| Slovenia | 1 | 251 | -17 | 235 | 2,109 |
| Spain | 6,377 | 6,894 | -660 | 12,611 | 5,065 |
| Sweden | 24 | 273 | 3 | 300 | 335 |
| Albania | 145 | 443 | 3 | 591 | 438 |
| Egypt | 129 | 1,526 | 0 | 1,655 | 3,293 |
| Japan | 109 | 3,430 | 6 | 3,545 | 578 |
| Russia | 8 | 39 | 0 | 47 | 4,846 |
| Serbia | 7 | 600 | 0 | 607 | 4,427 |
| United Kingdom | 684 | 570 | 66 | 1,320 | 13,760 |
| U.S.A. | 2,330 | 7,010 | 433 | 9,773 | 8,482 |
| Other Countries | 2,432 | 7,063 | 250 | 9,745 | 26,377 |
| Total | 54,913 | 64,924 | -1,124 118,713 # | 492,475 |
Note: management accounts. Figures may not add up exactly due to rounding
(1) Exposure to sovereign risks (central and local governments), banks and other customers. Book Value of Debt Securities and Net Loans as at 31.3.22
(2) Taking into account cash short positions
(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €84,064m (of which €58,030m in Italy)
€ 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 | 1,220 | |
| Cyprus | 0 | 0 | 0 | 0 | 0 | |
| Czech Republic | 0 | 0 | 0 | 0 | 0 | |
| Denmark | 0 | 0 | 0 | 0 | 0 | |
| Estonia | 0 | 0 | 0 | 0 | 0 | |
| Finland | 256 | 14 | -36 | 234 | 0 | |
| France | 6,585 | 2,980 | -1,930 | 7,635 | 3 | |
| Germany | 509 | 1,195 | -351 | 1,353 | 0 | |
| Greece | 0 | 0 | 7 | 7 | 0 | |
| Hungary | 179 | 931 | 50 | 1,160 | 128 | Banking business government bond |
| Ireland | 426 | 252 | 10 | 688 | 0 | duration: 6.6y |
| Italy | 17,489 | 18,644 | -1,754 | 34,379 | 9,098 | Adjusted duration due to hedging: 0.5y |
| Latvia | 0 | 0 | 0 | 0 | 25 | |
| Lithuania | 0 | 0 | 0 | 0 | 0 | |
| Luxembourg | 124 | 437 | 131 | 692 | 0 | |
| Malta | 0 | 0 | 0 | 0 | 0 | |
| The Netherlands | 880 | 54 | 7 | 941 | 0 | |
| Poland | 52 | 66 | 0 | 118 | 0 | |
| Portugal | 436 | 551 | -70 | 917 | 0 | |
| Romania | 66 | 380 | 14 | 460 | 5 | |
| Slovakia | 0 | 727 | 0 | 727 | 164 | |
| Slovenia | 1 | 244 | -17 | 228 | 205 | |
| Spain | 5,904 | 6,393 | -731 | 11,566 | 44 | |
| Sweden | 0 | 13 | 0 | 13 | 0 | |
| Albania | 145 | 443 | 3 | 591 | 0 | |
| Egypt | 129 | 1,526 | 0 | 1,655 | 450 | |
| Japan | 0 | 3,020 | 0 | 3,020 | 0 | |
| Russia | 0 | 39 | 0 | 39 | 0 | |
| Serbia | 7 | 600 | 0 | 607 | 69 | |
| United Kingdom | 0 | 183 | 2 | 185 | 0 | |
| U.S.A. | 1,342 | 5,507 | 288 | 7,137 | 0 | |
| Other Countries | 1,990 | 4,715 | 163 | 6,868 | 5,161 | |
| Total | 39,446 | 52,009 | -3,847 | 87,608 # | 16,572 |
Note: management accounts. Figures may not add up exactly due to rounding
(1) Exposure to central and local governments. Book Value of Debt Securities and Net Loans as at 31.3.22
(2) Taking into account cash short positions
(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €67,307m (of which €55,214m in Italy). The total of FVTOCI/AFS reserves (net of tax and allocation to insurance products under separate management) amounts to -€545m (of which -€19m in Italy)
€ m
| DEBT SECURITIES Banking Business |
|||||
|---|---|---|---|---|---|
| AC | FVTOCI | FVTPL(2) | Total(3) | LOANS | |
| 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 Republic | 0 | 0 | 0 | 0 | 16 |
| Denmark | 17 | 8 | 2 | 27 | 24 |
| Estonia | 0 | 0 | 0 | 0 | 0 |
| Finland | 9 | 26 | -2 | 33 | 47 |
| France | 344 | 1,037 | 16 | 1,397 | 9,890 |
| Germany | 278 | 505 | 0 | 783 | 3,433 |
| Greece | 0 | 0 | 5 | 5 | 5 |
| Hungary | 125 | 28 | 0 | 153 | 161 |
| Ireland | 7 | 27 | 0 | 34 | 330 |
| Italy | 835 | 1,374 | 880 | 3,089 | 5,220 |
| Latvia | 0 | 0 | 0 | 0 | 0 |
| Lithuania | 0 | 0 | 0 | 0 | 0 |
| Luxembourg | 126 | 189 | 8 | 323 | 268 |
| Malta | 0 | 0 | 0 | 0 | 90 |
| The Netherlands | 96 | 343 | -13 | 426 | 181 |
| Poland | 0 | 50 | 0 | 50 | 3 |
| Portugal | 0 | 0 | 0 | 0 | 1 |
| Romania | 0 | 0 | 0 | 0 | 11 |
| Slovakia | 0 | 27 | 0 | 27 | 0 |
| Slovenia | 0 | 7 | 0 | 7 | 7 |
| Spain | 233 | 306 | 63 | 602 | 853 |
| Sweden | 18 | 154 | 1 | 173 | 18 |
| Albania | 0 | 0 | 0 | 0 | 6 |
| Egypt | 0 | 0 | 0 | 0 | 103 |
| Japan | 80 | 190 | 0 | 270 | 15 |
| Russia | 0 | 0 | 0 | 0 | 101 |
| Serbia | 0 | 0 | 0 | 0 | 58 |
| United Kingdom | 176 | 233 | 50 | 459 | 3,121 |
| U.S.A. | 311 | 684 | 86 | 1,081 | 356 |
| Other Countries | 142 | 1,662 | 64 | 1,868 | 4,948 |
| Total | 3,027 | 6,944 | 1,168 | 11,139 # | 29,529 |
Note: management accounts. Figures may not add up exactly due to rounding
(1) Book Value of Debt Securities and Net Loans as at 31.3.22
(2) Taking into account cash short positions
(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €6,759m (of which €1,113m in Italy)
| 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 | 0 | 23 |
| Czech Republic | 103 | 0 | 0 | 103 | 956 |
| Denmark | 13 | 15 | 3 | 31 | 15 |
| Estonia | 0 | 0 | 0 | 0 | 5 |
| Finland | 6 | 39 | 4 | 49 | 245 |
| France | 292 | 674 | 61 | 1,027 | 2,487 |
| Germany | 717 | 407 | 9 | 1,133 | 2,445 |
| Greece | 25 | 0 | 0 | 25 | 11 |
| Hungary | 72 | 0 | 0 | 72 | 2,994 |
| Ireland | 371 | 1,042 | 634 | 2,047 | 329 |
| Italy | 8,251 | 910 | 565 | 9,726 | 348,611 |
| Latvia | 0 | 0 | 0 | 0 | |
| Lithuania | 0 | 0 | 0 | 0 | |
| Luxembourg | 213 | 130 | 12 | 355 | 7,247 |
| Malta | 0 | 0 | 0 | 0 | 56 |
| The Netherlands | 125 | 499 | 136 | 760 | 2,305 |
| Poland | 147 | 8 | 0 | 155 | 1,152 |
| Portugal | 191 | 10 | 17 | 218 | 145 |
| Romania | 0 | 0 | 0 | 0 | 938 |
| Slovakia | 0 | 0 | 0 | 0 | 13,958 |
| Slovenia | 0 | 0 | 0 | 0 | 1,897 |
| Spain | 240 | 195 | 8 | 443 | 4,168 |
| Sweden | 6 | 106 | 2 | 114 | 317 |
| Albania | 0 | 0 | 0 | 0 | 432 |
| Egypt | 0 | 0 | 0 | 0 | 2,740 |
| Japan | 29 | 220 | 6 | 255 | 563 |
| Russia | 8 | 0 | 0 | 8 | 4,745 |
| Serbia | 0 | 0 | 0 | 0 | 4,300 |
| United Kingdom | 508 | 154 | 14 | 676 | 10,639 |
| U.S.A. | 677 | 819 | 59 | 1,555 | 8,126 |
| Other Countries | 300 | 686 | 23 | 1,009 | 16,268 |
| Total | 12,440 | 5,971 | 1,555 | 19,966 # | 446,374 |
Note: management accounts. Figures may not add up exactly due to rounding
(1) Book Value of Debt Securities and Net Loans as at 31.3.22
(2) Taking into account cash short positions
(3) The total of debt securities from Insurance business (excluding securities in which money is collected through insurance policies where the total risk is retained by the insured) amounts to €9,998m (of which €1,703m in Italy)
"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 document results, books and accounting records".
* * *
This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate.
Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions.
All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
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