Investor Presentation • Feb 4, 2022
Investor Presentation
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Excellent performance with Balance sheet further strengthened
February 4, 2022
MIL-BVA362-03032014-90141/VR
Best year since 2007 for Net income at €4.2bn (+19% vs FY20(1)), €5.3bn excluding additional provisions on NPL portfolios to accelerate NPL deleveraging
€2.9bn cash dividends for 2021, equal to a 70% payout ratio
Best-ever year for Operating income (+1.9% vs FY20(2)) and Operating margin (+5.4% vs FY20(2))
Best-ever year for Commissions (+9.3% vs FY20(2)), with €90bn growth in Customer financial assets
Decrease in Operating costs (-1.1% vs FY20(2)), with Cost/Income down to 52.5% (-1.6pp vs FY20(2))
€5.7bn gross NPL reduction on a yearly basis (€10.5bn on a pro-forma basis(3), of which €7.8bn in Q4(3))
Lowest-ever gross NPL inflow coupled with a strong increase in NPL coverage (53.6%, +5pp vs FY20)
Lowest-ever NPL stock and ratios, with gross NPL ratio at 2.4%(4) and net NPL ratio at 1.2%(4) (<2% and <1% on a pro-forma basis(3)(4))
Excellent performance despite COVID-19 impact while successfully merging UBI Banca and paving the way for the new Business Plan
(3) Taking into account ~€4.8bn gross (~€1.5bn net) 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 31.12.21
(4) According to EBA definition
(1) Excluding the accounting effect of the combination with UBI Banca and goodwill impairment
(2) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and, 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
Pre-tax, € m
Note: figures may not add up exactly due to rounding
(1) Q2 and Q3 additional provisions enabling a total of ~€1.5bn gross NPL disposals
(2) Booked in Net provisions and Net impairment losses on other assets
(3) Still booked in NPL as at 31.12.21
MIL-BVA362-03032014-90141/VR
(1) Excluding goodwill and intangible assets impairment
(2) Management data including the contribution of the two former Venetian banks – excluding public cash contribution – and the Morval Group consolidation
(3) Excluding the accounting effect of the combination with UBI Banca and goodwill impairment
(4) Including €1.5bn to be paid in May 2022, related to 2021
(1) Including €1.4bn paid as an interim dividend on 24.11.21
(2) Direct and indirect
(3) Deriving from Non-performing loans outflow
MIL-BVA362-03032014-90141/VR
| Continuous support to the real economy and society | immediate business reaction | |||
|---|---|---|---|---|
| Voluntary donations |
to the National Health System through the Civil €100m Protection Department to support families in financial and social difficulty €10m €6m from CEO (€1m) and top management for healthcare initiatives, with additional voluntary donations from ISP People and Board of Directors through ForFunding to Civil Protection Department €3.5m from ISP Charity Fund for COVID-19 scientific €1m research from Fondazione Intesa Sanpaolo Onlus for €600k vulnerable individuals to Associazione Nazionale Alpini for a field €350k hospital in Bergamo €200k to NGO WellGiving in Slovakia, to support hospitals during the COVID-19 emergency |
FY21(5) vs FY20 Enhanced digital service(6) |
Multichannel clients App users (4.6/5.0 rating on iOS(8) and 4.5/5.0 on Android(8)) # of digital operations # of digital sales(9) |
~12.9m, ~+1.3m ~8.1m, ~+1.1m ~163.6m, +13% ~3.6m, +76% |
| (3) suspension of existing mortgage and loan €115bn installments for families and companies in credit made available to support companies €50bn (4) |
# of digital payments(10) | ~47.4m, +122% | ||
| Lending support |
and professionals during the emergency €32bn in loans with a State guarantee (4) €10bn in new credit facilities to boost ~2,500 Italian industrial supplier chains |
Flexible and | Conference call/ video conference (average usage per |
~328k |
| €11bn in loans with a SACE guarantee €80m Programma Rinascimento, including impact loans to micro-enterprises and start-ups for the recovery and re-shaping of their business models |
secure remote work infrastru cture(7) |
day in 2021) Instant messaging (average usage per |
~410k |
€150m (equal to 50%) of the ISP Fund for Impact will be used to reduce the socio-economic distress caused by COVID-19
| ▪ | ISP ranked first, for the second consecutive year, among Italian corporates in |
|---|---|
| the "Cyber Resilience amid a Global Pandemic" by AIPSA(11) |
day in 2021)
ISP "AI Sales" awarded as best digital sales innovation program
(1) Premio Variabile di Risultato
ISP People
| Objectives | ▪ Consolidating Group leadership around ESG/Climate topics ▪ Identification and prioritising of ESG/Climate initiatives most relevant for the Group |
|---|---|
| Governance | ▪ Specific sessions of the Executive Committee that meets at least every 3 months to discuss ESG/Climate topics ▪ Dedicated ESG Control Room, including 17 Sustainability Managers from all Divisions and Governance areas, coordinated through a central ISP4ESG team, to support the Executive Committee in defining priorities and new initiatives |
| Initiatives (selected highlights) |
▪ Dedicated ESG advisory service and ESG-linked loans to SMEs ▪ ESG specialist coverage and product team supporting IMI C&IB Division Relationship Managers and clients ▪ Strong focus on ESG funds (~€110bn(1) managed by Eurizon) ▪ Strategic framework and product working group aimed at defining the guidelines for sustainable products for the Group and a credit framework that integrates ESG/Climate metrics in accordance with relevant regulations ▪ In July 2021, ISP reviewed its Coal Policy including a phase out of coal mining by 2025, and introduced a new policy on Unconventional Oil & Gas resources with immediate termination of new loans and phase out by 2030 ▪ ISP has developed a proprietary ESG Scoring methodology at counterparty level for non-financial corporates and is integrating it into the credit risk appetite framework ▪ Dedicated ESG training within the ISP4ESG Program for ISP People (>38,000 trained) and corporate clients (Skills4capital) ▪ ISP's green fleet of hybrid vehicles strengthened ▪ In September 2021, ISP committed to adopt and implement the Stakeholder Capitalism Metrics developed by the World Economic Forum |
(1) As of 31.12.21 classified under Articles 8 and 9 of the SFDR Regulation
(2) Own emissions, lending and asset management
(3) Net-Zero Banking Alliance, Net-Zero Asset Managers Initiative, Net-Zero Asset Owner Alliance and Net-Zero Insurance Alliance
| Ecobonus: ISP ready to buy tax credits to support families, condominiums and businesses In 2021, evaluated ~780 startups |
through modular and flexible financial solutions benefitting from the provisions of the "Decreto Rilancio" which raise the |
|---|---|
| deduction to 110% for expenses related to energy efficiency and measures to reduce seismic (~3,420 since 2018) in 7 acceleration programs, with 209 |
risk |
| coached startups (~600 since 2018), introducing them to | Donated €100m to strengthen the National Health System through the Civil Protection Department across Italy, and in particular in the most affected areas of Bergamo and Brescia. 16 hospitals and 3 |
| selected investors and ecosystem players (~6,150 to date) COVID-19 Emergency Centres |
have benefitted from the donation with the creation of 36 new hospital wards and 500 hospital beds mainly in Intensive and Sub-Intensive Care Units |
| Circular Economy credit plafond: ~€7.7bn disbursed since €10m to support families in financial and social difficulty due to the COVID-19 crisis, of which €5m donated to Ricominciamo |
Insieme project of the Diocese of Bergamo and €5m donated to the |
| inception (~€5.5bn in 2021) Diocese of Brescia |
|
| In October 2021, ISP launched Digital Loans (D-Loans) aimed at improving the digitalisation of companies: €1.1m disbursed since the launch from ISP People and Board |
€6m in donations coming from the CEO (€1m) and top management's 2019 variable compensation, to strengthen healthcare initiatives, with additional voluntary donations coming |
| Green Bond issued in March 2021 for €1.25bn focused on green mortgages €3.5m donated through ForFunding – the ISP crowdfunding platform – |
to support Civil Protection Department COVID-19 initiatives |
| granted for the construction or purchase of energy efficient properties (energy €1m allocated from the ISP Charity Fund to boost COVID-19 scientific research classification A and B); the orderbook exceeded €3.5bn |
|
| Three other Green Bonds issued in 2019 and 2017 for a total amount of €1.75bn (€750m €600k intervention by the Fondazione Intesa Sanpaolo Onlus |
to support entities that have guaranteed primary services and direct assistance to vulnerable individuals |
| Circular, €500m renewables and energy efficiency and €500m renewable energy sectors by UBI) |
€350k donated to ANA(1) to accelerate the construction of a field hospital in Bergamo |
| In July 2020, ISP allocated a €2bn plafond for S-Loans (~€1.3bn granted since launch, of which ~€1.2bn €200k to NGO WellGiving |
in Slovakia, to support hospitals during the COVID-19 emergency |
| in 2021) dedicated to SMEs to finance projects aimed at improving their sustainability profile In April 2021, the product offer was expanded with S-Loan Diversity, in July 2021 with S-Loan Climate |
€115bn(2) suspension of existing mortgage and loan installments for families and companies (1st in Italy to launch the initiative before the regulation came into force) |
| Change and in November 2021 with S-Loan Agribusiness and S-Loan Tourism. All S-Loans have a reduced interest rate, subject to annual monitoring of 2 ESG KPIs that must be reported in the borrower's annual report. The S-Loans and Circular Economy loans may be eligible for the SACE Green agreement |
€50bn in credit made available to support companies and professionals aimed at protecting jobs and managing payments during the emergency |
| €32bn(3) in loans with a State guarantee | |
| Initiatives to reduce child poverty and support people in need well ahead of Business Plan target, | €10bn in new credit facilities to boost ~2,500 Italian industrial supplier value chains through enhancement of the |
| delivering since 2018: | Sviluppo Filiere Program |
| ▪ ~24.8 million meals |
|
| ▪ ~1.5 million dormitory beds |
€11bn(3) in loans with a guarantee from SACE (1st in Italy to sign the collaboration protocol with SACE, providing immediate support to large corporates and SMEs under Liquidity Decree) |
| ▪ ~296,250 medicine prescriptions |
|
| ▪ ~249,200 articles of clothing |
€80m Programma Rinascimento, including impact loans to micro-enterprises and start-ups, for the recovery and to re-shape their business models for the post COVID-19 era, leveraging on growth and innovation projects, boosting |
| ISP's "Giovani e Lavoro" Program, in partnership with Generation Italy, aimed at training | economic growth and social and territorial cohesion. Launched in Bergamo (€30m, in partnership with the Municipality) |
| and introducing 5,000 young people to the Italian labour market: | and in Florence (€50m, in partnership with CR Firenze Foundation) |
| ~9,000 young people (aged 18-29) applied to the Program in 2021 (more than 24,000 since 2019). More than 1,600 students interviewed and ~750 students trained/in training through 29 courses in |
Gallerie d'Italia: 14 new exhibitions opened in 2021. In Q4: "The Grand Tour" at GdI-Milan, in partnership |
| ISP Fund for Impact launched in 4Q18 (~€1.5bn 2021 (more than 5,200 students interviewed and more than 2,200 students trained/in training since |
with Hermitage Museum-St. Petersburg and Museo Archeologico Nazionale-Naples, accompanied by an |
| lending capacity). Main initiatives: 2019). More than 2,000 companies involved since the beginning of the Program |
innovative digital experience; "How we will be" at GdI-Vicenza, a selection of photos from the ISP Publifoto |
| "Per Merito", the first line of credit without collateral ISP is the Main Sponsor of Generation4Universities, developed by |
Archive; two paintings by Cima da Conegliano, "Illustrious guests" at the Turin Skyscraper from Petit Palais |
| dedicated to university students residing in Italy, studying Generation Italy and McKinsey & Co, aimed at facilitating talented senior |
Paris and Pinacoteca Nazionale-Bologna. The construction sites of the new GdI in Turin and Naples have |
| in Italy or abroad; €71m granted in 2021 (~€162m since year university students - facing difficulty in living up to their potential due |
advanced considerably |
| the beginning of 2019) to external factors - to start a successful professional career. MAMMA@WORK: a highly-subsidised loan launched in July 2020 to |
Museum for all: among the initiatives dedicated to social inclusion, opening of the educational-exhibition project |
| The Program, which ended in July, involved 70 students from 31 balance motherhood and work in their children's early years of life |
"Clay. Stories of Vases" set up at GdI-Vicenza, in collaboration with Università degli Studi-Padua, equipped with audio, |
| universities and 18 top-tier Italian corporations as potential employers (~€0.8m in 2021; ~€1m granted since the launch) |
video and tactile supports to be widely accessible |
| P-Tech initiative, in partnership with IBM, aimed at Support to working mothers in India and people over 50 who have lost their jobs |
In 2021, 166 artworks from owned collections participated in 44 temporary exhibitions in national and international |
| training young professionals in new digital skills: or have difficulty accessing pension schemes |
museums |
| 3 webinars a year for all participants, a 3-day workshop "Per Esempio" – dedicated to Civil Service volunteers , "per Crescere" dedicated to school |
Important partnerships with public and private entities: Artissima-International Contemporary Art Fair in Turin with |
| for those interested in finance and mentoring activities age children's parents, "per avere Cura" for families with non-self-sufficient relatives. All 3 |
enhancement of masterpieces from the ISP collections; International Book Fair, Turin; Municipality of Milan, support for |
| with 20 ISP mentors for 40 young professionals initiatives launched in July 2021 |
the traditional Christmas exhibition in Palazzo Marino "The Renaissance in Bergamo and Brescia" |
| XME StudioStation launched in August 2020: loans to families to support distance learning (~€0.5m |
|
| granted in 2021; ~€1.7m granted since launch) | |
| (1) Associazione Nazionale Alpini |
(2) Suspensions granted until 31.12.21 (flows), including renewals, including UBI Banca and considering the disposal of branches sold in 1H (3) As of 31.12.21, including UBI Banca and considering the disposal of branches sold in 1H
MIL-BVA362-03032014-90141/VR
SELECTED HIGHLIGHTS
| The only Italian bank listed in | 67 | A | AAA | 99 | 16.8 | ||
|---|---|---|---|---|---|---|---|
| the Dow Jones Sustainability | 62 | A | AAA | 99 | 20.6 | ||
| Indices. | 57 | A | AAA | 97 | 20.7 | ||
| Ranked first among peers by | 57 | A | AA | 94 | 21.7 | ||
| Bloomberg (ESG Disclosure Score), Sustainalytics and MSCI |
56 | A | AA | 94 | 22.2 | ||
| 56 | A | AA | 94 | 22.4 | |||
| 55 | A | AA | 93 | 22.5 | |||
| 55 | B | AA | 92 | 22.6 | |||
| 54 | B | AA | 92 | 23.3 | |||
| In 2021 ranking by Institutional | 54 | B | AA | 81 | 23.9 | ||
| Investor, ISP was Europe's Best | 54 | B | AA | 79 | 24.1 | ||
| Bank and Italy's Best Company for ESG Aspects |
54 | B | AA | 78 | 24.5 | ||
| 54 | B | AA | 71 | 24.9 | |||
| 54 | B | A | 70 | 25.6 | |||
| In October 2021, ISP was | 53 | B | A | 70 | 27.4 | ||
| included in the Euronext - Borsa |
50 | B | A | 69 | 27.8 | ||
| Italiana MIB ESG Index |
46 | F | A | 65 | 28.2 |
Top ranking(1) for Sustainability
(1) ISP peer group
Source: Bloomberg ESG Disclosure Score (Bloomberg as of 31.12.21), CDP Climate Change Score 2021 (https://www.cdp.net/en/companies/companies-scores); MSCI ESG Score (https://www.msci.com/esg-ratings) data as of 31.12.21; S&P Global (Bloomberg as of 31.12.21); Sustainalytics score (https://www.sustainalytics.com/ ESG Risk Rating as of 31.12.21)
MIL-BVA362-03032014-90141/VR
Ready for the new Business Plan
MIL-BVA362-03032014-90141/VR
(1) Excluding the accounting effect of the combination with UBI Banca and goodwill impairment
(2) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and, 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) 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) Pro-forma fully loaded Basel 3 (31.12.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21, the expected absorption of DTA on losses carried forward and the expected distribution on FY21 Net income of insurance companies)
(5) €3.4bn buyback subject to ECB and shareholder approval. Buyback amount equivalent to 2019 suspended dividend
(6) Taking into account ~€4.8bn gross (~€1.5bn net) 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 31.12.21
FY21 P&L – 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
Note: figures may not add up exactly due to rounding
4Q21 P&L € m
Note: figures may not add up exactly due to rounding
(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and, 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; excluding accounting effects from the combination with UBI Banca and goodwill impairment
(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
(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and, 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) 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
Customer financial assets(1)(2)
Note: figures may not add up exactly due to rounding
(1) Net of duplications between Direct deposits and Indirect customer deposits
(2) Including UBI Banca, considering the disposal of branches sold in 1H21 and the full line-by-line consolidation of the REYL Group and 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)
▪ ~3,380 headcount reduction on a yearly basis
(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and, 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
25th quarter of continuous deleveraging, with 2018-21 NPL deleveraging target exceeded by €11bn, €16bn on a pro-forma basis(4)
Note: figures may not add up exactly due to rounding
(2) As at 31.12.21
MIL-BVA362-03032014-90141/VR
(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and, 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) 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
MIL-BVA362-03032014-90141/VR
Note: figures may not add up exactly due to rounding
(1) Pro-forma fully loaded Basel 3 (31.12.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21, the expected absorption of DTA on losses carried forward and the expected distribution on FY21 Net income of insurance companies)
(2) €3.4bn buyback subject to ECB and shareholder approval. Buyback amount equivalent to 2019 suspended dividend
MIL-BVA362-03032014-90141/VR
19
2021: excellent performance
Ready for the new Business Plan
(1) Not including €4.5bn gross NPL (€1.2bn net) booked in Discontinued operations as of 31.12.21
(2) Taking into account ~€4.8bn gross (~€1.5bn net) 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 31.12.21
(3) €3.4bn buyback subject to ECB and shareholder approval. Buyback amount equivalent to 2019 suspended dividend
(4) Pro-forma fully loaded Basel 3 (31.12.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21, the expected absorption of DTA on losses carried forward and the expected distribution on FY21 Net income of insurance companies)
(5) 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
Note: figures may not add up exactly due to rounding
(1) Fully phased-in CET1. Sample: BBVA, Deutsche Bank, ING Group, Nordea, Santander, UBS and UniCredit (31.12.21 data); Barclays, BNP Paribas, Commerzbank, Crédit Agricole S.A., Credit Suisse, HSBC, Lloyds Banking Group, Société Générale and Standard Chartered (30.9.21 data)
(2) Total illiquid assets include net NPL stock, Level 2 assets and Level 3 assets. Sample: BBVA, Deutsche Bank, ING Group, Nordea, Santander, UBS and UniCredit (net NPL 31.12.21 data); Barclays, Commerzbank, Crédit Agricole S.A., Credit Suisse, HSBC, Lloyds Banking Group, Société Générale and Standard Chartered (net NPL 30.9.21 data); BNP Paribas (net NPL 30.6.21 data). Level 2 and Level 3 assets 30.6.21 data; (Nordea 31.12.21 data)
Growth in Revenues and continued Cost management…
… leading to Operating margin growth
Strong decline in Cost of risk… … triggering further growth in Gross income
>€5bn Net income in 2022, with a 70% payout ratio
| € m | |||
|---|---|---|---|
| 2021(1) | 31.12.21 | ||
| Operating income |
20,786 | Loans to customers | 465,254 |
| Operating costs |
(10,920) | Customer financial assets(2) | 1,276,312 |
| Cost/Income ratio | 52.5% | of which Direct deposits from banking business | 555,565 |
| Operating margin | 9,866 | of which Direct deposits from insurance business and technical reserves |
204,479 |
| Gross income (loss) | 6,639 | of which Indirect customer deposits | 719,231 |
| Net income | 4,185 | - Assets under management |
474,405 |
| - Assets under administration |
244,826 | ||
| RWA | 326,903 | ||
| Total assets | 1,069,003 |
Note: figures may not add up exactly due to rounding
(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) Net of duplications between Direct deposits and Indirect customer deposits
25
Liquidity, Funding and Capital base
Asset quality
Divisional results and other information
€ m
| 2020 | 2021 | D % |
||
|---|---|---|---|---|
| redetermined(1) [ A ] |
stated(2) [ B ] |
redetermined(3) [ C ] |
[ C ] / [ A ] | |
| Net interest income | 8,278 | 7,966 | 7,900 | (4.6) |
| Net fee and commission income | 8,725 | 9,634 | 9,540 | 9.3 |
| Income from insurance business | 1,685 | 1,586 | 1,629 | (3.3) |
| Profits on financial assets and liabilities at fair value | 1,675 | 1,626 | 1,625 | (3.0) |
| Other operating income (expenses) | 37 | 106 | 92 | 148.6 |
| Operating income | 20,400 | 20,918 | 20,786 | 1.9 |
| Personnel expenses | (6,705) | (6,824) | (6,773) | 1.0 |
| Other administrative expenses | (3,078) | (2,892) | (2,899) | (5.8) |
| Adjustments to property, equipment and intangible assets | (1,256) | (1,246) | (1,248) | (0.6) |
| Operating costs | (11,039) | (10,962) | (10,920) | (1.1) |
| Operating margin | 9,361 | 9,956 | 9,866 | 5.4 |
| Net adjustments to loans | (4,493) | (2,772) | (2,766) | (38.4) |
| Net provisions and net impairment losses on other assets | (365) | (848) | (851) | 133.2 |
| Other income (expenses) | 97 | 332 | 332 | 242.3 |
| Income (Loss) from discontinued operations | 1,588 | 0 | 58 | (96.3) |
| Gross income (loss) | 6,188 | 6,668 | 6,639 | 7.3 |
| Taxes on income | (1,510) | (1,622) | (1,623) | 7.5 |
| Charges (net of tax) for integration and exit incentives | (1,549) | (439) | (439) | (71.7) |
| Effect of purchase price allocation (net of tax) | 1,960 | (39) | (39) | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | (513) | (524) | (4) (511) |
(0.4) |
| Impairment (net of tax) of goodwill and other intangible assets | (912) | 0 | 0 | n.m. |
| Minority interests | (387) | 141 | 158 | n.m. |
| Net income | 3,277 | 4,185 | 4,185 | 27.7 |
| Net income excluding the accounting effect of the combination with UBI Banca and of the impairment of goodwill |
3,505 | 4,185 | 4,185 | 19.4 |
Note: figures may not add up exactly due to rounding
(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and - 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) 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
(3) 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) €745m pre-tax of which charges for the Resolution Fund: €278m pre-tax (€192m net of tax), charges for the Deposit Guarantee Scheme: €340m pre-tax (€230m net of tax), and additional contribution to the National Resolution Fund: €103m pre-tax (€69m net of tax)
| 4Q21 | |||
|---|---|---|---|
| Net interest income | 1,999 | 1,954 | (2.3) |
| Net fee and commission income | 2,325 | 2,532 | 8.9 |
| Income from insurance business | 365 | 410 | 12.3 |
| Profits on financial assets and liabilities at fair value | 378 | 108 | (71.4) |
| Other operating income (expenses) | 25 | 16 | (36.0) |
| Operating income | 5,092 | 5,020 | (1.4) |
| Personnel expenses | (1,643) | (1,844) | 12.2 |
| Other administrative expenses | (693) | (845) | 21.9 |
| Adjustments to property, equipment and intangible assets | (302) | (338) | 11.9 |
| Operating costs | (2,638) | (3,027) | 14.7 |
| Operating margin | 2,454 | 1,993 | (18.8) |
| Net adjustments to loans | (543) | (1,222) | 125.0 |
| Net provisions and net impairment losses on other assets | (82) | (415) | 406.1 |
| Other income (expenses) | 63 | 78 | 23.8 |
| Income (Loss) from discontinued operations | (0) | (0) | n.m. |
| Gross income (loss) | 1,892 | 434 | (77.1) |
| Taxes on income | (619) | (82) | (86.8) |
| Charges (net of tax) for integration and exit incentives | (41) | (291) | 609.8 |
| Effect of purchase price allocation (net of tax) | (51) | 46 | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | (210) | (22) | (89.5) |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 12 | 94 | 683.3 |
| Net income | 983 | 179 | (81.8) |
1.6% growth in average Performing loans to customers vs 4Q20
Increase in the commercial component
(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
MIL-BVA362-03032014-90141/VR
Note: figures may not add up exactly due to rounding
(1) ~€242m benefit from hedging on core deposits in FY21, of which ~€70m in 4Q21
(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
€4.5bn in AuM net inflows in 4Q21
Best year ever despite multiple lockdowns and while successfully merging UBI Banca
(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
Note: figures may not add up exactly due to rounding
(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) Including UBI Banca and not considering the disposal of branches sold in 1H21
MIL-BVA362-03032014-90141/VR
(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
Strong increase in NPL coverage (53.6% vs 48.6% as at 31.12.20)
Twenty-fifth consecutive quarterly reduction in NPL stock
(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
Detailed consolidated P&L results
Liquidity, Funding and Capital base
Asset quality
Divisional results and other information
240 245
Note: figures may not add up exactly due to rounding
(1) Net of duplications between Direct deposits and Indirect customer deposits
(2) Including UBI Banca, considering the disposal of branches sold in 1H21 and the full line-by-line consolidation of the REYL Group and 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)
Assets under mgt.
Note: figures may not add up exactly due to rounding
(1) Including Senior non-preferred
(2) Certificates of deposit + Commercial papers
(3) Including Certificates
195 192 31.12.20 30.9.21 31.12.21 181 Liquid assets(1) Unencumbered eligible assets with Central Banks(2) (net of haircuts)
▪ Refinancing operations with the ECB: ~€132bn(3) consisting entirely of TLTRO III, out of a maximum allowance of ~€133bn
▪ Loan to Deposit ratio(4) at 84%
(4) Loans to customers/Direct deposits from banking business
MIL-BVA362-03032014-90141/VR
(1) Stock of own-account eligible assets (including assets used as collateral and excluding eligible assets received as collateral) and cash & deposits with Central Banks
(2) Eligible assets freely available (excluding assets used as collateral and including eligible assets received as collateral) and cash & deposits with Central Banks
(3) €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)
(2) Subject to ECB and shareholder approval. Buyback amount equivalent to 2019 suspended dividend
(3) Pro-forma fully loaded Basel 3 (31.12.21 financial statements considering the total absorption of DTA related to IFRS9 FTA, goodwill realignment/adjustments to loans/non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the operations of the two former Venetian banks, DTA related to the combination with UBI Banca and to the new agreement with trade unions signed on 16.11.21, the expected absorption of DTA on losses carried forward and the expected distribution on FY21 Net income of insurance companies)
(1) Including €1.4bn paid as interim dividend on 24.11.21
Detailed consolidated P&L results
Liquidity, Funding and Capital base
Asset quality
Divisional results and other information
Cash coverage; %
(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)
(3) Including UBI Banca
€ 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 |
31.12.20(1) | 30.9.21(2) | 31.12.21(3) | € bn |
31.12.20(5) | 30.9.21(6) | 31.12.21(7) | |||
| Bad loans | 9.6 | 9.1 | 7.2 | Bad loans | 4.0 | 3.6 | 2.1 | |||
| - of which forborne |
1.6 | 1.9 | 1.5 | - of which forborne |
0.7 | 0.8 | 0.5 | |||
| Unlikely to pay | 10.7 | 8.4 | 7.3 | Unlikely to pay | 6.2 | 5.0 | 4.3 | |||
| - of which forborne |
4.2 | 3.5 | 2.9 | - of which forborne |
2.8 | 2.4 | 2.1 | |||
| Past due | 0.6 | 0.7 | 0.8 | Past due | 0.5 | 0.6 | 0.6 | |||
| - of which forborne |
- | 0.1 | 0.2 | - of which forborne |
- | - | 0.1 | |||
| Total | 20.9 | 18.3 | 15.2 | €10.4bn pro-forma(4) | Total | 10.7 | 9.1 | 7.1 | €5.6bn pro-forma(4) | |
| 4.4 | 3.8 | 3.2 | 2.2 pro-forma(4) | 2.3 | 2.0 | 1.5 | 1.2 pro-forma(4) | |||
| 3.6 | 2.9 | 2.4 | ˂2 pro-forma(4) | 1.9 | 1.5 | 1.2 | ˂1 pro-forma(4) |
Note: figures may not add up exactly due to rounding
(1) Not including €5.4bn gross NPL booked in Discontinued operations
(2) Not including €4.7bn gross NPL booked in Discontinued operations
(3) Not including €4.5bn gross NPL booked in Discontinued operations
(4) Taking into account ~€4.8bn gross (~€1.5bn net) 2022 NPL disposals already funded in 4Q21 and still booked in NPL as at 31.12.21
(5) Not including €2.1bn net NPL booked in Discontinued operations
(6) Not including €1.7bn net NPL booked in Discontinued operations
(7) Not including €1.2bn net NPL booked in Discontinued operations
| 31.12.21 | |
|---|---|
| Loans of the Italian banks and companies of the Group | |
| Households | 30.4% |
| Public Administration | 3.7% |
| Financial companies | 7.8% |
| Non-financial companies of which: |
45.5% |
| UTILITIES | 4.8% |
| SERVICES | 4.3% |
| REAL ESTATE | 3.6% |
| TRANSPORTATION MEANS | 3.4% |
| DISTRIBUTION | 3.0% |
| CONSTRUCTION AND MATERIALS FOR CONSTR. | 2.9% |
| TRANSPORT | 2.5% |
| FOOD AND DRINK | 2.5% |
| METALS AND METAL PRODUCTS | 2.4% |
| INFRASTRUCTURE | 2.2% |
| FASHION | 2.1% |
| ENERGY AND EXTRACTION | 2.0% |
| MECHANICAL | 1.6% |
| TOURISM | 1.6% |
| AGRICULTURE | 1.5% |
| CHEMICALS, RUBBER AND PLASTICS | 1.4% |
| ELECTRICAL COMPONENTS AND EQUIPMENT | 0.8% |
| PHARMACEUTICAL | 0.8% |
| FURNITURE AND WHITE GOODS | 0.7% |
| MEDIA | 0.5% |
| WOOD AND PAPER | 0.5% |
| OTHER CONSUMPTION GOODS | 0.2% |
| Loans of international banks and companies of the Group | 11.0% |
| Non-performing loans | 1.5% |
| TOTAL | 100.0% |
| Moratoria stock as at 31.12.21 | |||||||
|---|---|---|---|---|---|---|---|
| Segments | # Clients (k) | Volumes (€ bn) | % of total net loan portfolio |
||||
| Households | 5 | 1 | 0.1% | ||||
| Enterprises | 8 | 4 | 0.9% | ||||
| Total | 13 | (1) 5 |
1.0% |
Note: figures may not add up exactly due to rounding (1) €1.1bn 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 31.12.21 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 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 redetermined(6) |
|
| Operating income (€ m) | 8,938 | 4,571 | 1,972 | 2,376 | 1,344 | 1,572 | 13 | 20,786 |
| Operating margin (€ m) | 2,473 | 3,206 | 900 | 1,470 | 1,105 | 1,171 | (459) | 9,866 |
| Net income (€ m) | 385 | 2,202 | 463 | 1,076 | 787 | 712 | (1,440) | 4,185 |
| Cost/Income (%) | 72.3 | 29.9 | 54.4 | 38.1 | 17.8 | 25.5 | n.m. | 52.5 |
| RWA (€ bn) | 94.3 | 112.2 | 34.4 | 11.6 | 1.8 | 0.0 | 72.5 | 326.9 |
| Direct deposits from banking business (€ bn) | 296.3 | 88.9 | 51.5 | 54.2 | 0.0 | 0.0 | 64.6 | 555.6 |
| Loans to customers (€ bn) | 251.0 | 152.1 | 39.0 | 13.8 | 0.8 | 0.0 | 8.6 | 465.3 |
Note: figures may not add up exactly due to rounding
(1) Excluding the Russian subsidiary Banca Intesa which is included in IMI C&IB
(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
(6) 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
| 2020 | 2021 | D% | |
|---|---|---|---|
| redetermined | |||
| Net interest income | 4,199 | 3,985 | (5.1) |
| Net fee and commission income | 4,548 | 4,836 | 6.3 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | 109 | 103 | (5.5) |
| Other operating income (expenses) | 11 | 14 | 27.3 |
| Operating income | 8,867 | 8,938 | 0.8 |
| Personnel expenses | (3,590) | (3,526) | (1.8) |
| Other administrative expenses | (3,067) | (2,933) | (4.4) |
| Adjustments to property, equipment and intangible assets | (4) | (6) | 50.0 |
| Operating costs | (6,661) | (6,465) | (2.9) |
| Operating margin | 2,206 | 2,473 | 12.1 |
| Net adjustments to loans | (2,909) | (1,235) | (57.5) |
| Net provisions and net impairment losses on other assets | (104) | (120) | 15.4 |
| Other income (expenses) | 29 | 12 | (58.6) |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | (778) | 1,130 | n.m. |
| Taxes on income | 331 | (358) | n.m. |
| Charges (net of tax) for integration and exit incentives | (16) | (180) | n.m. |
| Effect of purchase price allocation (net of tax) | (6) | (15) | 150.0 |
| Levies and other charges concerning the banking industry (net of tax) | (142) | (190) | 33.8 |
| Impairment (net of tax) of goodwill and other intangible assets | (912) | 0 | n.m. |
| Minority interests | 0 | (2) | n.m. |
| Net income | (1,523) | 385 | n.m. |
| 3Q21 | 4Q21 | D% | |
|---|---|---|---|
| Net interest income | 998 | 995 | (0.2) |
| Net fee and commission income | 1,204 | 1,231 | 2.3 |
| Income from insurance business | 0 | 0 | (20.3) |
| Profits on financial assets and liabilities at fair value | 24 | 29 | 18.0 |
| Other operating income (expenses) | 5 | 1 | (69.4) |
| Operating income | 2,231 | 2,257 | 1.2 |
| Personnel expenses | (861) | (921) | 7.0 |
| Other administrative expenses | (725) | (768) | 5.9 |
| Adjustments to property, equipment and intangible assets | (2) | (1) | (63.0) |
| Operating costs | (1,588) | (1,689) | 6.4 |
| Operating margin | 643 | 567 | (11.8) |
| Net adjustments to loans | (348) | (219) | (37.0) |
| Net provisions and net impairment losses on other assets | (27) | (68) | 152.9 |
| Other income (expenses) | 52 | (41) | n.m. |
| Income (Loss) from discontinued operations | (0) | (0) | 46.0 |
| Gross income (loss) | 320 | 239 | (25.3) |
| Taxes on income | (89) | (80) | (10.3) |
| Charges (net of tax) for integration and exit incentives | (4) | (160) | n.m. |
| Effect of purchase price allocation (net of tax) | (1) | (12) | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | (190) | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | (1) | (1) | 27.5 |
| Net income | 35 | (14) | n.m. |
| 2020 | 2021 | D% | |
|---|---|---|---|
| redetermined | |||
| Net interest income | 2,048 | 2,094 | 2.2 |
| Net fee and commission income | 1,049 | 1,176 | 12.1 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | 1,341 | 1,299 | (3.1) |
| Other operating income (expenses) | 7 | 2 | (71.4) |
| Operating income | 4,445 | 4,571 | 2.8 |
| Personnel expenses | (466) | (503) | 7.9 |
| Other administrative expenses | (847) | (841) | (0.7) |
| Adjustments to property, equipment and intangible assets | (21) | (21) | 0.0 |
| Operating costs | (1,334) | (1,365) | 2.3 |
| Operating margin | 3,111 | 3,206 | 3.1 |
| Net adjustments to loans | (477) | 21 | n.m. |
| Net provisions and net impairment losses on other assets | (41) | (45) | 9.8 |
| Other income (expenses) | 65 | 0 | (100.0) |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 2,658 | 3,182 | 19.7 |
| Taxes on income | (848) | (976) | 15.1 |
| Charges (net of tax) for integration and exit incentives | (19) | (24) | 26.3 |
| Effect of purchase price allocation (net of tax) | 0 | 20 | 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. |
| Net income | 1,791 | 2,202 | 22.9 |
| 3Q21 | 4Q21 | D% | |
|---|---|---|---|
| Net interest income | 529 | 507 | (4.1) |
| Net fee and commission income | 278 | 322 | 16.1 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | 339 | 139 | (58.9) |
| Other operating income (expenses) | (1) | 2 | n.m. |
| Operating income | 1,145 | 970 | (15.2) |
| Personnel expenses | (122) | (148) | 21.3 |
| Other administrative expenses | (216) | (223) | 3.3 |
| Adjustments to property, equipment and intangible assets | (5) | (6) | 8.9 |
| Operating costs | (343) | (376) | 9.8 |
| Operating margin | 802 | 594 | (25.9) |
| Net adjustments to loans | 16 | 59 | 281.4 |
| Net provisions and net impairment losses on other assets | (3) | (45) | n.m. |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 815 | 609 | (25.3) |
| Taxes on income | (254) | (172) | (32.2) |
| Charges (net of tax) for integration and exit incentives | (5) | (9) | 81.7 |
| 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. |
| Net income | 555 | 427 | (23.1) |
€ m
| 2020 | 2021 | D% | |
|---|---|---|---|
| redetermined | |||
| Net interest income | 1,310 | 1,337 | 2.1 |
| Net fee and commission income | 505 | 546 | 8.1 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | 131 | 127 | (3.1) |
| Other operating income (expenses) | (38) | (38) | 0.0 |
| Operating income | 1,908 | 1,972 | 3.4 |
| Personnel expenses | (527) | (554) | 5.1 |
| Other administrative expenses | (393) | (401) | 2.0 |
| Adjustments to property, equipment and intangible assets | (110) | (117) | 6.4 |
| Operating costs | (1,030) | (1,072) | 4.1 |
| Operating margin | 878 | 900 | 2.5 |
| Net adjustments to loans | (247) | (157) | (36.4) |
| Net provisions and net impairment losses on other assets | (15) | (74) | 393.3 |
| Other income (expenses) | 7 | 6 | (14.3) |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 623 | 675 | 8.3 |
| Taxes on income | (125) | (143) | 14.4 |
| Charges (net of tax) for integration and exit incentives | (59) | (43) | (27.1) |
| Effect of purchase price allocation (net of tax) | 0 | 0 | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | (58) | (26) | (55.2) |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 0 | 0 | n.m. |
| Net income | 381 | 463 | 21.5 |
Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in IMI C&IB
| 3Q21 | 4Q21 | D% | |
|---|---|---|---|
| Net interest income | 339 | 349 | 2.9 |
| Net fee and commission income | 145 | 138 | (4.7) |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | 31 | 23 | (26.2) |
| Other operating income (expenses) | (10) | (9) | 12.1 |
| Operating income | 504 | 500 | (0.8) |
| Personnel expenses | (138) | (153) | 11.1 |
| Other administrative expenses | (101) | (114) | 13.1 |
| Adjustments to property, equipment and intangible assets | (29) | (31) | 7.2 |
| Operating costs | (267) | (298) | 11.4 |
| Operating margin | 237 | 202 | (14.5) |
| Net adjustments to loans | (40) | (39) | (0.9) |
| Net provisions and net impairment losses on other assets | (8) | (51) | 553.5 |
| Other income (expenses) | 1 | 2 | 162.9 |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 190 | 115 | (39.7) |
| Taxes on income | (34) | (26) | (23.1) |
| Charges (net of tax) for integration and exit incentives | (10) | (14) | 47.0 |
| Effect of purchase price allocation (net of tax) | 0 | 0 | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | (5) | (5) | 0.7 |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 0 | 0 | n.m. |
| Net income | 142 | 70 | (50.9) |
| 2020 | 2021 | D% | |
|---|---|---|---|
| redetermined | |||
| Net interest income | 252 | 212 | (15.9) |
| Net fee and commission income | 1,921 | 2,097 | 9.2 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | 47 | 46 | (2.1) |
| Other operating income (expenses) | 2 | 21 | 950.0 |
| Operating income | 2,222 | 2,376 | 6.9 |
| Personnel expenses | (466) | (483) | 3.6 |
| Other administrative expenses | (335) | (350) | 4.5 |
| Adjustments to property, equipment and intangible assets | (68) | (73) | 7.4 |
| Operating costs | (869) | (906) | 4.3 |
| Operating margin | 1,353 | 1,470 | 8.6 |
| Net adjustments to loans | (18) | 3 | n.m. |
| Net provisions and net impairment losses on other assets | (46) | (37) | (19.6) |
| Other income (expenses) | (4) | 195 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 1,285 | 1,631 | 26.9 |
| Taxes on income | (378) | (481) | 27.2 |
| Charges (net of tax) for integration and exit incentives | (32) | (40) | 25.0 |
| Effect of purchase price allocation (net of tax) | (2) | (22) | n.m. |
| Levies and other charges concerning the banking industry (net of tax) | (12) | (15) | 25.0 |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 5 | 3 | (40.0) |
| Net income | 866 | 1,076 | 24.2 |
| 3Q21 | 4Q21 | D% | |
|---|---|---|---|
| Net interest income | 55 | 51 | (7.3) |
| Net fee and commission income | 518 | 539 | 4.0 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | 9 | 5 | (48.4) |
| Other operating income (expenses) | 6 | 1 | (82.8) |
| Operating income | 589 | 596 | 1.2 |
| Personnel expenses | (118) | (140) | 18.5 |
| Other administrative expenses | (84) | (96) | 13.8 |
| Adjustments to property, equipment and intangible assets | (18) | (19) | 4.9 |
| Operating costs | (220) | (255) | 15.6 |
| Operating margin | 368 | 341 | (7.5) |
| Net adjustments to loans | (1) | 4 | n.m. |
| Net provisions and net impairment losses on other assets | (11) | (9) | (21.1) |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 356 | 335 | (5.8) |
| Taxes on income | (103) | (92) | (10.6) |
| Charges (net of tax) for integration and exit incentives | (4) | (25) | 521.2 |
| Effect of purchase price allocation (net of tax) | (5) | (6) | 30.0 |
| Levies and other charges concerning the banking industry (net of tax) | (15) | 0 | n.m. |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | n.m. |
| Minority interests | 2 | 1 | (54.5) |
| Net income | 231 | 213 | (7.9) |
| 2020 | 2021 | D% | |
|---|---|---|---|
| redetermined | |||
| Net interest income | (1) | (1) | n.m. |
| Net fee and commission income | 1,074 | 1,282 | 19.4 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | (1) | (4) | 300.0 |
| Other operating income (expenses) | 33 | 67 | 103.0 |
| Operating income | 1,105 | 1,344 | 21.6 |
| Personnel expenses | (103) | (120) | 16.5 |
| Other administrative expenses | (108) | (112) | 3.7 |
| Adjustments to property, equipment and intangible assets | (7) | (7) | 0.0 |
| Operating costs | (218) | (239) | 9.6 |
| Operating margin | 887 | 1,105 | 24.6 |
| 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) | 887 | 1,105 | 24.6 |
| Taxes on income | (242) | (296) | 22.3 |
| Charges (net of tax) for integration and exit incentives | (2) | (8) | 300.0 |
| Effect of purchase price allocation (net of tax) | 0 | (4) | 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 | (49) | (10) | (79.6) |
| Net income | 594 | 787 | 32.5 |
| 3Q21 | 4Q21 | D% | |
|---|---|---|---|
| Net interest income | (0) | (0) | 18.2 |
| Net fee and commission income | 291 | 395 | 35.6 |
| Income from insurance business | 0 | 0 | n.m. |
| Profits on financial assets and liabilities at fair value | (1) | (2) | (190.8) |
| Other operating income (expenses) | 15 | 12 | (15.6) |
| Operating income | 305 | 406 | 32.9 |
| Personnel expenses | (28) | (42) | 51.8 |
| Other administrative expenses | (28) | (32) | 15.6 |
| Adjustments to property, equipment and intangible assets | (2) | (2) | 0.9 |
| Operating costs | (57) | (76) | 32.6 |
| Operating margin | 248 | 330 | 32.9 |
| Net adjustments to loans | 0 | 0 | n.m. |
| Net provisions and net impairment losses on other assets | 0 | 0 | (38.3) |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 248 | 330 | 32.9 |
| Taxes on income | (64) | (91) | 42.9 |
| Charges (net of tax) for integration and exit incentives | (1) | (6) | 473.2 |
| Effect of purchase price allocation (net of tax) | (3) | (1) | (66.7) |
| 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 | 181 | 230 | 27.3 |
| 2020 | 2021 | D% | |
|---|---|---|---|
| redetermined | |||
| Net interest income | 0 | 0 | n.m. |
| Net fee and commission income | (3) | 2 | n.m. |
| Income from insurance business | 1,613 | 1,586 | (1.7) |
| Profits on financial assets and liabilities at fair value | 1 | 0 | (100.0) |
| Other operating income (expenses) | (8) | (16) | 100.0 |
| Operating income | 1,603 | 1,572 | (1.9) |
| Personnel expenses | (138) | (143) | 3.6 |
| Other administrative expenses | (236) | (238) | 0.8 |
| Adjustments to property, equipment and intangible assets | (20) | (20) | 0.0 |
| Operating costs | (394) | (401) | 1.8 |
| Operating margin | 1,209 | 1,171 | (3.1) |
| Net adjustments to loans | 0 | 0 | n.m. |
| Net provisions and net impairment losses on other assets | (26) | (334) | n.m. |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 1,183 | 837 | (29.2) |
| Taxes on income | (275) | (211) | (23.3) |
| Charges (net of tax) for integration and exit incentives | (16) | (42) | 162.5 |
| Effect of purchase price allocation (net of tax) | (24) | (52) | 116.7 |
| 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 | (177) | 180 | n.m. |
| Net income | 691 | 712 | 3.0 |
| 3Q21 | 4Q21 | D% | |
|---|---|---|---|
| Net interest income | (0) | (0) | 5.5 |
| Net fee and commission income | 0 | 1 | 46.1 |
| Income from insurance business | 364 | 397 | 9.2 |
| Profits on financial assets and liabilities at fair value | 0 | 0 | n.m. |
| Other operating income (expenses) | (4) | (6) | (33.1) |
| Operating income | 360 | 392 | 9.0 |
| Personnel expenses | (31) | (40) | 29.7 |
| Other administrative expenses | (61) | (70) | 15.8 |
| Adjustments to property, equipment and intangible assets | (5) | (5) | (5.0) |
| Operating costs | (96) | (115) | 19.2 |
| Operating margin | 263 | 277 | 5.3 |
| Net adjustments to loans | 0 | 0 | n.m. |
| Net provisions and net impairment losses on other assets | (24) | (179) | 657.4 |
| Other income (expenses) | 0 | 0 | n.m. |
| Income (Loss) from discontinued operations | 0 | 0 | n.m. |
| Gross income (loss) | 240 | 98 | (59.2) |
| Taxes on income | (63) | (37) | (40.6) |
| Charges (net of tax) for integration and exit incentives | (11) | (24) | 118.9 |
| Effect of purchase price allocation (net of tax) | (4) | (37) | 877.3 |
| 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 | 16 | 95 | 513.4 |
| Net income | 178 | 96 | (46.1) |
€ m
| 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | |
|---|---|---|---|---|---|---|---|---|
| redetermined(1) | ||||||||
| Net interest income | 2,040 | 2,037 | 2,129 | 2,072 | 1,952 | 1,995 | 1,999 | 1,954 |
| Net fee and commission income | 2,122 | 2,014 | 2,147 | 2,442 | 2,313 | 2,370 | 2,325 | 2,532 |
| Income from insurance business | 440 | 456 | 353 | 436 | 398 | 456 | 365 | 410 |
| Profits on financial assets and liabilities at fair value | 1,049 | 306 | 127 | 193 | 795 | 344 | 378 | 108 |
| Other operating income (expenses) | 1 | 29 | 1 | 6 | 32 | 19 | 25 | 16 |
| Operating income | 5,652 | 4,842 | 4,757 | 5,149 | 5,490 | 5,184 | 5,092 | 5,020 |
| Personnel expenses | (1,648) | (1,663) | (1,648) | (1,746) | (1,629) | (1,657) | (1,643) | (1,844) |
| Other administrative expenses | (694) | (746) | (742) | (896) | (651) | (710) | (693) | (845) |
| Adjustments to property, equipment and intangible assets | (314) | (314) | (313) | (315) | (307) | (301) | (302) | (338) |
| Operating costs | (2,656) | (2,723) | (2,703) | (2,957) | (2,587) | (2,668) | (2,638) | (3,027) |
| Operating margin | 2,996 | 2,119 | 2,054 | 2,192 | 2,903 | 2,516 | 2,454 | 1,993 |
| Net adjustments to loans | (538) | (1,543) | (972) | (1,440) | (402) | (599) | (543) | (1,222) |
| Net provisions and net impairment losses on other assets | (431) | 251 | (64) | (121) | (134) | (220) | (82) | (415) |
| Other income (expenses) | 13 | 0 | 22 | 62 | 198 | (7) | 63 | 78 |
| Income (Loss) from discontinued operations | 149 | 1,230 | 80 | 129 | 48 | 10 | (0) | (0) |
| Gross income (loss) | 2,189 | 2,057 | 1,120 | 822 | 2,613 | 1,700 | 1,892 | 434 |
| Taxes on income | (635) | (362) | (322) | (191) | (837) | (85) | (619) | (82) |
| Charges (net of tax) for integration and exit incentives | (15) | (22) | (27) | (1,485) | (52) | (55) | (41) | (291) |
| Effect of purchase price allocation (net of tax) | (26) | (24) | 3,237 | (1,227) | (16) | (18) | (51) | 46 |
| Levies and other charges concerning the banking industry (net of tax) | (206) | (91) | (178) | (38) | (196) | (83) | (210) | (22) |
| Impairment (net of tax) of goodwill and other intangible assets | 0 | 0 | 0 | (912) | 0 | 0 | 0 | 0 |
| Minority interests | (156) | (143) | (20) | (68) | 4 | 48 | 12 | 94 |
| Net income | 1,151 | 1,415 | 3,810 | (3,099) | 1,516 | 1,507 | 983 | 179 |
€546m and €393m respectively when excluding the accounting effect of the combination with UBI Banca and of the impairment of goodwill
Note: figures may not add up exactly due to rounding
(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and - 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
€ m
| Net fee and commission income | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | ||||
| redetermined(1) | |||||||||||
| Guarantees given / received | 46 | 44 | 43 | 44 | 42 | 51 | 57 | 52 | |||
| Collection and payment services | 124 | 113 | 115 | 140 | 137 | 139 | 138 | 138 | |||
| Current accounts | 352 | 353 | 360 | 366 | 344 | 352 | 352 | 364 | |||
| Credit and debit cards | 65 | 73 | 85 | 89 | 61 | 106 | 108 | 89 | |||
| Commercial banking activities | 587 | 583 | 603 | 639 | 584 | 648 | 655 | 643 | |||
| Dealing and placement of securities | 195 | 164 | 189 | 225 | 290 | 283 | 207 | 227 | |||
| Currency dealing | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 4 | |||
| Portfolio management | 663 | 649 | 687 | 844 | 733 | 781 | 764 | 896 | |||
| Distribution of insurance products | 388 | 365 | 396 | 418 | 406 | 383 | 401 | 417 | |||
| Other | 77 | 64 | 71 | 72 | 58 | 50 | 58 | 109 | |||
| Management, dealing and consultancy activities | 1,324 | 1,243 | 1,345 | 1,561 | 1,490 | 1,500 | 1,433 | 1,653 | |||
| Other net fee and commission income | 211 | 188 | 199 | 242 | 239 | 222 | 237 | 236 | |||
| Net fee and commission income | 2,122 | 2,014 | 2,147 | 2,442 | 2,313 | 2,370 | 2,325 | 2,532 |
Note: figures may not add up exactly due to rounding
(1) Data redetermined - where necessary and material - considering the changes in the scope of consolidation following the inclusion of UBI Banca and - 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
Note: figures may not add up exactly due to rounding
Gross income Operating income Operating costs Operating margin € m € m € m € m +2.3 +2.4 +2.0 +7.9 +16.9 +0.9 +4.5 +9.3 (5.2) +9.8 +9.4 458 440 282 207 69 45 40 39 15 11 Albania Slovakia Hungary Moldova Croatia Slovenia Egypt Serbia Bosnia Romania Ukraine 371 221 184 112 111 43 30 23 22 21 9 Croatia Serbia Slovakia Egypt Hungary Slovenia Bosnia Romania Albania 154 +1.2 (0.3) +2.0 +8.7 +2.9 +1.5 +5.3 +4.4 +8.4 +9.8 (1.0) 256 237 169 96 26 23 18 10 2 (5) Hungary Croatia Slovakia Serbia Egypt Bosnia Slovenia Albania Romania Moldova Ukraine 217 +4.5 +3.4 +2.1 +7.4 +39.0 (0.1) +4.5 +10.3 (27.3) n.m. (9.8) 211 185 131 76 26 20 9 5 2 Bosnia Egypt Croatia Slovakia Serbia Albania Hungary Slovenia Romania 166 +21.5 +1.2 +4.2 +10.7 +52.5 +30.1 +63.4 (41.5) (2.1) n.m. (71.7)
Note: excluding the Russian subsidiary Banca Intesa which is included in IMI C&IB
(8)
Ukraine
Moldova
Moldova
Ukraine
MIL-BVA362-03032014-90141/VR
| Hungary | Slovakia | Slovenia | Croatia | Bosnia | Serbia | Albania | Romania | Moldova | Ukraine | Total CEE |
Egypt | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oper. income (€ m) | 207 | 458 | 6 9 |
440 | 4 5 |
282 | 4 0 |
3 9 |
1 1 |
1 5 |
1,607 | 371 | 1,978 |
| % of Group total | 1.0% | 2.2% | 0.3% | 2.1% | 0.2% | 1.4% | 0.2% | 0.2% | 0.1% | 0.1% | 7.7% | 1.8% | 9.5% |
| Net income (€ m) | 4 4 |
113 | 1 8 |
164 | 1 6 |
9 0 |
4 | 2 | 1 | (8) | 445 | 118 | 563 |
| % of Group total | 1.1% | 2.7% | 0.4% | 3.9% | 0.4% | 2.1% | 0.1% | 0.0% | 0.0% | n.m. | 10.6% | 2.8% | 13.4% |
| Customer deposits (€ bn) | 5.5 | 18.0 | 2.8 | 10.9 | 0.9 | 4.9 | 1.4 | 1.0 | 0.2 | 0.2 | 45.8 | 5.4 | 51.2 |
| % of Group total | 1.0% | 3.2% | 0.5% | 2.0% | 0.2% | 0.9% | 0.3% | 0.2% | 0.0% | 0.0% | 8.2% | 1.0% | 9.2% |
| Customer loans (€ bn) | 3.4 | 16.5 | 2.1 | 7.6 | 0.8 | 4.0 | 0.4 | 0.9 | 0.1 | 0.2 | 36.1 | 2.9 | 39.0 |
| % of Group total | 0.7% | 3.5% | 0.4% | 1.6% | 0.2% | 0.9% | 0.1% | 0.2% | 0.0% | 0.0% | 7.8% | 0.6% | 8.4% |
| Total assets (€ bn) | 7.5 | 23.3 | 3.5 | 14.0 | 1.3 | 6.5 | 1.6 | 1.4 | 0.2 | 0.3 | 59.7 | 6.7 | 66.3 |
| % of Group total | 0.7% | 2.2% | 0.3% | 1.3% | 0.1% | 0.6% | 0.2% | 0.1% | 0.0% | 0.0% | 5.6% | 0.6% | 6.2% |
| Book value (€ m) - intangibles |
717 31 |
1,705 132 |
321 7 |
1,829 31 |
175 1 |
1,014 41 |
185 4 |
179 6 |
3 5 2 |
5 5 4 |
6,215 260 |
694 9 |
6,909 269 |
Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in IMI C&IB
| Total | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hungary | Slovakia | Slovenia | Croatia | Bosnia | Serbia | Albania | Romania | Moldova | Ukraine | CEE | Egypt | ||
| Performing loans (€ bn) of which: |
3.4 | 16.3 | 2.1 | 7.4 | 0.8 | 4.0 | 0.4 | 0.9 | 0.1 | 0.2 | 35.6 | 2.8 | 38.4 |
| Retail local currency | 48% | 60% | 41% | 30% | 32% | 24% | 21% | 14% | 55% | 31% | 45% | 57% | 46% |
| Retail foreign currency | 0% | 0% | 0% | 20% | 14% | 29% | 13% | 14% | 0% | 0% | 8% | 0% | 8% |
| Corporate local currency | 22% | 33% | 59% | 26% | 19% | 6% | 13% | 49% | 18% | 36% | 29% | 33% | 29% |
| Corporate foreign currency | 30% | 6% | 0% | 24% | 36% | 41% | 53% | 23% | 28% | 33% | 18% | 10% | 17% |
| Bad loans(1) (€ m) | 8 | 54 | 0 | 61 | 6 | 15 | 4 | 6 | 1 | 0 | 155 | 1 | 156 |
| Unlikely to pay(2) (€ m) | 59 | 55 | 8 | 155 | 11 | 25 | 4 | 18 | 1 | 0 | 336 | 56 | 392 |
| Performing loans coverage | 1.6% | 0.6% | 1.1% | 1.6% | 1.8% | 1.6% | 1.8% | 1.2% | 4.2% | 0.6% | 1.1% | 1.4% | 1.1% |
| Bad loans(1) coverage | 60% | 78% | 100% | 66% | 70% | 78% | 56% | 65% | 57% | n.m. | 73% | 98% | 75% |
| Unlikely to pay(2) coverage | 39% | 53% | 62% | 33% | 27% | 52% | 50% | 49% | 50% | n.m. | 42% | 46% | 43% |
| Cost of credit(3) (bps) | 29 | 43 | 10 | 21 | 35 | 64 | 90 | 62 | n.m. | n.m. | 38 | 73 | 41 |
Note: figures may not add up exactly due to rounding. Excluding the Russian subsidiary Banca Intesa which is included in IMI C&IB
(1) Sofferenze
(2) Including Past due
(3) Net adjustments to loans/Net customer loans
| ~€ bn | ~bps | |
|---|---|---|
| Direct-deduction relevant items | ||
| DTA on losses carried forward(1) IFRS9 transitional adjustment |
1.9 (1.5) |
60 (45) |
| Total | 0.4 | 15 |
| Cap relevant items(*)(2) | ||
| Total | 0.0 | 25 |
| (*) as a memo, constituents of deductions subject to cap: - Other DTA(3) |
1.5 | |
| - Investments in banking and financial companies | 1.3 | |
| RWA from 100% weighted DTA(4) | (8.7) | 40 |
| Total estimated impact | 80 | |
| Pro-forma fully loaded Common Equity Tier 1 ratio | 15.2% |
Note: figures may not add up exactly due to rounding.
(1) Considering the expected absorption of DTA on losses carried forward (€2.1bn as at 31.12.21)
(3) Other DTA: mostly related to provisions for risks and charges, considering the total absorption of DTA related to IFSR9 FTA (€1.1bn as at 31.12.21) and DTA related to the 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 31.12.21), DTA related to the acquisition of UBI Banca and to the new agreement with trade unions signed on 16.11.21 (€0.7bn as at 31.12.21). DTA related to goodwill realignment and adjustments to loans are excluded due to their treatment as credits to tax authorities
(4) Considering the total absorption of DTA convertible into tax credit related to goodwill realignment (€5.8bn as at 31.12.21) and adjustments to loans (€2.9bn as at 31.12.21)
(2) Following the application of the Danish Compromise, insurance investments are risk weighted instead of being deducted from capital. In the amount of insurance investments, the expected distribution on FY21 Net income of insurance companies is considered, which for the sake of simplicity is left included in the benefit allocated to this caption
€ m
| DEBT SECURITIES | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banking Business | Insurance | LOANS | ||||||
| AC | FVTOCI | FVTPL(2) | Total | Business(3) | Total | |||
| EU Countries | 35,377 | 43,502 | 668 | 79,547 | 79,115 | 158,662 | 426,766 | |
| Austria | 193 | 167 | -107 | 253 | 358 | 611 | 1,677 | |
| Belgium | 804 | 2,816 | 224 | 3,844 | 709 | 4,553 | 928 | |
| Bulgaria | 0 | 0 | -2 | -2 | 129 | 127 | 23 | |
| Croatia | 278 | 751 | 151 | 1,180 | 240 | 1,420 | 7,514 | |
| Cyprus | 0 | 0 | 0 | 0 | 99 | 99 | 32 | |
| Czech Republic | 101 | 0 | 0 | 101 | 41 | 142 | 981 | |
| Denmark | 33 | 18 | 0 | 51 | 68 | 119 | 45 | |
| Estonia | 0 | 0 | 0 | 0 | 2 | 2 | 5 | |
| Finland | 15 | 55 | -33 | 37 | 146 | 183 | 329 | |
| France | 2,903 | 5,432 | -719 | 7,616 | 6,036 | 13,652 | 12,118 | |
| Germany | 1,294 | 1,359 | -476 | 2,177 | 2,784 | 4,961 | 8,102 | |
| Greece | 62 | 0 | 49 | 111 | 6 | 117 | 13 | |
| Hungary | 389 | 806 | 34 | 1,229 | 70 | 1,299 | 3,239 | |
| Ireland | 459 | 1,407 | 517 | 2,383 | 128 | 2,511 | 644 | |
| Italy | 23,520 | 18,244 | 1,879 | 43,643 | 60,511 | 104,154 | 357,872 | |
| Latvia | 0 | 0 | 3 | 3 | 21 | 24 | 31 | |
| Lithuania | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| Luxembourg | 229 | 485 | 76 | 790 | 133 | 923 | 7,641 | |
| Malta | 0 | 0 | 0 | 0 | 0 | 0 | 191 | |
| The Netherlands | 266 | 887 | 147 | 1,300 | 1,302 | 2,602 | 1,866 | |
| Poland | 201 | 129 | 0 | 330 | 62 | 392 | 1,235 | |
| Portugal | 194 | 327 | -110 | 411 | 685 | 1,096 | 147 | |
| Romania | 66 | 369 | 22 | 457 | 458 | 915 | 1,012 | |
| Slovakia | 0 | 923 | 0 | 923 | 47 | 970 | 14,194 | |
| Slovenia | 1 | 200 | -23 | 178 | 42 | 220 | 2,065 | |
| Spain | 4,345 | 8,890 | -967 | 12,268 | 4,888 | 17,156 | 4,533 | |
| Sweden | 24 | 237 | 3 | 264 | 150 | 414 | 328 | |
| Albania | 181 | 400 | 0 | 581 | 53 | 634 | 477 | |
| Egypt | 0 | 1,839 | 1 | 1,840 | 127 | 1,967 | 3,509 | |
| Japan | 58 | 3,321 | 6 | 3,385 | 173 | 3,558 | 710 | |
| Russia | 9 | 50 | 0 | 59 | 68 | 127 | 5,571 | |
| Serbia | 7 | 730 | 10 | 747 | 107 | 854 | 4,268 | |
| United Kingdom | 650 | 623 | 13 | 1,286 | 1,876 | 3,162 | 16,209 | |
| U.S.A. | 2,195 | 6,416 | 206 | 8,817 | 3,140 | 11,957 | 7,932 | |
| Other Countries | 1,844 | 7,038 | 369 | 9,251 | 3,755 | 13,006 | 25,569 | |
| Total | 40,321 | 63,919 | 1,273 105,513 | 88,414 | 193,927 # | 491,011 |
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 31.12.21
(2) Taking into account cash short positions
(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured
€ m
| DEBT SECURITIES | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banking Business | Insurance Business(3) |
Total | FVTOCI/AFS Reserve (4) |
LOANS | ||||
| A C |
FVTOCI | FVTPL(2) | Total | |||||
| EU Countries | 22,493 | 35,693 | -1,454 | 56,732 | 68,852 | 125,584 | 131 | 10,967 |
| Austria | 0 | 71 | -96 | -25 | 241 | 216 | 0 | 0 |
| Belgium | 758 | 2,747 | 224 | 3,729 | 503 | 4,232 | -36 | 0 |
| Bulgaria | 0 | 0 | -2 | -2 | 67 | 65 | 0 | 0 |
| Croatia | 147 | 751 | 151 | 1,049 | 230 | 1,279 | 0 | 1,247 |
| Cyprus | 0 | 0 | 0 | 0 | 99 | 99 | 0 | 0 |
| Czech Republic | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Denmark | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Estonia | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Finland | 0 | 0 | -38 | -38 | 30 | -8 | 0 | 0 |
| France | 2,365 | 3,985 | -761 | 5,589 | 3,327 | 8,916 | -56 | 27 |
| Germany | 510 | 395 | -496 | 409 | 1,624 | 2,033 | 0 | 0 |
| Greece | 0 | 0 | 47 | 47 | 6 | 53 | 0 | 0 |
| Hungary | 199 | 770 | 34 | 1,003 | 56 | 1,059 | 5 | 113 |
| Ireland | 137 | 364 | 10 | 511 | 96 | 607 | 3 | 0 |
| Italy | 14,279 | 16,141 | 460 | 30,880 | 57,447 | 88,327 | 201 | 9,099 |
| Latvia | 0 | 0 | 3 | 3 | 21 | 24 | 0 | 27 |
| Lithuania | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Luxembourg | 0 | 134 | 59 | 193 | 0 | 193 | 0 | 0 |
| Malta | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| The Netherlands | 52 | 120 | 50 | 222 | 327 | 549 | 1 | 0 |
| Poland | 52 | 69 | 0 | 121 | 26 | 147 | -1 | 0 |
| Portugal | 83 | 310 | -127 | 266 | 620 | 886 | -1 | 0 |
| Romania | 66 | 369 | 22 | 457 | 435 | 892 | -8 | 5 |
| Slovakia | 0 | 895 | 0 | 895 | 0 | 895 | 6 | 169 |
| Slovenia | 1 | 193 | -23 | 171 | 42 | 213 | 0 | 225 |
| Spain | 3,844 | 8,360 | -971 | 11,233 | 3,655 | 14,888 | 17 | 55 |
| Sweden | 0 | 19 | 0 | 19 | 0 | 19 | 0 | 0 |
| Albania | 181 | 400 | 0 | 581 | 53 | 634 | 7 | 1 |
| Egypt | 0 | 1,839 | 1 | 1,840 | 127 | 1,967 | 10 | 391 |
| Japan | 0 | 3,004 | 0 | 3,004 | 0 | 3,004 | 8 | 0 |
| Russia | 0 | 50 | 0 | 50 | 21 | 71 | 0 | 0 |
| Serbia | 7 | 730 | 10 | 747 | 107 | 854 | 4 | 70 |
| United Kingdom | 0 | 192 | 1 | 193 | 66 | 259 | -6 | 0 |
| U.S.A. | 1,358 | 4,841 | 95 | 6,294 | 7 | 6,301 | -115 | 0 |
| Other Countries | 1,508 | 5,124 | 272 | 6,904 | 1,609 | 8,513 | -56 | 5,109 |
| Total | 25,547 | 51,873 | -1,075 | 76,345 | 70,842 | 147,187 | -17 # | 16,538 |
Banking business government bond duration: 6.8y Adjusted duration due to hedging: 0.4y
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 31.12.21
(2) Taking into account cash short positions
(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured
(4) Net of tax and allocation to insurance products under separate management
MIL-BVA362-03032014-90141/VR
€ m
| DEBT SECURITIES | |||||||
|---|---|---|---|---|---|---|---|
| Banking Business | |||||||
| AC | FVTOCI | FVTPL(2) | Total | Insurance Business(3) |
Total | LOANS | |
| EU Countries | 1,864 | 3,940 | 707 | 6,511 | 4,785 | 11,296 | 21,362 |
| Austria | 174 | 46 | -11 | 209 | 91 | 300 | 198 |
| Belgium | 11 | 49 | -2 | 58 | 97 | 155 | 284 |
| Bulgaria | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Croatia | 43 | 0 | 0 | 43 | 0 | 43 | 35 |
| Cyprus | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Czech Republic | 0 | 0 | 0 | 0 | 3 | 3 | 0 |
| Denmark | 20 | 8 | 0 | 28 | 45 | 73 | 28 |
| Estonia | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Finland | 9 | 14 | 0 | 23 | 57 | 80 | 66 |
| France | 290 | 962 | -7 | 1,245 | 1,653 | 2,898 | 10,208 |
| Germany | 74 | 544 | 13 | 631 | 362 | 993 | 6,038 |
| Greece | 0 | 0 | 2 | 2 | 0 | 2 | 5 |
| Hungary | 124 | 36 | 0 | 160 | 12 | 172 | 91 |
| Ireland | 7 | 27 | 0 | 34 | 1 | 35 | 298 |
| Italy | 756 | 1,188 | 736 | 2,680 | 1,585 | 4,265 | 3,293 |
| Latvia | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lithuania | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Luxembourg | 0 | 181 | -4 | 177 | 41 | 218 | 114 |
| Malta | 0 | 0 | 0 | 0 | 0 | 0 | 135 |
| The Netherlands | 101 | 292 | -6 | 387 | 391 | 778 | 127 |
| Poland | 0 | 51 | 0 | 51 | 0 | 51 | 0 |
| Portugal | 0 | 17 | -3 | 14 | 0 | 14 | 2 |
| Romania | 0 | 0 | 0 | 0 | 0 | 0 | 40 |
| Slovakia | 0 | 28 | 0 | 28 | 0 | 28 | 0 |
| Slovenia | 0 | 7 | 0 | 7 | 0 | 7 | 6 |
| Spain | 237 | 335 | -12 | 560 | 392 | 952 | 382 |
| Sweden | 18 | 155 | 1 | 174 | 55 | 229 | 10 |
| Albania | 0 | 0 | 0 | 0 | 0 | 0 | 22 |
| Egypt | 0 | 0 | 0 | 0 | 0 | 0 | 61 |
| Japan | 29 | 143 | 0 | 172 | 64 | 236 | 2 |
| Russia | 0 | 0 | 0 | 0 | 4 | 4 | 100 |
| Serbia | 0 | 0 | 0 | 0 | 0 | 0 | 49 |
| United Kingdom | 158 | 245 | -7 | 396 | 694 | 1,090 | 3,909 |
| U.S.A. | 293 | 793 | 44 | 1,130 | 1,645 | 2,775 | 505 |
| Other Countries | 72 | 1,377 | 78 | 1,527 | 915 | 2,442 | 5,233 |
| Total | 2,416 | 6,498 | 822 | 9,736 | 8,107 | 17,843 # | 31,243 |
Note: management accounts. Figures may not add up exactly due to rounding
(1) Book Value of Debt Securities and Net Loans as at 31.12.21
(2) Taking into account cash short positions
(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured
| DEBT SECURITIES | |||||||
|---|---|---|---|---|---|---|---|
| Banking Business | Insurance Total |
LOANS | |||||
| AC | FVTOCI | FVTPL(2) | Total | Business(3) | |||
| EU Countries | 11,020 | 3,869 | 1,415 | 16,304 | 5,478 | 21,782 | 394,437 |
| Austria | 19 | 50 | 0 | 69 | 26 | 95 | 1,479 |
| Belgium | 35 | 20 | 2 | 57 | 109 | 166 | 644 |
| Bulgaria | 0 | 0 | 0 | 0 | 62 | 62 | 23 |
| Croatia | 88 | 0 | 0 | 88 | 10 | 98 | 6,232 |
| Cyprus | 0 | 0 | 0 | 0 | 0 | 0 | 30 |
| Czech Republic | 101 | 0 | 0 | 101 | 38 | 139 | 981 |
| Denmark | 13 | 10 | 0 | 23 | 23 | 46 | 17 |
| Estonia | 0 | 0 | 0 | 0 | 2 | 2 | |
| Finland | 6 | 41 | 5 | 52 | 59 | 111 | 263 |
| France | 248 | 485 | 49 | 782 | 1,056 | 1,838 | 1,883 |
| Germany | 710 | 420 | 7 | 1,137 | 798 | 1,935 | 2,064 |
| Greece | 62 | 0 | 0 | 62 | 0 | 62 | |
| Hungary | 66 | 0 | 0 | 66 | 2 | 68 | 3,035 |
| Ireland | 315 | 1,016 | 507 | 1,838 | 31 | 1,869 | 346 |
| Italy | 8,485 | 915 | 683 | 10,083 | 1,479 | 11,562 | 345,480 |
| Latvia | 0 | 0 | 0 | 0 | 0 | 0 | |
| Lithuania | 0 | 0 | 0 | 0 | 0 | 0 | |
| Luxembourg | 229 | 170 | 21 | 420 | 92 | 512 | 7,527 |
| Malta | 0 | 0 | 0 | 0 | 0 | 0 | |
| The Netherlands | 113 | 475 | 103 | 691 | 584 | 1,275 | 1,739 |
| Poland | 149 | 9 | 0 | 158 | 36 | 194 | 1,235 |
| Portugal | 111 | 0 | 20 | 131 | 65 | 196 | 145 |
| Romania | 0 | 0 | 0 | 0 | 23 | 23 | 967 |
| Slovakia | 0 | 0 | 0 | 0 | 47 | 47 | 14,025 |
| Slovenia | 0 | 0 | 0 | 0 | 0 | 0 | 1,834 |
| Spain | 264 | 195 | 16 | 475 | 841 | 1,316 | 4,096 |
| Sweden | 6 | 63 | 2 | 71 | 95 | 166 | 318 |
| Albania | 0 | 0 | 0 | 0 | 0 | 0 | 454 |
| Egypt | 0 | 0 | 0 | 0 | 0 | 0 | 3,057 |
| Japan | 29 | 174 | 6 | 209 | 109 | 318 | 708 |
| Russia | 9 | 0 | 0 | 9 | 43 | 52 | 5,471 |
| Serbia | 0 | 0 | 0 | 0 | 0 | 0 | 4,149 |
| United Kingdom | 492 | 186 | 19 | 697 | 1,116 | 1,813 | 12,300 |
| U.S.A. | 544 | 782 | 67 | 1,393 | 1,488 | 2,881 | 7,427 |
| Other Countries | 264 | 537 | 19 | 820 | 1,231 | 2,051 | 15,227 |
| Total | 12,358 | 5,548 | 1,526 | 19,432 | 9,465 | 28,897 # | 443,230 |
Note: management accounts. Figures may not add up exactly due to rounding
(1) Book Value of Debt Securities and Net Loans as at 31.12.21
(2) Taking into account cash short positions
(3) Excluding securities in which money is collected through insurance policies where the total risk is retained by the insured
"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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