Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Bper Banca Investor Presentation 2018

Aug 7, 2018

4395_rns_2018-08-07_e1b76111-0e0b-44a4-a369-b63cb37d0b1c.pdf

Investor Presentation

Open in viewer

Opens in your device viewer

1H18 consolidated results

Alessandro Vandelli - Chief Executive Officer7 August 2018

Disclaimer

This document has been prepared by "BPER Banca" solely for information purposes, and only in order to present its strategies and main financial figures. The information contained in this document has not been audited.

No guarantee, express or implied, can be given as to the document's contents, nor should the completeness, correctness or accuracy of the information or opinions herein be relied upon.

BPER Banca, its advisors and its representatives decline all liability (for negligence or any other cause) for any loss occasioned by the use of this document or its contents.

All forecasts contained herein have been prepared on the basis of specific assumptions which could prove wrong, in which case the actual data would differ from the figures given herein.

No part of this document may be regarded as forming the basis for any contract or agreement.

No part of the information contained herein may for any purpose be reproduced or published as a whole or in part, nor may such information be disseminated.

The Manager responsible for preparing the Company's financial reports, Marco Bonfatti, declares, in accordance with art. 154-bis, para. 2, of the "Consolidated Financial Services Act" (Legislative Order No. 58/1998), that the accounting information contained in this document corresponds to documentary records, ledgers and accounting entries.

Marco BonfattiManager responsible for preparing the Company's financial reports

BPER Banca S.p.A., Bank with head office in Modena Via San Carlo, 8/20 - VAT number and Business Register no. 01153230360 -Share capital fully subscribed and paid in, amounts to Euro 1,443,925,305 and is represented by 481,308,435 registered ordinary shares- Bank Registration no. 4932 ABI code 5387.6- Tel.059/2021111 – Fax 059/2022033 6 - email: [email protected] - PEC: [email protected] Member of the Interbank Deposit Guarantee Fund - Parent Company of BPER Banca Group - Registered in the Register of Banking group with code 5387.6, [email protected] - bper.it - gruppobper.it

Methodological note

The entry into force of the new standard IFRS 9 from 1 January 20181, first-time application of which took place under the transition rules, and the recent update of Bank of Italy Circular 262, which revised, among other things, the separate and consolidated financial statement schedules in order to implement the new standard, have led to inconsistencies in the figures compared with the previous year.

2017 for the BPER Group featured a change in the scope of consolidation following the acquisition of 100% of Nuova Carife, which was completed on 30 June 2017; this entity was subsequently absorbed by the parent company BPER Banca on 20 November 2017. In this context, in order to allow a comparison of the figures in the income statement as homogeneous as possible with respect to the previous year, the figures are shown on a consolidated basis as at 30 June 2018, estimating their values according to the previous rules, with the best approximation possible.

As a result of the acquisition of Nuova Carife, figures in the income statement are comparable with the same scope of consolidation only for the second half of 2017, which already included their effects. It should also be noted that the consolidated results at 30 June 2017 included significant non-recurring items, including the "badwill" generated by the acquisition of Nuova Carife amounting to € 130.7 million and the write-downs on the Atlante Fund quotas and the share of the contribution to the FITD-SV for CariCesena for a total of € 61.5 million.

The consolidated balance sheet at 31 December 2017 was recalculated as of 1 January 2018 and restated according to the new schedules in line with the new IFRS 9 classification, thereby becoming directly comparable with the balance sheet figures at 30 June 2018. The figures subject to these interventions are specifically defined, in the context of this document if not explained otherwise, as pro-forma and/or pro-formatted.

Agenda

1H18 Results

  • •Executive summary
  • •Balance sheet structure
  • •Profit and loss
  • •Liquidity and capital adequacy
  • •Final remarks

Annexes

Executive summary

NPE ratio strong reduction at 17.4% down by 2.5 p.p. vs 19.9% as of 1 Jan.'18

  • • NPE stock down to 8.9 €/bn (-1.7 €/bn since 1 Jan 2018) driving NPE ratio to 17.4% in 1H18 (-2.5 p.p. vs 1 Jan.'18) also thanks to the bad loans securitization "4Mori Sardegna" of 0.9 €/bn in Jun.'18
  • •Net NPE ratio down to 8.4% from 9.2% in 1 Jan.'18
  • •Further improvement of asset quality credit metrics: default rate at 2.0% and cure rate at 13.8%*
  • •Coverage at the highest level in Italy: NPE at 56.9%; Bad loans at 64.9%; Unlikely to Pay at 41.9%

CET1 ratio Phase In at 14.72% in 1H18 (14.61% in Mar.'18)

  • • Sound capital position with a very large buffer (2.1 €/bn) vs minimum regulatory requirement (SREP 2018at 8.125%)
  • •CET1 ratio Fully phased at 11.63% broadly unchanged vs Mar.'18 despite spread widening

1H18 Net profit of 307.9 €/mn nearly tripled vs 1H17

  • • Net operating income at 476.7 €/mn supported by a very positive trend of net commissions and trading income (also thanks to realized gains on bonds in 1Q18)
  • •Cost of credit annualized strongly down to 36 bps (112 bps in 2017)

Agenda

1H18 Results

  • •Executive summary
  • •Balance sheet structure
  • •Profit and loss
  • •Liquidity and capital adequacy
  • •Final remarks

Annexes

Total funding

Total funding holds well above 90 €/bn with a good mix

Total Funding (€/bn)

  • • Total funding above the level of the begining of the year
  • •Switch in favour of AuM and Bancassurance continues
  • • Indirect funding increase since the beginning of the year above 45% on total funding

Direct funding

Direct funding broadly stable with an increase of current account/depo

Direct Funding breakdown (%)

€
/
m
n		 1
J
1
8
a
n		 M
1
8
a
r		 J
1
8
u
n		 C
h
Y
T
D
(
%
)
g		 %
l
t
t
o
n
o
a
C
d
i
h
d
i
t
t
t
t
u
r
r
e
n
a
c
c
o
u
n
s
a
n
s
g
e
p
o
s
s		 3
5,
2
8
6		 3
5,
3
2
8		 3
6,
6
0
3		 3.
7
%
+		 7
3.
4
%
B
d
b
i
b
d
b
i
l
t
t
o
n
s
s
u
s
c
r
e
y
r
e
a
c
u
s
o
m
e
r
s		 2,
3
5
5		 1,
9
6
4		 1,
0
0
7		 2
8
%
7.
-		 3.
4
%
O
h
t
e
r		 7,
4
4
1		 7,
5
1
1		 6,
4
6
1		 1
3.
2
%
-		 1
3.
0
%
D
i
t
t
d
i
t
r
e
c
c
u
s
o
m
e
r
e
p
o
s
s		 4
0
8
2
5,		 4
4,
8
0
4		 4
4,
6
4
7		 0.
%
7
-		 8
9.
%
7
I
i
i
l
d
i
f
d
i
t
t
t
t
n
s
u
o
n
a
r
e
c
u
n
n
g		 5,
1
6
5		 4,
1
1
5		 5,
1
1
5		 1.
0
%
-		 1
0.
3
%
I
i
i
l
b
d
t
t
t
o.
n
s
o
n
a
o
n
s
w.
u		 3,
0
3
7		 3,
0
5
1		 3,
0
3
9
f
T
t
l
d
i
t
d
i
o
a
r
e
c
n
n
g
u		 0,
2
4
6
5		 4
8,
9
1
9		 4
9,
8
9
7		 0.
%
7
-		 1
0
0.
0
%
  • •Total direct funding broadly stable close to 50 billions euro vs 1 Jan.'18
  • • Customer deposits at 44.8 €/bn (45.1 €/bn) showing a strong increase in current accounts and sight deposits (+1.3 €/bn) and a decrease of time deposits (-0.6 bn), retail bonds (-0.65 bn) and CDs (-0.3 bn)
  • • Very low wholesale bond maturities in 2018 (1 bn euro of CB in October) and no maturities in 2019 providing flexibility to the Group's funding strategy
  • •Issued a Covered Bond of 500 €/mn in July

Indirect funding

AuM and Bancassurance stock broadly stable and AuM net inflows still sound despite financial markets turmoil

  • •Bancassurance sector growth by 2.4% since 1 Jan.'18 (+0.4% since Mar.'18)
  • •AuM net inflows continues to grow despite the financial market crisis

Customer loans

Strong de-risking and asset quality improvement continue

Customer loans breakdown (net & gross figures; €/mn ) Performing exposure rated by risk profile1 (%)

€
/m
n		 1
Ja
1
8
n		 Ma
1
8
r		 Ju
1
8
n		 C
hg
D (
Y
T
%
)
Cu
t a
ts
rre
n
cc
ou
n		 5,
0
1
3		 4,
8
0
0		 4,
6
3
1		 -7
6
%
Mo
loa
tg
r
ag
e
ns		 2
9
4
7,
5		 2
8,
0
8
1		 2
2
2
7,
7		 -0
8
%
O
he
ion
t
tra
t
r
ns
ac
s		 1
3,
5
0
1		 1
2,
5
2
2		 1
3,
4
4
9		 -0
4
%
Ne
t
lo
to
to
an
s
c
us
m
er
s		 4
6,
4
6
9		 4
5,
4
0
4		 4
5,
8
0
2		 1.
4
%
-
fo
Ne
t p
in
o.
w
er
rm
g		 4
2,
1
8
7		 4
1,
1
9
7		 4
1,
9
7
7		 -0
5
%
Ne
t
N
P
Es
o.
w		 4,
2
8
2		 4,
2
0
7		 3,
8
2
6		 -1
0.
6
%
Gr
lo
to
to
os
s
an
s
c
us
m
er
s		 5
2,
9
6
4		 5
1,
2
5
1		 5
1,
0
1
2		 3.
7
%
-
Gr
fo
in
o.
w
os
s p
er
rm
g		 4
2,
4
3
3		 4
1,
3
8
3		 4
2,
1
4
6		 -0
%
7
Gr
N
P
Es
o.
os
s
w		 1
0,
3
1
5		 9,
8
6
8		 8,
8
6
6		 -1
5.
8
%
  • •Net performing loans increased in Q2 (+1.9% q/q) supported by commercial activity
  • • Strong de-risking on performing loans continues as high risk bucket is more than halved since 2015 now weighing 4.3% and low risk bucket increased to 58.4% from 50.5% in 2015
  • •Net and gross NPE strongly down respectively by 10.6% and 15.8% since 1 Jan.'18

Non Performing Exposures (1/2)

Gross NPE ratio strong reduction to 17.4% and coverage at the highest levels in Italy

Gross NPE (€/bn) Cash coverage ratios (%)

Dec 17 1 Jan 18 Mar 18 Jun 18
Bad loans ("Sofferenze") 59.3% 67.4% 66.5% 64.9%
including write-off 63.7% 70.9% 70.3% 68.7%
Unlikely to pay 27.2% 43.6% 39.9% 41.9%
Past due 10.6% 14.1% 13.3% 12.7%
NPE 48.7% 59.3% 57.4% 56.8%
including write-off 52.6% 62.4% 60.7% 60.1%
Performing exposures 0.5% 0.6% 0.5% 0.4%
Total loans 10.1% 12.3% 11.4% 10.2%

Bad loansUnlikely to pay Past due Total

  • • Gross NPE down by 2.5 p.p. since 1 Jan.'18 (-1.7 €/bn) thanks to effective asset quality management and bad loans securitization «4Mori Sardegna» of 0.9 €/bn in Q2. Net NPE ratio at 8.4% from 9.2% as of 1 Jan.'18
  • •Unlikely to Pay weighs 5.6% of the loan book (6.3% as of 1 Jan.'18), one of the lowest level in the italian banking system
  • •NPE coverage at 56.8% still very high and only marginally impacted by the bad loans disposal. UtP coverage at 41.9%

Non Performing Exposures (2/2)

NPE inflows continue to decrease. Default rate at 2.0% annualized

NPE inflows (gross figures, €/mn) Default rate (%; annualized)

  • • Strong improvement in the quality of performing book brings NPE inflows down by 7.6% vs 1H17 and the default rate improved by 33 bps down to 2.0%
  • •Cure rate annualized at 13.8% in 1H18 confirming the effective asset management of asset quality
  • • Bad loans average recovery rate annualized at 6.3% in 1H18 showing a very positive management activity of our servicing platform BPER Credit Management

Source: management data

Financial assets portfolio

Italian government bonds trend down since 2014 and domestic risk low

€
/m
n		 F
V
T
P
L		 O
C
F
V
I		 C
A		 To
ta
l		 %
to
ta
l
on
Bo
ds
n		 3
8
0		 9
9,
0
0		 5
5,
6
1		 4
1
5,
4
2		 9
4.
5
%
Ita
l
ian
o
.w.
g
ov		 9
1
9		 6
1,
6
2		 7
3,
6
9		 2
5,
5
2		 3
3.
8
%
Eq
ity
u		 9
1
3		 6
2
8		 5
4
2		 2.
6
%
S
Fu
ds
d
ica
n
an
v		 3
6
0		 0
3
6		 2.
2
%
O
he
*
t
r		 1
1
9		 9
1
1		 0.
7
%
To
ta
l a
f
3
0.
0
6.
2
0
1
8
s o		 1,
4
2
1		 9,
2
9
6		 5,
6
1
5		 1
6,
3
3
2		 1
0
0.
0
%
To
ta
l a
f
3
1.
0
3.
2
0
1
8
s o		 1,
2
4
6		 9,
8
6
4		 4,
0
3
8		 1
5,
1
4
8
To
ta
l a
f
0
1.
0
1.
2
0
1
8
s o		 1,
2
9
3		 1
3,
5
5
1		 9
5
9		 1
5,
8
0
3
C
hg
Y
T
D
(
%
)		 9.
9
%
+		 3
1.
4
%
-		 n.m 3.
3
%
+

Financial Assets breakdown (€/mn; %) Italian Government bonds / Tot. Assets (%)

  • • Financial assets portfolio increased since 1 Jan.'18 taking advantage of Italian spread widening, but Italian goverment bonds weght overall pretty low
  • • Securities portfolio well diversified and total domestic exposure strongly down at 44.7% ot the total portfolio, halved since 2014

(*) Derivatives for hedging purposes related to HFT portfolio (1) Duration in years taking into account hedging Note: figures in this page may not add exactly due to rounding differences

Agenda

1H18 Results

  • •Executive summary
  • •Balance sheet structure

•Profit and loss

  • •Liquidity and capital adequacy
  • •Final remarks

Annexes

Profit & Loss

Very strong performance in 1H18 with a Net Profit of 307.9 €/mn

Note: for details on Profit & Loss see both methodological notes and annexes (tables) Note: figures in this page may not add exactly due to rounding differences

Core income

Increasing contribution of net commissions on core income

Core Income (€/mn; % on total)

Net Interest Income

NII performance affected by strong de-risking activity on loans

Net Interest Income contribution* (€/mn) Spread contribution (%)

  • •Strong de-risking activity on loans and performing loans further improvement toward low risk rating bucket affect NII performance
  • •NII down by 4.4% q/q mainly due to the lower contribution of «IFRS9 reclassification» and of financial margin

(*) Figures from Consolidated Profit and Loss (Bank of Italy format Circular 262/2005)- Item 10 «Interest and similar income» (TLTRO2 benefit included among "Other") and Item 20 «Interest and similar expense». TLTRO2 benefit of 18.6 €/mn in 1H18 of which 9.3 €/mn in 1Q18. Total TLTRO2 benefit in 2017 was 33.7 €/mn (1Q17 of 5.1 €/mn, 9.3 €/mn in 2Q17, 9.3 €/mn in 3Q17, 10.0 €/mn in 4Q17 )

Note Nuova Carife has been included in BPER Banca Group from 3Q17 onwards Note: figures in this page may not add exactly due to rounding difference

Net Commissions

Strong performance mainly thanks to AuM and Bancassurance

1
J
7
n
u		 1
8
J
n
u		 C
h
g
/
(
%
)
y
y
I
d
i
d
i
d
b
t
t
n
r
e
c
e
p
o
s
s
a
n
a
n
c
a
s
s
u
r
a
n
c
e		 1
0
6
7.		 1
3
6.
2		 2
6.
6
%
+
A
d
d
(
A
C
)
t
t
s
s
e
s
n
e
r
c
s
o
u
u
y
u		 7.
9		 8.
8		 1
1.
7
%
+
(
)
A
d
A
M
t
t
s
s
e
s
n
e
r
m
a
n
a
g
e
m
e
n
u
u		 8
0.
6		 1
0
0.
8		 2
5.
1
%
+
B
a
n
c
a
s
s
u
r
a
n
c
e		 1
9.
2		 2
6.
7		 3
9.
0
%
+		 2
7.
7
%
+
C
d
i
d
l
l
i
d
t
t
r
e
c
a
r
s,
c
o
e
c
o
n
s
a
n
t
p
a
y
m
e
n
s		 7
0.
1		 7
2.
9		 4.
0
%
+
L
d
t
o
a
n
s
a
n
g
u
a
r
a
n
e
e
s		 1
6
0.
1		 1
9.
6
5		 0.
3
%
-		 0.
5
%
+
O
h
i
i
t
e
r
c
o
m
m
s
s
o
n
s		 2
1.
4		 2
0.
3		 4.
9
%
-
T
l
t
o
a		 3
5
9.
2		 3
8
9.
1		 8.
3
%
+

AuM up-front fees of 13.0 €/mn in Jun.18 (9.4 €/mn in Jun.17), weighing 3.3% on total net commissions

  • •Indirect deposits and Bancassurance fees strong performance in 1H18 up by 26.6% y/y.
  • • AuM and Bancassurance fees strong increase respectively by 25.1% and 39.0% y/y. Overall traditional commissions growth in 1H18 (+0.5% y/y)
  • • In Q2, Indirect deposits and Bancassurance fees broadly stable (-0.6 €/mn; -0.8% q/q) with a positive performance of Bancassurance (+2.0 €/mn; +16.1% q/q) and a lower contribution of up-front fees (-3.2 € /mn q/q; -39.5% q/q); other commissions down by 5.1% q/q (-6.6 €/mn) mainly due to loans and guarantees (-4.7 €/mn; -5.8% q/q)

29.3% 30.6% 31.6% 34.1% 34.5% 35.5% 70.7% 69.4% 68.4% 65.9% 65.5% 64.5% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18Indirect deposits and bancassurance Other commissions 177.4 181.9 184.8 196.6 198.1 190.9 Total

Net Commissions breakdown (€/mn) Net Commissions breakdown (€/mn; % on total)

Dividends and Trading income

Very positive performance supported by realized gains on bonds in Q1

Dividends and Trading income breakdown (€/mn; %) Trading income evolution (€/mn)

J
1
7
u
n		 J
1
8
u
n
D
i
i
d
d
v
e
n
s		 1
1.
1		 1
3.
5
T
d
i
i
r
a
n
g
n
c
o
m
e		 5
0.
5		 1
7
0.
0
R
l
i
d
i
/
l
e
a
z
e
g
a
n
o
s
s		 2
9.
3		 1
2.
9
7
P
l
u
s		 2
7.
7		 2
4.
0
M
i
n
u
s		 7.
9
-		 3
1.
9
-
O
h
t
e
r
s		 1.
4		 5.
0
T
t
l
o
a		 6
1.
7		 1
8
3.
5

Operating costs

Operating costs up by 8.1% q/q due to non-recurring items in Q2 and higher staff costs provisions related to the variable part of the remuneration

Note: figures in this page may not add exactly due to rounding differences

Page | 20 Nuova Carife: 100% of the share capital acquisition completed in Jun.'17 and then merged into the Parent Bank BPER Banca in Nov.'17; for details of the deal see 30 Jun.'17 and 20 Nov.'17 press releases

Cost of credit

Loan Loss Provisions at a very low level (84.9 €/mn in 1H18) Strong reduction of cost of risk to 36 bps annualized

Agenda

1H18 Results

  • •Executive summary
  • •Balance sheet structure
  • •Profit and loss

•Liquidity and capital adequacy

•Final remarks

Annexes

Liquidity

Strong liquidity position and high level of unencumbered eligible assets

Total eligible Assets evolution* (€/mn) Eligible Assets Pool Composition (%)

  • • ECB exposure of 9.3 €/bn in Jun.'18 fully composed of TLTRO2 operations (4.1 €/bn TLTRO2 in Jun.'16 and 1 €/bn TLTRO2 in Dec.'16 and 4.2 €/bn in Mar.'17)
  • •LCR and NSFR above 100%

Capital ratios

Strong capital position broadly unchanged vs Mar.'18 despite sovereign spread widening

B3 Common Equity Tier 1 Ratios (%)

Regulatory capital (€/mn) Capital ratios (%)

Capital ratios (%)
--------------------
F
l
l
u		 P
h
d
y
a
s
e
€
/m
n		 Ju
1
7
n		 De
1
7
c		 Ma
1
8
r		 Ju
1
8
n
Co
Eq
i
T
I
E
R
1
ty
m
m
on
u		 4,
4
3
4		 4,
4
5
6		 3,
6
5
8		 3,
5
8
5
T
I
E
R
1		 4,
4
6
9		 4,
4
8
8		 3,
6
8
7		 3,
6
1
4
Ow
Fu
ds
n
n		 5,
3
6
3		 5,
3
6
6		 4,
5
6
4		 4,
4
9
1
To
l
R
W
A
ta		 3
3,
6
6
7		 3
2,
5
7
3		 3
1,
2
3
4		 3
0,
8
3
7
F
l
l
P
h
d
u
y
a
s
e
€
/m
n		 Ju
1
7
n		 De
1
7
c		 Ma
1
8
r		 Ju
1
8
n
Co
Eq
i
T
I
E
R
1
Ra
io
ty
t
m
m
on
u		 1
3.
2
%		 1
3.
7
%		 1
1.
7
%		 1
1.
6
%
T
I
E
R
1
Ra
io
t		 1
3.
3
%		 1
3.
8
%		 1
1.
8
%		 1
1.
%
7
Ow
Fu
ds
Ra
io
t
n
n		 1
5.
9
%		 1
6.
5
%		 1
4.
6
%		 1
4.
6
%

Note: Reg. 2395/2017 "Transitional provisions to mitigate the impact of introducing IFRS 9 on Own Funds" introduced the "phased-in" relating to the impacts on Own Funds of the new standard IFRS 9, which offers banks the possibility to mitigate the impact on Own Funds in a transitional period of 5 years (from March 2018 to December 2022) by sterilizing the effect in CET1 with the application of decreasing percentages over time. The BPER Banca Group has chosen to adopt the so-called "static approach", to be applied to the impact resulting from comparison between the IAS 39 adjustments at 31/12/2017 and the IFRS 9 adjustments at 1/1/2018.

Agenda

1H18 Results

  • •Executive summary
  • •Balance sheet structure
  • •Profit and loss
  • •Liquidity and capital adequacy

•Final remarks

Annexes

Final remarks: delivering on asset quality while maintaining a solid capital base

High confidence about the evolution of the Group's asset quality

  • •Strong asset quality improvements keep going (1H18 gross NPE ratio at 17.4%)
  • •Coverage at the highest levels of the Italian banking system
  • • NPE Strategy 2018-2020 targets confirmed: NPE gross ratio expected below 14% by the end of 2018 (11.5% in 2020 and below 10.0% in 2021)

Sound capital position and improvement of recurring capital generation

  • •CET1 ratio Phased in at 14.72% with a very large buffer vs SREP 2018
  • •CET1 ratio Fully phased target at 11.63% also well supported by internal capital generation

Positive profitability expectations

  • •Reduction of cost of risk on a recurring basis going forward
  • •Improving revenues with a particular focus on commissions
  • •Low taxation for an extended period of time

Agenda

1H18 Results

  • •Executive summary
  • •Balance sheet structure
  • •Profit and loss
  • •Liquidity and capital adequacy
  • •Final remarks

Annexes

Customer loans: portfolio composition

Bu
in
to
s
es
s s
ec
r		 Ju
1
8
n		 %
on
To
ta
l		 ∆
%
De
1
7
vs
c
Ma
fac
ing
tu
nu
r		 4
6,
7
7		 1
4.
8
%		 9.
1
%
-
W
ho
les
le
d
i
l s
ice
ies
d
ta
a
an
re
erv
s,
rec
ov
er
a
n
rep
a		 ir
4,
2
2
1		 9.
2
%		 1
8.
9
%
-
Co
ion
tru
t
ns
c
s		 1
2,
7
9		 6.
1
%		 2
2.
8
%
-
Re
l
Es
ta
te
a		 1
3,
1
1		 6.
8
%		 9.
1
%
-
H
O
R
E
C
A
*		 7
1,
2
5		 2.
7
%		 1
8.
5
%
-
Ag
icu
l
for
d
f
is
h
ing
tu
try
r
re,
es
a
n		 3
6
5		 1.
4
%		 2
%
5
7.
-
O
he
t
r		 8
4,
8
5		 1
0.
6
%		 2
6.
1
%
-
To
ta
l
lo
to
-f
in
ia
l
bu
in
an
s
n
on
an
c
s
es
se
s		 5
2
3,
6
6		 5
1.
6
%		 1
9.
3
%
-
Ho
ho
l
ds
us
e		 9
1
6,
3
7		 3
5.
8
%		 2
6.
7
%
+
To
l
loa
f
ina
ia
l
bu
ine
ta
to
ns
nc
s
ss
es		 8
5,
7
5		 1
2.
6
%		 6
%
7.
+
To
ta
l
Cu
to
Lo
s
m
er
s
an
s		 2
4
5,
8
0		 1
0
0.
0
%		 3.
8
%
-

Customer loans breakdown by sectors (€/mn ; %) Customer loans breakdown by geographical distribution1(%)

(1) Commercial banks + Sarda Leasing (excluding non resident loans) Note: figures from data management system

Asset quality breakdown (excl. customer debt securities)

Gro
(
€/m
n)
ss
ex
po
su
res		 Ju
n 1
7		 De
c 1
7		 1 J
18
FT
A
an		 Ma
r 1
8		 Ju
n 1
8		 Ch
Y/Y
g		 Ch
YT
D
g		 Ch
1 J
18
g
an
% % % % % Ab
Ch
(
%)
s.
g		 Ab
Ch
(
%)
s.
g		 %
as
s.
No
n P
erfo
rmi
Exp
(
NP
Es
)
ng
osu
res		 11,
032
21
.1%		 10
532
19
.8%
,		 10
53
1
19
.9%
,		 9,
868
19
.3%		 8,
867
17
.4%		 -2,
165
-19
.6%		 -1,
665
-15
.8%		 -1,
665
-15
.8%
Ba
d lo
ans		 108
13
.6%
7,		 109
13
.4%
7,		 109
13
.4%
7,		 6,
584
12
.9%		 90
6
11
.6%
5,		 -1,
202
-16
.9%		 -1,
20
3
-16
.9%		 -1,
20
3
-16
.9%
Un
like
ly
loa
to p
ay
ns		 3,
716
7.1
%		 3,
318
6.2
%		 3,
318
6.3
%		 3,
190
6.2
%		 2,
84
7
5.6
%		 -86
9
-23
.4%		 -47
1
-14
.2%		 -47
1
-14
.2%
Pa
st d
loa
ue
ns		 20
8
0.4
%		 10
5
0.2
%		 10
4
0.2
%		 94
0.2
%		 11
4
0.2
%		 -94
-45
.2%		 9
+9
.3%		 9
+9
.3%
Gro
rfor
min
loa
ss
pe
g
ns		 41
333
78
.9%
,		 42
638
80
.2%
,		 42
43
3
80
.1%
,		 41
383
80
.8%
,		 42
145
82
.6%
,		 81
2
+2
.0%		 -49
3
-1.
2%		 -28
7
-0.
7%
To
tal
gro
ss
ex
po
su
res		 52
36
5
100
.0%
,		 53
170
10
0.0
%
,		 52
964
10
0.0
%
,		 51
25
1
10
0.0
%
,		 51
012
10
0.0
%
,		 -1,
353
-2.
6%		 -2,
158
-4.
1%		 -1,
952
-3.
7%
Ad
jus
o lo
s (
€/m
n)
tm
ts t
en
an		 Ju
n 1
7		 De
c 1
7		 1 J 18
FT
A
an		 Ma
r 1
8		 Ju
n 1
8		 Ch Y/Y
g		 Ch
g		 YT
D		 Ch
1 J
g		 18
an
e (
%)
co
ve
rag		 e (
%)
co
ve
rag		 e (
%)
co
ve
rag		 e (
%)
co
ve
rag		 e (
%)
co
ve
rag		 Ab
s.		 Ch
(
%)
g		 Ab
s.		 Ch
(
%)
g		 as
s.		 %
Ad
jus
tme
nts
to
NP
Es		 5,
172		 46
.9%		 5,
129		 48
.7%		 6,
25
0		 59
.3%		 5,
66
1		 57
.4%		 5,
04
1		 56
.9%		 -13
1		 -2.
6%		 -88 -1.
7%		 -1,
20
9		 -19
.3%
Ba
d lo
ans		 4,
176		 58
.8%		 4,
21
6		 59
.3%		 4,
789		 67
.4%		 4,
37
7		 66
.5%		 3,
832		 64
.9%		 -34
4		 -8.
2%		 -38
4		 -9.
1%		 -95
7		 -20
.0%
Un
like
ly
loa
to p
ay
ns		 98
0		 26
.4%		 90
2		 27
.2%		 1,
44
5		 43
.5%		 1,
272		 39
.9%		 1,
194		 41
.9%		 21
4		 +2
1.8
%		 29
2		 +3
2.4
%		 -25
1		 -17
.4%
Pa
st d
loa
ue
ns		 16 7.9
%		 11 10
.6%		 16 14
.1%		 12 13
.3%		 15 12
.7%		 -1 -11
.4%		 4 +3
1.1
%		 -1 -1.
3%
Ad
jus
rfor
min
loa
tme
nts
to
pe
g
ns		 196 0.5
%		 22
6		 0.5
%		 24
5		 0.6
%		 18
6		 0.5
%		 16
9		 0.4
%		 -27 -13
.7%		 -57 -25
.1%		 -76 -31
.3%
To
tal
adj
tm
ts
us
en		 368
5,		 10
.3%		 35
5,
5		 10
.1%		 6,
49
5		 12
.3%		 847
5,		 11
.4%		 21
0
5,		 10
.2%		 -15
8		 -3.
0%		 -14
5		 -2.
7%		 -1,
28
5		 -19
.8%
Gro
(
€/m
n)
ss
ex
po
su
res		 Ju
n 1
7		 De
c 1
7		 1 J 18
FT
A
an		 Ma r 1
8		 Ju n 1
8		 Ch
g		 Y/Y Ch
g		 YT
D		 Ch
1 J
g		 18
an
% % % % % Ab
s.		 Ch
(
%)
g		 Ab
s.		 Ch
(
%)
g		 as
s.		 %
No
n P
erfo
rmi
Exp
(
NP
Es
)
ng
osu
res		 5,
860		 12
.5%		 5,
40
3		 11
.3%		 4,
282		 9.2
%		 4,
20
7		 9.3
%		 3,
826		 8.4
%		 -2,
034		 -32
.6%		 -1,
57
7		 -29
.2%		 -45
6		 -10
.6%
Ba
d lo
ans		 2,
932		 6.2
%		 2,
893		 6.1
%		 2,
32
0		 5.0
%		 2,
20
7		 4.9
%		 2,
074		 4.5
%		 -85
8		 -29
.0%		 -81
9		 -28
.3%		 -24
6		 -10
.6%
Un
like
ly
to p
loa
ay
ns		 2,
736		 5.8
%		 2,
41
6		 5.1
%		 1,
873		 4.0
%		 1,
918		 4.2
%		 1,
653		 3.6
%		 -1,
083		 -37
.0%		 -76
3		 -31
.6%		 -22
0		 -11
.8%
Pa
st d
loa
ue
ns		 192 0.5
%		 94 0.2
%		 89 0.2
%		 82 0.2
%		 99 0.2
%		 -93 -25
.3%		 5 +6
.7%		 10 +1
1.0
%
Gro
rfor
min
loa
ss
pe
g
ns		 41
137
,		 87
.5%		 42
412
,		 88
.7%		 42
187
,		 90
.8%		 41
197
,		 90
.7%		 41
976
,		 91
.7%		 83
9		 +1
.8%		 -43
6		 -1.
0%		 -21
1		 -0.
5%
To
tal
Gro
ss
ex
po
su
res		 46
99
7
,		 100
.0%		 47
815
,		 10
0.0
%		 46
46
9
,		 10
0.0
%		 45
404
,		 10
0.0
%		 45
802
,		 10
0.0
%		 -1,
195		 -2.
4%		 -2,
013		 -4.
2%		 -66
7		 -1.
4%

Financial Assets details

Bonds maturities and issues details

Outstanding bonds (€/bn) Bonds issued (€/bn)

De
1
7
c		 M
1
8
ar		 Ju
1
8
n
W
ho
les
le
bo
a		 ds
n		 3.
0		 3.
0		 3.
0
/w
d
bo
ds
o
co
ver
e
n		 2.
5		 2.
5		 2.
5
/w
bo
d
ina
d
bo
ds
te
o
su
r
n		 0.
5		 0.
5		 0.
5
Re
i
l
bo
ds
ta
n		 2.
4		 2.
0		 1.
7
/w
bo
d
ina
d
bo
ds
te
o
su
r
n		 0.
4		 0.
3		 0.
3
To
ta
l
bo
ds
n		 5.
4		 5.
0		 4.
7

Note: figures in this page: 1) are shown as per nominal values excluding Table «Bonds stock» reported as per Financial report values and 2) may not add exactly due to rounding differences

Consolidated balance sheet as of 30 June 2018

Assets (€/k)

As
ts
se		 3
0.
0
6.
2
0
1
8		 3
1.
0
3.
2
0
1
8		 0
1.
0
1.
2
0
1
8		 3
1.
1
2.
2
0
1
7		 C
ha
ng
e		 C
ha
ng
e
S
I
F
R
9
F
T
A		 f
las
i
ie
d
re
c
s		 3
0.
0
6.
2
0
1
8-		 (
%
)
0
1.
0
1.
2
0
1
8
Ca
1
0.		 h a
d
ba
lan
i
t
h c
tra
l
ba
ks
s
n
ce
w
en
n		 3
5
3,
7
7
4		 3
3
7,
3
9
4		 4
2
0,
2
9
9		 4
2
0,
2
9
9		 (
)
6
6,
5
2
5		 1
5.
8
3
-
2
0.
F		 fa
f
ina
ia
l a
ts
t
ir v
lue
t
hro
h p
i
t o
los
nc
ss
e
a
a
ug
ro
r
s		 1,
4
2
1,
4
4
3		 1,
2
4
6,
0
4
1		 1,
2
9
3,
0
8
2		 1,
3
2
6,
6
0
1		 1
2
8,
3
6
1		 9.
9
3
)
a		 F
ina
ia
l a
he
l
d
fo
d
ing
ts
tra
nc
ss
e
r		 3
5
0,
3
8
8		 4
1
1,
0
4
7		 4
2
5,
4
2
4		 4
2
5,
4
2
4		 (
)
7
5,
0
3
6		 1
7.
6
4
-
b
)		 F
ina
ia
l a
de
ig
d a
fa
ir v
lue
ts
te
t
nc
ss
e
s
na
a		 2
2
1,
6
2
5		 2
2
4,
6
8
9		 2
2
3,
1
9
2		 2
2
3,
1
9
2		 (
)
1,
5
6
7		 0.
7
0
-
)
c		 O
h
f
ina
ia
l a
da
i
ly
fa
ir v
lue
hro
h p
f
i
los
ter
ts
tor
t
t
t o
nc
ss
e
ma
n
a
a
ug
ro
r
s		 8
4
9,
4
3
0		 6
1
0,
3
0
5		 6
4
4,
4
6
6		 6
9
8
7
7,
5		 2
0
4,
9
6
4		 3
1.
8
0
3
0.
F		 ina
ia
l a
fa
ir v
lue
hro
h o
he
he
ive
inc
ts
t
t
t
nc
ss
e
a
a
ug
r c
om
p
re
ns
om
e		 9,
2
9
6
8
2
5,		 9,
8
6
4,
1
3
6		 1
3,
0,
6
9
4
5
5		 1
3,
3
9
8,
7
5
7		 (
4,
2
0
1
2
)
5
5,		 3
1.
4
0
-
4
0.
F		 ina
ia
l a
ise
d c
ts
t a
t
t
nc
ss
e
a
mo
r
os		 4,
6
3,
1
6
3
5
5		 2,
9
3
0
6
5
7,
5		 0,
4
2
1
5
7,
7
7		 1,
6
1,
8
5
5
5
7		 4,
1
3
4
4
6
5,		 8.
2
0
)
a		 Lo
ba
ks
to
an
s
n		 4,
2
2
1,
6
9
4		 4,
2
3
2,
3
3
6		 3,
1
9
6,
9
1
2		 3,
2
0
5,
8
4
9		 1,
0
2
4,
7
8
2		 3
2.
0
6
)
a		 Lo
to
tom
an
s
cu
s
ers		 5
0,
3
4
1,
4
6
9		 4
8,
7
0
5,
1
7
0		 4
7,
2
3
0,
8
0
4		 4
8,
3
5
5,
7
3
7		 3,
1
1
0,
6
6
5		 6.
5
9
5
0.
He		 dg
ing
de
iva
ive
t
r
s		 5
0,
0
6
6		 5
1,
0
7
5		 5
4,
0
6
1		 5
4,
0
6
1		 (
)
3,
9
9
5		 7.
3
9
-
7
0.
Eq		 i
inv
ty
tm
ts
u
es
en		 4
4
8,
9
9
0		 4
5
6,
0
7
5		 4
5
4,
3
6
7		 4
5
4,
3
6
7		 (
)
5,
3
7
7		 1.
1
8
-
9
0.
Pro		 ty,
lan
t a
d e
ip
t
p
er
p
n
q
u
me
n		 1,
0
5
6,
2
6
0		 1,
0
5
7,
3
2
6		 1,
0
6
3,
4
8
3		 1,
0
6
3,
4
8
3		 (
)
7,
2
2
3		 0.
6
8
-
In
1
0
0.		 i
b
le
tan
ts
g
as
se		 4
9
7,
3
4
0		 4
9
9,
4
0
3		 5
0
6,
6
2
7		 5
0
6,
6
2
7		 (
)
9,
2
8
7		 1.
8
3
-
o f w
h
ic
h:		 -
- g dw
i
l
l
oo		 3
2
7,
0
8
4		 3
2
7,
0
8
4		 3
2
7,
0
8
4		 3
2
7,
0
8
4		 - -
1
1
0.
Ta		 ts
x a
ss
e		 1,
3
4,
9
6
1
7		 1,
4
2,
2
1
1
7		 1,
8
4
6
1
1
5,		 1,
8
4
8,
1
2
7		 (
1
1
0,
6
0
)
5		 6.
0
0
-
)
a		 t
cu
rre
n		 4
4,
1
3
9
5		 4
6,
2
1
7
7		 4
4
1
5
7
5,		 4
4
1
5
7
5,		 (
1
2
1,
3
0
2
)		 2
1.
0
8
-
b
)		 de
fe
d
rre		 1,
2
8
0,
8
2
2		 1,
2
6
4
9
0
5,		 1,
2
0,
1
0
7
7		 1,
2
2,
6
8
6
7		 1
0,
6
2
5		 0.
8
4
O
1
3
0.
t		 he
ts
r a
ss
e		 8
7
5,
0
5
6		 7
4
7,
0
2
7		 7
0
4,
8
9
9		 7
0
4,
8
9
9		 1
7
0,
1
5
7		 2
4.
1
4
To ta
l
As
ts
se		 7
0,
2
9
6,
7
3
5		 6
8,
9
3
8,
1
9
4		 7
0,
3
2
0,
8
3
9		 7
1,
3
3
8,
8
0
7		 (
)
2
4,
1
0
4		 0.
0
3
-

Consolidated balance sheet as of 30 June 2018

Liabilities and shareholders' equity (€/k)

L
ia
b
i
l
i
t
ies
d s
ha
ho
l
de
' e
i
ty
an
re
rs
q
u		 3
0.
0
6.
2
0
1
8		 3
1.
0
3.
2
0
1
8		 0
1.
0
1.
2
0
1
8		 3
1.
1
2.
2
0
1
7		 C
ha
ng
e		 C
ha
ng
e
S
I
F
R
9
F
T
A		 f
las
i
ie
d
re
c
s		 3
0.
0
6.
2
0
1
8-		 (
%
)
0
1.
0
1.
2
0
1
8
F
ina
ia
l
l
ia
b
i
l
i
ies
ise
d c
1
0.
t
t a
t
t
nc
a
mo
r
os		 6
2,
5
0
2,
2
5
2		 6
1,
5
4
5,
4
2
0		 6
3,
2
3
1,
1
5
8		 6
3,
2
3
0,
6
4
3		 (
)
7
2
8,
9
0
6		 1.
1
5
-
)
Du
ba
ks
to
a
e
n		 1
2,
6
2
2,
9
6
8		 1
2,
6
2
6,
2
0
9		 1
2,
9
8
4,
2
2
6		 1
2,
9
8
4,
2
2
6		 (
)
3
6
1,
2
5
8		 2.
7
8
-
b
)
Du
to
tom
e
cu
s
ers		 4
3,
2
9
1,
0
5
1		 4
1,
9
0
0,
2
1
3		 4
2,
6
9
4,
0
7
8		 4
2,
6
9
4,
0
7
8		 5
9
6,
9
7
3		 1.
4
0
)
De
b
i
ies
in
iss
t s
t
c
ec
ur
ue		 6,
5
8
8,
2
3
3		 7,
0
1
8,
9
9
8		 7,
5
5
2,
8
5
4		 7,
5
5
2,
3
3
9		 (
)
9
6
4,
6
2
1		 1
2.
7
7
-
2
0.
F
ina
ia
l
l
ia
b
i
l
i
ies
he
l
d
fo
d
ing
t
tra
nc
r		 2
4
1,
0
1
3		 3
1
3
6
5,
5		 1
0,
0
4
6
7		 1
0,
0
4
6
7		 0,
9
6
7
7		 4
1.
3
7
4
0.
He
dg
ing
de
iva
ive
t
r
s		 4
2,
9
1
8		 1
8,
8
9
8		 2
3,
9
7
5		 2
3,
9
7
5		 1
9,
1
2
3		 8
0.
3
7
/-
5
0.
A
de
d
i v
lor
de
l
le
iv
i
à
f
ina
iar
ie
d
i c
ica
(
)
to
t
t
to
tur
g
ua
me
n
a
e
p
as
s
nz
og
g
e
op
er
a g
en
er
+		 - - - - - /
#
D
I
V
0
!
6
0.
Ta
l
ia
b
i
l
i
ies
t
x
:		 9
0,
7
6
4		 1
0
9,
0
2
7		 1
5
7,
2
5
7		 1
0
6,
2
1
8		 (
)
6
6,
4
9
3		 4
2.
2
8
-
)
t
a
cu
rre
n		 3,
7
2
4		 3,
3
6
0		 2,
6
3
6		 2,
2
5
8		 1,
0
8
8		 4
1.
2
7
)
fe
b
de
d
rre		 8
7,
0
4
0		 1
0
5,
6
6
7		 1
5
4,
6
2
0		 1
0
3,
9
6
0		 (
)
6
7,
5
8
0		 4
3.
7
1
-
Pa
iv
i
à a
ia
d a
iv
i
à
in v
ia
d
i
d
ism
iss
ion
7
0.
t
te
t
t
t
ss
ss
oc
a
e		 - - - - - D
I
V
/
!
#
0
O
he
l
ia
b
i
l
i
ies
8
0.
t
t
r		 1,
9
6
3,
7
7
5		 1,
3
9
4,
4
9
4		 1,
4
1
6,
6
6
0		 1,
4
1
6,
6
6
0		 5
4
7,
1
1
5		 3
8.
6
2
Pro
is
ion
fo
ina
ion
in
de
i
ies
9
0.
ter
t
t
v
r
m
mn		 1
8
6,
4
4
4		 1
8
6,
3
7
0		 1
8
7,
5
3
6		 1
8
7,
5
3
6		 (
)
1,
0
9
2		 0.
5
8
-
1
0
0.
Pro
is
ion
fo
is
ks
d c
ha
v
s
r r
an
rg
es		 3
1,
6
1
6
5		 3
3,
9
0
4
5		 0
1,
1
8
5
5		 4
8
1
8
7,
7		 3
0,
0
9
8		 6.
0
0
)
Co
i
d g
ive
tm
ts
tee
a
mm
en
an
ua
ran
s g
n		 6
4
2
0
7,		 8
2,
6
9
7		 6
1,
1
3
3		 4
6,
9
3
7		 6,
2
8
7		 1
0.
2
8
b
)
ion
d s
im
i
lar
i
tm
ts
p
en
s
s a
n
co
mm
en		 1
3
2,
1
0
4		 1
3
9
2
0
5,		 1
3
1
4
8
7,		 1
3
1
4
8
7,		 (
0
4
4
)
5,		 3.
6
8
-
)
he
is
ion
t
c
o
r p
rov
s		 3
3
2,
0
9
2		 3
1
5,
2
1
5		 3
0
3,
2
3
7		 3
0
3,
2
3
7		 2
8,
8
5
5		 9.
5
2
1
2
0.
Va
lua
ion
t
re
se
rve
s		 6
0,
9
7
4		 1
4
0,
2
2
9		 2
0
4,
4
2
3		 0
8
9
7
5,		 (
1
4
3,
4
4
9
)		 0.
1
7
7
-
1
5
0.
Re
se
rve
s		 1,
5
2
7,
9
9
6		 1,
5
8
2,
8
5
2		 1,
4
3
3,
4
4
4		 2,
4
4
5,
4
5
4		 9
4,
5
5
2		 6.
6
0
1
6
0.
S
ha
ium
re
p
rem
re
se
rve		 9
3
0,
0
7
3		 9
3
0,
0
3
7		 9
3
0,
0
3
7		 9
3
0,
0
3
7		 - -
S
1
7
0.
ha
i
l
ta
re
ca
p		 1,
4
4
3,
9
2
5		 1,
4
4
3,
9
2
5		 1,
4
4
3,
9
2
5		 1,
4
4
3,
9
2
5		 - -
1
8
0.
Tre
ha
as
ury
s
res		 (
2
8
)
7,
5		 (
2
8
)
7,
5		 (
2
8
)
7,
5		 (
2
8
)
7,
5		 - -
1
9
0.
M
ino
i
in
ty
ter
ts
r
es		 4
7
4,
3
5
8		 4
9
3,
8
7
2		 4
5
1,
8
2
5		 6
5
3,
0
1
0		 2
2,
5
3
3		 4.
9
9
Pro
f
i
(
los
)
fo
he
io
d p
in
ing
he
Pa
Co
2
0
0.
t
t
ta
to
t
t
s
r
p
er
er
ren
mp
an
y		 3
0
8
8
7,
5		 2
5
1,
0
2
3		 1
7
6,
4
3
8		 1
7
6,
4
3
8		 1
3
1,
4
4
7		 7
4.
5
0
To
ta
l
l
ia
b
i
l
i
t
ies
d s
ha
ho
l
de
's
i
ty
an
re
r
eq
u		 0,
2
9
6,
3
7
7
5		 6
8,
9
3
8,
1
9
4		 7
0,
3
2
0,
8
3
9		 7
1,
3
3
8,
8
0
7		 (
)
2
4,
1
0
4		 0.
0
3
-

| Strettamente riservato e confidenziale

Consolidated income statement as of 30 June 2018 (€/k)

Ite
m		 06.
8
30.
201		 06.
30.
201
7		 Cha
nge		 Ch
ang
e %
10. Inte
d s
imi
lar
inc
rest
an
om
e		 720
,379		 6,6
70
01		 8
13,7
7		 1.95
20. d s
lar
Inte
imi
rest
an
exp
ens
e		 (14
)
6,8
77		 (13
82)
6,4		 (10
)
,395		 62
7.
30. Ne
t in
inc
ter
est
om
e		 573
,50
2		 570
,119		 83
3,3		 0.5
9
40. Com
mis
sio
n in
com
e		 6,70
8
40		 6,6
37
27		 081
30,		 7.9
9
50. Com
mis
sio
n e
xpe
nse
s		 (17,
)
652		 (17,
)
403		 (24
)
9		 1.43
60. Ne
issi
inc
t co
mm
on
om
e		 89,
6
3
05		 359
,22
4		 832
29,		 8.3
0
70. ide
nds
d s
lar
Div
imi
inc
an
om
e		 61
13,4		 24
11,1		 2,33
7		 21.0
1
80. Net
din
inc
tra
g
om
e		 16,4
82		 89
19,9		 (3,5
)
07		 -17.
54
90. he
dg
(
loss
es)
Net
ing
ins
ga		 2,4
10		 (25
)
9		 2,6
69		 -
100 loss
n d
sal
rch
of:
Ga
ins/
ispo
es o
or r
epu
ase		 8
,97
147		 86
30,
3		 592
117,		 86.
3
99
a) F
ina
ncia
l as
ised
sets
at
ort
t
am
cos		 (11,4
)
47		 (7,8
)
52		 (3,5
)
95		 8
45.7
b) F
ina
ncia
l as
fair
val
hro
h ot
her
sets
at
ue t
ug
hen
sive
inc
com
pre
om
e		 159,
255		 38,1
60		 121,
095		 317.
33
c) F
l lia
bilit
ed c
ina
ncia
ies
rtis
at a
ost
mo		 170 78 92 117.
95
110 ults
fin
ial a
nd
liab
iliti
t fa
alu
Net
ir v
ts a
res
on
anc
sse
es a
e		 3,19
5		 417 8
2,77		 666
.19
a)
fina
l as
d lia
bilit
at f
valu
e th
h p
rofi
ncia
ies
air
sets
t
an
rou
g
or l
oss		 (2,9
)
43		 417 (3,3
60)		 -80
5.76
b) o
the
r fin
ial a
and
rily
at f
valu
e th
h
air
ts m
ato
anc
sse
rou
g
fit o
r lo
pro
ss		 6,13
8		 - 6,13
8		 -
120 d o
the
r ba
nki
Ne
t in
ter
est
inc
an
ng
om
e		 6,0
84
1,14		 991
,00
0		 ,08
155
4		 65
15.
130 Net
im
irm
ad
jus
ent
tme
nts
to:
pa		 (
83,0
)
30		 (39
849
)
4,		 819
311,		 8.9
-7
7
a) F
l as
ised
ina
ncia
sets
at
ort
t
am
cos		 (84
)
,934		 (323
)
,232		 238
,298		 -73.
72
b) F
l as
fair
val
hro
h ot
her
ina
ncia
sets
at
ue t
ug
hen
sive
inc
com
pre
om
e		 1,90
4		 (71,
617
)		 73,5
21		 .66
-102
140 fit/
loss
fro
t ch
itho
ut d
Pro
niti
ont
m c
rac
ang
es w
ere
cog
on		 (1,1
)
83		 - (1,1
)
83		 -
150 rof
it f
fin
ial
Ne
t p
act
ivit
ies
rom
anc		 61,8
1,0
71		 6,15
59
1		 65,
720
4		 8.12
7
190 Ad
min
istr
ativ
sts:
e co		 (72
)
5,10
4		 (
664
)
,09
7		 (
61,0
)
07		 9.19
a) p
oll
ayr		 (42
)
0,4
34		 (385
)
,676		 (34,
)
758		 9.0
1
b) o
the
r ad
min
istr
ativ
sts
e co		 (30
)
4,6
70		 (278
1)
,42		 (26,
)
249		 9.4
3
200 for
Net
visi
ris
ks a
nd
cha
pro
ons
rge
s		 (37,
)
039		 (5,1
68)		 (31,
871
)		 616
.70
a) C
mit
and
iven
nts
nte
om
me
gu
ara
es g		 11,9
23		 6,4
34		 5,48
9		 85.3
1
b) O
the
ovis
ion
r pr
s		 (48
)
,962		 (11,6
02)		 (37,
)
360		 322
.01
210 ad
jus
lan
d e
ipm
Net
tme
nts
to
ty,
t an
ent
pro
per
p
qu		 (33,
)
354		 (21,
)
124		 (12,
)
230		 57.9
0
220 ad
ible
Net
jus
inta
tme
nts
to
ets
ng
ass		 (22
1)
,97		 (19,
)
573		 (3,3
8)
9		 6
17.3
230 Oth
har
atin
/in
er o
per
g c
ges
com
e		 83,1
11		 85,5
90		 (2,4
)
79		 -2.9
0
240 Op
tin
ost
era
g c
s		 (73
)
5,35
7		 (
)
624
,372		 (110
)
85
,9		 8
17.7
250 fit (
f eq
Pro
loss
) o
uity
inv
est
nts
me		 5,33
9		 137
,254		 (131
)
,915		 6.11
-9
280 (
loss
es)
dis
al o
f in
Ga
ins
tme
nts
on
pos
ves		 79 16 63 393
.75
290 fit
fro
bef
Pro
(
los
s)
tio
ent
tax
m c
urr
op
era
ns
ore		 331
,93
2		 109
,04
9		 ,88
222
3		 204
.39
300 Inc
tion
e ta
t op
om
xes
on
cu
rren
era
s		 (9,7
68)		 83
10,1		 (19,
)
951		 -195
.92
310 fit
(
los
s)
fro
tio
aft
Pro
ent
er t
m c
urr
op
era
ns
ax		 ,164
322		 119
,23
2		 202
,93
2		 170
.20
330 rof
it (
los
s)
Ne
t p		 ,164
322		 119
,23
2		 202
,93
2		 170
.20
340 fit (
loss
) pe
Net
rtai
nin
ino
rity
int
to m
sts
pro
g
ere		 (14,
)
279		 (170
)		 (14
)
,109		 --
350 fit
(
los
s)
for
th
d p
the
Pro
erio
ain
ing
Pa
ert
to
t
e p
ren
Co
mp
any		 ,88
307
5		 ,06
119
2		 188
,82
3		 8.5
15
9

| Strettamente riservato e confidenziale

Reclassified consolidated income statement as of 30 June 2018

For greater clarity in the presentation of the results for the period the accounting schedules envisaged by the 5th update of Bank of Italy Circular 262/2005 have been reclassified.

In the balance sheet:

  • •Debt securities valued at amortised cost (caption 40 "Financial assets valued at amortised cost") have been reclassified under caption "Financial assets".
  • •"Other assets" include captions 110 "Tax assets" and 130 "Other assets".
  • • "Other liabilities and shareholders' equity" include captions 60 "Tax liabilities", 80 "Other liabilities", and 90 " Provision for termination indemnities" and 100 "Provisions for risks and charges".

In the income statement:

  • •"Net result from financial activities" includes items 80, 90, 100 and 110 in the standard reporting format;
  • • Indirect tax recoveries, allocated for accounting purposes to item 230 "Other operating charges/income", have been reclassified as a reduction in the related costs under "Other administrative expenses" (Euro 63,452 thousand at 30 June 2018 and Euro 60,982 thousand at 30 June 2017);
  • •"Net adjustments to property, plant and equipment and intangible assets" include captions 210 and 220 in the standard reporting format;
  • •"Gains (losses) on equity investments, disposal of investments and adjustments to goodwill" include captions 250, 270 and 280 in the reporting format;
  • • "Contributions to the DGS, SRF and IDGF-VS funds" has been shown separately from the specific accounting technical forms to give a better and clearer representation, as well as to leave the "Other administrative costs" as a better reflection of the trend in the Group's operating costs. In particular, at 30 June 2018, this caption represents the component allocated for accounting purposes to administrative costs in relation to:
  • •the 2018 contribution to the SRF (European Single Resolution Fund) for Euro 20,347 thousand;
  • •additional contribution requested by the SRF (European Single Resolution Fund) for 2016 from Italian banks for Euro 8,593 thousand;
  • • the 2018 contribution to the DGS (Deposit Guarantee Schemes) for Euro 12 thousand, representing only the amount required of Bper (Europe) International s.a. for the half-year.

In the comparative figures at 30 June 2017, the "Adjustments to other financial assets" have been reclassified to "Net provisions for risks and charges" to comply with the 5th update of Bank of Italy Circular 262/2005.

| Strettamente riservato e confidenziale

Reclassified consolidated balance sheet as of 30 June 2018

Assets (€/k)

As
ts
se		 3
0.
0
6.
2
0
1
8		 3
1.
0
3.
2
0
1
8		 0
1.
0
1.
2
0
1
8
I
F
R
S
9
F
T
A		 3
1.
1
2.
2
0
1
7		 C
ha
ng
e
3
0.
0
6.
2
0
1
8-
0
1.
0
1.
2
0
1
8		 C
ha
(
%
)
ng
e
Ca
h a
d
ba
lan
i
h c
l
ba
ks
t
tra
s
n
ce
en
n
w		 3
5
3,
7
7
4		 3
3
7,
3
9
4		 4
2
0,
2
9
9		 4
2
0,
2
9
9		 (
6
6,
5
2
5
)		 -1
5.
8
3
F
ina
ia
l a
ts
nc
ss
e		 1
6,
3
3
1,
6
8
9		 1
5,
1
4
8,
4
8
5		 1
5,
8
0
2,
5
8
9		 1
5,
6
6
5,
2
9
9		 5
2
9,
1
0
0		 3.
3
5
a)
Fin
ial
he
ld f
din
ets
tra
anc
ass
or
g		 35
0,
388		 411
047
,		 425
424
,		 425
424
,		 (
75
036
)
,		 -17
.64
b)
Fin
ial
de
sig
ed
at f
air
lue
ets
nat
anc
ass
va		 22
1,
625		 224
689
,		 223
192
,		 223
192
,		 (
)
1,
567		 -0.7
0
c)
Oh
fin
t fa
rof
ter
ial
ets
nda
tor
ily a
ir v
alu
e th
h p
it o
r lo
anc
ass
ma
rou
g
ss		 84
9,
430		 610
305
,		 644
466
,		 677
985
,		 204
964
,		 31.8
0
d)
Fin
ial
fai
lue
th
h o
the
reh
ive
inc
ets
at
anc
ass
r va
rou
g
r co
mp
ens
om
e		 9,
295
682
,		 9,
864
136
,		 13,
550
694
,		 13,
398
757
,		 (
4,
255
012
)
,		 -31
.40
e)
De
bt s
ritie
alu
ed
rtis
ed
at a
st
ecu
s v
mo
co		 5,
614
564
,		 4,
038
308
,		 958
813
,		 939
94
1
,		 4,
655
75
1
,		 485
.57
- b
ank
s		 1,
075
460
,		 736
722
,		 196
713
,		 193
334
,		 878
747
,		 446
.72
ust
- c
om
ers		 4,
539
104
,		 3,
30
1,
586		 762
100
,		 746
607
,		 3,
777
004
,		 495
.60
Lo
an
s		 4
8,
9
4
8,
9
9
5		 4
8,
8
9
9,
1
9
8		 4
9,
4
6
8,
9
0
3		 0,
6
2
1,
6
4
5
5		 (
2
0,
3
0
4
)
5		 -1
0
5
a)
loa
ban
ks
to
ns		 3,
146
234
,		 3,
495
614
,		 3,
000
199
,		 3,
012
515
,		 146
035
,		 4.8
7
b)
loa
to
tom
ns
cus
ers		 45
802
365
,
,		 45
403
584
,
,		 46
468
704
,
,		 47
609
130
,
,		 (
666
339
)
,		 -1.4
3
He
dg
ing
de
iva
ive
t
r
s		 5
0,
0
6
6		 5
1,
0
7
5		 5
4,
0
6
1		 5
4,
0
6
1		 (
)
3,
9
9
5		 -7
3
9
Eq
i
ty
inv
ts
u
es
me
n		 4
4
8,
9
9
0		 4
5
6,
0
7
5		 4
5
4,
3
6
7		 4
5
4,
3
6
7		 (
)
5,
3
7
7		 -1
1
8
Pro
lan
d e
ip
ty,
t a
t
p
er
p
n
q
me
n
u		 1,
0
6,
2
6
0
5		 1,
0
3
2
6
5
7,		 1,
0
6
3,
4
8
3		 1,
0
6
3,
4
8
3		 (
2
2
3
)
7,		 -0
6
8
In
i
b
le
tan
ts
g
as
se		 4
9
7,
3
4
0		 4
9
9,
4
0
3		 5
0
6,
6
2
7		 5
0
6,
6
2
7		 (
)
9,
2
8
7		 -1
8
3
f w
h
ic
h;
dw
i
l
l
- o
g
oo		 3
2
7,
0
8
4		 3
2
7,
0
8
4		 3
2
7,
0
8
4		 3
2
7,
0
8
4		 - -
O
he
ion
t
t c
t
r a
ss
e
ap
s		 2,
6
1
0,
0
1
7		 2,
4
8
9,
2
3
8		 2,
0,
1
0
5
5
5		 2,
3,
0
2
6
5
5		 9,
0
5
5
7		 2.
3
3
To
ta
l a
ts
ss
e		 7
0,
2
9
6,
7
3
5		 6
8,
9
3
8,
1
9
4		 7
0,
3
2
0,
8
3
9		 7
1,
3
3
8,
8
0
7		 (
2
4,
1
0
4
)		 -0.
0
3

Reclassified consolidated balance sheet as of 30 June 2018

Liabilities and shareholders' equity (€/k)

L
ia
b
i
l
i
ies
d s
ha
ho
l
de
's
i
t
ty
an
re
rs
eq
u		 3
0.
0
6.
2
0
1
8		 3
1.
0
3.
2
0
1
8		 0
1.
0
1.
2
0
1
8		 3
1.
1
2.
2
0
1
7		 C
ha
ng
e		 C
ha
(
%
)
ng
e
I
F
R
S
9
F
T
A		 3
0.
0
6.
2
0
1
8-
0
1.
0
1.
2
0
1
8
Du
ba
ks
to
e
n		 1
2,
6
2
2,
9
6
8		 1
2,
6
2
6,
2
0
9		 1
2,
9
8
4,
2
2
6		 1
2,
9
8
4,
2
2
6		 (
)
3
6
1,
2
5
8		 -2
7
8
D
ire
de
i
t
t
c
p
os		 4
9,
8
7
9,
2
8
4		 4
8,
9
1
9,
2
1
1		 5
0,
2
4
6,
9
3
2		 5
0,
2
4
6,
4
1
7		 (
)
3
6
7,
6
4
8		 -0
7
3
a)
Du
e to
sto
cu
me
rs		 43
29
1,
05
1
,		 41,
900
213
,		 42
694
078
,
,		 42
694
078
,
,		 9
6,
9
3
5
7		 1.
4
0
b)
De
bt s
ritie
s in
iss
ecu
ue		 6,
588
233
,		 7,
018
998
,		 7,
552
854
,		 7,
552
339
,		 (
)
9
6
4,
6
2
1		 -1
2.
7
7
F
ina
ia
l
l
ia
b
i
l
i
ies
he
l
d
fo
d
ing
t
tra
nc
r		 2
4
1,
0
1
3		 3
1
5,
3
6
5		 1
7
0,
0
4
6		 1
7
0,
0
4
6		 7
0,
9
6
7		 4
1.
7
3
He
dg
ing
de
iva
ive
t
r
s		 4
2,
9
1
8		 1
8,
8
9
8		 2
3,
9
7
5		 2
3,
9
7
5		 1
9,
1
2
3		 8
0.
3
7
O
he
l
ia
b
i
l
i
ies
ion
t
t
t
r
ca
p
s		 2,
7
7
2,
5
9
9		 2,
2
2
3,
7
9
5		 2,
2
6
2,
9
7
0		 2,
1
9
7,
5
9
2		 5
0
9,
6
2
9		 2
2.
5
2
M
ino
i
in
ty
ter
ts
r
es		 4
7
4,
3
5
8		 4
9
3,
8
7
2		 4
5
1,
8
2
5		 6
5
3,
0
1
0		 2
2,
5
3
3		 4.
9
9
S
ha
ho
l
de
' e
i
in
ing
he
Pa
Co
ty
ta
t
t
re
rs
q
u
p
er
ren
mp
an
y		 4,
2
6
3,
9
5
5		 4,
3
4
0,
8
4
4		 4,
1
8
1,
0
4
5		 0
6
3,
2
1
5,
7		 8
2,
0
5
5		 1.
9
7
a)
Va
lua
tio
n re
se
rve
s		 60
974
,		 140
229
,		 204
422
,		 75
089
,		 (
)
1
4
3,
4
4
8		 -7
0.
1
7
b)
Re
se
rve
s		 1,
527
996
,		 1,
582
852
,		 1,
433
445
,		 2,
445
454
,		 9
4,
5
5
1		 6.
6
0
c)
Sh
miu
are
pre
m r
ese
rve		 930
073
,		 930
073
,		 930
073
,		 930
073
,		 - -
d)
Sh
ital
are
ca
p		 1,
443
925
,		 1,
443
925
,		 1,
443
925
,		 1,
443
925
,		 - -
e)
Tre
har
asu
ry s
es		 (
7,
258
)		 (
7,
258
)		 (
7,
258
)		 (
7,
258
)		 - -
f)
fit
(
s)
for
t C
Pro
los
the
rio
d p
ert
ain
ing
to
the
Pa
pe
ren
om
pan
y		 307
885
,		 25
1,
023		 176
438
,		 176
438
,		 1
3
1,
4
4
7		 7
4.
5
0
To
l
l
ia
b
i
l
i
ies
d s
ha
ho
l
de
's
i
ta
t
ty
an
re
r
eq
u		 0,
2
9
6,
3
7
7
5		 6
8,
9
3
8,
1
9
4		 0,
3
2
0,
8
3
9
7		 1,
3
3
8,
8
0
7
7		 (
2
4,
1
0
4
)		 -0.
0
3

Reclassified consolidated income statement as of 30 June 2018

Ite 06
18		 06 Ch Ch
m 30.
.20		 30.
.20
17		 ang
e		 ang
e %
10+
20		 t in
inc
Ne
ter
est
om
e		 573
,50
2		 570
,119		 83
3,3		 0.5
9
+50
40		 Ne
issi
inc
t co
mm
on
om
e		 89,
6
3
05		 359
,22
4		 832
29,		 8.3
0
70 ide
nds
Div		 61
13,4		 11,1
24		 2,3
37		 21.0
1
80+
90+
100
+11
0		 adi
Ne
inc
t tr
ng
om
e		 65
170
,0		 50,
533		 119
,532		 6.5
23
4
(
*)
230		 her
har
Ot
tin
/in
op
era
g c
ges
com
e		 659
19,		 608
24,		 (4,9
)
49		 -20
.11
Op
tin
inc
era
g
om
e		 65,
1,1
743		 60
8
1,0
15,		 150
,135		 8
14.
7
a)
190		 roll
Pay		 (42
)
0,4
34		 (3
6)
85,
67		 (34
8)
,75		 9.0
1
b)
(
)
(
*)
190		 her
ad
Ot
min
istr
ativ
e e
xpe
nse
s		 (212
66)
,2		 (20
)
1,4
92		 (10
)
,77
4		 5.35
210
+22
0		 t ad
lan
Ne
jus
tm
ent
s to
rty,
t,
pr
ope
p
ipm
d in
ible
ent
tan
set
equ
an
g
as
s		 (5
6,3
)
25		 (40
697
)
,		 (15,
628
)		 8.4
3
0
Op
tin
ost
era
g c
s		 (
689
)
,02
5		 (
627
865
)
,		 (
61,
160
)		 9.7
4
Ne
ati
inc
t o
per
ng
om
e		 6,7
18
47		 87,
3
743		 88,
975		 22.
95
a)
130
b)
130		 t im
irm
ad
jus
Fin
ial
Ne
ent
tm
ent
s to
pa
anc
d c
ise
ets
at
ort
ost
ass
am
s fo
t im
irm
ad
jus
Fin
aci
al
Ne
ent
tm
ent
pa		 (
)
84,
934		 (32
)
3,2
32		 8,2
8
23
9		 -73
.72
fair
lut
thr
h o
the
ets
at
ass
va
oug
r
hen
siv
e in
com
pre
com
e		 1,90
4		 (71,
617
)		 73,
521		 2.6
6
-10
140 fit/
los
s fr
ch
itho
Pro
ntr
act
ut
om
co
ang
es w
der
itio
eco
gn
n		 (1,1
83
)		 - (1,1
83
)		 n.s
Ne
t im
irm
ad
jus
edi
ent
tm
ent
s to
t
pa
cr
risk		 (
)
84,
213		 (39
)
849
4,		 63
6
310
,		 8.6
-7
7
200 ns f
Ne
isio
risk
nd
cha
t p
rov
or
s a
rge
s		 (37
)
,03
9		 (5,1
68)		 (31,
871
)		 616
.70
### Co
ibu
tio
o S
DG
S,
IDG
VS
ntr
ns t
RF,
F -		 (2
8,9
)
52		 (15,
)
947		 (13,
)
00
5		 81.5
5
280
250
+27
0+		 (
) o
n d
l of
Ga
ins
Los
isp
inv
est
nts
ses
osa
me
and
ad
odw
ill
jus
tm
ent
s to
go		 18
5,4		 6,5
8
4		 (1,1
)
30		 26
-17.
### odw
ill
Ne
tive
ga
go		 - 130
,72
2		 (130
2)
,72		 -10
0.0
0
290 fit
fro
bef
Pro
tio
ent
m c
urr
op
era
ns
ore
tax 331
,93
2		 109
,04
9		 883
222
,		 204
.39
300 Inc
atio
e ta
nt o
om
xes
on
cu
rre
per
ns		 (9,7
68)		 183
10,		 (19
1)
,95		 -19
5.9
2
330 fit
(
s)
for
th
od
Pro
Los
eri
e p		 64
322
,1		 119
,23
2		 202
,93
2		 170
.20
340 fit
(
s)
for
th
do
Pro
Los
erio
tai
nin
to
e p
per
g
min
orit
inte
ts
y
res
fit
(
s)
for
th
od
Pro
Los
eri
tai
nin		 (14
)
,27
9		 (170
)		 (14
)
,10
9		 --
350 e p
per
g
the
Pa
t C
ren
om
pan
y		 885
307
,		 62
119
,0		 188
823
,		 8.5
15
9
of
Ca
tio
net
p
ns
:
(
*)		 f in
dir
Rec
ect
tax
ove
ry o
s		 63,
452		 60,
82
9		 2,4
70		 4.0
5

(**) Contributions to SRF, DGS, IDGF - VS (28,952) (15,947) (13,005) 81.55

| Strettamente riservato e confidenziale Reclassified consolidated income statement by quarter as of 30 June 2018

Cap
tio
ns		 1st
rte
qua
r		 2nd
art
qu
er		 1st
rte
qua
r		 2nd
art
qu
er		 d q
ter
3r
uar		 h q
4t
ter
uar
8
201		 8
201		 201
7		 201
7		 201
7		 201
7
10+
20		 Net
int
st i
ere
nco
me		 293
,234		 280
,26
8		 288
,114		 282
,00
5		 280
,218		 274
,142
40+
50		 issi
inco
Net
co
mm
on
me		 198
,120		 ,936
190		 177,
373		 181,
851		 184
,80
2		 196
,60
2
70 Div
ide
nds		 584 12,8
77		 312 10,8
12		 507 85
7
80+
90+
100
+110		 din
Net
tra
inco
g
me		 634
153,		 16,4
31		 664
24,		 25,8
69		 489
20,		 32,1
12
(*
)
230		 Oth
har
atin
/inc
er o
per
g c
ges
om
e		 85
11,4		 8,17
4		 10,3
10		 98
14,2		 65
23,5		 10,0
17
Op
ting
inc
era
om
e		 657
,05
7		 508
,68
6		 500
,773		 ,83
514
5		 ,58
509
1		 658
513,
a)
190		 roll
Pay		 (20
)
7,53
4		 (212
0)
,90		 (194
)
,125		 (191
)
,551		 (191
)
,656		 (20
6)
6,14
b)
(
)
(*
)
190		 Oth
dm
inis
ive
trat
ts
er a
cos
adj
lant
Net
ust
nts
to p
erty
me
rop
, p		 (102
)
,28
5		 (109
1)
,98		 (96
8)
,62		 (104
)
,86
4		 (107
)
,46
5		 (116
)
,654
+22
210
0		 and
nd
ible
uip
inta
nt a
ets
eq
me
ng
ass		 (21,
)
339		 (34
6)
,98		 (18,
)
685		 (22
)
,012		 (20
)
,653		 (26
)
,07
9
Op
ting
sts
era
co		 (331
)
,158		 (357
)
,86
7		 (30
)
38
9,4		 (318
)
,42
7		 (319
)
,774		 (34
)
8,8
79
Net
ting
inc
op
era
om
e		 ,89
325
9		 ,819
150		 191,
335		 196
8
,40		 189
,80
7		 164
,779
a)
130		 adj
Net
im
irm
ent
ust
nts
to
pa
me
l as
ised
Fina
ncia
set
s at
ort
st
am
co		 (26
)
,141		 (58,
)
793		 (133
)
,573		 (189
)
,659		 (89
)
,722		 (123
1)
,02
b)
130		 Net
im
irm
adj
ent
ust
nts
to
pa
me
l as
fai
lue
thr
h
Fina
ncia
set
s at
r va
oug
oth
hen
sive
inc
er c
om
pre
om
e		 63
1,7		 141 (17,
)
381		 (54
)
,236		 (29
)
,383		 (3,6
28)
140 fit/
loss
fro
ch
Pro
ont
ract
m c
ang
es
hou
t de
wit
itio
reco
gn
n		 - (1,18
)
3		 - - - -
im
irm
ad
jus
Net
ent
tme
nts
pa
red
isk
it r
toc		 (24
8)
,37		 (59
)
,83
5		 (150
)
,95
4		 (24
)
3,8
95		 (119
)
,105		 (126
)
,64
9
200 for
ks a
nd c
har
Net
visi
ris
pro
ons
ges		 (11,6
)
63		 (25,
6)
37		 (1,0
)
14		 (4,1
)
54		 (2,8
22)		 (37,
)
901
### trib
Con
utio
o S
RF,
DG
S, I
DG
F -
ns t
VS		 (20
)
,282		 (8,6
)
70		 (18,
)
061		 2,11
4		 (20
)
,20
5		 (1,5
)
69
80
250
+27
0+2		 ns (
) on
dis
al o
f
Gai
Los
ses
pos
inve
d ad
jus
stm
ent
tme
nts
to
s an
dw
ill
goo		 2,82
7		 2,59
1		 3,70
5		 2,84
3		 4,8
85		 (21,
)
319
### ativ
odw
ill
Neg
e go		 - - - 130
,722		 - 60,
170
290 fit
fro
Pro
tio
ent
m c
urr
op
era
ns
bef
tax		 60
ore 272
,40
3		 59,
529		 25,0
11		 84,
038		 52,5 37,5
11
300
330		 Inco
tion
tax
t op
me
es o
n cu
rren
era
s		 (6,9
18)		 (2,8
)
50		 (7,7
)
43		 26
17,9		 (23,
)
696		 (8,7
)
25
fit
(
loss
)
for
th
d
Pro
erio
e p
fit (
loss
)
for
the
riod
Pro
rtai
nin
pe
pe
g		 265
,48
5		 56,
679		 68
17,2		 ,96
101
4		 28,
864		 28,
86
7
340 ino
rity
int
to m
sts
ere
fit
(Lo
ss)
for
the
riod
Pro
pe		 (14,
)
462		 183 (2,7
10)		 2,54
0		 1,03
2		 (1,3
06)
tain
ing
to
per
the
Pa
t C		 862 80
350 ren
om
pan
y		 251
,02
3		 56, 58
14,5		 104
,50
4		 896
29,		 27,4
Cap
tion
t of
s ne
:
(*
)		 f in
dire
Rec
ct t
ove
ry o
axe
s		 31,8
23		 31,6
29		 981
29,		 31,0
01		 82
31,3		 33,8
11
(**
)		 Con
trib
utio
o S
DG
S, I
DG
ns t
RF,
F -
VS		 (20
,282
)		 (8,6
)
70		 (18,
061
)		 2,11
4		 (20
)
,20
5		 (1,5
69
)

| Strettamente riservato e confidenziale Reclassified consolidated income statement pro-forma as of 30 June 2018

(
hou
in t		 d o
f E
)
san
uro
Ca
tio
p
ns		 06
18
30.
.20		 -fo
Pro
rm
a
sifi
las
ion
cat
rec
s		 06
18
30.
.20
-fo
pro
rm
a		 06
18
30.
.20		 Ch
ang
e		 Ch
ang
e %
10+
20		 int
st i
Net
ere
nco
me		 573
,50
2		 (4
6,3
)
94		 8
527
,10		 570
,119		 (43
1)
,01		 -7.5
4
40
+50		 Net
issi
inc
co
mm
on
om
e		 89,
6
3
05		 - 89,
6
3
05		 359
,22
4		 832
29,		 8.3
0
70 ide
nds
Div		 61
13,4		 - 61
13,4		 11,1
24		 2,3
37		 21.0
1
80+
90+
100
+11
0		 Net
din
inc
tra
g
om
e		 65
170
,0		 - 65
170
,0		 50,
533		 119
,532		 6.5
23
4
230 her
har
Ot
tin
/in
op
era
g c
ges
com
e		 659
19,		 - 659
19,		 608
24,		 (4,9
)
49		 -20
.11
Op
tin
inc
era
g
om
e		 65,
1,1
743		 (4
)
6,3
94		 1,11
9,3
49		 60
8
1,0
15,		 103
,74
1		 10.
21
a)
190		 rol
l
Pay		 (42
)
0,4
34		 - (42
)
0,4
34		 (3
85,
67
6)		 (34
8)
,75		 9.0
1
b)
190		 Ot
her
ad
min
istr
ativ
ost
e c
s		 (212
66)
,2		 - (212
66)
,2		 (20
2)
1,49		 (10
)
,77
4		 5.35
210
+22
0		 ad
lan
Net
jus
tm
ent
s to
rty,
t
pr
ope
p
and
uip
nd
inta
ible
nt a
set
eq
me
ng
as
s		 (5
6,3
)
25		 - (5
6,3
)
25		 (40
697
)
,		 (15,
628
)		 8.4
3
0
Op
tin
ost
era
g c
s		 (
)
689
,02
5		 - (
)
689
,02
5		 (
)
627
865
,		 (
)
61,
160		 9.7
4
Ne
ati
inc
t o
per
ng
om
e		 6,7
18
47		 (4
)
6,3
94		 430
,32
4		 87,
3
743		 81
42,
5		 8
10.
9
a)
130		 ad
Ne
t im
irm
jus
ent
tm
ent
s to
pa
Fin
ial
ised
ets
at
ort
st
anc
ass
am
co		 (
84,
)
934		 45,
211		 (39
)
,72
3		 (32
)
3,2
32		 283
,50
9		 -87
.71
ad
Ne
t im
irm
jus
ent
tm
ent
s to
pa
b)
130		 fair
Fin
ial
lue
th
h
ets
at
anc
ass
va
rou
g
oth
hen
siv
e in
er c
om
pre
com
e		 1,90
4		 - 1,90
4		 (71,
)
617		 73,
521		 2.6
6
-10
t im
irm
ad
jus
Ne
ent
tm
ent
s to
pa
oth
er f
al a
ina
nci
ts
sse
fit/
los
s fr
ch
Pro
ntr
act		 - 11,9
23		 11,9
23		 6,4
34		 89
5,4		 85.
31
om
co
ang
es
wit
hou
t de
itio
rec
n		 (1,1
83
)		 83 n.s
ogn
ad
Ne
t im
irm
jus
ent
tm
ent
s		 1,1 - - -
pa
red
it r
isk
toc		 (
84,
)
213		 8,3
5
17		 (25
89
6)		 (3
88,
)
415		 62,
3
519		 -93
.33
200 ns f
risk
nd
cha
Ne
isio
t p
rov
or
s a
rge
s		 (37
)
,03
9		 (11,
)
923		 ,
(4
62)
8,9		 (11,
)
602		 (37
60)
,3		 322
.01
ibu
Co
tio
o S
RF,
DG
S,
IDG
F -
ntr
ns t
### VS (2
8,9
)
52		 - (2
8,9
)
52		 (15,
)
947		 (13,
)
00
5		 81.5
5
(
) o
n d
l of
Ga
ins
Los
isp
ses
osa
+27
250
0		 d a
dju
inv
est
nts
stm
ent
s to
me
an
+28
0		 dw
ill
goo		 18
5,4		 - 18
5,4		 6,5
8
4		 (1,1
)
30		 26
-17.
### (130
,72
2
Ne
tive
odw
ill
ga
go		 - - 130
,72
2		 ) -10
0.0
0
fit
fro
Pro
tio
ent
m c
urr
op
era
ns
290 bef
ta
ore
x		 331
,93
2		 - 331
,93
2		 109
,04
9		 883
222
,		 204
.39
300 Inc
atio
e ta
nt o
om
xes
on
cu
rre
per
ns		 (9,7
68)		 - (9,7
68)		 83
10,1		 (19
1)
,95		 -19
5.9
2
330 fit
(
los
s)
for
th
od
Pro
eri
e p		 64
322
,1		 - 64
322
,1		 119
,23
2		 202
,93
2		 170
.20
340 fit
(
los
s)
for
th
d p
Pro
erio
ain
ing
ert
e p
min
orit
inte
to
ts
res
y		 (14
)
,27
9		 - (14
)
,27
9		 (170
)		 (14
)
,10
9		 --
fit
(
s)
for
th
od
Pro
Los
eri
e p
tai
nin
to
per
g
350 the
Pa
t C
ren
om
pan
y		 885
307
,		 - 885
307
,		 62
119
,0		 188
823
,		 8.5
15
9

| Strettamente riservato e confidenziale Reclassified consolidated income statement pro-forma by quarter as of 30 June 2018

(
hou
in t
san		 d o
f E
)
uro
Vo
ci		 1st 2nd 1st 2nd d
3r		 th
4
rte
qua
r		 rte
qua
r		 rte
qua
r		 rte
qua
r		 rte
qua
r		 rte
qua
r
8
201		 8
201		 201
7		 201
7		 201
7		 201
7
pro
 pro
for
ma		 for
ma
10+
20		 Net
int
st i
ere
nco
me		 267
,59
7		 259
,511		 288
,114		 282
,00
5		 280
8
,21		 274
,142
40
+50		 issi
inc
Ne
t co
mm
on
om
e		 8,12
19
0		 6
190
,93		 177
,37
3		 181
851
,		 184
802
,		 6,
602
19
70 ide
nds
Div		 84
5		 877
12,		 312 812
10,		 507 85
7
80+
90+
100
+11
0		 adi
Ne
inc
t tr
ng
om
e		 634
153
,		 16,
431		 664
24,		 869
25,		 89
20,
4		 32,
112
(
*)
230		 Ot
her
tin
har
/in
op
era
g c
ges
com
e		 85
11,4		 8,17
4		 10,
310		 8
14,2
9		 65
23,
5		 10,
017
Op
tin
inc
era
g
om
e		 631
,42
0		 87,
4
929		 500
,77
3		 835
514
,		 81
509
,5		 65
8
513
,
a)
190		 rol
l
Pay		 (20
)
7,53
4		 (21
00)
2,9		 (19
)
4,12
5		 (19
1)
1,55		 (19
6)
65
1,		 (20
6)
6,14
b)
(
)
(
*)
190		 her
ad
Ot
min
istr
ativ
ost
e c
s		 (10
)
85
2,2		 (10
81)
9,9		 (9
)
6,
628		 (10
)
864
4,		 (10
)
65
7,4		 (11
)
6,
654
Net
ad
jus
lan
d
tm
ent
s to
rty,
t an
pr
ope
p
210
+22
0		 d in
ible
ipm
ent
tan
set
equ
an
g
as
s		 (21,
)
339		 (34
86)
,9		 (1
)
8,
685		 (22
2)
,01		 (20
)
653
,		 (2
)
6,0
79
Op
tin
ost
era
g c
s		 (33
8)
1,15		 (35
867
)
7,		 (30
8)
9,4
3		 (31
8,4
)
27		 (319
)
,77
4		 (34
8,
879
)
ati
inc
Ne
t o
per
ng
om
e		 62
300
,2		 62
130
,0		 191
,33
5		 6,4
08
19		 189
807
,		 164
9
,77
a) ad
ial
Ne
t im
irm
jus
Fin
ent
tm
ent
s to
ets
pa
anc
ass
130 rtis
ed
at a
t
mo
cos		 (50
)
4		 (39
)
,219		 (133
)
,573		 (1
89,
659
)		 (
89,
)
722		 (123
1)
,02
ad
ial
Ne
t im
irm
jus
Fin
ent
tm
ent
s to
ets
pa
anc
ass
b)
130		 at f
val
thr
h o
the
reh
air
ive
ue
oug
r co
mp
ens
inc
om
e		 63
1,7		 141 (17,
81)
3		 (54
6)
,23		 (29
83
)
,3		 (3,
628
)
ad
her
fin
ial
Ne
t im
irm
jus
ent
tm
ent
s to
ot
pa
anc
ets
ass		 64
13,9		 (2,0
)
41		 647
4,		 87
1,7		 6,4
6
4		 (2
)
8,19
3
ad
dit
k
Ne
t im
irm
jus
ris
ent
tm
ent
s to
pa
cre		 15,2
23		 (41
)
,119		 (14
)
6,3
07		 (24
8)
2,10		 (112
)
659
,		 (154
)
842
,
200 ns f
risk
nd
cha
Ne
isio
t p
rov
or
s a
rge
s		 (25
)
627
,		 (23
)
,335		 (5,
)
661		 (5,9
)
41		 (9,2
68)		 (9,7
08)
### Co
ibu
tio
o S
DG
S,
IDG
VS
ntr
ns t
RF,
F -		 (20
82)
,2		 (
8,
670
)		 (1
8,0
61)		 2,11
4		 (20
)
,20
5		 (1,5
69
)
250
+27
0		 l of
Ga
ins
(
Los
) o
n d
isp
inv
d
est
nts
ses
osa
me
an
+28
0		 adj
dw
ill
ust
nts
to
me
goo		 827
2,		 2,5
91		 3,70
5		 843
2,		 885
4,		 (21,
)
319
### odw
ill
Ne
tive
ga
go		 - - - 130
,72
2		 - 60,
170
290 fit
fro
bef
Pro
tio
ent
ta
m c
urr
op
era
ns
ore
x		 272
,40
3		 59,
529		 25,
011		 84,
8
03		 60
52,
5		 37,
511
300 Inc
atio
e ta
nt o
om
xes
on
cu
rre
per
ns		 (
18)
6,9		 (2,
)
850		 (7,7
)
43		 26
17,9		 (23
6)
69
,		 (
)
8,7
25
330 fit
for
(
los
s)
th
eri
od
Pro
e p		 265
85
,4		 6,
679
5		 68
17,2		 64
101
,9		 28,
864		 28,
86
7
fit
(
los
s)
for
th
d p
Pro
erio
ain
ing
min
ori
ert
to
ty
e p
340 inte
ts
res		 (14
62)
,4		 183 (2,7
10)		 2,5
40		 1,0
32		 (1,3
06)
fit
for
Pro
(
Los
s)
th
eri
od
tai
nin
to
e p
per
g
350 the
Pa
t C
ren
om
pan
y		 251
,02
3		 6,
862
5		 8
14,
55		 104
,50
4		 89
6
29,		 80
27,
4

| Strettamente riservato e confidenziale Consolidated balance sheet reflecting the effects of the first-time application of IFRS 9

(
hou
in t		 d o
f E
)
san
uro
Ass
ets		 31.1
2.2
017		 Im
t IFR
pac
S 9		 8
01.
01.
201
10. ash
d b
ala
th c
ral
ban
ks
C
wi
ent
an
nce		 420
,29
9		 - 420
,29
9
20. ina
nci
al a
t fa
ir v
alu
e th
h p
rof
it o
r lo
F
ts a
sse
rou
g
ss		 6,6
1,32
01		 (33
)
,519		 82
1,29
3,0
a) F
l as
s he
ld f
rad
ina
ncia
ing
set
or t		 425
,42
4		 - 425
,42
4
fai
b) F
ina
ncia
l as
s de
sign
d at
lue
set
ate
r va		 223
,192		 - 223
,192
c) O
the
r fin
ial a
and
rily
fair
lue
thr
h p
rofi
los
ts m
ato
at
t or
anc
sse
va
oug
s		 677
,98
5		 (33,
)
519		 644
66
,4
30. t fa
F
ina
nci
al a
ir v
alu
e th
h o
the
reh
ive
inc
ts a
sse
rou
g
r co
mp
ens
om
e		 8,7
13,3
9
57		 151,
937		 694
13,5
50,
40. al a
ised
F
ina
nci
ts a
t am
ort
st
sse
co		 61,5
86
51,5		 (1,1
)
870
33,		 6
50,
427
,71
a) L
ba
nks
s to
oan		 5,84
3,20
9		 (
8,9
)
37		 6,9
3,19
12
b) L
s to
tom
oan
cus
ers		 48,
355
,737		 (1,1
)
24,
933		 ,80
47,
230
4
50. edg
de
H
ing
riva
tive
s		 061
54,		 - 061
54,
70. E
ity
inv
est
nts
qu
me		 67
454
,3		 - 67
454
,3
90. lan
d e
P
ipm
erty
t an
ent
rop
, p
qu		 1,06
83
3,4		 - 63,4
83
1,0
100 Inta
ible
ets
ng
ass		 6,6
50
27		 - 6,6
50
27
of w
hich
:		 -
odw
ill
- go		 ,08
327
4		 - ,08
327
4
110 Tax
ets
ass		 1,84
8,12
7		 (2,5
16)		 1,84
611
5,
a) c
nt
urre		 575
,44
1		 - 575
,44
1
def
b)
d
erre		 2,6
86
1,27		 (2,5
16)		 1,27
0,17
0
130 Oth
ts
er a
sse		 ,89
704
9		 - ,89
704
9
al a
Tot
ts
sse		 8,8
71,3
3
07		 (1,0
68)
17,9		 ,83
70,
320
9
in t (
hou
d o
f E
)
san
uro
bil
Lia		 nd
sha
reh
old
itie
' eq
uit
s a
ers
y		 31.
12.
20
17		 Im
t
pac
IFR
S 9		 18
01.
01.
20
10. ial
liab
iliti
ed
Fin
rtis
at a
t
anc
es
mo
cos		 63,
643
230
,		 515 63,
8
231
,15
a)
Du
ba
nks
e to		 84,
226
12,9		 - 84,
226
12,9
b)
Du
e to
sto
cu
me
rs		 694
8
42,
,07		 - 694
8
42,
,07
c)
bt s
De
riti
in i
ecu
es
ssu
e		 7,5
52,
339		 515 854
7,5
52,
20. ial
liab
iliti
hel
d fo
adi
Fin
r tr
anc
es
ng		 6
170
,04		 - 6
170
,04
40 dg
de
He
ing
riva
tive
s		 23,
795		 - 23,
795
60. liab
iliti
T
ax
es:		 106
8
,21		 8
51,0
3		 6
157
,25
a) c
ent
urr		 8
2,2
5		 8
37		 63
6
2,
b)
def
ed
err		 60
103
,9		 660
50,		 620
154
,
80. her
lia
bili
Ot
tie
s		 16,
660
1,4		 - 16,
660
1,4
90. fo
vis
ion
ina
tio
n in
dem
nit
ies
Pro
r te
rm		 187
6
,53		 - 187
6
,53
100 s fo
sks
d c
har
Pro
vis
ion
r ri
an
ges		 87,
8
4
17		 14,
340		 8
501
,51
a)
Co
itm
nd
ive
ent
tee
mm
s a
gua
ran
s g
n		 6,7
93
4		 340
14,		 61,1
33
b) p
nd
ilar
ion
sim
itm
ent
ens
s a
co
mm
s		 8
137
,14		 - 8
137
,14
c) o
the
ovi
sio
r pr
ns		 303
,23
7		 - 303
,23
7
120 lua
Va
tio
n re
ser
ves		 089
75,		 129
,333		 204
,42
2
150 Res
erv
es		 2,4
45,
454		 (1,0
)
12,0
09		 1,4
33,4
45
160 Sha
ium
re p
rem
res
erv
e		 930
,07
3		 - 930
,07
3
170 Sha
l
ita
re c
ap		 1,4
43,
925		 - 1,4
43,
925
180 har
Tre
asu
ry s
es		 (7,2
8)
5		 - (7,2
8)
5
190 Mi
ity
int
sts
nor
ere		 653
,01
0		 (20
)
85
1,1		 825
451
,
200 fit
(
los
s)
for
th
erio
d p
ain
ing
th
nt C
Pro
ert
to
e P
e p
are
om
pan
y		 6,4
8
17
3		 - 6,4
8
17
3
al l
iab
ilit
d s
har
eho
lde
Tot
ies
rs'
ity
an
equ		 8,8
71,3
3
07		 (1,0
68)
17,9		 ,83
70,
320
9

Performance ratios (1/2)

F in
an		 ia
c		 l r
io
t
a
s
-- --- ---------- --------- -------------------------- -- 
 30.06.2018 01.01.2018 (*)

Structural ratios

loa
l as
/to
t
to
sto
ta
set
ne
ns
cu
me
rs
s		 65
6%
.1		 6
6.0
8%
loa
d
de
fro
/
ire
its
t
to
sto
ct
sto
ne
ns
cu
me
rs
p
os
m
cu
me
rs		 83
91
%		 8%
9
2.4
f
l as
l as
ina
ia
/to
set
ta
set
nc
s
s		 23
.23
%		 22
.47
%
f
d a
l as
ixe
/to
ts
ta
set
sse
s		 2.1
4%		 6%
2.1
dw
l
l/t
l as
i
ota
set
g
oo
s		 0.4
%
7		 0.4
%
7
d
de
l as
ire
its
/to
ct
ta
set
p
os
s		 8
8.9
1%		 89
.9
2%
de
de
d
de
its
/
in
ire
its
t
ct
p
os
un
r m
an
ag
em
en
p
os		 54
.7
0%		 8%
55
.0
f
l as
b
le e
ina
ia
/ta
i
ity
set
nc
s
ng
q
u		 85
3.		 83
3.		 (
)
1
l ta
i
b
le a
i
b
le e
ity
/ta
tot
ts
a
ng
sse
ng
q
u		 6.4
6
1		 6.9
1
2		 (
2
)
ba
k
len
d
bo
(
ho
ds
f E
)
int
ing
/
ing
in
t
t
ne
er
n
rro
w
usa
n
o
uro		 (9,
)
6,7
47
34		 (9,
)
84
6
9
,02
be
f e
loy
nu
m
r o
mp
ees		 65
11,
5		 65
11,
3		 (
)
3
f n
be
ion
l
ba
k
bra
he
at
nu
m
r o
a
n
nc
s		 1,2
19		 8
1,2
1
f
b
l
Pro
i
i
i
ios
ta
ty
t
ra
O
R
E		 14.
04
%		 62
3.
%		 (
4
)
R
O
TE		 84
15.
%		 4.0
4%		 (
)
5
(ne
f
l as
)
R
O
A
it
/to
t p
ta
set
ro
s		 6%
0.4		 0.1
7
%
Co
inc
io
/
st
at
om
e r		 5
9.1
1%		 61.
82
%		 (
6
)
d
loa
loa
Ne
j
/ne
t a
ust
nts
to
t
to
sto
me
ns
ns
cu
me
rs		 8%
0.1		 69
0.
%
Ba
ic
EP
S
s		 64
0.
0		 8
0.2
4
i
lut
d
S
D
EP
e		 64
0.
0		 8
0.2
4
k r
is
ios
R
t
a
for
ing
loa
/ne
t n
t
to
sto
ne
on
-p
er
m
ex
p
osu
res
ns
cu
me
rs		 8.3
5
%		 9.
21%
ba
d
loa
loa
/ne
t
t
to
sto
ne
ns
ns
cu
me
rs		 4.5
3
%		 4.9
9
%
l
ke
ly
loa
loa
i
/ne
t u
to
t
to
sto
ne
n
p
ay
ns
ns
cu
me
rs		 61%
3.		 4.0
3
%
du
loa
loa
/ne
t p
ast
t
to
sto
ne
e
ns
ns
cu
me
rs		 0.2
2%		 0.1
9
%
d
for
for
j
ing
/g
ing
ust
nts
to
a
me
no
n-p
er
m
ex
p
os
ure
s
ros
s n
on
-p
er
m
ex
p
os
ure
s		 6.
85
%
5		 9.
34
%
5
d
ba
d
loa
ba
d
loa
j
/g
ust
nts
to
a
me
ns
ros
s
ns		 64
89
%		 67
.37
%
d
l
ke
ly
loa
l
ke
ly
loa
j
i
/g
i
ust
nts
to
to
to
a
me
un
p
ay
ns
ros
s u
n
p
ay
ns		 41
.94
%		 43
.55
%
d
du
loa
du
loa
j
/g
ust
nts
to
ast
ast
a
me
p
e
ns
ros
s p
e
ns		 12.
1%
7		 .09
%
14
d
for
for
j
ing
ing
ust
nts
to
/g
a
me
p
er
m
ex
p
os
ure
s
ros
s p
er
m
ex
p
os
ure
s		 0.4
0%		 8%
0.5
io
tex
rat
as		 95
.5
3
%		 10
1.5
0%		 (
)
7
l r
F
in
ia
io
t
an
c
a
s		 6.2
8
3
0.0
01		 (
)
8
**
01
.01
.20
1
ds
(
ha
d
)
Ow
Fu
P
in
n
n
se		 (
)
8
(
)
Co
Eq
ity
T
ier
C
ET1
mm
on
u
1		 81,
83
4,5
4		 4,4
10,
7
21
Ow
ds
n F
un		 8
6,
87
8
5,4		 6
5,
227
,22
k-w
hte
d a
(
)
R
is
ig
RW
A
ts
e
sse		 31,
13
0,4
91		 82
3
2,3
94
,4
l a
d
l
d
Ca
i
iq
i
i
ios
ta
ty
t
p
n
u
ra
(
) -
ha
d
Co
Eq
ity
T
ier
1 R
io
C
ET1
Ra
io
P
in
at
t
mm
on
se
u		 2%
14.
7		 62
13.
%
(
) -
ha
d
T
ier
1 R
io
T1
Rat
io
P
in
at
se		 81%
14.		 63
13.
%
l
l R
(
) -
ha
d
To
Ca
ita
io
T
C
Rat
io
P
in
ta
at
p
se		 63
17.
%		 6.1
1
4%
(
) -
l
ly
ha
d
Co
Eq
ity
T
ier
1 R
io
C
ET1
Ra
io
Fu
P
at
t
mm
on
se
u		 63
%
11.		 6%
0
11.
ha
d
Lev
Rat
io
- P
in
era
g
e
se		 6.3
%		 6.1
%		 (
9
)
l
ly
ha
d
Lev
Rat
io
- Fu
P
era
g
e
se		 4.9
%		 6.0
%		 (
1
0
d
(
)
L
iq
i
ity
Co
Rat
io
L
C
R
u
ve
rag
e		 6.9
14
%		 113
.7
%
Sta
b
le
d
ing
io
(
S
)
Ne
t
Fu
Ra
t
N
FR
n		 n.a 10
5.
2%		 (
1
1
f
in
ia
l r
io
No
t
n-
an
c
a
s		 6.2
8
3
0.0
01		 (
)
8
**
01
.01
.20
1
du
(
ho
ds
f
)
Pro
iv
i
ios
in
Eu
t
ty
t
t
c
ra
us
an
o
ro
d
de
loy
ire
its
ct
p
os
p
er
em
p
ee		 65
4,2
7
9.		 4,3
11.9
3
loa
loy
to
sto
ns
cu
me
rs p
er
em
p
ee		 4,3
19.
3
0		 4,0
5
3.1
0
d p
loy
ets
ass
m
an
ag
e
er
em
p
ee		 01.
3
1,7
5		 69
21
1,
5.
dm
d p
loy
in
ist
ets
ass
a
ere
er
em
p
ee		 8.9
6
1,4
0		 82
1,3
.51
loy
co
re
rev
en
ue
s p
er
em
p
ee		 82
.5
9		 6
7
7.
3		 (
1
2
d o
he
ba
k
loy
int
ing
inc
net
st a
t
ere
n
r
n
om
e p
er
em
p
ee		 8.3
9
3		 82
.49
loy
ing
t
sts
op
era
co
p
er
em
p
ee		 63
.09		 5
2.5
1

Performance ratios (2/2)

(1) Tangible equity = total shareholders' equity net of intangible assets.

(2) Total tangible assets = total assets net of intangible assets.

(3) The number of employees does not include the expectations.

(4) ROE is calculated on an annual basis, replicating the result for the period for the remaining periods of the year.

(5) ROTE is calculated on an annual basis, replicating the result for the period for the remaining periods of the year.

(6) The cost/income ratio has been calculated on the basis of the layout of the reclassified income statement (operating expenses/operating income); when calculated on the basis of the layouts provided by Circular no. 262 of the Bank of Italy the cost/income ratio is at 64.16% (63.65% at 30 June 2017, as per the Consolidated Half-Yearly Report at 30 June 2017).

(7) The texas ratio is calculated as the relationship between total gross non-performing loans and net tangible equity, including minority interests, increased by total provisions for non-performing loans.

(8) The ratio is calculated according to the provisions of Regulation (EU) 575/2013 (CRR), as amended by the Commission Delegated Regulation (EU) 2395/2017.

(9) The ratio is calculated according to the provisions of Regulation (EU) 575/2013 (CRR), as amended by the Commission Delegated Regulation (EU) 62/2015.

(10) See previous note.

(11) The NSFR, not yet available, is in any case estimated to exceed 100% (105.2% as at 31 December 2017).

(12) Core revenues = net interest income + net commission income.

(*) The comparative figures have been appropriately recalculated at 1 January 2018 to take account of the impact of first-time application of IFRS 9, with the exception of those relating to profitability ratios for which reference is made to the figures at 30 June 2017, as per the Consolidated Half-Yearly Report at 30 June 2017 (figures at 31 December 2017 in the Consolidated Financial Statements at 31 December 2017 only for ROE and ROTE).

(**) The comparative figures have been appropriately recalculated at 1 January 2018 to take account of the impact of first-time application of IFRS 9, with the exception of those relating to the Leverage Ratio (Phased In and Fully Phased), the LCR and the NSFR, for which reference is made to the figures at 31 December 2017, as per the Consolidated Financial Statements at 31 December 2017, and to the productivity ratios calculated on economic data for which reference is made to the figures at 30 June 2017, as per the Consolidated Half-Yearly Report at 30 June 2017.

Contacts for Investors and Financial Analysts

Gilberto Borghi Head of Investor RelationsVia San Carlo, 8/20 41121 Modena - Italy Ph. +39 059 2022194e-mail: [email protected]

Alessandro Simonazzi

Head of Planning & Control

Via San Carlo, 8/20

41121 Modena - Italy

Ph. +39 059 2022014

e-mail: [email protected]

Giulia Bruni

Investor RelationsVia San Carlo, 8/20 41121 Modena - Italy Ph. +39 059 2022014

e-mail: [email protected]

Nicola Sponghi

Investor Relations

Via San Carlo, 8/20

41121 Modena - Italy

Ph. +39 059 2022219

e-mail: [email protected]

More from Bper Banca

Regulatory Filings 2026
Jun 3
Regulatory Filings 2026
Jun 3
Director's Dealing 2026
May 28
Director's Dealing 2026
May 25
Director's Dealing 2026
May 25
Director's Dealing 2026
May 21
Capital/Financing Update 2026
May 19
Capital/Financing Update 2026
May 19
Capital/Financing Update 2026
May 18
Capital/Financing Update 2026
May 18
View all filings →