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FinecoBank — Investor Presentation 2019
Feb 5, 2019
4321_ip_2019-02-05_c95d83b1-66cd-441c-befd-0f179285f936.pdf
Investor Presentation
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FY18 Results
Alessandro Foti, CEO and General Manager
Milan, February 5th 2019
Disclaimer
- This Presentation may contain written and oral "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertaintiesand other factors, many of which are outside the control of FinecoBank S.p.A. (the "Company"). There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-lookingstatements and thus, such forward-looking statements are not a reliable indicator of future performance. The Companyundertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The information and opinions contained in thisPresentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision.
- The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities orfinancial instruments or any advice or recommendation with respect to such securities or other financial instruments. None of thesecurities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such anoffer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the UnitedStates. This Presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.
- Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Lorena Pelliciari, in her capacity as manager responsible for the preparation of the Company's financial reports declares that the accountinginformation contained in this Presentation reflects FinecoBank's documented results, financial accounts and accounting records.
- Neither the Company nor any of its representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.
Agenda
Fineco Results
Focus on product areas
Key messages
Further opportunities and other
Executive Summary
- FY18 adjusted net profit(1) at 244.4mln, strongly up y/y (+11.8% y/y(2)) confirming the sustainability of a business model able to delivery consistent results in every market condition
- FY18 growing adjusted revenues(1) (+7.1% y/y) supported by Investing area (+13.5% y/y) with management fees up +12.5% y/y and Banking area (+8.2% y/y) thanks to high quality volumegrowth in deposits and lending. Further increase in Brokerage market share
- FY18 adjusted Operating Costs(1) well under control at 244.1mln (+4.7% y/y) and C/I ratio at 39%, down -0.9 p.p. y/y, confirming operating leverage as a key strength of the bank
- Strong and safe capital position: CET1 ratio transitional at 21.2% and TCR transitional at 29.6%, with a proposal of 30.3 cents dividend per share (+6.3% y/y)
- FY18 commercial activity confirms its robustness with strong y/y increase in net sales, assets and clients. Asset mix coherent with a more complex environment
- -Net sales at 6.2bn (+4.4% y/y)
- -Total Financial Assets at 69.3bn (+3.2% y/y)
- -Guided Products & Services penetration rate on AuM stock up to 67% (+3.6 p.p. y/y)
- -Almost 1,280mln clients (+6.5% y/y)
(1) FY18 non recurring items: Voluntary Scheme -3.0mln gross, -2.0mln net in 4Q18, severance -1.6mln gross, -1.1mln net in 3Q18, integrationcosts: -0.1mln gross, -0.1mln net . See page 38 for details.
4(2) FY17 non recurring items: FITD (Voluntary Scheme): -8.6mln net, Integration costs release: +0.3mln net, tax savings for the application of participation exemption regime to VISA transaction in 2016+3.9mln
Results
Double digit growth in net profit in a more complex environment.Well diversified revenues up +7.1% y/y and C/I ratio down ~0.9 p.p. y/y at 39%
(1) 2018 non recurring items: Voluntary Scheme: -3.0mln gross, -2.0mln net in 4Q18, severance -1.6mln gross, -1.1mln net in 3Q18, integration costs -0.1mln gross, -0.1mln net. FY17 non recurring items: FITD (Voluntary Scheme): -8.6mln net., Integration costs release: +0.3mln net, taxsavings for the application of participation exemption regime to the 2016 capital gain on VISA transaction: +3.9mln
5(2)Adj. Cost/Income and adj. RoE calculated net of non recurring items. See page 38 for details.
Net interest income (1/2)
Strong performance (+5.2% y/y) thanks to valuable and sticky sight deposits coupled with high-quality lending portfolio. Increasing diversification in financial investments
(1) Financial investments include interest income coming from the reinvestments of deposits (both sight and term) in: Government bonds, UC bonds and Other Financial Investments (repos and immediate available liquidity)
(2) Other net interest income includes Security Lending, Leverage and other (mainly marketing costs), other interest-earning assets include Security Lending and Leverage. See page 41 for details
(3) Lending: only interest income
(4) Gross margins: interest income related to financial investments, lending, leverage, security lending on interest-earning assets. 2017 gross margins refined with managerial data for a better representation6
Net interest income (2/2)
Further improvements for a diversified asset side. Sensitivity analysis +100bps parallel shift: +109 mln
Commissions and Trading Income
Fees and commissions grew +11.2% y/y with management fees up 12.5% y/y. 4Q18 Trading Income affected by non-client driven effects
(1) ) 2018 non recurring items: Voluntary Scheme (trading profit): -3.0mln gross, -2.0mln net in 4Q18
Costs
9
Cost efficiency and operating leverage confirmed in our DNA
FY18 non recurring items: severance (staff expenses) -1.6mln gross in 3Q18
(2) Breakdown between development and running costs: managerial data
Boost in high quality lending volume offered exclusively to the existing base of clients, leveraging on our internal Big Data analytics
(1)Current accounts/overdraft Include Lombard loans
(2) Other loans include current receivables associated with the provisions of financial services (89mln in Dec.18 vs 85mln in Dec.17), collateral deposits and initial and variation margins (85mln in Dec.18 vs 43mln in Dec.17), bad loans (1.6mln in Dec.18 vs 1.6mln in Dec.17), other (+2.0mln in Dec.18 vs +3.2mln in Dec.17)
(3) Cost of risk: commercial LLP on avg commercial Loans10
Lending
Boost in high quality lending volume through mortgages, personal loans and lombardloans
(1)Yield on mortgages net of amortized and hedging costs
(2)Credit Lombard allows to change pledged assets without closing and re-opening the credit line, allowing more flexibility and efficiency
(3) with floor at zero11
Capital Ratios
Best in class capital position and low risk balance sheet. Look-through implementation drove +259bps YTD benefit on CET1 ratio
Assuming 2018 dividend of 30.3 € cents per share.
(1)
TFA
Relentless TFA growth thanks to a healthy expansion in net sales.Guided products & Services increased at 67% of total AuM
TFA breakdown
Successful shift towards high added value products thanks to strong productivity of the network
(1) "Best in class" are a selection of advisory products and services based on: cost optimization, quality, sustainability and risk
14(2)Other includes: Core Funds, PIR and Core Pension
Net sales breakdown
Solid 2018 net sales growth on the wave of structural trends in place despite a complex environment
15AuC and Deposits under advisory have been reclassified within AuM in order to have a better representation of the advisory nature of Advice and Plus services
Organic growthNet sales organically generated confirmed as key in our strategy of growth
Agenda
Fineco Results
Focus on product areas
Key messages
Further opportunities and other
Revenues by Product Area
Well diversified stream of revenues allow the bank to successfully face any market environment
FY18 weight on total revenues for each product area
Managerial Data. Revenues attributable to single each product area, generated by products / services offered to customers according to the linkbetween products and product area. Banking includes revenues generated by direct deposits and credit products. Investing includes revenuesgenerated by asset under management products; Brokerage includes revenues from trading activity. 18
Banking
Sound performance driven by strong volume growth and relentless clients' acquisition, thanks to high quality services and best-in-class customer satisfaction
Brokerage
Rebound 4Q18 Brokerage performance following increased volatility in the period and enlargement of product offer
Managerial Data
(1)Volatility calculated as average volatily of FTSEMIB, DAX, SP500, weighted on related executed orders by our clients. Revenues calculated as
brokerage gross core revenues (NII excluded)(2) Assosim20
Investing
Successful strategy based on our cyborg advisory approach drove a better asset mix and increasing fees y/y
Managerial Data
21
AuC and Deposits under advisory have been reclassified within AuM in order to have a better representation of the advisory nature of Advice and Plus services
(1)Mainly PFAs annual bonus and new 2018-2020 LTI to PFAs starting from 1Q18
Agenda
Fineco Results
Focus on product areas
Further opportunities and other
3 Pillars: Efficiency, Innovation and TransparencyThe keys of our strategy, still leading our sustainable growth
We built everything from scratch
Freedom: Freedom to start over «from scratch», build a new bank,the best you can imagineProprietary back-end: In-house development and automated processes allow an efficient cost structure and fast time to market
Excellent offer:Unique customer user experience, top quality in all services
We were true pioneers
Fineco anticipated a main market trend: digitalizationMoving customer's focus from proximity to service and quality
We believe in a "Quality" One Stop Solution
Providing all services in a single account is a distinctive feature but it's not enough. Gaining a competitive edge requires high quality on each singleservice and product
In 2018 Standard Ethics(1) confirmed our Standard Ethics Rating(2) at "EE", a "full investment grade"given to sustainable companies with low reputational risk profile and strong prospects for long-term growth
(1) Standard Ethics is an independent agency which assigns Solicited Sustainability Ratings to companies and sovereign issuers. Fineco isincluded in the Standard Ethics Italian Banks Index© and in the Standard Ethics Italian Index, among the major environmental, social andgovernance performance indices and benchmarks.
(2) The Standard Ethics Rating is an assessment of sustainability and governance based on the principles and voluntary directions of theUnited Nations, the Organization for Economic Cooperationand Development (OECD) and the European Union. 23
Healthy growth and sustainability at the heart of Fineco's business model..A coherent approach in the whole strategy of growth
Safe Balance Sheet: simple, highly liquid and low risk asset side, valuable and sticky deposits
(2) NSFR as of Sept.18
Fairness and transparency core in our strategy. Sustainable and highly recurring Investing revenues
Brokerage: the perfect countercyclical business
Leading position in Brokerage
- Operating Platform Excellence: multichannel and fully integrated
- Well advanced in-house know-how, optimizing time-to-market and cost efficiency
- In-house back-office and customer care. Business continuity always guaranteed
- Order internalization supporting Brokerage performance: equity, bonds and forex
- Robust risk management, mostly intra-day positions
- Stable and differentiated client base: focus on low risk light traders
Operating Leverage
A distinctive competitive advantage of Fineco
(1) Net Profit adjusted (see page 38) net of Deposit Guarantee Scheme (2015: -3.1mln net, 2016: -7.1mln net, 2017: -7.1mln net, 2018: -9.6mlnnet)
(2) Net of gain on Visa sale (2016: +15.3mln gross)28
Dealing with pressure on margins in a pro-active way
Continuous innovation leveraging on our best-in-class internal IT culture and Big Data analytics to be recognized by clients as a premium brand. (Cyborg-advisory approach, X-Net platform, Plus advisoryetc).
Strong opportunities in enlarging the actively managed clients thanks to our Cyborg Advisory approach and advisory platforms. +4.7% y/y total assets per PFA of which +1% y/y AuM and +7% y/y guidedproducts and services.
Net sales from existing clients almost doubled in the last 2 years.
Further increase of our operational efficiency through Fineco AssetManagement , being in control of the full AuM value chain for excellent qualityand efficiency.
Brand new portfolio solutions and new generation of passive strategies with attractive margins completely developed in house by FAM.
Continuous innovation on usability and front-end efficiency to deliver distinctive products and services
Improve QUALITY OF SERVICES
INVESTING
Advanced reporting to improve usability (X-Net evolution, full access to Advice and Plus also from mobile with customizable widgets)
Monitoring of Advice service more easy and flexible
Continuous evolution of Plus
BROKERAGE
Continuous enlargement of products and markets (i.e. Daily Options with innovative features in terms of usability and customer experience)
Dedicated offer to professional clients: full operative on binary options, direct access to professional trading desk
BANKING
(1)
1
Instant payments through web and mobile
Flexible mortgages combining fixed and floating rates according with clients needs
Instant approval on personal loans leveraging on Big Data analytics
Continuous evolution of Lombard loans more flexible and with no operational impacts for clients
96%CUSTOMER SATISFACTION
Continuously increase of quality and productivity of the network
Cross selling and clients' profile
Fineco Asset Management in a nutshell
Increase OPERATIONAL EFFICIENCY
3
| S T R A T E G Y |
C S 2 0 1 8 A H I E V E M E N T |
C S 2 0 1 9 F O U |
|
|---|---|---|---|
| C O R E S E R I E S |
In ive d d h bu i l d t t no va a n m o e rn a p p ro a c o fo l io hu im ing he la io h ip t t t t p o r s, s p ro v re ns i h l ie M im lev l o f t t w c n s. ax u m e d ive i f ic io d f f ic ie lo b l t rs a n a n e nc g a y - ie d d i ly i ing f s ie t t t t o r n e a m o n o r o ra e g s - d d ia lo i h fo l io t t t t a n c o ns a n g u e w p o r m a na g e r |
Pr du f f ic ie t o c e nc y Ra io l iza io t t na n ie t t s ra e g s O im is io hr h t t t p a n ou g F A M S ie e r s d ly ing n e r u |
Fu he im in t t r r p ro ve m e n s f f io l e ic ie lo l l he t t o p e ra na nc y a ng a lu ha in va e c |
| S C U B A D V I E D - S F U N D |
Be lo b l inv i h t t t t s g a e s m e n s m a na g e rs w he ir f la h ip ie he b t t t t t t t g s s ra e g s a e e r d i io fo fu l l v is i b i l i f t t ty c o n ns r c s o m e rs o u - d ly ing im d is k t n e r a s s e s p ro ve r u - i ing t m o n o r |
ie 3 1 s t t ra e g s ( S ) le d 7 8 I I N re a s e |
Fu he f fe la hr h t t t r r o r e n rg e m e n ou g lu ive h ip fo F ine t ex c s p a r ne rs r c o l ie t c n s A d d i io l fo io f G i d d t t t na ra ns rm a n o e u Pr du d ly ing t t o c s u n e r a s s e s ( ) In su ra nc e w ra p p e rs |
| F A M E V O L U T I O N |
Ne bu i l d ing b lo ks b d t w c a s e o n cu s o m e r is k / f i le fo he lu io f tu t t r re rn s p ro r e vo n o F ine Ba k dv is la fo t c o n a o ry p rm s. |
F A M Ev lu io 5 t o n dv is du t a o ry p ro c s le d re a s e |
4 F A M Ev lu io le d in t o n re a s e fo J 1 9 ing lex a n. cu s o n c o m p l lo io in b ke t t a s s e a c a n a e s p o w ay Br d ive ie t t a n ne p a s s s ra e g s w fu l ly d lo d in- ho by F A M ev e p e s e u i h ive ins d low t t t t w a ra c m a rg a n e r fo Q ic l ie in 1 1 9 t p r e r c n s |
Quality improvement and time to market for customers and distribution needs
Several efficiencies leveraging on a vertically integrated business model combined with the strong operating efficiency which is in Fineco's DNA
Win-win solution: lower price for clients, higher margins
Agenda
Fineco Results
Focus on product areas
Key messages
Further opportunities and other
Further opportunities
Headquarters acquisition - details
Annex
P&L
| ml n |
1Q 17 |
2Q 17 |
3 Q 17 |
4Q 17 |
1Q 18 |
2Q 18 |
3 Q 18 |
4Q 18 |
FY 17 |
FY 18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ne t in t in ter es co me |
63 .0 |
64 .3 |
67 .4 |
70 .1 |
68 .9 |
68 .7 |
69 .9 |
71 .1 |
26 4.8 |
27 8.7 |
| Ne iss ion t co mm s |
64 .7 |
65 .0 |
69 .7 |
70 .7 |
71 .5 |
74 .5 |
72 .7 |
81 .8 |
27 0.1 |
30 0.4 |
| Tra d ing fit p ro |
13 .7 |
12 .3 |
11 .1 |
11 .1 |
14 .5 |
13 .1 |
10 .7 |
5.9 | 48 .2 |
44 .2 |
| Ot he / inc r e xp en se s om e |
0.5 | 0.8 - |
0.1 | 3.9 | 0.5 | 0.1 | 0.4 - |
1.7 | 3.8 | 1.9 |
| To l re ta ve nu es |
14 1.9 |
14 0.9 |
14 8.3 |
15 5.8 |
15 5.4 |
15 6.4 |
15 3.0 |
16 0.4 |
58 6.9 |
5.3 62 |
| Sta ff e xp en se s |
-19 .2 |
19 .7 - |
19 .8 - |
20 .6 - |
20 .5 - |
21 .0 - |
23 .2 - |
21 .9 - |
79 .3 - |
86 .6 - |
| Ot f re he dm in.e t o rie r a xp . ne co ve s |
39 .2 - |
38 .2 - |
31 .1 - |
35 .0 - |
40 .8 - |
37 .5 - |
34 .1 - |
36 .3 - |
14 3.6 - |
14 8.7 - |
| D& A |
-2. 3 |
2.5 - |
2.6 - |
2.9 - |
2.3 - |
2.5 - |
2.5 - |
3.1 - |
10 .4 - |
10 .4 - |
| Op ing t era ex p en se s |
-60 .7 |
60 .4 - |
53 .5 - |
58 .6 - |
63 .6 - |
61 .0 - |
59 .7 - |
61 .4 - |
23 3.2 - |
24 5.8 - |
| Gr ing fit t os s o p era p ro |
81 .2 |
80 .4 |
94 .8 |
97 .3 |
91 .8 |
9 5.4 |
93 .3 |
99 .1 |
3 53 .6 |
37 9. 5 |
| Pro vis ion s |
-2. 4 |
0.8 - |
21 .0 - |
5.2 | 1.8 - |
1.9 - |
15 .9 - |
1.8 - |
19 .0 - |
21 .4 - |
| LL P |
-0. 6 |
1.1 - |
1.6 - |
2.1 - |
1.3 - |
0.2 | 0.9 - |
2.3 - |
5.4 - |
4.4 - |
| Inte ion rat sts g co |
0.0 | 0.0 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.1 - |
0.4 | 0.1 - |
| fit fro Pro inv tm ts m es en |
0.0 | 0.4 - |
1.4 - |
11 .6 - |
0.0 | 5.2 | 0.9 - |
3.2 - |
13 .4 - |
1.1 |
| Pro fit be for e t ax es |
78 .2 |
78 .3 |
70 .7 |
89 .1 |
88 .7 |
98 .8 |
75 .6 |
91 .7 |
31 6.3 |
3 54 .7 |
| Inc e t om axe s |
-26 .5 |
25 .7 - |
23 .9 - |
26 .0 - |
29 .7 - |
32 .6 - |
23 .0 - |
28 .2 - |
10 2.1 - |
11 3.5 - |
| Ne t p fit for th io d ro e p er |
51 .7 |
52 .6 |
46 .8 |
63 .1 |
59 .0 |
66 .2 |
52 .6 |
63 .5 |
21 4.1 |
24 1.2 |
| (1) No lise d Ne t In rm a co me |
51 .7 |
52 .6 |
52 .7 |
61 .6 |
59 .0 |
66 .2 |
53 .6 |
6 5.6 |
21 8. 5 |
24 4.4 |
| No ing ite ( ml ) n r ec urr ms n, g ros s |
1Q 17 |
2Q 17 |
3 Q 17 |
4Q 17 |
1Q 18 |
2Q 18 |
3 Q 18 |
4Q 18 |
FY 17 |
FY 18 |
|---|---|---|---|---|---|---|---|---|---|---|
| (2) Ex d s mi ha ( Tra d ing Pr fit ) tra ste or c c rg es o y |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -3. 0 |
0.0 | -3. 0 |
| (3) ( ) Ex d s mi ha Pro vis ion tra ste or y c c rg es s |
0.0 | 0.0 | -7. 4 |
7.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| (4) Ex d s mi ha ( Pro fit fro inv ) tra ste tm or c c rg es m es y |
0.0 | 0.0 | -1. 4 |
11. 5 - |
0.0 | 0.0 | 0.0 | 0.0 | -12 .9 |
0.0 |
| Int ion rat sts eg co |
0.0 | 0.0 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | -0. 1 |
0.4 | 0.1 - |
| Se ver an ce |
-1. 6 |
1.6 - |
||||||||
| Re lea f ta se o xe s |
0.0 | 0.0 | 0.0 | 3.9 | 0.0 | 0.0 | 0.0 | 0.0 | 3.9 | 0.0 |
| To l ta |
0.0 | 0.0 | 8.8 - |
0.3 | 0.0 | 0.0 | 1.6 - |
3.1 - |
8. 5 - |
4.8 - |
(1) Net of non recurring items
(2)2018: Voluntary Scheme valuation
(3) 3Q17 write-down related to the residual commitment to the Voluntary Scheme moved to Profit from Investment in 4Q17 following the payment. (4) 2017: Voluntary Scheme contribution. 38
P&L net of non recurring items
| ln m |
4 Q 1 7 (1) A d j. |
F Y 1 7 (1) A d j. |
3 Q 1 8 (1) A d j. |
4 Q 1 8 (1) A d j. |
F Y 1 8 (1) A d j. |
F Y 1 8 / F Y 1 7 |
4 Q 1 8 / Q 4 1 7 |
4 Q 1 8 / Q 3 1 8 |
|---|---|---|---|---|---|---|---|---|
| Ne in inc t te t res om e |
7 0. 1 |
2 6 4. 8 |
6 9. 9 |
7 1. 1 |
2 7 8. 7 |
5. 2 % |
1. 4 % |
1. 6 % |
| Ne iss ion t c om m s |
7 0. 7 |
2 7 0. 1 |
7 2. 7 |
8 1. 8 |
3 0 0. 4 |
1 1. 2 % |
1 5. 7 % |
1 2. 5 % |
| Tr d ing f i t a p ro |
1 1. 1 |
4 8. 2 |
1 0. 7 |
8. 9 |
4 7. 3 |
-2 0 % |
1 9. 6 % - |
1 6. 8 % - |
| O he / inc t r e xp en se s om e |
3. 9 |
3. 8 |
0. 4 - |
1. 7 |
1. 9 |
-4 9. 2 % |
5 7. 3 % - |
n.s |
| To l re ta ve nu es |
1 5 5. 8 |
5 8 6. 9 |
1 5 3. 0 |
1 6 3. 5 |
6 2 8. 3 |
1 % 7. |
4. 9 % |
6. 8 % |
| S f f e ta xp en se s |
2 0. 6 - |
9. 3 7 - |
2 1. 6 - |
2 1. 9 - |
8 0 5. - |
7. 2 % |
6. 3 % |
1. 5 % |
| O he dm in. t r a ex p en se s |
-3 5. 0 |
1 4 3. 6 - |
3 4. 1 - |
3 6. 3 - |
1 4 8. 7 - |
3. 6 % |
3. % 7 |
6. 6 % |
| D & A |
2. 9 - |
1 0. 4 - |
2. 5 - |
3. 1 - |
1 0. 4 - |
0. 5 % |
7. 7 % |
2 7. 5 % |
| Op ing t er a ex p en se s |
-5 8. 6 |
-2 3 3. 2 |
-5 8. 1 |
-6 1. 4 |
-2 4 4. 1 |
4. 7 % |
4. 8 % |
5. 6 % |
| Gr ing f i t t os s o p er a p ro |
9 7. 3 |
3 5 3. 6 |
9 4. 9 |
1 0 2. 1 |
3 8 4. 2 |
8. 6 % |
5. 0 % |
7. 6 % |
| Pr is ion ov s |
2. 2 - |
1 9. 0 - |
1 5. 9 - |
1. 8 - |
2 1. 4 - |
1 2. 4 % |
2 0. 2 % - |
8 8. 8 % - |
| L L P |
2. 1 - |
4 5. - |
0. 9 - |
2. 3 - |
4. 4 - |
-1 8. 1 % |
9. 8 % |
1 6 0. 7 % |
| In ion teg t ts ra co s |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
-6 4. 4 % |
6. 1 % |
0. 0 % |
| Pr f i fro inv t tm ts o m es en |
0. 1 - |
0. 5 - |
0. 9 - |
3. 2 - |
1. 1 |
n.s | n.s | n.s |
| Pr f i be fo t ta o re xe s |
9 2. 8 |
3 2 8. 7 |
7 7. 2 |
9 4. 8 |
3 5 9. 5 |
9. 4 % |
2. 2 % |
2 2. 9 % |
| Inc tax om e es |
3 1. 2 - |
1 1 0. 2 - |
2 3. 5 - |
2 9. 2 - |
1 1 5. 1 - |
4. 5 % |
6. 2 % - |
2 4. 2 % |
| 1 Ne f i d j d t p t a te ro us |
6 1. 6 |
5 2 1 8. |
5 3. 6 |
5. 6 6 |
2 4 4. 4 |
1 1. 8 % |
6. 5 % |
2 2. 3 % |
(1) Net of non recurring items (see page 38 for details)
FY18 P&L FinecoBank and Fineco Asset Management
| ln m |
F ine As t co se |
F ine Ba k co n |
F ine Ba k co n |
|---|---|---|---|
| Ma t na g em en |
In d iv i du l a |
Co l i da d te ns o |
|
| Ne in inc t te t res om e |
0. 0 |
2 7 8. 7 |
2 7 8. 7 |
| D iv i de ds n |
0. 0 |
8. 0 |
0. 0 |
| Ne iss ion t c om m s |
2 6. 6 |
2 7 3. 8 |
3 0 0. 4 |
| Tr d ing f i t a p ro |
0. 0 |
4 4. 2 |
4 4. 2 |
| O he / inc t r e xp en se s om e |
1. 7 |
0. 3 |
1. 9 |
| To l re ta ve nu es |
2 8. 3 |
6 0 5. 1 |
6 2 5. 3 |
| S f f e ta xp en se s |
-2 3 |
-8 4. 3 |
-8 6. 6 |
| O he dm in. f re ies t t o r a ex p. ne co ve r |
-1 6 |
-1 4 7. 2 |
-1 4 8. 7 |
| D & A |
-0 1 |
-1 0. 4 |
-1 0. 4 |
| Op ing t er a ex p en se s |
-4 0 |
-2 4 1. 9 |
-2 4 5. 8 |
| Gr ing f i t t os s o p er a p ro |
2 4. 3 |
3 6 3. 2 |
3 7 9. 5 |
| Pr is ion ov s |
0. 0 |
-2 1. 4 |
-2 1. 4 |
| L L P |
0. 0 |
-4 4 |
-4 4 |
| In ion teg t ts ra co s |
0. 0 |
-0 1 |
-0 1 |
| Pr f i Inv t o tm ts o n es en |
0. 0 |
1. 1 |
1. 1 |
| Pr f i be fo t ta o re xe s |
2 4. 3 |
3 3 8. 4 |
3 5 4. 8 |
| Inc tax om e es |
-3 1 |
-1 1 0. 5 |
-1 1 3. 5 |
| Ne f i fo he io d t p t t ro r p er |
2 1. 3 |
2 2 7. 9 |
2 4 1. 2 |
Details on Net Interest Income
| mln | 1Q1 7 |
Vol es & um Ma ins rg |
2Q1 7 |
Vol es & um Ma ins rg |
3Q1 7 |
Vol es & um Ma ins rg |
4Q 17 |
Vol es & um Ma ins rg |
1Q1 8 |
Vol es & um Ma ins rg |
2Q1 8 |
Vol es & um Ma ins rg |
3Q1 8 |
Vol es & um Ma ins rg |
4Q 18 |
Vol es & um Ma ins rg |
FY1 7 |
Vol es & um Ma ins rg |
FY1 8 |
Vol es & um Ma ins rg |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fin ial Inve stm ent anc s |
4 55. |
17, 530 |
6 55. |
17, 864 |
2 57. |
18, 086 |
58. 2 |
18, 127 |
56. 9 |
18, 449 |
57. 5 |
18, 887 |
1 57. |
18, 817 |
57. 7 |
19, 133 |
226 .5 |
17, 902 |
229 .2 |
18, 822 |
| Ne t M in arg |
1.2 8% |
1.2 5% |
1.2 6% |
1.2 7% |
1.2 5% |
1.22 % |
1.2 0% |
1.2 0% |
1.2 6% |
1.22 % |
||||||||||
| Gro in ss ma rg |
56. 3 |
1.3 0% |
56. 7 |
1.2 7% |
58. 5 |
1.2 8% |
59. 6 |
1.3 0% |
58. 6 |
1.2 9% |
59. 8 |
1.2 7% |
59. 3 |
1.2 5% |
60. 1 |
1.2 5% |
23 1.1 |
1.2 9% |
237 .8 |
1.2 6% |
| Se ity Len din cur g |
0.7 | 938 | 0.6 | 831 | 0.5 | 764 | 0.3 | 804 | 0.2 | 804 | 0.2 | 726 | 0.2 | 753 | 0.4 | 743 | 2.0 | 834 | 1.1 | 756 |
| Ne t M in arg |
0.3 0% |
0.3 0% |
0.2 4% |
0.1 3% |
0.1 1% |
0.1 0% |
0.1 2% |
0.2 4% |
0.2 4% |
0.1 4% |
||||||||||
| Lev - Lo era ge ng |
1.9 | 130 | 2.2 | 152 | 2.6 | 173 | 3.0 | 201 | 2.7 | 182 | 2.7 | 181 | 3.0 | 196 | 3.0 | 150 | 9.6 | 164 | 11. 5 |
178 |
| Ne t M in arg |
5.7 9% |
5.7 6% |
5.9 1% |
5.9 4% |
6.0 6% |
6.0 3% |
6.1 1% |
7.9 5% |
5.8 7% |
6.4 7% |
||||||||||
| Len din gs |
6.6 | 794 | 7.5 | 1, 010 |
8.1 | 1, 261 |
8.7 | 1,5 46 |
9.2 | 1, 854 |
9.5 | 2, 080 |
9.9 | 2, 316 |
10. 3 |
2, 472 |
30. 9 |
1, 153 |
38. 8 |
2, 180 |
| Ne t M in arg |
3.3 6% |
2.9 9% |
2.5 4% |
2.2 4% |
2.0 1% |
1.8 4% |
1.6 9% |
1.6 5% |
2.6 8% |
1.7 8% |
||||||||||
| o/w Cu nt a unt rre cco s |
1.7 | 312 | 1.8 | 340 | 1.9 | 410 | 2.2 | 546 | 2.4 | 684 | 2.6 | 788 | 2.8 | 891 | 3.0 | 970 | 7.7 | 402 | 10. 8 |
833 |
| Ne t M in arg |
2.2 0% |
2.1 3% |
1.8 9% |
1.6 3% |
1.4 3% |
1.3 3% |
1.2 3% |
1.2 1% |
1.92 % |
1.2 9% |
||||||||||
| o/w Ca rds |
1.1 | 207 | 1.1 | 216 | 1.2 | 232 | 1.2 | 227 | 1.2 | 240 | 1.2 | 232 | 1.2 | 252 | 1.2 | 251 | 4.7 | 221 | 4.8 | 244 |
| Ne t M in arg |
2.2 2% |
2.1 2% |
2.0 4% |
2.1 3% |
2.0 0% |
2.0 5% |
1.9 3% |
1.9 7% |
2.1 3% |
1.9 9% |
||||||||||
| o/w Pe nal loa rso ns |
3.7 | 257 | 3.9 | 297 | 4.0 | 317 | 4.1 | 340 | 4.3 | 370 | 4.4 | 394 | 4.4 | 411 | 4.5 | 427 | 15. 8 |
303 | 17. 6 |
400 |
| Ne t M in arg |
5.8 1% |
5.3 4% |
5.0 5% |
4.8 1% |
4.6 7% |
4.4 5% |
4.2 9% |
4.1 8% |
5.2 2% |
4.3 9% |
||||||||||
| o/w Mo rtga ges |
0.1 | 18 | 0.6 | 158 | 0.9 | 301 | 1.1 | 432 | 1.3 | 560 | 1.4 | 666 | 1.4 | 763 | 1.6 | 824 | 2.7 | 227 | 5.7 | 703 |
| Ne t M in arg |
1.6 1% |
1.5 9% |
1.1 5% |
1.0 4% |
0.9 6% |
0.8 1% |
0.7 5% |
0.7 5% |
1.1 9% |
0.8 1% |
||||||||||
| (1) Oth er |
-1.5 | 1.6 - |
0.9 - |
0.1 - |
0.1 - |
-1.2 | -0.3 | 0.3 - |
4.2 - |
1.9 - |
||||||||||
| To tal |
63. 0 |
64. 3 |
67. 4 |
70. 1 |
68. 9 |
68. 7 |
69. 9 |
71. 1 |
264 .8 |
278 .7 |
||||||||||
| Gro Ma in ss rg Co f D sits st o epo |
1.3 5% 0.0 2% - |
1.3 4% 0.0 2% - |
1.3 5% 0.0 3% - |
1.3 6% 0.0 3% - |
1.3 3% 0.0 3% - |
1.3 1% 0.0 4% - |
1.2 9% 0.0 4% - |
1.2 9% 0.0 4% - |
1.3 5% 0.0 2% - |
1.3 0% 0.0 4% - |
Volumes and margins: average of the period Net margin calculated on real interest income and expenses
(1) Other includes mainly marketing costs41
UniCredit bonds underwritten
| I | S I N |
Cu rre nc y |
Am ( € ) t ou n m |
Ma i tu ty r |
In de ion t xa |
Sp d re a |
|---|---|---|---|---|---|---|
| 1 I |
T 0 0 0 0 1 0 3 3 5 7 |
Eu ro |
3 8 2. 5 |
1 8- Ja 1 9 n- |
Eu i bo 1m r r |
2. 2 9 % |
| 2 I |
T 0 0 0 5 0 1 0 6 1 3 |
Eu ro |
3 8 2. 5 |
Ap 1- 1 9 r- |
Eu i bo 1m r r |
0. 3 8 % |
| 3 I |
T 0 0 0 0 1 0 2 8 2 5 |
Eu ro |
3 8 2. 5 |
1 Ju l- 1 9 5- |
Eu i bo 1m r r |
2. 3 % 7 |
| I 4 |
T 0 0 0 5 0 1 0 3 9 9 |
Eu ro |
3 8 2. 5 |
Oc 1 4- t- 1 9 |
Eu i bo 1m r r |
2. 4 0 % |
| 5 I |
T 0 0 0 5 0 1 0 3 2 4 |
Eu ro |
3 8 2. 5 |
1 3- Ja 2 0 n- |
Eu i bo 1m r r |
2. 4 4 % |
| I 6 |
T 0 0 0 5 0 1 0 3 6 5 |
Eu ro |
3 8 2. 5 |
Ap 1 0- 2 0 r- |
Eu i bo 1m r r |
2. 4 7 % |
| 7 I |
T 0 0 0 5 0 1 0 3 0 8 |
Eu ro |
3 8 2. 5 |
9- Ju l- 2 0 |
Eu i bo 1m r r |
2. 4 9 % |
| 8 I |
T 0 0 0 0 1 0 3 8 1 5 |
Eu ro |
3 8 2. 5 |
Oc 7- t- 2 0 |
Eu i bo 1m r r |
2. 2 % 5 |
| 9 I |
T 0 0 0 5 0 1 0 3 3 2 |
Eu ro |
3 8 2. 5 |
6- Ja 2 1 n- |
Eu i bo 1m r r |
2. 5 4 % |
| 1 0 I |
T 0 0 0 0 1 0 3 1 6 5 |
Eu ro |
3 8 2. 5 |
Ap 6- 2 1 r- |
Eu i bo 1m r r |
2. 6 % 5 |
| 1 1 I |
T 0 0 0 5 0 1 0 3 4 0 |
Eu ro |
3 8 2. 5 |
5- Ju l- 2 1 |
Eu i bo 1m r r |
2. 5 8 % |
| 1 2 I |
T 0 0 0 5 0 1 0 2 2 5 |
Eu ro |
3 8 2. 5 |
1 8- Oc 2 1 t- |
Eu i bo 1m r r |
2. 6 0 % |
| 1 3 I |
T 0 0 0 0 1 0 8 6 0 5 |
1 U S D |
4 3. 7 |
7- Ap 2 0 r- |
S U D L i bo 1m r |
2. 6 6 % |
| 1 4 I |
T 0 0 0 1 8 0 3 5 5 5 |
1 U S D |
4 3. 7 |
2 3- De 2 2 c- |
S U D L i bo 1m r |
1. 9 3 % |
| 1 5 I |
T 0 0 0 5 0 4 0 0 9 9 |
Eu ro |
1 0 0. 0 |
2 4- Ja 2 2 n- |
Eu i bo 1m r r |
1. 4 6 % |
| 1 6 I |
T 0 0 0 0 9 9 4 5 5 7 |
Eu ro |
2 0 0. 0 |
1 1- Ap 2 2 r- |
Eu i bo 1m r r |
1. 4 3 % |
| I 1 7 |
T 0 0 0 5 0 8 3 7 4 3 |
Eu ro |
3 0 0. 0 |
Ja 2 8- 2 2 n- |
Eu i bo 1m r r |
1. 2 5 % |
| 1 8 I |
T 0 0 0 1 0 6 1 8 9 5 |
Eu ro |
2 3 0. 0 |
2 0- Ap 2 0 r- |
Eu i bo 1m r r |
0. 9 0 % |
| I 1 9 |
T 0 0 0 5 1 1 4 6 8 8 |
Eu ro |
1 8 0. 0 |
Ma 1 9- 2 2 y- |
Eu i bo 1m r r |
1. 1 9 % |
| 2 0 I |
T 0 0 0 5 1 2 0 3 4 7 |
Eu ro |
7 0 0. 0 |
2 7- Ju 2 2 n- |
Eu i bo 1m r r |
1. 5 8 % |
| 2 1 I |
T 0 0 0 1 4 4 0 6 5 5 |
Eu ro |
4 5 0. 0 |
No 1 4- 2 2 v- |
2 Eu i bo 3m r r |
1. 4 0 % |
| 2 2 I |
T 0 0 0 5 1 4 4 0 7 3 |
Eu ro |
3 5 0. 0 |
1 5- No 2 1 v- |
2 Eu i bo 3m r r |
1. 2 9 % |
| 2 3 I |
T 0 0 0 1 8 4 1 2 5 5 |
Eu ro |
2 5 0. 0 |
De 2 3- 2 2 c- |
2 Eu i bo 3m r r |
1. 4 % 7 |
| 2 4 I |
T 0 0 0 5 1 6 3 1 8 0 |
Eu ro |
6 0 0. 0 |
1 1- Fe b- 2 3 |
2 Eu i bo 3m r r |
1. 9 7 % |
| 2 5 I |
T 0 0 0 5 1 7 5 1 3 5 |
Eu ro |
1 0 0. 0 |
2 4- Ma 2 3 r- |
2 Eu i bo 3m r r |
1. 5 8 % |
| 2 6 I |
T 0 0 0 5 2 1 7 6 0 6 |
Eu ro |
3 5 0. 0 |
Oc 1 1- t- 2 3 |
2 Eu i bo 3m r r |
1. 6 5 % |
| 2 7 I |
T 0 0 0 5 2 4 1 3 1 7 |
Eu ro |
6 2 2. 5 |
2- Fe b- 2 4 |
2 Eu i bo 3m r r |
1. 5 2 % |
| To l ta |
Eu ro |
9, 0 2 2. 5 |
Eu i bo 1m r r |
1. 9 3 % |
||
| 1 S U D |
8 7. 3 |
S U D L i bo 1m r |
2. 3 0 % |
|||
| To le Eu U S D ta r e |
9, 1 0 9. 8 |
1. 9 3 % |
1Amounts expressed at EUR/USD 1.145 exchange rate (as of December 31st, 2018)
2 In order to calculate an average spread on Eur1m, a basis swap of 0.07% is considered
Details on Net Commissions
| ln m |
Q 1 1 7 |
Q 2 1 7 |
Q 3 1 7 |
Q 4 1 7 |
Q 1 1 8 |
Q 2 1 8 |
Q 3 1 8 |
Q 4 1 8 |
F Y 1 7 |
F Y 1 8 |
|---|---|---|---|---|---|---|---|---|---|---|
| Br ke o ra g e |
2 0. 3 |
1 8. 3 |
1 6. 8 |
1 8. 0 |
2 0. 6 |
2 0. 1 |
1 5. 8 |
1 8. 2 |
7 3. 3 |
7 4. 7 |
| /w o |
||||||||||
| Eq i ty u |
1 6. 7 |
1 5. 2 |
1 3. 5 |
1 5. 2 |
1 7. 5 |
1 6. 4 |
1 3. 1 |
1 4. 9 |
6 0. 6 |
6 1. 8 |
| Bo d n |
1. 0 |
0. 9 |
0. 7 |
0. 9 |
0. 8 |
1. 2 |
0. 6 |
0. 9 |
3. 6 |
3. 6 |
| De iva ive t r s |
2. 4 |
2. 0 |
1. 9 |
1. 9 |
2. 5 |
2. 7 |
2. 2 |
2. 9 |
8. 2 |
1 0. 2 |
| ( 1) O he iss ion t r c om m s |
0. 1 |
0. 2 |
0. 6 |
0. 0 |
0. 1 - |
0. 2 - |
0. 1 - |
0. 5 - |
0. 9 |
0. 9 - |
| Inv ing t es |
4 3. 7 |
4 4. 6 |
4 7. 1 |
4 8. 3 |
4 7. 1 |
4 9. 5 |
5 2. 2 |
5 8. 0 |
1 8 3. 7 |
2 0 6. 8 |
| /w o |
||||||||||
| P lac fee t em en s |
3. 1 |
2. 9 |
2. 3 |
3. 2 |
2. 5 |
2. 4 |
1. 4 |
1. 4 |
1 1. 5 |
7. 8 |
| Ma fee t na g em en s |
4 5. 3 |
4 7. 4 |
4 8. 5 |
5 0. 7 |
5 0. 2 |
5 3. 9 |
5 4. 9 |
5 7. 0 |
1 9 2. 0 |
2 1 6. 0 |
| P F A 's: inc ive to t en s |
4. 7 - |
5. 7 - |
3. 7 - |
5. 7 - |
4. 8 - |
5. 8 - |
3. 1 - |
0. 4 - |
1 9. 9 - |
1 4. 1 - |
| P F A 's: L T I to |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 9 - |
1. 1 - |
1. 0 - |
0. 0 |
0. 0 |
2. 9 - |
| Ba k ing n |
0. 6 |
1. 9 |
5. 7 |
4. 2 |
3. 4 |
4. 7 |
4. 5 |
5. 5 |
1 2. 4 |
1 8. 1 |
| O he t r |
0. 1 |
0. 2 |
0. 2 |
0. 2 |
0. 3 |
0. 3 |
0. 2 |
0. 2 |
0. 7 |
0. 9 |
| To l ta |
6 4. 7 |
6 5. 0 |
6 9. 7 |
7 0. 7 |
7 1. 5 |
7 4. 5 |
7 2. 7 |
8 1. 8 |
2 7 0. 1 |
3 0 0. 4 |
Starting from 2018, incentives to PFAs and 2018-2020 LTI to PFAs have been restated among product areas with an even higher incidence to Investing to better reflect the focus of incentives in the asset mix improvement. 1Q18 has been restated accordingly.
(1)Other commissions include security lending and other PFA commissions related to AuC
Revenue breakdown by Product Area
| ln m |
1 Q 1 7 |
2 Q 1 7 |
3 Q 1 7 |
4 Q 1 7 |
1 Q 1 8 |
2 Q 1 8 |
3 Q 1 8 |
4 Q 1 8 |
F Y 1 7 |
F Y 1 8 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ne in inc t te t res om e |
6 2. 0 |
6 3. 1 |
6 5. 5 |
6 3 7. |
6 3 7. |
6 8. 4 |
6 8. 5 |
6 9. 7 |
2 8. 0 5 |
2 3. 8 7 |
| Ne iss ion t c om m s |
0. 6 |
1. 9 |
5. 7 |
4. 2 |
3. 4 |
4. 7 |
4. 5 |
5. 5 |
1 2. 4 |
1 8. 1 |
| Tr d ing f i t a p ro |
1. 9 |
1. 7 |
1. 2 |
1. 3 |
1. 4 |
1. 5 |
2. 1 |
2. 4 |
6. 2 |
7. 3 |
| O he t r |
0. 1 |
0. 1 |
0. 1 |
0. 0 |
0. 1 |
0. 2 |
0. 1 |
0. 0 |
0. 3 |
0. 4 |
| in To ta l Ba k n g |
6 4. 7 |
6 6. 9 |
7 2. 5 |
7 2. 9 |
7 2. 1 |
7 4. 8 |
7 5. 1 |
7 7. 6 |
2 7 7. 0 |
2 9 9. 6 |
| Ne in inc t te t res om e |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
| Ne iss ion t c om m s |
4 3. 7 |
4 4. 6 |
4 7. 1 |
4 8. 3 |
4 7. 1 |
4 9. 5 |
5 2. 2 |
5 8. 0 |
1 8 3. 7 |
2 0 6. 8 |
| Tr d ing f i t a p ro |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
| O he t r |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
1. 7 |
0. 0 |
1. 7 |
| To l Inv in ta t es g |
4 3. 7 |
4 4. 6 |
4 7. 1 |
4 8. 3 |
4 7. 1 |
4 9. 5 |
5 2. 2 |
5 9. 7 |
1 8 3. 7 |
2 0 8. 5 |
| Ne in inc t te t res om e |
2. 8 |
3. 2 |
3. 4 |
3. 7 |
3. 2 |
3. 2 |
3. 4 |
3. 6 |
1 3. 1 |
1 3. 4 |
| Ne iss ion t c om m s |
2 0. 3 |
1 8. 3 |
1 6. 8 |
1 8. 0 |
2 0. 6 |
2 0. 1 |
1 8 5. |
1 8. 2 |
3. 3 7 |
4. 7 7 |
| Tr d ing f i t a p ro |
1 1. 5 |
1 0. 4 |
9. 7 |
8. 8 |
1 2. 4 |
1 0. 7 |
6. 1 |
8. 2 |
4 0. 4 |
3 7. 4 |
| O he t r |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
0. 0 |
| To l Br ke ta o ra g e |
3 4. 6 |
3 1. 9 |
2 9. 9 |
3 0. 4 |
3 6. 3 |
3 4. 0 |
2 5. 3 |
3 0. 0 |
1 2 6. 8 |
1 2 5. 6 |
Managerial Data
Breakdown Total Financial Assets
| ln m |
Ma 1 7 r. |
Ju 1 7 n. |
Se 1 7 p. |
De 1 7 c. |
Ma 1 8 r. |
Ju 1 8 n. |
Se 1 8 p. |
De 1 8 c. |
|---|---|---|---|---|---|---|---|---|
| A U M |
3 0, 1 8 2 |
3 1, 0 5 9 |
3 1, 9 7 7 |
3 3, 5 6 3 |
3 3, 5 3 6 |
3 4, 4 9 6 |
3 4, 9 3 0 |
3 3, 4 8 5 |
| /w Fu ds d S ica o n a n v |
2 4, 9 8 4 |
2 4 6 1 5, |
2 9 0 1 5, |
2 6, 9 9 9 |
2 6, 6 6 6 |
2 6, 8 0 9 |
2 6, 9 7 5 |
2 4, 8 3 5 |
| /w Ins o ura nc e |
4, 4 9 7 |
1 4 5, 5 |
4 3 1 5, |
6, 0 7 5 |
6, 3 9 5 |
0 4 3 7, |
3 7, 5 5 |
6 1 8 7, |
| /w G P M o |
9 | 9 | 7 | 7 | 1 | 1 | 1 | 1 |
| /w Au C de i de dv iso ts o + p os un r a ry |
4 4 0 |
4 4 4 |
4 5 8 |
4 8 3 |
4 7 5 |
6 4 3 |
7 7 9 |
1, 0 1 2 |
| /w in A dv ice o |
4 4 0 |
4 4 4 |
4 5 8 |
4 8 3 |
4 7 5 |
4 7 7 |
4 9 4 |
5 3 5 |
| /w in P lus o |
0 | 0 | 0 | 0 | 0 | 1 6 6 |
2 8 5 |
4 7 7 |
| A U C |
1 3, 4 6 1 |
1 3, 4 2 9 |
1 3, 8 8 4 |
1 3, 6 8 1 |
1 3, 8 9 0 |
1 4, 3 6 6 |
1 4, 3 9 5 |
1 3, 9 7 7 |
| /w Eq i ty o u |
6 9 8 7, |
8 1 7, 7 |
8, 2 2 1 |
8, 3 8 7 |
8, 3 5 7 |
8, 3 6 7 |
8, 8 4 6 |
8, 0 0 7 |
| /w Bo d o n |
6 9 5, 5 |
2 5, 5 5 |
6 1 6 5, |
2 8 4 5, |
2 9 8 5, |
6 1 3 5, |
3 4 5, 5 |
9 5, 7 5 |
| /w O he t o r |
6 8 |
6 0 |
4 7 |
2 0 |
2 0 |
1 8 |
1 5 |
1 3 |
| D ire De i t ts c p os |
1 8, 5 5 9 |
1 9, 1 3 9 |
1 9, 6 7 4 |
1 9, 9 4 1 |
2 0, 6 2 4 |
2 0, 9 6 8 |
2 1, 5 3 6 |
2 2, 0 6 9 |
| /w S ig h t o |
1 8, 5 0 4 |
1 9, 1 0 5 |
1 9, 6 5 9 |
1 9, 9 3 1 |
2 0, 6 1 6 |
2 0, 9 6 2 |
2 1, 5 3 2 |
2 2, 0 6 6 |
| /w Te o rm |
5 5 |
3 4 |
1 4 |
1 0 |
7 | 6 | 4 | 3 |
| To l ta |
6 2, 2 0 2 |
6 3, 6 2 7 |
6 5, 3 5 5 |
6 1 8 5 7, |
6 8, 0 5 0 |
6 9, 8 3 0 |
0, 8 6 1 7 |
6 9, 3 3 3 |
| /w Gu i de d Pr du & Se ice ts o o c rv s |
1 7, 4 7 0 |
1 8, 3 9 9 |
1 9, 1 9 0 |
2 1, 2 2 7 |
2 1, 4 2 5 |
2 2, 1 9 9 |
2 2, 8 7 9 |
2 2, 3 7 0 |
| /w T F A Pr iva Ba k ing te o n |
2 3, 2 5 5 |
2 3, 9 8 7 |
2 5, 0 5 3 |
2 5, 8 8 6 |
2 6, 1 0 9 |
2 6, 9 9 2 |
2 4 4 7, 7 |
2 5, 8 3 0 |
45AuC and Deposits under advisory have been reclassified within AuM in order to have a better representation of the advisory nature of Advice and Plus services
Balance Sheet
| ln m |
Ma 1 7 r. |
Ju 1 7 n. |
Se 1 7 p. |
De 1 7 c. |
1s Ja 1 8 t n. |
Ma 1 8 r. |
Ju 1 8 n. |
Se 1 8 p. |
De 1 8 c. |
|---|---|---|---|---|---|---|---|---|---|
| Du fro Ba ks e m n |
1 4 6 2 5, |
1 4, 8 2 7 |
1 4, 2 9 3 |
1 3, 8 8 7 |
3, 0 3 6 |
3, 4 8 8 |
3, 2 2 4 |
3, 3 9 8 |
3, 0 9 5 |
| Cu Lo to s me r an s |
1, 1 6 6 |
1, 5 0 4 |
1, 7 1 6 |
2, 1 2 9 |
2, 1 2 9 |
2, 3 1 8 |
2, 6 3 3 |
2, 7 3 6 |
2, 9 5 5 |
| F ina ia l As ts nc se |
3, 9 1 2 |
4, 7 7 0 |
5, 4 2 9 |
5, 8 8 5 |
1 6, 7 3 3 |
1 7, 1 0 6 |
1 7, 1 9 9 |
1 7, 6 7 8 |
1 8, 2 3 8 |
| Ta i b le d In i b le As ta ts ng an ng se |
1 1 2 |
1 1 3 |
1 1 3 |
1 1 3 |
1 1 3 |
1 1 2 |
1 1 2 |
1 1 2 |
1 1 5 |
| De iva ive t r s |
1 2 |
1 5 |
1 6 |
1 0 |
0 | 0 | 3 | 0 | 8 |
| O he As t ts r se |
2 6 2 |
2 8 4 |
2 4 9 |
3 2 6 |
3 2 5 |
2 1 1 |
2 5 4 |
2 5 9 |
3 5 7 |
| To l As ta ts se |
2 0, 9 2 7 |
2 1, 5 1 3 |
2 1, 8 1 5 |
2 2, 3 4 0 |
2 2, 3 3 5 |
2 3, 2 3 5 |
2 3, 4 2 5 |
2 4, 1 8 3 |
2 4, 7 3 3 |
| Cu De i to ts s me r p os |
1 8, 8 8 4 |
1 9, 4 4 1 |
2 0, 0 0 8 |
2 0, 2 0 5 |
2 0, 2 0 5 |
2 0, 9 1 6 |
2 1, 1 9 7 |
2 1, 8 2 7 |
2 2, 2 7 3 |
| Du Ba ks to e n |
9 8 0 |
9 3 0 |
6 9 7 |
9 2 6 |
9 2 6 |
9 6 0 |
9 0 8 |
1, 0 0 0 |
1, 0 1 0 |
| De iva ive t r s |
1 7 |
1 6 |
1 9 |
9 | 0 | 0 | 2 | 0 | 8 |
| Fu ds d o he L ia b i l i ies t t n a n r |
3 1 4 |
5 0 6 |
4 2 1 |
4 6 8 |
4 7 6 |
3 6 7 |
4 4 5 |
4 5 2 |
4 6 6 |
| Eq i ty u |
7 3 2 |
6 2 1 |
6 7 2 |
7 3 2 |
7 2 9 |
9 9 2 |
8 7 4 |
9 0 4 |
9 7 6 |
| To l L ia b i l i ies d Eq i ta t ty a n u |
2 0, 9 2 7 |
2 1, 5 1 3 |
2 1, 8 1 5 |
2 2, 3 4 0 |
2 2, 3 3 5 |
2 3, 2 3 5 |
2 3, 4 2 5 |
2 4, 1 8 3 |
2 4, 7 3 3 |
IFRS9: the Bank decided to not disclose comparative data from previous periods, as allowed by new accounting standards.
IFRS 9 P&L impacts
| l m n |
Q 1 1 8 |
Q 2 1 8 |
Q 3 1 8 |
Q 4 1 8 |
F Y 1 8 |
|---|---|---|---|---|---|
| T d i P f i t r a n g r o |
0. 6 |
0. 9 |
0. 9 |
3. 8 - |
1. 4 - |
| V i s a |
0. 6 |
0. 9 |
0. 9 |
0. 7 - |
1. 6 |
| S V l h t o u n a r y c e m e |
0. 0 |
0. 0 |
0. 0 |
3. 0 - |
3. 0 - |
| L L P i i o a n o s s r o v s o n s |
0. 4 - |
2. 4 |
0. 4 - |
0. 6 - |
1. 0 |
| P f i I t t t r o o n n e s m e n s v |
0. 0 |
5. 3 |
0. 9 - |
3. 1 - |
1. 3 |
| G i o v e s |
0. 2 - |
0. 2 - |
0. 1 - |
0. 8 - |
1. 3 - |
| C U B d o n s |
0. 2 |
5. 5 |
0. 8 - |
2. 3 - |
2. 6 |
| T l i f I F R S 9 t t o a m p a c s r o m |
0. 2 |
8. 6 |
0. 4 - |
5 7. - |
0. 8 |
Accounting standard IFRS 9, starting from January 1st, 2018, introduced a newimpairment accounting model for credit exposures and resulted in an extensionof the Bank's scope of recognition, so comparison with 2017 is not significant.
In detail, 2018 P&L IFRS 9 impacted:
- •Trading Profit: impacts from VISA and Voluntary Scheme valuation
- •Loan Loss Provisions: impacts from deposits with UniCredit
- •Profit on Investments: valuation on UniCredit Bonds and Government Bonds
Total assets: 96% not exposed to volatility
Out of 24.7bn, only 1.0bn of Assets valuated at fair value with limited impacts on Equity reserve
(1) Due from banks includes 1.9bn current accounts (immediate available liquidity), 1.1bn term deposits
(2)Other refers to tangible and intangible assets, derivatives and other assets
48(3) Other HTC: 254.4mln France , 78.4mln Poland, 168.9mln Ireland,177.4mln Germany, 207.3mln Austria, 181.2mln Belgium(4)Other HTCS: 35.4mln France, 67.3mln US, 40.9mln Ireland
High-value deposit base confirms strong resilience over time
-
- Double-digit deposit growth throughout the last 10 years (+10% CAGR), with no impacts from 2008 financial crisis and 2011 sovereign debt crisis
- -Strong resilience during periods of stress/crisis: 912mln worst liquidity outflow on April 10th, 2012
- -High-value deposit base: most of our deposits is transactional liquidity. Customer rate: zero; cost of funding: 4bps
- -83% of total sight deposits: core liquidity(1) in a stressed scenario according to clients' behavioral model
-
- Structural trends in place in Italy combined with best in class banking platform and high-quality services will continue to support our deposit growth
49(1) The Core liquidity is determined applying a stress test scenario that presumes a political crisis in EU and a credit spread widening, more severe for the periphery, but material also for core and semi-core countries
Additional Tier 1
Details
- Given current favorable market conditions and spread levels, on 23rd January, 2018 the Bank issued a €200mln perpetual AT1
- Coupon fixed at 4.82%for the initial 5.5 years
- Intra-group private placement, fully subscribed by UniCredit SpA
- Semi-annual coupon: 5.9mln net of taxes in 2018
- Net coupon will impact directly Equity reserves (~6.5mln net of taxes per year)
Benefits
- Sustain a more diversified investment strategy through the non-renewal of UC Bonds run-offs and the progressiveincrease of European Govies
- Leverage Ratio evolution in a comfortable zone, even by further diversifying the investment portfolio
- Several benefits came from intra-group private placement, both in terms of effective costs savings andfaster issuance process, allowing the Bank to maximizethe benefits of the deal
UniCredit and Intesa AT1 yield at first call date
Cooperative Compliance Scheme:
FinecoBank admitted in the Cooperative Compliance Scheme with the Revenue Agency
In July 2017, FinecoBank has been admitted to the Cooperative ComplianceScheme(1), which allows the Bank to take part to a register of taxpayers(published on the Revenue Agency's official website) operating in full transparency with the Italian tax Authorities. This is a fundamental milestonefor our Bank
Until now, only few companies have been admitted in Italy, of which among Banks: Fineco, UniCredit, and BPER
Key requirements to be admitted:
- subjective and objective requirements (resident legal entities with specific sizingthresholds)
- effective system in place for identifying, measuring, managing and controlling taxrisk in line with the "essential" requirements of the Tax Control Framework envisaged by law, Revenue Agency ordinances and by theOECD documents published on the subject
Several advantages:
- closer relationship of trust and cooperation with the Revenue Agency
-
- Increase of the level of certainty on significant tax issues under conditions of full transparency
- agreed and preventive risk assessment of situations likely to generate tax risks
- fast track ruling
Main Financial Ratios
| Ma 1 7 r. |
Ju 1 7 n. |
Se 1 7 p. |
De 1 7 c. |
Ma 1 8 r. |
Ju 1 8 n. |
Se 1 8 p. |
De 1 8 c. |
|
|---|---|---|---|---|---|---|---|---|
| / P F A T F A P F A ( ln ) (1) m |
2 0. 2 |
2 0. 7 |
2 1. 4 |
2 2. 2 |
2 2. 5 |
2 3. 0 |
2 3. 4 |
2 3. 2 |
| Gu i de d Pr du / T F A ts (2) o c |
2 8 % |
2 9 % |
2 9 % |
3 2 % |
3 1 % |
3 2 % |
3 2 % |
3 2 % |
| (3) Co / inc Ra io t t s om e |
4 2. 8 % |
4 2. 8 % |
4 0. 5 % |
3 9. % 7 |
4 1. 0 % |
4 0. 0 % |
3 9. 3 % |
3 8. 9 % |
| C E T 1 Ra io t |
2 2. 2 % |
2 2. 1 % |
2 0. 7 % |
2 0. 8 % |
2 0. 2 % |
2 0. 7 % |
2 0. 5 % |
2 1. 2 % |
| (4) A d j d Ro E te us |
3 9. 5 % |
3 9. 3 % |
3 9. 0 % |
4 0. 3 % |
3 5. 1 % |
3 6. 9 % |
3 5. 4 % |
3 6. 0 % |
| (5) Le Ra io t ve ra g e |
7. 8 9 % |
6. 7 9 % |
5. 5 9 % |
5. 6 7 % |
5 7. 1 % |
5 6. 1 % |
6. 0 0 % |
5. 5 5 % |
(1)PFA TFA/PFA: calculated as end of period Total Financial Assets related to the network divided by number of PFAs eop
(2)Calcuated as Guided Products eop divided by Total Financial Assets eop
(3) C/I ratio net of non recurring items (see page 38) calculatedas Operating Costs divided by Revenues net of non recurring items
(4) RoE: Net Profit, net of non recurring items (see page 38) divided by the average book shareholders' equity for the period (excluding dividendsexpected to be distributed and the revaluation reserves)