Earnings Release • Nov 3, 2021
Earnings Release
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| Informazione Regolamentata n. 0033-132-2021 |
Data/Ora Ricezione 03 Novembre 2021 13:21:24 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | INTESA SANPAOLO | |
| Identificativo Informazione Regolamentata |
: | 153621 | |
| Nome utilizzatore | : | BINTESAN18 - Tamagnini | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 03 Novembre 2021 13:21:24 | |
| Data/Ora Inizio Diffusione presunta |
: | 03 Novembre 2021 13:21:25 | |
| Oggetto | : | 30 September 2021 | Intesa Sanpaolo: consolidated results as at |
| Testo del comunicato |
Vedi allegato.
THE RESULTS FOR 9M 2021 HAVE CONFIRMED INTESA SANPAOLO'S ABILITY TO RESPOND EFFECTIVELY TO THE COMPLEXITIES BROUGHT ABOUT BY THE PANDEMIC AND HAVE ALREADY MADE IT POSSIBLE TO ACHIEVE THE MINIMUM NET INCOME OF €4 BILLION ENVISAGED FOR FULL-YEAR 2021.
THE RESULTS FOR 9M 2021 REFLECT INTESA SANPAOLO'S SUSTAINABLE PROFITABILITY DERIVING FROM A SOLID CAPITAL BASE AND LIQUIDITY POSITION, A RESILIENT AND WELL-DIVERSIFIED BUSINESS MODEL, STRATEGIC FLEXIBILITY IN MANAGING OPERATING COSTS AND ASSET QUALITY. THESE FEATURES HAVE MADE IT POSSIBLE TO EFFECTIVELY MITIGATE THE IMPACT OF THE ADVERSE SCENARIO OF THE 2021 EBA/ECB STRESS TEST AND ARE REFLECTED IN A LOW RISK PROFILE BOLSTERING THE SUPPORT PROVIDED TO ITALY BY THE GROUP, WHICH IS ALSO COMMITTED TO BECOMING A REFERENCE MODEL IN TERMS OF SUSTAINABILITY AND SOCIAL AND CULTURAL RESPONSIBILITY.
VALUE GENERATION FOR ALL STAKEHOLDERS WILL BE ACCRETED BY SYNERGIES ESTIMATED AT OVER €1 BILLION DERIVING FROM THE MERGER OF UBI BANCA, SUCCESSFULLY COMPLETED WITH NO SOCIAL COSTS, AND BY OVER €6 BILLION IN 2020 AND ALMOST €500 MILLION IN 9M 2021, BOTH OUT OF PRE-TAX PROFIT, DEVOTED BY THE GROUP TO FURTHER STRENGTHENING THE SUSTAINABILITY OF RESULTS.
INTESA SANPAOLO'S INITIATIVES TO FACE THE COVID-19 IMPACTS:
THE TRENDS OF THE NEW ENVIRONMENT FIND INTESA SANPAOLO FULLY EQUIPPED, THANKS TO THE GROUP'S COMPETITIVE ADVANTAGES:
THE CAPITAL POSITION WAS SOLID AND WELL ABOVE REGULATORY REQUIREMENTS EVEN UNDER THE 2021 EBA/ECB STRESS TEST ADVERSE SCENARIO: PRO-FORMA FULLY LOADED COMMON EQUITY TIER 1 RATIO WAS 15.1% AFTER THE DEDUCTION FROM CAPITAL OF €1.9 BILLION OF RESERVES DISTRIBUTED IN OCTOBER 2021 AND €2.8 BILLION OF DIVIDENDS ACCRUED IN 9M 2021.
NET INCOME WAS €4,006 MILLION. A CASH INTERIM DIVIDEND OF €1,401 MILLION WAS APPROVED, PAYABLE AS OF 24 NOVEMBER 2021.
NET INCOME WAS UP 28.7% ON 9M 2020, EXCLUDING THE PROVISIONAL NEGATIVE GOODWILL GENERATED IN Q3 2020 BY THE ACQUISITION OF UBI BANCA.
GROSS INCOME WAS UP 15.6% ON 9M 2020.
OPERATING MARGIN WAS UP 9.8% ON 9M 2020.
CREDIT QUALITY IMPROVED. GROSS NPLs WERE REDUCED BY 12.6% ON YEAR-END 2020 AND BY AROUND €34 BILLION SINCE THE END OF 2017 EXCEEDING BY AROUND €8 BILLION THE €26 BILLION DELEVERAGING TARGET SET FOR THE ENTIRE FOUR-YEAR PERIOD OF THE 2018-2021 BUSINESS PLAN. NPL RATIO WAS 3.8% GROSS AND 2% NET. ANNUALISED COST OF RISK IN 9M 2021 DECREASED TO 44 BASIS POINTS.
INTESA SANPAOLO CONTINUES TO OPERATE AS A GROWTH ACCELERATOR IN THE REAL ECONOMY IN ITALY: IN 9M 2021, MEDIUM/LONG-TERM NEW LENDING GRANTED BY THE GROUP TO ITALIAN HOUSEHOLDS AND BUSINESSES AMOUNTED TO AROUND €50 BILLION. IN 9M 2021, THE GROUP FACILITATED THE RETURN TO PERFORMING STATUS OF AROUND 7,300 COMPANIES, THUS SAFEGUARDING AROUND 36,000 JOBS. THIS BROUGHT THE TOTAL TO AROUND 131,000 COMPANIES SINCE 2014, WITH AROUND 655,000 JOBS SAFEGUARDED OVER THE SAME PERIOD. THE GROUP HAS MADE AVAILABLE MORE THAN €400 BILLION IN MEDIUM/LONG TERM LENDING TO BUSINESSES AND HOUSEHOLDS TO SUPPORT ITALY'S RECOVERY AND RESILIENCE PLAN.
THE GROUP'S SOCIAL AND CULTURAL RESPONSIBILITY HAS TRANSLATED, IN ITALY, INTO:
• GROSS INCOME UP BY 15.6% ON 9M 2020
• OPERATING MARGIN UP BY 9.8% ON 9M 2020
• NET FEE AND COMMISSION INCOME UP BY 11.5% ON 9M 2020
• OPERATING COSTS DOWN BY 2.3% ON 9M 2020
• IMPROVEMENT IN CREDIT QUALITY TREND:
• DECREASE IN NPLs
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(2) Calculated including the mitigation of the impact of the first time adoption of IFRS 9.
(*) Estimated by applying the fully loaded parameters to the financial statements as at 30 September 2021, taking into account the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, as well as the expected absorption of DTAs on losses carried forward and DTAs on the acquisition of UBI Banca, and the expected distribution on the 9M 2021 net income of insurance companies.
(1) After the deduction of reserves distributed in October 2021, dividends accrued in 9M 2021 and the coupons accrued on the Additional Tier 1 issues.
(3) Calculated excluding the mitigation of the impact of the first time adoption of IFRS 9.
| OPERATING | Q3 2021 | -1.8% | TO €5,092M FROM €5,184M IN Q2 2021 |
|---|---|---|---|
| INCOME: | 9M 2021 | +3.4% | TO €15,766M FROM €15,251M IN 9M 2020 |
| OPERATING | Q3 2021 | -1.1% | TO €2,638M FROM €2,668M IN Q2 2021 |
| COSTS: | 9M 2021 | -2.3% | TO €7,893M FROM €8,082M IN 9M 2020 |
| OPERATING | Q3 2021 | -2.5% | TO €2,454M FROM €2,516M IN Q2 2021 |
| MARGIN: | 9M 2021 | +9.8% | TO €7,873M FROM €7,169M IN 9M 2020 |
| GROSS INCOME: | Q3 2021 | €1,892M | FROM €1,700M IN Q2 2021 |
| 9M 2021 | €6,205M | FROM €5,366M IN 9M 2020 | |
| NET INCOME: | Q3 2021 9M 2021 |
€983M €4,006M |
FROM €1,507M IN Q2 2021 FROM €6,376M IN 9M 2020, FROM €3,112M EXCLUDING THE NEGATIVE GOODWILL (°) |
| CAPITAL RATIOS: ___ |
14.3% 13.8% 15.1% |
PHASED-IN (4) (5) FULLY LOADED (4) (6) |
COMMON EQUITY TIER 1 RATIO AFTER DISTRIBUTION OF RESERVES IN OCTOBER 2021 AND AFTER DIVIDENDS ACCRUED IN 9M 2021: PRO-FORMA FULLY LOADED (4) (*) |
(°) Provisional negative goodwill generated in Q3 2020 by the acquisition of UBI Banca.
(4) After the deduction of reserves distributed in October 2021, dividends accrued in 9M 2021 and the coupons accrued on the Additional Tier 1 issues.
(5) Calculated including the mitigation of the impact of the first time adoption of IFRS 9.
(6) Calculated excluding the mitigation of the impact of the first time adoption of IFRS 9.
(*) Estimated by applying the fully loaded parameters to the financial statements as at 30 September 2021, taking into account the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, as well as the expected absorption of DTAs on losses carried forward and DTAs on the acquisition of UBI Banca, and the expected distribution on the 9M 2021 net income of insurance companies.
Turin - Milan, 3 November 2021 – At its meeting today, the Board of Directors of Intesa Sanpaolo approved the consolidated interim statement as at 30 September 2021 (*) (7) .
The results for the first nine months of 2021 have confirmed Intesa Sanpaolo's ability to respond effectively to the complexities brought about by the pandemic and have already made it possible to achieve the minimum net income of €4bn envisaged for fullyear 2021.
The results reflect Intesa Sanpaolo's sustainable profitability deriving from a solid capital base and liquidity position, a resilient and well-diversified business model, strategic flexibility in managing operating costs and asset quality. These features have made it possible to effectively mitigate the impact of the adverse scenario of the 2021 EBA/ECB stress test and are reflected in a low risk profile bolstering the support provided to Italy by the Group, which is also committed to becoming a reference model in terms of sustainability and social and cultural responsibility.
Value generation for all stakeholders will be accreted by synergies estimated at over €1bn deriving from the merger of UBI Banca, successfully completed with no social costs, and by over €6bn in 2020 and almost €500m in 9M 2021, both out of pre-tax profit, devoted by the Group to further strengthening the sustainability of results.
The trends of the new environment find Intesa Sanpaolo fully equipped thanks to the Group's competitive advantages:
(*) In accordance with Article 65-bis and Article 82-ter of the Issuers' Regulation, effective as of 2 January 2017, Intesa Sanpaolo opted for periodical disclosure, on a voluntary basis, of financial information as at 31 March and 30 September of each financial year, in addition to the annual report and the half-yearly report. This information consists of interim statements approved by the Board of Directors, basically providing continuity with the interim statements published in the past.
(7) Methodological note on the scope of consolidation on page 25.
In the first nine months of 2021, the Group recorded:
NPL stock, in September 2021, decreased 12.6% gross and 14.9% net on December 2020;
NPL to total loan ratio was 3.8% gross and 2% net in September 2021 (°) . Based on the EBA methodology, NPL to total loan ratio stood at 2.9% gross and 1.5% net.
very solid capital position, with capital ratios well above regulatory requirements. As at 30 September 2021, after the deduction from capital of €1,932m of reserves distributed in October 2021 (•) and €2,804m of dividends accrued in 9M 2021 (of which €1,401m was approved as an interim dividend payable as of 24 November 2021), the Common Equity Tier 1 ratio calculated by applying the transitional arrangements for 2021 came in at 14.3% (8) (9) , the fully loaded Common Equity Tier 1 ratio at 13.8% (8) (10) and the proforma fully loaded Common Equity Tier 1 ratio at 15.1% (8) (*) , top level among leading European banks. This compares with a SREP requirement for 2021, comprising Capital Conservation Buffer, O-SII Buffer and Countercyclical Capital Buffer (**) , equal to 8.64% (***) . Under the 2021 EBA/ECB stress test adverse scenario, the fully loaded Common Equity Tier 1 ratio for 2023 - calculated on balance sheet figures as at 31 December 2020 - stands at 9.38%. The ratio would stand at 9.97% when restoring the actual neutral effect on capital ratios of the 2018-2021 Long-term Incentive Plan LECOIP 2.0 based on financial instruments (which is not captured by the stress test assumption of a static balance sheet) and taking into account the sale transactions of the going concerns, related to the acquisition of UBI Banca in 2020, finalised in H1 2021, other things being equal. The pro-forma fully loaded ratio would stand at 11.5% (□) .
(9) Calculated including the mitigation of the impact of the first time adoption of IFRS 9.
( □ ) Calculated also considering the DTA absorptions indicated in note (*).
(°) NPLs at the end of September 2021 did not include portfolios classified as ready to be sold, accounted under non-current assets held for sale and discontinued operations, amounting to around €4.7bn gross and €1.7bn net.
(•) Compared with the distribution approved at the Shareholders' Meeting, amounting to a total of €1,935m, the deduction is net of the portion not distributed to own shares held by the Bank at the record date, which was equal to €3m.
(8) After the deduction of reserves distributed in October 2021, dividends accrued in 9M 2021 and the coupons accrued on the Additional Tier 1 issues.
(***) Applying the regulatory change introduced by the ECB with effect from 12 March 2020, allowing the Pillar 2 requirement to be met partially using equity instruments not classified as Common Equity Tier 1.
energy sectors (issued by UBI Banca) and one for €750m focused on circular economy;
important national and international partnerships: miart (international fair of modern and contemporary art in Milan), "Gazing Ball" by Jeff Koons (sculpture exhibited at Gallerie d'Italia in Milan in synergy with the exhibition at Palazzo Strozzi in Florence); "Under the Sky of Venice" (artworks from the Intesa Sanpaolo collections exhibited in Vladivostok in Russia as part of the official cultural programme of the Eastern Economic Forum); "Seeing the invisible", the new permanent exhibition path at the Gallerie d'Italia in Vicenza in partnership with CSAR - Università Ca' Foscari dedicated to the Russian icons from the Intesa Sanpaolo collection, enriched by an immersive, multimedia and multisensorial experience and dialogues with the Celestial Architectures of Valery Koshlyakov, one of the greatest contemporary Russian artists; the advanced training course in "Management of artistic heritage and corporate collections" has been completed, first initiative of the Gallerie d'Italia Academy: 37 students, 80 teachers, 164 hours of remote lectures and webinars, 10 scholarships made available by Compagnia di Sanpaolo and Cariplo Foundation, four live streams from Gallerie d'Italia and 1563 Foundation of Turin.
Group's economic and social initiatives to face the COVID-19 impacts, implemented to date, specifically:
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(°) Equal to €1.7bn in accordance with EBA criteria (around 71% relating to businesses and around 29% to households).
● cash interim dividend of €1,401m: the Board of Directors, at its meeting today, decided to distribute 7.21 euro cents per share, before tax, as an interim dividend on the 2021 results. The decision was made as there were no inconveniences due to the results expected for the fourth quarter 2021 or recommendations from the regulators regarding capital requirements applicable to Intesa Sanpaolo, which could preclude the distribution, also in view of capital ratios, both those as at 30 September 2021 and those expected to be recorded at the year end, well above the minimum requirements set by supervisory regulations, and, for the Common Equity Tier 1 Ratio in particular, also well above the minimum level of 12% fully loaded and 13% pro-forma fully loaded (*) set by the Group itself. Furthermore, independent auditors E&Y S.p.A. today issued the opinion required by Article 2433-bis of the Italian Civil Code. In detail, the Board of Directors decided to distribute €1,400,936,404.29, deriving from 7.21 euro cents on each of the 19,430,463,305 ordinary shares. No distribution will be made to own shares held by the Bank at the record date. The interim dividend will be payable as of 24 November 2021 (with coupon presentation on 22 November and record date on 23 November). Based on the ratio of the aforementioned unit amount to the reference price recorded yesterday by the Intesa Sanpaolo stock, the dividend yield is 2.9%; including in the ratio the unit amount of 13.53 euro cents per share paid out in total for 2020 (3.57 euro cents in May 2021 and 9.96 euro cents in October 2021), the dividend yield corresponding to the total amount distributed this year is 8.3%.
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(*) Estimated by applying the fully loaded parameters, taking into account the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, as well as the expected absorption of DTAs on losses carried forward and DTAs on the acquisition of UBI Banca.
The consolidated income statement for Q3 2021 recorded net interest income of €1,999m, up 0.2% compared with €1,995m in Q2 2021 and down 6.1% compared with €2,129m in Q3 2020.
Net fee and commission income amounted to €2,325m, down 1.9% from €2,370m in Q2 2021. Specifically, commissions on commercial banking activities were up 1.1% while commissions on management, dealing and consultancy activities were down 4.5%. The latter, which include portfolio management, distribution of insurance products, dealing and placement of securities, etc., recorded decreases of 26.7% in dealing and placement of securities and 2.2% in portfolio management (performance fees contributed €50m in Q3 2021 and €64m in Q2 2021) and an increase of 4.7% in distribution of insurance products. Net fee and commission income for Q3 2021 was up 8.3% compared with €2,147m in Q3 2020. Specifically, commissions on commercial banking activities were up 8.6% and those on management, dealing and consultancy activities were up 6.5%. The latter recorded increases of 9.3% in dealing and placement of securities, 11.2% in portfolio management (performance fees contributed €35m in Q3 2020) and 1.3% in distribution of insurance products.
Income from insurance business amounted to €365m from €456m in Q2 2021 and €353m in Q3 2020.
Profits on financial assets and liabilities at fair value amounted to €378m, compared with €344m in Q2 2021. Contributions from customers amounted to €74m from €72m, those from capital markets increased from €97m to €158m, those from trading and treasury decreased from €173m to €143m and those from structured credit products amounted to €3m from €2m. The Q3 2021 profits of €378m compare with the €127m profits of Q3 2020 when contributions from customers amounted to €100m, those from capital markets were negative for €205m, those from trading and treasury amounted to €224m and those from structured credit products were €7m.
Operating income amounted to €5,092m, down 1.8% compared with €5,184m in Q2 2021 and up 7% compared with €4,757m in Q3 2020.
Operating costs amounted to €2,638m, down 1.1% from €2,668m in Q2 2021, attributable to decreases of 0.8% in personnel expenses and 2.5% in administrative expenses and an increase of 0.3% in adjustments. Operating costs for Q3 2021 were down 2.4% compared with €2,703m in Q3 2020, attributable to decreases of 0.2% in personnel expenses, 6.7% in administrative expenses and 3.5% in adjustments.
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(°) The figures for the first two quarters of 2021 and the four quarters of 2020 were prepared to take into account the inclusion of the UBI Banca Group and the Reyl Group for the period before their acquisition and, on the basis of management figures, the reallocation of the contribution from the going concerns object of sale to income (loss) from discontinued operations as well as the inclusion of the contribution of insurance companies Assicurazioni Vita (formerly Aviva Vita), Lombarda Vita and Cargeas, not considering the effects attributable to the going concerns object of sale, as illustrated in the methodological note on the scope of consolidation on page 25.
As a result, operating margin amounted to €2,454m, down 2.5% from €2,516m in Q2 2021 and up 19.5% from €2,054m in Q3 2020. The cost/income ratio was 51.8% in Q3 2021 versus 51.5% in Q2 2021 and 56.8% in Q3 2020.
Net adjustments to loans amounted to €543m (including around €160m set aside with regard to specific NPL portfolios to accelerate NPL deleveraging), from €599m in Q2 2021 (which included around €200m set aside with regard to specific NPL portfolios to accelerate NPL deleveraging) and from €972m in Q3 2020 (which included €430m for future COVID-19 impacts).
Net provisions and net impairment losses on other assets amounted to €82m, compared with €220m in Q2 2021 (which included around €125m to replenish insurance reserves also in accordance with IVASS Regulation no. 22/2008 regarding the measurement of risks on existing policies) and with €64m in Q3 2020.
Other income was positive by €63m versus a negative result of €7m in Q2 2021 and a positive result of €22m in Q3 2020.
Income (Loss) from discontinued operations was nil versus €10m in Q2 2021 and €80m in Q3 2020.
Gross income amounted to €1,892m from €1,700m in Q2 2021 and €1,120m in Q3 2020.
Consolidated net income for the quarter amounted to €983m, after accounting:
Net income of €983m in Q3 2021 compares with €1,507m in Q2 2021 and with €3,810m in Q3 2020, €546m when excluding the provisional negative goodwill generated by the acquisition of UBI Banca.
The consolidated income statement for 9M 2021 recorded net interest income of €5,946m, down 4.2% from €6,206m in 9M 2020.
Net fee and commission income amounted to €7,008m, up 11.5% from €6,283m in 9M 2020. Specifically, commissions on commercial banking activities were up 6.4% and commissions on management, dealing and consultancy activities were up 13.1%. The latter, which include portfolio management, distribution of insurance products, dealing and placement of securities, etc., recorded increases of 41.8% in dealing and placement of securities, 14% in portfolio management (performance fees contributed €170m in 9M 2021 and €79m in 9M 2020), and 3.6% in distribution of insurance products.
Income from insurance business amounted to €1,219m from €1,249m in 9M 2020.
Profits on financial assets and liabilities at fair value amounted to €1,517m, compared with €1,482m in 9M 2020. Contributions from customers declined from €362m to €231m, those from capital markets increased from €202m to €573m, those from trading and treasury decreased from €938m to €703m while those from structured credit products recorded a positive result of €10m versus a negative result of €19m.
Operating income amounted to €15,766m, up 3.4% versus €15,251m in 9M 2020.
Operating costs amounted to €7,893m, down 2.3% from €8,082m in 9M 2020, attributable to decreases of 0.6% in personnel expenses, 5.9% in administrative expenses and 3.3% in adjustments.
As a result, operating margin amounted to €7,873m, up 9.8% from €7,169m in 9M 2020. The cost/income ratio was 50.1% in 9M 2021 versus 53% in 9M 2020.
Net adjustments to loans amounted to €1,544m (including around €360m set aside with regard to specific NPL portfolios to accelerate NPL deleveraging), from €3,053m in 9M 2020 (which included €1,395m for future COVID-19 impacts).
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(°) The figures for the first half of 2021 and for full-year 2020 were prepared to take into account the inclusion of the UBI Banca Group and the Reyl Group for the period before their acquisition and, on the basis of management figures, the reallocation of the contribution from the going concerns object of sale to income (loss) from discontinued operations as well as the inclusion of the contribution of insurance companies Assicurazioni Vita (formerly Aviva Vita), Lombarda Vita and Cargeas, not considering the effects attributable to the going concerns object of sale, as illustrated in the methodological note on the scope of consolidation on page 25.
Net provisions and net impairment losses on other assets amounted to €436m (including around €125m to replenish insurance reserves also in accordance with IVASS Regulation no. 22/2008 regarding the measurement of risks on existing policies), versus €244m in 9M 2020.
Other income amounted to €254m (including the capital gain of €194m deriving from the sale of the business line related to the activities of Custodian Bank and Fund Administration of Fideuram Bank Luxembourg) versus €35m in 9M 2020.
Income (Loss) from discontinued operations amounted to €58m versus €1,459m in 9M 2020 (including the Nexi capital gain of €1,110m).
Gross income amounted to €6,205m, compared with €5,366m in 9M 2020.
Consolidated net income amounted to €4,006m, after accounting:
Net income of €4,006m in 9M 2021 compares with €6,376m in 9M 2020 and increases by 28.7% versus €3,112m when excluding the provisional negative goodwill generated in Q3 2020 by the acquisition of UBI Banca.
As regards the consolidated balance sheet figures, as at 30 September 2021 loans to customers amounted to €463bn, up 0.1% on year-end 2020 and down 0.2% on 30 September 2020 (up 0.2% on Q2 2021 and 3.5% on 9M 2020 when taking into account quarterly and nine-month average volumes (*)). Total non-performing loans (bad, unlikelyto-pay, and past due) amounted - net of adjustments - to €9,141m, down 14.9% from €10,743m at year-end 2020. In detail, bad loans decreased to €3,583m from €4,003m at year-end 2020, with a bad loan to total loan ratio of 0.8% (0.9% at year-end 2020), and a cash coverage ratio of 60.7% (58.3% at year-end 2020). Unlikely-to-pay loans decreased to €4,961m from €6,223m at year-end 2020. Past due loans amounted to €597m from €517m at year-end 2020.
Customer financial assets amounted to €1,241bn, up 4.7% on year-end 2020 and 7.7% on 30 September 2020. Under customer financial assets, direct deposits from banking business amounted to €536bn, up 1.7% on year-end 2020 and 3.6% on 30 September 2020. Direct deposits from insurance business and technical reserves amounted to €204bn, up 0.2% on year-end 2020 and 3.5% on 30 September 2020. Indirect customer deposits amounted to €704bn, up 6.9% on year-end 2020 and 11% on 30 September 2020. Assets under management amounted to €464bn, up 5.7% on year-end 2020 and 9.3% on 30 September 2020. As for bancassurance, in 9M 2021 the new business for life policies amounted to €13.3bn. Assets held under administration and in custody amounted to €240bn, up 9.5% on year-end 2020 and 14.5% on 30 September 2020.
Capital ratios as at 30 September 2021, calculated by applying the transitional arrangements for 2021 (11) , and after the deduction from capital of €1,932m of reserves distributed in October 2021 (•) and €2,804m of dividends accrued in 9M 2021 (of which €1,401m was approved as an interim dividend payable as of 24 November 2021), were as follows:
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(*) Excluding the loan to the banks in compulsory administrative liquidation (formerly Banca Popolare di Vicenza and Veneto Banca).
(•) Compared with the distribution approved at the Shareholders' Meeting, amounting to a total of €1,935m, the deduction is net of the portion not distributed to own shares held by the Bank at the record date, which was equal to €3m.
(11) Including the mitigation of the impact of the first time adoption of IFRS 9.
(12) After the deduction of reserves distributed in October 2021, dividends accrued in 9M 2021 and the coupons accrued on the Additional Tier 1 issues. Excluding the mitigation of the impact of the first time adoption of IFRS 9, capital ratios are 13.8% for the Common Equity Tier 1 ratio, 15.7% for the Tier 1 ratio and 18.8% for the total capital ratio.
(13) In accordance with the transitional arrangements for 2020. Excluding the mitigation of the impact of the first time adoption of IFRS 9, capital ratios are 14% for the Common Equity Tier 1 ratio, 16.2% for the Tier 1 ratio and 19.2% for the total capital ratio.
The estimated pro-forma Common Equity Tier 1 ratio for the Group on a fully loaded basis was 15.1%, calculated by applying the fully loaded parameters to the financial statements as at 30 September 2021 and taking into account the total absorption of deferred tax assets (DTAs) related to goodwill realignment, loan adjustments, the first time adoption of IFRS 9 and the non-taxable public cash contribution of €1,285m covering the integration and rationalisation charges relating to the acquisition of the Aggregate Set of Banca Popolare di Vicenza and Veneto Banca, as well as the expected absorption of DTAs on losses carried forward and DTAs on the acquisition of UBI Banca, and the expected distribution on the 9M 2021 net income of insurance companies.
As a result of the strategic decisions taken, Intesa Sanpaolo has maintained its position as one of the most solid international banking Groups. In addition to the asset quality and level of capital ratios commented on above, the Group has continued to build on its key strengths: robust liquidity and low leverage.
* * *
Specifically, with regard to the components of the Group's liquidity:
The Group's leverage ratio as at 30 September 2021 was 6.7% applying the transitional arrangements for 2021 and 6.5% fully loaded, best in class among major European banking groups.
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As at 30 September 2021, the Intesa Sanpaolo Group's operating structure had a total network of 5,201 branches, consisting of 4,207 branches in Italy and 994 abroad, and employed 97,600 people.
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The division includes the "proximity bank" activities carried out, through the partnership between the subsidiary Banca 5 and SisalPay (Mooney), by using alternative channels to bank branches and focused on instant banking and targeting categories of customers who rarely use banking products and services.
In the third quarter of 2021, the Banca dei Territori Division recorded:
In the first nine months of 2021, the Banca dei Territori division recorded:
The division also comprises the management of the Group's proprietary trading.
In the third quarter of 2021, the IMI Corporate & Investment Banking Division recorded:
In the first nine months of 2021, the IMI Corporate & Investment Banking Division recorded:
The International Subsidiary Banks Division is responsible for operations on international markets through commercial banking subsidiaries and associates, and provides guidelines, coordination and support for the Group's subsidiaries. It is responsible for defining the Group's development strategy related to its direct presence abroad, including exploring and analysing new growth opportunities in markets where the Group already has a presence, as well as in new ones. This division also coordinates operations of international subsidiary banks and their relations with the Parent Company's head office departments and the IMI Corporate & Investment Banking Division's branches and offices abroad. The division is in charge of the Group's operations in the following geographical areas: i) South-Eastern Europe, through Privredna Banka Zagreb in Croatia, Banca Intesa Beograd in Serbia, Intesa Sanpaolo Banka Bosna i Hercegovina in Bosnia and Herzegovina, Intesa Sanpaolo Bank Albania and Intesa Sanpaolo Bank Romania; ii) Central-Eastern Europe, through Intesa Sanpaolo Bank in Slovenia, VUB Banka in Slovakia and CIB Bank in Hungary; iii) CIS and South Mediterranean, through Pravex Bank in Ukraine, Eximbank in Moldova and Bank of Alexandria in Egypt.
In the third quarter of 2021, the International Subsidiary Banks Division recorded:
In the first nine months of 2021, the International Subsidiary Banks Division recorded:
The Private Banking Division serves the top customer segment (Private and High Net Worth Individuals) through Fideuram and its subsidiaries Intesa Sanpaolo Private Banking, IW Bank, SIREF Fiduciaria, Intesa Sanpaolo Private Bank (Suisse) Morval, REYL & Cie, Intesa Sanpaolo Private Banking Asset Management and Fideuram Asset Management Ireland.
In the third quarter of 2021, the Private Banking Division recorded:
In the first nine months of 2021, the Private Banking Division recorded:
The Asset Management Division develops asset management solutions targeted at the Group's customers, commercial networks outside the Group and the institutional clientele through Eurizon Capital. Eurizon Capital controls Pramerica (merged by incorporation on 1 July 2021), Eurizon Capital SA, a Luxembourg asset management company dedicated to development on international markets, Epsilon SGR, a company specialising in structured products, Eurizon Asset Management Slovakia, which heads up Eurizon Asset Management Hungary and the Croatian company PBZ Invest (the asset management hub in Eastern Europe), Eurizon Capital Real Asset SGR focused on alternative asset classes, Eurizon SLJ Capital LTD, an English asset management company focused on macroeconomic and currency strategies. Eurizon Capital owns 49% of the Chinese asset management company Penghua Fund Management.
In the third quarter of 2021, the Asset Management Division recorded:
In the first nine months of 2021, the Asset Management Division recorded:
The Insurance Division develops insurance products tailored for the Group's clients; the Division includes Intesa Sanpaolo Vita (which controls Intesa Sanpaolo Assicura, Intesa Sanpaolo Life, and Intesa Sanpaolo RBM Salute), Fideuram Vita and, in addition, the companies whose control was acquired following the acquisition of UBI Banca (Bancassurance Popolari, Lombarda Vita, Assicurazioni Vita - formerly Aviva Vita - and Cargeas).
In the third quarter of 2021, the Insurance Division recorded:
In the first nine months of 2021, the Insurance Division recorded:
In 2021, the Intesa Sanpaolo Group is expected to achieve a full-year net income exceeding €4 billion.
As regards the Group's dividend policy, it envisages the distribution of cash dividends corresponding to a payout ratio of 70% for the 2021 results, as indicated in the 2018-2021 Business Plan. In respect of this distribution, the Board of Directors today approved an interim dividend of €1.4 billion payable as of 24 November 2021.
* * *
For consistency purpose, the income statement and balance sheet figures for the first quarter of 2020 were restated following the acquisition of RBM Assicurazione Salute, finalised in May 2020. The related items were consolidated line by line, including the corresponding net income under minority interests and the corresponding shareholders' equity under shareholders' equity minority interests. These figures are reported in the attached statements.
Moreover, the income statement and balance sheet figures for the four quarters of 2020 were also restated following i) on one side, the acquisition of UBI Banca finalised in August 2020 (the related items were consolidated line by line for the first seven months of 2020 with reference to the income statement, including the corresponding net income under minority interests, and for the first two quarters of 2020 with reference to the balance sheet, including the corresponding shareholders' equity under shareholders' equity minority interests), and ii) on the other side, the sales transactions regarding the going concerns, finalised in H1 2021 (the related items were deconsolidated line by line since 1 January 2020 and the contribution to the income statement was allocated - on the basis of management figures - to income/loss from discontinued operations and the contribution to the balance sheet was allocated to non-current assets held for sale and discontinued operations and to liabilities associated with non-current assets held for sale and discontinued operations). These figures are reported in the attached statements as "Redetermined figures".
The "Redetermined figures" of the income statement for the four quarters of 2020 and the first quarter 2021 include the restatement done:
Finally, the balance sheet figures for the four quarters of 2020 and the first quarter 2021 include the restatement done following the acquisition of the control of Lombarda Vita, Assicurazioni Vita (formerly Aviva Vita), Cargeas and the REYL Group. The related items were consolidated line by line, including the corresponding shareholders' equity under shareholders' equity minority interests.
The income statement and balance sheet figures related to the Business areas for the four quarters of 2020 and the first quarter 2021 were restated to attribute the related items regarding the acquisition of UBI Banca, Lombarda Vita, Assicurazioni Vita (formerly Aviva Vita), Cargeas and Reyl and to reallocate some items between Business areas and Corporate Centre.
* * *
In order to present more complete information on the results generated as at 30 September 2021, the reclassified consolidated income statement and the reclassified consolidated balance sheet included in the interim statement approved by the Board of Directors are attached. Please note that the auditing firm is completing the activities for the issue of a statement in accordance with Article 26 (2) of Regulation EU no. 575/2013 and ECB Decision no. 2015/656.
* * *
The manager responsible for preparing the company's financial reports, Fabrizio Dabbene, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
* * *
The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this document. By accessing these materials, you agree to be bound by the foregoing limitations.
This press release contains certain forward-looking statements, projections, objectives, estimates and forecasts reflecting the Intesa Sanpaolo management's current views with respect to certain future events. Forward-looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding Intesa Sanpaolo's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where Intesa Sanpaolo participates or is seeking to participate.
Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Intesa Sanpaolo Group's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions.
All forward-looking statements included herein are based on information available to Intesa Sanpaolo as of the date hereof. Intesa Sanpaolo undertakes no obligation to update publicly 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. All subsequent written and oral forward-looking statements attributable to Intesa Sanpaolo or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
* * *
Investor Relations Media Relations +39.02.87943180 +39.02.87962326 [email protected] [email protected]
| 30.09.2021 30.09.2020 |
(millions of euro) Changes |
|||
|---|---|---|---|---|
| amount | % | |||
| Net interest income | 6,012 | 5,608 | 404 | 7.2 |
| Net fee and commission income | 7,102 | 5,747 | 1,355 | 23.6 |
| Income from insurance business | 1,176 | 1,034 | 142 | 13.7 |
| Profits (Losses) on financial assets and liabilities designated at fair value | 1,518 | 1,395 | 123 | 8.8 |
| Other operating income (expenses) | 90 | -2 | 92 | |
| Operating income | 15,898 | 13,782 | 2,116 | 15.4 |
| Personnel expenses | -4,975 | -4,372 | 603 | 13.8 |
| Other administrative expenses | -2,052 | -1,804 | 248 | 13.7 |
| Adjustments to property, equipment and intangible assets | -908 | -838 | 70 | 8.4 |
| Operating costs | -7,935 | -7,014 | 921 | 13.1 |
| Operating margin | 7,963 | 6,768 | 1,195 | 17.7 |
| Net adjustments to loans | -1,550 | -2,739 | -1,189 | -43.4 |
| Other net provisions and net impairment losses on other assets | -433 | -224 | 209 | 93.3 |
| Other income (expenses) | 254 | 11 | 243 | |
| Income (Loss) from discontinued operations | - | 1,163 | -1,163 | |
| Gross income (loss) | 6,234 | 4,979 | 1,255 | 25.2 |
| Taxes on income | -1,540 | -1,194 | 346 | 29.0 |
| Charges (net of tax) for integration and exit incentives | -148 | -78 | 70 | 89.7 |
| Effect of purchase price allocation (net of tax) | -85 | 3,187 | -3,272 | |
| Levies and other charges concerning the banking industry (net of tax) | -502 | -474 | 28 | 5.9 |
| Impairment (net of tax) of goodwill and other intangible assets | - | - | - | - |
| Minority interests | 47 | -44 | 91 | |
| Net income (loss) | 4,006 | 6,376 | -2,370 | -37.2 |
Figures restated, where necessary and material, considering the changes in the scope of consolidation. The figures for the UBI Group and the insurance companies Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas have not been restated.
| (millions of euro) | ||||
|---|---|---|---|---|
| 30.09.2021 | 30.09.2020 | Changes | ||
| Redetermined figures |
Redetermined figures |
amount | % | |
| Net interest income | 5,946 | 6,206 | -260 | -4.2 |
| Net fee and commission income | 7,008 | 6,283 | 725 | 11.5 |
| Income from insurance business | 1,219 | 1,249 | -30 | -2.4 |
| Profits (Losses) on financial assets and liabilities designated at fair value | 1,517 | 1,482 | 35 | 2.4 |
| Other operating income (expenses) | 76 | 31 | 45 | |
| Operating income | 15,766 | 15,251 | 515 | 3.4 |
| Personnel expenses | -4,924 | -4,954 | -30 | -0.6 |
| Other administrative expenses | -2,059 | -2,187 | -128 | -5.9 |
| Adjustments to property, equipment and intangible assets | -910 | -941 | -31 | -3.3 |
| Operating costs | -7,893 | -8,082 | -189 | -2.3 |
| Operating margin | 7,873 | 7,169 | 704 | 9.8 |
| Net adjustments to loans | -1,544 | -3,053 | -1,509 | -49.4 |
| Other net provisions and net impairment losses on other assets | -436 | -244 | 192 | 78.7 |
| Other income (expenses) | 254 | 35 | 219 | |
| Income (Loss) from discontinued operations | 58 | 1,459 | -1,401 | -96.0 |
| Gross income (loss) | 6,205 | 5,366 | 839 | 15.6 |
| Taxes on income | -1,541 | -1,319 | 222 | 16.8 |
| Charges (net of tax) for integration and exit incentives | -148 | -64 | 84 | |
| Effect of purchase price allocation (net of tax) | -85 | 3,187 | -3,272 | |
| Levies and other charges concerning the banking industry (net of tax) | -489 | -475 | 14 | 2.9 |
| Impairment (net of tax) of goodwill and other intangible assets | - | - | - | - |
| Minority interests | 64 | -319 | 383 | |
| Net income (loss) | 4,006 | 6,376 | -2,370 | -37.2 |
Redetermined figures have been prepared to take into account the inclusion of the UBI Group for the pre-acquisition period and, based on management figures, the reallocation of the contribution from the going concerns object of disposal to income (loss) from discontinued operations, as well as the inclusion of the contribution from the insurance companies Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas, net of the effects attributable to the branches object of disposal.
| (millions of euro) | |||||||
|---|---|---|---|---|---|---|---|
| 2021 2020 |
|||||||
| Third | Second | First | Fourth | Third | Second | First | |
| quarter | quarter | quarter | quarter | quarter | quarter | quarter | |
| Net interest income | 1,999 | 2,000 | 2,013 | 2,191 | 2,103 | 1,754 | 1,751 |
| Net fee and commission income | 2,325 | 2,382 | 2,395 | 2,597 | 2,141 | 1,752 | 1,854 |
| Income from insurance business | 365 | 438 | 373 | 319 | 298 | 367 | 369 |
| Profits (Losses) on financial assets and liabilities designated at fair value |
378 | 344 | 796 | 194 | 130 | 266 | 999 |
| Other operating income (expenses) | 25 | 16 | 49 | 14 | 1 | 12 | -15 |
| Operating income | 5,092 | 5,180 | 5,626 | 5,315 | 4,673 | 4,151 | 4,958 |
| Personnel expenses | -1,642 | -1,657 | -1,676 | -1,824 | -1,608 | -1,393 | -1,371 |
| Other administrative expenses | -694 | -708 | -650 | -889 | -662 | -585 | -557 |
| Adjustments to property, equipment and intangible assets | -302 | -300 | -306 | -321 | -304 | -269 | -265 |
| Operating costs | -2,638 | -2,665 | -2,632 | -3,034 | -2,574 | -2,247 | -2,193 |
| Operating margin | 2,454 | 2,515 | 2,994 | 2,281 | 2,099 | 1,904 | 2,765 |
| Net adjustments to loans | -543 | -599 | -408 | -1,475 | -938 | -1,398 | -403 |
| Other net provisions and net impairment losses on other assets | -82 | -218 | -133 | -122 | -67 | 262 | -419 |
| Other income (expenses) | 63 | -7 | 198 | 62 | 23 | -18 | 6 |
| Income (Loss) from discontinued operations | - | - | - | - | - | 1,134 | 29 |
| Gross income (loss) | 1,892 | 1,691 | 2,651 | 746 | 1,117 | 1,884 | 1,978 |
| Taxes on income | -619 | -82 | -839 | -167 | -319 | -314 | -561 |
| Charges (net of tax) for integration and exit incentives | -41 | -55 | -52 | -1,485 | -28 | -35 | -15 |
| Effect of purchase price allocation (net of tax) | -51 | -18 | -16 | -1,227 | 3,237 | -24 | -26 |
| Levies and other charges concerning the banking industry (net of tax) |
-210 | -83 | -209 | -38 | -197 | -86 | -191 |
| Impairment (net of tax) of goodwill and other intangible assets | - | - | - | -912 | - | - | - |
| Minority interests | 12 | 54 | -19 | -16 | - | -10 | -34 |
| Net income (loss) | 983 | 1,507 | 1,516 | -3,099 | 3,810 | 1,415 | 1,151 |
Figures restated, where necessary and material, considering the changes in the scope of consolidation. The figures for the UBI Group and the insurance companies Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas have not been restated.
| 2021 | (millions of euro) 2020 |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Third quarter |
Second quarter Redetermined figures |
First quarter Redetermined figures |
Fourth quarter Redetermined figures |
Third quarter Redetermined figures |
Second quarter Redetermined figures |
First quarter Redetermined figures |
|||
| Net interest income | 1,999 | 1,995 | 1,952 | 2,072 | 2,129 | 2,037 | 2,040 | ||
| Net fee and commission income | 2,325 | 2,370 | 2,313 | 2,442 | 2,147 | 2,014 | 2,122 | ||
| Income from insurance business | 365 | 456 | 398 | 436 | 353 | 456 | 440 | ||
| Profits (Losses) on financial assets and liabilities designated at fair value |
378 | 344 | 795 | 193 | 127 | 306 | 1,049 | ||
| Other operating income (expenses) | 25 | 19 | 32 | 6 | 1 | 29 | 1 | ||
| Operating income | 5,092 | 5,184 | 5,490 | 5,149 | 4,757 | 4,842 | 5,652 | ||
| Personnel expenses | -1,642 | -1,655 | -1,627 | -1,744 | -1,646 | -1,662 | -1,646 | ||
| Other administrative expenses | -694 | -712 | -653 | -898 | -744 | -747 | -696 | ||
| Adjustments to property, equipment and intangible assets |
-302 | -301 | -307 | -315 | -313 | -314 | -314 | ||
| Operating costs | -2,638 | -2,668 | -2,587 | -2,957 | -2,703 | -2,723 | -2,656 | ||
| Operating margin | 2,454 | 2,516 | 2,903 | 2,192 | 2,054 | 2,119 | 2,996 | ||
| Net adjustments to loans | -543 | -599 | -402 | -1,440 | -972 | -1,543 | -538 | ||
| Other net provisions and net impairment losses on other assets |
-82 | -220 | -134 | -121 | -64 | 251 | -431 | ||
| Other income (expenses) | 63 | -7 | 198 | 62 | 22 | - | 13 | ||
| Income (Loss) from discontinued operations |
- | 10 | 48 | 129 | 80 | 1,230 | 149 | ||
| Gross income (loss) | 1,892 | 1,700 | 2,613 | 822 | 1,120 | 2,057 | 2,189 | ||
| Taxes on income | -619 | -85 | -837 | -191 | -322 | -362 | -635 | ||
| Charges (net of tax) for integration and exit incentives |
-41 | -55 | -52 | -1,485 | -27 | -22 | -15 | ||
| Effect of purchase price allocation (net of tax) |
-51 | -18 | -16 | -1,227 | 3,237 | -24 | -26 | ||
| Levies and other charges concerning the banking industry (net of tax) |
-210 | -83 | -196 | -38 | -178 | -91 | -206 | ||
| Impairment (net of tax) of goodwill and other intangible assets |
- | - | - | -912 | - | - | - | ||
| Minority interests | 12 | 48 | 4 | -68 | -20 | -143 | -156 | ||
| Net income (loss) | 983 | 1,507 | 1,516 | -3,099 | 3,810 | 1,415 | 1,151 |
Redetermined figures have been prepared to take into account the inclusion of the UBI Group for the pre-acquisition period and, based on management figures, the reallocation of the contribution from the going concerns object of disposal to income (loss) from discontinued operations, as well as the inclusion of the contribution from the insurance companies Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas, net of the effects attributable to the branches object of disposal.
| Assets | 30.09.2021 | 31.12.2020 | Changes | (millions of euro) |
|---|---|---|---|---|
| amount | % | |||
| Due from banks | 169,805 | 108,310 | 61,495 | 56.8 |
| Loans to customers | 463,295 | 462,802 | 493 | 0.1 |
| Loans to customers measured at amortised cost | 460,903 | 461,373 | -470 | -0.1 |
| Loans to customers designated at fair value through other comprehensive income and through profit or loss |
2,392 | 1,429 | 963 | 67.4 |
| Financial assets measured at amortised cost which do not constitute loans | 41,286 | 47,102 | -5,816 | -12.3 |
| Financial assets at fair value through profit or loss | 59,924 | 57,074 | 2,850 | 5.0 |
| Financial assets at fair value through other comprehensive income | 63,589 | 57,590 | 5,999 | 10.4 |
| Financial assets pertaining to insurance companies measured at fair value pursuant to IAS 39 |
205,631 | 205,537 | 94 | - |
| Financial assets pertaining to insurance companies measured at amortised cost pursuant to IAS 39 |
997 | 1,562 | -565 | -36.2 |
| Investments in associates and companies subject to joint control | 1,738 | 1,671 | 67 | 4.0 |
| Property, equipment and intangible assets | 19,408 | 19,131 | 277 | 1.4 |
| Assets owned | 17,800 | 17,311 | 489 | 2.8 |
| Rights of use acquired under leases | 1,608 | 1,820 | -212 | -11.6 |
| Tax assets | 18,805 | 19,777 | -972 | -4.9 |
| Non-current assets held for sale and discontinued operations | 3,181 | 28,702 | -25,521 | -88.9 |
| Other assets | 23,759 | 24,744 | -985 | -4.0 |
| Total Assets | 1,071,418 | 1,034,002 | 37,416 | 3.6 |
| Liabilities | 31.12.2020 | Changes | ||
|---|---|---|---|---|
| amount | % | |||
| Due to banks at amortised cost | 179,514 | 115,944 | 63,570 | 54.8 |
| Due to customers at amortised cost and securities issued | 523,699 | 514,229 | 9,470 | 1.8 |
| Financial liabilities held for trading | 57,533 | 59,044 | -1,511 | -2.6 |
| Financial liabilities designated at fair value | 3,266 | 3,032 | 234 | 7.7 |
| Financial liabilities pertaining to insurance companies measured at amortised cost pursuant to IAS 39 |
2,563 | 2,023 | 540 | 26.7 |
| Financial liabilities pertaining to insurance companies measured at fair value pursuant to IAS 39 |
83,093 | 80,699 | 2,394 | 3.0 |
| Tax liabilities | 2,618 | 3,370 | -752 | -22.3 |
| Liabilities associated with non-current assets held for sale and discontinued operations | 1,404 | 35,676 | -34,272 | -96.1 |
| Other liabilities | 24,955 | 24,365 | 590 | 2.4 |
| of which lease payables | 1,519 | 1,762 | -243 | -13.8 |
| Technical reserves | 118,616 | 121,360 | -2,744 | -2.3 |
| Allowances for risks and charges | 6,873 | 7,194 | -321 | -4.5 |
| of which allowances for commitments and financial guarantees given | 534 | 626 | -92 | -14.7 |
| Share capital | 10,084 | 10,084 | - | - |
| Reserves | 46,508 | 44,775 | 1,733 | 3.9 |
| Valuation reserves | -569 | -515 | 54 | 10.5 |
| Valuation reserves pertaining to insurance companies | 677 | 809 | -132 | -16.3 |
| Equity instruments | 6,279 | 7,464 | -1,185 | -15.9 |
| Minority interests | 299 | 1,172 | -873 | -74.5 |
| Net income (loss) | 4,006 | 3,277 | 729 | 22.2 |
| Total liabilities and shareholders' equity | 1,071,418 | 1,034,002 | 37,416 | 3.6 |
Figures restated, where necessary and material, considering the changes in the scope of consolidation and discontinued operations.
| (millions of euro) | |||||||
|---|---|---|---|---|---|---|---|
| Assets | 2021 2020 |
||||||
| 30/9 | 30/6 | 31/3 | 31/12 | 30/9 Redetermined figures |
30/6 Redetermined figures |
31/3 Redetermined figures |
|
| Due from banks | 169,805 | 152,688 | 132,423 | 108,310 | 85,578 | 76,486 | 77,211 |
| Loans to customers | 463,295 | 463,297 | 464,661 | 462,802 | 464,438 | 464,001 | 466,721 |
| Loans to customers measured at amortised cost | 460,903 | 461,348 | 463,129 | 461,373 | 462,973 | 462,538 | 465,242 |
| Loans to customers designated at fair value through other comprehensive income and through profit or loss |
2,392 | 1,949 | 1,532 | 1,429 | 1,465 | 1,463 | 1,479 |
| Financial assets measured at amortised cost which do not constitute loans |
41,286 | 42,615 | 44,857 | 47,102 | 43,453 | 41,926 | 35,744 |
| Financial assets at fair value through profit or loss | 59,924 | 59,826 | 55,455 | 57,074 | 61,248 | 62,151 | 57,190 |
| Financial assets at fair value through other comprehensive income |
63,589 | 66,415 | 60,778 | 57,590 | 80,626 | 83,536 | 81,220 |
| Financial assets pertaining to insurance companies measured at fair value pursuant to IAS 39 |
205,631 | 206,138 | 206,388 | 205,537 | 197,806 | 194,504 | 186,749 |
| Financial assets pertaining to insurance companies measured at amortised cost pursuant to IAS 39 |
997 | 906 | 920 | 1,562 | 1,444 | 1,101 | 944 |
| Investments in associates and companies subject to joint control |
1,738 | 1,707 | 1,708 | 1,671 | 1,536 | 1,517 | 1,324 |
| Property, equipment and intangible assets | 19,408 | 19,451 | 18,908 | 19,131 | 19,508 | 21,086 | 20,700 |
| Assets owned | 17,800 | 17,815 | 17,158 | 17,311 | 17,744 | 19,299 | 18,877 |
| Rights of use acquired under leases | 1,608 | 1,636 | 1,750 | 1,820 | 1,764 | 1,787 | 1,823 |
| Tax assets | 18,805 | 19,014 | 19,582 | 19,777 | 19,490 | 19,575 | 19,869 |
| Non-current assets held for sale and discontinued operations | 3,181 | 1,566 | 3,169 | 28,702 | 29,504 | 29,235 | 27,460 |
| Other assets | 23,759 | 23,972 | 23,132 | 24,744 | 22,575 | 27,502 | 28,087 |
| Total Assets | 1,071,418 | 1,057,595 | 1,031,981 | 1,034,002 | 1,027,206 | 1,022,620 | 1,003,219 |
| Liabilities | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|
| 30/9 | 30/6 | 31/3 | 31/12 | 30/9 Redetermined figures |
30/6 Redetermined figures |
31/3 Redetermined figures |
|
| Due to banks at amortised cost | 179,514 | 164,840 | 151,746 | 115,944 | 118,555 | 125,315 | 134,613 |
| Due to customers at amortised cost and securities issued | 523,699 | 519,223 | 512,263 | 514,229 | 505,284 | 495,185 | 490,011 |
| Financial liabilities held for trading | 57,533 | 57,335 | 53,544 | 59,044 | 57,024 | 55,731 | 54,997 |
| Financial liabilities designated at fair value | 3,266 | 3,361 | 3,116 | 3,032 | 2,978 | 2,288 | 845 |
| Financial liabilities pertaining to insurance companies measured at amortised cost pursuant to IAS 39 |
2,563 | 2,518 | 2,414 | 2,023 | 1,957 | 1,889 | 937 |
| Financial liabilities pertaining to insurance companies measured at fair value pursuant to IAS 39 |
83,093 | 83,010 | 82,040 | 80,699 | 77,304 | 76,370 | 72,019 |
| Tax liabilities | 2,618 | 2,490 | 3,303 | 3,370 | 2,879 | 2,751 | 3,079 |
| Liabilities associated with non-current assets held for sale and discontinued operations |
1,404 | 78 | 3,585 | 35,676 | 34,737 | 33,858 | 30,038 |
| Other liabilities | 24,955 | 31,674 | 26,283 | 24,365 | 32,237 | 38,970 | 31,448 |
| of which lease payables | 1,519 | 1,570 | 1,708 | 1,762 | 1,734 | 1,744 | 1,768 |
| Technical reserves | 118,616 | 119,475 | 119,943 | 121,360 | 118,337 | 115,308 | 111,516 |
| Allowances for risks and charges of which allowances for commitments and financial guarantees given |
6,873 534 |
7,041 548 |
7,437 576 |
7,194 626 |
6,529 547 |
5,163 559 |
5,784 514 |
| Share capital | 10,084 | 10,084 | 10,084 | 10,084 | 10,076 | 9,086 | 9,086 |
| Reserves | 46,508 | 46,671 | 47,529 | 44,775 | 44,787 | 42,419 | 42,380 |
| Valuation reserves | -569 | -476 | -738 | -515 | -894 | -1,441 | -1,833 |
| Valuation reserves pertaining to insurance companies | 677 | 661 | 777 | 809 | 596 | 403 | 182 |
| Equity instruments | 6,279 | 6,269 | 6,202 | 7,464 | 7,446 | 5,971 | 5,972 |
| Minority interests | 299 | 318 | 937 | 1,172 | 998 | 10,788 | 10,994 |
| Net income (loss) | 4,006 | 3,023 | 1,516 | 3,277 | 6,376 | 2,566 | 1,151 |
| Total Liabilities and Shareholders' Equity | 1,071,418 | 1,057,595 | 1,031,981 | 1,034,002 | 1,027,206 | 1,022,620 | 1,003,219 |
Figures restated, where necessary and material, considering the changes in the scope of consolidation and discontinued operations. Redetermined figures have been prepared to take into account the inclusion of the UBI Group for the pre-acquisition period and the reallocation of the going concerns object of disposal to non-current assets held for sale and discontinued operations and associated liabilities.
| (millions of euro) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banca | IMI | International | Private | Asset | Insurance | Corporate | Total | |
| dei Territori |
Corporate & |
Subsidiary Banks |
Banking | Management | Centre | (Redetermined figures) |
||
| Investment | ||||||||
| Banking | ||||||||
| Operating income | ||||||||
| 30.09.2021 | 6,681 | 3,600 | 1,471 | 1,781 | 938 | 1,180 | 115 | 15,766 |
| 30.09.2020 | 6,594 | 3,509 | 1,413 | 1,637 | 719 | 1,178 | 201 | 15,251 |
| % change | 1.3 | 2.6 | 4.1 | 8.8 | 30.5 | 0.2 | -42.8 | 3.4 |
| Operating costs | ||||||||
| 30.09.2021 | -4,775 | -989 | -773 | -652 | -163 | -286 | -255 | -7,893 |
| 30.09.2020 | -4,911 | -973 | -759 | -638 | -156 | -276 | -369 | -8,082 |
| % change | -2.8 | 1.6 | 1.8 | 2.2 | 4.5 | 3.6 | -30.9 | -2.3 |
| Operating margin | ||||||||
| 30.09.2021 | 1,906 | 2,611 | 698 | 1,129 | 775 | 894 | -140 | 7,873 |
| 30.09.2020 | 1,683 | 2,536 | 654 | 999 | 563 | 902 | -168 | 7,169 |
| % change | 13.3 | 3.0 | 6.7 | 13.0 | 37.7 | -0.9 | -16.7 | 9.8 |
| Net income (loss) | ||||||||
| 30.09.2021 | 398 | 1,775 | 393 | 862 | 557 | 617 | -596 | 4,006 |
| 30.09.2020 | -501 | 1,449 | 302 | 635 | 379 | 476 | 3,636 | 6,376 |
| % change | 22.5 | 30.1 | 35.7 | 47.0 | 29.6 | -37.2 |
| (millions of euro) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Banca dei Territori |
IMI Corporate & Investment Banking |
International Subsidiary Banks |
Private Banking |
Asset Management |
Insurance | Corporate Centre |
Total | |
| Loans to customers | ||||||||
| 30.09.2021 | 251,057 | 149,034 | 37,642 | 13,181 | 397 | - | 11,984 | 463,295 |
| 31.12.2020 | 251,809 | 145,974 | 36,079 | 12,128 | 452 | - | 16,360 | 462,802 |
| % change | -0.3 | 2.1 | 4.3 | 8.7 | -12.2 | - | -26.7 | 0.1 |
| Direct deposits from banking business |
||||||||
| 30.09.2021 | 286,836 | 80,912 | 49,283 | 51,957 | 16 | - | 66,742 | 535,746 |
| 31.12.2020 | 267,450 | 92,938 | 46,308 | 49,841 | 14 | - | 70,214 | 526,765 |
| % change | 7.2 | -12.9 | 6.4 | 4.2 | 14.3 | - | -4.9 | 1.7 |
Figures restated, where necessary and material, considering the changes in the scope of consolidation and in business unit constituents and discontinued operations. Redetermined figures have been prepared to take into account the inclusion of the UBI Group for the pre-acquisition period and, based on management figures, the reallocation of the contribution from the going concerns object of disposal to income (loss) from discontinued operations, as well as the inclusion of the contribution from the insurance companies Assicurazioni Vita (former Aviva Vita), Lombarda Vita and Cargeas, net of the effects attributable to the branches object of disposal.
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