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Unicredit Earnings Release 2023

Feb 5, 2024

4272_10-k_2024-02-05_0888027f-b2a2-4192-b3f5-7c5e9d51c25f.pdf

Earnings Release

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Divisional Database

4th quarter - FY 2023 results

Consolidated Accounts

Consolidated Income Statements 3
Consolidated Balance Sheet 4
Group Shareholder's Equity & Tangible Equity 5
Group Shares 6
Asset Quality Group 7
Asset Quality by Division 8
Capital Position 9

Contribution of Divisions to Group Results

Division Italy 10
Division Germany 11
Div. Central Europe 12
Div. Eastern Europe 13
Central Europe / Eastern Europe Countries 14 - 22
Russia 23
GCC 24
Group Fees 25
Branches 26
2022 2023
FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Consolidated Income Statement, m
Net interest 14,005 10,669 +31.3% 2,296 2,475 2,483 3,415 3,298 3,497 3,600 3,610
Dividends 459 306 +49.9% 90 83 77 57 124 129 113 93
Fees 7,463 7,625 -2.1% 2,038 1,918 1,865 1,803 1,996 1,905 1,769 1,793
Trading income 1,845 1,776 +3.8% 588 368 394 427 500 485 499 360
Other expenses/income 72 -47 n.m. 2 -67 5 13 11 -48 -14 122
Revenue 23,843 20,329 +17.3% 5,013 4,777 4,824 5,715 5,930 5,967 5,967 5,979
HR Cost -5,861 -5,918 -1.0% -1,456 -1,440 -1,459 -1,563 -1,422 -1,426 -1,437 -1,576
Non HR Cost -3,075 -2,984 +3.0% -732 -748 -761 -742 -748 -748 -752 -827
Recovery of expenses 542 503 +7.6% 126 120 122 135 127 132 132 151
Amortisation & depreciation -1,078 -1,149 -6.2% -278 -287 -284 -300 -284 -286 -270 -237
Operating costs
Gross Operating Profit		 -9,471
14,372		 -9,547
10,782		 -0.8%
+33.3%		 -2,341
2,672		 -2,355
2,422		 -2,382
2,442		 -2,470
3,246		 -2,327
3,603		 -2,328
3,639		 -2,327
3,640		 -2,489
3,490
Loan Loss Provisions (LLPs) -548 -1,894 -71.0% -1,284 2 -84 -528 -93 -21 -135 -300
Net Operating Profit 13,823 8,888 +55.5% 1,389 2,424 2,358 2,717 3,510 3,619 3,505 3,190
Other Charges & Provisions -1,041 -1,093 -4.8% -725 56 -281 -144 -745 -92 -285 82
o/w Systemic Charges -955 -1,085 -12.0% -719 -63 -265 -38 -640 -48 -232 -35
o/w DGS -272 -295 -7.8% -59 -34 -194 -8 -63 -9 -195 -4
o/w Bank levies -227 -185 +23.1% -52 -31 -71 -30 -102 -57 -37 -31
o/w SRF -456 -606 -24.7% -608 2 0 0 -475 18 0 0
Integration costs -1,060 -324 n.m. -3 4 -38 -287 -17 -214 -41 -788
Net income from investments -272 -182 +49.5% -30 -3 27 -176 -17 -109 -11 -134
Profit (loss) Before Tax 11,451 7,289 +57.1% 630 2,481 2,067 2,111 2,731 3,204 3,168 2,349
Income taxes -1,914 -819 n.m. -346 -461 -367 355 -661 -883 -837 468
Net profit (loss) of disc. operat. 0 3 -100.0% 3 0 0 0 0 0 0 0
Net Profit (loss) for the period 9,537 6,473 +47.3% 287 2,020 1,700 2,466 2,070 2,320 2,331 2,817
Minorities -27 -15 +80.7% -13 -10 10 -2 -6 -6 -9 -6
Net profit attributable to the Group before PPA 9,510 6,458 +47.3% 274 2,010 1,709 2,464 2,064 2,314 2,322 2,810
Purchase Price Allocation (PPA) -4 0 n.m. 0 0 0 0 0 -4 0 0
Goodwill impairment 0 0 n.m. 0 0 0 0 0 0 0 0
Stated Net Profit* 9,507 6,458 +47.2% 274 2,010 1,709 2,464 2,064 2,310 2,322 2,810
DTAs from tax loss carry forward sustainability test** -893 -859 +4.0% 0 -6 0 -852 0 0 0 -893
Net Profit*** 8,614 5,599 +53.8% 274 2,004 1,709 1,612 2,064 2,310 2,322 1,917
Cashes Coupons -175 -74 n.m. 0 -29 -31 -14 0 -51 -60 -64
AT1 Coupons -250 -297 -16.0% 0 -157 0 -141 0 -140 0 -110
Net Profit after AT1 / Cashes**** 8,189 5,227 +56.7% 274 1,818 1,678 1,457 2,064 2,119 2,263 1,744
Income Statement Ratios
Cost income ratio, % 39.7% 47.0% -7.2 p.p. 46.7% 49.3% 49.4% 43.2% 39.2% 39.0% 39.0% 41.6%
Cost of Risk, bps 12 41 -29 114 0 7 46 8 2 12 28
Tax rate, % 16.7% 11.2% +5.5 p.p. 54.9% 18.6% 17.8% n.m. 24.2% 27.6% 26.4% n.m.
Volumes, bn
Customers Loans (excl. Repos)
Customer Depos (excl. Repos)		 409.5
474.4		 432.4
491.8		 -5.3%
-3.5%		 433.0
483.5		 437.9
488.4		 440.9
496.2		 432.4
491.8		 430.2
479.8		 423.3
472.4		 416.2
469.2		 409.5
474.4
o/w Sight Deposits 348.7 384.8 -9.4% 399.1 400.5 402.5 384.8 361.4 352.4 343.2 348.7
o/w non Sight Deposits 125.7 107.0 +17.5% 84.4 87.9 93.7 107.0 118.3 120.0 126.0 125.7
Retail1 272.3 280.2 -2.8% 272.1 277.8 278.3 280.2 275.6 273.8 271.5 272.3
Corporate2
188.4 194.2 -3.0% 194.3 194.9 197.9 194.2 185.2 181.5 181.4 188.4
Central Functions3 13.7 17.4 -21.2% 17.1 15.7 20.0 17.4 19.0 17.0 16.2 13.7
Total Financial Asset4 781.2 741.6 +5.3% 740.2 726.4 719.6 741.6 748.7 760.2 758.0 781.2
o/w AuM 200.5 193.9 +3.4% 213.9 199.7 194.0 193.9 195.4 197.1 195.1 200.5
o/w AuC 186.9 151.6 +23.3% 151.2 142.4 138.3 151.6 163.0 173.4 171.4 186.9
Total RWA 285 308 -7.8% 330 317 320 308 299 295 290 285
Other Figures, units / %
FTEs (100%) 70,752 75,040 -5.7% 77,234 76,671 75,858 75,040 74,322 73,108 72,101 70,752
RoTE5 16.6% 10.7% +5.8 p.p. 2.3% 15.1% 13.7% 11.8% 16.8% 17.2% 18.3% 13.9%
FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Consolidated Income Statement, m
Net interest 14,005 10,669 +31.3% 2,296 2,475 2,483 3,415 3,298 3,497 3,600 3,610
Dividends 459 306 +49.9% 90 83 77 57 124 129 113 93
Fees 7,463 7,625 -2.1% 2,038 1,918 1,865 1,803 1,996 1,905 1,769 1,793
Trading income 1,845 1,776 +3.8% 588 368 394 427 500 485 499 360
Other expenses/income 72 -47 n.m. 2 -67 5 13 11 -48 -14 122
Revenue
HR Cost		 23,843
-5,861		 20,329
-5,918		 +17.3%
-1.0%		 5,013
-1,456		 4,777
-1,440		 4,824
-1,459		 5,715
-1,563		 5,930
-1,422		 5,967
-1,426		 5,967
-1,437		 5,979
-1,576
Non HR Cost -3,075 -2,984 +3.0% -732 -748 -761 -742 -748 -748 -752 -827
Recovery of expenses 542 503 +7.6% 126 120 122 135 127 132 132 151
Amortisation & depreciation -1,078 -1,149 -6.2% -278 -287 -284 -300 -284 -286 -270 -237
Operating costs -9,471 -9,547 -0.8% -2,341 -2,355 -2,382 -2,470 -2,327 -2,328 -2,327 -2,489
Gross Operating Profit 14,372 10,782 +33.3% 2,672 2,422 2,442 3,246 3,603 3,639 3,640 3,490
Loan Loss Provisions (LLPs) -548 -1,894 -71.0% -1,284 2 -84 -528 -93 -21 -135 -300
Net Operating Profit 13,823 8,888 +55.5% 1,389 2,424 2,358 2,717 3,510 3,619 3,505 3,190
Other Charges & Provisions -1,041 -1,093 -4.8% -725 56 -281 -144 -745 -92 -285 82
o/w Systemic Charges -955 -1,085 -12.0% -719 -63 -265 -38 -640 -48 -232 -35
o/w DGS -272 -295 -7.8% -59 -34 -194 -8 -63 -9 -195 -4
o/w Bank levies -227 -185 +23.1% -52 -31 -71 -30 -102 -57 -37 -31
o/w SRF -456 -606 -24.7% -608 2 0 0 -475 18 0 0
Integration costs -1,060 -324 n.m. -3 4 -38 -287 -17 -214 -41 -788
Net income from investments -272 -182 +49.5% -30 -3 27 -176 -17 -109 -11 -134
Profit (loss) Before Tax 11,451 7,289 +57.1% 630 2,481 2,067 2,111 2,731 3,204 3,168 2,349
Income taxes -1,914 -819 n.m. -346 -461 -367 355 -661 -883 -837 468
Net profit (loss) of disc. operat. 0 3 -100.0% 3 0 0 0 0 0 0 0
Net Profit (loss) for the period 9,537 6,473 +47.3% 287 2,020 1,700 2,466 2,070 2,320 2,331 2,817
Minorities -27 -15 +80.7% -13 -10 10 -2 -6 -6 -9 -6
Net profit attributable to the Group before PPA 9,510 6,458 +47.3% 274 2,010 1,709 2,464 2,064 2,314 2,322 2,810
Purchase Price Allocation (PPA)
Goodwill impairment		 -4
0		 0
0		 n.m.
n.m.		 0
0		 0
0		 0
0		 0
0		 0
0		 -4
0		 0
0		 0
0
Stated Net Profit* 9,507 6,458 +47.2% 274 2,010 1,709 2,464 2,064 2,310 2,322 2,810
DTAs from tax loss carry forward sustainability test** -893 -859 +4.0% 0 -6 0 -852 0 0 0 -893
Net Profit*** 8,614 5,599 +53.8% 274 2,004 1,709 1,612 2,064 2,310 2,322 1,917
Cashes Coupons -175 -74 n.m. 0 -29 -31 -14 0 -51 -60 -64
AT1 Coupons -250 -297 -16.0% 0 -157 0 -141 0 -140 0 -110
Net Profit after AT1 / Cashes**** 8,189 5,227 +56.7% 274 1,818 1,678 1,457 2,064 2,119 2,263 1,744
Income Statement Ratios
Cost income ratio, % 39.7% 47.0% -7.2 p.p. 46.7% 49.3% 49.4% 43.2% 39.2% 39.0% 39.0% 41.6%
Cost of Risk, bps 12 41 -29 114 0 7 46 8 2 12 28
Tax rate, % 16.7% 11.2% +5.5 p.p. 54.9% 18.6% 17.8% n.m. 24.2% 27.6% 26.4% n.m.
Volumes, bn
Customers Loans (excl. Repos) 409.5 432.4 -5.3% 433.0 437.9 440.9 432.4 430.2 423.3 416.2 409.5
Customer Depos (excl. Repos) 474.4 491.8 -3.5% 483.5 488.4 496.2 491.8 479.8 472.4 469.2 474.4
o/w Sight Deposits 348.7 384.8 -9.4% 399.1 400.5 402.5 384.8 361.4 352.4 343.2 348.7
o/w non Sight Deposits 125.7 107.0 +17.5% 84.4 87.9 93.7 107.0 118.3 120.0 126.0 125.7
Retail1 272.3 280.2 -2.8% 272.1 277.8 278.3 280.2 275.6 273.8 271.5 272.3
Corporate2 188.4 194.2 -3.0% 194.3 194.9 197.9 194.2 185.2 181.5 181.4 188.4
Central Functions3 13.7 17.4 -21.2% 17.1 15.7 20.0 17.4 19.0 17.0 16.2 13.7
Total Financial Asset4
o/w AuM 781.2
200.5		 741.6
193.9		 +5.3%
+3.4%		 740.2
213.9		 726.4
199.7		 719.6
194.0		 741.6
193.9		 748.7
195.4		 760.2
197.1		 758.0
195.1		 781.2
200.5
o/w AuC 186.9 151.6 +23.3% 151.2 142.4 138.3 151.6 163.0 173.4 171.4 186.9
Total RWA 285 308 -7.8% 330 317 320 308 299 295 290 285
Other Figures, units / %
FTEs (100%) 70,752 75,040 -5.7% 77,234 76,671 75,858 75,040 74,322 73,108 72,101 70,752
RoTE5 16.6% 10.7% +5.8 p.p. 2.3% 15.1% 13.7% 11.8% 16.8% 17.2% 18.3% 13.9%

(3) Central Functions: includes relationships with counterparties classified Accounting wise as "Customers" held by Treasury or by Corporate Centres for liquidity management purpose (4) Refers to Group commercial Total Financial Assets. Non-commercial elements, i.e. Large Corporates and Central Functions are excluded. Numbers are managerial figures

(5) RoTE means (i) net profit after AT1/Cashes coupons [as defined above] over (ii) average tangible equity excluding AT1, Cashes & DTA from tax loss carry forward contribution

(*) Stated Net profit: means accounting net profit | (**) Reversal of the impact booked in the Income Tax line where applicable | (***) Net Profit means Stated net profit adjusted for impacts from DTAs tax loss carry forward resulting from sustainability test | (****) Net Profit after AT1/Cashes: means Net Profit as defined above adjusted for impacts from AT1 and Cashes Coupons. The result is used for cash dividend accrual and Total distribution, as well as RoTE and RoAC calculation (1) Retail: includes Individuals (mass market, affluent, Private and Wealth) and micro-business

(2) Corporate: includes SME, Large and most of Financial Institutions

Communities 2022 2023
to Progress. FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Balance Sheet, bn
Assets
Cash and cash balances 61.0 111.8 -45.4% 125.9 122.1 140.6 111.8 126.4 76.1 87.4 61.0
Financial assets held for trading 57.3 64.4 -11.1% 76.1 74.7 79.1 64.4 62.3 66.9 62.9 57.3
Loans to banks 39.4 45.7 -13.7% 101.7 98.0 73.4 45.7 71.9 66.9 54.3 39.4
Loans to customers 429.5 455.8 -5.8% 455.8 461.9 461.8 455.8 453.8 450.8 436.5 429.5
Other financial assets 163.0 148.1 +10.0% 154.9 157.0 154.9 148.1 148.2 150.5 152.8 163.0
Hedging instruments -1.3 -3.7 -64.0% 1.7 -1.1 -3.4 -3.7 -3.7 -3.3 -3.7 -1.3
Property, plant and equipment 8.6 9.2 -5.8% 9.4 9.4 9.2 9.2 9.1 8.9 8.8 8.6
Goodwill 0.0 0.0 -100.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other intangible assets 2.3 2.3 -3.3% 2.2 2.3 2.3 2.3 2.3 2.3 2.2 2.3
Tax assets 11.8 13.1 -9.9% 13.2 12.7 12.7 13.1 12.6 12.0 11.3 11.8
Non-current assets and disposal groups classified as held for sale 0.4 1.2 -69.9% 2.1 0.8 1.0 1.2 1.1 1.4 1.2 0.4
Other assets 13.1 9.8 +33.6% 7.0 8.0 11.2 9.8 11.4 11.0 11.8 13.1
Total assets 785.0 857.8 -8.5% 949.9 945.8 942.8 857.8 895.3 843.5 825.6 785.0
Liabilities and shareholders' equity
Deposits from banks 71.0 131.3 -45.9% 181.5 181.9 175.3 131.3 148.9 97.8 96.9 71.0
Deposits from customers 495.7 510.1 -2.8% 523.0 529.5 533.9 510.1 522.5 514.1 510.6 495.7
Debt securities issued 89.8 84.2 +6.7% 90.4 86.0 85.0 84.2 89.0 93.0 92.6 89.8
Financial liabilities held for trading 38.0 51.2 -25.8% 57.0 53.9 64.6 51.2 50.1 50.8 44.2 38.0
Other financial liabilities 13.8 12.0 +14.2% 11.3 11.4 11.4 12.0 12.7 13.0 13.0 13.8
Hedging instruments -10.6 -18.1 -41.6% -3.2 -10.5 -18.3 -18.1 -17.2 -17.3 -17.3 -10.6
Tax liabilities 1.5 1.7 -11.8% 1.5 1.5 1.8 1.7 1.8 1.8 1.7 1.5
Liabilities included in disposal groups classified as held for sale 0.0 0.6 n.m. 0.5 0.6 0.6 0.6 0.5 0.5 0.5 0.0
Other liabilities 21.4 21.2 +1.1% 25.7 28.9 25.4 21.2 23.3 27.9 20.6 21.4
Minorities 0.2 0.2 +3.9% 0.5 0.4 0.2 0.2 0.2 0.1 0.2 0.2
Group Shareholders' Equity: 64.1 63.3 +1.2% 61.7 62.2 63.0 63.3 63.6 61.9 62.7 64.1
- Capital and reserves 54.6 56.9 -4.1% 61.4 59.9 59.0 56.9 61.6 57.5 56.0 54.6
- Stated Net profit (loss) 9.5 6.5 +47.2% 0.3 2.3 4.0 6.5 2.1 4.4 6.7 9.5
Total liabilities and shareholders' equity 785.0 857.8 -8.5% 949.9 945.8 942.8 857.8 895.3 843.5 825.6 785.0

Empowering

Shareholders' Equity attributable to the Group & Shares, m

Shareholders' equity as at 31 December 2022 63,339
Dividends and other allocations -1,895
Equity instruments -1,237
Share buyback -4,758
Change in reserve related coupon on AT1 instruments -250
Charges related to transaction denominated "Cashes" -175
Change in the valuation reserve relating to the financial assets and liabilities at fair value 309
Change in the valuation reserve relating to property, plant and equipment -147
Change in the valuation reserve relating to cash flow hedges 270
Change in the valuation reserve relating to exchange differences -712
Change in the valuation reserve relating to the actuarial gains/losses on defined benefit plans -186
Other changes 14
Profit (loss) for the year 9,507
Shareholders' equity as at 31 December 2023 64,079

Note:

2022 2023
FY23 FY22 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Tangible Equity, EoP & AVG
, m
Shareholders' Equity 64,079 63,339 61,669 62,200 62,989 63,339 63,641 61,881 62,726 64,079
Goodwill 0 0 0 0 0 0 0 0 0 0
Intangible 2,272 2,350 2,204 2,263 2,295 2,350 2,300 2,255 2,230 2,272
HFS intangible 0 5 5 5 5 5 5 5 5 0
AT1 4,863 6,100 6,595 6,100 6,100 6,100 6,100 4,863 4,863 4,863
Tangible Equity 56,944 54,885 52,865 53,832 54,589 54,885 55,237 54,758 55,628 56,944
Cashes EOP 2,983 2,983 2,983 2,983 2,983 2,983 2,983 2,983 2,983 2,983
TLCF EOP 3,631 2,886 2,065 2,056 2,065 2,886 2,846 2,817 2,822 3,631
Tangible Equity (for RoTE calculation purposes only), EOP 50,330 49,016 47,817 48,793 49,541 49,016 49,407 48,958 49,823 50,330
Tangible Equity (for RoTE calculation purposes only), AVG 49,465 48,702 48,058 48,305 49,167 49,278 49,212 49,183 49,391 50,077

The change in the valuation reserve relating to exchange differences is mainly due to the impact of Russian Ruble for -€676 million.

Group Shares

3M 1H 9M FY 3M 1H 9M FY
Average & EoP YtD number of outstanding and diluted shares
EoP number of Ordinary Shares 2,184,404,611 2,184,404,611 2,022,218,890 1,935,269,741 1,940,777,908 1,940,777,908 1,784,663,080 1,784,663,080
(-) Treasury shares (including buyback) 0 -103,391,064 -16,175,421 0 0 -125,082,173 -14,059,665 -72,239,501
(-) Shares held under the CASHES usufruct contract -9,675,640 -9,675,640 -9,675,640 -9,675,640 -9,675,640 -9,675,640 -9,675,640 -9,675,640
EoP number of outstanding shares 2,174,728,971 2,071,337,907 1,996,367,829 1,925,594,101 1,931,102,268 1,806,020,095 1,760,927,775 1,702,747,939
(+) Potentially dilutive shares 12,272,551 16,258,223 18,567,709 21,710,685 16,342,537 20,682,539 21,616,129 22,862,240
EoP number of diluted shares 2,187,001,522 2,087,596,130 2,014,935,538 1,947,304,786 1,947,444,805 1,826,702,634 1,782,543,904 1,725,610,179
Average number of outstanding shares* 2,179,745,874 2,161,608,605 2,112,175,325 2,069,491,895 1,927,797,368 1,894,003,558 1,858,509,383 1,827,892,681
Average number of diluted shares* 2,189,698,411 2,174,309,384 2,128,057,404 2,088,536,269 1,944,024,751 1,913,357,813 1,879,076,744 1,849,772,582

Net of the average number of treasury shares, considering the shares buyback made during the Financial Year 2023 (part of them cancelled in September), and of further average No.9,675,640 shares held under a contract of usufruct.

LOANS TO CUSTOMERS

2022 2023
Asset Quality - Group, m FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Gross Bad Loans 2,894 2,572 12.5% 4,789 3,350 3,265 2,572 2,675 2,852 2,925 2,894
Writedowns 2,141 1,971 8.6% 3,642 2,513 2,538 1,971 2,034 2,126 2,143 2,141
Coverage Ratio 74.0% 76.6% -2.7 p.p. 76.1% 75.0% 77.7% 76.6% 76.0% 74.6% 73.3% 74.0%
Net Bad Loans 753 601 25.4% 1,147 837 727 601 641 725 783 753
Gross Unlikely to pay 7,842 9,100 -13.8% 12,243 9,756 9,738 9,100 9,092 8,487 8,254 7,842
Writedowns 3,110 3,841 -19.0% 5,419 4,192 4,141 3,841 3,838 3,454 3,389 3,110
Coverage Ratio 39.7% 42.2% -2.5 p.p. 44.3% 43.0% 42.5% 42.2% 42.2% 40.7% 41.1% 39.7%
Net Unlikely to pay 4,731 5,259 -10.0% 6,824 5,563 5,596 5,259 5,254 5,034 4,866 4,731
Gross Past-due loans 958 877 9.2% 768 821 779 877 835 772 797 958
Writedowns 272 242 12.0% 270 255 261 242 238 227 232 272
Coverage Ratio 28.4% 27.6% +0.7 p.p. 35.2% 31.1% 33.5% 27.6% 28.5% 29.4% 29.2% 28.4%
Net Past-due loans 686 635 8.1% 498 566 518 635 598 545 564 686
Gross Non Performing Exposures 11,693 12,549 -6.8% 17,800 13,927 13,782 12,549 12,602 12,111 11,976 11,693
Writedowns 5,523 6,055 -8.8% 9,331 6,961 6,940 6,055 6,109 5,806 5,764 5,523
Coverage Ratio 47.2% 48.2% -1.0 p.p. 52.4% 50.0% 50.4% 48.2% 48.5% 47.9% 48.1% 47.2%
Net Non Performing Exposures 6,171 6,494 -5.0% 8,469 6,967 6,842 6,494 6,493 6,304 6,212 6,171
Gross Performing loans 427,955 454,891 -5.9% 452,755 460,639 460,572 454,891 452,749 449,770 435,512 427,955
Writedowns 4,673 5,604 -16.6% 5,462 5,696 5,632 5,604 5,488 5,228 5,213 4,673
Coverage Ratio 1.1% 1.2% -0.1 p.p. 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.1%
Net Performing Loans 423,282 449,287 -5.8% 447,293 454,943 454,940 449,287 447,261 444,542 430,299 423,282
2023
Asset Quality - Ratios (%) FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Gross Bad Loans ratio 0.7% 0.6% +0.1 p.p. 1.0% 0.7% 0.7% 0.6% 0.6% 0.6% 0.7% 0.7%
Net Bad Loans ratio 0.2% 0.1% +0.0 p.p. 0.3% 0.2% 0.2% 0.1% 0.1% 0.2% 0.2% 0.2%
Gross Unlikely to pay ratio 1.8% 1.9% -0.2 p.p. 2.6% 2.1% 2.1% 1.9% 2.0% 1.8% 1.8% 1.8%
Net Unlikely to pay ratio 1.1% 1.2% -0.1 p.p. 1.5% 1.2% 1.2% 1.2% 1.2% 1.1% 1.1% 1.1%
Gross Past-due loans ratio 0.2% 0.2% +0.0 p.p. 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Net Past-due loans ratio 0.2% 0.1% +0.0 p.p. 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2%
Gross NPE Ratio 2.7% 2.7% -0.0 p.p. 3.8% 2.9% 2.9% 2.7% 2.7% 2.6% 2.7% 2.7%
Net NPE Ratio 1.4% 1.4% +0.0 p.p. 1.9% 1.5% 1.5% 1.4% 1.4% 1.4% 1.4% 1.4%

7

LOANS TO CUSTOMERS

2022 2023
Asset Quality - by Division, m FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Italy
Gross Non Performing Exposures 4,571 4,817 -5.1% 8,886 5,659 5,656 4,817 4,928 4,633 4,709 4,571
Net Non Performing Exposures 2,338 2,637 -11.4% 3,936 2,969 2,966 2,637 2,658 2,536 2,558 2,338
NPE Coverage Ratio 48.86% 45.26% +3.6 p.p. 55.71% 47.52% 47.57% 45.26% 46.05% 45.27% 45.68% 48.86%
Gross Customer Loans 175,164 195,034 -10.2% 201,415 200,154 197,748 195,034 191,835 192,539 177,772 175,164
Net Customer Loans 171,020 190,488 -10.2% 194,123 195,174 192,671 190,488 187,259 188,337 173,541 171,020
Gross NPE Ratio 2.61% 2.47% +0.1 p.p. 4.41% 2.83% 2.86% 2.47% 2.57% 2.41% 2.65% 2.61%
Net NPE Ratio 1.37% 1.38% -0.0 p.p. 2.03% 1.52% 1.54% 1.38% 1.42% 1.35% 1.47% 1.37%
Germany
Gross Non Performing Exposures 2,649 2,571 3.1% 2,912 2,837 2,739 2,571 2,601 2,669 2,638 2,649
Net Non Performing Exposures 1,737 1,704 2.0% 1,796 1,800 1,691 1,704 1,731 1,755 1,713 1,737
NPE Coverage Ratio 34.43% 33.73% +0.7 p.p. 38.34% 36.57% 38.27% 33.73% 33.43% 34.23% 35.09% 34.43%
Gross Customer Loans 127,793 132,770 -3.7% 131,072 133,216 133,898 132,770 133,479 129,791 130,677 127,793
Net Customer Loans 126,165 131,116 -3.8% 129,420 131,639 132,245 131,116 131,794 128,099 128,965 126,165
Gross NPE Ratio 2.07% 1.94% +0.1 p.p. 2.22% 2.13% 2.05% 1.94% 1.95% 2.06% 2.02% 2.07%
Net NPE Ratio 1.38% 1.30% +0.1 p.p. 1.39% 1.37% 1.28% 1.30% 1.31% 1.37% 1.33% 1.38%
Central Europe
Gross Non Performing Exposures 2,776 2,755 0.8% 2,646 2,677 2,710 2,755 2,719 2,654 2,536 2,776
Net Non Performing Exposures 1,577 1,443 9.3% 1,240 1,310 1,329 1,443 1,410 1,418 1,351 1,577
NPE Coverage Ratio 43.20% 47.62% -4.4 p.p. 53.12% 51.07% 50.97% 47.62% 48.14% 46.58% 46.73% 43.20%
Gross Customer Loans 97,657 98,169 -0.5% 93,786 95,357 97,832 98,169 99,026 99,196 98,650 97,657
Net Customer Loans 95,491 95,987 -0.5% 91,668 93,237 95,725 95,987 96,871 97,117 96,596 95,491
Gross NPE Ratio 2.84% 2.81% +0.0 p.p. 2.82% 2.81% 2.77% 2.81% 2.75% 2.68% 2.57% 2.84%
Net NPE Ratio 1.65% 1.50% +0.1 p.p. 1.35% 1.40% 1.39% 1.50% 1.46% 1.46% 1.40% 1.65%
Eastern Europe
Gross Non Performing Exposures 1,212 1,778 -31.8% 2,069 1,927 1,865 1,778 1,750 1,617 1,557 1,212
Net Non Performing Exposures 329 484 -32.0% 642 574 545 484 468 404 376 329
NPE Coverage Ratio 72.82% 72.77% +0.0 p.p. 68.98% 70.19% 70.79% 72.77% 73.25% 74.99% 75.85% 72.82%
Gross Customer Loans 35,292 33,616 5.0% 31,960 33,099 33,577 33,616 34,232 34,574 35,290 35,292
Net Customer Loans 33,571 31,476 6.7% 29,840 30,981 31,468 31,476 32,126 32,509 33,229 33,571
Gross NPE Ratio 3.43% 5.29% -1.9 p.p. 6.47% 5.82% 5.55% 5.29% 5.11% 4.68% 4.41% 3.43%
Net NPE Ratio 0.98% 1.54% -0.6 p.p. 2.15% 1.85% 1.73% 1.54% 1.46% 1.24% 1.13% 0.98%
Russia
Gross Non Performing Exposures 485 628 -22.8% 1,287 828 811 628 605 538 536 485
Net Non Performing Exposures 190 226 -16.3% 855 313 312 226 225 191 215 190
NPE Coverage Ratio 60.93% 63.96% -3.0 p.p. 33.55% 62.18% 61.54% 63.96% 62.83% 64.50% 59.93% 60.93%
Gross Customer Loans 3,690 7,733 -52.3% 12,186 12,630 11,234 7,733 6,711 5,711 5,068 3,690
Net Customer Loans 3,152 6,596 -52.2% 10,573 10,764 9,603 6,596 5,633 4,713 4,149 3,152
Gross NPE Ratio 13.15% 8.12% +5.0 p.p. 10.56% 6.55% 7.22% 8.12% 9.02% 9.41% 10.58% 13.15%
Net NPE Ratio 6.01% 3.43% +2.6 p.p. 8.09% 2.91% 3.25% 3.43% 3.99% 4.05% 5.18% 6.01%

GROUP CAPITAL STRUCTURE Basel 3

2022 2023
Capital Position ,bn 1Q 2Q 3Q 4Q 4Q pro_forma 1Q 2Q 3Q 4Q* q/q y/y**
Common Equity Tier I Fully Loaded 46.1 49.8 49.3 49.4 46.0 48.0 49.0 49.9 45.2 -9.3 -1.8
Common Equity Tier I Capital Transitional 48.2 51.9 51.3 51.4 48.1 48.9 49.9 50.8 45.9 -9.6 -4.5
Tier I Capital Transitional 54.3 58.0 57.4 57.5 54.2 55.0 54.8 55.6 50.8 -8.7 -6.3
Total Capital Transitional 62.7 66.8 66.4 66.1 62.7 63.8 63.6 64.5 59.5 -7.8 -5.2
Total RWA Transitional 329.9 316.7 320.0 308.5 298.8 294.8 290.1 284.5 -1.9 -7.8
Credit Risk 286.2 272.7 275.0 265.8 259.4 254.6 248.4 241.4 -2.8 -9.2
Market Risk 13.2 12.9 13.9 11.4 8.2 9.0 10.5 11.3 +7.8 -1.2
Operational Risk 30.6 31.1 31.1 31.2 31.1 31.2 31.2 31.8 +1.9 +1.9
2022 2023 Delta
Capital Ratios 1Q 2Q 3Q 4Q 4Q pro_forma 1Q 2Q 3Q 4Q* q/q y/y**
Common Equity Tier I Capital Ratio Fully loaded 14.00% 15.73% 15.41% 16.00% 14.91% 16.05% 16.64% 17.19% 15.89% -130bp +97bp
Common Equity Tier I Capital Ratio Transitional 14.62% 16.39% 16.04% 16.68% 15.59% 16.36% 16.94% 17.50% 16.14% -137bp +54bp
Tier I Capital Ratio Transitional 16.47% 18.31% 17.94% 18.65% 17.56% 18.40% 18.59% 19.17% 17.84% -133bp +27bp
Total Capital Ratio Transitional 18.99% 21.09% 20.76% 21.42% 20.33% 21.37% 21.59% 22.24% 20.90% -134bp +57bp
MDA buffer Fully Loaded (CET1 ratio)*** 4.97% 6.69% 6.35% 6.88% 5.80% 6.58% 6.89% 7.46% 6.13% -132bp +34bp
MDA buffer Transitional (CET1 ratio)*** 5.59% 7.35% 6.98% 7.56% 6.48% 6.89% 7.20% 7.77% 6.38% -139bp -9bp

4Q22 Pro Forma: pro forma shares buy-back

(*) Following the release of EBA Q&A #6887, starting from 4Q23, Shares Buy-Back (SBB) is treated as Cash Dividend, i.e. it has to be accrued over time, and therefore it is fully deducted from 4Q23 Own Funds, despite still subject to ECB and Shareholders approval

(**) In order to have a Y/Y like for like the delta is computed vs. 4Q22 pro forma for all distributions (i.e. including also the shares buy-back actually deducted from 1Q23 Own Funds)

(***) "MDA buffer 4Q23 (including a gap of 17bps vs. the 1.88% AT1 bucket requirement) computed vs MDA requirement at 9.58% as of 4Q23"

Note:

  • "Credit and Counterparty Risk RWA amount includes RWA equivalent to points 1 "Credit risk (excluding CCR)", 6 "Counterparty credit risk – CCR" net of point EU 8b "Of which credit valuation adjustment – CVA" and 16 "Securitisation exposures in the non-trading book (after the cap)" related to "Template EU OV1 – Overview of risk weighted exposure amounts" of Pillar III.

  • Market Risk RWA amount includes RWA equivalent to points EU 8b "Of which credit valuation adjustment – CVA", 15 "Settlement risk" and 20 " Position, foreign exchange and commodities risks (Market risk) related to "Template EU OV1 – Overview of risk weighted exposure amounts" of Pillar III.

  • Operational Risk RWA amount includes RWA equivalent to point 23 "Operational risk" of Pillar III "Template EU OV1 – Overview of risk weighted exposure amounts."

2023
Italy FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 6,332 4,232 +49.6% 875 949 973 1,435 1,452 1,576 1,636 1,668
Dividends 125 133 -5.5% 38 36 27 33 45 37 25 19
Fees 4,062 4,320 -6.0% 1,159 1,101 1,036 1,025 1,105 1,036 950 971
Trading income 384 439 -12.5% 198 88 70 83 95 139 86 64
Other expenses/income -40 -28 +42.1% -17 0 -10 -1 3 -30 -22 10
Revenue 10,864 9,096 +19.4% 2,253 2,174 2,096 2,574 2,700 2,758 2,674 2,732
HR Cost -2,320 -2,333 -0.6% -582 -573 -574 -604 -577 -572 -576 -595
Non HR Cost -1,735 -1,722 +0.7% -435 -431 -417 -440 -420 -424 -411 -479
Recovery of expenses 420 395 +6.4% 100 96 94 106 100 106 101 113
Amortisation & depreciation -259 -305 -15.2% -76 -77 -77 -76 -77 -74 -72 -36
Operating costs -3,893 -3,966 -1.8% -993 -985 -974 -1,013 -974 -964 -958 -998
Gross Operating Profit 6,970 5,131 +35.9% 1,260 1,189 1,122 1,560 1,726 1,794 1,717 1,734
Loan Loss Provisions (LLPs) -399 -317 +25.8% 10 -39 -155 -132 -135 -97 -87 -80
Net Operating Profit 6,572 4,813 +36.5% 1,269 1,150 967 1,428 1,591 1,697 1,629 1,654
Other Charges & Provisions -488 -533 -8.4% -255 17 -231 -64 -213 -23 -232 -20
o/w Systemic Charges -447 -514 -13.1% -251 -26 -216 -21 -196 -25 -210 -15
o/w DGS -174 -185 -5.7% 0 0 -190 5 0 0 -185 11
o/w Bank levies -101 -104 -2.3% -26 -26 -26 -26 -26 -25 -25 -25
o/w SRF -171 -225 -24.1% -225 0 0 0 -170 0 0 0
Integration costs -354 -184 +91.9% 0 2 -8 -179 -12 -98 -12 -232
Net income from investments -151 241 n.m. 24 -16 32 201 -29 -44 -4 -74
Profit (loss) Before Tax 5,579 4,337 +28.6% 1,039 1,152 760 1,386 1,337 1,533 1,380 1,328
Stated Net Profit 4,844 3,693 +31.2% 624 768 564 1,738 956 1,007 945 1,936
Net Profit after AT1/Cashes* 3,788 2,890 +31.1% 624 685 552 1,030 956 934 923 976
Income Statement Ratios
Cost income ratio, % 35.8% 43.6% -7.8 p.p. 44.1% 45.3% 46.5% 39.4% 36.1% 34.9% 35.8% 36.5%
Cost of Risk, bps 22 16 5 -2 8 32 28 29 21 19 19
Volumes, bn
Customers Loans (excl. Repos and IC) 152.1 168.4 -9.7% 172.5 172.2 172.8 168.4 164.8 162.1 154.2 152.1
Customer Depos (excl. Repos and IC) 188.4 199.0 -5.3% 194.4 195.6 197.6 199.0 192.7 188.9 189.0 188.4
Total RWA 106.5 118.9 -10.5% 133.7 128.1 125.1 118.9 113.5 113.2 110.8 106.5
Other Figures, units / %
FTEs (100%) 26,678 27,989 -4.7% 28,289 28,179 28,009 27,989 27,693 27,087 26,873 26,678
RoAC** 25.7% 17.2% +8.5 p.p. 14.2% 16.0% 13.3% 25.8% 25.1% 25.1% 25.1% 27.4%

2022 2023
Germany FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 2,689 2,593 +3.7% 642 632 575 744 691 694 637 666
Dividends 3 4 -33.0% 1 1 1 2 1 0 0 2
Fees 1,448 1,427 +1.4% 414 352 350 311 420 383 335 310
Trading income 1,256 919 +36.6% 272 168 197 281 379 312 332 232
Other expenses/income 34 106 -67.6% 33 35 28 10 15 4 18 -3
Revenue 5,430 5,050 +7.5% 1,362 1,188 1,151 1,348 1,506 1,393 1,323 1,208
HR Cost -1,333 -1,417 -5.9% -361 -342 -356 -358 -334 -330 -329 -339
Non HR Cost -987 -995 -0.9% -259 -263 -241 -233 -250 -246 -249 -242
Recovery of expenses 7 3 n.m. 1 1 0 2 1 0 2 4
Amortisation & depreciation -95 -109 -13.2% -26 -27 -29 -28 -26 -23 -23 -23
Operating costs -2,408 -2,518 -4.4% -645 -631 -626 -617 -609 -600 -598 -601
Gross Operating Profit 3,022 2,532 +19.4% 717 557 526 731 897 793 725 607
Loan Loss Provisions (LLPs) -179 -392 -54.5% -64 35 -112 -251 -33 -22 -81 -42
Net Operating Profit 2,844 2,140 +32.9% 653 592 414 481 864 771 644 565
Other Charges & Provisions -192 -263 -27.2% -244 -13 11 -16 -185 -31 29 -5
o/w Systemic Charges -211 -271 -22.0% -253 -12 4 -9 -188 -10 -5 -8
o/w DGS -32 -30 +7.3% -12 -12 4 -9 -9 -9 -5 -8
o/w Bank levies 0 0 n.m. 0 0 0 0 0 0 0 0
o/w SRF -179 -241 -25.6% -241 0 0 0 -179 0 0 0
Integration costs -335 -81 n.m. 0 -9 -16 -55 -4 -55 -9 -267
Net income from investments -188 5 n.m. -2 10 5 -7 -5 -19 -15 -150
Profit (loss) Before Tax 2,128 1,801 +18.2% 407 579 413 402 669 667 649 143
Stated Net Profit 1,725 1,267 +36.2% 286 450 263 268 513 504 417 291
Net Profit after AT1/Cashes* 1,617 1,162 +39.2% 286 403 256 217 513 454 402 248
Income Statement Ratios
Cost income ratio 44.3% 49.9% -5.5 p.p. 47.4% 53.1% 54.3% 45.7% 40.4% 43.0% 45.2% 49.7%
Cost of Risk (LLP annualised on Avg Loans) in basis points 14 30 -16 20 -11 34 76 10 7 25 13
Volumes, bn
Customers Loans (excl. Repos and IC) 125.1 129.9 -3.7% 128.6 130.7 131.3 129.9 130.6 126.7 127.9 125.1
Customer Depos (excl. Repos and IC) 138.2 146.6 -5.7% 144.8 148.5 154.0 146.6 138.8 139.0 135.5 138.2
Total RWA 69.5 81.1 -14.3% 82.4 78.2 85.7 81.1 77.5 74.4 71.2 69.5
Other Figures, units / %
FTEs (100%) 9,548 10,779 -11.4% 11,303 11,129 11,050 10,779 10,554 10,281 10,131 9,548
RoAC** 16.1% 10.9% +5.2 p.p. 10.7% 15.4% 9.6% 8.0% 19.5% 17.9% 16.3% 10.0%

2022
Central Europe FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 2,741 2,167 +26.5% +25.2% 446 500 475 745 638 683 752 668
Dividends 304 133 n.m. n.m. 27 40 45 20 59 89 86 70
Fees 1,151 1,152 -0.1% -0.8% 299 285 289 279 282 294 276 300
Trading income 17 -69 n.m. n.m. -2 11 -24 -53 0 -6 13 9
Other expenses/income 47 27 +72.6% +69.1% 8 3 18 -3 11 11 8 17
Revenue 4,260 3,410 +24.9% +23.9% 779 840 804 987 990 1,072 1,135 1,064
HR Cost -879 -858 +2.4% +1.7% -208 -213 -207 -230 -207 -214 -220 -237
Non HR Cost -684 -672 +1.8% +1.1% -170 -166 -161 -176 -171 -169 -167 -177
Recovery of expenses 59 51 +15.4% +12.6% 11 12 14 14 14 15 15 16
Amortisation & depreciation -121 -123 -1.7% -2.9% -30 -30 -29 -34 -30 -32 -30 -29
Operating costs -1,625 -1,603 +1.4% +0.7% -396 -397 -384 -426 -394 -401 -403 -427
Gross Operating Profit 2,635 1,807 +45.8% +44.3% 383 443 420 561 596 671 732 636
Loan Loss Provisions (LLPs) -41 -117 -64.7% -65.8% 40 -26 19 -149 15 46 -16 -86
Net Operating Profit 2,594 1,690 +53.4% +51.9% 423 417 438 412 611 717 715 550
Other Charges & Provisions -244 -236 +3.6% +3.1% -166 -12 -48 -10 -199 -15 -22 -9
o/w Systemic Charges -217 -216 +0.8% +0.2% -159 -14 -45 2 -197 -18 -4 1
o/w DGS -15 -27 -42.8% -43.3% -23 -11 0 7 -28 5 1 7
o/w Bank levies -120 -81 +48.4% +46.2% -26 -5 -45 -5 -77 -32 -5 -6
o/w SRF -82 -108 -24.0% -24.7% -110 2 0 0 -92 10 0 0
Integration costs -211 20 n.m. n.m. -3 9 -1 15 -2 -3 -18 -188
Net income from investments 87 -115 n.m. n.m. -6 3 -5 -107 17 -20 -1 92
Profit (loss) Before Tax 2,226 1,359 +63.7% +62.0% 247 418 385 310 427 679 674 446
Stated Net Profit 1,829 1,388 +31.8% +30.5% 203 373 351 461 329 569 595 336
Net Profit after AT1/Cashes* 1,742 1,123 +55.1% +53.4% 203 339 345 236 329 530 582 300
Income Statement Ratios
Cost income ratio 38.1% 47.0% -8.9 p.p. 50.8% 47.3% 47.8% 43.1% 39.8% 37.4% 35.5% 40.2%
Cost of Risk (LLP annualised on Avg Loans) in basis points 4 12 -8 -17 11 -8 62 -6 -19 7 36
Volumes, bn
Customers Loans (excl. Repos and IC) 95.4 95.8 -0.5% 91.2 93.1 95.6 95.8 96.8 97.0 96.5 95.4
Customer Depos (excl. Repos and IC) 93.5 93.7 -0.2% 92.4 91.3 92.7 93.7 93.7 92.7 91.4 93.5
Total RWA 60.5 60.8 -0.4% 61.1 59.1 57.6 60.8 61.3 61.0 60.3 60.5
Other Figures, units / %
FTEs (100%) 10,201 10,542 -3.2% 10,995 10,842 10,781 10,542 10,535 10,489 10,410 10,201
RoAC** 21.0% 14.2% +6.8 p.p. 10.0% 17.1% 17.9% 12.1% 15.6% 25.7% 28.5% 14.2%
Volumes, bn
Other Figures, units / %

N.B. CE results include CE Countries results and Profit Center CE. (**) Annualized ratio between (i) Net profit after AT1/Cashes charges minus Excess Capital charge and (ii) Allocated capital

Eastern Europe
FY23
FY22
Change (%)
Ch. Const FX (%)
1Q
2Q
3Q
4Q
1Q
2Q
3Q
Income Statement, m
Net interest
1,854
1,261
+47.0%
+47.0%
284
301
310
366
402
444
493
Dividends
6
7
-9.7%
-9.8%
3
2
1
0
2
2
1
Fees
664
639
+3.8%
+3.8%
149
161
174
155
158
164
172
Trading income
61
58
+6.1%
+6.3%
1
14
13
29
26
18
23
Other expenses/income
6
22
-73.8%
-73.8%
9
2
3
7
3
-3
2
Revenue
2,591
1,987
+30.4%
+30.4%
448
480
502
557
592
624
692
HR Cost
-441
-430
+2.6%
+2.6%
-102
-103
-103
-123
-103
-109
-109
Non HR Cost
-306
-281
+8.9%
+8.8%
-67
-73
-68
-73
-75
-74
-73
Recovery of expenses
0
0
n.m.
n.m.
0
0
0
0
0
0
0
Amortisation & depreciation
-106
-102
+4.4%
+4.4%
-24
-24
-25
-28
-26
-28
-27
Operating costs
-853
-813
+4.9%
+4.9%
-192
-201
-196
-224
-205
-210
-209
Gross Operating Profit
1,737
1,174
+48.0%
+48.1%
255
279
306
333
387
414
483
Loan Loss Provisions (LLPs)
72
-184
n.m.
n.m.
2
-84
-4
-99
34
-3
6
Net Operating Profit
1,810
989
+83.0%
+83.0%
257
196
303
234
421
411
489
Other Charges & Provisions
-80
-111
-27.8%
-27.8%
-44
-14
-5
-49
-49
1
-13
o/w Systemic Charges
-51
-56
-8.6%
-8.5%
-41
-6
-3
-6
-45
9
-3
o/w DGS
-37
-35
+5.1%
+5.1%
-20
-6
-3
-6
-22
-1
-3
o/w Bank levies
0
0
n.m.
n.m.
0
0
0
0
0
0
0
o/w SRF
-14
-21
-32.0%
-31.9%
-20
0
0
0
-23
9
0
Integration costs
-28
-12
n.m.
n.m.
0
0
-5
-7
-3
-9
-2
Net income from investments
9
15
-41.7%
-41.8%
10
4
1
-1
-2
6
1
Profit (loss) Before Tax
1,710
881
+94.1%
+94.1%
223
187
294
177
366
410
475
Stated Net Profit
1,417
746
+89.9%
+89.9%
182
148
265
151
307
346
395
Net Profit after AT1/Cashes*
1,379
715
+92.9%
+92.9%
182
134
261
138
307
329
390
Income Statement Ratios
Cost income ratio
32.9%
40.9%
-8.0 p.p.
43.0%
41.8%
39.0%
40.3%
34.6%
33.7%
30.2%
Cost of Risk (LLP annualised on Avg Loans) in basis points
-22
59
-81
-2
110
5
126
-43
4
-8		 2022
2023
4Q
514
1
170
-5
3
683
-120
-84
0
-26
-230
453
35
488
-19
-11
-11
0
0
-14
4
459
369
353
33.6%
-42
Volumes, bn
Customers Loans (excl. Repos and IC)
33.6
31.4
+6.8%
29.8
30.9
31.4
31.4
32.1
32.5
33.2		 33.6
Customer Depos (excl. Repos and IC)
47.1
44.0
+7.2%
39.2
40.0
41.8
44.0
43.5
44.2
45.5		 47.1
Total RWA
28.7
26.9
+7.0%
27.6
28.3
28.6
26.9
27.0
27.9
28.2		 28.7
Other Figures, units / %
FTEs (100%)
13,031
13,595
-4.1%
13,785
13,737
13,606
13,595
13,584
13,454
13,143		 13,031
RoAC**
36.9%
19.2%
+17.7 p.p.
21.0%
14.6%
27.7%
14.7%
33.1%
35.6%
41.6%		 37.0%
Volumes, bn
Other Figures, units / %

N.B. EE results include EE Countries results and Profit Center EE.

(*) Net Profit after AT1/Cashes: means Net Profit as defined in page 3 (Income Statement) adjusted for impacts from AT1 and Cashes charges. The result is used for cash dividend accrual and Total distribution, as well as RoTE and RoAC calculation

2022 2023
CE - Austria FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 1,574 1,120 +40.5% +40.5% 204 236 222 459 361 396 442 375
Dividends 302 130 n.m. n.m. 27 40 45 19 59 89 85 69
Fees 740 751 -1.4% -1.4% 193 185 193 180 184 182 180 194
Trading income 6 -24 n.m. n.m. 1 17 -13 -30 -7 -8 13 9
Other expenses/income 34 14 n.m. n.m. 5 1 16 -8 5 9 9 12
Revenue 2,656 1,991 +33.4% +33.4% 429 479 461 621 602 667 729 659
HR Cost -583 -582 +0.2% +0.2% -143 -147 -142 -151 -137 -145 -146 -155
Non HR Cost -412 -421 -2.0% -2.0% -111 -108 -100 -102 -107 -104 -104 -97
Recovery of expenses 1 0 +67.0% +67.0% 0 0 0 0 0 0 0 0
Amortisation & depreciation -48 -53 -10.4% -10.4% -13 -13 -12 -15 -12 -14 -12 -10
Operating costs -1,042 -1,055 -1.2% -1.2% -266 -268 -254 -267 -255 -263 -262 -262
Gross Operating Profit 1,614 935 +72.5% +72.6% 163 211 207 354 346 404 467 396
Loan Loss Provisions (LLPs) -43 -24 +81.4% +81.4% 52 -3 18 -91 8 21 -25 -47
Net Operating Profit 1,571 912 +72.3% +72.3% 215 209 225 263 354 425 443 349
Other Charges & Provisions -96 -127 -24.4% -24.3% -96 -7 -8 -16 -76 1 -22 1
o/w Systemic Charges -79 -107 -26.1% -26.1% -89 -9 -5 -3 -72 -2 -6 1
o/w DGS -5 -16 -67.9% -67.9% -14 -4 0 2 -16 3 0 7
o/w Bank levies -22 -22 +2.2% +2.2% -5 -5 -5 -5 -6 -6 -6 -6
o/w SRF -51 -69 -25.2% -25.2% -69 0 0 0 -51 0 0 0
Integration costs -179 20 n.m. n.m. -3 9 -1 15 -2 2 -16 -164
Net income from investments 92 -117 n.m. n.m. -10 2 -6 -104 19 -19 4 89
Profit (loss) Before Tax 1,387 687 n.m. n.m. 106 214 211 157 295 409 408 275
Stated Net Profit 1,126 826 +36.3% +36.3% 86 203 207 330 223 341 369 192
Net Profit after AT1/Cashes* 1,071 586 +82.6% +82.6% 86 180 204 116 223 316 361 170
Income Statement Ratios
Cost income ratio 39.2% 53.0% -13.8 p.p. 62.0% 55.9% 55.1% 43.0% 42.5% 39.4% 35.9% 39.8%
Cost of Risk (LLP annualised on Avg Loans) in basis points 7 4 3 -32 2 -11 55 -5 -13 15 29
Volumes, bn
Customers Loans (excl. Repos and IC) 63.8 66.0 -3.3% 63.8 64.7 66.3 66.0 65.7 65.6 65.1 63.8
Customer Depos (excl. Repos and IC) 59.5 62.6 -5.0% 62.6 62.1 62.1 62.6 61.0 58.9 58.7 59.5
Total RWA 38.6 39.6 -2.7% 39.1 37.1 35.8 39.6 39.5 38.7 38.3 38.6
Other Figures, units / %
FTEs (100%) 4,747 4,959 -4.3% 5,332 5,190 5,168 4,959 4,939 4,906 4,869 4,747
RoAC** 20.8% 11.9% +8.9 p.p. 6.6% 14.6% 17.2% 9.5% 17.1% 24.6% 28.4% 13.1%
Volumes, bn
Other Figures, units / %

2022 2023
CE - Czech Republic & Slovakia FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 649 600 +8.2% +5.7% 155 158 137 150 155 163 166 164
Dividends 2 2 -4.6% -4.7% 1 1 1 1 1 1 1 1
Fees 248 252 -1.5% -3.7% 69 64 60 59 60 70 54 64
Trading income 17 -17 n.m. n.m. -5 -8 -1 -3 7 5 6 -1
Other expenses/income 11 11 -2.4% -2.2% 3 3 2 3 3 2 3 3
Revenue 927 849 +9.2% +6.8% 222 217 199 211 225 241 230 230
HR Cost -179 -160 +11.8% +9.4% -37 -39 -39 -45 -42 -45 -45 -47
Non HR Cost -123 -117 +5.2% +2.8% -27 -27 -28 -36 -29 -29 -28 -38
Recovery of expenses 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Amortisation & depreciation -48 -46 +4.9% +2.5% -12 -11 -11 -12 -12 -12 -12 -12
Operating costs -350 -323 +8.4% +6.0% -76 -77 -78 -92 -83 -86 -85 -97
Gross Operating Profit 576 525 +9.7% +7.3% 146 140 121 119 142 155 145 133
Loan Loss Provisions (LLPs) -10 -58 -82.8% -83.1% -13 -16 -2 -27 4 -9 6 -12
Net Operating Profit 566 467 +21.2% +18.5% 133 124 119 92 147 146 152 121
Other Charges & Provisions -29 -33 -10.5% -12.7% -33 0 0 0 -33 7 0 -4
o/w Systemic Charges -28 -32 -13.7% -15.7% -32 0 0 0 -35 6 0 0
o/w DGS -3 -2 +48.4% +45.1% -2 0 0 0 -3 0 0 0
o/w Bank levies 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
o/w SRF -25 -31 -17.5% -19.4% -30 0 0 0 -32 6 0 0
Integration costs -13 0 n.m. n.m. 0 0 0 0 0 0 0 -13
Net income from investments 0 0 -35.0% -36.5% 0 0 0 0 0 0 0 0
Profit (loss) Before Tax 524 435 +20.5% +17.9% 100 124 119 92 114 154 152 105
Stated Net Profit 435 355 +22.7% +20.1% 79 100 97 78 94 127 125 89
Net Profit after AT1/Cashes* 414 337 +22.7% +19.9% 79 92 96 71 94 118 122 80
Income Statement Ratios
Cost income ratio 37.8% 38.1% -0.3 p.p. 34.4% 35.4% 39.3% 43.6% 36.8% 35.6% 36.8% 42.1%
Cost of Risk (LLP annualised on Avg Loans) in basis points 4 28 -24 26 31 4 51 -8 15 -11 21
Volumes, bn
Customers Loans (excl. Repos and IC) 23.1 21.5 +7.3% 20.1 20.5 21.2 21.5 22.5 22.7 22.9 23.1
Customer Depos (excl. Repos and IC) 22.9 20.8 +10.0% 19.8 19.7 20.9 20.8 22.2 23.5 22.5 22.9
Total RWA 14.7 14.6 +0.5% 15.4 15.1 15.1 14.6 14.9 15.3 15.0 14.7
Other Figures, units / %
FTEs (100%) 3,117 3,163 -1.5% 3,197 3,181 3,172 3,163 3,172 3,180 3,155 3,117
RoAC** 19.3% 16.6% +2.7 p.p. 15.7% 17.9% 18.8% 13.8% 17.5% 22.1% 23.0% 14.3%
Volumes, bn
Other Figures, units / %

2022 2023
CE - Hungary FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 393 365 +7.6% +5.0% 76 86 96 108 94 94 108 96
Dividends 0 0 -89.9% -90.1% 0 0 0 0 0 0 0 0
Fees 133 121 +9.8% +7.2% 31 29 30 31 30 35 34 34
Trading income -4 -27 -84.6% -85.0% 3 -1 -8 -20 1 -2 -5 2
Other expenses/income 4 4 +7.7% -7.7% 1 0 2 1 4 0 -2 2
Revenue 526 463 +13.5% +10.7% 110 114 119 121 129 127 136 134
HR Cost -72 -63 +14.0% +11.2% -15 -15 -15 -18 -16 -17 -18 -20
Non HR Cost -112 -99 +13.2% +10.9% -22 -22 -24 -31 -26 -28 -26 -33
Recovery of expenses 58 51 +14.8% +12.0% 11 12 14 14 14 15 14 15
Amortisation & depreciation -19 -17 +10.6% +7.9% -4 -4 -4 -5 -4 -4 -5 -5
Operating costs -144 -128 +12.6% +10.2% -30 -29 -29 -40 -32 -34 -35 -43
Gross Operating Profit 381 335 +13.9% +10.8% 80 85 90 81 97 93 101 91
Loan Loss Provisions (LLPs) 18 -29 n.m. n.m. -9 0 4 -24 -2 35 9 -23
Net Operating Profit 399 306 +30.3% +26.8% 71 85 94 56 94 128 109 68
Other Charges & Provisions -109 -72 +51.7% +48.0% -34 -5 -39 6 -85 -22 1 -2
o/w Systemic Charges -106 -73 +45.9% +42.4% -34 -5 -39 6 -85 -22 1 0
o/w DGS -6 -8 -21.3% -23.2% -5 -7 0 5 -8 1 1 0
o/w Bank levies -97 -59 +65.7% +61.7% -20 1 -40 1 -71 -27 0 0
o/w SRF -3 -6 -54.8% -55.9% -8 2 0 0 -6 3 0 0
Integration costs -6 0 n.m. n.m. 0 0 0 0 0 0 0 -6
Net income from investments -4 -2 n.m. n.m. -1 1 1 -3 -2 -1 -5 4
Profit (loss) Before Tax 280 233 +20.1% +16.8% 37 80 55 60 7 104 106 63
Stated Net Profit 240 200 +19.9% +16.5% 31 71 46 51 3 91 94 52
Net Profit after AT1/Cashes* 233 195 +19.6% +16.2% 31 68 46 49 3 88 92 49
Income Statement Ratios
Cost income ratio 27.5% 27.7% -0.2 p.p. 27.2% 25.6% 24.5% 33.2% 25.0% 26.9% 25.7% 32.1%
Cost of Risk (LLP annualised on Avg Loans) in basis points -31 58 -89 73 -2 -31 185 18 -245 -60 166
Volumes, bn
Customers Loans (excl. Repos and IC) 5.7 5.3 +7.9% 4.9 4.9 5.2 5.3 5.6 5.8 5.6 5.7
Customer Depos (excl. Repos and IC) 8.1 7.7 +5.6% 7.8 7.5 7.4 7.7 7.9 7.5 7.3 8.1
Total RWA 5.4 4.4 +23.6% 4.7 4.6 4.6 4.4 4.8 5.0 5.0 5.4
Other Figures, units / %
FTEs (100%) 1,755 1,774 -1.0% 1,779 1,792 1,781 1,774 1,789 1,787 1,774 1,755
RoAC** 32.9% 31.5% +1.4 p.p. 19.6% 42.9% 29.7% 33.6% -1.7% 51.6% 53.0% 26.2%
Volumes, bn
Other Figures, units / %

2022 2023
CE - Slovenia FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 89 48 +86.3% +86.3% 10 11 10 16 18 21 25 25
Dividends 0 0 -62.2% -62.2% 0 0 0 0 0 0 0 0
Fees 25 25 -1.8% -1.8% 6 6 6 7 6 6 6 7
Trading income -1 3 n.m. n.m. 1 2 1 -1 0 0 0 -1
Other expenses/income 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Revenue 113 77 +46.7% +46.7% 18 20 17 22 24 27 30 31
HR Cost -26 -26 -0.2% -0.2% -6 -7 -6 -7 -6 -6 -7 -7
Non HR Cost -14 -13 +5.2% +5.2% -3 -3 -3 -3 -3 -3 -3 -4
Recovery of expenses 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Amortisation & depreciation -6 -6 -4.2% -4.2% -1 -2 -2 -2 -1 -1 -1 -2
Operating costs -46 -46 +0.7% +0.7% -11 -11 -11 -12 -11 -11 -11 -12
Gross Operating Profit 67 31 n.m. n.m. 7 8 6 10 13 16 19 18
Loan Loss Provisions (LLPs) 4 -4 n.m. n.m. 1 -2 5 -8 7 1 -6 1
Net Operating Profit 71 28 n.m. n.m. 8 6 11 2 21 18 13 19
Other Charges & Provisions -8 -3 n.m. n.m. -3 0 0 0 -2 -1 -1 -4
o/w Systemic Charges -2 -3 -12.9% -12.9% -3 0 0 0 -3 0 0 0
o/w DGS -1 -1 +46.2% +46.2% -1 0 0 0 -1 0 0 0
o/w Bank levies 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
o/w SRF -1 -2 -43.4% -43.4% -2 0 0 0 -1 0 0 0
Integration costs -5 0 n.m. n.m. 0 0 0 0 0 0 0 -5
Net income from investments 0 4 -100.0% -100.0% 4 0 0 0 0 0 0 0
Profit (loss) Before Tax 58 28 n.m. n.m. 10 6 11 2 19 17 12 10
Stated Net Profit 47 22 n.m. n.m. 8 5 7 1 15 14 10 8
Net Profit after AT1/Cashes* 45 20 n.m. n.m. 8 4 6 1 15 13 9 8
Income Statement Ratios
Cost income ratio 40.7% 59.2% -18.6 p.p. 60.7% 58.2% 63.9% 55.1% 45.4% 40.4% 37.6% 40.2%
Cost of Risk (LLP annualised on Avg Loans) in basis points -19 19 -38 -22 40 -100 153 -146 -24 118 -22
Volumes, bn
Customers Loans (excl. Repos and IC) 1.9 2.1 -7.7% 1.9 2.0 2.0 2.1 2.0 2.0 2.0 1.9
Customer Depos (excl. Repos and IC) 3.0 2.6 +16.6% 2.2 2.1 2.3 2.6 2.7 2.8 2.9 3.0
Total RWA 1.3 1.4 -5.3% 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3
Other Figures, units / %
FTEs (100%) 491 517 -5.0% 543 540 524 517 510 501 500 491
RoAC** 24.4% 10.7% +13.7 p.p. 18.0% 9.4% 13.8% 1.4% 33.1% 27.9% 20.1% 16.6%
Volumes, bn
Other Figures, units / %

2022 2023
EE - Croatia FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 577 322 +79.4% +78.9% 72 76 80 93 121 141 160 154
Dividends 5 6 -13.1% -13.2% 3 1 1 0 2 1 1 1
Fees 179 191 -6.5% -6.7% 44 50 57 41 43 43 48 44
Trading income 0 6 -96.9% -96.9% 2 10 -4 -3 2 2 1 -5
Other expenses/income 5 12 -56.0% -56.1% 7 1 3 2 1 1 2 2
Revenue 766 537 +42.7% +42.4% 128 138 137 134 169 189 212 197
HR Cost -119 -119 -0.7% -0.9% -28 -28 -28 -35 -28 -29 -29 -32
Non HR Cost -91 -82 +10.5% +10.2% -19 -23 -20 -21 -22 -22 -22 -25
Recovery of expenses 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Amortisation & depreciation -26 -23 +13.2% +13.0% -6 -6 -6 -6 -6 -8 -7 -6
Operating costs -236 -225 +4.8% +4.6% -53 -57 -53 -62 -57 -58 -58 -63
Gross Operating Profit 530 311 +70.1% +69.7% 75 81 83 72 112 131 154 133
Loan Loss Provisions (LLPs) 31 -18 n.m. n.m. 11 -29 31 -31 17 6 20 -13
Net Operating Profit 560 294 +90.8% +90.3% 86 53 114 41 129 137 174 120
Other Charges & Provisions -37 -54 -31.3% -31.5% -5 -5 -2 -42 -8 -4 -9 -17
o/w Systemic Charges -7 -9 -20.8% -21.0% -3 -3 0 -3 -4 4 0 -7
o/w DGS -7 -6 +20.3% +20.0% 0 -3 0 -3 0 0 0 -7
o/w Bank levies 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
o/w SRF 0 -3 -98.4% -98.5% -3 0 0 0 -4 4 0 0
Integration costs -5 -11 -54.1% -54.2% 0 0 -5 -7 -2 -3 0 -1
Net income from investments 1 5 -89.7% -89.7% 0 2 2 1 -2 4 -3 1
Profit (loss) Before Tax 518 233 n.m. n.m. 82 50 109 -8 119 135 162 103
Stated Net Profit 406 183 n.m. n.m. 60 35 99 -10 93 106 128 79
Net Profit after AT1/Cashes* 396 175 n.m. n.m. 60 32 97 -13 93 102 126 75
Income Statement Ratios
Cost income ratio 30.8% 42.0% -11.1 p.p. 41.2% 41.2% 39.0% 46.5% 33.6% 30.8% 27.2% 32.3%
Cost of Risk (LLP annualised on Avg Loans) in basis points -29 18 -48 -47 118 -124 124 -68 -23 -78 49
Volumes, bn
Customers Loans (excl. Repos and IC) 10.7 10.0 +7.5% 9.5 9.7 10.0 10.0 10.3 10.3 10.5 10.7
Customer Depos (excl. Repos and IC) 16.9 16.2 +4.3% 14.2 14.6 15.3 16.2 15.6 16.0 17.0 16.9
Total RWA 7.9 7.2 +9.6% 7.2 7.4 7.5 7.2 7.3 7.7 7.7 7.9
Other Figures, units / %
FTEs (100%) 3,164 3,264 -3.1% 3,400 3,389 3,310 3,264 3,282 3,301 3,166 3,164
RoAC** 40.1% 17.8% +22.3 p.p. 29.4% 14.3% 40.0% -7.1% 38.1% 42.4% 51.0% 29.0%
Volumes, bn
Other Figures, units / %

N.B. Managerial data presenting only geographical view of the Legal Entities operating in Croatia.

(*) Net Profit after AT1/Cashes: means Net Profit as defined in page 3 (Income Statement) adjusted for impacts from AT1 and Cashes charges. The result is used for cash dividend accrual and Total distribution, as well as RoTE and RoAC calculation (**) Annualized ratio between (i) Net profit after AT1/Cashes charges minus Excess Capital charge and (ii) Allocated capital

2022 2023
EE - Romania FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 432 348 +24.1% +24.5% 76 85 83 104 99 103 108 122
Dividends 1 1 +20.7% +21.1% 0 1 0 0 0 1 0 0
Fees 155 138 +12.3% +12.6% 33 34 36 35 37 39 41 38
Trading income 44 31 +39.9% +40.4% 4 -2 12 18 13 10 13 7
Other expenses/income 0 2 -79.1% -79.0% 1 -1 0 2 0 1 -1 0
Revenue 632 520 +21.5% +21.8% 114 116 132 158 149 154 162 167
HR Cost -115 -106 +7.6% +7.9% -25 -25 -26 -30 -28 -29 -28 -30
Non HR Cost -68 -62 +9.5% +9.9% -15 -16 -15 -16 -16 -16 -16 -19
Recovery of expenses 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Amortisation & depreciation -30 -31 -3.3% -3.0% -7 -7 -8 -9 -8 -7 -7 -8
Operating costs -212 -199 +6.5% +6.8% -47 -48 -49 -56 -52 -52 -51 -57
Gross Operating Profit 420 321 +30.7% +31.2% 67 68 83 103 97 102 110 110
Loan Loss Provisions (LLPs) -45 -56 -20.2% -19.9% 2 -20 -8 -31 -5 -17 -8 -14
Net Operating Profit 375 265 +41.5% +41.9% 70 49 75 72 92 85 102 96
Other Charges & Provisions -12 -16 -25.2% -25.0% -16 0 0 0 -15 2 0 1
o/w Systemic Charges -12 -15 -21.7% -21.5% -15 0 0 0 -15 2 0 0
o/w DGS -1 -3 -49.8% -49.7% -3 0 0 0 -2 0 0 0
o/w Bank levies 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
o/w SRF -11 -13 -15.1% -14.8% -12 0 0 0 -13 2 0 0
Integration costs -4 0 n.m. n.m. 0 0 0 0 0 0 0 -4
Net income from investments 0 1 -63.5% -63.4% 0 1 0 0 0 0 0 0
Profit (loss) Before Tax 360 250 +43.8% +44.2% 54 50 74 72 78 88 102 92
Stated Net Profit 296 206 +43.7% +44.2% 44 40 62 60 64 73 83 75
Net Profit after AT1/Cashes* 286 198 +44.4% +44.9% 44 36 61 56 64 68 82 71
Income Statement Ratios
Cost income ratio 33.6% 38.3% -4.7 p.p. 41.1% 41.0% 37.0% 35.2% 34.8% 33.9% 31.8% 33.9%
Cost of Risk (LLP annualised on Avg Loans) in basis points 58 78 -21 -14 111 44 166 28 87 43 72
Volumes, bn
Customers Loans (excl. Repos and IC) 8.1 7.4 +10.1% 6.9 7.2 7.3 7.4 7.6 7.7 7.9 8.1
Customer Depos (excl. Repos and IC) 10.2 9.2 +11.9% 8.5 8.5 8.7 9.2 9.1 9.2 9.0 10.2
Total RWA 7.5 7.0 +6.9% 6.8 7.1 7.3 7.0 6.9 7.1 7.3 7.5
Other Figures, units / %
FTEs (100%) 3,296 3,371 -2.2% 3,353 3,364 3,353 3,371 3,360 3,334 3,306 3,296
RoAC** 28.3% 21.4% +7.0 p.p. 20.1% 15.3% 25.9% 23.9% 25.3% 27.5% 32.9% 27.6%
Volumes, bn
Other Figures, units / %

2022 2023
EE - Bulgaria FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 455 299 +52.4% +52.4% 68 69 74 88 99 111 120 125
Dividends 1 1 -12.0% -12.0% 0 0 1 0 0 0 0 0
Fees 190 179 +6.4% +6.4% 42 44 46 46 45 47 48 50
Trading income 26 13 +91.5% +91.5% 2 0 1 11 8 7 5 6
Other expenses/income -3 5 n.m. n.m. 1 1 0 2 1 -7 1 1
Revenue 668 496 +34.7% +34.7% 113 114 122 146 154 158 174 182
HR Cost -103 -93 +10.5% +10.5% -23 -23 -22 -25 -24 -24 -25 -29
Non HR Cost -59 -54 +9.7% +9.7% -14 -13 -12 -15 -15 -14 -14 -15
Recovery of expenses 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Amortisation & depreciation -28 -25 +10.8% +10.8% -6 -6 -6 -7 -7 -7 -7 -7
Operating costs -189 -171 +10.3% +10.3% -42 -42 -41 -47 -46 -45 -46 -51
Gross Operating Profit 479 324 +47.6% +47.6% 71 73 81 100 108 113 128 131
Loan Loss Provisions (LLPs) -14 -56 -74.3% -74.3% -12 -16 -8 -19 13 4 -8 -23
Net Operating Profit 465 269 +72.9% +72.9% 59 56 73 81 121 117 119 108
Other Charges & Provisions -14 -13 +7.0% +7.0% -14 0 1 0 -20 5 0 1
o/w Systemic Charges -15 -14 +8.2% +8.2% -14 0 0 0 -20 5 0 0
o/w DGS -15 -14 +8.2% +8.2% -14 0 0 0 -17 3 0 0
o/w Bank levies 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
o/w SRF 0 0 n.m. n.m. 0 0 0 0 -3 3 0 0
Integration costs -8 0 n.m. n.m. 0 0 0 0 -1 -1 0 -6
Net income from investments 7 6 +3.6% +3.6% 8 1 0 -2 0 0 3 3
Profit (loss) Before Tax 449 261 +71.7% +71.7% 53 57 73 78 99 121 122 106
Stated Net Profit 401 234 +71.4% +71.4% 47 51 66 71 88 108 109 95
Net Profit after AT1/Cashes* 392 226 +72.9% +72.9% 47 47 65 68 88 104 108 91
Income Statement Ratios
Cost income ratio 28.3% 34.6% -6.3 p.p. 37.0% 36.5% 33.7% 31.9% 30.0% 28.7% 26.7% 28.1%
Cost of Risk (LLP annualised on Avg Loans) in basis points 17 77 -60 73 91 43 99 -65 -18 38 101
Volumes, bn
Customers Loans (excl. Repos and IC) 9.1 7.9 +15.0% 7.0 7.2 7.6 7.9 8.1 8.5 9.0 9.1
Customer Depos (excl. Repos and IC) 12.7 11.8 +6.9% 10.5 10.6 11.3 11.8 12.1 12.1 12.4 12.7
Total RWA 7.2 6.2 +15.6% 6.4 6.8 6.9 6.2 6.3 6.8 6.9 7.2
Other Figures, units / %
FTEs (100%) 3,692 3,985 -7.4% 4,033 3,984 3,976 3,985 3,960 3,869 3,786 3,692
RoAC** 43.7% 26.5% +17.2 p.p. 23.2% 21.7% 29.0% 31.6% 41.5% 47.2% 47.5% 38.6%
Volumes, bn
Other Figures, units / %

EE - Bosnia
FY23
FY22
Change (%)
Ch. Const FX (%)
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
Income Statement, m
134
105
+28.3%
+28.3%
25
25
26
29
30
33
35
37
0
0
-
-
0
0
0
0
0
0
0
0
68
64
+6.2%
+6.2%
15
16
17
16
16
16
18
17
0
3
-93.1%
-93.1%
1
1
1
1
1
-1
0
1
4
3
+49.0%
+49.0%
1
1
1
0
1
2
0
0
206
174
+18.4%
+18.4%
42
42
45
46
48
50
53
55
-42
-42
+2.2%
+2.2%
-10
-10
-10
-11
-10
-10
-11
-11
-31
-28
+10.0%
+10.0%
-7
-7
-7
-7
-8
-8
-8
-8
0
0
n.m.
n.m.
0
0
0
0
0
0
0
0
-10
-10
+1.6%
+1.6%
-2
-2
-2
-3
-3
-3
-3
-2
Operating costs
-84
-80
+4.8%
+4.8%
-20
-19
-20
-21
-21
-21
-21
-22
Gross Operating Profit
122
94
+29.9%
+29.9%
22
23
25
24
27
30
32
33
Loan Loss Provisions (LLPs)
-5
-9
-48.7%
-48.7%
-2
-2
-1
-3
-1
-2
0
-2
Net Operating Profit
117
85
+38.4%
+38.4%
20
20
23
21
27
27
32
31
Other Charges & Provisions
-8
-8
-0.4%
-0.4%
-2
-2
-2
-2
-2
-2
-2
-2
o/w Systemic Charges
-8
-8
+5.2%
+5.2%
-2
-2
-2
-2
-2
-2
-2
-2
o/w DGS
-8
-8
+5.2%
+5.2%
-2
-2
-2
-2
-2
-2
-2
-2
o/w Bank levies
0
0
n.m.
n.m.
0
0
0
0
0
0
0
0
o/w SRF
0
0
n.m.
n.m.
0
0
0
0
0
0
0
0
Integration costs
-2
0
n.m.
n.m.
0
0
0
0
0
0
0
-2
Net income from investments
0
2
n.m.
n.m.
1
0
0
0
0
1
0
-2
Profit (loss) Before Tax
107
78
+36.9%
+36.9%
19
18
22
19
25
26
30
26
Stated Net Profit
92
68
+36.1%
+36.1%
15
14
22
17
22
22
26
23
89
65
+36.7%
+36.7%
15
13
21
16
22
21
25
21
Income Statement Ratios
Cost income ratio
40.6%
45.9%
-5.3 p.p.
47.0%
45.9%
44.4%
46.4%
42.9%
40.9%
39.8%
39.2%
21
41
-20
36
43
25
60
9
44
-8
38
Volumes, bn
2.3
2.2
+4.3%
2.2
2.3
2.2
2.2
2.2
2.2
2.3
2.3
Customer Depos (excl. Repos and IC)
3.6
3.4
+5.9%
3.2
3.3
3.3
3.4
3.4
3.4
3.6
3.6
2.2
2.1
+4.7%
2.3
2.1
2.1
2.1
2.1
2.1
2.1
2.2
Other Figures, units / %
FTEs (100%)
1,491
1,534
-2.8%
1,566
1,556
1,528
1,534
1,524
1,503
1,481
1,491
32.0%
22.4%
+9.6 p.p.
22.1%
19.9%
29.3%
22.2%
31.3%
30.2%
36.6%
29.8%		 2022 2023
Net interest
Dividends
Fees
Trading income
Other expenses/income
Revenue
HR Cost
Non HR Cost
Recovery of expenses
Amortisation & depreciation
Net Profit after AT1/Cashes*
Cost of Risk (LLP annualised on Avg Loans) in basis points
Customers Loans (excl. Repos and IC)
Total RWA
RoAC**
Volumes, bn
Other Figures, units / %

2022 2023
EE - Serbia FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 210 133 +57.3% +57.1% 29 31 34 40 44 51 57 57
Dividends 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Fees 65 60 +8.7% +8.5% 14 14 16 16 15 16 16 18
Trading income 6 5 +7.9% +7.7% 1 2 1 2 2 1 2 1
Other expenses/income -1 -1 +16.9% +16.8% 0 0 0 0 0 0 0 0
Revenue 280 198 +41.4% +41.2% 44 46 50 57 61 68 75 76
HR Cost -40 -37 +9.4% +9.3% -9 -9 -9 -10 -10 -10 -10 -10
Non HR Cost -29 -27 +8.8% +8.6% -6 -8 -7 -7 -7 -7 -7 -8
Recovery of expenses 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Amortisation & depreciation -11 -11 -0.6% -0.8% -3 -3 -3 -3 -3 -3 -3 -3
Operating costs -81 -75 +7.4% +7.2% -17 -19 -19 -20 -19 -20 -20 -21
Gross Operating Profit 199 123 +62.2% +62.0% 27 27 31 37 42 48 55 55
Loan Loss Provisions (LLPs) -13 -29 -55.0% -55.1% 4 -11 -8 -14 3 -1 -2 -13
Net Operating Profit 186 94 +98.6% +98.3% 31 16 23 23 45 47 53 41
Other Charges & Provisions -5 -14 -64.8% -64.9% -2 -7 -2 -4 -1 -1 -2 -1
o/w Systemic Charges -5 -5 +12.4% +12.2% -1 -1 -1 -1 -1 -1 -1 -1
o/w DGS -5 -5 +12.4% +12.2% -1 -1 -1 -1 -1 -1 -1 -1
o/w Bank levies 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
o/w SRF 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Integration costs -1 0 n.m. n.m. 0 0 0 0 0 0 0 -1
Net income from investments 1 0 n.m. n.m. 0 1 0 0 -1 0 0 2
Profit (loss) Before Tax 182 80 n.m. n.m. 30 10 21 18 43 47 51 41
Stated Net Profit 160 72 n.m. n.m. 26 10 19 16 38 41 45 36
Net Profit after AT1/Cashes* 156 68 n.m. n.m. 26 8 19 15 38 39 44 35
Income Statement Ratios
Cost income ratio 28.8% 38.0% -9.1 p.p. 38.3% 42.0% 37.6% 34.8% 31.6% 29.7% 26.6% 28.1%
Cost of Risk (LLP annualised on Avg Loans) in basis points 45 102 -57 -56 148 112 199 -43 8 31 180
Volumes, bn
Customers Loans (excl. Repos and IC) 3.0 2.8 +5.0% 2.8 2.9 2.9 2.8 2.9 2.9 2.9 3.0
Customer Depos (excl. Repos and IC) 3.7 3.4 +10.2% 2.8 3.0 3.2 3.4 3.4 3.5 3.5 3.7
Total RWA 3.3 2.9 +13.9% 3.1 3.0 3.1 2.9 3.1 3.1 3.1 3.3
Other Figures, units / %
FTEs (100%) 1,287 1,296 -0.7% 1,273 1,290 1,288 1,296 1,320 1,319 1,281 1,287
RoAC** 35.8% 15.8% +20.0 p.p. 26.0% 6.8% 17.0% 13.8% 35.7% 36.6% 40.7% 30.5%
Volumes, bn
Other Figures, units / %

2022 2023
Russia FY23 FY22 Change (%) Ch. Const FX (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest 798 757 +5.4% +30.2% 126 166 237 229 212 194 189 203
Dividends 2 13 -82.4% -82.0% 3 4 3 2 1 0 1 -1
Fees 198 161 +23.1% +53.0% 29 39 47 45 46 55 46 50
Trading income 42 402 -89.6% -87.0% 71 185 69 76 16 9 13 5
Other expenses/income 143 -75 n.m. n.m. 0 -76 1 0 1 1 0 142
Revenue 1,183 1257 -5.9% +16.6% 229 318 357 353 276 258 250 399
HR Cost -120 -147 -18.8% +1.6% -29 -37 -42 -40 -33 -29 -26 -32
Non HR Cost -70 -83 -14.9% +6.4% -18 -21 -23 -20 -19 -18 -16 -18
Recovery of expenses 0 0 n.m. n.m. 0 0 0 0 0 0 0 0
Amortisation & depreciation -38 -53 -28.3% -10.3% -8 -12 -14 -19 -12 -11 -8 -7
Operating costs -228 -283 -19.4% +0.7% -55 -70 -79 -79 -64 -57 -50 -56
Gross Operating Profit 955 974 -2.0% +21.2% 175 249 278 273 212 201 199 343
Loan Loss Provisions (LLPs) -5 -882 -99.4% -98.7% -1231 111 136 103 25 55 42 -128
Net Operating Profit 950 92 n.m. n.m. -1057 359 414 376 237 257 242 215
Other Charges & Provisions -23 -24 -4.0% +14.3% -9 -4 -6 -5 -94 -25 -44 139
o/w Systemic Charges -23 -24 -1.0% +17.7% -10 -4 -5 -4 -8 -3 -9 -3
o/w DGS -13 -18 -27.6% -9.4% -4 -4 -5 -4 -4 -3 -3 -3
o/w Bank levies -6 0 n.m. n.m. 0 0 0 0 0 0 -6 0
o/w SRF -4 -6 -20.5% -20.5% -6 0 0 0 -4 0 0 0
Integration costs -10 -21 -49.8% -37.2% 0 -4 -9 -7 0 0 -6 -5
Net income from investments -31 -321 -90.5% -89.3% -51 -5 -2 -262 3 -32 4 -6
Profit (loss) Before Tax 886 -273 n.m. n.m. -1117 345 397 102 147 200 196 343
Stated Net Profit 665 -200 n.m. n.m. -916 345 346 24 98 172 156 239
Net Profit after AT1/Cashes* 644 -221 n.m. n.m. -916 336 344 16 98 162 153 230
Income Statement Ratios
Cost income ratio 19.3% 22.5% -3.2 p.p. 23.8% 21.9% 22.2% 22.5% 23.2% 22.2% 20.1% 14.1%
Cost of Risk (LLP annualised on Avg Loans) in basis points 11 924 -913 n.m. -415 -534 -506 -162 -429 -380 n.m.
Volumes, bn
Customers Loans (excl. Repos and IC) 3.2 6.6 -52.2% 10.6 10.8 9.6 6.6 5.6 4.7 4.1 3.2
Customer Depos (excl. Repos and IC) 7.2 8.7 -16.9% 12.7 13.1 10.1 8.7 9.0 7.6 7.8 7.2
Total RWA 14.3 16.1 -11.5% 21.0 18.3 17.4 16.1 15.3 13.6 15.0 14.3
Other Figures, units / %
FTEs (100%) 3,153 3,416 -7.7% 3,956 3,896 3,524 3,416 3,319 3,302 3,226 3,153
RoAC** 21.7% -14.4% +36.1 p.p. -174.3% 52.5% 47.9% -3.8% 12.3% 14.8% 20.8% 39.7%
Volumes, bn
Other Figures, units / %

NOTE: «Russia» means «Participation in AO Bank + PCM Russia»

(*) Net Profit after AT1/Cashes: means Net Profit as defined in page 3 (Income Statement) adjusted for impacts from AT1 and Cashes charges. The result is used for cash dividend accrual and Total distribution, as well as RoTE and RoAC calculation

2022 2023
GCC FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Income Statement, m
Net interest -409 -342 +19.6% -77 -73 -88 -104 -98 -95 -108 -108
Dividends 18 17 +4.2% 18 0 -1 0 16 0 -1 3
Fees -60 -75 -19.7% -13 -20 -31 -12 -15 -27 -10 -8
Trading income 85 27 n.m. 47 -99 68 11 -16 14 33 54
Other expenses/income -118 -98 +20.7% -32 -32 -36 1 -22 -30 -20 -47
Revenue -484 -471 +2.9% -58 -223 -87 -103 -134 -138 -106 -106
HR Cost -768 -732 +4.9% -175 -173 -177 -207 -168 -171 -176 -253
Non HR Cost 708 770 -8.1% 216 206 148 200 187 183 164 174
Recovery of expenses 55 53 +3.1% 14 12 15 13 12 11 14 18
Amortisation & depreciation -458 -456 +0.5% -114 -117 -109 -115 -112 -120 -111 -116
Operating costs -464 -364 +27.2% -59 -72 -123 -110 -81 -96 -109 -177
Gross Operating Profit -948 -835 +13.5% -117 -295 -210 -214 -215 -234 -216 -283
Loan Loss Provisions (LLPs) 3 -2 n.m. -39 5 32 1 2 0 1 0
Net Operating Profit -945 -837 +12.9% -156 -290 -178 -213 -214 -234 -215 -282
Other Charges & Provisions -13 74 n.m. -7 83 -2 0 -6 0 -3 -5
o/w Systemic Charges -6 -6 -3.9% -6 0 0 0 -6 0 0 0
o/w DGS 0 0 n.m. 0 0 0 0 0 0 0 0
o/w Bank levies 0 0 n.m. 0 0 0 0 0 0 0 0
o/w SRF -6 -6 -3.9% -6 0 0 0 -6 0 0 0
Integration costs -122 -47 n.m. 0 7 0 -54 5 -50 6 -83
Net income from investments 3 -7 n.m. -5 1 -4 0 -1 0 4 0
Profit (loss) Before Tax -1,077 -816 +31.9% -168 -199 -183 -266 -215 -284 -206 -371
Stated Net Profit -973 -436 n.m. -104 -74 -79 -178 -140 -287 -186 -360
Net Profit after AT1/Cashes* -981 -442 n.m. -104 -78 -79 -180 -140 -290 -187 -363
Income Statement Ratios
Cost income ratio n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m.
Cost of Risk (LLP annualised on Avg Loans) in basis points n.m n.m n.m n.m n.m n.m n.m n.m n.m n.m n.m
Volumes, bn
Customers Loans (excl. Repos and IC) 0.2 0.3 -40.2% 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2
Customer Depos (excl. Repos and IC) 0.0 0.0 -38.1% 0.0 0.0 0.0 0.0 1.9 0.0 0.0 0.0
Total RWA 5.0 4.6 +8.5% 4.0 4.8 5.5 4.6 4.2 4.7 4.6 5.0
Other Figures, units / %
FTEs (100%) 8,141 8,719 -6.6% 8,905 8,887 8,887 8,719 8,638 8,495 8,318 8,141

2023
Group Fees, m FY23 FY22 Change (%) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Investment fees 2,610 2,684 -2.8% 768 686 607 623 705 664 630 611
Financing fees 1,682 1,681 +0.0% 479 425 407 371 459 432 388 403
Client Hedging Fees* 718 797 -9.9% 198 196 218 186 195 193 158 173
Transactional fees 2,453 2,462 -0.4% 593 612 633 624 637 617 594 606
TOTAL NET COMMISSIONS 7,463 7,625 -2.1% 2,038 1,918 1,865 1,803 1,996 1,905 1,769 1,793

(*) Shift from Trading Income to Fees of the client hedging markup (commercial margin between final price to the client and the offer price, the latter being quoted by the trader and containing bid/offer, market risk hedging costs and day one XVA) for: FX spot operations, plain vanilla derivatives on FX, Fixed Income and Equity, Commodities derivatives.

2022 2023
Branches, unit 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Italy 2,042 2,042 2,016 1,986 1,986 1,973 1,972 1,950
Germany 313 313 305 295 295 280 261 261
Central Europe 284 281 281 279 279 277 275 275
Austria 108 107 107 106 106 104 104 104
Czech Republic 104 104 104 104 104 104 104 104
Hungary 54 52 52 51 51 51 51 51
Slovenia 18 18 18 18 18 18 16 16
Eastern Europe 558 557 553 550 549 543 541 540
Croatia 104 103 102 102 102 99 99 98
Romania 142 142 141 141 141 141 141 141
Bulgaria 135 135 133 133 133 130 130 130
Bosnia 105 105 105 102 101 101 99 99
Bosnia NBB 35 35 35 32 31 31 30 30
Bosnia Zabamostar 70 70 70 70 70 70 69 69
Serbia 72 72 72 72 72 72 72 72
Russia 70 70 70 65 65 61 59 56
Total Group 3,267 3,263 3,225 3,175 3,174 3,134 3,108 3,082

* Retail Branches only; for Italy, Germany, CE and EE excluding minor premises, Corporate and Private Banking.

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