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Solid Operating Performance and Strategic Achievements of 1Q05 at UniCredit Group

CEO Alessandro Profumo reports successful 1Q05 results with increased net income and market shares, and decreased headcount. Key highlights include growth in lending volumes and market share gains while maintaining a pricing premium. The group's strategy is reaffirmed through high-quality results and improved cost-to-income ratio. Notable achievements include increased net commissions and total assets under management.

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Solid Operating Performance and Strategic Achievements of 1Q05 at UniCredit Group

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  1. 1Q05 CONSOLIDATED RESULTSAlessandro Profumo - CEO Milan - May, 12th 2005

  2. Solid operating performance (Operating income: +13.0% y/y and +7.6% q/q ) benefiting from good results in all Divisions • Continued volume growth (AuM: +5.2%, Loans1: +3.0% q/q) • Strengthened competitive positioning in Italian banking (lending market share +5 bp, mutual funds market share +16 bp vs Dec04) • Headcount reduction plan well on track: -917 vs Jun04 and -427 vs Dec04 in Italy • Net income up 48.7% y/y, benefiting also from “Serenissima” disposal 1Q05 ACHIEVEMENTS CONFIRM THE GROUP’S STRATEGY (1) Ex-repos

  3. HIGH QUALITY RESULTS: ALL KPIs MOVING IN THE RIGHT DIRECTION 1Q05 Q/Q ch. Y/Y ch. Euro mln Total Revenues 2,712 +1.2% +9.0% Operating Income 1,209 +7.6% +13.0% Including +200 mln gain from disposal of “Serenissima” stake Net Income 693 +10.5% +48.7% C/I Ratio, % 55.4% -262 bp -155bp Tax Rate, % 32.0% +10.9 pp -5.1 pp 1Q05 Ch. on FY04 Cost of Risk, bp(1) 60 bp -3 bp Core Tier I ratio 7.36% +0 bp (1) 1Q05 data annualised

  4. GOOD PERFORMANCE OF NET INTEREST INCOME (+7.1% Y/Y) NET INTEREST INCOME excl. dividends Y/Y % ch. 1,304 +7.1% Underlying y/y growth(1) would be +9.5% 1,274 1,189 +6.1% 986 Italy 930 981 +10.9% 323 New Europe 288 259 1Q04 4Q04 1Q05 • Q/Q trends • 1Q05 2 days shorter than 4Q04 (gap of ~28 mln) • Italy contribution constantly up • New Europe decrease vs. 4Q mainly due to FX effect (26 mln) (1) Y/y % ch. adjusted by “1 day effect” (91 days in 1Q04 vs. 90 days in 1Q05) and Locat securitisation effect (amounting to ~13 mln)

  5. INCREASED LENDING VOLUMES AND MARKET SHARE GAINS WHILE MAINTAINING PRICING PREMIUM TOTAL CUSTOMER LOANS1(bn) • Retail: loan growth driven by mortgages, consumer credit and small business • Corporate: up 1.4% vs Dec04 with strong contribution of m/l term (+5.22%) • New Europe:+5.0% at unchanged FX with q/q increases in all banks (Pekao +2.1%, Bulbank +14.5%, Zaba +6.2%, Koc +10.1%) • Good lending spread (3.87%, up from 3.82% in Dec04) with pricing premium vs industry (49bp) UCI LENDING MARKET SHARE2 IN ITALY % vs Dec04 +10.4% 139.6 135.6 +3.0% 126.5 Mar04 Dec04 Mar05 +2.8% 58.2 56.7 50.1 Retail 10.79% 10.83% 10.88% On Total Loans On M/L term loans 10.74% 11.05% 11.133% +1.4% 63.8 Corporate 62.9 61.1 +6.6% New Europe 15 14 12 3.2 2.0 2.7 Other +31.7% Mar04 Dec04 Mar05 1 Net of repos 2 Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) 3 Including 3 bn mortgages securitisation

  6. SIGNIFICANT INCREASE IN NET COMMISSIONS (+9.1% Y/Y) NET COMMISSIONS (Euro mln) Y/Y % ch. +9.1% 871 869 798 93 115 +1.8% 113 Up-front(1) 776 +10.4% 756 685 Other 1Q04 4Q04 1Q05 Weight of Up-front on Total (%) 14.1 10.7 13.2 • Good y/y growth mainly driven by: • Fees on segregated accounts & mutual funds (excl. up-front), +33 mln • Fees from investment banking activity in UBM, +25 mln • Trend q/q characterised by • Increased fees from wealth management (+ 9 mln excl. up front) • Lower contribution of performance feesdue to seasonal effect(2)(~ –18 mln) (1) Up-front on AUM and AUC referred to UniCredit Banca, UniCredit Private Banking and Xelion Accounting data (2) Till year-end 2004 performance fees on long-only funds were cashed by Pioneer once a year at year-end, with a seasonal effect in 4Q. Starting from 2005 they are calculated and cashed on a quarterly basis

  7. TOTAL ASSETS UNDER MANAGEMENT: AROUND 7 bn GROWTH IN JUST THREE MONTHS • Leveraging on Pioneer global presence: +12 bn AUM in 12 months, of which ~7 in the international business units1 UCI TOTAL AUM (bn) % ch. vs Dec04 • Over 3.3 bn net sales for Pioneer worldwide in 3 months (vs 1.4 bn in 1Q04) +9.4% 135 +5.2% 128 • 4 months of UCI’s out-performance of the Italian market in net sales: 680 mln out of 1.2 bn for the entire System … 123 41 +6.5% 38 International1 34 • … and continued gains in market share, reaching 2nd ranking 94 +4.6% 90 Italy 89 Dec04 Mar05 Apr05 UCI mkt. share2 Dec04 Mar05 14.54% 14.67% 14.70% Mar04 • No pricing pressure (1)US + New Markets + International (ex Italy) (2)Calculated according to the “new” classification methodology adopted by Assogestioni since January 2005

  8. INCOME FROM FINANCIAL TRANSACTIONS IN LINE WITH 1Q04 INCOME FROM FINANCIAL TRANSACTIONS (mln) Y/Y % ch. 292 287 -1.7% 173 Of which: Derivatives (Corporate + Institutional + Retail) 199 188 -5.4% 98 1Q04 4Q04 1Q05 • Derivatives posting a strong recovery vs 4Q04 (+91.2%), mainly due to the positive seasonal effect in 1Q05 … • … and a slight reduction vs 1Q04 (-5.4%), with stable contribution to consolidated revenues (6.9% in 1Q05)

  9. IMPROVED COST/INCOME AT 55.4% (VS. 57% IN 1Q04) OPERATING COSTS BREAKDOWN (mln) Staff +6.0% -917 Q/Q % ch. 1,555 1,503 -3.3% 39,858 Italy 39,368 1,418 TOTAL COSTS 38,941 130 -21.5% 102 Depr. & amort. 106 -8.5% 518 566 475 Other admin. Expenses o. w.: indirect taxes and duties 78 72 62 +2.8% 883 837 Jun04 Dec04 Mar05 859 Personnel costs Group 1 71,214 70,543 70,376 1Q04 4Q04 1Q05 • Y/Y growth of operating costs mainly impacted by: • higher indirect taxes and duties on other admin. expenses in 1Q05 (approx.+26% equal to 16 mln) due to the new Finance Act • increased postal and telephone tariffs (+16.1% equal to 8 mln) • adjustments for 2004 MBO (16 mln) and higher provisions for the new labour contract (13 mln) • Q/Q trend: Operating costs down 3.3% vs. 4Q04 • Other administrative expenses down 8.5% mainly due to lower marketing expenses (-18 mln) 1 incl. KFS calculated on a 100% basis

  10. ASSET QUALITY: REDUCTION OF FLOWS OF NEW DOUBTFUL LOANS AND LOWER WEIGHT OF DOUBTFUL ON TOTAL LOANS NET FLOWS OF NEW DOUBTFUL LOANS1, (mln) -23.8% ch. on Dec04 mln, where not specified Mar05 642 508 490 -3.7% Q/Q Net Doubtful Loans 5,036 +2.8% Weight on Net Loans 3.46% -3 bp Net Non Performing Loans 2,676 +2.1% 1Q04 4Q04 1Q05 Weight on Net Loans 1.84% -3 bp • Limited growth of net doubtful loans (+2.8% q/q and +1.9% y/y) Provisions on performing loans 1,376 +5.3% • Stability of coverage ratios: Coverage ratio • 60.2% on NPLs (in line with Dec04) 0.97% +1 bp • 48.1% on total doubtful (vs 48.2% as of Dec04) ch. on 2004 • 0.97% on performing loans (vs 0.96% as of Dec04) Mar05 • 1.4 bn provisions on performing loans (+70 mln vs Dec04) 60 bp -3 bp Stated cost of risk (annualised) • Cost of risk (annualised) at 60 bp,of which 22 bp for provisions on performing loans (1) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing

  11. DIVISIONAL PERFORMANCE: GROWTH FROM ALL DIVISIONS OPERATING INCOME BY DIVISION CONTRIBUTION TO GROUP OPERATING INCOME PRE CORPORATE CENTRE AND ELISIONS mln y/y % ch. Corporate 543 +6.5% Retail 416 +40.5% New Europe 221 +16.3% Private & AM 132 +32.0% TOTAL GROUP 1,209 +13.0%

  12. RETAIL DIVISION: CONTINUED LENDING GROWTH SUSTAINING NET INTEREST INCOME GOOD PERFORMANCE • Mortgages +21.9% y/y (+3.9% vs. Dec04) • Consumer credit +42.5% y/y (+8.1% vs. Dec04) • Small Business +11.0% y/y (+1.2% vs. Dec04) • EXCELLENT LENDING GROWTH (+16.2% Y/Y) … • 1Q average spread(1) on: • new mortgages at 1.35% for UCB (+6 bp q/q) and 1.37% for UBCasa (-6 bp q/q) • small business(2) s/term loans at 7.87% (-11 bp q/q) • revolving cards at 11.37% (+17 bp q/q) • … AND GOOD SPREAD RESILIENCE IN ALL KEY MARKETS… NET INTEREST INCOME (ex. div.), mln • … SUSTAINING NET INTEREST INCOME GOOD PERFORMANCE (despite the fact that 1Q05 was 2 days shorter than 4Q04) 614 +9.1% 612 562 4Q04 1Q05 1Q04 (1) Management accounts (2) Management accounts, includes also maximum overdraft charges

  13. RETAIL DIVISION OPERATIONAL ACHIEVEMENTS SALES OF SEGR. ACCOUNTS INVESTING IN FUNDS, bn • CONTINUED FOCUS ON WEALTH MANAGEMENT PRODUCTS GENERATING RECURRING REVENUES 1.9 1.5 1Q05 4Q04 OPERATING COSTS, mln • SLIGHT INCREASE OF OPERATING COSTS (mainly 2004 MBO adjustments and indirect taxes) 762 743 1Q05 4Q04 TOTAL STAFF -746 vs. June 04 25,467 • STAFF REDUCTION WELL UNDERGOING WITH BENEFITS EXPECTED DURING THE YEAR 25,136 24,721 2004 FEB 05 1H04 CONTRIB. TO GROUP NET INCOME, mln 187 • EXCELLENT INCREASE IN CONTRIBUTION TO GROUP NET INCOME 127 126 4Q04 1Q05 1Q04

  14. CORPORATE DIVISION: NET INTEREST INCOME SUPPORTED BY HIGHER LENDING VOLUMES NET INTEREST INCOME (excl. dividends), (mln) -3.4% 371 360 -0.4% Q/Q 358 • Y/Y trend penalised by the securitisation made by Locat in 4Q04 (~13 mln1); 1Q05 in line with 1Q04 net of this effect • Q/Q trend affected by “2 days less” in 1Q05 (~6 mln only for UBI) 1Q04 4Q04 1Q05 TOTAL LOANS (ex Repos), (bn) +9.0% gross of securitisations • Good loan growth: around 9.0% y/y gross of securitisations, +1.4% q/q … +4.3% +1.4% vs Dec04 63.8 62.9 61.1 • … with significant contribution of M/L term lending (+14.5% y/y and +5.2% q/q) +5.2% vs Dec04 27.0 Of which: M/L2 25.6 • Slight reduction of lending spreads for UBI (2.27% Avg. 1Q05, -3 bp q/q) 23.5 1Q04 4Q04 1Q05 (1) Almost totally recovered as “Other income” (2) Only UBI + UBMC (Source: BankIT Matrix)

  15. HIGHER SERVICE REVENUES AND IMPROVED RISK PROFILE NET COMMISSIONS,(mln) +29.3% • Strong performance of net commissions, driven by: +16.7% Q/Q 129 111 100 • UBM Investment Banking activities (Equity Capital Market and Leverage Finance): 39 mln vs 14 mln both in 1Q04 and 4Q04 • Foreign-trade services: 33 mln, +22.6% y/y • Transaction services: 18 mln, +7.9% y/y 1Q04 4Q04 1Q05 NET FLOWS OF NEW DOUBTFUL LOANS1, (mln) 377 253 -32.8% • Net flows of net doubtful loans 33% down vs 1Q04 • Default Rate2 at0.38% vs 0.60% in 1Q04 1Q04 1Q05 (1) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans (2) Defined as: (Flows from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans)/ Total Gross In Bonis Loans as of previous 31 December

  16. PRIVATE & ASSET MANAGEMENT DIVISION: CONTINUED ASSETS GROWTH LEADING TO HIGHER MANAGEMENT FEES TOTAL REVENUES(mln) • Significant growth of Tot. Financial Assets (+11.9% y/y & +3.1% q/q up to 179 bn) Q/Q % ch. +11.4% • Asset Management: +10.2% y/y & +3.6% q/q up to 136 bn 341 312 -8.7% • Asset Gathering: +11.2% y/y & 1.8% q/q, up to 67 bn 48 280 46 26 8 Net Interest & other Income 45 22 42 • Excellent net sales: 6 Performance fees 13 Up-front fees +9.3% • Asset Management: 3.3 bn +4.9% 236 225 Management & other fees • Asset Gathering (UPB+Xelion): 0.7 bn, of which 0.5 bn of AM products 216 • Xelion: confirmed leadership in Italy1 1Q04 4Q04 1Q05 • Increased market shares: • Growth of Management fees pretty in line with Total Financial Assets, no margin pressure Dec04 Mar05 Apr05 Italy – Mutual Funds 14.54% 14.67% 14.70% • Q/Q decrease of total revenues totally due to lower up-front and performance fees2 Poland – Invest. Funds 34.46% 36.14% All figures at unchanged FX (1) Assoreti perimeter (2) Till year-end 2004 performance fees on long-only funds were cashed by Pioneer once a year at year-end, with a seasonal effect in 4Q. Starting from 2005 they are calculated and cashed on a quarterly basis

  17. FURTHER EFFICIENCY GAINS SUPPORTING PROFITABILITY C/I RATIO, % • Improved efficiency, thanks to: -710bp 64.8 59.8 • Leverage on economies on scale 57.7 -210bp q/q • Cost control: 1Q05 operating costs at 180 mln, in line with 1Q04 and 12% lower than 4Q04 1Q04 4Q04 1Q05 OPERATING INCOME (mln) • Operating Income: +33.4% 137 132 -4.3% q/q 98 • Excellent y/y performance: +33.4% • Slight q/q decrease directly linked to lower up-front and performance fees 1Q04 4Q04 1Q05 • Net income at 97 mln, +45% y/y; 35% reduction vs 4Q, which benefited from ~47 mln tax-free extraordinary gains All figures at unchanged FX

  18. 4.2 pp +34.4% +25.2% +46.6% +25.7% +10.0% NEW EUROPE DIVISION: STRONG VOLUME GROWTH SUPPORTING REVENUES All figures stated at unchanged FX • STRONG LENDING GROWTH: +15.9% Y/Y (+24.1% at current FX) Mortgages(1)(Euro mln) Leasing(Euro mln) Consumer credit(1)(Euro mln) 2,203 439 1,624 2,139 1,557 398 1,753 1,297 299 1Q04 4Q04 1Q05 1Q04 4Q04 1Q05 1Q04 4Q04 1Q05 • INCREASED MUTUAL FUND BUSINESS WITH POSITIVE IMPACT ON REVENUES Mutual Funds(2)(Euro mln) Net non interest income(Euro mln) Market share (PPIM(3)) 183 5,616 36.1 179 34.5 4,865 31.9 167 4,179 1Q04 4Q04 1Q05 1Q04 4Q04 1Q05 1Q04 4Q04 1Q05 (1) Management accounts in LAS (2) New Europe Business Area of Pioneer is included at current FX ITAS (3) Pioneer Pekao Investment Management

  19. +7.5% -0.3 pp -19.8% STRONG NET INCOME, ENHANCED EFFICIENCY AND BETTER ASSET QUALITY All figures stated at unchanged FX Total Revenues(Euro mln) Cost/income(%) • BETTER OPERATING INCOME: +12.1% Q/Q, +8.3% Y/Y 481 475 58.8 53.8 53.5 442 1Q04 4Q04 1Q05 1Q04 4Q04 1Q05 Cost of risk(1) (bp) Coverage ratio of doubtful loans • ASSET QUALITY STILL IMPROVING -11 bp +5.9 pp 71.9 70.7 89 66.0 78 FY04 1Q05 1Q04 4Q04 1Q05 Net Provisions on loans (Euro mln) Attributable Net income (Euro mln) • NET INCOME BENEFITS FROM LOWER PROVISION NEEDS +19.8% 103 99 86 36 29 26 1Q04 4Q04 1Q05 1Q04 4Q04 1Q05 (1) 1Q05 data annualised ITAS

  20. UCI IN TURKEY: TIMELY ENTRANCE, SUCCESSFUL JOINT VENTURE NOW AIMING AT LEADERSHIP WITH THE ACQUISITION OF YKB • UCI entered the Turkish market in October 2002 via a JV: Turkey was at the time among the NE countries with lower presence of foreign banks (~7% of total assets) • Since the JV, KFS: • Implemented a thorough client segmentation • Upgraded its IT system • Acquired over 400,000 new clients • Opened 40 new branches, increasing its network size by 28% • Achieved positive results with ROE steadily at ~ 25% and Cost / Income < 45% • KFS is currently the 8th Turkish bank by total assets, 3rd in Asset Management and market leader in Leasing and Factoring THE ACQUISITION OF YAPI REPRESENTS A FURTHER STEP FORWARD, ALLOWING KFS TO REACH A SIGNIFICANT POSITION IN A LARGE HIGH-GROWTH COUNTRY

  21. YKB: STRATEGIC RATIONALE • Acquisition in a large country with substantial growth potential KFS & YAPI WILL CREATE: • Significant scale (top three privately owned banking groups in Turkey) • 1ST IN CREDIT CARDS • 1ST IN ASSET MANAGEMENT • 1ST IN LEASING • 1ST IN FACTORING • 3RD PRIVATELY OWNED BANK IN TURKEY BY ASSET SIZE • 3RD BY DEPOSITS • Successful experience of UCI’s partnership with Koç Group • Strong operational fit with KFS: distribution and production platforms with leading positions in most strategic business areas

  22. YKB: DEAL STRUCTURE • KFS (50/50 UCI- Koc Group) to acquire 57.42% of Yapi from Çukurova • Terms of the offer: • Price for 57.42% Euro 1,160 mln (implied value for 100%: 2,021mln), subject to price adjustment for the market value of the participation of Turkcell at the time of closing • Çukurova to restructure its exposure to YKB, to be given the right to acquire YKB participation in Turkcell and to purchase YKB stakes in Fintur, Digiturk and Superonline • Offer subordinated to the approval of all relevant authorities and realisation of certain condition precedents • KFS, after deal closing and the relevant approval, will launch a tender offer for all YKB remaining shares

  23. 1Q05 RESULTS - ANNEXES

  24. AGENDA Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  25. 1Q05 CONSOLIDATED INCOME STATEMENT (Euro mln) % ch. on 4Q04 % ch. on 1Q04 1Q05 Net interest income (incl. div.) -7.3 +8.9 1,299 - of which Dividends -74.5 n.m. 25 Net non interest income +10.6 +9.1 1,413 2,712 Total revenues +1.2 +9.0 Administrative costs (incl. depr.) -3.3 +6.0 -1,503 +7.6 +13.0 Operating income 1,209 Goodwill depr. -70 +14.8 -1.4 Provisions on loans -214 -7.4 +11.5 Other net provisions(1) n.m. n.m. -44 Net extraordinary income n.m. n.m. 207 Taxes n.m. +17.6 -348 -47 Minorities +38.2 +23.7 693 Net income +10.5 +48.7 (1) Net write-downs of financial investments, provisions for risks and charges, provisions for possible loan losses and provisions to reserve for general banking risk

  26. DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 1Q05 Total Group(1) 1Q05 RESULTS Retail Division Corporate Division Priv.& AM Division NE Division (Euro mln - Data at end of period FX) Total revenues 1,178 764 312 475 2,712 +1.8% +17.5% -3.8% -10.1% +1.2% % Change vs 4Q04(2) Operating costs -762 -221 -180 -254 -1,503 +2.6% -4.7% -6.7% -18.1% -3.3% % Change vs 4Q04(2) Operating income 417 543 132 221 1,209 +0.5% +29.6% +0.8% +1.1% +7.6% % Change vs 4Q04(2) Net write-downs of loans -84 -96 0 -29 -214 -0.6% -8.3% n.m. -2.8% -7.4% % Change vs 4Q04(2) Net income for the Group 187 251 97 103 693 +48.5% +17.8% -32.2% -1.9% +10.5% % Change vs 4Q04(2) C/I Ratio 64.7% 28.9% 57.7% 53.4% 55.4% +0.5 pp -6.8 pp -1.9 pp -5.2 pp -2.6 pp Change in pp vs 4Q04(2) Employees(3) 24,721 5,269 3,574 29,778 70,376 (1)Balance due to the Parent Company, other Group companies and elisions (3)Including all the employees of Koc Financial Services (4,134as at 31.03.2005) (2)Calculated on data at end of period FX

  27. NON OPERATING ITEMS 4Q04 1Q04 1Q05 1,209 1,124 1,070 Operating income -70 -61 -71 Goodwill amort. Net write-downs of loans -214 -231 -192 -44 -221 -9 Other net provisions(1) 207 61 2 Net extraord. income -348 -141 -296 Taxes Reserve for general bkg risk - +130 - -47 -34 -38 Minorities 627 466 693 Net Income (1) Net write-downs of financial investments & provisions for risks and charges

  28. ASSET QUALITY: DETAILS BY DIVISIONS Retail Division Corporate Division NE Division Total Group 1 (mln - Data at end of period FX) Dec 04 Mar 05 Dec 04 Mar 05 Dec 04 Mar 05 Dec 04 Mar 05 Total gross doubtful loans 3,536 3,620 2,722 2,858 3,040 3,047 9,469 9,695 % change on Dec 04 +2.4% +5.0% +0.2% +2.4% Gross Doubtful Loans/Tot. Gr. Loans,% 6.06% 6.04% 3.93% 4.01% 18.5% 17.5% 6.47% 6.40% Total net doubtful loans 2,185 2,223 1,762 1,901 888 855 4,901 5,036 % change on Dec 04 +1.7% +7.9% -3.7% +2.8% 3.86% 3.82% 2.60% 2.73% 6.32% 5.71% 3.49% 3.46% Net Doubtful Loans/Tot. Net Loans,% 2,153 2,236 1,858 1,866 2,450 2,489 6,586 6,716 Gross NPL % change on Dec 04 +3.8% +0.4% +1.6% +2.0% Gross NPL/Tot. Gr. Loans,% 3.69% 3.73% 2.68% 2.62% 14.9% 14.3% 4.50% 4.43% Net NPL 1,105 1,146 1,114 1,130 373 371 2,621 2,676 % change on Dec 04 +3.8% +1.4% -0.5% +2.1% Net NPL/Tot. Net Loans,% 1.95% 1.97% 1.65% 1.62% 2.66% 2.48% 1.87% 1.84% Coverage ratios 38.2% 38.6% 35.3% 33.5% 70.8% 71.9% 48.2% 48.1% -on tot. Gross doubtful loans, % -on total gross NPL, % 48.7% 48.7% 40.1% 39.5% 84.8% 85.1% 60.2% 60.2% 1 Balance due to other Group companies

  29. AGENDA Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  30. RETAIL DIVISION: P&L Q/q % ch. Y/y % ch. mln 1Q05 Interest income (incl. div.) 627 +2.1 +11.4 Net non interest income 552 +1.6 +21.7 Total revenues 1,178 +1.8 +16.0 Operating costs (incl. dep.) -762 +2.6 +5.9 - of which: Staff costs -403 +3.9 +4.5 - of which: Other adm. expenses -342 +2.3 +9.0 Net operating income 417 +0.5 +40.5 Net provisions -95 -13.4 +52.2 - o/w: Net write-down of loans -84 -0.6 +50.3 Net extraordinary income (loss) -1 n.m. n.m. Net income 188 +48.4 +47.7 Net income for the Group(2) 187 +48.5 +47.7 Cost/income ratio, % 64.7 +46 bp -616 bp

  31. RETAIL DIVISION: 1Q05 RESULTS BREAKDOWN BY COMPANY mln UniCredit Banca Banca d. Umbria CR Carpi Clarima TOTAL(1) UBCasa Interest income (incl. div.) 512 28 32 36 9 627 Net non interest income 513 18 2 13 6 552 Total revenues 1,025 46 34 49 15 1,178 Operating costs (incl. dep.) -695 -25 -17 -17 -8 -762 - of which: Staff costs -375 -13 -6 -5 -4 -403 - of which: Other costs -305 -11 -11 -12 -4 -342 Net operating income 330 21 17 32 7 417 Net provisions -71 -4 -7 -13 - -95 - o/w: Net write-down of loans -61 -3 -7 -13 - -84 Net extraordinary income (loss) -1 - -1 - - -1 Net income 143 10 7 12 4 188 Net income for the Group(2) 140 10 8 12 4 187 Cost/income ratio, % 68.0 53.7 49.5 35.0 56.2 64.7 (1) Balance due to rounding and elisions of infragroup dividends and goodwill amortisation (2) Net of consolidation adjustments and minorities

  32. RETAIL DIVISION - MORTGAGES AND CONSUMER FINANCING RESIDENTIAL MORTGAGES STOCK, bn NEW FLOWS, bn mkt share(1) 17.75% 17.71% 17.40% +3.4% +21.9% 33.5 1.8 32.2 1.8 27.5 0.5 -13.5% UBCasa 0.5 1.4 +12.6% UCB 1.2 1Q04 1Q05 1Q04 DEC04 1Q05 CONSUMER FINANCING STOCK, bn NEW FLOWS OF PERSONAL LOANS, mln REVOLVING CARDS TOTAL SPENDING(2) (+67k revolving cards in 1Q05) +91% 350 3.0 +42.5% 2.8 66 mln 183 2.1 52 mln 1Q04 1Q05 1Q04 1Q05 1Q04 DEC04 1Q05 (1) Group market share, related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin (2) POS and ATM spending

  33. RETAIL DIVISION - SMALL BUSINESS STOCK, SPREAD AND CUSTOMER ACQUISITION STOCK, bn SHORT TERM SPREAD(1) +1.2% 8.08% 7.98% 7.98% 7.96% 7.87% 16.8 16.6 2004 1Q05 1Q04 2Q04 3Q04 4Q04 1Q05 QUARTERLY TRENDS IN SMALL BUSINESS CUSTOMER ACQUISITION 19,000 18,000 17,500 17,000 15,000 1Q04 2Q04 3Q04 4Q04 1Q05 (1) Management accounts, includes also maximum overdraft charges

  34. RETAIL DIVISION - CUSTOMER LOANS AND CUSTOMER DEPOSITS BREAKDOWN AND DETAILS OF SHORT TERM SPREADS +8.1% UCB AVG. MARK UP(4) (Small Business), % 58.2 EOP LOANS, Euro bn 56.7 5.55 4.9 5.60 5.47 5.42 5.43 50.1 5.0 -2.7% +13.1% 3.0 2.8 +8.1% Other loans 5.4 -6.4% 2.1 +31.8% 16.8 Cons. credit 16.6 +1.2% 15.1 SB loans (1) +9.7% 1Q04 2Q04 3Q04 4Q04 1Q05 UCB AVG. MARK UP(4) (Households), % 7.33 33.5 7.21 7.27 32.2 7.08 +3.9% 7.03 Residential mortgages (2) 27.5 +17.3% 1Q04 4Q04 1Q05 1Q04 2Q04 3Q04 4Q04 1Q05 EOP DEPOSITS, Euro bn UCB AVG. MARK-DOWN(4) (Households), % 67.2 66.9 64.1 +4.7% 21.8 22.8 Bonds -4.5% 21.5 -0.3% +5.8% 1.67 1.71 15.7 1.70 Other deposits 15.1 +4.4% 15.4 1.65 1.65 -2.0% Households c/accounts 29.3 29.4 27.2 +7.7% +0.5% 1Q04 2Q04 3Q04 4Q04 1Q05 1Q04 4Q04 1Q05 (1) Includes short term and m/l term loans (2) Includes only households mortgages (3) Including ANBI (4) Source: Bank of Italy matrix data

  35. RETAIL DIVISION - NET COMMISSIONS RETAIL DIVISION: NET COMMISSIONS Breakdown by nature mln Q/q % ch. Y/y % ch. 1Q05 TOTAL RETAIL DIVISION 386 +0.1 +27.9 179 +12.3 +20.4 Total Commissions from Wealth Management • Mutual funds (1) 45 +18.0 -24.3 • Segregated Accounts (2) 53 +17.6 n.m. • Insurance Products (3) 81 +6.3 +4.2 Securities in custody 89 -9.2 +65.3 Other services 119 -8.0 +19.0 (1) Includes subscription and management fees from Plain Vanilla Mutual Funds (2) Includes management fees related to underlying Mutual Funds. Net commissions related to Focus Invest do no impact consolidated results (3) Includes management fees related to underlying Mutual Funds

  36. RETAIL DIVISION - DETAILS ON ASSET QUALITY ch. on Dec. 04 mln, where not specified 1Q05 Net Doubtful Loans 2,223 +1.7% Weight on Net Loans 3.82% -4 bp REDUCTION OF NET FLOWS OF NEW DOUBTFUL LOANS(2) VS. 1Q04 Net Non Performing Loans 1,146 +3.8% 240 Weight on Net Loans 1.97% +2 bp 200 -16.4% Provisions on performing loans 327 +3.6% 1Q04 1Q05 Coverage ratio 0.58% - bp ch. on 2004 1Q05 Cost of risk(1) 58 bp +8 bp (1) Annualised (2) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans

  37. AGENDA Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  38. CORPORATE DIVISION: 1Q05 INCOME STATEMENT- BREAKDOWN BY COMPANY Other companies (Euro mln) TOTAL1 UBI UBM LOCAT Net Interest income (incl. div.) 322 -13 33 20 362 Net non interest income 145 219 25 13 402 Total revenues 467 206 58 33 764 Operating costs (incl. dep.) -135 -56 -13 -17 -221 -77 -29 -8 -8 -122 - of which: Staff costs -57 -24 -5 -10 -95 - of which: Other admin. expenses 332 151 44 16 543 Net operating income -112 - -7 -1 -121 Net provisions - o/w: Net write-downs of loans -90 - -7 - -96 Net income 129 92 21 9 251 Net income for the group 128 92 21 11 251 28.9% 27.0% 23.1% 51.6% 28.9% Cost/income Ratio 1 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

  39. CORPORATE DIVISION: 1Q05 INCOME STATEMENT (Euro mln) 1Q05/4Q04 % ch. 1Q05/1Q04 % ch. 1Q05 Net interest income (incl. div.) 362 -0.8 -2.7 Net non interest income 402 +40.6 +14.2 Total revenues 764 +17.4 +5.5 Operating costs (incl. depr.) -221 -4.7 +3.3 Operating income 543 +29.6 +6.5 -121 -22.9 +13.1 Total net provisions -171 n.s. +6.2 Taxes +3.7 Net income 251 +20.1 Net income for the group 251 +17.3 +4.1 Cost Income ratio, % 28.9% -666bp -61bp

  40. CORPORATE DIVISION - DETAILS ON ASSET QUALITY ch. on Dec04 mln, where not specified Mar05 Net Doubtful Loans 1,901 +7.9% NET FLOWS OF NEW DOUBTFUL LOANS1, (mln) Weight on Net Loans 2.73% +13 bp 377 Net Non Performing Loans 1,130 +1.4% -32.8% 253 Weight on Net Loans 1.62% -3 bp Provisions on performing loans 747 +7.2% Coverage ratio 1.09% +4 bp 1Q04 1Q05 ch. on 2004 1Q05 56 bp -14 bp Cost of risk (annualised) (1) Defined as: Flow from in bonis loans to any category of doubtful loans less Flow-back from any category of doubtful loans to in bonis loans

  41. UNICREDIT BANCA D’IMPRESA: 1Q05 INCOME STATEMENT 1Q05/4Q04 % ch. 1Q05/1Q04 % ch. (Euro mln) 1Q05 322 -1.3 +0.8 Net interest income Net non interest income 145 -7.0 +5.4 Of which: - Net commissions 97 -5.4 +7.2 - Trading profits 47 +15.6 +3.1 Total revenues 467 -3.1 +2.2 Operating costs -135 -1.7 +2.6 Operating income 332 -3.7 +2.0 -90 -10.2 -9.7 Net write-downs of loans Other net provisions -22 -54.5 n.s. -3.0 -3.1 Net income for the group 128 28.9% +43 bp +13 bp Cost Income RATIO, %

  42. UBM: 1Q05 INCOME STATEMENT 1Q05 1Q05/4Q04 % ch. 1Q05/1Q04 % ch. (Euro mln) -13 -16.3 +68.9 Net interest income (incl. div.) 219 +129.2 +11.0 Net non interest income Total revenues 206 +156.8 +8.7 -29 +24.8 +2.7 Staff costs -26 -26.3 +1.2 Other costs (incl. depr.) Operating income 151 n.s. +11.4 Net extraord. income 1 -91.1 -59.1 Taxes -59 n.s. 10.2 Net income 92 n.s. +11.2 C/I Ratio 27.0% -177 bp vs. 73.6% n.s. -8.1 Avg. daily VAR 1 3.6 1 Pls. note that the comparison with 1q04 is not significant as UBM did not included TradingLab, merged in UBM from July 1st, 2004

  43. AGENDA Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  44. PRIVATE & AM DIVISION: 1Q05 INCOME STATEMENT – BREAKDOWN BY COMPANY UPB + Subsidiaries UniCredit Xelion Banca Other Companies TOTAL DIVISION1 PGAM Group (Euro mln) Net interest income (incl. div.) 18 4 3 2 27 67 202 15 1 285 Net non interest income Total revenues 85 206 19 3 312 -55 -94 -29 -2 -180 Operating costs (incl. dep.) -33 -48 -5 -1 -86 - of which: Staff costs -21 -44 -23 -1 -88 - of which: other admin. expenses Operating income 30 112 -11 1 132 Total net provisions -1 - -1 - -2 10 - - -10 - Net extraordinary income Net income 27 62 -9 20 100 Net income for the group 13 86 -7 5 97 n.s. Cost/Income Ratio 64.4% 45.8% n.s. 57.7% 1 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

  45. PRIVATE & AM DIVISION: 1Q05 INCOME STATEMENT (Euro mln - Data at current FX, % ch. at fixed FX) 1Q05/4Q04 % ch. 1Q05/1Q04 % ch. 1Q05 Net interest income (incl. div.) 27 -0.8 +7.7 Net non interest income 285 -9.4 +11.8 Total revenues 312 -8.7 +11.4 Operating costs (incl. depr.) -0.5 -180 -11.6 Operating income 132 -4.3 +33.4 -95.2 +12.9 Total net provisions -2 +4.5 Taxes -30 +86.4 Net income -33.5 +47.4 100 Net income for the Group 97 -34.8 +44.9 57.7% -193 bp -695 bp Cost Income ratio, %

  46. PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS (bn - Data at end of period FX) at fixed FX +11.9% +10.9% +3.9% q/q 178.6 171.9 +3.1% q/q at fixed FX 161.0 141.9 135.7 AUMs 129.6 29.9 29.3 Securities in custody 25.6 6.9 Direct deposits1 6.8 5.8 Mar04 Dec04 Mar05 1 Including Repos PRIVATE & AM DIVISION: DETAILS ON TOTAL FINANCIAL ASSETS Y/Y AND Q/Q TRENDS

  47. PIONEER GROUP: DETAILS ON NET SALES AND AUM TREND (Dec04-Apr05) AuM as at 31.12.2004 1Q05 Net sales 1Q05 Mkt. Perf. AuM as at 31.03.20051 AuM as at 30.4.20052 Net sales Apr.05 (mln - Data at end of period FX) Italy 92,809 2,356 1,253 96,417 156 97,123 7,889 617 358 8,864 85 8,641 International (ex-Italy) US 25,032 -25 940 25,947 -103 25,327 US in USD 34,096 -31 -428 33,638 -133 32,816 3,885 382 91 4,358 74 4,266 New Markets 129,614 3,331 2,642 135,587 212 135,357 TOTAL PIONEER 3,830 213 123 4,166 143 4,226 Alternative Investments 1 Balance due to roundings 2 Provisional figures; balance due to Market Performance (including FX effect)

  48. ASSORETI PERIMETER, RANKING BY GROUP: XELION, STRONG NET SALES (17.2% MARKET SHARE) AND HIGH PRODUCTIVITY PER PFA Data as at 31.3.2005 – Mln Data as at 31.3.2005 Data as at 31.3.2005 – Mln Data as at 31.3.2005 – Mln Tot. Fin. Assets: ~12.6 bn, 5th in Italy 2,023 PFAs, 5th in Italy Net Inflows per PFA1: 2rd among Top- Players Net Inflows: 455 Mln, 2nd in Italy TOTAL FINANCIAL ASSETS NUMBER OF PFAs NET INFLOWS PER PFA TOTAL NET INFLOWS 2 & 3 2 & 3 Fideuram + SPI 59,887 Generali Group4 4,966 Azimut 0.30 Generali Group4 459 Mediolanum 21,454 Fideuram + SPI 4,207 Xelion 0.22 Xelion 455 Rasbank 20,367 Mediolanum 4,015 Credem + Euromob. 0.11 Fideuram + SPI 354 Generali Group4 16,055 Rasbank 3,723 Generali Group4 0.09 Mediolanum 319 Xelion 12,565 Xelion 2,023 Fideuram + SPI 0.08 Azimut 268 Azimut 9,206 Banca SAI 1,471 Mediolanum 0.08 Credem + Euromob. 119 Finanza & Futuro 7,843 Fineco 1,451 Fineco 0.05 Fineco 78 Credit Suisse 7,1235 Bipielle Network 1,168 Rasbank 0.02 Rasbank 66 Credem + Euromob. 7,049 Finanza & Futuro 1,122 Finanza & Futuro -0.04 Finanza & Futuro -44 Fineco 6,632 Credem + Euromob. 1,076 Credit Suisse -0.09 Credit Suisse -28 Source: Assoreti 1 Calculated on average PFAs 2 AUMs, Securities in Custody, Bancassurance and liquidity 3 Ranking taking into account only the 10 major Italian players by Total Financial Assets as at 31.3.2005 4 Including Banca Generali + SIMGENIA Sim 5 Data as of 31.12.2004 (data as of 31.3.2005 not disclosed)

  49. AGENDA Group Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  50. 20.9%(1) 41.4%(1) 7.3%(1) 3.8%(1) 2.9%(1) 2.1%(1) NEW EUROPE DIVISION: 1Q05 INCOME STATEMENT %ch. at unchanged FX % ch. on 4Q04 % ch. on 1Q04 NEW EUROPE DIVISION 1Q05 (Euro mln) -3.4 +6.2 Net interest income(2) 292 BREAKDOWN OF REVENUES +3.0 +10.0 Net non interest income 183 -1.0 Total revenues 475 +7.5 -10.2 +6.7 Operating Costs(3) -254 221 Operating income +12.1 +8.3 -19.8 Net write-down of loans -29 +11.4 21.0%(1) Other net provisions(4) -5 -67.5 n.m. Net extraordinary income -86.2 - 3 Taxes -41 +18.8 -4.7 Net income 150 +4.0 +18.1 Net income for the Group 103 +6.2 +19.8 Cost/Income ratio (%) 53.5 -5.3 pp -0.3 pp Tax Rate (%) 21.2 -4.2 pp +2.1 pp y/y ch. +0.9 pp 17.0 ROE (%) (1) Weight of the bank Total Revenues in 1Q05 on Division Total Revenues – only UCI’s portion; balance due to UniLeasing Romania and Xelion Poland (4) Including provisions to reserve for general banking risk (2) Including dividends ITAS (3) Including depreciation

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