Economic results

Net profit for 2010 amounted to € 177.2 million, compared to € 205.4 million in the same period of 2009 (-13.7%). € 17.7 million of this refers to the insurance group, up compared to the € 9.1 million in 2009.
The dynamics of this result, achieved in an extremely difficult economic situation, were affected by multiple factors:

  • downturn in net interest income, decreased by 3% due to the tightening of spreads, despite the significant contribution from the increase in traded volumes;
  • decrease in financial items due to the negative performance of the markets;
  • growth in adjustments to loans, deriving from the current economic crisis.

The related impacts were partially minimised by the development of the commission component – which recorded growth of 7.9% –, by the substantial stability in operating costs (+0.5%) and by the non-recurring income deriving from several transactions including the transfer of custodian bank operations (€ 15.9 million) and the merger and split up of Banca Cesare Ponti (€ 7.5 million).

The contribution from the branches acquired from Banca Monte dei Paschi di Siena (BMPS), relating to seven months of operations was operationally estimated at € 3.1 million.

INCOME STATEMENT (figures in thousands of euro)
          Change 2010 - 2009
        
  2010 09/30/10 2009 absolute %
  10 - INTEREST INCOME AND SIMILAR REVENUES 1,102,708 823,858 1,160,721 -58,013 -5.0
  20 - INTEREST EXPENSES AND SIMILAR CHARGES -397,072 -302,862 -433,066 35,994 -8.3
  30 - NET INTEREST INCOME 705,636 520,996 727,655 -22,019 -3.0
  40 - COMMISSION INCOME 332,126 238,441 311,741 20,385 6.5
  50 - COMMISSION EXPENSES - 34,811 -25,166 -36,199 1,388 -3.8
  60 - NET COMMISSIONS 297,315 213,275 275,542 21,773 7.9
  70 - DIVIDENDS AND OTHER SIMILAR REVENUES 8,607 6,771 12,948 -4,341 -33.5
  80 - NET INCOME FROM TRADING ACTIVITIES -6,629 -6,370 15,160 -21,789
  90 - NET INCOME FROM HEDGING ACTIVITIES 1,059 -1,834 2,565 -1,506 -58.7
100 - PROFIT (LOSS) ON DISPOSAL OR REPURCHASE OF: 58,632 26,759 83,628 -24,996 -29.9
  a) loans 2,176 620 2,034 142 7.0
  b) available-for-sale financial assets 38,914 24,789 63,493 -24,579 -38.7
  c) financial assets held to maturity - - 2,627 -2,627 -100.0
  d) financial liabilities 17,542 1,350 15,474 2,068 13.4
110 - NET VALUE ADJUSTMENT ON FINANCIAL ASSETS DESIGNATED AT FAIR VALUE 3,294 5,385 -650 3,944
120 - GROSS OPERATING INCOME 1,067,914 764,982 1,116,848 -48,934 -4.4
130 - NET VALUE ADJUSTMENTS DUE TO IMPAIRMENT OF: -116,317 -84,225 -130,913 14,596 -11.1
  a) loans -114,219 -83,162 -99,539 -14,680 14.7
  b) available-for-sale financial assets -1,704 -851 -30,888 29,184 -94.5
  d) other financial assets -394 -212 -486 92 -18.9
140 - NET INCOME FROM FINANCIAL MANAGEMENT 951,597 680,757 985,935 -34,338 -3.5
150 - NET PREMIUMS 1,416,805 1,087,120 1,449,133 -32,328 -2.2
160- BALANCE OF OTHER EXPENSES/REVENUES FROM INSURANCE MANAGEMENT -1,472,667 -1,126,208 -1,495,096 22,429 -1.5
170-  NET INCOME FROM FINANCIAL AND INSURANCE MANAGEMENT 895,735 641,669 939,972 -44,237 -4.7
180 - ADMINISTRATIVE COSTS: -655,535 -488,136 -653,993 -1,542 0.2
  a) staff costs -392,386 -294,655 -385,358 -7,028 1.8
  b) other administrative costs -263,149 -193,481 -268,635 5,486 -2.0
190 - NET PROVISIONS FOR RISKS AND CHARGES -3,206 -1,046 -5,079 1,873 -36.9
200 - DEPRECIATION OF TANGIBLE ASSETS -25,250 -18,391 -24,047 -1,203 5.0
210 - AMORTIZATION OF INTANGIBLE ASSETS -27,550 -19,823 -22,302 -5,248 23.5
220 -  OTHER OPERATING EXPENSES AND REVENUES 71,467 51,900 68,835 2,632 3.8
230 - OPERATING COSTS -640,074 -475,496 -636,586 -3,488 0.5
240 -  PROFIT (LOSS) FROM EQUITY INVESTMENTS  5,801 2,317 7,257 -1,456 -20.1
270 - PROFIT (LOSS) FROM DISPOSAL OF INVESTMENTS 193 193 -11 204
280 - OPERATING PROFIT (LOSS) FROM ORDINARY ACTIVITIES BEFORE TAXES 261,655 168,683 310,632 -48,977 -15.8
290 - INCOME TAXES FOR THE PERIOD -97,954 -68,601 -103,280 5,326 -5.2
300 - OPERATING PROFIT (LOSS) FROM ORDINARY ACTIVITIES AFTER TAXES 163,701 100,082 207,352 -43,651 -21.1
310 - PROFIT (LOSS) FROM DISCONTINUED OPERATIONS AFTER TAXES 15,935 1,814 1,667 14,268
320 - PROFIT (LOSS) FOR THE PERIOD 179,636 101,896 209,019 -29,383 -14.1
330 - MINORITY INTERESTS 2,395 1,776 3,638 -1,243 -34.2
340 - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO THE PARENT BANK 177,241 100,120 205,381 -28,140 -13.7
(1) Figures as at 12/31/2009 have been restated in order to show the economic items concerning the discontinued groups of assets (in particular the Custodian Bank business unit of the Parent Bank).

INCOME STATEMENT - QUARTERLY RESULTS (figures in thousands of euro)
      
 
2010 2009 CHANGE 4th quarter 2010 4th quarter 2009 CHANGE 3rd quarter 2010 2nd quarter 2010 1st quarter 2010
10 - INTEREST INCOME AND SIMILAR REVENUES 1,102,708 1,160,721 -58,013 278,850 264,843 14,007 300,668 268,321 254,869
20 - INTEREST EXPENSES AND SIMILAR CHARGES -397,072 -433,066 35,994 -94,210 -91,591 -2,619 -120,621 -89,998 -92,243
30 - NET INTEREST INCOME 705,636 727,655 -22,019 184,640 173,252 11,388 180,047 178,323 162,626
40 - COMMISSION INCOME 332,126 311,741 20,385 93,685 86,029 7,656 82,747 78,538 77,156
50 - COMMISSION EXPENSES -34,811 -36,199 1,388 -9,645 -10,561 916 -9,084 -8,760 -7,322
60 - NET COMMISSIONS 297,315 275,542 21,773 84,040 75,468 8,572 73,663 69,778 69,834
70 - DIVIDENDS AND OTHER SIMILAR REVENUES 8,607 12,948 -4,341 1,836 2,646 -810 187 6,561 23
80 - NET INCOME FROM TRADING ACTIVITIES -6,629 15,160 -21,789 -259 2,701 -2,960 -2,419 -9,553 5,602
90 - NET INCOME FROM HEDGING ACTIVITIES 1,059 2,565 -1,506 2,893 313 2,580 -1,354 -680 200
100- PROFIT (LOSS) ON DISPOSAL OR REPURCHASE OF: 58,632 83,628 -24,996 31,873 59,667 -27,794 -63 14,823 11,999
 
a) loans 2,176 2,034 142 1,556 211 1,345 2,122 -1,761 259
 
b) available-for-sale financial assets 38,914 63,493 -24,579 14,125 56,656 -42,531 -2,333 17,782 9,340
 
c) financial assets held to maturity - 2,627 -2,627 - 2,627 -2,627 - - -
 
d) financial liabilities 17,542 15,474 2,068 16,192 173 16,019 148 -1,198 2,400
110-
NET VALUE ADJUSTMENT ON FINANCIAL ASSETS DESIGNATED AT FAIR VALUE 3,294 -650 3,944 -2,091 413 -2,504 2,644 581 2,160
120-
GROSS OPERATING INCOME 1,067,914 1,116,848 -48,934 302,932 314,460 -11,528 252,705 259,833 252,444
130- NET VALUE ADJUSTMENTS DUE TO IMPAIRMENT OF: -116,317 -130,913 14,596 -32,092 -53,567 21,475 -27,133 -32,485 -24,607
 
a) loans -114,219 -99,539 -14,680 -31,057 -39,400 8,343 -27,067 -30,938 -25,157
 
b) available-for-sale financial assets -1,704 -30,888 29,184 -853 -13,631 12,778 27 -836 -42
 
d) other financial assets -394 -486 92 -182 -536 354 -93 -711 592
140- NET INCOME FROM FINANCIAL MANAGEMENT 951,597 985,935 -34,338 270,840 260,893 9,947 225,572 227,348 227,837
150- NET PREMIUMS 1,416,805 1,449,133 -32,328 329,685 314,042 15,643 344,898 329,215 413,007
160- BALANCE OF OTHER EXPENSES/REVENUES FROM INSURANCE MANAGEMENT -1,472,667 -1,495,096 22,429 -346,459 -348,263 1,804 -363,362 -334,517 -428,329
170- NET INCOME FROM FINANCIAL AND INSURANCE MANAGEMENT 895,735 939,972 -44,237 254,066 226,672 27,394 207,108 222,046 212,515
180- ADMINISTRATIVE COSTS: -655,535 -653,993 -1,542 -167,399 -169,565 2,166 -158,191 -169,897 -160,048
 
a) staff costs -392,386 -385,358 -7,028 -97,731 -99,477 1,746 -98,286 -102,825 -93,544
 
b) other administrative costs -263,149 -268,635 5,486 -69,668 -70,088 420 -59,905 -67,072 -66,504
190- NET PROVISIONS FOR RISKS AND CHARGES -3,206 -5,079 1,873 -2,160 -1,301 -859 236 -786 -496
200- DEPRECIATION OF TANGIBLE ASSETS -25,250 -24,047 -1,203 -6,859 -6,488 -371 -6,232 -6,233 -5,926
210- AMORTIZATION OF INTANGIBLE ASSETS -27,550 -22,302 -5,248 -7,727 -7,127 -600 -7,023 -6,603 -6,197
220-
 OTHER OPERATING EXPENSES AND REVENUES 71,467 68,835 2,632 19,567 18,215 1,352 15,595 20,193 16,112
230-
OPERATING COSTS -640,074 -636,586 -3,488 -164,578 -166,266 1,688 -155,615 -163,326 -156,555
240- PROFIT (LOSS) FROM EQUITY INVESTMENTS 5,801 7,257 -1,456 3,484 762 2,722 - 2,317 -
270- PROFIT (LOSS) FROM DISPOSAL OF INVESTMENTS 193 -11 204 - - - 5 182 6
280- OPERATING PROFIT (LOSS) FROM ORDINARY ACTIVITIES BEFORE TAXES 261,655 310,632 -48,977 92,972 61,168 31,804 51,498 61,219 55,966
290- INCOME TAXES FOR THE PERIOD -97,954 -103,280 5,326 -29,353 -18,665 -10,688 -22,473 -22,504 -23,624
300- OPERATING PROFIT (LOSS) FROM ORDINARY ACTIVITIES AFTER TAXES 163,701 207,352 -43,651 63,619 42,503 21,116 29,025 38,715 32,342
320- PROFIT (LOSS) FROM DISCONTINUED OPERATIONS AFTER TAXES 15,935 1,667 14,268 14,121 610 13,511 597 911 306
320- PROFIT (LOSS) FOR THE PERIOD 179,636 209,019 -29,383 77,740 43,113 34,627 29,622 39,626 32,648
330- MINORITY INTERESTS 2,395 3,638 -1,243 619 1,078 -459 798 423 555
340- PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO THE PARENT BANK 177,241 205,381 -28,140 77,121 42,035 35,086 28,824 39,203 32,093
(1) Figures as at 12/31/2009 have been restated in order to show the economic items concerning the discontinued groups of assets (in particular the Custodian Bank business unit of the Parent Bank).

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