Unicredit S.p.a. · MIL:UCG
Unicredit — FY2024 Earnings Presentation
69 slides from Unicredit's earnings presentation, Feb 11, 2025
Slide 1: UniCredit Unlocked
UniCredit Unlocked Unlocking Acceleration: ushering in UniCredit’s next phase of success 2024 record results crowning 16 consecutive quarters of quality growth Milan, 11 February 2025
Slide 2: Initial disclaimer
Initial disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN Countries. Anyone receiving such documents shall not distribute, forward or send them (neither by postal PART, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR ANY ser
Slide 3: 2024 record results crowning 16 consecutive quarters of quality growth
2024 record results crowning 16 consecutive quarters of quality growth All our regions and product factories delivering superior performance and beating targets Unlocking Trapped Potential Unlocking Acceleration BEST-IN-CLASS PROFITABILITY, RoTE FY24 2025 GUIDANCE 15bps 17.7% GOP ASSET QUALITY INCRE
Slide 4: UniCredit Unlocked: same vision, purpose, culture and evolving strategy to accelerate
UniCredit Unlocked: same vision, purpose, culture and evolving strategy to accelerate A transformed bank delivering three years of outstanding results Alpha initiatives to build on structural strengths to widen competitive gap Three years of cultural, industrial and financial transformation Leverage
Slide 5: Unlocking Trapped Potential 2021-2024
Unlocking Putting clients at the center of everything we do Trapped Potential 2021-2024 UNIFIED & One Vision RE-FOCUSED One Strategy One Culture 2021-24 I ACHIEVEMENTS SIMPLIFIED & Organisation STREAMLINED Processes Way of working FY24 & 4Q24 II RESULTS EMPOWERED Our Banks Realised and
Slide 6: Industrial and cultural transformation allowed us to beat across all KPIs
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Industrial and cultural transformation allowed us to beat across all KPIs … We beat our Unlocked targets set in 2021, Strongly exceeding profitability and reaching a new sustainable run rate distribution ambitions 2024 Target 2024 Actual 2024 Target 2024 A
Slide 7: ... moving from laggard to leader
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II ... moving from laggard to leader From retrenchment From Laggard Record Net Profit despite investments … to quality profitable growth … to Leader to secure the future and one-offs Trend vs FY20 Rank vs. FY212 150 GROSS REVENUES +45% # 1 from #9 Net Revenue
Slide 8: … delivering unrivalled shareholder value, while laying future foundations
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II … delivering unrivalled shareholder value, while laying future foundations Most shareholder-friendly bank in the peer group1 Outstanding With still attractive TSR1, 2021-2024 value generation potential ahead FY24 vs. FY20 FY25-27 UC 513% Peer 1 196% PROPEL
Slide 9: 16th consecutive quarter delivering quality profitable growth
Unlocking 16th Click consecutive to edit Master quarter title of style delivering quality profitable Trapped growth, crowning our best year ever Potential 2021-2024 QUALITY GROWTH + 4.3% Gross Revenue + 7.6% Fees 33.3% Fees/Revenue1 +4.0% Net Revenue +2.5% NII 18.8% NII RoAC I 2021-24 ACHIEVEMENTS O
Slide 10: 16th consecutive quarter of delivering quality profitable growth, crowning our best year ever
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II 16th consecutive quarter of delivering quality profitable growth, crowning our best year ever in million 4Q24 Y/Y FY24 FY/FY +1.3% excl. Net Revenue 5,645 -0.1% CBK one-off 24,203 +4.0% o/w NII 3,652 +1.1% 14,358 +2.5% +2.5% Q/Q o/w LLPs (357) +14.8% (641)
Slide 11: Net Revenue
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Net Revenue High-quality, resilient top line NET REVENUE, bn Strong net revenue base, bn RELENTLESS FOCUS ON QUALITY REVENUE GROWTH +4.0% 8.6% 7.9% 8.1% Net revenue / RWA +1.3% Y/Y STRONG NET REVENUE GROWTH FY/FY 6.6% exc. CBK trading Sound Net Revenue gro
Slide 12: Net Interest Income
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Net Interest Income Solid and highly profitable on its own merit NET INTEREST INCOME, bn GROWING AND RESILIENT 1.9% 2.2% 2.0% 2.0% NIM2 GROWING AND RESILIENT +2.5% • Resilient NII growing Y/Y and Q/Q despite rates decline, thanks to excellent pass- 14.4 NI
Slide 13: Asset Quality and Cost of Risk
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Asset Quality and Cost of Risk Gross NPE at historically low levels; structurally low CoR protected by strong coverage and overlays stock LLPs, m VERY STRONG AQ; CoR IN LINE FY/FY 56 bps 33 bps CoR ex. Russia 17 bps STRONG ASSET QUALITY 46 17 bps 34 29 Ass
Slide 14: Fees
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Fees Acceleration across all main categories FEES, bn FUELING FEE GROWTH IN THE YEAR Strong fees from increased client appetite and broader product offering AND TOWARDS THE FUTURE +8.7% excl. CAFR in Italy and securitization costs 165 ACCELERATION 163 136
Slide 15: Costs and Operational efficiency
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Costs and Operational efficiency Firm discipline led to FY cost decline despite inflation and investments COSTS, bn Flat Q/Q excluding CONFIRMING OPERATING Superior Operational Excellence 4Q24 one-offs EXCELLENCE −0.6% Non-HR costs: -1.3% FY/FY 2.5 2.5 3RD
Slide 16: RWAs and Capital efficiency
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II RWAs and Capital efficiency Record 12.6bn OCG in the year generation, allowing to absorb 9bn distributions and c.3.6bn of other impacts o/w: -11bps model changes -11bps FX reserve -17 bps regulatory deductions7 CET1 ratio % 88bps SUPERIOR CAPITAL GENERATIO
Slide 17: Italy – Quality earnings powerhouse
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Italy – Quality earnings powerhouse #1 profitable and efficient bank in the country: continuing to deliver high profitability and growth ✓ Gross revenue: growing to 11.4bn (+4.1%) Net revenue, MAIN KPIs • NII: +4.6%: excellent pass-through management, QUAL
Slide 18: Germany – Resilient anchor
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Germany – Resilient anchor #1 profitable and efficient bank in the country: successful transformation leads to the best year ever ✓ Gross revenue: growing to 5.5bn (+0.8%) Net revenue, MAIN KPIs QUALITY GROWTH bn -0.9% 29% • NII: -3.5% driven by funding co
Slide 19: Austria – Resilient anchor
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Austria – Resilient anchor #1 profitable and efficient bank in the country: operational and capital excellence leading to best Net profit ever ✓ Gross revenue: growing to 2.7bn (+2.6%) Net revenue, • NII: +1.9% resilient despite downwards rates MAIN KPIs Q
Slide 20: CEE – Growth engine
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II CEE – Growth engine #1 profitable and efficient franchise in the region: continuing to show excellent performance and outstanding profitability ✓ Gross revenue: growing to 4.5bn (+8.0%) Net revenue, MAIN KPIs QUALITY GROWTH bn +6.9% 27% • NII: +5.5% thanks
Slide 21: CEE – Growth engine
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II CEE – Growth engine #1 profitable and efficient franchise in the region: continuing to show excellent performance and outstanding profitability GROUP ENGINE FOR GROWTH HIGH PROFITABILITY AND OPERATIONAL EXCELLENCE IN EACH OF OUR COUNTRIES3 Combining strong
Slide 22: Russia
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Russia Most 2025 targets already exceeded, compliant with ECB order Practically reached 2025 targets 1 year in advance, confirming our strong committment to compliance CONTINUING A CLEAR STRATEGY LOCAL DEPOSITS3,4, NET LOCAL LOANS3, CROSS-BORDER EXPOSURE,
Slide 23: Client Solutions: strong performance across the board
UNLOCKING TRAPPED POTENTIAL: 2021-2024 I II Client Solutions: strong performance across the board Engine of sustainable capital-light, fee-based revenue (>65% Fees) FEES PERFORMANCE FY/FY c.45 % CORPORATE 27% 55% 37% Group Revenue SOLUTIONS ADVISORY & TRADE & CLIENT RISK 11.3bn FINANCING CORRESPONDE
Slide 24: Unlocking Acceleration 2025-2027
Unlocking A new roadmap to navigate as the leading pan-European Bank Acceleration STRUCTURAL ADVANTAGES Geographic, client and business mix 2025-2027 Our Operating Machine STRUCTURAL Prepared for I ADVANTAGES & shifting macro … ALPHA INITIATIVES NII normalisation Our Linchpin Uncertain European
Slide 25: Structural advantages
UNLOCKING ACCELERATION: 2025-2027 I II III Structural advantages Entering the next phase leveraging our structural advantages to propel acceleration ATTRACTIVE 13 4 Profitable and diversified franchise GEOGRAPHIC Italy – Quality Earnings Powerhouse FOOTPRINT Banks embedded in Coverage Germany & Aust
Slide 26: Alpha initiatives
UNLOCKING ACCELERATION: 2025-2027 I II III Alpha initiatives A new phase to build on our structural strengths and accelerate our quality growth trajectory over the next three years Acceleration ng Our Operating i ck Machine Our Unlo Linchpin ORGANISATION & PROCESSES TECHNOLOGY & DATA Continue simpli
Slide 27: Our Commercial Machine: Geographies
UNLOCKING ACCELERATION: 2025-2027 I II III Our Commercial Machine: Geographies Extracting full potential from our attractive franchise A balanced geographic mix QUALITY GROWTH NII QUALITY OPERATIONAL CAPITAL EXCELLENCE EXCELLENCE RoAC3 NET PROFIT (FY27-FY24 2024-2027 KPIs Fees2/Rev. NII RoAC Cost/In
Slide 28: Our Commercial Machine: Geographies
UNLOCKING ACCELERATION: 2025-2027 I II III Our Commercial Machine: Geographies How we will extract higher value: a disciplined capital allocation Continue to shift capital to most profitable regions, with highest NII profitability and highest growth rates Increase allocated Allocated capital growth
Slide 29: Our Commercial Machine: Clients
UNLOCKING ACCELERATION: 2025-2027 I II III Our Commercial Machine: Clients Continuous focus on increasing the quality and profitability of our franchise Emphasis on most profitable segments and with the strongest capital-light business potential RoAC AREA OF FOCUS Enhancing our client mix DERPENETRA
Slide 30: Our Commercial Machine: Products
UNLOCKING ACCELERATION: 2025-2027 I II III Our Commercial Machine: Products Further enhancing our product offering SMEs and Private & Affluents accounting for 75% of 2024-27 fee growth c. 1.4bn 2,3 CLEAR CORPORATE SOLUTIONS PAYMENTS SOLUTIONS INVESTMENTS INSURANCE AMBITIONS To be the go-to bank for
Slide 31: Our Commercial Machine: Channels
UNLOCKING ACCELERATION: 2025-2027 I II III Our Commercial Machine: Channels Connecting clients with superior integrated distribution channels and motivated people Continue moving towards a truly omnichannel approach to Integrating all our channels best serve both our retail and corporate clients to
Slide 32: Our Commercial Machine: bringing it all together
UNLOCKING ACCELERATION: 2025-2027 I II III Our Commercial Machine: bringing it all together Offering an increasingly distinct experience that better serves our clients Becoming the bank that … Becoming the OUR GEOGRAPHIES Direct capital allocation and investments Clients recognise and trust as the l
Slide 33: Our Linchpin: People
UNLOCKING ACCELERATION: 2025-2027 I II III Our Linchpin: People The Linchpin of our Commercial and Operating Machine Our people are, and will remain, our main asset Continue investing in our people, empowering and training them We have been investing in our people, … Going forward, we will rewarding
Slide 34: Our Operating Machine: Organisation & Processes
UNLOCKING ACCELERATION: 2025-2027 I II III Our Operating Machine: Organisation & Processes Continuously re-think and improve, supporting businesses and accelerating transformation Operating machine set and focused on what truly delivers value We have been truly re-thinking our operating … Going forw
Slide 35: Our Operating Machine: Technology & Data
UNLOCKING ACCELERATION: 2025-2027 I II III Our Operating Machine: Technology & Data We carefully invest in our technology & AI where it matters the most Our digital and data imperatives Evolution Drivers REVENUE GROWTH Our digital machine evolution will always be Non-negotiable Foundations driven by
Slide 36: Our Operating Machine: Technology & Data
UNLOCKING ACCELERATION: 2025-2027 I II III Our Operating Machine: Technology & Data A reliable, resilient and compliant machine Non-negotiable Foundations OUR MUST HAVE: IN LINE OR ABOVE BENCHMARK1 IN LINE IN LINE ABOVE OUR IT spend as % of revenue IT spend per employee IT spend as % of total spend
Slide 37: Our Operating Machine: Technology & Data
UNLOCKING ACCELERATION: 2025-2027 I II III Our Operating Machine: Technology & Data Harnessing Tech, Data & AI to elevate our Group with real impact, beyond marketing hype Evolution Drivers Our Approach Investing in Technology by listening to our business needs AI at the backbone • SUPPORT AND ACCEL
Slide 38: Our Operating Machine: Technology & Data
UNLOCKING ACCELERATION: 2025-2027 I II III Our Operating Machine: Technology & Data Continuing investment and support towards UniCredit acceleration Thoughtfully investing, with clear returns, to support and propel our evolution ND ATIONS 30% 2.5bn REVENUE GROWTH OU 40% EGOTIABLE F UCX SME Lending:
Slide 39: Vodeno-Aion: organic growth accelerator
UNLOCKING ACCELERATION: 2025-2027 I II III Vodeno-Aion: organic growth accelerator Strategic Rationale and Key Performance Indicators CLEAR STRATEGIC RATIONALE UNIQUE ADVANTAGES Market expansion coupled with State-of-the-art technology Integrated with EU banking license scalable finance solutions HI
Slide 40: Alpha initiatives: bringing all together
UNLOCKING ACCELERATION: 2025-2027 I II III Alpha initiatives: bringing all together Organic growth story revealing our differential value Acceleration ng Our Operating i Machine ck Unlo Vodeno Our -Aion Linchpin Absorb Our Commercial material headwinds1 Machine and grow further … 1. Headwinds includ
Slide 41: Our exciting story: the emergence of our true differential value
Unlocking Our exciting story: Acceleration the emergence of our true differential value 2025-2027 2025 Guidance STRUCTURAL ADVANTAGES Broadly in line 2027 I AND ALPHA Net Profit Ambitions INITIATIVES vs. 2024 II FINANCIAL AMBITION Offsetting material c. 10bn Net Profit headwinds through the cycle UP
Slide 42: Unique preparedness to fuel future ambitions
UNLOCKING ACCELERATION: 2025-2027 I II III 2025 Guidance Unique preparedness to fuel future ambitions Favourable gap versus peers will widen further, in a context of increasing headwinds 2027 Ambitions EU banking industry future trends vs. UniCredit differential value NII Euribor decline acceleratio
Slide 43: Offsetting headwinds with our unique proposition
UNLOCKING ACCELERATION: 2025-2027 I II III 2025 Guidance Offsetting headwinds with our unique proposition β 2027 Ambitions UNDERLYING 2025 GUIDANCE ASSUMPTIONS: ENTERING A CHALLENGING NET REVENUE >23bn ENVIRONMENT NII Moderate decline Updated rates scenario and FEES Up mid-single digit2 pass-through
Slide 44: An exciting story to show our truly differentiated value
UNLOCKING ACCELERATION: 2025-2027 I II III 2025 Guidance An exciting story to show our truly differentiated value Continuous focus driving excellent results, leading to attractive shareholders remuneration 2027 Ambitions Continue growing in a quality way FY25-27 YEARLY DISTRIBUTION AMBITION Net Reve
Slide 45: UniCredit remains a compelling standalone base case; M&A as accelerator
Unlocking Click to standalone UniCredit edit Master plantitle stylea compelling base case remains Acceleration M&A is a potential accelerator, only at our strict terms and 2025-2027 conditions, capable of generating substantial value M&A Accelerators ONLY IF … FULLY ALIGNED TO GROUP STRATEGY THAT AI
Slide 46: Banco BPM and UniCredit in Italy
UNLOCKING ACCELERATION: 2025-2027 I II III Banco BPM and UniCredit in Italy Industrial Rationale, Attractiveness and Timeline Solid industrial rationale for Attractive proposition for Banco BPM And for all UniCredit and Banco BPM UniCredit-BPM combination shareholders, getting access to: stakeholder
Slide 47: Banco BPM and UniCredit in Italy
UNLOCKING ACCELERATION: 2025-2027 I II III Banco BPM and UniCredit in Italy UC superior performance; valuation gap (-25%1 P/E and -40%1 Price/Distributions) Performance gap today ... … UniCredit strong future preparedness BETTER REVENUE +34% +c.10pp -11bps 39 SUPERIOR STARTING POINT #1 NII RoAC in I
Slide 48: Commerzbank and UniCredit in Germany
UNLOCKING ACCELERATION: 2025-2027 I II III Commerzbank and UniCredit in Germany Industrial Rationale, Attractiveness and Timeline Solid industrial rationale for Attractive proposition for CBK And for all UniCredit and CBK UniCredit-CBK combination shareholders, getting access to: stakeholders and co
Slide 49: Commerzbank and UniCredit in Germany
UNLOCKING ACCELERATION: 2025-2027 I II III Commerzbank and UniCredit in Germany Today valuation gap (c.-11% P/E1 and -17%1 Price/Distributions) far from reflecting UC superior performance Huge performance gap today ... … To further widen in the future BETTER REVENUE +6pp +42% +43pp SUPERIOR STARTING
Slide 50: Our approach in assessing potential targets
UNLOCKING ACCELERATION: 2025-2027 I II III Our approach in assessing potential targets The questions that need answers We would need to understand … Commerzbank: our approach in action STRATEGIC PLAN AND EARNINGS QUALITY INVESTMENTS OPERATING EFFICIENCY Are the new targets realistic - particularly g
Slide 51: Closing remarks
UniCredit I 16TH CONSECUTIVE QUARTER OF PROFITABLE GROWTH CROWNING OUR BEST YEAR EVER Stated Net Profit of 9.7bn (absorbing 1.3bn non operating items) – Unlocked 9.3bn excluding DTAs, 10.3bn underlying – supporting an increase in distributions to 9.0bn TRANSFORMED INTO EUROPE’S BEST PERFORMING II Cl
Slide 52: Why UniCredit?
Why UniCredit? A unique investment proposition, with a still attractive point of entry STRUCTURAL PROVEN STRATEGICALLY OUTSTANDING ADVANTAGES EXECUTION FORTIFIED RETURNS ATTRACTIVE GEOGRAPHIC MIX LEADING FINANCIAL RESULTS CLEAR ALPHA INITIATIVES SUSTAINABLE Profitable and diversified footprint ORGAN
Slide 53: Annex
Annex 53
Slide 54: Delivering on our ESG and related commitments
Delivering on our ESG and related commitments Leading by example to support our clients in a just and fair transition al LEAD BY EXAMPLE CLIENTS DIVERSITY & INCLUSION ACCOUNTABILITY Member of Net Zero Banking Alliance, Focus on ESG share over total business nt G Group Executive Committee: ESG repres
Slide 55: Group P&L and selected metrics
Group P&L and selected metrics All figures in bn unless otherwise stated 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 FY23 FY24 Revenue 5.9 6.0 6.0 6.0 6.4 6.3 6.1 6.0 23.8 24.8 o/w Net interest income 3.3 3.5 3.6 3.6 3.6 3.6 3.6 3.7 14.0 14.4 o/w Fees 2.0 1.9 1.8 1.8 2.1 2.1 1.9 2.0 7.6 8.1 Costs -2.3 -
Slide 56: Updated base case macro scenario
Updated base case macro scenario Scenarios 2024, 2025, 2026, 2027 EUROZONE UNICREDIT FOOTPRINT Group Group excl. Russia 2024 2.4 0.7 2024 3.4 0.9 2.2 0.2 2025 1.9 0.9 2025 2.6 0.9 2.0 1.0 2026 1.9 1.2 2026 2.4 1.4 1.9 1.4 2027 2.0 1.3 2027 2.4 1.5 2.1 1.5 Inflation,% ◼ GDP growth, % Estimates base
Slide 57: Balance sheet and liquidity profile
Balance sheet and liquidity profile (€bn) LIQUIDITY PROFILE Other Assets 40 4Q24 25 38 Other liabilities Cash and cash balances 41 Financial liabilities & hedging liabilities Balance 63 Equity and equity instruments LCR >140% Financial Assets at Amortised Cost 94 Sheet NSFR >125% Sound and stable 78
Slide 58: Deposit details
Deposit details Deposits from customers (Net of repos and IC - EoP) 476bn (+4.0% Q/Q) 4Q24 avg commercial deposits, bn vs 3Q24 Gross customer deposits rates 4Q24 (vs 3Q24) Italy Italy 179 -0.2% -0.46% Germany By (+7bps) Austria region CEE -1.62% Russia Germany 130 +2.5% (+15bps) Austria 60 +1.8% -1.
Slide 59: Loan details
Loan details Loans to customers (Net of repos and IC - EoP) 404bn (+0.3% Q/Q) 4Q24 avg gross commercial performing loans, bn vs 3Q24 Gross customer performing loan rates 4Q24 (vs 3Q24) Italy Italy 143 -0.4% 4.57% Germany (-17bps) By Austria region CEE 109 3.78% Germany +0.8% (-11bps) Russia 3.85% Au
Slide 60: Total Financial Assets
Total Financial Assets 14 13 TFAs1, bn TFAs DYNAMICS 13 13 9 8 9 AuM+AuA gross sales 8 + 4% 3 2 2 3 3 2 2 2 Insurance gross sales 781 796 800 808 816 751 759 757 TFA evolution 142 143 816 126 127 126 130 136 138 AuM 781 quarterly 12 13 13 14 15 18 20 22 165 172 170 187 199 199 204 201 AuA 57 57 56 5
Slide 61: Asset quality details
Asset quality details TOTAL GROSS NPE TOTAL GROSS NPE ALMOST STABLE KEY HIGHLIGHTS 12.6 − 47% Gross NPE evolution 12.1 12.0 11.7 12.1 11.7 11.8 11.2 NPE COVERAGE RATIO Slightly down Q/Q at 46% by quarter, bn on book also affected by write-offs 21.2 Gross Past Due Gross Bad Loans SOUND LEVEL OF Gross
Slide 62: Group gross loans breakdown by stages
Group gross loans breakdown by stages o/w Gross NPE GROUP GROSS LOANS1 AND PROVISIONS EOP, bn 2.7% 2.7% 2.6% 2.7% 2.6% Stage 3 440 445 444 441 47.2% 45.5% 47.2% 47.0% 45.9% Stage 3 12 12 12 12 428 11 62 52 51 Stage 2 76 49 o/w Stage 2 17.2% 14.0% 11.7% 11.6% 11.5% o/w Gross performing loans Stage 1
Slide 63: RWA details
RWA details RWA, bn CONTINUED RWA EFFICIENCIES RWA evolution by quarter 299 295 290 −3% 285 280 277 278 277 Market risk Operational risk 285 Credit risk 277 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Q/Q EVOLUTION DETAILS, bn Y/Y EVOLUTION DETAILS, bn Mainly driven by o/w -5.5bn Including strategic o/w
Slide 64: End Notes
fl SDs Nec End Notes
Slide 65: Final disclaimer
Final disclaimer This presentation may contain “forward-looking statements” which includes all Australia, Canada or Japan or any other jurisdiction where such an offer or statements that do not relate solely to historical or current facts and which are solicitation would be unlawful (the “Other Coun
Slide 66: General notes related to this presentation
General notes related to this presentation END NOTES ARE AN INTEGRAL PART OF THIS PRESENTATION All data throughout the document are in Euro Numbers throughout the presentation may not add up precisely to the totals provided in tables and text due to rounding Russia includes the local bank and legal
Slide 67: Main definitions
Main definitions Allocated Capital Calculated as 13.0% of RWA plus deductions CAFR Current Account Fee Reduction in Italy Clients Clients that made at least one transaction in the last three months Cost of risk Based on reclassified P&L and Balance sheet, calculated as (i) LLPs of the period annuali
Slide 68: Main definitions
Main definitions HQLA Assets which can be easily and immediately converted into cash at little or no loss of value even in periods of severe idiosyncratic and market High-Quality Liquid Assets stress. These assets are unencumbered, which means free of legal, regulatory, contractual, or other restric
Slide 69: Main definitions
Main definitions PD scenario Impacts deriving from probability of default scenario, including rating dynamics RoAC Annualized ratio between (i) Net profit after AT1/Cashes minus excess capital charge (where applicable) and (ii) average allocated capital, both as defined above RoTE (i) Annualized Net