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UNICREDITO ITALIANO GROUP 9M 2004 Results Alessandro Profumo - CEO

UNICREDITO ITALIANO GROUP 9M 2004 Results Alessandro Profumo - CEO. Milan - November, 12 nd 2004. AGENDA. 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division. 3Q EXECUTIVE SUMMARY: QUALITY DRIVING GROUP RESULTS.

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UNICREDITO ITALIANO GROUP 9M 2004 Results Alessandro Profumo - CEO

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  1. UNICREDITO ITALIANO GROUP9M 2004 ResultsAlessandro Profumo - CEO Milan - November, 12nd 2004

  2. AGENDA 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  3. 3Q EXECUTIVE SUMMARY: QUALITY DRIVING GROUP RESULTS • Continuous growth of lending activity (+1.5% q/q and +10.4% y/y ex. Repos), with market share improvement in Italy (10.96% as of Sep 04, +8 bp vs. Jun 04) • Growth of managed assets (+7.7% y/y) with increased market shares in Italy (13.69% as of Oct 04, +18 bp vs. Jun 04) and Poland (32.68% as of Sep 04, +43bp vs. Jun 04) • Evidence of improvement in revenue quality: • Good growth of net interest income from Italian commercial business (+3.2% q/q, +6.8% y/y) • Recurring net commissions resilience (net of adverse seasonal effects) • Better coverage ratios on total doubtful loans (48.0%, +86 bp vs. Jun 04) and NPLs (60.1%, +87 bp vs. Jun 04), with annualised cost of risk at 65 bp (stable vs. FY2003 net of Parmalat) • Estimated Core Tier 1 ratio at 7.6%, vs. 7.4% in 1H04… 67.5 mln shares purchased to date

  4. GROWING NET INCOME Y/Y (+1.3% ON 3Q03). Q/Q COMPARISON AFFECTED BY NEGATIVE SEASONAL EFFECT NET INCOME (Euro mln) ROE1 1,581 1,504 +1.3% 16.7% (-1.0 pp on Dec03) 583 455 466 449 -4.9% 1Q04 9M03 9M04 2Q04 3Q04 3Q03 OPERATING INCOME (Euro mln) COST/INCOME RATIO 3,680 3,310 1,210 57.0% (+2.0 pp on Dec03) 1,130 1,030 1,070 -10.1% -8.8% 9M03 9M04 3Q04 1Q04 2Q04 3Q03 1 Calculated on end of period net equity excluding profit for the period

  5. STRONG NET INTEREST INCOME (EX. DIV.) COMING FROM COMMERCIAL BUSINESS (+3.2% Q/Q AND +6.8% Y/Y IN ITALY), THANKS TO PRICING RESILIENCE … NET INTEREST INCOME excl. Dividends ITALY: TREND OF MARK-UP& MARK-DOWN Mark-up on short term(1) UBI vs. System(3), % 2.78% Avg. Euribor 2.46% 2.16% 2.14% 2.11% 2.09% 2.09% 1,251 1,217 1,210 1,193 1,189 1,160 1,140 +6.8% Italy ex. Parent Company +3.2% 1,007 970 946 933 964 979 1,010 Mark-down(2) UCB vs. System(3), % New Europe 263 268 250 255 259 270 274 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 Memo Parent Company: Net Interest income -19 -45 -36 -48 -34 -39 -67 1 77 4 82 0 91 34 Dividends(4) Parent Co. subtotal -18 32 -32 34 -34 52 -33 (1) Mark-up = Interest rate on short term loans - Euribor 1M. EOP data (4) Excl. infra-group dividends (2) Mark-down = Euribor 1M - Interest rate on deposits in current accounts. EOP data (3) System data as of end of August 2004

  6. … AND GOOD VOLUME GROWTH MAINLY SUPPORTED BY RETAIL AND NEW EUROPE IN 3Q04 TOTAL CUSTOMER LOANS1 Breakdown By Division (bn) % ch. on Jun04 % ch. on Dec03 % ch. on Sep033 Sep04 Retail 54.2 +3.4 +11.2 +15.0 Corporate 62.6 -0.6 -0.3 +7.5 New Europe 13.2 +4.1 +12.0 +9.1 Other 3.2 +0.9 +22.4 +0.6 TOTAL GROUP 133.2 +1.5 +5.7 +10.4 • Retail Division: good performance, thanks to continued growth in households’ mortgages (+16.1% on Dec03) and to the pick-up of Small Business lending (+7.2% on Dec03) • Corporate Division substantially stable(-0.3% on Dec03) mainly due to lower lending to large corporates counterbalanced by growth in SMEs and other corporate customers; good increase in m/l term (+9.2%2 Sep04/Dec03 in UBI) • New Europe Division up 8.0% at unchanged FX on Dec03, positive contribution of Pekao (+11.1% on Dec03, +3.5% at unchanged FX) 1 Excl. Repos 3 Incl. ANBI 2 Source: Bank of Italy Matrix

  7. UCI LOAN GROWTH IN ITALY OUTPERFORMS INDUSTRY WITH A MAJOR SHIFT TOWARDS M/L TERM CONTINUED MARKET SHARE GAINS Total Loans1, y/y % ch. Medium/Long Term Loans1, y/y % ch. UCI2 Italian industry UCI 2 Italian industry UCI2 Market Share Increasing positive gap of UCI y/y total loans growth vs. industry since Sep 03 (from +0.8% in Sep 03 to +6.2% in Sep04) UCI total loans market share constantly improving from Mar03 (+97 bp, from 9,99% in Mar03 to 10,96% in Sep04) On total loans 1 On M/L term loans 1 1Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) 2 Proforma incl. ANBI

  8. RECURRING NET COMMISSIONS UP 0.7% Y/Y Q/Q COMPARISON IMPACTED BY ADVERSE SEASONAL EFFECT • Net commissions (excluding up-front) down 7.9% on 2Q mainly due to lower contribution from Corporate Division: • Less fees from Corporate Finance activity (~ -25 mln) • Adverse seasonal effect on Uniriscossioni • Good resilience of fees from Foreign Trade and Transaction Services vs. 2Q • Commissions from segregated accounts up 3.3% on 2Q04 • Up-front feesdown 25.9% on 2Q • Net commissions (excluding up front) up 0.7% on 3Q03 with further improvement in net commission mix (weight of up-front on total to 10.8% from 18.2% in 3Q03) NET COMMISSIONS 9M04/9M03: -1.2% -10.3% 857 855 839 830 798 781 767 +0.7% -7.9% 684 Other 743 686 660 679 689 627 179 154 151 171 112 109 Up-front1 83 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 Weight of Up-front on Total (%) 19.7 21.3 18.2 20.0 13.6 13.1 10.8 1 Related to UniCredit Banca and UniCredit Private Banking data restated on management accounts

  9. TOTAL AUMs IN LINE WITH JUN04 BUT +7.7% Y/Y; VERY POSITIVE Q/Q GROWTH OF HIGHER VALUE ADDED PRODUCTS (SEGREGATED ACCOUNTS +5.8% AND BANCASSURANCE +2.0%) AND CONTINUED INCREASE OF MKT. SHARE IN MUTUAL FUNDS Focus on Sales of AM products UCI TOTAL AUM • MUTUAL FUNDS (Italy):continued outperformance for net sales in the first 10 months of 2004 … 123.2 +7.7% vs Sep. 03 (bn) 123.1 +0.1% 114.4 +7.6% +20.7% vs Sep. 03 UCI (Total) ITALIAN SYSTEM 34.8 35.0 US, New Europe & International +21.3% -0.5% 28.8 -583 23.1 +16.2% +2.0% 22.6 19.5 Insurance -6.2% +5.8% 22.6 24.1 23.9 Segregated Accounts +3.3% vs Sep. 03 Mutual & Hedge Funds1 +2.1% -3.5% 42.0 42.9 -9,952 41.4 … being the only mkt. share net gainer among the big players Sep. 03 Jun. 04 Sep. 04 Italy US, New Europe & Intl. DEC.03 JUN.04 SEP.04 OCT.04 ASSET MIX (PGAM) UCI 13.39% 13.51% 13.63% 13.69% Avg.9M03 Avg.1Q04 Avg.2Q04 Avg.3Q04 Equity + Hedge 26.7% 29.8% 30.0% 30.1% • HEDGE FUNDS (Worldwide): positive inflows confirmed in 3Q (~260 mln), leading to record 1.4 bn net sales in 9M04 (+217% Y/Y) Bond + Liquidity 63.0% 60.7% 60.9% 61.3% Balanced + others 10.3% 9.5% 9.1% 8.6% (1)Plain vanilla Mutual and Hedge Funds distributed in Italy (Total AuM in Mutual and Hedge Funds in Italy, including Mutual Funds in Segregated Accounts and Unit Linked, 70.2 bn as at 30.9.2004 vs 67.6 bn as at 30.9.2003, +3.8% - Source: Assogestioni)

  10. INCOME FROM FINANCIAL TRANSACTIONS: CONTINUOUS REDUCTION OF THE Y/Y GAP VS 2003 (FROM –25% AS OF JUNE TO –22% AS OF SEPTEMBER), DESPITE THE NEGATIVE SEASONALITY AFFECTING CORPORATE AND INSTITUTIONAL DERIVATIVES INCOME FROM FINANCIAL TRANSACTIONS (mln) • Negative seasonality penalising both Corporate (i.e. less than 10 mln revenues in August) and Institutional Derivatives (i.e. less than 4 mln revenues in August) 9M03: 1,048 mln 9M04: 820 mln (-21.8% Y/Y) 436 349 • Reduction of the Y/Y gap vs 2003 for Corporate Derivatives (-44% as of Sep.04 vs -48% as of Jun.04) … 295 292 Institutional Derivatives1 66 263 239 233 66 • … and +10.6% Y/Y growth for Institutional Derivatives in 9M04 (~218 mln vs ~197 mln) 100 Corporate Derivatives 68 65 268 60 50 204 139 • Higher 3Q/2Q contribution of Retail Derivatives, New Europe and Parent Company 105 105 97 76 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 (1)Data restated: revenues deriving from structured products distributed through non-captive networks (previously classified as Retail Derivatives) now classified as Institutional Derivatives

  11. OPERATING COSTS DOWN BY 2.8% 3Q/2Q04 MAINLY THANKS TO A DECREASE IN OTHER ADMINISTRATIVE EXPENSES.FIRST HEADCOUNT REDUCTION SINCE SEP03 OPERATING COSTS BREAKDOWN (Euro mln) Headcount reduction 3Q/2Q +3.8% 4,386 4,225 -112 -2.8% 342 +0.6% 340 Depr. & amort. 1,505 1,463 69,136 69,248 1,515 +5.3% 1,439 +7.0% Other adm. expenses 114 122 2Q04 3Q04 539 501 -7.1% PERSONNEL COSTS 3Q/2Q decreasing by -1.4%. First signs of headcount reduction +3.4% 2,529 2,446 Personnel costs -1.4% 852 840 OTHER ADMIN. EXPENSES 3Q/2Q -7.1% also thanks to a seasonal reduction of advertising costs (-10 mln) 2Q04 3Q04 9M03 9M04 DEPRECIATION 3Q/2Q +7.0% mainly due to UCB (+3.6 mln for new branch layout, replacement ATM)

  12. NON OPERATING ITEMS IN 3Q CHARACTERISED BY LOWER NET WRITE-DOWNS OF LOANS AND NET EXTRAORDINARY INCOME vs. 2Q • -222 mln net write-downs of loans down 24 mln vs. 2Q04 due to lower net write-downs in Corporate division-21 mln and in Retail division -4 mln 1Q04 2Q04 3Q04 9M04 3,310 1,070 1,210 1,030 Operating income -215 -71 -72 -72 Goodwill amort. • Net write-downs of financial investments +4 mln • Provisions for risks & charges -26 mln Net write-downs of loans -660 -192 -246 -222 -58 -9 -27 -22 Other net provisions1 • 15 mlnnet capital gains from disposals • 23 mlnrelease of reserves previously created 157 2 100 55 Net extraord. income -895 -296 -335 -264 Taxes -135 -38 -47 -50 Minorities • Tax Rate at 34.3% vs. 41.7% in 3Q03 benefiting from tax calculation on consolidated P&L,substantially stable on 2Q04 (34.6%) 466 583 455 1,504 Net Income 1 Net write-downs of financial investments, provisions for risks and charges and provision to reserve for general banking risks

  13. ASSET QUALITY: LIMITED Q/Q GROWTH OF GROSS DOUBTFUL LOANS AND SUBSTANTIAL INCREASE OF COVERAGE RATIOS • Weight of Total Gross NPLs1 on Total Gross Loans in Italy much lower than for the Italian Banking System ch. on Jun. 04 mln, where not specified Sep. 04 4.84% 4.78% Italian Banking System Gross Doubtful Loans 9,311 +1.4% 4.60% 3.20% Weight on Gross Loans 6.60% -1 bp 3.14% 3.09% (ex New Europe) Coverage ratio 48.0% +86 bp 30.9.2004 30.9.2003 30.6.2004 • 3Q net flows of New Doubtful Loans2 slightly higher than 2Q (402 mln vs 372) but 20.6% lower than first 2 quarters Average Gross Non Performing Loans 6,451 +3.1% 507 Weight on Gross Loans 4.57% +6 bp 402 Coverage ratio 60.1% +87 bp -20.6% Average 1Q04 + 2Q04 3Q04 Provisions on performing loans 1,328 +2.9% Coverage ratio 1.01% +1 bp • 3.1% increase of Gross NPLs vs Jun. 04 (mainly due to shift from Watchlist Loans) partly offset by a 3.7% reduction of Watchlist Loans (2,412 mln as of Sep. vs 2,506 mln as of Jun.) ch. on 2003 9M04 • Improved coverage ratios; coverage ratios adding back fiscal write-offs3 at a high 70.6% on NPLs (+62 bp Q/Q) and at 58.4% on Total Doubtful Loans (+88 bp Q/Q) 65 bp +1 bp4 Stated cost of risk (annualised) • 2.9% increase of provision on performing loans vs Jun. 04, with coverage ratio at 1.01% (1) Calculated as Total Gross NPLs/Total Gross Customers Loans granted to corporate and retail customers residents in Italy (Source: BankIT data) (2) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing (3)Calculated adding back to total provisions the fiscal write-offs of UniCredit Banca and UniCredit Banca d’Impresa only (4)Calculated on FY03 cost of risk (76 bp) net of extraordinary provisions on Parmalat (12 bp)

  14. AGENDA 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  15. RETAIL DIVISION: GOOD Q/Q PERFORMANCE, WITH TOTAL REVENUES UP 3.2% THANKS TO GROWTH OF NET INTEREST INCOME (+4% EX. DIV.) AND NET COMMISSIONS (+1.5%) • Goodgrowth of net interest income (+6.5% y/y excl. dividends) sustained by volume growth in all segments % ch. on 2Q04 3Q04 • Spread on deposits(1) at 1.57%, slightly upvs. 2Q04 (+2 bp) Net interest income (incl. div.) 605 +4.5 Net non interest income 487 +1.6 • Good performance of commissions (+1.5% vs. 2Q04 despite negative seasonal effects), thanks to excellent sales of Focus Invest (the new investment product for affluent customers launched in July) Total revenues 1,092 +3.2 Operating costs (incl. depr.) -747 -0.2 Operating income 345 +11.3 Net income for the Group 161 +23.2 • Good increase of Operating Income (+11.3% q/q), resulting from operating costs substantially aligned with 2Q Cost Income ratio, % 68.4 -232 bp ch. on FY03 9M04 • Decrease of 200 employees in 3Q Cost of risk 49 bp -1 bp • Almost 19,000 net new customers acquired in 3Q04 (1) Management accounts

  16. POSITIVE SIGNS FROM ALL KEY MARKETS WITH GROWTH TARGETS: EXCELLENT GROWTH IN STOCKS OF RESIDENTIAL MORTGAGES, CONSUMER FINANCING … VOLUMES RESIDENTIAL MORTGAGES • Good performance in the flow of new mortgages of both UCB and UBCasa (+22% y/y for both) STOCK, bn NEW FLOWS, bn mkt share(2) 17.63% • Growth coming mainly from partnership channel, with 49% y/y increase 17.61% 17.17% +22% +16.1% • Avg. amount of mortgage from 93,000 (2003 avg.) to 102,000 Euros (9M04 avg.), up 12.7% 6.3 30.5 29.2 26.2 5.2 PRICING • 3Q average spread on new mortgages(1) : • UCB at 1.28%, unchanged vs. 2Q04 • UBCasa at 1.46%, slightly up vs. 2Q04 (+1 bp) DEC03 2Q04 9M04 9M03 9M04 VOLUMES CONSUMER FINANCING • Excellent growth of stock (2.5 bn as of September), +18% vs. Dec 03 and +9.6% vs. June 04 NEW FLOWS OF PERSONAL LOANS TOTAL SPENDING3) (+270k revolving cards in 9M04) • Excellent results of the focus on captive customers (more than 200,000 revolving sold in 9 months vs. 6,000 in FY03) +52% • Acceleration in flow of personal loans granted through UCB branches (342 mln in 3Q vs. 281 in 2Q) driven by the launch of Credit Express in May 04 886 mln 248 mln 582 mln PRICING 95 mln • 3Q average spread on new production(1) : • revolving cards at 9.87%, +43 bp vs. 2Q04 • personal loans at 5.40%, -2 bp vs. 2Q04 9M03 9M04 FY03 9M04 (1) Management accounts (3) POS and ATM spending through revolving cards (2) Related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin

  17. … AND SMALL BUSINESS LENDING, THANKS TO CONTINUED INCREASE IN CUSTOMER ACQUISITION RATE AND IN PRESENCE OF A RESILIENT SPREAD GOOD RESULTS OF THE RECENT FOCUS ON SMALL BUSINESS ALREADY VISIBLE IN STOCK GROWTH STOCK, bn SHORT TERM SPREAD(1) +7.2% • Continuous growth of stock, with 2.8% increase vs. June 04 13.0 12.1 8.63% 8.41% • Resilience of short term spread(1), substantially in line with 1H04 (+1 bp) DEC03 9M04 FY03 9M04 UCB AVERAGE MONTHLY ACQUISITION RATE TOTAL BANK DEVELOPMENT REGIONS STRENGTHENING REGIONS +44% +31% +33% 0.93% 0.64% 0.46% 0.70% 0.32% 0.49% 3Q04 3Q04 3Q04 FY03 FY03 FY03 • Growth of acquisition rate mainly driven by development regions, also thanks to the implementation of the brand new network of Developers (680 developers up and running) • 52,000 new Small Business customers acquired in 9M04 (1) Management accounts, includes also maximum overdraft charges

  18. AGENDA 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  19. CORPORATE DIVISION: GOOD PERFORMANCE OF NET INTEREST INCOME, COST CONTROL AND LOWER WRITE-DOWNS ON LOANS OFFSET BY THE NEGATIVE SEASONALITY ON NON-INTEREST INCOME AND THE LACK OF EXTRAORDINARY GAINS POSTED IN 2Q % ch. on 2Q04 • Good growth of net interest income (+3.7% Q/Q and +5.9% Y/Y excluding dividends) almost totally driven by UBI 3Q04 (mln) Net interest income (incl. div.) 388 +1.0 • Net non interest income penalised by the negative seasonality for derivatives (income from financial transactions from 282 mln in 2Q to 178 mln in 3Q) and by the lower contribution of Corporate Finance fees (from ~36 mln in 2Q to ~11 mln in 3Q) Net non interest income 330 -30.7 Total revenues 718 -16.6 Operating costs (incl. depr.) -244 -5.4 Operating income 474 -21.4 • Operating costs decrease (-5.4% 3Q/2Q) mainly due to lower administrative expenses (less services provided to customers due to seasonality and effective cost control) Net write-downs on loans -123 -14.5 Net extraordinary income +1 n.s. Net income for the Group 193 -37.5 Cost Income ratio, % 34.0 +402 bp • Net write-downs on loans back to “normalised levels” (-21 mln vs 2Q) ch. on FY03 9M04 • 37.5% 3Q/2Q reduction of Net Income also due to very limited extraordinary income (1 mln vs 64 mln posted in 2Q2) Cost of risk (annualised) 77 bp +8 bp1 (1)Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (22 bp) (2)Of which ~55 mln write-back of provisions created for fiscal purposes – “tax cleared accounts” by UBM

  20. NET INTEREST INCOME GROWTH DRIVEN BY UBI’S HIGHER AVERAGE LOANS COUPLED WITH EFFECTIVE PRICING UBI AVG. CUSTOMER LOANS1, bn UBI AVG. TOTAL LENDING SPREAD(1), % UBI NET INTEREST MARGIN (excluding dividends), mln +2.5% +9 bp +4.2% Q/Q 46.5 2.41% 45.3 +11.0% Y/Y 325 42.7 2.32% 312 2.21% 293 19.7 19.1 o/w: M/L 17.1 3Q03 2Q04 3Q04 3Q03 2Q04 3Q04 3Q03 2Q04 3Q04 % ch. Aug04/ Jun04 • Continuous growth of loans to core SMEs customers (+0.2% as of Aug042 vs Jun04) … Dec03 Jun04 Aug042 (mln, end of period figures) Largest groups 7,389 6,359 5,173 -18.7% SMEs & other corporate 27,390 28,608 28,663 +0.2% • … and of Share of Wallet (12.8% as of Aug04 vs 12.7% as of Jun04) … - Share of Wallet 12.3% 12.7% 12.8%3 +10 bp Financial companies 4,446 3,478 3,295 -5.3% • … with a good contribution of M/L lending (from avg. 19.1 bn in 2Q to avg. 19.7 bn in 3Q) Public Sect. & Others4 6,811 7,872 8,145 3.5% TOTAL5 46,036 46,317 45,276 -2.2% (1) Average quarterly figures; only performing loans (“impieghi vivi”) taken into account (4) Including non-financial companies with Total Revenues lower than 1.5 mln (2) Source: Credit Bureau; data as of September 2004 not yet available (5) Data as of Dec03 and Jun04 restated in order to reflect a new share of wallet calculation criteria adopted from July ’04, which excludes loans to non-residents in Italy (3) Discount the securitisation of ~230 mln for Neafidi district bond and ~170 mln loans issued in conjunction with UniCredit Banca MedioCredito. Share of wallet at ~13.0% adding back these amounts

  21. SIGNIFICANT RESILIENCE OF LEAST VOLATILE COMPONENTS OF NET COMMISSIONS, DESPITE LOW “AUGUST” BUSINESS VOLUMES. 3Q NET FLOWS OF NEW DOUBTFUL LOANS SIGNIFICANTLY LOWER THAN THE FIRST 2 QUARTERS AVERAGE (-10.5%) CORPORATE DIVISION: NET COMMISSIONS (mln) • Net commissions impacted by the lower contribution of Corporate Finance fees1(~11 mln in 3Q vs~36 mln in 2Q) and the negative seasonality for UniRiscossioni 176 140 131 142.9 -25.4% vs 2Q • Very good resilience of the least volatile components, despite lower business volumes in August: -6.0% vs 1Q • ~35 mln from foreign trade services (vs ~37 mln in 2Q and ~27 mln in 1Q) 1Q04 2Q04 3Q04 • ~16 mln from transaction services (vs ~17 mln in 2Q and ~16 mln in 1Q) CORPORATE DIVISION: NET FLOWS OF NEW DOUBTFUL LOANS2 (mln) ~260 ~232 Of which: To Loans to be Restructured • 3Q net flows of new doubtful loans higher than in 2Q (232 mln vs 143 mln), but significantly lower than the first 2 quarters Average (-10.5%) 81 72 -10.5% 179 160 • 3Q Default Rate3 at 0.37% (vs 0.42% in the first 2 quarters Average) Average 1Q04 + 2Q04 3Q04 (1) UBI+UBM+Banca MedioCredito (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 (3) 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 31.12.2003

  22. AGENDA 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  23. PRIVATE & AM DIVISION: OPERATING INCOME INCREASE THANKS TO HIGHER EFFICIENCY; CONTINUED GROWTH OF TOTAL FINANCIAL ASSETS … • Total Financial Assets: 0.4% Q/Q increase (+9.6% Y/Y at fixed FX), with higher weight of hedge funds (from 1.40% as of Sep.03 to 2.26% as of Jun.04 and to 2.38% as of Sep.04) % ch. on 2Q04 3Q04 PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS +0.4% (mln - % Change at Fixed FX) (bn) 161.4 Net interest income (incl. div.) 24 -1.4 160.7 148.6 Net non interest income 251 -2.9 130.6 130.1 120.4 AUM Total revenues 275 -2.7 24.7 24.7 Securities in custody 22.4 Operating costs (incl. depr.) -175 -5.4 Direct deposits1 5.9 6.1 5.8 Operating income 100 +2.3 Sep.03restated Jun.04 Sep.04 Net extraordinary income 12 +37.0 • Total revenues: Net income for the Group 88 -4.3 • Slight Q/Q decrease (-8 mln at fixed FX), mainly due to lower upfront fees (-6 mln at fixed FX) Cost Income ratio, % 63.6 -179 bp • Significant +6.9% growth in 9M04 vs 9M03, driven by the strong +9.6% increase of Total Financial Assets (at fixed FX) Tax Rate, % 19.4 Vs 10.3% in 2Q • Operating income: +2.3% Q/Q thanks to strict cost control (-10 mln Q/Q operating costs at fixed FX, mainly marketing and travel expenses) • Net income: -4.3% Q/Q (at fixed FX) totally due to taxes back to a “normalised” level (one-off benefits in 2Q coming from “first-time fiscal consolidation” of PGAM and Xelion) 1 Including Repos

  24. … MAINLY THANKS TO PIONEER AUM INCREASE COUPLED WITH POSITIVE SALES IN ALL THE BUSINESS DIVISIONS • Growth of total AUM driven by market performance and positive net sales in all the business divisions, with excellent results in the International (ex Italy) business division and in alternative investments +0.5% Q/Q +0.9% at fixed FX (bn) 125.41 124.7 9M04 Net Sales Net Sales breakdown: 115.6 +8.4% Y/Y +9.5% at fixed FX Italy 165 International (ex Italy) 1,6701 US 286 New Europe 287 TOTAL PGAM 2,408 Alternative Invest. 1,385 AUM Sep.03 pro-forma AUM Jun.04 AUM Sep.04 • Significant increase of market shares in Italy (from 13.39% as of Dec.03 to 13.63% as of Sep.04 and 13.69% as of Oct.04 – Mutual Funds, Assogestioni perimeter) and in Poland (from 30.36% as of Dec.03 to 32.25% as of Jun.04 and 32.68% as of Sep.04–Investment Funds) • “Institutional and Third party strategy” already paying off: Institutional+Third Party AUM/Total AUM ratio from 34.7% as of Dec.03 to 35.8% as of Sep.04 1 Data gross of ~500 mln AUM withdrawn by an Institutional client in the last days of September and given back to Pioneer (as previously agreed) at the beginning of October

  25. AGENDA 9M04 Group Highlights Divisional Reporting Retail Division Corporate Division Private & AM Division New Europe Division

  26. 3Q04 KEY HIGHLIGHTS: NET INCOME UP 18.9% Q/Q THANKS TO REVENUE GROWTH, COST CONTROL AND LOWER COST OF RISK. INCREASING CONTRIBUTION ON OPERATING INCOME OF ZABA AND KFS • Total Revenues up 1.8% on 2Q04: • Net interest income +1.6% on 2Q04: KFS (+9.2%) and Bulbank (+4.5%) performance partially counterbalanced by Zaba (-3.0%) and Pekao (-0.2%); +4.8% incl. dividends and other income from equity investments (+9 mln from Istratourist4) • Net commissions -5.7% on 2Q04: decrease in Pekao offsets positive trends of Bulbank, Zaba and KFS mainly due to loan growth % ch. on 2Q04 % ch. on 3Q03 3Q04 (Euro mln) At unchanged FX1 Total revenues +1.8 +2.8 445 +1.6 +1.3 270 - o/w net interest income2 - o/w net commissions -5.7 -7.0 99 Operating costs -2.5 -235 +2.2 Operating income +3.4 +7.1 210 Net write-downs of loans -30 -1.1 -5.7 • Operating Costs down 2.5% on 2Q04 due to decreasing trend in major banks (Pekao, and Zaba) thanks to active cost management Attributable Net Income +18.9 +21.5 113 ROE (9M04 data, y/y % ch.) 20.2% +2.2 pp • Further reduction of Cost of Risk (-5 bp q/q) and higher coverageof Doubtful loans (to 72.4% from 68.5% in Jun04) Cost of Risk3 (annualised) 91 bp -5 bp -3 bp Cost/Income 52.8% -2.3 pp -0.3 pp • Attributable Net Income up 18.9% also benefiting from disposal of securities and equity investments in Pekao (7 mln) Tax Rate 15.2% +4.3 pp -9.3 pp 1 Excluding for KFS (included at current FX) 4 Company, operating in tourism business, accounted by equity method in Zaba 2 Excluding dividends 3 Calculated as Net Loan Loss Provisions of 3Q04 on Net customers Loans at period-end ITAS

  27. INCREASING NET CUSTOMER LOANS FOR NE BANKS (PEKAO STABLE ON JUN04). TREND IN MUTUAL FUNDS AFFECTED BY LOWER SALES IN POLAND AND CROATIA • NET CUSTOMER LOANS 3Q/2Q04: Good growth (+4.1%) driven by acceleration in Bulbank (+20.5%) and Zaba (+5.4%);further increase in KFS (+3.7%), Pekao substantially stable (-0.1%) % ch. on Jun04 % ch. on Dec03 Sep04 (Euro mln) At unchanged FX1 13,261 +4.1 +11.9 Net Customer Loans 5,750 -0.1 +3.2 - o/w Pekao • MORTGAGES continuing good trend: • Pekao: market share in new LC mortgages +1.9 pp on 2Q04 (to 25.5%) • Zaba:stock +7.7% on 2Q04, improved leadership position with 41.6% market share (+40 bp on 2Q04) 1,953 +8.3 +21.8 Mortgages 464 +17.4 +59.5 - o/w Pekao LC 22,577 +6.8 +6.6 Deposits • DEPOSITS: • ~ +430 mln on Jun04 linked to bond issued by Zaba (total amount 450 mln) 10,690 +1.1 -1.1 - o/w Pekao 4,431 +4.4 +24.4 Mutual Funds3 • MUTUAL FUNDS in PEKAO: • Improved market share2:+0.4 pp on 2Q04 (to 32.7%); • Further increase of equity and balanced funds2 to 51.3% (from 50% in 2Q04) 2,607 +1.3 +13.2 - o/w Pekao2 Assets administr. for customers3 35,724 +6.3 +12.3 1 Excluding for KFS (included at current FX) ITAS 2 PPIM 3 New Europe Business Area of Pioneer is included at current FX

  28. Annex

  29. 3Q04 & 9M04 CONSOLIDATED INCOME STATEMENT (Euro mln) % ch. on 2Q04 % ch. on 3Q03 3Q04 9M04 y/y % ch. Net interest income (incl. div.) -3.7 +8.0 +0.8 1,278 3,798 - of which Dividends -47.9 +165.2 +11.0 61 182 Net non interest income -12.5 -8.3 -5.8 1,215 3,898 2,493 7,696 Total revenues -8.2 -0.7 -2.6 Administrative costs (incl. depr.) -2.8 +6.1 +3.8 -1,463 -4,386 3,310 -14.9 -8.8 -10.1 Operating income 1,030 Goodwill depr. -72 -215 -0.1 +5.6 +5.4 Provisions on loans -222 -660 -10.1 +11.8 +17.6 Other net provisions* -15.3 -9.9 -64.0 -22 -58 Net extraordinary income -45.0 n.m. +185.5 55 157 Taxes -21.0 -23.2 -20.5 -264 -895 -50 -135 Minorities +6.5 +56.1 +32.4 455 1,504 Net income -22.1 +1.3 -4.9 * Net write-downs of financial investments, provisions for risks and charges, provisions for possible loan losses and provisions to reserve for general banking risk

  30. -747 -244 -175 -240 -1,463 DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 3Q04 Total Group1 3Q04 RESULTS Retail Division Corporate Division Priv.& AM Division NE Division (Euro mln - Data at end of period FX) Total revenues 1,092 718 275 454 2,493 +3.2% -16.6% -3.5% +2.4% -8.2% % Change vs 2Q042 Operating costs -0.2% -5.4% -6.4% -2.1% -2.8% % Change vs 2Q042 Operating income 345 474 100 214 1,030 +11.3% -21.4% +2.0% +8.0% -14.9% % Change vs 2Q042 Net write-downs of loans -69 -123 -1 -31 -222 -5.1% -14.5% n.m. -1.1% -10.1% % Change vs 2Q042 Net income for the Group 161 193 88 115 455 +23.2% -37.5% -4.3% +19.9% -22.1% % Change vs 2Q042 C/I Ratio 68.4% 34.0% 63.6% 52.8% 58.7% -2.3 pp +4.0 pp -2.0 pp -2.4 pp +3.3 pp Change in pp vs 2Q042 Employees3 25,261 6,388 3,667 29,787 71,110 1Balance due to the Parent Company, other Group companies and elisions 3Including all the employees of Koc Financial Services (3,908as at 30.09.2004) 2Calculated on data at end of period FX

  31. ASSET QUALITY: DETAILS BY DIVISIONS Retail Division Corporate Division NE Division Total Group 1 (mln - Data at end of period FX) Jun. 04 Sep. 04 Jun. 04 Sep. 04 Jun. 04 Sep. 04 Jun. 04 Sep. 04 Total gross doubtful loans 3,390 3,479 2,798 2,869 2,837 2,806 9,180 9, 311 % change on Jun.04 +2.6% +2.5% -1.1% +1.4% Gross Doubtful Loans/Tot. Gr. Loans,% 6.28% 6.23% 4.19% 4.32% 19.1% 18.1% 6.61% 6.60% Total net doubtful loans 2,114 2,160 1,760 1,823 895 774 4,850 4,839 % change on Jun.04 +2.2% +3.6% -13.6% -0.2% 4.03% 3.98% 2.71% 2.82% 7.03% 5.83% 3.64% 3.58% Net Doubtful Loans/Tot. Net Loans,% 2,034 2,095 1,890 1,940 2,236 2,320 6,259 6,451 Gross NPL % change on Jun.04 +3.0% +2.6% +3.7% +3.1% Gross NPL/Tot. Gr. Loans,% 3.77% 3.75% 2.83% 2.92% 15.0% 15.0% 4.51% 4.57% Net NPL 1,047 1,075 1,096 1,113 375 359 2,549 2,577 % change on Jun.04 +2.7% +1.6% -4.3% +1.1% Net NPL/Tot. Net Loans,% 2.00% 1.98% 1.69% 1.72% 2.95% 2.71% 1.91% 1.91% Coverage ratios 37.6% 37.9% 37.1% 36.5% 68.5% 72.4% 47.2% 48.0% -on tot. Gross doubtful loans, % -on total gross NPL, % 48.5% 48.7% 42.0% 42.6% 83.2% 84.5% 59.3% 60.1% 1 Balance due to other Group companies

  32. RETAIL DIVISION: 9M04 RESULTS BREAKDOWN BY COMPANY mln UniCredit Banca Banca d. Umbria CR Carpi Clarima TOTAL(1) UBCasa Interest income (incl. div.) 1,505 78 83 80 28 1,746 Net non interest income 1,317 54 9 24 17 1,420 Total revenues 2,821 132 92 104 45 3,166 Operating costs (incl. dep.) -2,012 -73 -55 -48 -26 -2,215 - of which: Staff costs -1,071 -38 -18 -13 -14 -1,155 - of which: Other costs -875 -32 -35 -34 -11 -987 Net operating income 809 59 37 55 19 951 Net provisions -179 -10 -12 -23 -1 -225 - o/w: Net write-down of loans -156 -7 -12 -21 -1 -197 Net income 359 30 17 29 10 420 Net income for the Group(2) 309 28 22 29 10 419 Cost/income ratio, % 71.3 55.0 59.8 46.7 58.1 70.0 (1) Balance due to rounding and elisions of infragroup dividends and goodwill amortisation (2) Net of consolidation adjustments

  33. CUSTOMER LOANS AND CUSTOMER DEPOSITS BREAKDOWN AND DETAILS OF SHORT TERM SPREADS +3.4% EOP LOANS, Euro bn UCB AVG. MARK UP(5) (Small Business), % 54.2 52.4 +7.4% 48.8 5.99 5.95 5.93 8.2 5.69 5.55 5.60 5.47 8.3 -1.6% Other loans 2.5 8.3 +0.6% 2.3 +9.6% Cons. credit 2.1 +7.8% 13.0 12.6 +2.8% SB loans (1) 12.1 +4.2% 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 UCB AVG. MARK UP(5) (Households), % 30.5 7.33 7.33 29.2 Residential mortgages (2) 26.3 +4.7% 7.18 7.18 7.08 +11.0% 7.04 7.03 2003 pro-forma(3) 2Q04 3Q04 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 EOP DEPOSITS, Euro bn UCB AVG. MARK-DOWN(5) (Households), % 63.9 63.8 60.2 +6.5% 21.0(4) 20.5(4) 17.7 Bonds -0.2% -2.3% +18.3% 2.32 2.03 1.78 1.72 1.67 1.65 1.65 15.3 15.4 15.4 Other deposits +0.1% +0.4% Households c/accounts 27.6 27.9 27.2 +1.6% +1.2% 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 2003 2Q04 3Q04 (1) Includes short term and m/l term loans (2) Includes only households mortgages (3) Including ANBI (4) 2Q04 increase vs. December is due to the issue of bonds by UBCasa to fund mortgage book expansion (5) Source: Bank of Italy matrix data

  34. NET COMMISSIONS GROWTH COMING FROM GOOD SALES OF FOCUS INVEST. UP-FRONT FEES REPRESENTING 22% OF TOTAL COMMISSIONS IN 9M04, IN LINE WITH INTERNAL EXPECTATIONS RETAIL DIVISION: NET COMMISSIONS Breakdown by nature mln Q/q % ch. 2Q04 3Q04 TOTAL RETAIL DIVISION 324 329 +1.5 151 159 +5.1 Total Commissions from Wealth Management • Mutual funds 1 56 50 -10.4 • Segregated Accounts 2 11 44 n.m. • Insurance Products 3 85 66 -22.9 Securities in custody 48 49 +1.7 Other services 125 121 -3.0 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

  35. RETAIL DIVISION - DETAILS ON ASSET QUALITY • 3Q net flows of New Doubtful Loans2 decline vs. previous 2 quarters: mln, where not specified Sep 04 ch. on Jun 04 240 206 178 Gross Doubtful Loans 3,479 +2.6% -13.5% Weight on Gross Loans 6.23% -5 bp Coverage ratio 37.9% +28 bp 1Q04 2Q04 3Q04 • Increased coverage ratios, both on Doubtful Loans (+28 bp) and on Non Performing Loans (+15 bp) Gross Non Performing Loans 2,095 +3.0% Weight on Gross Loans 3.75% -2 bp • Slight increase of Gross Doubtful Loans (+2.6% Q/Q), driven by increased Gross NPLs (+3.0%) Coverage ratio 48.7% +15 bp Provisions on performing loans 302 +5.0% • Reduced weight of both Gross Doubtful Loans and Gross NPLs on Total Gross Loans, respectively -5 bp and -2 bp Coverage ratio 0.58% +1 bp ch. on 2003 9M04 • Increased provisions on performing loans, with slight increase in coverage ratio (+1 bp) Cost of risk (annualised) 49 bp -1 bp • Cost of risk in line with previous year (1) Defined as flow from in bonis loans to any category of doutbtful loans - flow from any category of doubtful loans to in bonis loans

  36. GOOD CUSTOMER SATISFACTION IMPROVEMENTS IN PRIVATE AND SMALL BUSINESS SEGMENTS, CONSISTENTLY OUTPERFORMING COMPETITION IN A CONTEXT OF GROWING MARKET SHARES PRIVATE CUSTOMERS, TRIM INDEX (1) SMALL BUSINESS, TRIM INDEX (1) UNICREDIT BANCA AVG. TOP 4 COMPETITORS UNICREDIT BANCA AVG. TOP 4 COMPETITORS 49 49 47 43 42 41 42 41 2003 3Q04 2003 3Q04 2003 3Q04 2003 3Q04 • Stability of front-end relationship with customers • Dedicated service model • Improved waiting time (shorter queues) • Improved advisory on lending products • Improved advisory on investment services, with room for further improvement • Focus on quality of sales Source: NFO Infratest, Customer satisfaction analyses (1) On a scale from 0 to 70

  37. CORPORATE DIVISION: 9M04 INCOME STATEMENT- BREAKDOWN BY COMPANY (Euro mln) TOTAL1 UBI UBM LOCAT Other companies Interest margin (incl. div.) 961 -17 152 43 1,139 Net non interest income 428 588 16 169 1,201 Total revenues 1,389 571 168 212 2,340 Operating costs (incl. dep.) -396 -167 -40 -143 -746 -226 -84 -23 -66 -399 - of which: Staff costs -169 -72 -15 -92 -328 - of which: Other admin. expenses 993 404 128 69 1,594 Net operating income -355 3 -27 -8 -387 Net provisions - o/w: Net write-downs of loans -350 7 -25 -5 -373 Net income 371 282 58 36 747 Net income for the group 361 284 61 40 746 28.5% 29.2% 23.7% 67.7% 31.9% Cost/income Ratio 1 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

  38. CORPORATE DIVISION: 3Q04 AND 9M04 INCOME STATEMENT y/y % ch. (Euro mln) 3Q04/2Q04 % ch. 3Q04/3Q03 % ch. 9M04 3Q04 Net interest income (incl. div.) 388 +1.0 +5.9 1,139 +1.6 Net non interest income 330 -30.7 -15.2 1,201 -14.6 Total revenues 718 -16.6 -4.9 2,340 -7.4 Operating costs (incl. depr.) -244 -5.4 -3.3 746 -3.1 Operating income 474 -21.4 -5.7 1,594 -9.3 -128 -15.8 +19.6 -387 +12.2 Total net provisions 1 n.s. n.s. 66 n.s. Net extraordinary income -154 -25.6 -4.1 -526 -6.6 Taxes Net income 193 -37.5 -18.5 747 -14.3 Net income for the group 193 -37.5 -18.9 746 -14.1 34.0% +402bp +62 bp 31.9% +141 bp Cost Income ratio, %

  39. CORPORATE DIVISION - DETAILS ON ASSET QUALITY • Increase of Gross Doubtful Loans (+2.5% vs Jun.04) driven by Gross NPLs (+2.6% vs Jun.04) and Loans to be Restructured (from 372 mln as of Jun.04 to 400 mln as of Sep.04, +7.5%), offsetting the benefits of decreasing of Gross Watchlist Loans (from 532 mln as of Jun.04 to 522 mln as of Sep.04, -2.0%) ch. on Jun. 04 mln, where not specified Sep. 04 Gross Doubtful Loans 2,869 +2.5% Weight on Gross Loans 4.32% +13 bp Coverage ratio 36.5% -66 bp • Increased coverage on NPLs (+61 bp vs Jun.04). Coverage ratios adding back fiscal write-offs3: • at 69.2% on NPLs (+67 bp vs Jun.04) • at 59.9% on Total Doubtful Loans (almost stable vs Jun.04) Gross Non Performing Loans 1,940 +2.6% Weight on Gross Loans 2.92% +9 bp Coverage ratio 42.0% +61 bp • +3.6% increase of provision on performing loans vs Jun. 04, also due to 23 mln provisions on the automotive sector. Coverage ratio on performing loans at an high 1.23% Provisions on performing loans 785 +3.6% Coverage ratio 1.23% +5 bp • 9M04 cost of risk (annualised) 8 bp up vs FY03 net of extraordinary provisions on Parmalat, mainly due to high provisions on a single position posted in 1H04; cost of risk at 68 bp (in line with FY03) net of provisions on this “single position” ch. on 2003 9M04 77 bp +8 bp2 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 (2)Calculated on FY03 cost of risk (91 bp) net of extraordinary provisions on Parmalat (22 bp) (3)Fiscal write-offs related to UBI only

  40. UNICREDIT BANCA D’IMPRESA: 3Q04 AND 9M04 INCOME STATEMENT y/y % ch. 3Q04/2Q04 % ch. 3Q04/3Q03 % ch. (Euro mln) 3Q04 9M04 328 +4.3 +10.7 961 +7.7 Net interest income Net non interest income 130 -18.9 -5.2 428 -12.8 Of which: - Net commissions 89 -7.0 +5.9 275 +14.3 - Trading profits 35 -44.3 -22.1 143 -39.1 Total revenues 458 -3.5 +5.7 1,389 +0.4 -132 -0.2 -1.3 -396 -0.7 Operating costs Operating income 326 -4.8 +8.8 993 +0.9 -115 -14.7 +23.8 -350 +29.0 Net write-downs of loans Other net provisions -2 -62.9 -18.0 -5 -79.6 +5.6 +0.7 361 -7.7 Net income for the group 118 28.9% +96 bp -202 bp 28.5% -32 bp Cost Income RATIO, %

  41. UBM: 3Q04 AND 9M04 INCOME STATEMENT 3Q04/2Q04 % ch. 3Q04/3Q03 % ch. y/y % ch.1 3Q04 9M04 (Euro mln) Financial Products Sales and Trading 123 -41.8 -32.5 509 -29.5 of which derivatives 107 -43.6 -30.2 447 -28.2 Investment Banking 10 -73.9 -64.0 62 -33.2 Total revenues 133 -46.8 -36.7 571 -29.9 Staff costs -28 -0.5 -16.8 -84 -21.4 Other costs (incl. depr.) -24 -29.8 -20.6 -83 -8.5 Operating income 82 -56.6 -44.4 404 -34.5 Net extraord. income - n.s. n.s. 58 n.s. Taxes -39 -55.9 -33.1 -182 -16.5 Net income 41 -74.8 -54.3 284 -27.0 C/I Ratio 38.5% +1,394bp +858 bp 29.2% +499 bp 1 9M04/9M03 % ch. calculated netting 31 mln of tax credit on dividends accounted in 9M03

  42. 9M04 avg. daily VAR: 3.9 mln UBM1 VAR CHANNEL UBM Daily VAR2 and P&L (Jan 04 – Sep 04) Euro mln UBM after merger of TradingLab UBM stand alone Daily P&L VaR 2 Calculated using a 98-99% asymmetric double tail confidence interval 1 Pls. note that, the graph reflects UBM standing alone until June 30, 2004. From July 1st, 2004 it reflects UBM new perimeter (incl. TradingLab, merged in UBM from July 1st, 2004)

  43. UPB + Subsidiaries UniCredit Xelion Banca Other Companies1 TOTAL DIVISION2 PGAM Group (Euro mln) Net interest income 55 7 10 1 73 189 533 39 8 770 Net non interest income Total revenues 243 540 50 9 843 -169 -279 -83 -14 -545 Operating costs (incl. dep.) -95 -132 -12 -7 -245 - of which: Staff costs -71 -136 -65 -6 -278 - of which: other admin. expenses 74 261 -33 -5 298 Operating income -1 -1 0 -1 -2 Total net provisions 3 20 1 48 21 Net extraordinary income Net income 56 161 -29 2 255 Net income for the group 42 238 -21 -12 247 n.s. Cost/Income Ratio 69.5% 51.7% n.s. 64.7% PRIVATE & AM DIVISION: 9M04 INCOME STATEMENT – BREAKDOWN BY COMPANY 1 Mainly companies deriving from the acquisition of ING and not integrated in UniCredit Xelion Banca 2 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

  44. PRIVATE & AM DIVISION: 3Q04 AND 9M04 INCOME STATEMENT (Euro mln - Data at current FX, % ch. at fixed FX) 3Q04/2Q04 % ch. 3Q04/3Q03 % ch. 3Q04 9M04 Y/y % ch. Net interest income (incl. div.) 24 -1.4 +5.0 73 +4.3 Net non interest income 251 -2.9 -0.9 770 +7.1 Total revenues 275 -2.7 -0.4 843 +6.9 Operating costs (incl. depr.) -175 -5.4 +7.2 -545 +8.8 Operating income 100 +2.3 -11.5 298 +3.6 - n.s. n.s. -2 -84.6 Total net provisions 12 +37.0 n.s. 21 +300.9 Net extraordinary income -21 +102.6 -28.7 -62 -24.3 Taxes Net income 91 -4.5 +11.8 255 +25.6 Net income for the Group 88 -4.3 +8.2 247 +19.6 63.6% -179 bp +455 bp 64.7% +113 bp Cost Income ratio, %

  45. PGAM GROUP: DEC03-OCT04 NET SALES AND AUM TREND (Euro mln) AuM as at 31.12.2003 Net sales 9M04 Mkt. Perf. 9M04 AuM as at 30.09.20041 Net sales Oct.04 AuM as at 31.10.20042 Italy 89,095 165 -141 91,641 91,326 2,066 5,880 1,670 108 7,767 7,947 397 International (ex-Italy)3 US 21,884 286 831 23,001 87 22,657 US in USD 27,639 376 528 28,543 108 28,858 2,577 287 25 3,118 3,087 New Europe 223 119,436 2,408 79 125,183 125,362 3,518 TOTAL PIONEER 2,449 1,385 13 3,847 13 3,800 Alternative Investments3 1 Balance due to roundings 2 Provisional figures; balance due to Market Performance (including FX effect) 3 Including Momentum

  46. 1 VERY GOOD COMMERCIAL RESULTS FOR UPB AND XELION • 40.1 bn Total Financial Assets, +0.6% Q/Q and +8.4% Y/Y, with higher weight ofHedge Funds (from 0.8% as of Sep.03 to 2.2% as of Jun.04 to 2.3% as of Sep.04) TOTAL FINANCIAL ASSETS +0.6% (bn) 40.1 39.9 37.0 • 70 mln Total Financial Assets per client-manager, vs 69.7mln as of Jun.04 and 66.1 mln as of Sep.03 • 309 mln net sales in 3Q04, with strong contribution of hedge funds (85 mln, more than 25% on the total) Sep.03 Jun.04 Sep.04 TOTAL FINANCIAL ASSETS +3.2% (bn) 11.3 • ~11.3 bn Total Financial Assets (+3.2% Q/Q and +13.1 Y/Y) 11.0 10.0 • Higher Financial Assets per PFA: from ~4.3 mln as of Sep.03 to~5.1 mln as of Jun.04, to~5.3 mln as of Sep.04, +25% Y/Y Sep.03 Jun.04 Sep.04 1 All data related to Total Financial Assets, Financial Assets per PFA, and Net Sales relate to Xelion+ING (2003 data are pro-forma), excluding figures related to ex-ING PFA who did not agree on Xelion’s mandate – Source: Assoreti

  47. XELION: CONFIRMED LEADERSHIP FOR TOTAL NET SALES IN 9M04 (WITH A STRONG 25.7% MKT. SHARE) AND OUTSTANDING PRODUCTIVITY PER PFA Data as at 30.9.2004 – Mln Data as at 30.9.2004 Data as at 30.9.2004 – Mln Data as at 30.9.2004 – Mln Tot. Fin. Assets: ~11.3 bn, 5th in Italy 2,122 PFAs, 5th in Italy Net Inflows per PFA1: 2rd among Top- Players Net Inflows: Euro 1,547 Mln, 1st in Italy TOTAL FINANCIAL ASSETS NUMBER OF PFAs NET INFLOWS PER PFA TOTAL NET INFLOWS 2 & 3 2 & 3 Fideuram + SPI 57,731 Fideuram + SPI 4,349 Azimut 1.10 Xelion 1,547 Mediolanum 20,371 Mediolanum 4,078 Xelion 0.71 Mediolanum 1,008 Rasbank + BNL Inv.ti4 18,489 Rasbank + BNL Inv.ti4 3,955 Credit Suisse 0.65 Azimut 889 Banca Generali 13,702 Banca Generali 2,336 Credem + Euromob. 0.43 Banca Generali 568 Xelion 11,314 Xelion 2,122 Mediolanum 0.25 Credem + Euromob. 474 Azimut 7,935 Fineco 1,520 Fineco 0.23 Fineco 370 Finanza & Futuro 7,852 Finanza & Futuro 1,160 Banca Generali 0.21 Rasbank + BNL Inv.ti4 272 Credit Suisse 7,069 Credem + Euromob. 1,102 Rasbank + BNL Inv.ti4 0.07 Credit Suisse 209 Credem + Euromob. 6,692 Azimut 872 Finanza & Futuro -0.16 Finanza & Futuro -188 Fineco 6,187 Banca 121 821 Fideuram + SPI -0.18 Fideuram + SPI -783 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 30.9.2004 4 BNL Investimenti recently acquired by RasBank

  48. 26.0%1 37.7%1 7.7%1 3.2%1 2.4%1 2.4%1 GOOD NET INCOME GROWTH IN 3Q BENEFITING FROM HIGHER REVENUES, LOWER COSTS AND DECREASED COST OF RISK %ch. at unchanged FX % ch. on 2Q04 % ch. on 3Q03 y/y % ch. NEW EUROPE DIVISION 3Q04 9M04 (Euro mln) +4.4 +1.9 +3.3 Net interest income2 285 825 BREAKDOWN OF REVENUES -2.4 +8.8 +1.9 Net non interest income 160 482 +2.8 +1.8 +4.3 Total revenues 445 1,307 -2.5 +2.5 +2.2 Operating Costs3 -235 -704 210 603 Operating income +7.1 +3.4 +6.5 20.1%1 -5.7 Net write-down of loans -30 -1.1 -96 -9.5 -43.1 -59.8 -80.4 Other net provisions4 -1 -4 n.m. -60.9 n.m. Net extraordinary income 12 9 +70.6 -29.4 -31.0 Taxes -29 -89 Net income 162 424 +15.7 +27.6 +21.5 Net income for the Group 113 292 +18.9 +21.5 +18.2 Cost/Income ratio (%) 52.8 53.9 -2.3 pp -0.3 pp -0.9 pp 1 Weight of the bank Total Revenues in 3Q04 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

  49. FURTER IMPROVEMENT IN NEW EUROPE ASSET QUALITY WITH HIGHER COVERAGE RATIOS Net NPLs and Doubtful Loans as % of Total Net Loans Net Doubtful/Loans % Sep04 Coverage ratios Net NPL/ Loans % Sep04 ch. on Jun04 (pp) ch. on Jun04 (pp) At unchanged FX 84.5 83.2 Pekao 72.4 4.1 8.8 -0.3 -1.3 68.5 Zaba 1.8 2.9 +0.0 -1.5 KFS 2.3 5.1 -0.5 -0.6 Bulbank 0.1 1.1 -0.1 -0.7 Zivno 0.5 3.4 -0.3 +0.0 Jun04 Sep04 Unibanka 2.8 5.9 -0.5 -0.3 On Gross Doubtful Loans On Gross NPLs Total NE -1.3 2.7 -0.3 5.8 Cost of risk1 • Decreasing Net Doubtful/Net Loans and Net NPL/Net Loans ratios in NE (bp, annualised) 120 • Further improvement in Coverage ratios and cost of risk -24 bp 96 • Decreased gross watchlist (-21.0% on Jun04) driven by Zaba (-67.8%) and Pekao (-17.4%) with higher coverage ratio (+1.2 pp to 14.2%) FY03 Sep04 1 Calculated as Net Loan Loss Provisions on Net Customer Loans at period-end, 9M04 data annualised ITAS

  50. NEW EUROPE DIVISION: 9M04 RESULTS BREAKDOWN BY BANK (Euro mln) Group PEKAO (53.0%) UNI BANKA (77.2%) Group ZABA (81.9%) UniCredit Romania (99.9%) BULBANK (85.2%) KFS2 (50.0%) Zivno (96.6%) TOTAL1 (UCI stake) Interest margin (incl. div.) 825 389 46 19 195 10 135 21 Net non interest income 482 309 31 13 71 9 37 11 1,307 698 77 32 266 19 172 32 Total revenues -704 -387 -27 -23 -146 -15 -73 -28 Operating costs (incl. dep.) -353 -195 -11 -11 -79 -7 -35 -13 - of which: Staff costs -253 -138 -11 -10 -47 -6 -29 -10 - of which: Other costs 603 311 50 9 120 5 99 4 Net operating income -99 -58 -4 -2 -12 -3 -21 +0 Net provisions -96 -50 -4 -2 -19 -3 -18 +0 - o/w: Net write-down of loans 424 228 38 7 89 3 54 +5 Net income 292 125 32 5 72 3 54 +1 Net income3 (UCI’s portion) ROE 20.2% 21.0% 20.6% 11.9% 20.0% 5.8% 26.6% 6.7% 53.9% 55.4% 34.8% 73.3% 54.8% 76.1% 42.2% 88.2% Cost/income 1 Balance due to roundings and other small companies Banks’ data gross of consolidation adjustment 2 Consolidated with proportional method (50%) ITAS 3 Net of consolidation adjustment

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