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9M05 CONSOLIDATED RESULTS Alessandro Profumo - CEO

9M05 CONSOLIDATED RESULTS Alessandro Profumo - CEO. Milan - November, 10 th 2005. 3Q05 ACHIEVEMENTS (1) : EXCELLENT PERFORMANCE BASED ON GOOD QUALITY REVENUE GROWTH AND COST CONTROL.

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9M05 CONSOLIDATED RESULTS Alessandro Profumo - CEO

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  1. 9M05 CONSOLIDATED RESULTSAlessandro Profumo - CEO Milan - November, 10th 2005

  2. 3Q05 ACHIEVEMENTS(1): EXCELLENT PERFORMANCE BASED ON GOOD QUALITY REVENUE GROWTH AND COST CONTROL • Operating income: 1,295 mln, +25.8% y/y based on total revenues up 14.0% y/y and limited cost increase (+2.8% y/y(2)) • Revenues supported by core commercial banking business and wealth management: • Double-digit growth in net interest income (+11.9% y/y) • Strong increase in net commissions (+24.4% y/y) • Outstanding results in asset management: • AuM: 152 bn (+18.9% on Dec04) • Net Sales: 7.8 bn in 9M05 vs 2.4 bn in 9M04 • Mutual Funds market share in Italy: 15.30% in Oct05 vs 14.54% in Dec04 • Improving Asset Quality(3): • Limited increase of net doubtful loans (+1.1% on Jun05) • Improved coverage ratios on tot. doubtful loans (57.1% in Sep05 vs 56.5% in Jun05) • Strong net income: • 622 mln in 3Q05 (+36.7% y/y), 676 in IAS • 1,923 mln in 9M05 (+27.9% y/y), 2,118 in IAS (1) Italian GAAP (2) Calculated on operating costs net of recovered taxes. Data at constant FX (3) Data in IAS

  3. SOLID 3Q05 RESULTS, EXCELLENT Y/Y GROWTH % ch. on 2Q05 % ch. on 3Q04 9M05 Y/Y ch. 3Q05 (ITAS, mln) Total Revenues 8,446 +9.7% 2,842 -1.7% +14.0% Operating Income 3,851 +16.4% 1,295 -3.8% +25.8% Net Income 1,923 +27.9% 622 +2.1% +36.7% C/I Ratio, % 54.4% -2.6 pp 54.4% +1.0 pp -4.3 pp C/I Ratio IAS, % 53.2% -2.6(1) pp 53.2% n.a. -4.0(1)pp Tax Rate, % 34.4% -0.9 pp 35.2% -0.9 pp +0.9 pp Ch. on FY04 9M05 Normalized for Fiat Convertendo (~180 mln)(3); stated figure at 36 bp Cost of Risk, bp(2) 52 bp -11 bp Cost of Risk IAS, bp(2) 59 bp n.a. Tier I ratio 7.79% -16 bp (1) 2004 data calculated excluding IAS 32 & 39 (2) 9M05 data annualised (3) Conversion of Convertendo FIAT at the end of September determined approx. +180 mln write-back of loan-loss provisions (made in the past) and a simultaneous write-down of the FIAT stake for approx. the same amount

  4. 1,376 - o/w net interest income (excl. div.) 1,361 1,111 - o/w net commissions 954 - o/w trading income 208 227 Administrative costs (incl. depr.) -1,547 -1,492 - Goodwill depreciation -78 -192 Profit/loss & net writedowns on loans 22 Profit/loss & net writedowns on invest. 27 -179 676 Net income 622 3Q05 RESULTS IAS VS. ITALIAN GAAP (mln) 3Q05 IAS 3Q05 ITAS MAIN DIFFERENCES Total revenues 2,842 2,803 • Fees on current accounts’ deposits accounted in other income in ITAS while in net commissions in IAS • Mark to market of AFS portfolio (mainly in NE) accounted in the P&L in ITAS and directly against net equity under IAS • Recovered expenses accounted in other income in ITAS while in costs in IAS Gross operating profit 1,311 1,295 • No goodwill amortization in IAS • Recognition of loans time value under IAS • Convertendo FIAT: different classification between IAS and ITAS (~180 mln)

  5. NET INTEREST INCOME UP BOTH Q/Q AND Y/Y NET INTEREST INCOME excl. Dividends (mln) +11.9% Q/Q % ch. Y/Y % ch. 3,921 +8.4% 3,974 1,361 1,376 +5.9% 1,286 3,616 1,217 2,990 +6.3% 3,065 1,027 1,056 2,813 Italy 943 973 +5.5% 334 +8.1% 320 803 931 +15.9% 909 New Europe 274 309 3Q04 ITAS 2Q05 ITAS 3Q05 ITAS 3Q05 IAS 9M04 ITAS 9M05 ITAS 9M05 IAS • Comments on quarterly trend • Italy: good volume effect coupled with slight lending spread pressure, in line with the entire system • Good volume growth in retail division in all segments • Corporate division benefiting from higher avg. lending volumes and better deposit spread in UBI • New Europe: +7.1% at constant FX, sustained by strong volume growth (+4.2% at constant FX vs. June 05)

  6. INCREASED LENDING VOLUMES IN ALL DIVISIONS AND STABLE MARKET SHARES TOTAL CUSTOMER LOANS (IAS, bn) UCI LENDING MARKET SHARES(2) IN ITALY • Retail: loan growth driven by mortgages, consumer credit and small business • Corporate: up 7.5% vs Dec 04 with good contribution of m/l term (+7.6%(2) vs Dec 04) • New Europe:+14.7% vs. Dec 04 at unchanged FX with good growth in all banks (Pekao +4.6%, Bulbank +20.9%, Zaba +17.5%, Koc +34.9%) • Slight recovery of lending spread at the end of September (3.76%(4)) with widening pricing premium vs industry (55 bp(4)) % ch. vs JUN 05 +9.1% DEC 04 JUN 05(3) SEP 05(3) 153.2 +1.8% 150.5 140.4 On total loans 10.83% 10.79% 10.77% 60.0 +2.2% 58.7 On M/L term loans 11.05% 10.85% 10.85% 54.6 Retail • Excluding 3 bn mortgages securitisation, market shares would be: • 10.98% (+15 bp on Dec 04) on total loans • 11.19% (+14 bp on Dec 04) on M/L term loans 71.4 +0.2% Corporate 71.3 66.4 New Europe +4.9% 17.1 14.4 16.3 +12.4% 5.0 4.7 Other 4.2 DEC 04(1) JUN 05 SEP 05 (1) Data as of January, 1st 2005, including IAS 32-39 application (2) Source: Bank of Italy Matrix (Total Loans net of NPLs and Repos) (3) Including 3 bn mortgages securitisation (4) End of period data

  7. VERY GOOD PERFORMANCE OF NET COMMISSIONS BENEFITING FROM FEES ON ASSET MANAGEMENT PRODUCTS AND ON INVESTMENT BANKING NET COMMISSIONS (mln) +24.4% 3,204 Y/Y % ch. Q/Q % ch. 1,111 2,753 +13.8% +2.8% 954 929 2,419 767 3Q04 ITAS 2Q05 ITAS 3Q05 ITAS 3Q05 IAS 9M04 ITAS 9M05 ITAS 9M05 IAS • Growth 3Q05/2Q05 driven by fees on asset management products (467 mln in 3Q05, +7.3%) and tax collection fees (+35 mln o/w 23 mln one-off related to 1H05) partially offset by lower investment banking fees in 3Q05 • Y/Y growth key drivers: • Fees on asset management products: +26.6% 3Q05/3Q04 and +14.0% 9M05/9M04 (to 1,335 mln) • Corporate Division: foreign-trade (+3 mln 3Q/3Q, +12 mln 9M/9M), investment banking(1) (+14 mln 3Q/3Q, +45 mln 9M/9M) and transaction services (+2 mln 3Q/3Q, +5 mln 9M/9M) • Higher net commissions in IAS mainly due to fees on deposits in current account accounted as other income according to Italian GAAP (1) Corporate finance + Equity capital market + Debt capital market

  8. STRONG ACCELERATION OF GROUP AUM GROWTH: +24 BN YTD, +11 BN IN THE LAST THREE MONTHS, OF WHICH 4 BN FROM AMSOUTH ACQUISITION • A clear growth story based on Pioneer global presence: +21 bn AUM in 9 months, of which almost 12 bn in the international business units(1,2)(+43.3% y/y) UCI TOTAL AUM (bn) % ch. vs Jun05 +18.9% 152(2) +8.1% 141 • Strong contribution from UPB and Xelion: 2.1 bnnet sales of asset management products in 9M05 (+108% vs 9M04) 128 50 +15.2% 44 International(1,2) 38 • UCI is undisputed leader of the Italian market inmutual funds’ net sales: 4,242 mln out of 7,393 mln for the entire system as at end October 05… 102 +4.9% 97 Italy 90 • … leading to continued gains in market share and # 2 ranking Jun05 Sep05 Dec04 Dec04 Sep05 Oct05 UCI mkt. share(3) 14.54% 15.24% 15.30% • Solid and consistent performance versus competitors in the worldwide ranking : Pioneer funds rank in the 32th percentile on a 1-year basisand in the 28nd percentile on a 3-year basis • Further improvement in asset mix with positive impact on average pricing (1)US + New Europe + International (ex Italy) (2) Including 4.3bn AuM of AmSouth acquired on September 26, 2005; Total AuM growth excluding AmSouth assets is + 15.5% vs. Dec04 and +5.1% vs. Jun05 (3)Calculated according to the “new” classification methodology adopted by Assogestioni since January 2005

  9. INCOME FROM FINANCIAL TRANSACTIONS AFFECTED BY LOWER CONTRIBUTION OF DERIVATIVES AND MARK-TO-MARKET OF GOVERNMENT BOND PORTFOLIOS IN NEW EUROPE INCOME FROM FINANCIAL TRANSACTIONS (mln) -10.7% Q/Q % ch. Y/Y % ch. 276 820 772 -5.9% 233 746 227 208 -24.6% -4.9% Of which:Derivatives (Corporate + Institutional + Retail) 594 159 484 484 -18.5% 144 137 -13.7% 137 3Q04 ITAS 2Q05 ITAS 3Q05 ITAS 3Q05 IAS 9M04 ITAS 9M05 ITAS 9M05 IAS • 3Q05 penalised by negative mark-to-market of AFS government bond portfolios in New Europe (-11 mln vs a positive 49 mln mark-to-market accounted in 2Q05) • ITAS/IAS gaps mainly related to mark-to-market of AFS bond portfolios in New Europe, accounted in the P&L under ITAS and directly against net equity under IAS • Good performance of Institutional derivatives in 3Q05; corporate derivatives, penalised by seasonal effect in 3Q, in line with expectations

  10. GOOD COSTS CONTROL, ALMOST NO GROWTH VS. 2Q05Y/Y TRENDS AFFECTED BY FX EFFECT AND HIGHER INDIRECT TAXES OPERATING COSTS (net of taxes recovered in the “other net revenues” line) (mln) +2.8% at constant FX 4,397 +3.8% +2.1% +4.9% Q/Q % ch. 4,238 319 at constant FX -6.6% +0.5% 1,482 342 1,474 1,426 +4.4% 1,412 109 +1.2% 108 1,367 122 490 +1.9% 480 Depr. & amort. 449 Other admin. expenses 2,652 +4.8% 2,529 886 883 -0.3% 841 Personnel costs 3Q04 ITAS 2Q05 ITAS 3Q05 ITAS 9M04 ITAS 9M05 ITAS 198 148 Taxes recovered in the “other net revenues” line 71 65 50 • Quarterly trends (at constant FX and net of taxes recovered in the “other net revenues” line): • Lower personnel costs (-0.5% 3Q/2Q), mainly thanks to staff reduction in Italy (-263 people) • Y/Y increase of total costs (+2.8% equal to +40 mln) driven by marketing expenses (+11.6 mln) and personnel costs (+12 mln for renewal of labour contract and +8 mln for bonuses linked to UCI labour agreement – VAP) • 9M results (at constant FX and net of taxes recovered in the “other net revenues” line): • +88 mln personnel costs (+3.4%), of which +24 mln linked to bonuses as per UCI labour contract “VAP”, + approx. 40 mln due to higher accruals for MBO • +35 mln other admin. expenses (+ 2.5%), mainly due toreal estate maintenance costs and rents (+18 mln) and marketing and advertising expenses (+10 mln) • 3Q ITAS/IAS gap (1,547 mln vs 1,492 mln) due to recovered expenses(1) (1) See annex for details

  11. ASSET QUALITY: SIGNIFICANT REDUCTION OF COST OF RISK AND INCREASED COVERAGE RATIOS • Slight y/y reduction of net flows of new doubtful loans(1) 1,417 (mln, ITAS) ch. on Jun05 1,412 -0.3% Sep05 mln, where not specified - IAS Net Non Performing Loans 2,168 +0.6% Weight on Net Loans 1.42% -2 bp 9M04 9M05 Total Net Doubtful Loans 4,280 +1.1% • Very limited q/q increase of net NPLs (+0.6%), net watchlist (+0.7%) and total net doubtful (+1.1%) Weight on Net Loans 2.79% -2 bp • Increased coverage ratios on doubtful loans: • 68.2% on NPLs (vs 67.7% as of Jun05) Provisions on performing loans 1,259 -1.3% • 34.9% on watchlist (vs 32.7% as of Jun05) • 57.1% on total doubtful (vs 56.5% as of Jun05) Coverage ratio 0.84% -2 bp • ~1.3 bn provisions on performing loans, slightly lower than Jun05 but +64 mln vs Dic04; 0.84% coverage ratio ch. on 2004 Sep05 • Net loan loss provisions impacted by Convertendo FIAT and one-off write-backs in New Europe and Corporate Division 52 bp(2) -11 bp Cost of risk ( 9M annualised - ITAS) • Significant reduction of cost of risk: 36 bp in 9M05 vs 63 bp in FY04; 52 bp(2) normalised for Convertendo FIAT 59 bp Cost of risk ( 9M annualised - IAS) • Binding offers received for the sale of ~1.7 bn gross NPLs (equal to ~0.5 bn net NPLs); exclusive negotiation in progress (1) Defined as: Flow from performing loans to any category of doubtful loans less Flow-back from any category of doubtful loans to performing (2) Calculated adding back to net loan loss provisions ~180 mln net write-backs on Convertendo FIAT

  12. GROUP RESULTS BENEFITING FROM BUSINESS DIVERSIFICATION 9M05 OPERATING INCOME BY DIVISION CONTRIBUTION TO 9M05 GROUP OP. INCOME PRE CORPORATE CENTRE AND ELISIONS Mln, ITAS y/y % ch. Corporate 1,561 -1.1% Retail 1,227 +33.6% New Europe 800 +32.6% Private & AM 444 +46.3% TOTAL GROUP 3,852 +16.4%

  13. RETAIL DIVISION: STRONG LENDING VOLUMES INCREASE DRIVING NET INTEREST INCOME TURNAROUND ITAS • Household mortgages(1)+9.8% y/y (+3.9% vs. Dec04) • Consumer credit +38.5% y/y (+24.7% vs. Dec04) • Small Business +12.7% y/y (+7.3% vs. Dec04), mainly thanks to s/term loans • EXCELLENT LENDING GROWTH (+9.4% Y/Y) … • 3Q average spread(2) on: • new mortgages at 1.28% for UCB (+1 bp q/q) and 1.44% for UBCasa (+3 bp q/q) • small business(3) s/term loans at 7.37% (-22 bp q/q) • revolving cards at 11.89% (+12 bp q/q) • … AND GOOD SPREAD RESILIENCE IN ALL KEY MARKETS… NET INTEREST INCOME (ex. div.), mln +3.4% (+5.7% ex securitisation) • … SUSTAINING NET INTEREST INCOME SOUND PERFORMANCE (despite mortgage securitisation penalising 2Q by 8 mln and 3Q by 13 mln) 604 605 584 3Q04 2Q05 3Q05 (1) Trend due to 3 bn securitisation carried out in 2Q05. Excluding securitisation, mortgage growth would be+18.9% y/y and +12.5% vs. Dec04 (2) Management accounts (3) Management accounts, including also maximum overdraft charges

  14. RETAIL DIVISION OPERATIONAL ACHIEVEMENTS SALES OF SEGR. ACCOUNTS INVESTING IN FUNDS, bn • CONTINUED FOCUS ON WEALTH MANAGEMENT PRODUCTS GENERATING RECURRING REVENUES 2.2 1.7 1.7 3Q04 2Q05 3Q05 TOTAL STAFF -1,068 vs. June 04 • STAFF REDUCTION PLAN WELL ON TRACK (~55% of the total reduction announced in the 3 year plan already achieved)… 25,176 25,051 24,314 9M04 2004 9M05 STAFF COSTS (mln, ITAS) • … WITH CLEAR EFFECTS ON TOTAL STAFF COSTS, DESPITE NEW LABOUR CONTRACT 385 383 382 3Q04 2Q05 3Q05 CONTRIB. TO GROUP NET INCOME (mln, ITAS) 195 +25.6% 182 • EXCELLENT CONTRIBUTION TO GROUP NET INCOME 155 3Q04 2Q05 3Q05

  15. CORPORATE DIVISION: NET INTEREST INCOME SUSTAINED BY HIGHER AVERAGE LOANS AND DEPOSIT SPREADS, OFFSETTING LOWER LENDING SPREADS NET INTEREST INCOME (excl. dividends), (ITAS, mln) gross of securitisations (~21 mln) +2.8% 1,172 +1.7% -2.5% 1,152 q/q % ch. 54 394 384 +4.0% Locat + District bond securitisations impact(1) 369 1,118 -3.0% 3Q04 2Q05 3Q05 9M04 9M05 TOTAL LOANS (ex Repos), (ITAS, bn) • Significant y/y growth of customers loans (+5.3% gross of securitisations), mainly driven by M/L-term lending (+10.9%) +5.3% gross of securitisations • Slight q/q reduction of customers loans (~0.8 bn) almost totally due to conversion of Convertendo FIAT (~0.6 bn) at the end of Sept.05; 3Q05 avg. loans significantly higher than 2Q05 (i.e. +2.1 bn for UBI) due to the strong increase in 2Q05 +5.6% -1.1% vs Jun05 68.5 67.7 64.1 • UBI share of wallet at 14.3%(3)(vs 13.8% as of Dec04 and 14.2% as of Jun05) +10.9% -0.9% vs Jun05 Of which: M/L(2) 28.9 28.7 • Reduction of lending spreads for UBI (2.01% Avg. 3Q05, -9 bp q/q) partly offset by increased deposit spread (0.94% Avg. 3Q05, +10 bp q/q) 25.9 Sep04 Jun05 Sep05 (1) Almost totally recovered as “Other income” (2) Only UBI + UBMC (Source: BankIT Matrix) (3) Calculated on SMEs and other non-financial enterprises excluding largest Groups. Source: Credit Bureau data as of Aug05

  16. FOCUS ON SERVICE REVENUES AND RISK PROFILE: STRONG Y/Y GROWTH OF NET COMMISSIONS AND LOWER FLOWS OF NEW DOUBTFUL LOANS NET COMMISSIONS(ITAS, mln) • Investment Banking(1): 141 mln in 9M05, (+47.0% y/y), 34 mln in 3Q (+73.3% 3q05/3q04) +28.7% 392 +23.1% 319 q/q % ch. 146 • Foreign trade services: 111 mln in 9M05 (+11.6% y/y), 38 mln in 3Q (+7.7% 3q05/3q04) 116 -20.6% 90 • Transaction services: 54 mln in 9M05 (+9.9% y/y), 18 mln in 3Q (+12.3% 3q05/3q04) 9M04 9M05 3Q04 2Q05 3Q05 • Derivatives: 68% in 9M05 (-10 pp) • Continued increase of UBM’s revenue stream diversification • Investment Banking(1): 17% in 9M05 (+6 pp) • Sales & Trading on cash products: 15% in 9M05 (+4 pp) NET FLOWS OF NEW DOUBTFUL LOANS(2)(ITAS, mln) 752 583 -22.5% • Strong y/y reduction of net flows of new doubtful loans in 9M05 • Default Rate(3) at0.87% in 9M05 vs 1.20% in 9M04 9M04 9M05 (1) Investment Banking: Corporate Finance (UBI, UBM and UBMC) + Equity Capital Market (UBM) + Debt Capital Market (UBM) (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 previous 31 December

  17. PRIVATE & ASSET MANAGEMENT DIVISION: STRONG REVENUE GROWTH DRIVEN BY INCREASING ASSETS AND MARGINS • Significant growth of Tot. Financial Assets (ITAS, bn) • Excellent net sales in 9M05: 23.8% • Asset Management: 7.8 bn net sales, vs 2.4 bn in 9M04 203 +6.9% vs Jun05 (+4.5% excl. 4.3bn assets of AmSouth) 190 165 • Asset Gathering (UPB+Xelion): 4.4 bn net sales in 9M05 (+65% y/y), of which c. 2.1 bn of asset management products, i.e. 47% of net sales, vs. 23% as of June 30, 2005. Sep04 Jun05 Sep05 TOTAL REVENUES(ITAS, mln) • Strong improvement in margins thanks to product and asset mix: Q/Q % ch. +27.8% 1004 +17.5% 359 • Asset Mix (Pioneer): avg. weight of stocksandequity funds at 31%in 3Q05, up 398 bp y/y and 145 bp q/q; avg. weight of hedge funds at 3.0% in 3Q05, flat y/y and q/q 855 328 140 +9.5% 47 29 47 15 135 281 31 78 6 10 46 NII & other 26 41 1 Performance fees(1) • Margins(2) (in bp of average AuM): up from 59.4 bp in 2Q05 to 60.5 bp in 3Q05; up from 58.6 bp in 9M04 to 59.8 bp in 9M05 12 Up-front fees +20.3% 757 +13.3% +7.0% 266 249 669 Management & other fees 222 • Performance fees(1) increased by 155% q/q thanks to a strong contribution from hedge funds (fees on Italian funds were flat q/q) 3Q04 2Q05 3Q05 9M04 9M05 All figures at unchanged FX (1) 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 (2) Net commissions, excluding performance fees

  18. STEEP ACCELERATION IN OPERATING INCOME GROWTH BOTH Q/Q AND Y/Y, THANKS TO RISING REVENUES, MARGINS IMPROVEMENTS AND COST CONTROL OPERATING INCOME (ITAS, mln) • Strong operating income growth, +20% q/q, confirming an excellent trend (+45.5%9M05/9M04), thanks to revenue growth and cost control +45.5% 444 168 140 305 +20.0% • Revenue rising q/q (+9.5%) and y/y (+17.5%), driven by sales of Focus Invest and by a clear improvement in the asset mix 2Q05 3Q05 9M04 9M05 C/I RATIO, % 64.3 57.1 55.8 • C/I ratio further declining by 412 bp q/q (-850 bp 9M05/9M04); costs growing at a very moderate pace compared to revenues (+1.6% q/q and +2.0% 9M05/9M04) -412 bp -850 bp 53.0 2Q05 3Q05 9M04 9M05 • Net income for the Group at 121 mln in 3Q05 (+18.6% q/q) and 322 mln in 9M05 (+28.4% y/y) All figures at unchanged FX

  19. +0.7% NEW EUROPE DIVISION: REVENUES GOOD PERFORMANCE SUPPORTED BY FURTHER VOLUME GROWTH All figures at unchanged FX – P&L & BS in ITAS Mortgages(1)(Euro mln) Consumer credit(1)(Euro mln) • SIGNIFICANT LENDING GROWTH: +19.1% Y/Y (+28.8% at current FX) … +34.9% +24.0% 2.567 2,068 1,851 2,365 2,070 1,533 Sep04 Jun05 Sep05 Sep04 Jun05 Sep05 Direct Deposits(Euro bn) Mutual Funds(2)(Euro mln) +52.9% • ... AND CONTINUED DEVELOPMENT IN MUTUAL FUNDS … 24.4 24.6 7,007 24.2 6,339 4,583 Sep04 Jun05 Sep05 Sep04 Jun05 Sep05 Net interest income(Euro mln) Net non interest income(Euro mln) Y/Y % ch. Y/Y % ch. Y/Y % ch. Y/Y % ch. • … POSITIVELY IMPACTING ON REVENUE INCREASE 931 +6.2% +22.5% 647 +14.3% +10.0% +15.9% +34.3% 328 200 3Q05 9M05 3Q05 9M05 (1) Management accounts in LAS % ch. at current FX (2) New Europe Business Area of Pioneer is included at current FX

  20. STRONG RESULTS: ASSET QUALITY, EFFICIENCY AND PROFITABILITY STILL IMPROVING All figures at unchanged FX – P&L in ITAS Operating Income(Euro mln) • Total Revenues+12.5% 9M/9M (+11.1% 3Q05/3Q04) • Operating Costs+4.9% 9M/9M (+5.3% 3Q05/3Q04) • Cost/Income ratio50.2% in 9M05,-3.6 pp y/y 3Q05/3Q04 % ch. • GOOD PERFORMANCE OF OPERATING INCOME Y/Y % ch. +17.6% 800 +21.3% 299 272 +32.6% 2Q05 3Q05 9M05 Cost of risk(1) (bp) • Improved coverage ratio of doubtful loans (to 76.8%(3), +6.6 pp vs. 01/01/05) • Lower weight of net NPL on total net loans (to 1.6%(3) vs. 2.3% as at 01/01/05) • BETTER ASSET QUALITY Excl. one off write back in Zaba(2) -20 bp 90 70 54 FY04 9M05 Attributable Net income (Euro mln) 3Q05/3Q04 % ch. Y/Y % ch. • EXCELLENT NET INCOME GROWTH 404 +30.0% +27.5% 161 +38.4% 136 2Q05 3Q05 9M05 (1) 9M05 data annualised (3) Data in IAS (2) Write-back of approx. 21 mln as release of funds for guaranteed loans % ch. at current FX

  21. UPDATE ON HVB DEAL: MAIN ACHIEVEMENTS SO FAR … • Success of HVB offer, following: • 88.14% acceptance level as of 24 October 2005 (end of Acceptance Period(1)), well above the 65% threshold • Unconditional merger control clearance received from EU Commission on 18 October 2005 • Issuance of verification by an independent expert that the value of the HVB Shares tendered conforms to the expert evaluation rendered to UniCredit shareholders’ meeting on 29 July 2005 resolving on the capital increase • Very positive results also on BA-CA offer: • 10.64% acceptance level as of 31 October 2005 (end of Acceptance Period(2)) representing ~47% of the free float • Shares representing 10.59% of the share capital tendered in the exchange offer and shares representing 0.05% of the share capital tendered in the cash offer • 88.17% of BA-CA aggregate share capital held by UniCredit directly and through HVB • Integration process proceeding as planned (within the limits still imposed by applicable laws): • Integration Office, 7 CEO’s Projects, 8 Cooperation Teams working as “main integration engine” • Ready for Day 1 management; definition of a smooth integration plan well on track (1) Additional Acceptance Period (pursuant to the German Takeover Act) until 11 November 2005 (2) Additional Acceptance Period (pursuant to the Austrian Takeover Act) until 18 November 2005

  22. 11/18 November • End of Additional Acceptance periods of HVB and BA-CA offers, respectively • Publication of final result of shares tendered during Additional Acceptance Period of HVB offer 17 November • UniCredit BoD passing resolution to liberate capital increase for settlement of HVB offer. Birth of the New Group 18 November 21 November • UniCredit shares admitted to listing on FSE • Settlement of HVB offer and commencement of trading of UniCredit shares on FSE 23 November • UniCredit BoD passing resolution to liberate capital increase for settlement of BA-CA offer 30 November Beginning of December • Settlement of BA-CA offer • UniCredit Shareholders’ Meeting; election of new BoD (24 members) to enter in charge for the financial years 2006-2008 16 December … AND NEXT EXPECTED STEPS

  23. NEW GROUP’S NEXT FINANCIAL COMMUNICATION EVENTS • FY05 consolidated results 22 March 2006(1) • Update on the integration process • 1Q06 consolidated results 12 May 2006(1) • Annual Shareholders’ General Meeting for approval of FY05 consolidated results Beginning of July 2006 • New Group’s First Investor Day: bottom-up Divisional Plan (1) Tentative date

  24. 9M05 CONSOLIDATED RESULTSAnnexes

  25. VERY GOOD PERFORMANCE OF UCI IAS, mln 9M05 y/y% ch.(1) 3Q05 y/y% ch.(1) 8,278 2,803 Total revenues +9.1 +12.8 - of which net interest income (excl. div.) +11.9 +14.4 3,974 1,376 - of which net commissions +11.3 +19.6 3,204 1,111 - of which trading income -8.6 -1.3 746 227 Administrative costs (incl. depr.) -4,400 +3.9 -1,492 +4.9 - of which staff costs +5.1 +5.3 -2,622 -880 - of which recovered expenses 171 +5.6 58 +1.8 3,878 +15.6 +23.4 Gross operating profit 1,311 Provisions for risk & charges -92 -24 +76.9 +0.0 Net write-downs on loans +2.4 -13.1 -676 -192 Net Profit (loss) on investments n.m. +50.0 258 27 Taxes +22.9 +39.4 -1,090 -382 -160 -64 Minorities +20.3 +25.5 Net income 2,118 +28.4 676 +32.5 53.2% 53.2% COST/INCOME ratio (%) -2.6 pp -4.0 pp (1) 3Q04 & 9M04 excluding IAS 32 & 39

  26. 9M05 & 3Q05 RESULTS IAS VS. ITALIAN GAAP (mln) 9M05 IAS 3Q05 IAS 9M05 ITAS 3Q05 ITAS 8,278 2,803 Total revenues 8,446 2,842 3,974 1,376 - of which net interest income (excl. div.) 3,921 1,361 3,204 1,111 - of which net commissions 2,753 954 - of which trading income 772 208 746 227 Administrative costs (incl. depr.) -4,400 -4,595 -1,492 -1,547 -2,622 -880 - of which staff costs -2,652 -884 171 58 - of which recovered expenses - - Gross operating profit 3,878 3,851 1,311 1,295 Goodwill depreciation - -237 - -78 Provisions for risk & charges -92 -112 -24 -26 Net write-downs on loans -676 -408 -192 22 Net Profit (loss) on investments 258 -175 27 -179 Net extraordinary income - 282 - 19 Taxes -1,090 -1,101 -382 -371 Minorities -160 -177 -64 -60 2,118 676 Net income 1,923 622

  27. 3Q05 & 9M05 CONSOLIDATED INCOME STATEMENT % ch. on 2Q05 % ch. on 3Q04 3Q05 9M05 y/y % ch. ITAS, mln Net interest income (incl. div.) -0.9 +9.2 +8.0 1,395 4,103 - of which Dividends n.m. +35.3 +0.1 34 182 1,447 4,343 Net non interest income -2.5 +19.1 +11.4 2,842 8,446 Total revenues -1.7 +14.0 +9.7 +0.1 +5.7 +4.8 -1,547 -4.595 Administrative costs (incl. depr.) 3,851 -3.8 +25.8 +16.4 Operating income 1,295 Goodwill depr. -78 -237 -11.5 +9.0 +10.4 Provisions on loans +22 -408 -110.3 -110.1 -38.3 Other net provisions(1) n.m. n.m. n.m. -205 -287 Net extraordinary income -64.6 -64.5 +79.3 19 282 Taxes -2.9 +40.5 +23.0 -371 -1,101 -60 -177 Minorities -11.2 +21.2 +30.7 622 1,923 Net income +2.1 +36.7 +27.9 (1) Net write-downs of financial investments and provisions for risks and charges

  28. DIVISIONAL CONTRIBUTION TO CONSOLIDATED RESULTS IN 3Q05 Total Group(1) 3Q05 RESULTS Retail Division Corporate Division Priv.& AM Division NE Division ITAS, mln (mln - Data at end of period FX) Total revenues 1,158 721 359 559 2,842 -1.7% -37.8% +8.3% -2.5% -1.7% % Change vs 2Q05(2) Operating costs -749 -236 -190 -280 -1,547 -2.4% +1.4% +0.5% +2.1% +0.1% % Change vs 2Q05(2) Operating income 410 486 169 279 1,295 -0.4% -7.8% +18.8% -6.7% -3.8% % Change vs 2Q05(2) Net write-downs of loans -90 110 1 -1 22 +18.6% -210.5% -201.5% -98.1% -110.3% % Change vs 2Q05(2) Net income for the Group 195 234 121 164 622 +7.0% -7.9% +17.5% +19.8% +2.1% % Change vs 2Q05(2) C/I Ratio 64.6% 32.7% 53.0% 50.0% 54.4% -0.5 pp +2.1 pp -4.1 pp +2.3 pp +1.0 pp Change in pp vs 2Q05(2) Employees(3) 24,360 5,426 3,572 30,858 71,314 (1)Balance due to the Parent Company, other Group companies and elisions (3) IAS Including all the employees of Koc Financial Services (3,942as at 30.09.2005) (2)Calculated on data at end of period FX

  29. OPERATING COSTS - DETAILS ON ITAS/IAS RECONCILIATION: GAP ALMOST TOTALLY DUE TO RECOVERED EXPENSES 3Q05 OPERATING COSTS: FROM ITAS TO IAS (mln) 1,547 +16 1,492 +28 -18 -16 -58 -7 IAS 19 – Employees’ benefits(1) Share-based payments Recovered expenses Property Depreciation Consolidation perimeter changes Others 3Q05 ITAS 3Q05 IAS 9Q05 OPERATING COSTS: FROM ITAS TO IAS (mln) 4,595 +34 +82 4,400 -66 -171 -54 -20 IAS 19 – Employees’ benefits(1) Share-based payments Recovered expenses Property Depreciation Consolidation perimeter changes Others 9M05 ITAS 9M05 IAS (1)Actuarial evaluation of personnel long-term benefits: TFR, pension funds, bonuses and deferred compensation

  30. NON OPERATING ITEMS 9M05 9M04 2Q05 3Q04 3Q05 ITAS, mln 3,851 3,310 1,295 1,347 1,030 Operating income -237 -215 -78 -89 -72 Goodwill amort. Net write-downs of loans -408 -660 22 -216 -222 -287 -58 -205 -39 -22 Other net provisions(1) 282 157 19 55 55 Net extraord. income -1,101 -895 -371 -382 -264 Taxes -177 -135 -60 -69 -50 Minorities 1,923 1,504 609 455 622 Net Income (1) Net write-downs of financial investments & provisions for risks and charges

  31. ASSET QUALITY: DETAILS BY DIVISIONS Retail Division Corporate Division NE Division Total Group(1) (IAS, mln - Data at end of period FX) Jun 05 Sep 05 Jun 05 Sep 05 Jun 05 Sep 05 Jun 05 Sep 05 2,202 2,244 1,973 2,031 2,376 2,419 6,678 6,819 Gross NPL % change on Jun 05 +1.9% +2.9% +1.8% +2.1% Gross NPL/Tot. Gr. Loans,% 3.61% 3.60% 2.69% 2.77% 12.71% 12.35% 4.25% 4.26% Net NPL 796 854 995 1,015 342 275 2,156 2,168 % change on Jun 05 +7.3% +2.0% -19.6% +0.6% Net NPL/Tot. Net Loans,% 1.36% 1.42% 1.39% 1.42% 2.09% 1.61% 1.43% 1.42% Total gross doubtful loans 3,608 3,731 3,085 3,158 2,912 2,946 9,726 9,970 % change on Jun 05 +3.4% +2.4% +1.2% +2.5% Gross Doubtful Loans/Tot. Gr. Loans,% 5.91% 5.98% 4.21% 4.31% 15.58% 15.03% 6.18% 6.23% Total net doubtful loans 1,646 1,743 1,791 1,839 781 682 4,232 4,280 % change on Jun 05 +5.9% +2.7% -12.7% +1.1% 2.81% 2.90% 2.51% 2.57% 4.78% 3.98% 2.81% 2.79% Net Doubtful Loans/Tot. Net Loans,% Coverage ratios -on total gross NPL, % 63.9% 61.9% 49.6% 50.0% 85.6% 88.6% 67.7% 68.2% -on tot. Gross doubtful loans, % 54.4% 53.3% 41.9% 41.8% 73.2% 76.8% 56.5% 57.1% (1) Balance due to other Group companies

  32. UNICREDIT GROUP RATINGS Long Term Short Term Financial Strength Last Change Outlook S&P A+ A-1 - Negative 28.10.05 Moody’s A1 P-1 B- Stable 03.11.05 Fitch Ratings A+ F1 B/C(1) Stable 28.10.05 (1) Individual Rating

  33. AGENDA Details on 9M05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division

  34. RETAIL DIVISION: 9M05 RESULTS BREAKDOWN BY COMPANY Mln, ITAS UniCredit Banca TOTAL(1) Clarima UBCasa Interest income (incl. div.) 1,618 121 99 1,850 Net non interest income 1,607 39 7 1,652 Total revenues 3,225 159 105 3,503 Operating costs (incl. dep.) -2,163 -59 -54 -2,275 - of which: Staff costs -1,135 -15 -17 -1,168 - of which: Other adm. expenses -974 -44 -35 -1,052 Net operating income 1,062 100 52 1,227 Net provisions -222 -44 -18 -284 - o/w: Net write-down of loans -188 -42 -18 -249 Net extraordinary income (loss) 161 -1 1 +4 Net income 628 34 27 559 Net income for the Group(2) 457 34 32 559 Cost/income ratio, % 67.1 37.1 50.7 65.0 NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB (1) Balance due to rounding and elisions of infragroup dividends, goodwill amortisation and consolidation adjustments (2) Net of consolidation adjustments and minorities

  35. RETAIL DIVISION: P&L Q/q % ch. Y/y % ch. Y/y % ch. Mln, ITAS 3Q05 9M05 Interest income (incl. div.) 623 +2.2 +3.4 1,850 +7.6 Net non interest income 536 -5.8 +10.9 1,652 +17.4 Total revenues 1,158 -1.7 +7.4 3,503 +12.0 Operating costs (incl. dep.) -749 -2.4 +0.6 -2,275 +3.1 - of which: Staff costs -382 -0.8 -0.2 -1,168 +1.7 - of which: Other adm. expenses -347 -4.0 +3.8 -1,052 +6.3 Net operating income 410 -0.4 +22.6 1,227 +33.6 Net provisions -99 +9.2 +24.4 -284 +27.7 - o/w: Net write-down of loans -90 +18.6 +31.4 -249 +27.8 Net extraordinary income (loss) +2 n.m. n.m. +4 n.m. Net income 195 +7.2 +25.3 559 +38.9 Net income for the Group(2) 195 +7.0 +25.6 559 +39.2 Cost/income ratio, % 64.6 -45 bp -438 bp 65.0 -566 bp NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB

  36. RETAIL DIVISION - MORTGAGES AND CONSUMER FINANCING RESIDENTIAL MORTGAGES STOCK, bn NEW FLOWS, bn mkt share(1) 17.76% 17.67% 16.76%(2) +1.3% +9.8%(2) 33.5 6.6 6.5 32.2 30.5 -9.1% 1.9 UBCasa 2.0 +6.1% 4.7 UCB 4.5 9M04 9M05 9M04 DEC04 9M05 CONSUMER FINANCING STOCK, bn NEW FLOWS OF PERSONAL LOANS, mln REVOLVING CARDS TOTAL SPENDING(3) (+235k revolving cards in 9M05) +50.5% 1,334 3.5 +38.5% 201 mln 2.8 886 195 mln 2.5 9M04 9M05 9M04 9M05 9M04 DEC04 9M05 (1) Group market share, related to mortgages to households as of Bank of Italy definition in table TDME0070 of the monthly bulletin (2) Excluding 3 bn securitisation, mortgage growth would be+18.9% y/y and market share 17.75% (3) POS and ATM spending

  37. RETAIL DIVISION - SMALL BUSINESS STOCK, SPREAD AND CUSTOMER ACQUISITION STOCK, bn, ITAS SHORT TERM SPREAD(1) +7.3% 7.99% 7.99% 7.98% 7.96% 16.0 7.87% 15.6 7.59% 14.9 7.35% 2004 1H05 9M05 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 QUARTERLY TRENDS IN SMALL BUSINESS CUSTOMER ACQUISITION 19,000 19,000 18,000 17,500 17,000 15,000 12,000 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB (1) Management accounts, includes also maximum overdraft charges

  38. RETAIL DIVISION - CUSTOMER LOANS AND CUSTOMER DEPOSITS BREAKDOWN AND DETAILS OF SHORT TERM SPREADS EOP LOANS, Euro bn, ITAS UCB AVG. MARK UP(3) (Small Business), % +2.4% 57.6 Other loans 56.3 5.55 5.60 5.47 55.1 5.42 5.43 5.34 5.23 4.6 Cons. credit 5.1 3.5 5.2 -9.9% -0.3% 3.3 2.8 +4.9% +18.9% SB loans (1) 16.0 15.6 14.9 +2.3% +4.9% 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 UCB AVG. MARK UP(3) (Households), % Residential mortgages (2) 7.33 7.30 7.20 33.5 7.21 7.27 7.08 7.03 32.2 32.2 +0.1% +4.1% DEC04 2Q05 3Q05 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 EOP DEPOSITS, Euro bn, ITAS +1.8% UCB AVG. MARK-DOWN(3) (Households), % 68.3 67.8 67.2 24.0 23.1 Bonds +1.2% +4.0% 22.8 1.67 1.71 14.6 1.70 1.70 1.69 Other deposits 14.8 -1.6% -1.7% 15.1 1.65 1.65 Households c/accounts 29.9 29.8 29.3 +2.1% -0.4% 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 DEC04 2Q05 3Q05 NOTE: historical data have been restated to reflect the spin-off of CR Carpi and Banca dell’Umbria activities between UCB, UBI and UPB (1) Includes short term and m/l term loans (2) Includes only households mortgages (3) Source: Bank of Italy matrix data

  39. RETAIL DIVISION - DETAILS ON ASSET QUALITY ch. on Jun 05 mln, where not specified - IAS Sep 05 Net Non Performing Loans 854 +7.3% Weight on Net Loans 1.42% +7 bp NET FLOWS OF NEW DOUBTFUL LOANS(1)(mln, ITAS) Total Net Doubtful Loans 1,743 +5.9% +1.2% Weight on Net Loans 2.90% +8 bp 632 624 Provisions on performing loans 372 -2.6 % Coverage ratio 0.63% -2 bp 9M04 9M05 ch. on 2004 Sep 05 58 bp +8 bp Cost of risk ( 9M annualised - ITAS) 60 bp Cost of risk ( 9M annualised - IAS) (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

  40. AGENDA Details on 9M05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division

  41. CORPORATE DIVISION: 9M05 INCOME STATEMENT- BREAKDOWN BY COMPANY Other companies (Euro mln, ITAS) TOTAL1 UBI UBM LOCAT Net Interest income (incl. div.) 988 -8 104 52 1,136 Net non interest income 461 547 69 42 1,117 Total revenues 1,449 539 173 94 2,253 Operating costs (incl. dep.) -422 -175 -42 -53 -692 -233 -82 -24 -22 -360 - of which: Staff costs -187 -86 -17 -26 -315 - of which: Other admin. expenses 1,027 364 131 41 1,561 Net operating income -293 -4 -18 2 -313 Net provisions - o/w: Net write-downs of loans -72 -1 -15 1 -87 Net income 429 220 66 26 742 Net income for the group 425 218 69 29 742 29.1% 32.5% 24.5% 56.9% 30.7% Cost/income Ratio 1 Balance due to roundings and elisions of infragroup dividends and goodwill amortisation

  42. CORPORATE DIVISION: 9M05 INCOME STATEMENT (Euro mln, ITAS) Y/Y % ch. 3Q05/2Q05 % ch. 3Q05/3Q04 % ch. 3Q05 9M05 1,136 -2.6 Net interest income (incl. div.) 384 +0.1 -2.8 1,117 +4.2 Net non interest income 337 -10.2 +16.8 2,253 +0.7 Total revenues 721 -5.0 +5.5 -692 +4.8 Operating costs (incl. depr.) -236 +1.4 +9.0 1,561 -1.1 Operating income 485 -7.8 +3.8 -313 n.s. 82 n.s. n.s. Total net provisions -514 -0.4 -170 -1.1 +13.2 Taxes +0.1 +21.8 742 Net income 233 -8.3 Net income for the group 742 +0.2 234 -7.9 +22.1 Cost Income ratio, % 30.7% +122bp 32.7% +205bp +106bp

  43. CORPORATE DIVISION - DETAILS ON ASSET QUALITY ch. on Jun05 Sep05 mln, where not specified - IAS Net Non Performing Loans 1,015 +2.0% NET FLOWS OF NEW DOUBTFUL LOANS(1)(mln, ITAS) Weight on Net Loans 1.42% +3 bp 752 Total Net Doubtful Loans 1,839 +2.7% 583 -22.5% Weight on Net Loans 2.57% +6 bp Provisions on performing loans 595 5.5% Coverage ratio 0.85% +3 bp 9M04 9M05 ch. on 2004 Sep05 50 bp(2) -20 bp Cost of risk ( 9M annualised - ITAS) 62 bp Cost of risk ( 9M annualised - IAS) (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 adding back to net loan loss provisions ~180 mln net write-backs on Convertenda FIAT; stated figure at 16 bp

  44. UNICREDIT BANCA D’IMPRESA: 9M05 INCOME STATEMENT 3Q05/2Q05 % ch. 3Q05/3Q04 % ch. Y/Y % ch. (Euro mln, ITAS) 3Q05 9M05 335 +3.4 +0.3 Net interest income 988 +0.7 Net non interest income 147 -11.8 +11.4 461 +6.0 Of which: - Net commissions 103 -14.3 +13.3 321 +14.7 - Trading profits 36 -5.7 +1.7 121 -16.4 Total revenues 483 -1.8 +3.4 1,449 +2.4 Operating costs -140 -2.6 +4.5 -422 +4.7 Operating income 342 -1.4 +3.0 1,027 +1.4 116 n.s. n.s. Net write-downs of loans -72 -79.6 Other net provisions -191 n.s. n.s. -221 n.s. +6.3 +25.6 Net income for the group 152 +14.8 425 29.0% -24 bp +30 bp Cost Income RATIO, % 29.1% +65 bp

  45. UBM: 9M05 INCOME STATEMENT 3Q05 9M05 3Q05/2Q05% ch. 3Q05/3Q04 % ch. Y/Y % ch. (Euro mln, ITAS) -2 n.s. n.s. -8 -53.2 Net interest income (incl. div.) 154 -11.1 +7.9 547 -7.1 Net non interest income Total revenues 152 -15.8 +14.6 539 -5.7 -32 +57.4 +16.2 -82 -2.5 Staff costs -32 -9.7 +35.3 -93 +12.4 Other costs (incl. depr.) Operating income 88 -29.4 +8.2 364 -10.1 Taxes -37 -23.0 -7.2 -143 -21.4 Net income 51 -31.6 -26.3 218 -23.2 C/I Ratio 42% vs 31% 32.5% +344 bp +327bp

  46. AGENDA Details on 9M05 consolidated results Divisional Reporting Retail Division Corporate Division Private Banking & AM Division New Europe Division

  47. PRIVATE & AM DIVISION: 9M05 INCOME STATEMENT – BREAKDOWN BY COMPANY UPB + Subsidiaries UniCredit Xelion Banca UC Luxemburg TOTAL DIVISION2 PGAM Group1 (ITAS, Euro mln) Net interest income (incl. div.) 69 11 10 3 81 221 651 50 1 924 Net non interest income Total revenues 290 662 60 4 1,004 -170 -299 -88 -4 -561 Operating costs (incl. dep.) -101 -145 -16 -2 -265 - of which: Staff costs -66 -144 -66 -1 -278 - of which: other admin. expenses 120 363 -28 0 444 Operating income -4 -1 -4 +1 -8 Total net provisions +10 +3 +1 +1 +4 Net extraordinary income Net income 82 192 -27 1 334 Net income for the Group 59 281 -21 1 322 n.s. Cost/Income Ratio 58.6% 45.2% n.m. 55.8% 1 The Net Income and Net Income for the Group lines of PGAM Group are gross of goodwill amortisation 2 Balance due to rounding and elisions of intra-group dividends and goodwill amortisation

  48. PRIVATE & AM DIVISION: 3Q05 AND 9M05 INCOME STATEMENT (ITAS, Euro mln - Data at current FX, % ch. at fixed FX) 3Q05/2Q05 % ch. 3Q05/3Q04 % ch. 3Q05 9M05 Y/y % ch. Net interest income (incl. div.) 26 -4.8 +6.2 81 +8.3 Net non interest income 333 +10.8 +29.8 924 +18.4 Total revenues 359 +9.5 +27.8 1,004 +17.5 Operating costs (incl. depr.) -190 +1.6 +7.0 -561 +2.0 Operating income 169 +20.0 +63.5 444 +45.5 -1 n.m. n.m. -8 n.m. Total net provisions -2 n.m. n.m. +4 n.m. Net extraordinary income -40 +19.4 +74.5 -106 +61.9 Taxes Net income 126 +18.4 +35.2 334 +28.7 Net income for the Group 121 +18.6 +35.5 322 +28.4 53.0% -412 bp -1027 bp 55.8% -850 bp Cost Income ratio, %

  49. PRIVATE & AM DIVISION: DETAILS ON TOTAL FINANCIAL ASSETS Y/Y AND 3Q/2Q TRENDS PRIVATE & AM DIVISION TOTAL FINANCIAL ASSETS (bn - data at constant FX) +23.0% y/y +6.9% ex AmSouth +20.4% y/y ex AmSouth +4.5% 203.3 190.4 AmSouth acquisition(2) accounts for 4.3 bn AUM 165.3 162.2 150.3 AUMs 131.5 33.8 32.5 Securities in custody 27.5 7.6 Direct deposits(1) 6.3 7.3 Sep04 Jun05 Sep05 % weight of AUM products 79.5 79.0 79.8 (1) Including Repos (2) AmSouth acquired by Pioneer on 26.09.05; AuM $ 5.17 bn

  50. PIONEER GROUP: DETAILS ON NET SALES AND AUM TREND (Oct05) AuM as at 31.12.2004 9M05 Net sales 9M05 Mkt. Perf. AuM as at 30.09.2005(1) AuM as at 31.10.05(2) Net sales Oct05 (mln - Data at end of period FX) Italy 92,809 5,744 484 104,462 105,161 6,608 7,888 1,617 1,196 172 10,614 10,701 International (ex-Italy) US 25,032 -581 3,887 32,632 -149 31,818 of which - US ex AmSouth 25,032 -581 3,887 28,338 - AmSouth acquisition(3) 4,293(3) US in USD 34,096 -721 750 39,295 -179 38,255 3,885 1,013 544 66 5,376 5,442 New Markets 129,614 7,794 12,234 574 152,270 149,642 TOTAL PIONEER 129,614 7,794 12,234 153,935 574 152,270 TOTAL PIONEER incl. AmSouth 3,830 214 340 4,384 75 4,454 Alternative Investments (1) Balance due to rounding (2) Provisional figures; balance due to Market Performance (including FX effect) (3) Acquired on September 26, 2005, AuM $ 5,179.8 mln

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