Consolidated Results as at March 31 st 2017 Consolidated results as at 31 March 2017 1
Agenda 1. Credit policies and asset quality 2. Funding, liquidity and securities portfolio 3. Capital ratio 4. Revenues development 5. Cost management and Net profit development 6. Closing remarks 7. Annexes Consolidated results as at 31 March 2017 2
Credit policies and asset quality - Loans to customers analysis Quarterly trend ( € mn) Commercial Loans * (gross amounts) Outstanding gross loans 23,107 23,064 21,279 20,074 20,106 substantially flat since Q1 2016, 19,825 19,741 19,315 18,990 18,871 considering sale of NPLs 12.11 12.12 12.13 12.14 12.15 03.16 06.16 09.16 12.16 03.17 * Total gross loans to customers net of exposures with institutions, mainly CCG (Cassa Compensazione e Garanzia) and CDP (Cassa Depositi e Prestiti) Performing loans by sector (ATECO classification) ** Total gross loans by asset class** Other sector Households 9.9% Other 23.9% 3.3% Households Construction 27.8% 8.3% ~ 73% of total loan book to SMEs Retail Real estate 16.9% 10.5% SME Services Corporate 12.0% 39.8% SME corporate: revenue or total assets < 25 mn Industrial Corporate Commercial Corporate : revenue or total asset ≥ 25 mn 20.2% 16.1% 11.3% Retail: Small Retail exposure ≥ 100k, Micro Retail < 100k exposure **Source: internal data Consolidated results as at 31 March 2017 3
Credit policies and asset quality - Focus on new loans ~ 625 mn of newly granted loans (Individuals and SMEs/Corporate) over the period - 0.1% YoY Expected Loss performing portfolio -3 bps since December 2016 Amount Chg % % Fixed Average Expected Loss new Rate* YoY performing exposures INDIVIDUALS disbursed in the period Individuals 170 mn - 11.3 % 40.3 % 2.60 % 33 bps Of which substitutions («surroghe»): 19.4 mn (34.2 mn previous year) Amount Chg % YoY Expected Loss new performing exposures 71 mn Mortgage -12 % disbursed in the period SME & CORPORATE Average Rate Corporate: 47 bps 61 mn Other secured -56 % Retail: 75 bps 2.27 %* 323 mn Unsecured +50 % Total amount 455 mn +0.05 % Positive results of the outstanding remix Real Estate -1.5% YtD *Average rate from the beginning of the year Source: internal data Consolidated results as at 31 March 2017 4
Credit policies and asset quality - Non performing exposures (Gross amount) Mn € Bad loans Unlikely to pay -45 mn 2,787 2,786 2,597 2,601 2,643 2,684 2,494 2,418 2,384 2,339 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2017 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2017 Including the effect of Bank of Italy audit Past due Non-performing exposures -183 -57 -82 +261 5,570 5,391 5,309 5,387 5,330 299 289 244 216 205 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2017 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2017 -61mn Consolidated results as at 31 March 2017 5
Credit policies and asset quality – Asset quality (1/2) Mn € Net NPEs ̴ -278 mn to March 2016 3,392 3,304 3,324 3,114 3,154 274 222 264 198 188 1,880 1,885 1,811 1,684 1,647 1,238 1,272 1,279 1,229 1,217 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2017 Net Bad loans Net Unlikely to pay Net Past due Consolidated results as at 31 March 2017 6
Credit policies and asset quality – Asset quality (2/2) Mn € Coverage Ratios 31/12/2016 31/03/2017 57.4% proforma including Bad loans 54.4% 54.1% write off (3.3%) Unlikely to pay 29.4% 29.6% Past due 8.2% 8.2% Non-performing exposures Coverage Coverage Bonis 43.9% 41.5% 41.6% 37.1% 0.73% 0.61% 0.60% March 2016 December 2016 March 2017 March 2016 December 2016 March 2017 March 2017 including write off Annual trend in line with the portfolio improvement effect and new credit policy Consolidated results as at 31 March 2017 7
Cost of credit – Trend 3.41% 2.68% 2.31% 1.61% 1.32% 1.09% 0.76% 0.75% 0.61% 0.55% 0.52% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q 2017 Consolidated results as at 31 March 2017 8
Credit policies and asset quality – NPE’s analysis including collateral NPE - Total Coverage Ratio (%) 14.4% Commercial 22.6% and Other 22.2% 103.1% Residential 2.3% 88.7% 43.9% 41.6% NPE coverage ratio 31/03 Write-off NPE coverage ratio 31/03 post Real Guarantees Other Guarantees* NPE coverage ratio proforma write-off (1st line) (> 1st line) 31/03 post guarantees Real estate value equal to the last market value (according to the specific appraisal, delivered by third party appraiser), capped at the maximum amount represented by the value of the loans. Only «cash guarantees» considered , like financial guarantees, APS. No consideration at all for personal guarantees. * Real estate 2 nd line + judicial + financial + APS + Confidi Source: internal data Consolidated results as at 31 March 2017 9
Credit policies and asset quality – NPL’s analysis - including collateral Bad Loans - Total Coverage Ratio (%) 1.9% 0.6% 1.6% 4.8% Commercial 24.3% and Other 20.9% Residential 3.3% 111.5% 54.1% Source: internal data Cash Coverage Cash Coverage Real estate Real estate Financial Asset protection Confidi Total Covarage Ratio related to bad mortgage -market mortgage (judicial) Guarantees scheme Ratio loans write off value (1st-2nd line) -market value Real estate value equal to the last market value (according to the specific appraisal, delivered by third party appraiser), capped at the maximum amount represented by the value of the loans. Only «cash guarantees» considered , like financial guarantees, APS. No consideration at all for personal guarantees. Consolidated results as at 31 March 2017 10
Agenda 1. Credit policies and asset quality 2. Funding, liquidity and securities portfolio 3. Capital ratio 4. Revenues development 5. Cost management and Net profit development 6. Closing remarks 7. Annexes Consolidated results as at 31 March 2017 11
Funding, liquidity and securities portfolio - Direct deposits Quarterly trend ( € mn) Retail funding * 19,480 19,654 19,028 19,041 18,532 18,376 18,239 17,867 17,794 17,622 12.11 12.12 12.13 12.14 12.15 03.16 06.16 09.16 12.16 03.17 * Total funding net of CCG, CDP and institutionals Composition of Direct Funding (mn €) 31/12/2016 31/03/2017 Chg. % Saving Deposits 503 479 -4.9% -4.5% Securities issued Time deposits 1,528 1,486 -2.8% Deposits due to customers Current accounts 13,118 13,212 0.7% Securitizations 304 257 -15.5% Wholesale bonds (senior + subordinated) 133 134 0.6% -3.9% 85% 86% Senior retail bonds 2,090 1,907 -8.7% Subordinated retail bonds 375 345 -7.9% Deposit certificates 110 120 10.0% Deposits CCG & CDP 2,754 2,050 -25.6% 15% -8.0% 14% Other 194 178 -8.2% DIRECT FUNDING 21,109 20,168 -4.5% 31/12/2016 31/03/2017 Consolidated results as at 31 March 2017 12
Funding, liquidity and securities portfolio - Bonds by maturities and ECB funding Retail bonds senior + subordinated ( € mn) Wholesale bonds ( € mn) -213 mn Issue 150 mn Tier 2 on April 5, 2017 150 253 40 Maturities 2017 Issues 2017 Issues 2017 ECB funding Creval March 2017 ( € mn) 2017 – 2019 Maturities* Retail + Wholesale ( € mn) TLTRO 858 570 488 2,500 2017 2018 2019 March 2017 * As at 28 March 2017, residual maturities Source : internal data Consolidated results as at 31 March 2017 13
Funding, liquidity and securities portfolio – Liquidity position Gross commercial loans / Retail funding LCR as at 111.3 31 March 2017 109.6 108.5 108.7 108.4 108.1 107.4 107.1 106.7 271% NSFR as at 31 December 2016 31/03/2015 30/06/2015 30/09/2015 31/12/2015 31/03/2016 30/06/2016 30/09/2016 31/12/2016 31/03/2017 115% Short-term liquidity position – March, 28 th 2017 ( € mn) 1d 2d 3d 4d 5d 2w 3w 1m 2m 3m Net balance of cumulative 590 635 644 830 830 573 229 - 181 - 426 - 572 expiring positions Counterbalancing Capacity 3,075 3,037 3,037 3,080 3,080 3,262 3,667 3,885 4,090 4,090 Net balance of overall liquidity 3,666 3,672 3,681 3,910 3,910 3,835 3,896 3,704 3,664 3,518 Net liquidity balance ~ 14.1% of the Total Asset of the Group Consolidated results as at 31 March 2017 14
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