UBI Banca Group

The performance of the main consolidated
companies
BANCA POPOLARE DI BERGAMO SPA
Figures in thousands of euro
31.12.2011 31.12.2010 Change
% change
Balance sheet
Loans to customers 19,609,764 20,276,206 -666,442 -3.3%
Direct funding (*) 19,764,170 20,596,076 -831,906 -4.0%
Net interbank debt 1,603,761 2,537,387 -933,626 -36.8%
Financial assets held for trading 61,943 51,761 10,182 19.7%
Available-for-sale financial assets 20,196 20,795 -599 -2.9%
Equity (excluding profit for the year) 2,117,762 2,143,727 -25,965 -1.2%
Total assets 25,074,514 24,455,885 618,629 2.5%
Indirect funding from customers (including insurance) 24,563,676 24,944,977 -381,301 -1.5%
of which: assets under management 11,267,911 12,460,373 -1,192,462 -9.6%
Income statement
Net interest income 503,565 443,493 60,072 13.5%
Dividends and similar income 184 254 (70) (27.6%)
Net commission income 316,002 302,214 13,788 4.6%
Net income from trading, hedging and disposal/repurchase activities 2,105 9,650 (7,545) (78.2%)
Other net operating income/(expense) 21,413 13,311 8,102 60.9%
Operating income 843,269 768,922 74,347 9.7%
Personnel expense (272,399) (277,279) (4,880) (1.8%)
Other administrative expenses (197,029) (204,095) (7,066) (3.5%)
Net impairment losses on property, equipment and investment property and intangible assets (7,692) (7,178) 514 7.2%
Operating expenses (477,120) (488,552) (11,432) (2.3%)
Net operating income 366,149 280,370 85,779 30.6%
Net impairment losses on loans (**) (83,114) (96,212) (13,098) (13.6%)
Net impairment losses on other assets/liabilities (262) (1,873) (1,611) (86.0%)
Net provisions for risks and charges (56) 187 (243) n.s.
Profit (loss) on the disposal of equity investments 1,486 (30) 1,516 n.s.
Pre-tax profit from continuing operations 284,203 182,442 101,761 55.8%
Taxes on income for the year from continuing operations (112,435) (75,723) 36,712 48.5%
Profit for the year 171,768 106,719 65,049 61.0%
Other information
Number of branches 358 365 -7
Total work force (actual employees+personnel on leasing contracts) 3,724 3,779 -55
Financial ratios
ROE [profit for the year/equity (excluding profit for the year)] 8.11% 4.98%
Cost:income ratio (operating expenses/operating income) 56.58% 63.54%
Net non-performing loans/net loans to customers 2.29% 1.74%
Net impaired loans/net loans to customers 2.41% 1.87%
(*) Inclusive of bonds subscribed by the Parent amounting to €50 million as at 31 st December 2011 (€50 million also as at 31 st December 2010).
(**) The item for 2010 included an impairment loss of €1.4 million relating to the Mariella Burani Group.
The share capital of Banca Popolare di Bergamo as at 31 st December 2011 was wholly owned by UBI
Banca.
The year 2011 ended with a profit of €171.8 million, up significantly compared to €106.7
million in 2010 (+€65.1 million; +61%), the result of good performance by net operating profit
(+€85.7 million to €366.1 million), with an increase in revenues (+€74.3 million to €843.3
million) and a contraction at the same time in the most significant expense items (-€11.4
million to €477.1 million).
Revenues performed as follows:
- net interest income reached €503.6 million (+€60.1 million) as a result of favourable market
trends for interest rates;
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