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RETAIL DIVISION: OPERATING PERFORMANCE BY COUNTRY
TOTAL REVENUES (mln and y/y % ch.)
2,842
2,726
322
296
440
471
1,933 2,105
4.3%
-8.1%
-6.6%
8.9%
• AUSTRIA: slight increase in household loans and
saving deposits (with sluggish spreads), offset by
lower sales of investment products
• GERMANY: net interest income decline (-3%)
mainly due RWAs optimization, driving down lending
volumes; good growth of deposits (+16% y/y). Fees
and commissions affected by lower up-front on
investment products
1Q07
1Q08
• ITALY: performance driven by net interest growth
and fees from sales of investments products in
former Capitalia
OPERATING COSTS (mln and y/y % ch.)
1,781
235 215
346 324
1,200 1,227
1Q07
1,767
1Q08
Austria Germany Italy
-0.8%
-8.5%
-6.4%
2.3%
• AUSTRIA: continuous reduction, driven by FTEs
rightsizing program and cost cutting on other
administrative expenses (-11.5% y/y), mainly
indirect
• GERMANY: confirmed cost cutting on both staff
and other administrative expenses (-4.4%,
mainly ICT and back office)
• ITALY: slight increase related to growth initiatives
(branch opening, Household Financing) and
advertising campaign. Flat staff expenses: FTEs
rightsizing plan offsets effect of labour contract
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