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HVB INCOME STATEMENT<br />
mln<br />
1Q07<br />
1Q08<br />
% ch. on<br />
1Q07<br />
% ch. on<br />
1Q07 at<br />
constant FX<br />
& perimeter<br />
Total Revenues 2,005 727 -63.7% -67.5%<br />
Operating Costs -955 -871 -8.8% -13.5%<br />
Operating Profit 1,050 -144 n.m. n.m.<br />
Net Write-downs of Loans -209 -187 -10.5% -10.5%<br />
Other Non Operating Items (1) 264 13 -95.1% -90.9%<br />
Net Income (2) 793 -282 n.m. n.m.<br />
Cost/Income ratio, % 47.6% 119.8% 72.2 pp 92.2 pp<br />
• Revenues -63.7% y/y clearly<br />
reflecting the impact on MIB of the<br />
market turmoil<br />
• Excellent cost saving confirmed,<br />
with -8.8% y/y reduction across<br />
all divisions and despite<br />
integration of UBM investment<br />
banking activities<br />
• Good trend of provisioning and<br />
asset quality improvement<br />
confirmed also in 1Q08. Net<br />
impaired loans down by 20% q/q<br />
• Other non operating income<br />
reflect decrease in profit from<br />
investments, due to 218 mln gain<br />
on Indexchange<br />
53<br />
(1) Provisions for risk and charges and profit from investments<br />
(2) Net income after HVB <strong>Group</strong>’s minorities but before <strong>UniCredit</strong>’s minorities
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