Prospectus - Notowania

( in millions of Euros) % Change
Net fees and commissions
(Reclassified)
Retail
Corporate
Private Banking
Asset Management
Markets & Investment Banking
Poland's Markets
Central Eastern Europe (CEE)
Parent Company and other companies*
Total
* Includes netting and write-downs.
2008
3,719
1,441
817
1,051
326
670
1,163
(94)
9,093
2007
Reconstructed
4,053
1,471
981
1,548
626
841
929
245
10,694
2006
3,022
1,209
755
1,288
462
840
723
49
8,348
2008/2007
-8.2%
-2.0%
-16.7%
-32.1%
-47.9%
-20.3%
25.2%
-138.8%
-15.0%
2007/2006
34.1%
21.7%
29.9%
20.3%
35.5%
0.1%
28.5%
400.0%
28.1%
Net fees and commissions, which represent a crucial component of income from
brokerage and other income, fell by 15% between 2007 and 2008, amounting to €
9,093 million. This component in particular felt the effects of the worsening in the
Markets & Investment Banking business segment, and in absolute terms the severe
downturn in the Asset Management and Retail business segment. CEE growth
constituted a unique exception in 2008 which, despite the profound differences
between the economic conditions in the different countries that make up the area,
benefited from the increase in the size of its network.
The decrease recorded by the Asset Management business segment in 2008 (€ -497
million based on a like-for-like scope of consolidation) is mainly due to the significant
reduction in specific assets (-34.1% of total financial assets, -35.1% with reference to
the fall in assets under management). Within this area, the reasons behind the decline
in returns are closely linked to turbulence in the markets in 2008. Specifically, the
drop in volumes, a direct cause of the reduction in the fees and commissions
component, is the result of both the negative performance in assets managed, and the
negative trend in net deposits due to a reduced customer propensity towards
investment. Similar trends characterised the performance of the Retail and Private
Banking business segments, both subject to a transfer from indirect deposit products
to direct deposit products.
The balance of "Other income and costs", another component of the income statement
item, income from brokerage and other income, was approximately at the same level
as the previous year, with quite a steady performance from all business segments,
excluding the retail segment (€ -97 million in 2008 including the effect of the
indemnity of holders of policies containing Lehman Brothers securities and for
dormant accounts) and the Markets & Investment Banking business segment (€ -3
million in 2008 against a positive result of € 50 million in 2007).
With regards to 2007 and its performance compared with the previous year, total
income from brokerage and other income recorded low growth (+0.3% excluding
Capitalia from 2007), due to the huge downturn in income from brokerage, which
offset the strong performance in fees and commissions and the balance of other net
income.
In terms of income from brokerage in 2007, compared with general stability in the
other business segments, Markets & Investment Banking had already recorded a
considerable slowdown resulting from the development of a scenario featuring market
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