Prospectus - Notowania

Net fees and commissions 5,666 7,003 -19.1%
Net trading, hedging and fair value income 1,651 (730) n.s.
Net other income/costs 304 379 -19.8%
Income from brokerage and other income 7,621 6,652 14.6%
OPERATING INCOME 21,129 20,781 1.7%
Staff expenses (6,821) (7,533) -9.5%
Other administrative expenses (4,087) (4,443) -8.0%
Expense reimbursement 318 417 -23.7%
Write-downs of tangible and intangible assets (931) (959) -2.9%
Operating costs (11,521) (12,518) -8.0%
OPERATING PROFIT 9,608 8,263 16.3%
Write-downs on goodwill - - n.s.
Provisions for risks and charges (377) (179) 110.6%
Integration costs (321) (109) 194.5%
Net write-downs of loans and provisions for guarantees and
commitments (6,245) (2,372) 163.3%
Net profit from investments 15 13 15.4%
PROFIT BEFORE TAX FROM CURRENT
OPERATIONS 2,680 5,616 -52.3%
Income tax for the period (885) (1,476) -40.0%
NET PROFIT FROM CURRENT OPERATIONS 1,795 4,140 -56.6%
Profit (loss) of disposal groups classified as held for sale after
taxes - - n.a.
PROFIT (LOSS) FOR THE PERIOD 1,795 4,140 -56.6%
Minority interests (269) (407) -33.9%
NET PROFIT ATTRIBUTABLE TO THE GROUP 1,526 3,733 -59.1%
Economic effects of the Capitalia “Purchase Price Allocation”
1 (195) (226) -13.7%
NET PROFIT ATTRIBUTABLE TO THE GROUP 1,331 3,507 -62.0%
1 Mainly attributable to the Capitalia merger transaction.
The first nine months of the year as at September 30, 2009 closed with a profit of €
1,331 million, down by 62.0% compared to the same period of the previous year. This
result derives from the positive performance at operations level, i.e. the operating
profit, which has risen by 16.3% compared to September 30, 2008, offset by the
increased allocations for credit risks which have risen by over € 3.9 billion (+163.3%).
The main income statement aggregates are illustrated below on the basis of the
reclassified income statements set forth above.
The operating income has increased compared to the same period of 2008, rising from
€ 20,781 million to € 21,129 million, posting an increase of 1.7%. This result mainly
derives from the reduction in the net interest income and in net fees and commissions
(for a total of € – 1,958 million, i.e. -9.3%) against a return to profitability witnessed
in the net trading, hedging and fair value income.
(in millions of Euro) % Change
Operating income (Reclassified) 30.09.2009 30.09.2008 2009/2008
Retail 7,565 8,787 -13.9%
Corporate & Investment Banking 7,790 5,376 44.9%
Private Banking 587 704 -16.6%
Asset Management 524 875 -40.1%
Central Eastern Europe (CEE) 3,504 3,409 2.8%
Poland's Market 1,207 1,731 -30.3%
Parent company and other companies* (48) (101) -52.5%
Total
* Including netting and write-downs.
21,129 20,781 1.7%
The operating income has remained essentially stable compared to the same period of
the previous year, although it has undergone changes in the various business
segments, as well as in the components illustrated above. Specifically the considerable
reductions in margin for some business segments have been offset by a recovery of
profitability in others which have been able to benefit from more favourable market
conditions. In this context the Retail business segment recorded a downturn in profit,
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