Prospectus - Notowania

2.9%, mainly as a result of the greater amortisation and depreciation charges within
the Parent Company and Poland’s Markets.
A breakdown of operating costs by business segment shows that, where market trends
have had a greater adverse effect, reductions in operating costs have been recorded,
even if not on a proportional basis.
(in millions of €) % Change
Operating costs (Reclassified) 09.30.2009 09.30.2008 2009/2008
Retail (5,302) (5,686) -6.8%
Corporate & Investment Banking (2,477) (2,602) -4.8%
Private Banking (400) (413) -3.1%
Asset Management (351) (393) -10.7%
Central Eastern Europe (CEE) (1,439) (1,613) -10.8%
Poland's Market (634) (806) -21.3%
Parent company and other companies* (918) (1,005) -8.7%
Total (11,521) (12,518) -8.0%
* Including netting and write-downs.
The dynamics relevant to the overall operative costs and in particular, relevant to the
other administrative expenses recorded during the first three quarters of the financial
year are connected to the contingent evolution of the individual cost components. The
development of the costs over Q4 also presented specific peculiarities also connected
to seasonal factors and cannot be deduced from that which had accrued up to
September, 30 2009.
Operating costs of the Retail business segment have fallen by a total of 6.8%
following the positive effects of the initiatives directed at achieving greater efficiency
launched in the early months of 2009. This reduction is mainly attributable to staff
expenses which have fallen as a result of staff cuts, following the process to integrate
the former Capitalia banks into the Group, financed by a retirement plan commenced
in 2008 and directed at achieving greater efficiency. CIB also recorded a reduction in
operating costs (-4.8%) as a result of the actions taken by management for the
purposes of cost containing and of the effectiveness of the restructuring measures
implemented. The contraction has been recorded in both staff expenses (-7.6%) and in
operating costs (-3.3%). The reduction posted by Asset Management (-10.8%) is due
to both the reduction in staff expenses which have been positively affected by the turn
over to the profit and loss account of the bonuses of the previous year, allocated but
not paid in the absence of which staff expenses for Q3 2009 are essentially in line
with those of Q2, and by the fall in other administrative expenses (-14%). Again with
regard to the operating costs in Asset Management, it must be noted that in Q3 assets
for the subsidiary Vanderbilt were written down by € 5.9 million. The reduction in
operating costs recorded by Poland’s Markets is mainly attributable to the careful cost
containing policies implemented. Lastly with regard to the CEE segment, this was
also subject to radical cost cutting activity which promptly offset the downturn in
volumes arising from the current economic crisis.
The trends apparent in operating income and in operating costs have led to a 16.3%
recovery in operating profit which reached € 9,608 million, compared to € 8,263
million in the first nine months of 2008, with the following breakdown and change by
business segment.
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