Prospectus - Notowania

Operating Profit Breakdown
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>> Interim Report on Operations
Group Results
Year-to-date Operating profit exceeded €9.6 billion at September 30, 2009 - an increase of 16.3% or 25.1% at constant exchange
rates and businesses over M9 2008 25%.
Group Revenue was €21 billion, up by 1.7% or 7% at constant exchange rates and businesses, over M9 2008. This result was
driven by the positive contribution of the CIB area, where revenue grew by €2.4 billion, and by CEE business, up by 2.8% or 17% at
constant exchange rates. The CEE countries that most contributed to the CEE result were Ukraine (up by 48.6% at constant
exchange rates), Turkey (up by 32%), Kazakhstan (up by 23%), Hungary (up by 16%) and Romania (up by 10%). The other
business segments were affected by the mentioned weaknesses that have marked 2009, especially Asset Management with a 40%
reduction in M9 2009 revenue, which was affected, in common with the sector as a whole, by a contraction average volumes of
assets under management (down by €60 billion y/y), and Retail with a 14% reduction in revenue, due to lower net interest income,
principally in respect of the customer deposits component, on account of lower interest rates, which penalized the remuneration of
excess liquidity.
Operating profit: breakdown (€ million)
QUARTERLY FIGURES
CHANGE 2009 FIRST NINE2008 MONTHS
2009 2008 AMOUNT % Q3 Q2 Q1 Q4 Q3 Q2 Q1
Net interest income 13,508 14,129 - 621 -4.4% 3,990 4,814 4,704 5,256 4,911 4,680 4,538
Net non-interest income 7,621 6,652 969 14.6% 2,741 3,022 1,858 840 1,834 2,908 1,910
Operating income 21,129 20,781 348 1.7% 6,731 7,836 6,562 6,096 6,745 7,588 6,448
Operating costs - 11,521 - 12,518 997 -8.0% - 3,831 - 3,868 - 3,822 - 4,174 - 4,157 - 4,223 - 4,138
Operating profit 9,608 8,263 1,345 16.3% 2,900 3,968 2,740 1,922 2,588 3,365 2,310
Cost/income (%) 54.5% 60.2% 56.9% 49.4% 58.2% 68.5% 61.6% 55.7% 64.2%
30
20
10
0
-10
-20
Operating Profit: breakdown
(€ billion)
14.13 13.51
6.65 7.62
20.78 21.13
First Nine Months 2008
First Nine Months 2009
- 12.52-
11.52
8.26
9.61
Net interest income Net non-interest income Operating income Operating costs Operating profit
Operating costs showed a reduction of €1 billion or 8% (4.9% at constant exchange rates and businesses) at September 30, 2009
from M9 2008). The largest cost reductions were achieved by Retail (a 6.8% cut), CIB (4.8%), and GBS (19%) and in the Corporate
Centers (14.5%).
Given higher revenue and lower costs, the cost/income ratio improved by 570 bp (54.5% as against 60.2% in M9 2008).