Prospectus - Notowania

Retail
Introduction
43
>> Group Results
Retail
UniCredit Group’s Retail Strategic Business Area 1 focuses on satisfying the financial needs of the mass market and of
affluent individuals, as well as small businesses. The Retail SBA Retail’s fundamental role is to enable individuals, families
and small business customers to satisfy their financial needs by offering them a complete range of high-quality, reliable
products and services at competitive prices.
In addition to the three new Italian commercial banks created on November 1, 2008 (UniCredit Banca, UniCredit Banca di
Roma and Banco di Sicilia), the Retail SBA includes the retail business areas of HypoVereinsbank in Germany and
UniCredit Bank Austria.
Furthermore, the Retail SBA included UniCredit Family Financing Bank, the new Group bank supporting the SBA’s banks
with solutions that meet the varied financing requirements of households, resulting from January 2009, from the integration
between UniCredit Consumer Financing - a Group company specializing in consumer credit - and UniCredit Banca per la
Casa - which specializes in home mortgages.
Finally, last May the Retail SBA included Asset Gathering, the business area specializing in individual retail customer
deposits through the direct channel and the network of financial consultants. Asset gathering operates through FinecoBank
in Italy, DAB Bank in Germany and DAT Bank in Austria; these banks offer all the banking and investment services of
traditional banks, but distinguish themselves for their specialization in the businesses of online trading and for unique focus
on technological innovation.
Financial Performance
Statistics concerning Q3 2009 show some improvement in the economic situation. Nevertheless, continuing uncertainty
requires caution in interpreting the scale and sustainability of the economic recovery. The first nine months of 2009 began in
an environment characterized by the financial crisis and a slowdown in the real economy in Europe. Retail SBA’s
consolidated results were affected by the extreme conditions of market rates and by the financial markets turmoil, which
impaired revenues, and by the deterioration of the credit scenario that led to a worsening of banking assets.
Retail SBA’s result was affected by the trend of operating income, that amounted to €2,276 million in the third quarter of
2009 alone, down by 13% from the second quarter of 2009, and totaled €7,565 million for the first nine months of 2009 (-14%
y/y). This result was strongly affected by the negative performance of net interest income, due to the sharp drop in rates,
which accelerated in the third quarter of 2009 as Euribor reached an all-time low, (at the end of September one-month Euribor
fell below the threshold of 50 basis points which means an average decrease of more than 300 basis points in the first nine
months of the 2009 from the same period of 2008). The gradual reduction in market rates has had a negative impact on Retail
SBA’s profits from the spread over deposits. On the credit side, the effects of the abolition of the commission on the highest
overdrawn amount (commissione di massimo scoperto) have penalized Q3 2009 results.
In the first nine months of 2009 the Retail SBA registered a strong contraction in commissions. This result was heavily
influenced by the drop in trading and asset management fees mainly due to the reduction in the value of assets under
administration and management resulting from the financial market crisis.
1 The Introduction describes the main organizational changes and main business areas and/or legal entities that make up the Retail Strategic
Business Area Retail, also called Retail SBA. The Financial Performance section reports the Retail SBA's overall consolidated results based
on the scope of consolidation as at September 2009. Results of 2008 are aligned with the new consolidation scope to ensure comparability.