Prospectus - Notowania

53
>> Group Results
Corporate & Investment Banking
By placing an emphasis on customers and customer satisfaction in its services and leveraging a local network that is unique in
Europe and product excellence enhanced by specific dedicated skills, CIB intends to be a key player and partner for business
customers operating in key markets where the Group has a presence by supporting these customers in growth and
internationalization projects and during potential restructuring periods. The strengthening of the position of European regional
specialist in the most advanced global financial market and investment banking services further distinguishes and rounds out
the offering of services to the Group's customers and potentially increases their level of confidence and resulting level of
satisfaction.
Financial performance 1
Despite an uncertain economic situation, the Corporate & Investment Banking area’s operating profit increased more than
90% in the first nine months of 2009 compared with the same period in the previous year.
Income Statement (€ million)
FIRST 9 MONTHS CHANGE 2009
CHANGE 2008
2009 2008 % Q3 Q2 % Q3
CORPORATE & INVESTMENT BANKING ON Q2 09
Operating income 7,790 5,376 + 44.9% 2,651 2,898 - 8.5% 1,769
trading revenues 644 -1,171 - 155.0% 476 477 - 0.2% -539
non-trading revenues 7,146 6,547 + 9.1% 2,175 2,421 - 10.2% 2,308
Operating costs -2,477 -2,602 - 4.8% -831 -823 + 1.0% -852
Operating profit 5,313 2,774 + 91.5% 1,821 2,075 - 12.2% 917
Net write-downs on loans -3,288 -1,068 + 207.9% -1,142 -1,360 - 16.0% -578
Profit before tax 1,403 1,504 - 6.7% 446 407 + 9.6% 185
Total revenues were €7,790 million (+45% versus September 2008), thanks to the positive performance of net interest
income (+14%) and of net non interest income (increase of about €1,7 billion).
The increase in net interest income results from the selective approach to new loans and higher profitability.
The reduction in dividend income was linked mainly to a one-off negative item in Austria in the first quarter of this year and to
the exceptional performance of the previous year in Germany related to private equity funds.
The growth in net non-interest income is attributable mainly to net trading, hedging and fair value income, which posted a
considerable recovery compared to the previous year.
Operating costs at September 2009 reached €2,477 billion with a good decrease versus the same period of the previous year
(-5%) due to management's continued focus on cost containment and the effectiveness of measures implemented. There was
a decrease both in payroll costs (-8%) and in other administrative expenses (-3%).
Net impairment losses on loans and provisions rose by around €2,200 million y/y, due to asset quality deterioration strongly
due to market’s trend and to migration in highly cyclical sectors (i.e. Real Estate, Auto and Textile).
Integration costs at September 2009 were approximately €220 million, largely posted during the second quarter and
attributable mainly to the old Markets and Investment Banking area.
Net income from investments was worse than in the previous year, attributable to several one-off negative items resulting
from the impairment of some private equity funds.
Profit before tax was around €1,400 million as a result of the aforementioned factors.
1 CIB area’s results sum up the performance of the former Coporate and MIB Divisions.