Prospectus - Notowania

67
>> Group Results
Central Eastern Europe
Balance Sheet (€ million)
CENTRAL EASTERN EUROPE
AMOUNTS AS AT CHANGE ON DEC '08
09.30.2009 06.30.2009 12.31.2008 AMOUNT %
Total Loans 71,413 71,632 74,872 -3,459 - 4.6%
o.w. with customers 58,201 59,997 62,145 -3,944 - 6.3%
Customer deposits (incl. Securities in issue) 50,608 49,938 50,100 508 + 1.0%
Total RWA 68,391 72,030 76,073 -7,682 - 10.1%
RWA for Credit Risk 60,337 63,495 66,953 -6,616 - 9.9%
Staff Numbers
CENTRAL EASTERN EUROPE
AS AT CHANGE ON DEC '08
09.30.2009 06.30.2009 12.31.2008 AMOUNT %
Full Time Equivalent (KFS group 100%) 52,771 53,547 56,066 -3,295 - 5.9%
Full Time Equivalent (KFS Group proportional) 42,905 43,507 45,884 -2,979 - 6.5%
In the first nine months of 2009 the CEE area of UniCredit Group achieved an operating profit of €2,065 million, outpacing
the respective 2008 results by 15% (+32.7% at constant exchange rates). Total operating income reached €3,504 million in
this period outperforming the same period in 2008 by 16.8% at constant rates. The growth was driven by net interest income
which increased by 11.2% at constant rates, to €2,238 million, despite the increase of refinancing costs characterizing the
current financial environment. Net fee & commission income grew only moderately, by 0.7% to €780 million. Trends in the
various countries differed according to the relative importance of the generally weak securities and new issue business;
commercial services such as cash management and loan fees developed favorably. There was a particularly strong rise in
Turkey, where Yapı Kredi Bank is the undisputed and innovative market leader in commercial services including credit card
business, foreign trade financing, leasing and factoring. Given the current market situation with its high volatility in FX and
interest rates, the trading result showed particularly strong growth in the first nine months of 2009, increasing close to three
times the result of Q3 2008 to €428 million, thus now accounting for 12% of the total operating income.
The market-driven relative slowdown in business and revenue growth was very quickly and effectively counterbalanced by
strict cost management: operating costs of €1,439 million in the first nine months of 2009 therefore decreased slightly at
constant rates (0.8%) and were even reduced by 10.8% at current rates versus 2008 even though they now reflect the full
effect of the branch expansion program implemented in 2008. Overall cost efficiency thus further improved substantially
as seen in the cost-income ratio of only 41.1% for the first nine months of 2009, compared to the 47.3% reported last
year.
Reflecting the adverse market conditions and, as a consequence, also an even more prudent provisioning policy, net write-downs
on loans had to be substantially increased in the first nine months of 2009, to €1,221 million, almost four times the amount booked
in the same period of 2008. The cost of risk ratio (in percent of the average loan volume) thus increased to 2.70%, up from 0.74%
in the comparable period of 2008.
Due to this rise in risk provisions, and including the effect of lower profit and loss on investments compared to first nine months
of 2008 (which included i.a. the proceeds from the sale of some subsidiaries), CEE net profit of €679 million for the first nine months
of 2009 was 38% below the prior year’s result at constant rates. Combined with the effect of lower exchange rates in most of the
area’s countries versus September 2008, CEE Net profit fell by 44.9% at current rates from first nine months of 2008.
Turkey
Yapı Kredi (YKB) is the fourth largest private bank in Turkey. Through a customer-centric strategy and segment-based
service model, YKB delivers a comprehensive array of retail (including credit cards and SME), corporate, commercial and
private banking products and services as well as asset management, leasing, factoring, private pension, life and non-life
insurance and brokerage services. As of Q309, with 836 branches YKB has the fourth largest branch network in Turkey with a
market share of 9.4%. In addition, the bank is the market leader in credit cards (21.5% issuing volume market share) and has
a large ATM network in Turkey (2,347 ATMs) as well as award-winning internet and telephone banking applications.