Prospectus - Notowania

In the first nine months of 2009 the bank achieved a gross operating profit of €305 million which at constant exchange rates
exceeds by 30% the result for the same period last year. This good performance stemmed, besides positive results from
increased market volatility, particularly at the beginning of the year, from the expanded regional coverage as well as from
continuous efficiency improvements. In spite of the financial turmoil in the markets, UniCredit Bank continued its regional
expansion in Moscow and other regions. Within the first nine months of 2009 new offices were opened in Perm, Ufa, Liptesk,
Miass, Taganrog, Rostov-on-Don, Volgograd, Sochi, Krasnojarsk, Tyumen, Barnaul, Belgorod and Saratov, as well as ten
new outlets in Moscow and six in St. Petersburg. Since September 2008 the network has increased by 31 outlets to the
current 111. The number of staff increased in the same period by 7% to 3,668 employees.
Q3 revenues of €461 million were higher by 20% y/y (at constant exchange rates). The revenue increase results from higher
flows of commissions as well as strong trading gains, together offsetting declining interest income due to a crisis-driven slow
down in lending. Total assets of €11,6 billion were 1.8% lower compared to September 2008. As the financial crisis finally
reached the real economy, both retail and corporate loan business started to decline in early 2009 and thus gross loan
volume decreased by 11% compared to Q3 2008 to the current €7.9 billion, whereas deposits increased in the same period
by 13% to €6.8 billion. Due to the prudent risk policy total assets decreased in the nine month of 2009 by 14.5% while
deposits increased during this period by 20.7%.
Corporate banking remains the core business of the bank although since last autumn, when the crisis started, lending
operations were continuously scaled back. Consequently the corporate loan portfolio of €6 billion is almost 9% below the level
of Q3 2008. On the liability side operations increased significantly and customer deposits grew to €5.4 billion exceeding Q3
2008 by 18%. Since December 2008 the gross loan portfolio declined by almost 13%, corporate deposits however increased
during this period by more than 20%. In consideration of the persisting difficult economic environment, business priorities
remain clearly focused on key relationships and development of business with multinational customers, and special attention
to credit risk. Strong emphasis is put on non-cash risk and transactional business.
Continuous development of retail banking remains a key pillar of ZAO UniCredit Bank’s strategy. Despite the tense situation
in the retail lending market the bank increased its retail network. In consideration of the deterioration of the economic
environment the retail loan business was significantly slowed down. The total loan portfolio as of Q3 2009, primarily
consisting of car loans and residential mortgages, amounted to €1.5 billion which was 17.6% lower than in Q3 2008;
compared to the beginning of the year the contraction of the portfolio amounts to almost 21%. Customer deposits on the
other hand have increased since Q3 2008 by more than 4% to €1.3 billion.
To cope with the difficult market situation, besides continuous efforts to further develop the customer base, the bank put a
strong emphasis on accelerated development of fee-based and liability side products as well as on optimization of the
network and the current business model to further improve the high standards of client service.
Other Markets
In the Czech Republic, despite revenues almost on last year’s level and cost reduction initiatives, further improving the favorable
cost income ratio, the bank was affected by the economic crisis with more than doubled net write-downs on loans compared to
M908.
UniCredit Bank Slovakia continued to carry out a conservative liquidity and risk policy. Nevertheless the bank actively
participates in new business and was one of the selected lead arrangers for the first PPP infrastructure project for a motorway in
Slovakia. The net profit remained within the scope of the bank´s forecast.
Revenues in Hungary are significantly above last year, supported by a positive development of fee income and trading
activities. Also costs were kept below last year's level. Nevertheless the bottom line result is negatively influenced by increased
net write downs on loans, being more than four times higher than in M908.
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
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