Prospectus - Notowania

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>> Group Results
Central Eastern Europe
UniCredit Slovenia enjoyed the best quarter so far in 2009; mainly good trading by tightening bond spreads, reduced liquidity
costs and flattening loan loss provisions contributed to the surprising positive result after nine months.
Zagrebacka banka (ZABA) is clearly the leading bank in Croatia and maintains the largest market share in customer loans and
deposits. Zaba Group does business in Croatia with more than 1.5 million clients served by 136 branches. Increased revenues
due to a higher trading result and further cost reductions in all major cost categories led to an improvement of the cost/income-
ratio to an impressive 45.5%. Net write downs on loans increased by €34.4 million y/y, reflecting the more unstable economic
environment.
In Bosnia and Herzegovina, the Group has a country-wide presence through UniCredit Bank d.d., Mostar and UniCredit
Banjalucka banka. Together, the 2 banks serve 1.2 million corporate and private clients through 147 branches. In Serbia the
Bank recorded significant revenue growth of 14% over 2008 (net interest income increased by 21% y/y and fee income by 12%).
With the risk situation stabilized, the bank is in a position to equal last year’s Profit before tax.
Despite the prevailing economic crisis in Romania which lead to a significant increase in loan loss provisions, UniCredit Tiriac
Bank generated a gross operating profit outperforming last year´s level (+15.7% y/y at constant exchange rates). The
"Divisionalization Project" emphasizing customer centricity as a key target is at the implementation stage in Romania.
UniCredit Bulbank is Bulgaria's leading bank in terms of assets, exceeding BGN 11 billion (€5.6 billion) as of August 2009. The
Bank is servicing over one million clients in all customer segments. Despite the worsened economic environment the bank
achieved satisfactory results in the first 9 months of 2009. Loan loss provisions increased but were partially offset by higher net
fees and commissions, improved trading results and optimized cost control.
In Ukraine, Ukrsotsbank, as a consequence of high interest income and a significant reduction in operating costs (-8% at
constant rates, resulting from cost reduction measures both relating to staff and other cost categories) was able to offset higher
net-write downs on loans (as a consequence of the sharp economic downturn and unstable environment) and to show positive
net income.
ATF Bank had a positive revenue growth of 22.2% vs. the prior year, notwithstanding the economic crisis, which heavily
impacted the market in Kazakhstan (real GDP growth expected -2.3% for 2009). This growth was mainly thanks to an
increase in NII (+11.8% y/y, due to a favourable deposit spread effect and a positive volume effect on loans and receivables
with banks) and higher trading profit at the beginning of the year thanks to higher volumes in FX conversions in the context of
the currency devaluation in February. There was a substantial improvement in ATF’s Loan/Deposit ratio (155.1%) of 40.5pp
y/y thanks to the Deposit Generation Program which started at the beginning of the year and helped to increase the deposit
portfolio by 40.5%, while the loan portfolio rose by only 6.9% yoy. Efficiency improved with a cost/income ratio of 25.5% (an
improvement of over 12.8pp vs. the prior year) clearly reflect the progress in restructuring and integration efforts. The
expenses were kept strictly under control, costs decreased by 18.6% and FTE staff by 954 y/y. Reflecting the general
deterioration in asset quality due to the crisis and partly the default of some large corporate customers, risk provisions
increased substantially with a consequent negative impact on the net result.