(AGENPARL) – gio 07 novembre 2024 3Q24 Results Presentation
MILAN | NOVEMBER 7TH | 2024
Disclaimer
This document has been prepared by “BPER Banca” solely for information purposes, and only in order to present its strategies and main financial figures.
The information contained in this document has not been audited. No guarantee, express or implied, can be given as to the document’s contents, nor should the completeness, correctness or accuracy of the
information or opinions herein be relied upon. BPER Banca, its advisors and its representatives decline all liability (for negligence or any other cause) for any loss occasioned by the use of this document or its contents.
All forecasts contained herein have been prepared on the basis of specific assumptions which could prove wrong, in which case the actual data would differ from the figures given herein. No part of this document may
be regarded as forming the basis for any contract or agreement. No part of the information contained herein may for any purpose be reproduced or published as a whole or in part, nor may such information be
disseminated.
The Manager responsible for preparing the Company’s financial reports, Marco Bonfatti, declares, in accordance with art. 154-bis, para. 2, of the “Consolidated Financial Services Act” (Legislative Order No. 58/1998),
that the accounting information contained in this document corresponds to documentary records, ledgers and accounting entries.
Marco Bonfatti
Manager responsible for preparing the Company’s financial reports
METHODOLOGICAL NOTE
Figures included in the tables shown in this document may not add exactly due to rounding differences.
Starting from the closing of the first quarter 2024 accounts, the Income Statement underwent the following reclassification changes:
Gains (losses) of equity investments measured under the equity method are presented as a separate line in Operating Income (former Gains (Losses) on investments);
Contributions to the SRF, DGS and FITD-SV funds are shown under Profit (Loss) from current operations.
Based on the same overall net profitability, the margins in the Income Statement as at 30 September 2024 were affected by the reclassification of some cost/income components.
More specifically, in the first nine months:
Net commissions included €24.6 mn worth of charges for payment services provided (former Other administrative expenses);
Other administrative expenses were offset within the same item by €12.0 mn in recovery of costs for services ancillary to lending (former Commission income);
Staff costs included €12.2 mn in business trips and training charges (former Other administrative expenses);
gross effects from the use of provisions for risks and charges set aside in prior periods (former Other operating expenses/Reversal of provisions for risks and charges) were directly offset within the same item by €17 mn.
In the interest of comparability of results, similar reclassifications have been made for the comparative reporting periods.
capital Euro 2,121,637,109.40 – ABI Code 5387.6 – Register of Banks No. 4932 – Member of the Interbank Deposit Guarantee Fund and of the National Guarantee Fund – Parent Company of the BPER Banca S.p.A.
Agenda
Executive summary
Group results
Final remarks
Annexes
Solid Revenues growth and sound profitability in 9M24
Key Financial Highlights
Delivered higher results in the first nine months
with adjusted Net Profit up by 2.2% 9M/9M
Core Revenues up by 5.0% 9M/9M and operational
efficiency stable with Cost/Income below 50%
Strong Asset Quality profile confirmed with an
improved Cost of Risk
Strong Balance Sheet, higher Capital Ratios thanks
to organic capital generation of 295bps in 9M24
Sound Liquidity Ratios well above regulatory
requirements
Total Revenues
Net Profit adjusted(1)(2)
€4.1 bn
+2.9% 9M/9M
€1.1 bn
+2.2% 9M/9M
Cost/Income(3)
49.5%
Flat 9M/9M
CoR(4)
39 bps
-15bps 9M/9M
RoTE(5)
FL CET1(6)
17.4%
15.8%
168.7%
161.4% Jun-24
136.1%
134.6% Jun-24
(1) Net Profit excludes the adjustment referred to €150.1 mn of the capital gain from the NPE servicing platform disposal in 1Q24, to €173.8 mn of HR-related actions in 2Q24 and total tax effect of €50.1 mn. (2)
EPS equal to €0.804. (3) Excluding €173.8 mn of HR-related actions in 2Q24. (4) CoR annualised. (5) RoTE calculated on Net Profit adjusted annualised, excluding the adjustment referred to €150.1 mn of the
capital gain from the NPE servicing platform disposal in 1Q24, to €173.8 mn of HR-related actions in 2Q24 and total tax effect of €50.1 mn. (6) CET1 Ratio was calculated including Profit (Loss) for the period for
the portion not allocated to dividends, i.e. bringing forward in advance the effects of the ECB’s authorisation to include these profits in “Own Funds” pursuant to art. 26, para. 2 of the CRR.
Net Profit in 9M24 mainly supported by Core Revenues and Costs efficiency
Net Profit stated vs adjusted(3) (€mn)
P&L Key Figures (€mn)
9M/9M
413.9
290.7
Total Revenues
o/w NII
Core Revenues
o/w Net Commission Income
Operating Costs (1)
4,129.1
+2.9%
1,371.0
-1.9%
+0.5%
2,523.2
+6.0%
840.8
+0.2%
+0.5%
1,502.7
+3.5%
487.9
-5.4%
+2.5%
-2,044.2
+4.0%
-648.3
-8.3%
+3.5%
Net operat. Income
2,084.9
+1.8%
722.7
+4.7%
-2.1%
-254.2
-29.7%
-79.1
-3.2%
-17.4%
Profit before tax (adjusted) (2)
1,692.4
+16.1%
624.7
+3.0%
+16.5%
Net Profit (adjusted)(3)
1,110.6
+2.2%
412.9
+6.3%
+7.9%
Net Profit (stated)
1,137.0
+4.6%
412.9
+54.7%
+7.9%
388.5
382.5
264.1
432.4
413.9
412.9
309.3
457.3
412.9
382.5
290.7
266.9
Net Profit Adj.
Net Profit stated
(1) Excluding €173.8 mn of HR-related actions in 2Q24. (2) The adjustments referred to €150.1 mn of the capital gain from the NPE servicing platform disposal in 1Q24 and to €173.8 mn of HR-related actions in
2Q24. (3) No adjustments in the first three quarters of 2023. In 4Q23, the adjustment referred to €294.5 mn of HR-related actions and tax effect of €82.6 mn. In 9M24 the adjustments referred to €150.1 mn of the
capital gain from the NPE servicing platform disposal in 1Q24, to €173.8 mn of HR-related actions in 2Q24 and total tax effect of €50.1 mn. (4) Excluding €380 mn of DTAs on tax losses.
On track to achieve 2024 Guidance
Total Revenues
FY24 Guidance
€4.1 bn
~€5.4 bn
o.w. Net Inter. Income
€2.5 bn
~€3.3 bn
o.w. Net Comm. Income
€1.5 bn
>€2.0 bn
Operating Costs
€2.0 bn
>€2.8 bn
Cost/Income
49.5%
Cost of Risk
39 bps(1)
15.5%
CET1 Ratio
15.8%
(1) CoR annualised.
(2) Calculated as: Net Profit adjusted annualised / (Average Tangible Book Value – Minorities interests – AT1 – Dividends accrued).
Note: Operating Costs and Net Profit exclude extraordinary items (HR-related actions costs and net gain from the disposal to Gardant), accounted in 1H24.
Revised upwards
vs FY24 Guidance BP
Setting the ground for the next three years… B:Dynamic | Full Value 2027
Business Plan
initiatives already
launched so far
Business Plan
initiatives to be fully
up & running by 1H25
(1) Calculated on total operating costs, excluding depreciation and amortization.
Ethics (EE+); CSA-S&P (>60).
(2) Morningstar Sustainalytics (Low risk), Sustainable Fitch (2); Moody’s Analytics (Advanced); MSCI ESG Rating (AA); Standard
Agenda
Executive summary
Group results
Final remarks
Annexes
Solid performance in Core Revenues in 9M24
Total Revenues (quarterly) (€mn)
1,800.0
Total Revenues
(€mn)
180.2
1,361.2
1,396.9
1,371.0
1,329.1
1,364.6
1,462.9
479.6
476.3
517.2
498.7
516.0
487.9
726.0
819.0
836.5
870.3
843.6
838.9
840.8
1,200.0
1,320.1
1,000.0
496.2
1,400.0
800.0
+2.9%
4,013.9
1,600.0
KEY HIGHLIGHTS
4,129.1
103.2
600.0
400.0
200.0
1,452.1
1,502.7
Net Commission Income
Div./Trad./Other
Net Revenues/RWA
Q/Q key drivers (€mn)
2,381.5
2,523.2
1,396.9
Core Revenues
▪ In 9M24, Core Revenues at €4.0 bn, up by 5.0%
9M/9M, mainly thanks to:
• Strong NII (+6.0% 9M/9M) benefiting from
Commercial Rates and volumes increase
• Robust Commission Income (+3.5%
9M/9M) supported by AuM and Non-life
Insurance Fees
▪ In 3Q24 Core Revenues at €1.3 bn, down by
1.9% Q/Q, mainly driven by:
• Almost stable NII (+0.2% Q/Q) in a declining
Rates environment
• Lower Commission Income (-5.4% Q/Q)
impacted by seasonality
1,371.0
Div./Trad./Other
Net Commission Income
Dividends & Others
▪ Dividends at €3.3 mn in 3Q24
▪ Trading and Other Operating Income at €39.0
mn in 3Q24
(1) Total Revenues shall be considered cumulative for the period and annualised. The RWA stock shall be considered point in time as the date of closing of the
reporting period. (2) In 4Q23, Core Revenues strongly higher thanks to (i) robust NII supported by positive commercial dynamics of €22.6 mn and (ii) strong
Fee Income boosted by an insurance performance fee of €22.7 mn.
Resilient NII despite lower Interest Rates environment
NII (quarterly) (€mn)
KEY HIGHLIGHTS
+0.5% Y/Y
Net Interest Income
(€mn)
819.0
836.5
870.3
843.6
838.9
840.8
726.0
+6.0%
▪ In 9M24, strong NII at €2.5 bn (+6.0% 9M/9M)
thanks to Commercial Rates and volumes
increase
▪ In 3Q24, almost stable NII at €840.8 mn in a
declining rates environment
2,523.2
Q/Q key drivers(1) (€mn)
2,381.5
838.9
Commercial Rates
▪ During the quarter, Commercial Spread almost
flat (-3bps Q/Q) despite lower interest Rates
environment
840.8
Commercial drivers(2)
NII Sensitivity
▪ Interest Rates sensitivity: +/-100 bps equal to
approx. €160 mn (annualised)
Commercial Rates(1) (%)
Comm. Asset
(1) Managerial quarterly figures.
Comm. Liabilities
Euribor 3M (avg)
(2) Commercial drivers include Ecobonus effects, almost flat Q/Q.
Comm. Spread
9M24 Net Commissions up 3.5% 9M/9M thanks to AuM &
Non-life Insurance products
Net Commission Income(1) (quarterly) (€mn)
KEY HIGHLIGHTS
+2.5% Y/Y
Net Commission Income
(€mn)
496.2
479.6
1,502.7
498.7
516.0
487.9
Insurance
performance
+3.5%
1,452.1
517.2
476.3
Net Commission Income
▪ In 9M24, Commission Income up at €1.5 bn
(+3.5% 9M/9M) mainly driven by AuM and Nonlife Insurance products
▪ In 3Q24, Fees were down by 5.4% Q/Q due to
seasonality. AuC Commissions down by 41.5%
Q/Q to €9.3 mn due to lower transactional fees
▪ In 3Q24, AuC & AuM Running Fees(2) up by 8.4%
Y/Y confirming the positive growth trend
▪ In 3Q24, Banking Services Fees as the main
contributor to overall Net Commission Income
almost stable at €268.1 mn (+0.8% Y/Y)
494.5
Commission Income by category (€mn)
Wealth
o/w AuC
o/w AuM
o/w Life Insur. & Others
Non-life Insurance
Banking services
Total
586.0
421.7
122.4
810.8
1,452.1
625.7
479.6
104.8
805.9
1,502.7
9M/9M
+6.8%
-1.3%
+13.7%
-14.4%
+28.4%
-0.6%
+3.5%
198.7
159.7
268.1
487.9
-8.2%
-41.5%
-1.8%
-21.4%
-27.5%
-0.9%
-5.4%
+3.9%
-30.8%
+14.4%
-22.0%
+10.6%
+0.8%
+2.5%
(1) Since 2Q24, Net Commission Income has included charges for payment services provided and Other administrative expenses have been netted
against recoveries of costs for services ancillary to lending. In the interest of comparability of results, similar reclassifications have been made for the
comparative quarters. (2) Net of AuC & AuM upfront fees amounting to €12.2 mn in 3Q24 and €8.4 mn in 3Q23.
Robust Total Financial Assets growth supported by well
diversified products mix and market effects
TFA (€bn)
KEY HIGHLIGHTS
+6.8% Y/Y
290.3
298.1
298.7
284.2
303.5
113.5
113.7
120.1
118.8
118.1
117.6
116.6
282.1
281.1
494.5
Deposits
▪ Deposits slightly down to €116.6 bn (-€0.9 bn
Q/Q) mainly due to timing technicalities related
to payments. Positive commercial dynamics
confirmed over the quarter
AuC & AuM
Deposits
Life Insurance
Q/Q key drivers(1) (€bn)
303.5
▪ At the end of September, AuC at €95.0 bn, up by
€3.6 bn Q/Q mainly thanks to positive market
effects
▪ At the end of September, AuM at €70.8 bn
(+€2.3 bn Q/Q) partially supported by customer
asset rotation
▪ AuM inflows +€1.0 bn in the first nine months of
298.7
Life insurance
▪ Life Insurance at €21.1 bn, almost flat Q/Q
(1) Managerial quarterly figures.
Cost/Income below 50% mainly driven by HR Costs
seasonality
KEY HIGHLIGHTS
Cost/Income & Total costs (quarterly) (€mn)
+3.5% Y/Y
Total Costs
(€mn)
50.4%
50.7%
Excluding
€294.5 mn
53.0%
50.6%
50.6%
47.3%
45.9%
+4.0%
1,966.3
2,044.2
Excluding
€173.8 mn
775.5
689.3
706.6
648.3
314.0
251.6
257.9
252.6
385.5
461.4
437.7
448.7
395.7
HR Costs
Non-HR Costs
665.9
674.2
626.1
236.8
243.4
240.6
429.2
430.9
Cost/Income
9M/9M HR Costs key drivers(1) (€mn)
1,282.1
1,245.5
(1) Managerial quarterly figures.
Note: Total Costs, HR Costs and Cost/Income exclude HR-related actions costs in 4Q23 and 2Q24.
Total Costs
▪ In 9M24, Total Costs at €2.0 bn with a
Cost/Income Ratio at 49.5%
▪ In 3Q24, Total Costs reached €648.3 mn,
decreasing by 8.3% Q/Q mainly thanks to HR
Costs seasonality
HR Costs
▪ Headcount at 20,043 at the end of September
with a reduction of 181 from end of year 2023
▪ In 9M24, HR costs increased by 2.9% 9M/9M,
mainly driven by the increase of National
Collective Labour Agreement (CCNL) for €69.7
▪ In 3Q24, HR costs were down by 11.8% Q/Q
mainly related to seasonality
Non-HR Costs
▪ In 3Q24, Non-HR Costs down by 2.1% Q/Q to
€252.6 mn mainly driven by lower consultancy
and marketing costs
▪ At the end of September, branches at 1,633
down by 127 9M/9M
Cost of Risk down by 15bps 9M/9M. A solid NPE Coverage
Ratio at 54.5%
LLPs (€mn) and CoR(1) (quarterly) (bps)
LLPs (€mn)
-29.7%
160.0
KEY HIGHLIGHTS
– 3 bps Y/Y
140.0
361.7
120.0
254.2
100.0
140.5
125.4
80.4%
60.9%
Performing Loans Coverage Ratio
▪ In 9M24, Coverage Ratio on Performing Loans at
a strong 0.73%, one of the highest level
amongst Italian peers
Cost of Risk (1)
(1) CoR annualised.
79.1%
72.4%
72.3%
69.6%
66.5%
52.5%
54.2%
53.3%
54.4%
59.6%
57.3%
47.2%
46.9%
47.2%
49.5%
48.6%
51.0%
30.6%
28.0%
28.4%
27.3%
30.0%
28.1%
32.1%
Bad Loans
Past Due
53.3%
81.4%
Overlays
▪ Total cumulative overlays at €221.8 mn, in line
with the end of June
NPE Coverage Ratio by Asset class
CoR(1) (bps)
Cost of Risk (CoR)
▪ In 9M24, CoR down to 39bps. In 3Q24, CoR at
35bps (-4bps Q/Q and -3bps Y/Y) thanks to
positive credit risk dynamics
Total NPE Coverage Ratio
NPE Coverage Ratio
▪ Total NPE Coverage Ratio up by 116bps Q/Q to
54.4%, mainly thanks to UTP higher coverage
and one of the highest amongst Italian peers
NPEs Ratios stable Q/Q at the end of September
Gross NPE stock (€bn)
KEY HIGHLIGHTS
Flat Y/Y
Gross UTP
Gross Bad Loans
Gross NPE Stock
▪ Gross NPEs stable Y/Y and Q/Q at €2.5 bn
thanks to proactive collection process
Stage Classification
▪ Stage 2 loans slightly up by €0.3 bn Q/Q at €8.2
bn, with a Coverage Ratio at 5.3% (-4bps Q/Q)
Stage Classification (€bn)
Gross Past Due
Stage 1 78.4
Gross and Net NPE Ratio
Stage 2
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
11.0% 11.1% 11.1% 9.9% 10.0% 8.9% 9.2%
Net Stage 2 Loans / Net Customer Loans (%)
Gross NPE Coverage
Net NPE Coverage ratio
RWAs well managed with continued efficiencies and lower
credit risk
RWAs(1) (€bn)
KEY HIGHLIGHTS
Credit Risk
Operational Risk
▪ In 3Q24 Total RWAs slightly down by €0.2 bn
Q/Q at €53.2 bn thanks to proactive portfolio
management
▪ Credit RWAs remain flat Q/Q at €45.3 bn
Other Risks
Q/Q key drivers (€bn)
(1) Other risks include CVA and Market risks.
CET1 Ratio driven by strong organic capital generation
Capital evolution
KEY HIGHLIGHTS
15.8%
14.9%
14.0%
14.5%
14.9%
Organic capital generation (OCG)(1)
▪ OCG of 295bps (€1.6 bn) in the first nine
months of 2024, reinforcing capital strength
▪ In 3Q24, OGC at 96 bps (€0.5 bn)
15.3%
13.3%
494.5
MDA Buffer 315bps
(€1.7 bn)
612bps
659bps
(€3.3 bn)
(€3.5 bn)
Quarterly key drivers
▪ In 3Q24, no impact from regulatory models
▪ In 9M24, EPS of €0.804 (€0.784 fully diluted)
Q/Q key drivers (bps)
15.8%
15.3%
(1) Organic Capital Generation calculated as stated Net Profit including release on DTAs from tax loss carry forward contribution and RWAs dynamic net of
regulatory headwind.
Note: CET1 Ratio was calculated including Profit (Loss) for the period for the portion not allocated to dividends, i.e. bringing forward in advance the effects of
the ECB’s authorisation to include these profits in “Own Funds” pursuant to art. 26, para. 2 of the CRR.
Robust balance sheet with a sound liquidity profile
Balance sheet (€bn)
KEY HIGHLIGHTS
Other Assets
Balance sheet: €139.9 bn
Financial Assets at amortised
Loans Breakdown
Cash and Cash balances
Financial Assets at FV &
Hedging Derivatives
Customers
Institutional
Loans
Other liabilities
Debt Securities Issued
▪ LCR reached 168.7% at the end of September
2024 vs 161.4% at end of June 2024 thanks to
the issuance of €0.5 bn of a new Covered Bond
▪ NSFR increased to 136.1% at the end of
September 2024 from 134.6% at the end of
June 2024
Balance Sheet dynamics
▪ At the end of September, Loan to Deposit Ratio
at 76.2% increased from 75.7% at the end of
June 2024, one of the lowest amongst Italian
peers
Depo Breakdown
Financial liabilities &
Hedging Derivatives
Equity and Equity
Instruments
Loan to Depo Ratio 76.2%
LCR and NSFR
107.7
Customers
100.9
Institutional
Deposits
Well diversified bond portfolio with lower duration
Italian Government Bond (€bn)
KEY HIGHLIGHTS
+0.2% Y/Y
Italian Govies
Italian Gov. /
Total Bonds (%)
35.7%
35.8%
35.6%
33.7%
35.6%
36.1%
38.9%
Duration(1) (years)
Total Bond Portfolio
(1) Duration in years, hedging included.
Note: managerial figures.
Duration
▪ Total Bond portfolio has a duration of 1.7 years
at the end of September 2024, down versus end
of June 2024 thanks to active balance sheet
management initiatives
Yield
▪ Italian Govies stand at €10.0 bn at the end of
September 2024, up by 13.0% Q/Q and by 0.2%
▪ This portfolio is 38.9% of the Total Bonds
outstanding
▪ The total financial portfolio has an average yield
of 2.7% (annualised) in 3Q24
Italian Government Bond Portfolio
Bond Issuances & Maturities
Bond Maturities (€bn)
Bond Issued (€bn)
KEY HIGHLIGHTS
FY 23
Wholesale
Covered Bond
Retail
Wholesale
beyond
Covered Bond
Retail
Bond issued
▪ Main Issuance in the first nine months (€2.3
• In Feb-24, the first Senior Preferred Bond
qualifying as “Green” for €0.5 bn
• In March, a 7-year maturity Covered Bond
for €0.5 bn
• In May, the second Senior Preferred Bond
qualifying as “Green” for €0.5 bn
• In August, a 5-year maturity Covered Bond
for €0.5 bn
Rating agency
Rating Agency
LT Issuer
LT Deposits
Outlook
BBB (high)
Positive
Stable
Stable
(1) Next quarter of 2024.
Note: managerial figures.
▪ All key ratings assigned to the Bank by the
various ratings agencies are Investment Grade
Positive
Agenda
Executive summary
Group results
Final remarks
Annexes
Final Remarks
Growth supported by Core Revenues and operational efficiency
Asset quality remains very strong
Strong capital supported by solid Organic Generation of 295bps (+€1.6 bn)
More than 50% of our Business Plan initiatives already launched
Well on track to achieve 2024 Guidance
Agenda
Executive summary
Group results
Final remarks
Annexes
Group P&L
P&L – (€mn)
Stated
Stated
Delta 9M/9M
Delta 9M/9M %
Stated =
Adjusted
Delta Q/Q %
Delta Y/Y %
Net interest income
2,523.2
2,381.5
141.7
840.8
Net commission income
1,502.7
1,452.1
487.9
-5.4%
Core Income
4,025.9
3,833.6
192.3
1,328.7
-1.9%
34.9%
-89.8%
-31.3%
-14.4
-84.1%
40.4%
838.3%
Net income from financial activities
-92.1
-96.4%
86.3%
-116.5%
Other operating expenses/income
50.4%
294.0%
740.1%
Operating Income
4,129.1
4,013.9
115.2
1,371.0
-1.9%
Staff costs
-1,455.8
-1,245.5
-210.3
16.9%
-395.7
-36.4%
-556.3
-546.7
-179.1
-5.1%
-1.4%
Dividends
Gains on equity investments measured under the equity method
Other administrative expenses
Depreciations & Amortizations
-205.8
-174.1
-31.8
18.3%
-73.6
24.6%
Operating costs
-2,218.0
-1,966.3
-251.7
12.8%
-648.3
-26.4%
Net Operating Income
1,911.1
2,047.6
-136.5
-6.7%
722.7
39.9%
-2.1%
Net impairment losses for credit risk
-254.2
-361.7
107.4
-29.7%
-79.1
-3.2%
-17.4%
1,656.8
1,685.9
-29.1
-1.7%
643.6
48.0%
Net provisions for risks and charges
-31.0
-69.5
-55.4%
-20.0
215.2%
388.7%
Gain (Losses) on Investments
152.4
136.4
855.1%
-46.5%
-95.5%
1,778.2
1,632.4
145.8
624.7
45.1%
-5.6%
-109.6
-175.2
-37.5%
-100.4%
-100.0%
1,668.7
1,457.2
211.5
14.5%
624.7
44.4%
16.5%
-502.7
-347.4
-155.3
44.7%
-199.9
26.7%
36.9%
1,165.9
1,109.8
424.8
54.5%
-28.9
-22.7
27.2%
-11.9
48.3%
53.1%
1,137.0
1,087.1
412.9
54.7%
Operating Income net of LLPs
Result from current operations
Contributions to SRF, DGS, FITD-SV
Profit (Loss) before taxes
Taxes
Profit (Loss) for the period
Minority Interests
Profit (loss) for the period pertaining to the parent company
Note: in the present document, Operating Income and Total Revenues are synonyms, as are Core Revenues/Core Income and Operating Costs/Total Costs.
Group P&L adjustments in the last four quarters
P&L – (€mn)
Stated =
Adjusted
Net interest income
840.8
Net commission income
Stated
Non-recurring
items
838.9
Adjusted
Stated
838.9
843.6
Non-recurring
items
Adjusted
Stated
843.6
870.3
Non-recurring
items
Adjusted
870.3
487.9
516.0
516.0
498.7
498.7
517.2
517.2
1,328.7
1,354.9
1,354.9
1,342.3
1,342.3
1,387.5
1,387.5
Dividends
Gains on equity investments measured under the equity method
Core Income
Net income from financial activities
Other operating expenses/income
1,371.0
1,396.9
Staff costs
1,396.9
1,361.2
1,361.2
1,462.9
Staff costs
1,462.9
-395.7
-622.5
– €173.8 mn
-448.7
-437.7
-437.7
-755.9
-€294.5 mn
-461.4
HR-related
actions
-224.5
Operating Income
Staff costs
Other administrative expenses
-179.1
-188.7
Depreciations & Amortizations
-73.6
-69.2
Operating costs
-648.3
Net Operating Income
722.7
Extension
HR-related
actions
-188.7
-188.6
-188.6
-224.5
-69.2
-63.0
-63.0
-89.5
-89.5
-880.4
-706.6
-689.3
-689.3
-1,069.9
-775.5
516.5
690.3
671.9
671.9
392.9
687.4
Net impairment losses for credit risk
-79.1
-81.7
-81.7
-93.5
-93.5
-71.6
-71.6
Operating Income net of LLPs
643.6
434.8
608.6
578.4
578.4
321.3
615.7
Net provisions for risks and charges
-20.0
Gain (Losses) on Investments
Result from current operations
Contributions to SRF, DGS, FITD-SV
-4.7 Gain on Investments
149.3
-74.8
-74.8
723.1 Capital Gain from
Servicing Platform
573.0
253.5
547.9
-111.8
624.7
430.5
604.2
-111.8
+ €150.1 mn
Profit (Loss) before taxes
624.7
432.7
606.5
611.3
Taxes
-199.9
-157.8
+ €52.1 mn
-209.9
-145.0
– €2.1 mn
Profit (Loss) for the period
424.8
274.9
Tax Effect of
Extension
HR-related
actions
396.6
466.3
318.3
457.3
309.3
432.4
Minority Interests
-11.9
Profit (loss) for the period pertaining to the parent company
412.9
266.9
388.5
Tax Effect of
Capital Gain from
-9.0 Servicing Platform
461.2
267.5
-143.0
174.5
+ €82.6 mn
442.0
Tax Effect of
HR-related
actions
653.8
561.9
644.1
Note: in the present document, Operating Income and Total Revenues are synonyms, as are Core Revenues/Core Income and Operating Costs/Total Costs.
Group Reclassified Balance Sheet
ASSETS (€bn)
Customer Loans
-0.1%
+2.5%
Securities Portfolio
+4.5%
-7.6%
Interbank Assets (1)
+3.2%
-21.8%
PPE & Intangible Assets
-0.6%
+4.8%
Other Assets (2)
-8.4%
-6.7%
151.1
143.1
143.5
142.1
140.1
139.4
139.9
+0.4%
-2.5%
Chg Y/Y
Total Assets
3Q24 Chg Q/Q
Chg Y/Y
LIABILITIES AND SHAREHOLDERS’ EQUITY (€bn)
3Q24 Chg Q/Q
113.5
113.7
120.1
118.8
118.1
117.6
116.6
-0.8%
-2.9%
Interbank Liabilities
-6.2%
-44.7%
Shareholders’ Equity
+4.2%
+19.3%
+22.4%
+43.4%
151.1
143.1
143.5
142.1
140.1
139.4
139.9
+0.4%
-2.5%
Direct Deposits
Other Liabilities
Total Liabilities and
Shareholders’ Equity
(1) Interbank Assets include Cash and cash equivalents and Loans to banks.
(2) Other Assets include Macro-hedging activity, Equity investments, Loans mandatorily measured at fair value
and Other assets. (3) Other Liabilities include Financial liabilities held for trading, Macro-hedging activity and Other liabilities.
Asset Quality Breakdown
Gross exposures (€mn)
Non Performing Exposures (NPEs)
Bad loans
Unlikely to pay loans
Past due loans
Gross performing loans
Total gross exposures
Adjustments to loans (€mn)
Adjustments to NPEs
Bad loans
Unlikely to pay loans
Past due loans
Adjustments to performing loans
Total adjustments
Net exposures (€mn)
Non Performing Exposures (NPEs)
Bad loans
Unlikely to pay loans
Past due loans
Net performing loans
Total net exposures
comp. %
3,022
1,872
88,884
96.7%
91,906 100.0%
comp. %
2,504
1,277
88,801
97.3%
91,305 100.0%
comp. %
2,530
1,337
86,326
97.2%
88,856 100.0%
comp. %
2,197
1,354
87,834
97.6%
90,031 100.0%
comp. %
2,336
1,463
87,272
97.4%
89,609 100.0%
comp. %
2,513
1,653
88,427
97.2%
90,940 100.0%
comp. %
2,525
1,644
88,377
97.2%
90,902 100.0%
Chg YTD
Abs. Chg (%)
14.9%
16.6%
21.5%
-68 -32.1%
Chg Y/Y
Abs. Chg (%)
-0.2%
-215 -22.7%
23.0%
-96 -40.1%
2,051
2,047
coverage (%)
1,841
60.9%
80.4%
53.3%
30.6%
2,505
coverage (%)
1,491
59.6%
81.4%
47.2%
28.0%
2,210
coverage (%)
1,449
57.3%
79.1%
46.9%
28.4%
2,184
coverage (%)
1,154
52.5%
72.4%
47.2%
27.3%
1,807
coverage (%)
1,266
54.2%
72.3%
49.5%
30.0%
1,900
coverage (%)
1,339
53.3%
69.6%
48.6%
28.1%
1,977
coverage (%)
1,375
54.4%
66.5%
51.0%
32.1%
2,024
Chg YTD
Abs. Chg (%)
19.1%
31.3%
-12 -20.2%
-0.6%
12.0%
Chg Y/Y
Abs. Chg (%)
-5.2%
-263 -35.0%
33.6%
-22 -32.5%
-85 -11.6%
-7.3%
comp. %
1,181
88,220
98.7%
89,401 100.0%
comp. %
1,013
88,082
98.9%
89,095 100.0%
comp. %
1,080
85,592
98.8%
86,672 100.0%
comp. %
1,043
87,181
98.8%
88,224 100.0%
comp. %
1,071
86,638
98.8%
87,709 100.0%
comp. %
1,174
87,788
98.7%
88,962 100.0%
comp. %
1,150
87,728
98.7%
88,878 100.0%
Chg YTD
Abs. Chg (%)
10.2%
41.4%
12.7%
-56 -36.5%
Chg Y/Y
Abs. Chg (%)
23.9%
13.6%
-74 -43.2%
2,136
2,206
Note: customer loans excluding customer debt securities.
Net Customer Loans: Loan Portfolio Composition
Net Customer Loans Breakdown by Geographical Areas(1) (%)
Net Customer Loans Breakdown by Sector (€bn; %)
Business sector
Manufacturing
Wholesale and retail services,
recoveries and repairs
Construction
Real Estate
HORECA
Agriculture, forestry and fishing
Other
Total loans to non-financial
businesses
Households
Total loans to financial businesses
Total Customer Loans
Debt Securities
% on Total
3Q24 Customer
Loans
vs 4Q23
14.4%
-2.3%
-4.4%
11.4%
-7.4%
-8.3%
-9.9%
-3.7%
-0.6%
43.3%
-3.6%
47.9%
100.0%
16.3%
+2.6%
+14.5%
+0.7%
+6.6%
Lombardy
24.4%
North
59.2%
Emilia-Romagna
19.6%
Centre
18.2%
Sardinia 7.0%
Islands
South
12.2%
(1) Source: managerial figures.
Financial Assets: Highlights
Bonds PTF Geographical Breakdown (%)
Govies Geographical Breakdown (%)
Other
Germany 6.2%
Other
24.1%
Spain
Italy
46.5%
Spain
Germany
Italy
75.4%
France
12.1%
Bonds PTF Maturities (1) (€bn)
Italian Govies Maturities (1) (€bn)
Source: managerial figures.
(1) Figures are shown in nominal amounts.
> 2027
> 2027
Commercial dynamics: loans and deposits evolution
Commercial loans by geography (€bn)
Commercial deposits by geography (€bn)
105.0
103.4
107.7
104.9
103.8
104.4
102.7
10.0%
10.0%
10.1%
10.5%
10.1%
10.1%
10.3%
13.1%
13.2%
13.3%
13.5%
13.1%
13.4%
13.8%
12.5%
12.4%
12.6%
12.5%
12.4%
12.3%
12.2%
14.5%
14.5%
14.3%
14.7%
14.5%
14.7%
14.9%
17.7%
17.4%
17.4%
17.4%
17.9%
17.9%
18.2%
17.4%
17.4%
18.2%
16.5%
17.0%
16.8%
17.2%
59.7%
60.2%
59.9%
59.6%
59.5%
59.8%
59.2%
54.9%
54.9%
54.2%
55.3%
55.4%
55.1%
54.1%
Northern Italy
Centre
Southern Italy
Islands & Foreign countries
Northern Italy
Centre
Southern Italy
Islands & Foreign countries
59.2%
59.2%
59.9%
59.5%
60.8%
60.4%
60.4%
79.4%
78.1%
75.6%
77.1%
75.9%
76.2%
76.8%
40.8%
40.8%
40.1%
40.5%
39.2%
39.6%
39.6%
20.6%
21.9%
24.4%
22.9%
24.1%
23.8%
23.2%
Retail
Corporate
Retail
Corporate
Source: managerial breakdown figures.
Social
Environmental
Membership in the Net Zero Banking Alliance,
publication of the first Net Zero targets and
decarbonisation plan
Signatory of the Principles for Responsible Banking
and definition of inclusion, digitalisation and
financial education targets
Governance
Presence of a Board-internal Sustainability
Committee and a Managerial ESG Committee
Key ESG Ratings were up: Sustainalytics score 12.7
(Low risk); Moody’s Analytics 63 (Advanced);
Sustainable Fitch 63 (2).
Assessment 2024 in progress for other ESG Ratings:
MSCI AA; Standard Ethics Rating EE+ (Very strong);
S&P Global 60; ISS ESG C-
100% use of electricity from renewable sources
Member of the Global Compact since 2017
Internal Emission reduction (CO2) equal to -16.2%
2 Green Bond issuances for a total amount of €1 bn
Implementation of the BPER Bene Comune
(Common Good) Service in support of Third Sector
entities and Impact lending
€5.3 bn have been disbursed in ESG products
Social bond issuance for a total amount of €0.5 bn
Included by S&P Global in the «Sustainability
Yearbook 2024»
Achieved and exceeded the target of ESG AUM
(€21.7 bn)
Over 30,000 young people were involved in
Financial Education projects
Included in the MIB ESG Index
Achieved and exceeded the target of expansion of
the offering of ESG investment products (+59%
compared to 2021 baseline)
Over 44% of total employees trained on ESG topic
20% weight of ESG KPIs in the Remuneration
policies
Top Employer Italia 2024
D&I: 40% women in the BoD
ESG induction and engagement across the
Company’s entire population
IDEM Gender equality certification obtained for the
year 2024. UNI PDR 125:2022 gender certification
process started
D&I: implementation of a three-year operational
plan for the enhancement of D&I
CDP rating A- (Leadership)
D&I: 27% female executives; 33% female managers
Concluded preliminary process for the ISO 14001
and 50001 (environmental and energy system)
Dummy figures
Contacts for Investors and Financial Analysts
Nicola Sponghi
Chiara Leonelli
Head of Investor Relations
Investor Relations
Maria Accarrino
Ilaria Picelli
Investor Relations
Investor Relations
Federico Febbraro
Sara Viglietti
Investor Relations
Investor Relations
Head Office: Via San Carlo 8/20, Modena
bper.it – group.bper.it