The good progress being made in the vaccination programme offers grounds for optimism that the improvement in the macroeconomic scenario will continue, despite the upturn in infections and inflationary pressures.

In this scenario, growth in profitable assets is expected, in particular financial assets managed on behalf of clients in the Wealth Management segment and in lending volumes in Consumer Banking and Wealth Management. This in turn should drive growth in revenues, with net interest income gradually recovering despite the ongoing pressure on margins, and net fees consolidating the record levels reported this year, due also to growth in Wealth Management.

The gradual and ongoing enhancement of the distribution network and digital platforms will also continue, coupled with the Group’s customary cost control. Asset quality is expected to remain at the excellent levels seen this year.

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