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9M results

Robust commercial activity in all business segments
Revenues growth (up 3% YoY  to €1,964m), driven by record fees (€571m, up
7% YoY) and resilient NII (down 1% to €1,071m)
Fees up to around one-third of revenues, driven by CIB and WM
Cost of risk 51 bps, best ever credit asset quality levels
Moratoria reducing, NPLs down in relative terms;
coverage ratios for performing and non-performing loans increasing
in all divisions and at Group level (up 10 pp to 65%)
Cost/income ratio 46%, reflecting ongoing enhancement in distribution
Net profit up 9% to €604m
ROTE  9%
CET1 16.3%  (up 20bps vs June 2020)
including cash payout at 70% of net profit

3Q results

Acceleration in all businesses
3Q retail new loans total €2.2bn, €0.6bn of which in mortgages
and €1.6bn in consumer credit (now approx. 85% of pre-Covid level)
TFAs up 5% to €69bn, with NNM  at €1.4bn
Robust activity in CIB supporting top line and deal pipeline construction
Revenues stable at high levels (€663m, down 2% QoQ but up 14% YoY)
Cost of risk 53 bps (39 bps in 2Q FY 2020-21, 85 bps in 3Q FY 2019-20),
with strict staging criteria, no one-offs and no reversal of overlays set aside
rudentially at end-Dec. 2020
Net profit €193m, twice as high as last year (down 8% QoQ due to one-offs)

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