Results and presentations

12M RESULTS 

“V-SHAPE” RECOVERY IN GOP AFTER COVID GROWTH DELIVERED DISTRIBUTION POLICY RESUMED

Business model resilience and diversification with no compromise on growth initiatives and asset quality, paved the way for a record year in terms of revenues and “V- shape” recovery in profitability

Revenues at all time high level €2.6bn (up 5% YoY) driven by
increased WM size & profitability, robust CIB activity
offsetting Consumer Banking slowdown due to lockdowns

Record fees (€745m, up 18%) and resilient NII (€1.4bn)
Material decrease in cost of risk, stabilized at 52bps (down 30bps vs. 82bps FY20)
Strong GOP risk adjusted (€1.1bn, up 20%), back to 2019 pre-Covid level
Net profit up 35% to €808m, EPS up 34% to €0.91

High profitability (ROTE @ 9%) on healthy capital ratio (CET1¹ phase in @16.3%, FL@15.1%)
and growing shareholders’ funds (TBVPS up 10% to ~€11)

Shareholders’ remuneration resumed²: DPS at €0.66 70% cash pay-out accrued, cancellation of up to 22.6m treasury shares already owned and new buyback3 (up to 3%)

M&A in WM ongoing
Bybrook acquired, active scouting