ESG Strategy and Digital Transformation
② Cost containment whilst funding digitisation and investment in business
2
Drivers for a lean operating model
Absorbing inflationary pressures and
investments in the business by cost saves from
further staff and footprint optimisation
• Transformation plan in progress to enable
modern banking by digitally transforming
customer service and internal operations
• Automations and centralisation of backoffice
activities
• Reduction of restructuring expenses to single
digit as de-risking largely complete
2022 Outlook
C/I ratio¹ expected to rise in 2022 before improving
to 50-55% by 2025, as revenues remain under
pressure and operating expenses increase due to
higher IT/digitisation investment costs
Total operating costs¹ <€350 mn
despite inflationary pressures
€ mn
C/I ratio¹ expected to rise to mid 60s%
before improving to 50-55%
347
Well below
350
Below
350
Mid-60s%
60%
50-55%
FY2021
FY2023
FY2025
FY2021
FY2025
Reduction of restructuring expenses
to single digit
€ mn
88
43
38
36
<10
FY2019 FY2020 FY2021
2025
1)
Excluding special levy on deposits and other contributions
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