Financial Analysis and Currency Deposits
Income Statement
€ mn
1H2022
1H2021 2Q2022 1Q2022
909% yoy%
Net Interest Income
145
152
74
71
4%
-4%
Non interest income
154
136
79
75
6%
13%
Total income
299
288
153
146
5%
4%
Total operating expenses¹
(173)
(171)
(87)
(86)
2%
2%
•
Operating profit
109
102
59
50
18%
7%
Loan credit losses and
(37)
(50)
(20)
(17)
14%
-27%
impairments
PAT before non-recurring items²
59
51
32
32
27
18%
20%
QoQ Performance (2Q2022 vs 1Q2022)
NII up 4% reflecting growth of net performing book 5 and loan yields
improvement in line with rising interest rate environment
Non interest income up 6% driven by higher net fee and commission income
Total operating expenses¹ up 2%
Loan credit losses and impairments up 14% qoq mainly due to higher
impairments on net legacy overseas exposures
PAT before non-recurring items² of €32 mn up 18%
Advisory and organic restructuring
(5)
(18)
(4)
(1)
219%
-70%
•
costs
Underlying ROTE 4 at 7.8%
PAT-organic²
54
33
28
26
8%
70%
•
Exceptionals³
(4)
(32)
1
(5)
-103% -85%
Profit after tax²
50
1
29
21
35%
Key Ratios
Net Interest margin
1.32%
1.56%
1.33%
1.32%
1 bps
-24 bps
Cost to income ratio¹
58%
59%
57%
59%
-2p.p.
-1p.p.
•
•
Profit after tax² of €29 mn
YoY Performance (1H2022 vs 1H2021)
NII down 4%, impacted by foregone Helix 2 interest (c.€15 mn in 1H2022)
Non interest income up 13% following the initiatives on price adjustments
and extension of liquidity fees to a wider customer group in 1Q2022
Cost of Risk
0.43%
0.61%
0.41%
0.44%
-3 bps
-18 bps
•
Total operating expenses¹ up 2%
EPS before non-recurring items
13.51
11.24
7.31
6.20
1.11
2.27
•
(€ cent)
ROTE before non-recurring
items
7.3%
6.1%
7.8%
6.7%
1.1 p.p. 1.2 p.p.
•
Loan credit losses and impairments down 27% yoy due to higher COVID-19
related charges in 1H2021
PAT before non-recurring items² of €59 mn up 20%
•
723
2)
1) Excluding special levy on deposits and other levies/contributions
Attributable to the owners of the Company
4)
5)
3)
Please refer to section B.3.4 "Profit after tax (attributable to the owners of
the Company)" of the 1H2022 FR Press Release
Calculated using Profit/(loss) after tax and before non-recurring items
Non-legacy loan book which includes Corporate, Large and International
corporate, International business unit, Wealth and Markets, SME and
Retail
Underlying ROTE 4 at 7.3%
•
Profit after tax² of €50 mn
13View entire presentation