Financial Analysis and Currency Deposits
Quarterly NII bottomed out; reverting to growth
Effective yield on assets & cost of funding
NII of €74 mn for 2Q2022
NII (€ mn) 76
71
73
71
74
NIM (bps)
149
134
134
132
133
Interest income
1
86
83
85
84
-Performing
Legacy
-Liquids
Cost of funding
81
6
6
Liquids
10
563
555
7'
8
Helix 2 & 3
525
463
532
Legacy
292
301
287
287
295
1
95
65
67
40
69
72
68
Perfoming
9
7
5
13
12
-16
-19
-18
-16
-16
2Q2021
3Q2021
4Q2021
1Q2022
2Q2022
2Q2021 3Q2021
4Q2021
1Q2022
2Q2022
Interest expense
-3
-3
-2
-2
Net derivatives
Tier 2 &
-6
-7
-7
-8
-8
Senior preferred
-2
Customer
-1
-1
deposits
-10
-1
-1
-10
-10
-12
-12
•
•
Quarterly NII bottomed out with high quality NII reverting to growth due to increased lending and faster repricing of loans and liquid assets than funding costs; low
legacy NII contribution
Increase in performing loan NII reflects volume growth, improving yields (Euribor linked) and 2 extra calendar days
Increased deposits in 2Q2022 (+4% qoq) were placed in liquid assets with ECB, diluting the yield on liquid assets; expected to improve on ECB rate rises
TLTRO III borrowing of €3.0 bn; NII benefit of €15 mn booked during the period (June 2021-June 2022); TLTRO participation expected to be maintained to maturity,
subject to no change in terms and conditions
1) Non-legacy loan book which includes Corporate, Large and International corporate, International business unit, Wealth and Markets, SME and Retail
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