ESG Strategy and Digital Transformation
Income Statement
€ mn
Net Interest Income
FY2021 FY2020 4Q2021 3Q2021 qoq%
yoy%
296
330
73
71
2%
-10%
Non interest income
285
237
81
68
20%
20%
Total income
581
567
154
139
11%
2%
Total operating expenses¹
(347)
(340) (87)
(89)
-1%
2%
Operating profit
198
194
59
55
41
33%
2%
Total loan credit losses, impairments and
(100)
(198)
(24)
(26)
-7%
provisions
Profit/(loss) after tax and before non-
91
(9)
recurring items²
27
27
13
101%
Advisory and other restructuring costs -organic
(22)
(10)
(3)
(1)
Profit/(loss) after tax-organic²
69
(19)
24
12
96%
Provisions/ net (loss)/profit on NPE sales³
(7)
(120)
(1)
10
Restructuring and other costs³
(32)
(32)
(13)
(3)
-93%
1%
Profit/(loss) after tax²
30
(171)
10
19
-46%
Key Ratios
Net Interest margin (annualised)
1.45% 1.84% 1.34%
1.34%
-39 bps
Cost to income ratio
66%
66%
65%
71%
-6 p.p.
Cost to income ratio excluding
special levy on deposits and other
60%
60%
57%
64%
-7 p.p.
levies/contributions¹
Cost of Risk (annualised)
0.57%
1.18%
0.35%
0.78%
-43 bps
-61 bps
EPS4 before non-recurring items
20.50
-2.12
6.19
3.08
3.11
22.62
(€ cent)
ROTE4 before non-recurring items
5.5%
-0.5%
6.6%
3.3%
3.3 p.p. 6.0 p.p.
-50%
•
•
•
•
•
NII for 4Q2021 increased to €73 mn mainly due to higher
volume of loans and interest collections; NII for FY2021
reduced to €296 mn impacted mainly by the low interest rate
environment and the completion of Helix 2
Non interest income for 4Q2021 amounted to €81 mn, driven
mainly by higher net insurance income and revaluation gains in
financial instruments; Non interest income for FY2021
increased to €285 mn supported mainly by higher fees and
commissions
Total operating expenses¹ at €87 mn for 4Q2021 and €347 mn
for FY2021, broadly flat qoq and yoy
Provisions and impairments for 4Q2021 of €24 mn include loan
credit losses of €9 mn, impairments of €23 mn mainly relating to
specific, large illiquid REMU assets, and net reversal in
litigations of €8 mn due to revised estimates for cases provided
for
Profit after tax and before non-recurring items² of €27 mn
for 4Q2021 and €91 mn for FY2021
Restructuring and other costs of €13 mn for 4Q2021, relate
mainly to small-scale targeted Voluntary Staff Exit Plan cost of
€16 mn; restructuring and other costs of €32 mn for FY2021,
broadly flat yoy
Profit after tax² of €10 mn for 4Q2021 and €30 mn for
FY2021
ROTE 4 before non-recurring items of 6.6% for 4Q2021 and
5.5% for FY2021
3)
2)
1) Excluding special levy on deposits and other levies/contributions (including DTC levy)
Attributable to the owners of the Company
4)
Please refer to section B.3.4 "Profit/(loss) after tax (attributable to the owners of the Company)" of
the Preliminary FY2021 FR Press Release and Updated Medium Term Strategic Targets
Calculated using Profit/(loss) after tax and before non-recurring items
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