Market Leader with Potential for Further Penetration
Now Well Positioned to Deliver >17% ROTE in 2023
Net Interest Income to be 2x average
2019-2021 level
Diversified business model
>45% of revenues from Non-NII
(€ mn)
370
344
330
296
>650
FY2022
Confirming strong ROTE trajectory
47% Non-NII
NII 53%
2020
2021
2022
162
1Q2023
FY2019
FY2020
FY2021
FY2022
FY2023
Improved Cost to Income ratio
60%
60%
49%
sub 40%
FY2020
FY2021
FY2022
FY2023
2023
>17%
5.5%
11.3%
<0%
Steady declining Cost of Risk
(bps)
Recurring
ROTE1
Recurring
ROTE1
Recurring
ROTE1
Reported
ROTE²
118
50-80
57
44
FY2020
FY2021
FY2022
FY2023
1)
12
Recurring ROTE is calculated as annualised profit after tax before non-recurring items (attributed to the owners of the Company) divided by the quarterly average shareholders' equity minus intangible assets
2) ROTE is calculated as annualised profit after tax (attributed to the owners of the Company) divided by the quarterly average shareholders' equity minus intangible assets
12View entire presentation