ESG Strategy and Digital Transformation
Total Operating Expenses at €87 mn
Total operating expenses¹ of €87 mn for 4Q2021 and €347 mn for FY2021
Cost to income ratio¹ at 60% for FY2021
•
64%
64%
64%
61%
60%
(€ mn)
58%
(€ mn)
385
340
347
57%
165
59%
60%
60%
145
145
91
89
89
87
82
41
38
38
32
34
50
50
51
51
50
37
220
195
202
50
4Q2020
1Q2021
2Q2021
3Q2021
4Q2021
FY2019 FY2020
FY2021
FY2019
FY2020
FY2021
1,2
C/I Ratio 1
C/I Ratio excluding Helix 2
Other operating expenses
Staff costs
Staff costs of €50 mn for 4Q2021, broadly flat qoq; €202 mn for FY2021, up 4% yoy driven mainly by the renewal of the collective agreement in 3Q2021
•
Operating expenses of €37 mn for 4Q2021, down 3% qoq; €145 mn for FY2021 broadly flat yoy
C/I ratio¹ at 57% for 4Q2021, down 7 p,p, qoq supported by higher non-NII; 60% for FY2021, flat yoy
Successful completion of a small-scale targeted Voluntary Staff Exit Plan in 4Q2021 at one-off cost of €16 mn
•
Gross annual savings in staff costs of c.3% (c.€7 mn)
•
100 full time employees left the Bank
1) Excluding special levy on deposits and other levies/contributions
2) Adjusted for the interest income of Helix 2 portfolios
18View entire presentation