Investor Presentaiton slide image

Investor Presentaiton

B. Preliminary Group Financial Results - Underlying Basis (continued) B.3. Income Statement Analysis (continued) B.3.1 Total income (continued) Net fee and commission income for 4Q2022 amounted to €50 mn, up 4% qoq (compared to €48 mn for 3Q2022) due to higher non-transactional fees partially offset by the phasing out of the liquidity fees in December 2022. Net foreign exchange gains and net gains/(losses) on financial instruments of €36 mn for FY2022 (comprising net foreign exchange gains of €31 mn and net gains on financial instruments of €5 mn), compared to €25 mn for FY2021 (comprising net foreign exchange gains of €16 mn and net gains on financial instruments of €9 mn). The increase of 45% yoy reflects higher foreign exchange gains through FX swaps.Net foreign exchange gains and net gains/(losses) on financial instruments are volatile profit contributors. Net foreign exchange gains and net gains/(losses) on financial instruments amounted to €12 mn for 4Q2022, compared to €13 mn in the previous quarter, impacted by one-off gain of c.€5.5 mn of a financial instrument in the previous quarter and higher foreign exchange gains in the fourth quarter. Net insurance income amounted to €71 mn for FY2022, compared to €61 mn for FY2021, up 17% yoy mainly due to increased new business and the positive changes in valuation assumptions, partially offset by higher insurance claims. Net insurance income amounted to €23 mn for 4Q2022, up 53% qoq, driven by exceptionally strong new business, the positive changes in valuation assumptions and lower insurance claims. Net gains/(losses) from revaluation and disposal of investment properties and on disposal of stock of properties for FY2022 amounted to €13 mn (comprising net gains on disposal of stock of properties of €16 mn, and net losses from revaluation of investment properties of €3 mn), broadly flat compared to the previous year. Net gains/(losses) from revaluation and disposal of investment properties and on disposal of stock of properties for 4Q2022 amounted to €2 mn, compared to €4 mn for 3Q2022. REMU profit remains volatile. Total income for FY2022 amounted to €699 mn, compared to €581 mn for FY2021 (up 20% yoy), mainly driven by the increases in the net interest income, net fee and commission income and insurance income net of claims and commissions as explained above. Total income for 4Q2022 stood at €228 mn, compared to €172 mn for 3Q2022, up by 33% qoq, reflecting mainly the increased net interest income by 53% qoq. 19
View entire presentation