Financial Analysis and Currency Deposits
Upgrades to medium term guidance on strong performance and changing macro dynamics
Profitability
November 2020
August 2022
2025 Targets
Medium Term target set in:
February 2022
2024 Targets
2025 Targets
May 2022
2025 Targets
Return on Tangible
Equity¹
c.7% in 2024
>10% in 2025
>10% from 2024
>10% from 2023 onwards
Capital
Capital
return
Asset Quality
Cost to Income ratio²
Mid-50s
50%-55%
50%-55%
NPE Ratio
Cost of risk
Dividends
CET1 ratio
c.5%
<3%
<3%
40-50 bps
70-80 bps
40-50 bps
No guidance
Consider from 2023
onwards³
Consider meaningful
dividends from 2023
onwards³
At least 13%
Supported by CET1 ratio of 13.5%-14.5%
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1)
ROTE is calculated as Profit after Tax divided by (Shareholders' equity minus Intangible assets)
2)
Calculated using total operating expenses which comprise staff costs and other operating expenses. Total operating expenses do not include the
special levy on deposits or other levies/contributions and do not include any advisory or other restructuring costs.
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3)
Subject to performance and regulatory approvals
4)
Subject to regulatory approvals and market conditions
c.50%
<3%
40-50 bps
Meaningful from 2023 onwards 4
Supported by CET1 ratio of
13.5%-14.5%
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