Market Leader with Potential for Further Penetration
Non-NII - Net F&C Income Remains an Important Contributor to Group's Revenues
Outlook
Net fee and commission income expected to grow by c.3%
(2022-2024), net of liquidity and NPE sales servicing fees
(c. €21 mn p.a.), driven by:
•
economic growth
•
higher volume of transactions
•
As a reminder, liquidity fees and NPE sale-related servicing
fees terminated in December 2022 and in February 2023
respectively
Non-NII expected to continue covering c.80% of total
operating expenses
Drivers
Net F&C income to grow by c.3% mainly driven by
economic growth
192
150
21
CAGR
+3%1
Net F&C
171
FY2019
FY2022
FY2023 FY2024
Liquidity fees & NPE sales servicing fee
Non-NII expected to continue covering c.80% of total
operating expenses²
•
Improve cross-selling to under-penetrated customers
96%
80%
82%
c.80%
•
Enhance digital and other capital-light sales (cards, wealth,
insurance)
Average c.80%
70%
Non-NII/
Total OPEX
Grow insurance revenue; by 6% p.a. for life insurance and
>8% for non-life for 2022-2025
FY2019 FY2020 FY2021 FY2022
FY2023
•
Potential additional revenue upside from Jinius
1)
2)
CAGR growth for 2022-2024 where 2022 F&C excludes liquidity fees of c.€16 mn and NPE related servicing fee of c. €5 mn
Excluding special levy on deposits and other levies/contributions
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