Investor Presentaiton
Return on Equity and Permanent Shareholders' Equity
Calculation of Return on Equity
in millions of euros
Net income Group share
Remuneration net of tax of Undated Super Subordinated Notes and exchange effect
Net income Group share used for the calculation of ROE/ROTE
Average permanent shareholders' equity, not revaluated, used for the ROE calculation (a)
Return on Equity (ROE)
31-Dec-21
31-Dec-20
9,488
7,067
-436
-441
9,052
6,626
101,882
98,235
8.9%
6.7%
Average tangible permanent shareholders' equity, not revaluated, used for the ROTE calculation (b)
Return on Tangible Equity (ROTE)
90,412
86,704
10.0%
7.6%
(a) Average Permanent shareholders' equity: average of beginning of the year and end of the period (Permanent Shareholders' equity = Shareholders' equity attributable to shareholders - changes in assets and liabilities
recognised directly in equity - Undated Super Subordinated Notes - remuneration net of tax payable to holders of Undated Super Subordinated Notes - dividend distribution assumption); (b) Average Tangible permanent
shareholders' equity: average of beginning of the year and end of the period (Tangible permanent shareholders' equity = permanent shareholders' equity - intangible assets - goodwill)
Permanent Shareholders' Equity Group share, not revaluated, used for the calculation of ROE vs. ROTE
in millions of euros
31-Dec-21
31-Dec-20
Net Book Value
108,573
102,751
(1)
of which changes in assets and liabilities recognised directly in equity (valuation reserve)
222
-496
(2)
of which 2020 dividend distribution assumption
of which assumption of distribution of 50% of 2021 net income
Permanent shareholders' equity, not revaluated, used for the calculation of ROE (a)
Goodwill and intangibles
Tangible permanent shareholders' equity, not revaluated, used for the calculation of ROTE (a)
3,307
(3)
4,527
(4)
103,824
99,940
(1)-(2)-(3)-(4)
11,549
11,392
92,275
88,548
Average permanent shareholders' equity, not revaluated, used for the ROE calculation (b)
Average tangible permanent shareholders' equity, not revaluated, used for the ROTE calculation (c)
101,882
98,235
90,412
86,704
(a) Excluding Undated Super Subordinated Notes, remuneration net of tax payable to holders of Undated Super Subordinated Notes, and including the assumptions of distribution of net income; (b) Average Permanent shareholders' equity: average of
beginning of the year and end of the period (Permanent Shareholders' equity Shareholders' equity attributable to shareholders - changes in assets and liabilities recognised directly in equity - Undated Super Subordinated Notes - remuneration net of tax
payable to holders of Undated Super Subordinated Notes - dividend distribution assumption); (c) Average Tangible permanent shareholders' equity: average of beginning of the year and end of the period (Tangible permanent shareholders' equity =
permanent shareholders' equity - intangible assets - goodwill)
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2021 Full Year Results | 95View entire presentation