IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF The Management Board approves Bipiemme Group’s results as at 31 March 2014 Net profit: €64.3 million (+12.3% Y/Y) Operating profit: +12.9% Y/Y thanks to positive trend in operating income and constant cost control Good core income growth (net interest income +8.1% Y/Y and fees and commission +6.5% Y/Y) Doubtful loans coverage: 36%, +170 bps Y/Y, stable Q/Q P&L Results: Total income €442.1 million (+3.3% Y/Y) o/w Net interest income: €206.1 million (+8.1%) Net fees and commission: €140.4 million (+6.5%) Net result of financial activities: €79.4 million, in line with the good result recorded in Q1 2013 Staff costs: -6.2% Cost Income Ratio: 53.6% (-3.9 pp) Operating profit: €205.4 million (+12.9%) Net profit: €64.3 million (+12.3%) Balance-sheet Results: Total funding:1: €51.5 billion, stabile Q/Q, o/w Core2 Funding: € 22.8 billion, +2.8% 1 2 Direct funding + AuM Current accounts and deposit accounts+other technical forms. 1 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF AuM: €15.8 billion, +4.1% AuC: €16.3 billion, +1.7% Customer loans: €32.8 billion, -1.6% Q/Q Common Equity Tier1: 7.30%, Tier 1: 7.80 % and Total Capital Ratio: 10.81%3. Common Equity Tier 1 pro forma4 around 11% Strong liquidity position, both in the short term and in the mid term Annualised cost of credit: 104 bps In today’s meeting, the Management Board of Banca Popolare di Milano examined and approved BPM Group’s results as at 31 March 2014. The economy showed some slight signs of recovery in Q1 2014, as shown by the slight increase in interest rates (average 3-month Euribor in March 2014: 0.31%, +3bps Q/Q) and, above all, the IMF's outlook for Italian economic growth in 2014 (GDP +0.6%). However, this is counterbalanced by the sluggish domestic macroeconomic scenario as consumer spending, domestic production and investments continued to slide. Bipiemme Group's core operating trends in the first three months of the year were, however, sound. Specifically: P&L results: good operating profit, driven by the positive trend in operating income and by constant cost control; balance-sheet results: good growth in indirect funding Q/Q (AuM +4.1%; AuC +1.7%), to which we must add the increase in core funding both Y/Y and Q/Q; however, customer loans were down owing to the still weak economy. the group's strong liquidity position and a significant amount of unencumbered eligible assets (c €5 billion)5. 3 The capital ratios have been estimated as at 31 March 2014 using the new Basle III requirements that are being phased in. The capital ratios were calculated without considering the profit made in the first quarter. The regulatory authorities have once again postponed release of the new capital requirements for March 2014 to 30 June 2014. 4 Includes the capitalized profit in Q1 14, the partial disposal of the Anima stake and the €500 million rights issue and net of the add-ons exacted by the Bank of Italy in June 2011. 5 Weekly liquidity report as at 6 May 2014. 2 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Bipiemme Group Direct customer funding and issued securities Direct customer funding (amounts due to customers, debt securities issued and financial liabilities at fair value) totalled €35,713 million, down Q/Q (-3.0%). Given the strong liquidity position and the decrease in customer loans, the group developed less expensive technical forms of funding and reduced the use of more volatile forms. In detail, we point out that the good trend in core funding, which was up 2.8% thanks mainly to sight deposits and time deposits, was offset by: the reduction in Repos (-€1,026 million) – mostly entirely for operations on the MTS market in order to diversify funding sources; the reduction in issued securities (-6.0%) mainly due to the redemption of a senior unsecured bond (€900 million), which was only partially refinanced by a new placement (€500 million). The bank's deposit market share as at February 2014 was 1.68%, stabile Q/Q (1.69%). Indirect customer funding Indirect customer funding as at 31 March 2014 totalled €32,114 million, up by 2.9% Q/Q thanks to the increase in AUM (+4.1% Q/Q), which recorded net inflows in the quarter of €472 million. Specifically, AuM totalled €15,798 million, up by €621 million thanks to mutual funds (+5.4%) and insurance products (+4.6%). AuC, on the other hand, totalled €16,316 million, up 1.7% Q/Q, thanks also to the good trend in financial markets in the first quarter of the year. Customer loans Customer loans as at 31 March 2014 totalled €32,821 million, down Q/Q (-1.6%). This Q/Q decrease was caused by the slowdown in Corporate and in Small Business, compared to the basically stable position of loans to retail customers6. As far as the retail segment is concerned, we point out that WeBank recorded a €70 million (+6.7%) increase in its loans volumes thanks mainly to the issue of new mortgages. 6 Management report: customer segments calculated on the average monthly result, based on organisational segmentation. 3 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF The sluggish domestic macroeconomic situation continued into Q1 2014 and this had repercussions on credit quality. As at 31 March 2014, gross doubtful loans totalled €5.6 billion, up by 5.8% Q/Q. This increase was mainly due to the following: the €167 million increase in gross non-performing loans, which was linked to the continuing problems in the real estate and services sectors; however, the increase in gross non-performing loans was lower than in Q4 2013; the €36 million increase in the watchlist, which, though, was significantly lower than the average quarterly increase recorded in past quarters; the €76 million increase in restructured loans, which was mainly due to two agreements with two groups during the quarter, though the increase is lower than in the previous quarter. Given the foregoing, the total adjustments made in Q1 2014 led to an increase in the total coverage of doubtful loans to 35.6%, up 1.7 percentage points Y/Y and basically stable Q/Q. Specifically, the coverage levels are: non-performing loans 55.4%, watchlist 21.6% , restructured loans 9.7% and past due 8.3%. The coverage rate for performing loans stood at 0.72%, unchanged Q/Q. Net equity and capital ratios As at 31 March 2014, Bipiemme Group’s net equity was €3,797 million. The Common Equity Tier 1 was 7.30%, the Tier 1 was 7.80 % and the Total Capital Ratio was 10.81%. The capital ratios were calculated using the new rules that came into force on 1 January 2014 (Basle III). Since the regulatory authorities have once again postponed release of the new capital requirements for March 2014 until 30 June 2014, the criteria used to calculate the capital ratios are provisional and the ratios have been estimated using the information and the interpretation currently available. The group's capital ratios reflect the higher weightings exacted by the Bank of Italy. These higher weightings led to an increase in risk-weighted assets of about €8.1 billion, thereby causing a negative impact of 169 bps on the Common Equity Tier 1, 180 bps on the Tier 1 and 250 bps on the Total Capital Ratio. 4 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Total Income Bipiemme Group’s total income as at 31 March 2014 was €442.1 million, up by 3.3% Y/Y and 9.7% Q/Q. Specifically, net interest income was €206.1 million, up by 8.1% Y/Y; this increase was mainly due to the increase in commercial income interest (+2.5%) following the widening of the spread between lending interest rates and deposit interest rates (+26 bps Y/Y) as the cost of funding decreased (-28 bps), helped by the expiry of some bonds and deposit certificates in the quarter. The financial interest income was €53.2 million, up by about €4.7 million. "Non net interest income" was €236.1 million, stable Q/Q due to: - the increase in net fees and commission (+€8.5 million) thanks to the higher "management, brokerage and advisory fees" (+€12.7 million) which benefitted, among other things, from the good trend in AuM; - the reduction in “other operating income/expenses” (-€7.1 million); - the reduction in ”profit on investments valued at equity” (-€2.9 million); - the basically stable net result obtained from financial activities, €79.4 million, in line with the excellent result recorded in Q1 2013. Operating costs In Q1 2014, operating costs totalled €236.8 million, down 3.8% following the reduction in staff costs (-6.2%) and flat administrative costs, which more than compensate for the increase in net adjustments on tangible and intangible assets. Specifically, staff costs were €152 million, down by €10.1 million due mainly to the average reduction in the group's total number of staff thanks to the early retirement plan Fondo di Solidarietà. "Other administrative costs" were stable at €66.8 million thanks to the tight control on operating cost. Net adjustments on tangible and intangible assets totalled €18.1 million (+3.8%). The cost/income ratio was 53.6%, down by 3.9 pp vs. the 57.5% recorded in March 2013. As at 31 March 2014, the group had 716 branches (-28 Y/Y) and the total number of staff was 7,835 (-191 Y/Y). 5 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Operating profit Thanks to the foregoing, operating profit was €205.4 million, up by 12.9% Y/Y. Provisions, adjustments and other items As at 31 March 2014, net adjustments on loans and other operations totalled €85.3 million, up on the €64.1 million recorded in Q1 2013. This increase was due to the ongoing economic situation. The cost of credit was 104 bps (+31 bps Y/Y). Provisions for risks and charges totalled €2.8 million, slightly up compared with the €2.4 million recorded in Q1 2013 owing to provisions for legal disputes. Net result After recording €53.0 million for taxes, the group recorded a net profit of € 64.3 million (+12.3% Y/Y). Prospects for the current financial year Given the domestic macroeconomic scenario, it seems the recession is behind us, though there are some lingering factors, including international ones, that could stifle the recovery. The banking sector will inevitably be affected by the still weak economy as the low market interest rates will continue to affect net interest income throughout the year. On the other hand, the desired economic recovery could kick-start credit to companies. Bipiemme Group will continue to follow the guidelines set in the Business Plan the board approved on 11 March 2014. The commercial business will continue to be focused on improving the group's foothold on its local territory and its client base and, at the same time, on keeping a tight control on costs and risks - the main levers to preserve the bank's profitability - and on bolstering the already solid liquidity and capital position, which it will do thanks to the ongoing rights issue. The new development actions will be supported by efficiency and organisational simplification measures. Specifically, the group will focus on increasing funding and stemming the downward trend in loans without, though, dropping its guard on credit quality. The low market interest rates will continue to affect net interest income and, as such, the bank will have to continue cutting operating costs in order to increase operating margins. Parent Bank 6 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF The key profit and loss and balance sheet figures for the parent bank, Banca Popolare di Milano S.c.a r.l., are as follows: Direct funding Customer loans Indirect funding Total income Operating costs Operating profit Net profit €32,277 million (-3.6% vs. 31.12.2013) €31,146 million (-2.4%) €28,306 million (+2.8%) €399.0 million (+2.8% vs. 31.03.2013) €210.7 million (-5.0%) €188.3 million (+13.2%) €58,6 million (+12.4%) *** Mr Angelo Zanzi, as the manager responsible for preparing the bank’s accounts, hereby states, pursuant to Article 154 bis, paragraph 2 of the Testo Unico della Finanza (the Consolidated Finance Act), that the accounting information contained in this press release corresponds to the documentary evidence, corporate books and accounting records. *** Bipiemme Group's interim results as at 31 March 2014 will be filed within the established timeframe, thus they will be available to Bipiemme Group's stakeholders and the public at this bank's headquarters and, pursuant to the law, they will be posted under “Investor Relations” on the group's website www.gruppobpm.it. *** As regards the Bank of Italy's inspection at WeBank S.p.A., which started on 5 November 2013 and closed on 7 February 2014, please note that the results of the inspection, issued on 8 May 2014, were partially favourable. *** The group’s First Quarter 2014 Financial Results as at 31 March 2014 will be disclosed to the financial community in a conference call, chaired by the CEO, set for 6.30pm (CET) today 9 May 2014. The instructions to 7 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF connect to the event can be found in the home page of the bank’s website (www.gruppobpm.it). The minutes of the Ordinary and Extraordinary Stakeholders' Meeting of Banca Popolare di Milano have been duly filed. Please note that the minutes of the Ordinary and Extraordinary Stakeholders' Meeting of Banca Popolare di Milano held on 12 April 2014, and duly filed, are available to Bipiemme Group's stakeholders and the public at this bank's headquarters and, pursuant to the law, they have been posted under “Governance/Modello di Governance/Assemblea dei Soci dell' 11/12 aprile 2014” on the group's website www.gruppobpm.it. Milan, 9 May 2014 Please note that the original version of this press release is in Italian. In case of any misunderstandings the Italian version shall prevail. For the purpose of providing more complete data on Bipiemme Group’s First Quarter 2014 Results, the reclassified balance sheet and income statement annexed to the Report, as approved by the Management Board, are herewith attached. For management reporting purposes, the results have been presented in a reclassified balance sheet and income statement, in which line items have been aggregated and reclassified in keeping with market practices in such a way as to provide a clearer interpretation of trends and performances. For information contact: Banca Popolare di Milano Comunication Matteo Cidda +39 02.77.00.7438 matteo.cidda@bpm.it Press Office Monica Provini +39 02.77.00.3515 monica.provini@bpm.it Investor Relations Roberto Peronaglio +39 02.77.00.2057 investor.relations@bpm.it AD HOC Communication Advisors Giorgio Zambeletti, Daniele Biolcati +39 02.76.06.741 daniele.biolcati@ahca.it 8 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Bipiemme Group - Reclassified Balance Sheet (e uro /000) Assets 31.03.2014 31.12.2013 31.03.2013 A Cash and equivalents Financial assets at fair value and hedging derivatives: - Financial assets held for trading - Financial assets designated at fair value - Financial assets available for sale - Hedging derivatives - Changes in fair value of hedged items (+ / -) Loans and advances to banks Loans and advances to customers Fixed assets Attività non correnti e gruppi di attività in via di dismissione 242,900 B C 363,202 Change A-B Amount Change A-C % Amount % 228,473 -120,302 -33.1 14,427 6.3 10,941,852 11,045,773 11,626,960 -103,921 -0.9 -685,108 -5.9 1,587,646 1,449,237 1,798,512 138,409 9.6 -210,866 -11.7 202,542 219,118 261,137 -16,576 -7.6 -58,595 -22.4 8,969,488 9,189,022 9,319,355 -219,534 -2.4 -349,867 -3.8 170,081 178,291 227,090 -8,210 -4.6 -57,009 -25.1 12,095 10,105 20,866 1,990 19.7 -8,771 -42.0 2,254,757 1,813,458 2,635,231 441,299 24.3 -380,474 -14.4 32,821,420 33,345,026 35,089,999 1,085,101 1,229,975 1,171,192 -523,606 -1.6 -2,268,579 -6.5 -144,874 -11.8 -86,091 -7.4 134,596 0 0 0 n.s. 134,596 n.s. 1,544,831 1,555,884 1,870,486 -11,053 -0.7 -325,655 -17.4 Total assets 49,025,457 49,353,318 52,622,341 -327,861 -0.7 -3,596,884 -6.8 Liabilities and S hareholders Equities 31.03.2014 31.12.2013 31.03.2013 Other assets A Due to banks Due to customers Debt securities in issue 6,015,928 B 5,913,928 C Change A-B Amount Change A-C % Amount % 6,284,368 102,000 1.7 -268,440 26,025,446 26,423,495 25,932,864 -398,049 -1.5 92,582 -4.3 0.4 9,503,147 10,114,241 11,635,397 -611,094 -6.0 -2,132,250 -18.3 Financial liabilities and hedging derivatives: 1,477,065 1,487,047 2,323,552 -9,982 -0.7 -846,487 -36.4 - Financial liabilities held for trading 1,240,546 1,163,738 1,448,291 76,808 6.6 -207,745 -14.3 184,224 276,739 803,946 -92,515 -33.4 -619,722 -77.1 - Hedging derivatives 30,833 23,348 42,305 7,485 32.1 -11,472 -27.1 - Changes in fair value of hedged items (+ / -) 21,462 23,222 29,010 -1,760 -7.6 -7,548 -26.0 Other liabilities 1,645,410 1,191,645 1,761,078 453,765 38.1 -115,668 -6.6 Provisions for specific use Share capital and reserve 542,693 3,732,552 578,196 3,596,116 648,058 3,938,195 -35,503 -6.1 -105,365 -16.3 136,436 3.8 -205,643 -5.2 18,895 19,061 41,574 -166 -0.9 -22,679 -54.6 64,321 29,589 57,255 34,732 117.4 7,066 12.3 49,025,457 49,353,318 52,622,341 -327,861 -0.7 -3,596,884 -6.8 - Financial liabilities designated at fair value M inority interests (+/-) Net profit (loss) of the period (+ / -) Total liabilities and S hareholder Equity 9 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Bipiemme Group - Reclassified Balance Sheet (quarterly evolution) (e uro /000) A s s e ts 2 0 13 2 0 14 3 1.3 C a s h a nd e quiva le nts 3 1.12 3 0 .9 3 0 .6 3 1.3 242,900 363,202 248,935 226,984 228,473 F ina nc ia l a s s e ts a t fa ir va lue a nd he dging de riva tive s : 10,941,852 11,045,773 11,446,135 11,834,884 11,626,960 - Financ ial as s e ts he ld fo r trading 1,587,646 1,449,237 1,679,815 1,705,445 1,798,512 202,542 219,118 237,272 259,500 261,137 8,969,488 9,189,022 9,290,612 9,639,583 9,319,355 170,081 178,291 226,868 217,206 227,090 12,095 10,105 11,568 13,150 20,866 2,254,757 1,813,458 1,838,143 2,106,886 2,635,231 32,821,420 33,345,026 34,080,872 34,038,161 35,089,999 1,085,101 1,229,975 1,185,833 1,176,934 1,171,192 134,596 0 0 0 0 1,544,831 1,555,884 1,425,699 1,582,527 1,870,486 4 9 ,3 5 3 ,3 18 5 0 ,2 2 5 ,6 17 5 0 ,9 6 6 ,3 7 6 5 2 ,6 2 2 ,3 4 1 - Financ ial as s e ts de s ignate d at fair v alue - Financ ial as s e ts av ailable fo r s ale - He dging de riv ativ e s - C hange s in fair v alue o f he dge d ite m s (+/ -) Lo a ns a nd a dva nc e s to ba nks Lo a ns a nd a dva nc e s to c us to m e rs F ixe d a s s e ts No n re c urre nt a s s e ts a nd dis po s a l gro ups he ld fo r s a le Othe r a s s e ts To ta l a s s e ts Lia b ilit ie s a n d S h a re h o ld e rs E q u it ie s 4 9 ,0 2 5 ,4 5 7 2 0 13 2 0 14 3 1.3 Due to ba nks 3 1.12 3 0 .9 3 0 .6 3 1.3 6,015,928 5,913,928 6,173,275 6,281,204 6,284,368 26,025,446 26,423,495 26,536,411 27,073,851 25,932,864 De bt s e c uritie s in is s ue 9,503,147 10,114,241 9,777,327 10,182,184 11,635,397 F ina nc ia l lia bilitie s a nd he dging de riva tive s : 1,477,065 1,487,047 1,872,708 1,968,230 2,323,552 Due to c us to m e rs - Financ ial liabilitie s he ld fo r trading 1,240,546 1,163,738 1,309,253 1,315,536 1,448,291 184,224 276,739 509,702 591,492 803,946 - He dging de riv ativ e s 30,833 23,348 28,671 34,146 42,305 - C hange s in fair v alue o f he dge d ite m s (+/ -) 21,462 23,222 25,082 27,056 29,010 1,645,410 1,191,645 1,584,861 1,214,926 1,761,078 542,693 578,196 614,497 633,391 648,058 3,732,552 3,596,116 3,512,686 3,487,463 3,938,195 - Financ ial liabilitie s de s ignate d at fair v alue Othe r lia bilitie s P ro vis io ns fo r s pe c ific us e S ha re c a pita l a nd re s e rve M ino rity inte re s ts (+/-) 18,895 19,061 19,468 19,520 41,574 Ne t pro fit (lo s s ) o f the pe rio d (+ / -) 64,321 29,589 134,384 105,607 57,255 4 9 ,3 5 3 ,3 18 5 0 ,2 2 5 ,6 17 5 0 ,9 6 6 ,3 7 6 5 2 ,6 2 2 ,3 4 1 T o t a l lia b ilit ie s a n d S h a re h o ld e r E q u it y 4 9 ,0 2 5 ,4 5 7 10 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Bipiemme Group -Consolidated Reclassified Income Statement (e uro /000) Change Q1 2014 Q1 2013 Net interest income 206,089 190,654 15,435 8.1 Non-interest income: 236,050 237,421 (1,371) -0.6 - Net fees and commission income 140,371 131,843 8,528 6.5 95,679 105,578 (9,899) -9.4 -36.3 - Other operating income '- Share of Profit (loss) on investments valued under the equity method Amount % 5,035 7,904 (2,869) '- Net income (loss) from financial activities 79,438 79,368 70 0.1 - Other operating income/expenses 11,206 18,306 (7,100) -38.8 Operating income 442,139 428,075 14,064 3.3 Administrative expenses: (218,716) (228,716) 10,000 4.4 a) personnel expenses (151,879) (161,964) 10,085 6.2 (66,837) (66,752) (85) -0.1 b) other administrative expenses Depreciations and ammortisation (18,066) (17,402) (664) -3.8 (236,782) (246,118) 9,336 3.8 Operating profit 205,357 181,957 23,400 12.9 Net adjustments to loans and other operations Net provisions for risks and charges (85,337) (2,821) (64,124) (2,393) (21,213) (428) -33.1 -17.9 0 (1) 1 n.s. Profit (loss) before tax from continuing operations 117,199 115,439 1,760 1.5 Tax on income from continuing operations Operating costs Profit (loss) from equity and other investments (52,966) (58,000) 5,034 8.7 Income (loss) after tax from continuing operations 64,233 57,439 6,794 11.8 Net profit (loss) for the period 64,233 57,439 6,794 11.8 88 (184) 272 n.s. 64,321 57,255 7,066 12.3 M inority interests Net profit 11 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Bipiemme Group -Consolidated Reclassified Income Statement (quarterly evolution) (e uro /000) 2 0 13 2 0 14 Vo c i Q1 Q4 Q3 Q2 Q1 Ne t in te re s t in c o me 2 0 6 ,0 8 9 2 0 6 ,3 8 6 2 15 , 5 15 2 2 4 ,8 6 9 19 0 , 6 5 4 No n - in te re s t in c o me : 2 3 6 ,0 5 0 19 6 , 6 3 3 17 8 , 5 6 2 2 3 2 ,9 4 3 2 3 7 ,4 2 1 - Ne t fe e s a nd c ommis s ion inc ome 140,371 142,234 124,335 146,405 131,843 - Othe r ope ra ting inc ome '- S hare of Profit (los s ) on inve s tme nts value d unde r the e quity me thod '- Ne t inc ome (los s ) from financ ial ac tivitie s 95,679 54,399 54,227 86,538 105,578 5,035 28,140 7,423 3,886 7,904 79,438 18,272 33,928 69,205 79,368 11,206 7,987 12,876 13,447 4 4 2 , 13 9 4 0 3 , 0 19 3 9 4 ,0 7 7 - Othe r ope rating inc ome /e xpe ns e s O p e ra tin g in c o me Adminis tra tive e xpe ns e s : 4 2 8 ,0 7 5 (229,220) (220,279) (235,755) (228,716) a) pe rs onne l e xpe ns e s (151,879) (137,340) (151,410) (158,006) (161,964) b) othe r adminis trative e xpe ns e s (66,837) (91,880) (68,869) (77,749) (66,752) De pre c ia tions a nd a mmortis a tion O p e ra tin g c o s ts O p e ra tin g p ro fit Ne t a djus tme nts to loa ns a nd othe r ope ra tions Ne t provis ions for ris ks a nd c ha rge s P rofit (los s ) from e quity a nd othe r inve s tme nts P ro fit (lo s s ) b e fo re ta x fro m c o n tin u in g o p e ra tio n s (218,716) 18,306 4 5 7 , 8 12 (18,066) (19,324) (17,943) (17,977) (17,402) (2 3 6 , 7 8 2 ) (2 4 8 , 5 4 4 ) (2 3 8 , 2 2 2 ) (2 5 3 , 7 3 2 ) (2 4 6 , 118 ) 2 0 5 ,3 5 7 15 4 , 4 7 5 15 5 , 8 5 5 2 0 4 ,0 8 0 18 1, 9 5 7 (85,337) (328,950) (96,893) (99,692) (64,124) (2,821) 5,081 (6,345) (5,962) (2,393) 0 43 (301) 1 117 , 19 9 (16 9 , 3 5 1) 9 8 ,4 2 7 (1) 115 , 4 3 9 Ta x on inc ome from c ontinuing ope ra tions (52,966) (23,500) (50,000) (58,000) In c o me (lo s s ) a fte r ta x fro m c o n tin u in g o p e ra tio n s 6 4 ,2 3 3 (10 5 , 2 9 3 ) 2 8 , 8 16 4 8 ,4 2 7 5 7 ,4 3 9 Ne t p ro fit (lo s s ) fo r th e p e rio d 6 4 ,2 3 3 (10 5 , 2 9 3 ) 2 8 , 8 16 4 8 ,4 2 7 5 7 ,4 3 9 88 498 6 4 ,3 2 1 (10 4 , 7 9 5 ) Minority inte re s ts Ne t p ro fit 64,058 5 2 , 3 16 (39) 2 8 ,7 7 7 (75) 4 8 ,3 5 2 (184) 5 7 ,2 5 5 12 IL PRESENTE COMUNICATO NON È DESTINATO ALLA PUBBLICAZIONE, DISTRIBUZIONE O CIRCOLAZIONE, DIRETTA O INDIRETTA, NEGLI STATI UNITI D’AMERICA, CANADA, AUSTRALIA O GIAPPONE O IN QUALSIASI ALTRO PAESE NEL QUALE L’OFFERTA O LA VENDITA SIANO VIETATE IN CONFORMITÀ ALLE LEGGI APPLICABILI O AI SOGGETTI IVI RESIDENTI NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR IN OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLICABLE LAWS OR TO RESIDENTS THEREOF Il presente comunicato è pubblicato a fini meramente informativi ai sensi della legge italiana e non deve essere inteso quale proposta di investimento né, in alcun caso, potrà essere utilizzato o considerato come un’offerta di vendita né come un invito volto a offrire di acquistare o vendere al pubblico strumenti finanziari. Il presente comunicato non è stato distribuito e non potrà essere distribuito, direttamente o indirettamente, negli Stati Uniti (inclusi i relativi territori e domini, qualsiasi Stato degli Stati Uniti e il District of Columbia) o in qualsiasi altro paese in cui l’offerta o la vendita di strumenti finanziari siano vietate dalla legge. Il presente comunicato non costituisce, né è parte di, un’offerta di vendita o una sollecitazione all’acquisto di strumenti finanziari, né vi sarà alcuna offerta di strumenti finanziari nei paesi nei quali tale offerta o sollecitazione sarebbe vietata ai sensi di legge. Gli strumenti finanziari menzionati nel presente comunicato non sono stati, e non saranno, oggetto di registrazione, ai sensi dello US Securities Act of 1933 (il “Securities Act”) e non potranno essere offerti o venduti negli Stati Uniti d’America in assenza di registrazione o di un’apposita esenzione dalla registrazione ai sensi del Securities Act. Non è intenzione di BPM registrare, né in tutto né in parte, l’offerta di strumenti finanziari negli Stati Uniti d’America o di effettuare un’offerta al pubblico di strumenti finanziari negli Stati Uniti d’America. Il presente comunicato stampa potrebbe contenere informazioni previsionali, compresi riferimenti che non sono relativi esclusivamente a dati storici o eventi attuali e pertanto, in quanto tali, incerte. Le informazioni previsionali si basano su diverse assunzioni, aspettative, proiezioni e dati previsionali relativi ad eventi futuri e sono soggette a molteplici incertezze e ad altri fattori al di fuori del controllo di BPM. Esistono numerosi fattori che possono generare risultati ed andamenti notevolmente diversi rispetto ai contenuti, impliciti o espliciti, delle informazioni previsionali e pertanto tali informazioni non sono una indicazione attendibile circa la performance futura. BPM non si assume alcun obbligo di aggiornare pubblicamente o rivedere le informazioni previsionali sia a seguito di nuove informazioni, sia a seguito di eventi futuri o per altre ragioni, salvo che ciò sia richiesto dalla normativa applicabile. *** This press release is published for information purposes only pursuant to Italian law and shall not be meant to be an investment proposal and, in any case, it may not be used as or deemed to be an offer to sell or an invitation to offer to purchase or sell securities to the public. This press release is not being distributed and shall not be distributed, whether directly or indirectly, in the United States (including its territories and possessions, any State of the United States and the District of Columbia) or in any other country where the offer or sale of securities would be forbidden by law. This press release is not, and is not part of, an offer for sale or a solicitation to purchase securities, and there will be no offer of securities in any jurisdiction where such offer or solicitation would be forbidden by the law. The securities mentioned in this press release have not been and will not be registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Banca Popolare di Milano S.c.a.r.l. (“BPM”) does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. This press release may contain “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the control of BPM. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of future performance. BPM undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. 13
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