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Analisi Bilancio Banche 3

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AppStreeling
>Snapshot
>Capital Ratios
>Balance Sheet & Business Model
>Leverage Analysis
>Profitability
>Efficiency
>Liquidity
>Multiples & Valuation
>Credit Quality
>Threshold Analysis
Valuecube
Viale Europa, 31
53100 Siena – Italy
www.valuecuberesearch.com
[email protected]
@valuecube
Bloomberg
APPS VCORP <GO>
APPS VBANK <GO>
APPS VOLUP <GO>
Fonte Dati: Bilanci e Note Integrative Società, Documenti Pillar 3 Società, Bloomberg.
Elaborazioni: Streeling e value.Bank [Bloomberg: APPS VBANK <GO>]
Campione Banche >
Disclaimer >
ITAL IAN C OMP AR AB L E S
B anca C arige S pa
C R G IM
B anca Monte dei P as chi di S iena S pa
B MP S IM
B anca P opolare E milia R omagna
B P E IM
B anca P opolare E truria e del L azio S oc. C oop.
P E L IM
B anca P opolare Di Milano S carl
P MI IM
B anco P opolare
B P IM
C redito E miliano S pa - C redem
C E IM
C redito Valtellines e S oc C oop
C VAL IM
Intes a S anpaolo
IS P IM
Mediobanca S pa
MB IM
Unione Di B anche Italiane S cpa - Ubi B anca
UB I IM
Unicredit S pa
UC G IM
E UR OP E AN C OMP AR AB L E S
B anco B ilbao S a
B B VA S M
B anco S antander S a
S AN S M
C redit Agricole S .A.
AC A F P
Deuts che B ank Ag
DB K GR
Hs bc Holdings P lc
HS B A L N
L loyds Ts b B ank P lc
L L OY L N
Natixis
KN FP
S ociete Generale
GL E F P
R bs Holdings Nv
R BS LN
B np P aribas
B NP F P
B arclays P lc
B AR C L N
Questo Studio è divulgato al solo scopo informativo. Esso
non costituisce parte e non può in alcun modo essere
considerato come offerta di vendita o di sottoscrizione o di
scambio, o come sollecitazione di qualsiasi genere
all’acquisto, alla sottoscrizione o allo scambio di strumenti
finanziari o in genere all’investimento, né costituisce
consulenza in materia di investimenti in strumenti
finanziari. Valuecube non è responsabile degli effetti
derivanti dall’utilizzo dello Studio. Le informazioni
contenute in questa relazione, compresa qualsiasi
formulazione di opinioni, sono state ottenute da (o si
basano su) fonti ritenute affidabili, ma non garantite per
l'accuratezza o la completezza dei dati, sebbene gli autori
le ritengano giuste e non contenenti informazioni
ingannevoli.
Executive Summary >
1
SNAPSHOT
» Default Risk (October 2013): tabella comparativa sul rischio di default misurato attraverso i rating delle tre principali agenzie, i
CDS, ed il DRSK – Bloomberg Default Risk (un modello di stima della probabilità di default derivato dal modello di Merton). La
tabella propone un confronto tra tre diverse modalità di espressione del rischio di default: (1) Alfanumerico, che segue la
classificazione delle agenzie di rating; (2) Probabilità di default ad un anno; (3) CDS spread. SLIDE 6
» LTRO Repayments: SLIDE 7
» Market Value: complessivamente le banche capitalizzano sopra il valore di inizio 2013 (dati: 11 ottobre 2013). Le banche europee
hanno guadagnato mediamente sopra il 20%, le top 5 italiane il 18%; per l'intero sistema bancario italiano circa il 3%. SLIDE 8
» Profitability & Margin: tra giugno 2012 e giugno 2013, Net Interest Margin e Revenues presentano mediamente tassi di crescita
negativi. La redditività trailing (12-mesi) per il medesimo periodo è ancora lontana dai livelli di equilibrio; mediamente ancora
insufficiente ad assicurare sia un livello di autofinanziamento tale da rafforzare/mantenere condizioni di equilibrio patrimoniale,
sia a remunerare il costo del capitale.
Per assicurare una crescita sostenibile del proprio attivo rischioso (nel senso di mantenere invariato
il livello di Core Tier 1 ratio raggiunto) ed ipotizzando che non vi siano cambiamenti nel grado di
rischio nel proprio attivo (coefficiente di ponderazione invariato), una banca deve mantenere un
livello di ROE minimo pari al tasso di crescita stesso.
In questo momento la gran parte delle banche italiane presenta un ROE negativo, e per la maggioranza delle banche europee la
redditività risulta probabilmente distorta da valori molto alti di leverage che difficilmente potranno essere mantenuti nel futuro,
in considerazione del fatto che livelli di ponderazione media intorno al 30% (media banche EU) difficilmente potranno essere
mantenuti con la messa a regime di Basilea III. Allo stesso tempo si tenga presente che, ipotizzando stabilità nei volumi e nel
grado di rischio nell'attivo, la soglia di ROE necessaria per aumentare di 100 bps il Core Tier 1 va da un minimo del 9.1% (con
Core Tier 1 iniziale pari all'11%), ad un massimo del 14.3% con un Core Tier 1 iniziale del 7%. SLIDE 9-12
» Cumulata Net Income I & II Trimestre 2013: SLIDE 13
» Evoluzione Goodwill & Goodwill Impairment: tabella riassuntiva dell'evoluzione del Goodwill dal 2009 al 2012. SLIDE 14
» Cumulata Net Income 2009/June 2013: l'analisi evidenzia il forte impatto dell'Impairment sul Goodwill sulla cumulata del Net
Income tra il 2009 e il secondo semestre 2013. SLIDE 15
» Regulatory Capital: per la quasi totalità delle banche si registra una riduzione delle Risk Weighted Assets; il calo è legato in gran
parte alla riduzione delle Net Risk Assets (deleveraging) avvenuta nel periodo. Il Core Capital mostra invece una tendenza
negativa per le banche italiane, positiva per quanto riguarda le banche europee. SLIDE 16-18
Executive Summary >
2
BALANCE SHEET & BUSINESS MODEL
» Principali indici di composizione dell'attivo e del passivo dello Stato Patrimoniale. SLIDE 20-21
» Nella SLIDE 22 vengono riportate le incidenze dei derivati e del valore dei Fair Value Assets di primo, secondo e terzo livello a fine
2012. Sia il peso dei derivati che dei Fair Value Assets di terzo livello risultano per le banche italiane significativamente più bassi. In
particolare, per le banche italiane questi ultimi pesano sul Core Tier 1 Capital mediamente intorno al 15%, mentre per le banche
Europee siamo vicini al 40%; questa incidenza si attesta in vari casi al di sopra del 50% (Natixis, Barclays, Bnp Paribas), e raggiunge
picchi intorno al 100% per Deutsche Bank.
» Nelle SLIDE 23-25 vengono riportati una serie di indicatori sulla base dei quali è possibile individuare il Business Model di ogni
banca, al fine di rendere più agevole l'attività di comparazione tra le banche stesse*. Nella SLIDE 23 sulla base dell’importanza
relativa dell’attività Retail, le banche sono state classificate in quattro differenti gruppi di Business Model: IB = Investment Banks;
IBU = Investment Banking-oriented Universal Banks; CB = Commercial Banks; CBU = Commercial Banking-oriented Universal
Banks.
PROFITABILITY
» Focus ROA Italian Banks (2010/2012): SLIDE 27
» Principali indici di redditività e performance economica calcolati sulla base dei dati annuali a fine 2012. SLIDE 28-32
LIQUIDITY
» Principali indici di liquidità calcolabili sulla base di dati di bilancio. Il valore dei Net Loans rispetto al valore delle Net Risk Assets
per le banche italiane è tendenzialmente rimasto stabile negli ultimi anni. Free Funding in calo per le banche italiane, leggermente
in rialzo se consideriamo gli ultimi trimestri per quelle europee. Per quello che riguarda il Funding Liquidity Gap, le banche
italiane presentano storicamente valori molto elevati rispetto a quelli delle banche europee (il che significa che il valore dei Loans
è sempre molto superiore a quello dei depositi), con una tendenza che comunque risulta in calo. SLIDE 34-35
* L'analisi si basa sugli studi in particolare di: [Merck Martel, M, A van Rixtel and E González Mota (2012): “Business models of international banks in the wake of the 2007–2009
global financial crisis”, Bank of Spain, Revista de Estabilidad Financiera, no 22, pp 99–121] & [Gambacorta L. and A van Rixtel (2013): “Structural bank regulation initiatives:
approaches and implications”, BIS Working Papers No 412].
Executive Summary >
3
CREDIT QUALITY
» Il Provisioning Rate delle banche italiane, invertendo il precedente trend, è dal 2012 più elevato di quello delle banche europee.
» Il rapporto tra Gross Non Performing Loans e Total Loans per le banche italiane è significativamente più elevato di quello delle
banche europee. Tuttavia i dati dei NPL non sono perfettamente comparabili, poichè le banche europee hanno una definizione meno
restrittiva. Banca d'Italia stima che il valore dei NPL delle banche italiane si abbatterebbe di circa 32% considerando un criterio di
classificazione omogeneo con quello delle banche europee. Utilizzando questa stima, il NPL ratio medio delle banche italiane passa
dal 16.09% al 10.94%.
» Le riserve a copertura dei Loans sono ormai per le banche italiane significativamente superiori a quelle delle banche europee;
mediamente 2 volte tanto.
» Il grado di copertura dei NPL è significativamente più basso per le banche italiane, ma considerando l'aggiustamento del 32% stimato
da Banca d'Italia, il rapporto di copertura medio a giugno 2013 passerebbe dal 39.88% al 58.65%, in linea quindi con la media delle
banche europee.
» Tabelle riepilogative dei principali indici di qualità del credito. SLIDE 41-42
» Provisioning for Loans (Graph – June 2013): SLIDE 37
» Non Performing Loans (Graph – June 2013): SLIDE 38
» Loan Loss Reserve Adequacy (Graph – June 2013): SLIDE 39
» NPL Cover Ratios (Graph – June 2013): SLIDE 40
CAPITAL RATIOS
» Il rapporto di compressione [RWA / Net Risk Asset] delle banche italiane, nonostante la sensibile riduzione negli ultimi anni, continua
a risultare significativamente superiore a quello delle banche europee (anche per le cinque banche maggiori, per le quali permane
mediamente oltre il 10% di scarto), evidenziando un maggior “onere regolamentare” per le banche italiane rispetto a quelle europee.
» Tendenziale aumento dei coefficienti regolamentari negli ultimi trimestri; in particolare, rispetto a giugno 2012, il Core Tier 1 ratio
medio per il complesso delle banche italiane è salito dello 0.62%; dell’1% l’aumento per le prime cinque, che risulta in linea con
l'incremento delle banche europee. L’aumento del Core Tier 1 ratio è legato alla riduzione delle RWA conseguente alla diminuzione
delle Net Risk Assets e, per quanto concerne le banche italiane, anche ad una riduzione dei coefficienti di ponderazione. SLIDE 47-48
» Tabelle riepilogative su capital ratios & altri indici di solidità patrimoniale.
» Focus RWA (Graph – June 2013): SLIDE 44
» Focus Core Tier 1 (Graph – June 2013): SLIDE 45
» Focus Capital Requirement (Dec. 2012): SLIDE 46
Executive Summary >
4
LEVERAGE
» In media le banche italiane continuano a presentare un grado di leverage più basso di quelle europee. La tendenza degli ultimi
sei mesi, sia a livello europeo che italiano, è quella di una - seppur leggera - diminuzione della leva.
» Focus Leverage Basel III (Graph – June 2013). SLIDE 50
» Tabelle riepilogative sui principali indicatori di leverage. SLIDE 51-52
EFFICIENCY
» Tabelle riepilogative sui principali indicatori di efficienza e produttività. SLIDE 54-55
MULTIPLES AND VALUATION
» Il Price to Book Value delle banche europee è, in media, il doppio di quelle italiane.
» Focus Price/Book Value (Graph – Oct/2013): SLIDE 57
» Focus Consensus Estimates: SLIDE 58
» Multiples & Valuation: SLIDE 59-60
THRESHOLD ANALYSIS
» Sono riportati due tipi di break-even analysis:
(1) Soglie di redditività/perdita in grado di riportare il Core Tier 1 ratio al di sotto di livelli critici. SLIDE 62-63
“Soglie” di perdite elevate indicano che occorrono ingenti perdite per abbattere il CT1 ratio al di
sotto del livello critico e quindi un basso rischio, mentre “soglie” di perdite basse indicano un
elevato rischio in quanto un contenuto tasso di perdita può portare il CT1 ratio al di sotto dei livelli
critici. Un tasso “soglia” positivo (redditività) invece implica che la banca deve necessariamente
essere in utile per avere un CT1 ratio in linea con il livello critico; quanto maggiore è la soglia di
redditività minima richiesta tanto maggiore è il rischio di avere un CT1 al di sotto del livello
critico.
(2) Tasso di perdita sull'ammontare derivati lordi in grado di abbattere di 100 bps il livello di Core Tier 1 Ratio.
» I livelli di Threshold ROA [livelli soglia di ROA che consentono di mantenere un CT1 Ratio corrente in linea
con il livello critico], calcolati sul giugno 2013, presentano un tendenziale miglioramento rispetto ai corrispondenti
valori calcolati a Dicembre 2012 (il tasso di perdita si è alzato). Mediamente per le banche italiane è aumentato di circa 50 bps,
mentre per le banche europee di circa 30 bps.
AppStreeling
>Snapshot
Powered by: @streeling
Snapshot – Default Risk (October 2013) >
6
Normalization With
All-Models-Median
Official Ratings
S&P
Implied
1-Yr PD
Implied
Spread
MOODY'S
Implied
1-Yr PD
Implied
Spread
122.012
B+
2.338%
141.946
B2
4.166%
120.971
NR
N/A
N/A
B2
4.166%
BB+
47.225
BB-
1.524%
92.144
N/A
1.081%
BB
65.213
N/A
N/A
N/A
Banca Popolare Di Milano Scarl
0.943%
BB
56.848
BB
0.943%
Banco Popolare
1.233%
BB
74.440
BB
0.943%
Credito Emiliano Spa - Credem
0.387%
BBB-
23.265
BBB-
Credito Valtellinese Soc Coop
1.494%
BB-
90.316
Intesa Sanpaolo
0.294%
BBB
Mediobanca Spa
0.818%
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
1-Yr PD
Implied
Rating
Implied
Spread
Banca Carige Spa
2.013%
B+
Banca Monte Dei Paschi Di Siena Spa
1.996%
B+
Banca Popolare Emilia Romagna
0.784%
Banca Popolare Etruria e del Lazio Soc. Coop.
Bloomberg Default Risk
<DRSK>
1-YR Market CDS
FITCH
Implied
1-Yr PD
Implied
Spread
Implied
Rating
1-Yr PD
Implied
Rating
Implied
Spread
255.316
BB
0.943%
56.848
N/A
255.316
BBB
0.294%
17.666
614.67
N/A
N/A
1.668%
BB-
102.120
9.737%
CCC+
1.996%
B+
N/A
N/A
BB+
0.784%
47.225
N/A
120.990
N/A
N/A
0.681%
BB+
N/A
N/A
N/A
WD
N/A
N/A
47.230
N/A
N/A
N/A
2.162%
B+
131.110
56.848
B1
2.338%
141.946
BBB-
0.387%
56.848
Ba 3
1.524%
92.144
BBB
0.294%
23.265
290.15
4.721%
B
0.908%
BB
54.710
17.666
N/A
N/A
N/A
1.550%
BB-
0.387%
23.265
Ba a 3
0.387%
23.265
BBB+
93.720
0.241%
14.477
N/A
N/A
N/A
0.388%
BBB-
N/A
N/A
N/A
Ba 3
1.524%
92.144
23.340
BB+
0.784%
47.225
N/A
N/A
N/A
1.494%
BB-
17.666
BBB
0.294%
17.666
Ba a 2
0.294%
90.310
17.666
BBB+
0.241%
14.477
106.76
1.764%
BB-
0.285%
BBB
BB+
49.282
BBB
0.294%
17.666
N/A
17.150
N/A
N/A
N/A
N/A
N/A
94.11
1.556%
BB-
0.818%
BB+
0.340%
BBB
20.435
BBB-
0.387%
23.265
2.060
Ba a 2
0.294%
17.666
BBB+
0.241%
14.477
N/A
N/A
N/A
0.638%
BB+
38.420
0.294%
BBB
17.666
BBB
0.294%
17.666
Ba a 2
0.294%
17.666
BBB+
0.241%
14.477
117.41
1.938%
B+
0.460%
BBB-
27.640
Banco Bilbao Sa
0.387%
BBB-
23.265
BBB-
Banco Santander Sa
0.294%
BBB
17.666
BBB
0.387%
23.265
Ba a 3
0.387%
23.265
BBB+
0.241%
14.477
57.41
0.952%
BB
0.048%
AA-
2.850
0.294%
17.666
Ba a 2
0.294%
17.666
BBB+
0.241%
14.477
48.45
0.804%
BB+
0.138%
A
Credit Agricole S.A.
0.141%
A
8.466
8.270
A
0.141%
8.466
A2
0.141%
8.466
A
0.141%
8.466
N/A
N/A
N/A
1.292%
BB-
78.000
Deutsche Bank Ag
0.141%
A
Hsbc Holdings Plc (currency GBP)
0.046%
AA-
8.466
A
0.141%
8.466
A2
0.141%
8.466
A+
0.103%
6.183
28.57
0.475%
BBB-
0.424%
BBB-
25.490
2.761
A+
0.103%
6.183
Aa 3
0.046%
2.761
AA-
0.046%
2.761
N/A
N/A
N/A
0.006%
AAA
Lloyds Tsb Bank Plc (currency GBP)
0.161%
0.340
A
9.668
A-
0.180%
10.810
A3
0.180%
10.810
A
0.141%
8.466
N/A
N/A
N/A
0.011%
AAA
Natixis
0.141%
0.660
A
8.466
A
0.141%
8.466
A2
0.141%
8.466
A
0.141%
8.466
N/A
N/A
N/A
1.110%
BB
66.990
Societe Generale
0.141%
A
Rbs Holdings Nv (currency GBP)
0.241%
BBB+
8.466
A
0.141%
8.466
A2
0.141%
8.466
A
0.141%
8.466
N/A
N/A
N/A
0.958%
BB
57.740
14.477
A-
0.180%
10.810
Ba a 1
0.241%
14.477
A
0.141%
8.466
26.63
0.443%
BBB-
0.309%
BBB
Bnp Paribas
0.122%
A+
18.570
7.324
A+
0.103%
6.183
A2
0.141%
8.466
A+
0.103%
6.183
N/A
N/A
N/A
0.359%
BBB-
Barclays Plc (currency GBP)
0.180%
21.560
A-
10.810
A-
0.180%
10.810
A3
0.180%
10.810
A
0.141%
8.466
28.79
0.441%
BBB-
0.898%
BB
54.140
> Minimum
> Average
0.294%
BBB
17.67
BBB
0.294%
17.67
BBB
0.294%
17.67
BBB+
0.241%
14.48
94.11
1.556%
BB-
0.285%
BBB
2.06
0.973%
BB
58.78
BB+
0.823%
49.70
BB-
1.665%
101.46
BBB-
0.445%
26.78
244.62
3.943%
B
1.087%
BB
62.40
> Median
0.881%
BB
53.07
BBB-
0.387%
23.27
BB-
1.524%
92.14
BBB
0.294%
17.67
117.41
1.938%
B+
0.863%
BB+
50.97
> Maximum
2.013%
B+
122.01
B+
2.338%
141.95
B
4.166%
255.32
BB
0.943%
56.85
614.67
9.737%
CCC+
2.162%
B+
131.11
> Minimum
0.294%
BBB
17.67
BBB
0.294%
17.67
BBB
0.294%
17.67
BBB+
0.241%
14.48
106.76
1.764%
BB-
0.285%
BBB
17.15
> Average
0.831%
BB+
50.24
BBB-
0.480%
28.86
BB-
1.314%
80.09
BBB+
0.262%
15.75
279.61
4.480%
B
0.986%
BB
59.58
> Median
0.340%
BBB
20.43
BBB
0.341%
20.47
BBB
0.294%
17.67
BBB+
0.241%
14.48
117.41
1.938%
B+
0.638%
BB+
38.42
> Maximum
1.996%
B+
120.97
BB
0.943%
56.85
B
4.166%
255.32
BBB
0.294%
17.67
614.67
9.737%
CCC+
1.996%
B+
120.99
> Minimum
0.046%
AA-
2.76
A+
0.103%
6.18
AA-
0.046%
2.76
AA-
0.046%
2.76
26.63
0.441%
BBB-
0.006%
AAA
0.34
> Average
0.181%
A-
10.89
A-
0.181%
10.87
A-
0.185%
11.10
A
0.144%
8.63
37.97
0.623%
BB+
0.505%
BBB-
30.42
> Median
0.141%
A
8.47
A
0.141%
8.47
A
0.141%
8.47
A
0.141%
8.47
28.79
0.475%
BBB-
0.359%
BBB-
21.56
> Maximum
0.387%
BBB-
23.27
BBB-
0.387%
23.27
BBB-
0.387%
23.27
BBB+
0.241%
14.48
57.41
0.952%
BB
1.292%
BB-
78.00
Spread
Implied
1-Yr PD
ITALIAN COMPARABLES
EUROPEAN COMPARABLES
--------------------------- Italian Banks ---------------------------
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
DEFAULT RISK – ELABORATION BY value.Bank [Bloomberg: APPS VBANK <GO>] – SOURCE: BLOOMBERG, S&P, MOODY'S, FITCH.
From 1-year PD estimate, to the corresponding:
• Implied Rating, determined through a Cumulative Average Default Rates table obtained from data published by the rating agencies;
• Implied Spread, determined through a logarithm function of PD, Loss Given Default and time horizon.
From Official Ratings, to the corresponding:
• Implied 1-year PD, determined through a Cumulative Average Default Rates table obtained from data published by the rating agencies;
• Implied spread, determined first by determining the Implied PD and then through a logarithm function of PD, Loss Given Default and time
horizon.
From Market CDS to the corresponding:
• Implied 5-year PD, determined through an exponential function of spread, Loss Given Default and time horizon;
• Implied Rating, determined first by determining the implied PD and then by associating to the implied PD a rating through the Cumulative
Average Default Rates table obtained from data published by the rating agencies.
CDS Spread is related to the different maturities, as the corresponding:
• Implied PDs are determined through an exponential function of spread, Loss Given Default and time horizon.
• Implied Ratings are determined first by determining the implied PD and then by associating to the implied PD a rating through the
Cumulative Average Default Rates table obtained from data published by the rating agencies.
Snapshot – LTRO Repayments (October 2013) >
Description
ALL BANKS
7
Total LTRO
Drawn
<EUR>
Outstanding Amount
(after repayment)
<EUR>
567.824.000.000
459.914.000.000
ITALY
Intesa Sanpaolo SpA
Banca Monte dei Paschi di Siena SpA
UniCredit SpA
Cassa Depositi e Prestiti SpA
Banco Popolare SC
Iccrea Banca SpA
Unione di Banche Italiane SCPA
Mediobanca SpA
Banca Nazionale del Lavoro SpA
Credito Emiliano SpA
Banca Popolare dell'Emilia Romagna Scrl
Banca delle Marche SpA
Banca Popolare di Milano Scarl
Banca Popolare di Vicenza
Banca Piccolo Credito Valtellinese Scarl
Banca Mediolanum SpA
Banca Carige
Banca Popolare di Sondrio SCARL
Banca Popolare dell'Etruria e del Lazio
Banca Generali SpA
Unipol Banca SpA
Banca Popolare dell'Alto Adige - Volksbank Suedtirol SCPA
Cassa di Risparmio di Bolzano SpA
Banco di Desio e della Brianza SpA
Mediocredito Trentino Alto Adige SpA
Banca Sella Holding SpA
Banca Popolare di Cividale SCPA
Banca Popolare Valconca SCRL
Banca Popolare del Lazio Societa' Cooperativa per Azioni
Banca Popolare di Cortona
Banca Popolare di Sviluppo Scpa
198.603.000.000
36.000.000.000
29.000.000.000
26.100.000.000
20.000.000.000
13.500.000.000
12.600.000.000
12.000.000.000
7.500.000.000
5.194.548.000
5.000.000.000
4.400.000.000
4.350.000.000
4.250.000.000
3.300.000.000
3.250.000.000
2.900.000.000
1.900.000.000
1.800.000.000
1.300.000.000
1.200.000.000
850.000.000
500.000.000
500.000.000
400.000.000
300.000.000
250.000.000
130.000.000
50.000.000
40.010.000
19.500.000
19.000.000
186.603.000.000
24.000.000.000
29.000.000.000
26.100.000.000
20.000.000.000
13.500.000.000
12.600.000.000
12.000.000.000
7.500.000.000
5.194.548.000
5.000.000.000
4.400.000.000
4.350.000.000
4.250.000.000
3.300.000.000
3.250.000.000
2.900.000.000
1.900.000.000
1.800.000.000
1.300.000.000
1.200.000.000
850.000.000
500.000.000
500.000.000
400.000.000
300.000.000
250.000.000
130.000.000
50.000.000
40.010.000
19.500.000
19.000.000
SPAIN
BELGIUM
UK
PORTUGAL
IRELAND
GERMANY
AUSTRIA
DENMARK
FRANCE
CYPRUS
NETHERLANDS
NORWAY
SLOVENIA
165.996.000.000
43.900.000.000
37.250.000.000
34.925.000.000
28.560.000.000
28.260.000.000
8.750.000.000
5.500.000.000
4.200.000.000
3.500.000.000
3.150.000.000
3.100.000.000
2.130.000.000
119.196.000.000
40.700.000.000
18.750.000.000
32.925.000.000
28.560.000.000
11.000.000.000
2.100.000.000
4.000.000.000
4.200.000.000
3.500.000.000
3.150.000.000
3.100.000.000
2.130.000.000
Snapshot – Market Value >
8
Market Cap Italian Banks (11-Oct-2013) – EUR Million
Valutazioni di Mercato (Jan-2013=100 / 11-Oct-2013)
Average(EU Banks)
Average(IT Top Five Banks)
Average(IT Banks)
Snapshot – Financial Statement >
9
Revenues
Net Interest Income
2009
2010
2011
2012
giu-12
dic-12
set-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
Net Income
set-12
dic-12
mar-13
giu-13
2009
2011
2010
giu-12
2012
set-12
mar-13
dic-12
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
Banca Monte Dei Paschi Di Siena Spa
Banca Popolare Emilia Romagna
Banca Popolare Etruria e del Lazio Soc. Coop.
Banca Popolare Di Milano Scarl
Banco Popolare
Credito Emiliano Spa - Credem
Credito Valtellinese Soc Coop
Intesa Sanpaolo
Mediobanca Spa
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
727
3.675
1.340
221
885
1.969
630
502
11.237
857
2.496
17.158
706
764
756
-2,96%
8,26%
-1,04%
3.541
3.416
2.785
-3,65%
-3,51%
-18,49%
1.290
1.330
1.310
-3,76%
3,17%
-1,57%
222
221
239
0,45%
-0,43%
7,95%
774
825
859
-12,56%
6,60%
4,16%
1.805
1.814
1.760
-8,32%
0,48%
-2,94%
503
518
534
-20,11%
2,98%
2,95%
525
478
-3,66%
8,70%
-9,00%
10.621
11.387
11.282
-5,48%
7,21%
-0,92%
483
1.055
1.132
1.088
23,12%
7,24%
-3,85%
2.147
2.122
1.932
-13,99%
-1,16%
-8,96%
15.756
15.488
13.877
-8,17%
-1,71%
-10,40%
223
788
324
59
236
445
137
257
2.431
261
521
3.605
177
157
152
166
-20,63%
-11,30%
-3,18%
9,21%
716
399
597
486
-9,14%
-44,27%
49,62%
-18,59%
324
329
311
349
0,00%
1,54%
-5,47%
12,22%
69
-52
1.142
5.625
2.255
341
61
16,96%
N/A
N/A
203
202
192
233
-13,98%
-0,49%
-4,95%
21,35%
443
403
409
416
-0,45%
-9,03%
1,49%
1,71%
133
144
126
132
-2,92%
8,27%
-12,50%
4,76%
121
120
108
112
-52,92%
-0,83%
-10,00%
3,70%
2.317
2.181
2.022
2.041
-4,69%
-5,87%
-7,29%
1.914
3.967
965
269
272
265
-1,10%
1,12%
-2,57%
490
419
418
436
-5,95%
-14,49%
-0,24%
4,31%
3.594
3.335
3.314
3.303
-0,31%
-7,21%
-0,63%
-0,33%
1.189
989
9,73%
-16,83%
5.621
5.405
5.082
-0,07%
-3,84%
-5,99%
2.143
2.225
2.299
-4,96%
3,84%
3,29%
354
404
377
3,74%
14,16%
-6,51%
1.315
1.489
1.621
-31,30%
13,20%
8,88%
4.110
4.027
3.391
3,59%
-2,02%
-15,80%
957
956
1.000
-0,87%
-0,09%
4,57%
851
862
897
842
1,37%
4,01%
-6,10%
17.729
16.718
17.018
18.103
1,79%
6,38%
0,94%
272
4,21%
1.084
-5,15%
-5,70%
1.849
4.018
27.923
1.857
1.852
1.896
0,47%
-0,32%
2,42%
3.625
3.584
3.631
-9,78%
-1,14%
1,31%
26.584
26.029
25.507
-4,80%
-2,09%
-2,01%
21.714
279
1.169
543
93
393
941
229
371
4.070
315
262
12,54%
N/A
N/A
-16,83%
1.366
824
1.135
966
16,85%
-39,68%
37,74%
-14,89%
314
577
568
549
627
6,26%
-1,56%
-3,35%
14,21%
104
840
6.125
-25
205
220
N/A
N/A
378
375
435
470
-3,82%
-0,79%
16,00%
8,05%
767
676
974
906
-18,49%
-11,86%
44,08%
-6,98%
257
272
272
258
12,23%
5,84%
0,00%
-5,15%
199
191
189
236
-46,36%
-4,02%
-1,05%
24,87%
4.446
4.256
4.106
3.922
-4,27%
-3,52%
104
267
89
76
2.805
-4,48%
390
442
456
396
132,14%
13,33%
3,17%
-13,16%
824
903
820
876
-1,90%
9,59%
-9,19%
6,83%
6.067
5.603
6.034
6.294
-0,95%
-7,65%
7,69%
4,31%
177
187
-13,70%
5,31%
N/A
986
-4.685
-3.170
N/A
-32,33%
347,73%
116
-11
93
12,21%
9,24%
168
-49
293
215
-11
153,20%
-26,78%
N/A
-203
6
28
N/A
332,25%
N/A
106
-614
-430
2,34%
N/A
-30,05%
308
-2.257
-945
15,35%
N/A
-58,16%
78
97
121
-12,24%
23,93%
25,51%
69
54
-8,92%
-22,07%
N/A
2.705
-8.190
1.605
-3,57%
2
270
1.702
N/A
45
-63
-1.640
-5
2
-196
138
25
-322
9
470
N/A
401
369
80
16533,20%
-8,05%
-78,20%
172
-1.841
83
-36,30%
N/A
N/A
1.323
-9.206
865
-22,26%
N/A
N/A
63
54
169
49
-78
N/A
N/A
N/A
-47
-1.506
-101
-279
-97,13%
3104,26%
-93,29%
176,24%
59
-153
14
-36
N/A
N/A
N/A
N/A
-3
-206
5
-4
N/A
7849,03%
N/A
N/A
25
-324
57
48
N/A
N/A
N/A
-15,79%
-83
-891
92
64
N/A
973,49%
N/A
-30,43%
24
31
42
29
-4,00%
29,17%
35,48%
-30,95%
116
3
-353
-66,67%
N/A
414
-83
306
N/A
N/A
-11,91%
-24
-216
40,00%
3
-62,09%
109
15
-87
-217
N/A
-86,24%
N/A
149,43%
63
-140
26
26
16,67%
N/A
N/A
0,00%
335
-553
449
361
98,22%
N/A
N/A
-19,60%
EUROPEAN COMPARABLES
Banco Bilbao Sa (currency EUR)
Banco Santander Sa (currency EUR)
Credit Agricole S.A. (currency EUR)
Deutsche Bank Ag (currency EUR)
Hsbc Holdings Plc (currency USD)
Lloyds Tsb Bank Plc (currency GBP)
Natixis (currency EUR)
Societe Generale currency (EUR)
Rbs Holdings Nv (currency EUR)
Bnp Paribas (currency EUR)
Barclays Plc (currency GBP)
13.320
13.160
15.122
-4,05%
-1,20%
14,91%
29.224
30.821
30.147
11,13%
5,46%
-2,19%
14.290
14.894
15.169
14.730
4,23%
1,85%
-2,89%
12.459
15.583
17.445
15.891
25,07%
11,95%
-8,91%
39.441
40.662
37.672
-3,16%
3,10%
-7,35%
12.546
12.698
9.075
13.882
26.298
40.730
9.026
39,00%
1,21%
-28,53%
2.876
3.064
2.815
1.797
6,54%
-8,13%
-36,16%
11.635
11.970
12.207
11.312
2,88%
1,98%
-7,33%
16.504
14.209
12.679
11.402
-13,91%
-10,77%
-10,07%
21.021
11.918
24.060
23.981
21.745
14,46%
-0,33%
-9,32%
12.523
12.201
11.635
5,08%
-2,57%
-4,64%
4.052
7.838
3.915
3.927
3.642
3.726
-3,38%
0,31%
-7,26%
2,31%
7.561
7.233
6.711
6.867
-3,53%
-4,34%
-7,22%
2,32%
3.717
4.087
3.650
3.651
-4,98%
9,95%
-10,69%
0,03%
9.145
9.269
9.002
8.924
-2,34%
1,36%
-2,88%
-0,87%
1.933
2.484
457
2.813
-35,05%
28,50%
-81,60%
515,54%
3.853
3.912
9.364
2.976
20.546
20.575
19.966
0,14%
-2,96%
8,75%
39.381
41.943
44.243
43.248
6,51%
5,48%
-2,25%
20.129
20.783
16.315
12,19%
3,25%
-21,50%
27.893
30.571
33.492
33.188
9,60%
9,55%
-0,91%
66.181
68.247
72.280
68.330
3,12%
5,91%
-5,46%
23.278
24.956
20.771
20.482
7,21%
-16,77%
-1,39%
6.375
6.761
6.272
68,56%
6,05%
-7,23%
26.418
25.636
23.110
21,57%
-2,96%
-9,85%
27.085
25.969
17.941
-19,95%
-4,12%
-30,91%
17.942
3.782
21.730
2.905
2.871
2.773
2.670
2.767
-1,17%
-3,41%
-3,71%
3,63%
33.833
40.191
43.880
42.384
39.072
9,18%
-3,41%
-7,81%
27.734
31.322
31.123
24.204
12,94%
-0,64%
-22,23%
5.631
5.524
-1,90%
2,59%
-4,36%
-1,68%
11.069
10.780
10.357
5.667
10.196
5.420
10.277
5.329
-2,61%
-3,92%
-1,55%
0,79%
7.963
8.628
7.527
9.452
8.108
8,35%
-12,76%
25,57%
-14,22%
18.280
15.748
16.732
19.873
15.918
-13,85%
6,25%
18,77%
-19,90%
4.937
6.608
5.899
4.486
20,80%
33,85%
-10,73%
-23,95%
3.853
4.087
5.169
4.730
8.942
1.125
4.386
4.762
5.503
5.578
-15,15%
8,57%
15,56%
1,36%
4.973
5.834
4.591
3.004
1.676
-2,94%
-34,57%
-44,21%
8.181
5.348
2.204
-8,51%
-34,63%
-58,79%
1.263
-1.470
-6.471
12,27%
N/A
340,20%
2.310
4.132
237
-53,55%
78,87%
-94,26%
13.159
16.797
14.027
125,56%
27,65%
-16,49%
2.827
-320
-2.787
-1.427
N/A
770,94%
-48,80%
-1.707
1.732
1.562
901
N/A
-9,82%
-42,32%
678
3.917
2.385
774
477,73%
-39,11%
-67,55%
-1.125
-1.997
-5.971
-68,81%
77,51%
199,00%
-3.607
5.832
9.393
7.843
6.050
6.553
34,48%
-22,86%
8,31%
3.564
3.007
-723
-62,06%
-15,63%
N/A
505
123
146
20
1.734
1.147
-71,09%
-86,30%
8570,00%
-33,85%
100
401
1.205
1.050
-18,70%
301,00%
200,50%
-12,86%
56
-2.852
-3.982
469
696
N/A
39,62%
N/A
48,40%
656
747
-2.542
1.651
334
5.857
-692
394
439
-487
1.850
697
13,87%
N/A
N/A
-79,77%
2.498
3.091
6.353
3.931
-57,35%
23,74%
105,53%
-38,12%
-377
-374
1.525
35
-45,52%
-0,80%
N/A
-97,70%
142
181
287
201
-63,96%
27,46%
58,56%
-29,97%
85
-476
364
955
162,36%
-80,64%
N/A
N/A
-1.384
-2.483
393
142
184,19%
79,41%
N/A
-63,87%
1.324
514
1.584
1.763
-28,43%
-61,18%
208,17%
11,30%
-278
-494
839
-168
N/A
77,70%
N/A
N/A
279
----------------------- Italian Banks ---------------------------
> Minimum
221
222
221
239
59
52
61
112
341
354
404
377
93
49
93
11
6 -
9.206 -
3.170
-
1.640 -
83 -
1.506 -
101 -
> Average
3.475
3.242
3.295
3.075
774
738
659
665
722
5.715
5.436
5.423
5.395
1.268
1.307
1.170
1.281
1.383
487
552 -
2.154 -
199
-
79
80 -
365
77
3
> Median
1.112
1.172
1.231
1.199
293
298
299
292
349
2.084
2.000
2.038
2.097
468
484
505
503
627
161
235 -
293 -
37
17
42 -
211
42
15
17.158
15.756
15.488
13.877
3.605
3.594
3.335
3.314
3.303
27.923
26.584
26.029
25.507
6.125
6.067
5.603
6.034
6.294
2.805
369
1.605
470
31
449
361
> Minimum
1.969
1.805
1.814
1.760
445
443
399
409
416
3.967
3.625
3.584
3.391
840
767
676
820
876
220
172 -
9.206 -
3.170
-
1.640 -
83 -
1.506 -
101 -
279
> Average
7.307
6.774
6.845
6.327
1.558
1.512
1.347
1.352
1.336
11.852
11.332
11.213
11.143
2.629
2.694
2.452
2.614
2.593
1.053
1.099 -
5.236 -
312
-
162
136 -
635
154
> Median
3.675
3.541
3.416
2.785
788
716
419
597
486
5.625
5.621
5.405
5.082
1.169
1.366
903
1.135
966
270
986 -
4.685
83
138
63 -
553
92
64
17.158
15.756
15.488
13.877
3.605
3.594
3.335
3.314
3.303
27.923
26.584
26.029
25.507
6.125
6.067
5.603
6.034
6.294
2.805
2.705 -
1.841
1.605
470
414 -
83
449
361
> Maximum
69 -
104 -
236 -
2.705
414
---------------------- Italian Top Five -------------------------
> Maximum
58
Snapshot – Revenues >
10
Tassi Variazione Revenues (Jun-2012/Jun-2013)
Average(EU Banks)
Average(IT Banks)
Average(IT Top Five Banks)
Snapshot – Net Interest Margin >
11
Tassi Variazione Net Interest Margin (Jun-2012/Jun-2013)
Average(EU Banks)
Average(IT Banks)
Average(IT Top Five Banks)
Snapshot – Trailing ROA & ROE (Source: Bloomberg) >
12
ROA Trailing 12-Months (Oct-2013)
Average(EU Banks)
Average(IT Top Five Banks)
Average(IT Banks)
Normalized ROE Trailing 12-Months (Oct-2013)
ROE Trailing 12-Month (Oct-2013)
Average(EU Banks)
Average(IT Top Five Banks)
Average(IT Banks)
NORMALIZED_ROE : Trailing 12 Month
Normalized Income / (Total Common
Equity this period + Total Common Equity
prior year period) / 2
where Normalized Income: Income from
operations before extraordinary items and
one time items minus preferred dividends,
minority interest and other adjustments.
Snapshot – Cumulata Net Income I & II Trimestre 2013 >
13
Snapshot – Evoluzione Goodwill & Goodwill Impairment >
Goodwill Impairment
Goodwill
2009
(Valori Cumulati)
2012
2009/2012
14
Cumulated
Goodwill Impairment/
Shareholders' Equity
Goodwill/
Shareholders' Equity
[Goodwill2012 +
Cumulated Goodwill
Impairment]/
Shareholders' Equity
2012
2012
2012
ITALIAN COMPARABLES
Banca Carige Spa
1.645
1.779
0
0,00%
49,08%
49,08%
Banca Monte Dei Paschi Di Siena Spa
6.619
670
-5.785
89,67%
10,38%
100,05%
452
376
-65
1,60%
9,25%
10,85%
98
45
-53
8,47%
7,16%
15,63%
797
0,00
-671
16,72%
0,00%
16,72%
4.474
1.589
-2.786
32,35%
18,45%
50,80%
Credito Emiliano Spa - Credem
286
287
0
0,00%
14,48%
14,48%
Credito Valtellinese Soc Coop
688
305
-405
20,42%
15,41%
35,84%
Intesa Sanpaolo
18.838
8.681
-10.338
20,84%
17,50%
38,33%
Mediobanca Spa
365,93
366
0
0,00%
5,63%
5,63%
4.402
2.537
-1.879
19,30%
26,05%
45,34%
20.491
11.678
-9.069
14,44%
18,60%
33,04%
Banca Popolare Emilia Romagna
Banca Popolare Etruria e del Lazio Soc. Coop.
Banca Popolare Di Milano Scarl
Banco Popolare
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
EUROPEAN COMPARABLES
Banco Bilbao Sa
6.396
6.727
-1.498
3,62%
16,24%
19,85%
Banco Santander Sa
22.865
24.626
0
0,00%
32,99%
32,99%
Credit Agricole S.A.
19.432
13.983
-5.901
14,85%
35,20%
50,05%
Deutsche Bank Ag
7.420
9.297
-1.621
3,00%
17,22%
20,22%
0,00
0
0
0,00%
0,00%
0,00%
Lloyds Tsb Bank Plc (GBP)
2.016
2.016
0
0,00%
4,58%
4,58%
Natixis
2.635
2.742
-68
0,35%
14,08%
14,43%
Societe Generale
6.620
5.320
-1.106
2,22%
10,68%
12,90%
0,00
0
0
0,00%
0,00%
0,00%
Bnp Paribas
10.979
10.591
-421
0,49%
12,33%
12,82%
Barclays Plc
6.232
3.459
-841
1,40%
5,76%
7,16%
0,00%
24,11%
16,72%
89,67%
0,00%
15,57%
14,48%
49,08%
5,63%
39,68%
35,84%
100,05%
14,44%
35,32%
20,84%
89,67%
10,38%
18,19%
18,45%
26,05%
33,04%
53,51%
45,34%
100,05%
0,00%
2,36%
0,49%
14,85%
0,00%
13,55%
12,33%
35,20%
0,00%
15,91%
12,90%
50,05%
Hsbc Holdings Plc (USD)
Rbs Holdings Nv (GBP)
------- Italian Banks --------
> Minimum
> Average
> Median
> Maximum
------ Italian Top Five -----
> Minimum
> Average
> Median
> Maximum
----- European Banks ------
> Minimum
> Average
> Median
> Maximum
Snapshot – Cumulata Net Income 2009/June 2013 >
15
(Valori Cumulati)
Net Income Excluding
Goodwill Impairment
2009/Jun-2013
2009/Jun-2013
Net Income
(Valori Cumulati)
ITALIAN COMPARABLES
Banca Carige Spa
Banca Monte Dei Paschi Di Siena Spa
Banca Popolare Emilia Romagna
Banca Popolare Etruria e del Lazio Soc. Coop.
Banca Popolare Di Milano Scarl
477
477
-7.030
-1.245
590
655
-178
-126
-730
-58
-2.471
315
Credito Emiliano Spa - Credem
456
456
Credito Valtellinese Soc Coop
-120
285
Intesa Sanpaolo
-653
9.685
548
548
Banco Popolare
Mediobanca Spa
Unione Di Banche Italiane Scpa - Ubi Banca
-1.264
615
Unicredit Spa
-4.506
4.563
-14.881
16.171
Banco Bilbao Sa
16.882
18.380
Banco Santander Sa
26.930
26.930
TOTAL (ITALIAN BANKS)
EUROPEAN COMPARABLES
Credit Agricole S.A.
-4.388
1.513
Deutsche Bank Ag
13.637
15.258
Hsbc Holdings Plc (USD)
60.101
60.101
Lloyds Tsb Bank Plc (GBP)
-147
-147
Natixis
2.976
3.044
Societe Generale
9.073
10.179
Rbs Holdings Nv (GBP)
-12.165
-12.165
Bnp Paribas
29.625
30.046
Barclays Plc
15.912
16.753
Snapshot – Regulatory Capital >
16
Net Risk Assets
Risk Weighted Assets
(Total Assets - Goodwill - Other Intangible Assets)
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
Banca Monte Dei Paschi Di Siena Spa
Banca Popolare Emilia Romagna
Banca Popolare Etruria e del Lazio Soc. Coop.
Banca Popolare Di Milano Scarl
Banco Popolare
Credito Emiliano Spa - Credem
Credito Valtellinese Soc Coop
Intesa Sanpaolo
Mediobanca Spa
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
34.576
38.151
43.000
47.457
10,34%
12,71%
10,36%
217.153
236.727
237.722
217.691
9,01%
0,42%
-8,43%
59.089
57.988
60.031
61.170
45.459
45.675
45.660
46.973
44.778
0,48%
-0,03%
2,88%
-4,67%
230.770
221.392
222.862
213.731
213.759
-4,06%
0,66%
-4,10%
0,01%
60.585
61.421
61.412
61.920
62.100
0,29%
-1,86%
3,52%
1,90%
-0,96%
1,38%
-0,01%
0,83%
10.096
10.788
11.423
14.638
13.703
15.229
15.279
15.077
6,86%
5,88%
28,14%
11,13%
0,33%
-1,33%
43.302
53.180
51.502
52.405
52.559
52.375
52.369
52.556
50.893
22,81%
-3,15%
1,75%
0,29%
-0,35%
-0,01%
0,36%
-3,16%
129.984
131.772
129.596
131.288
133.611
133.640
128.937
129.684
-0,33%
1,38%
-1,65%
1,77%
0,02%
-3,52%
0,58%
29.632
30.729
30.378
29.633
30.185
30.180
30.712
30.833
13,63%
3,70%
-1,14%
-2,45%
1,86%
-0,02%
1,76%
0,39%
25.988
27.748
29.541
29.056
30.539
30.185
30.365
29.716
7,61%
6,77%
6,46%
5,10%
-1,16%
0,60%
-2,14%
599.055
632.767
624.180
658.753
654.680
653.946
652.526
633.307
5,63%
-1,36%
5,54%
-1,09%
0,47%
-0,11%
-0,22%
-2,95%
73.444
76.059
74.954
78.255
78.255
78.986
78.989
78.287
59.740
3,56%
-1,45%
4,40%
0,93%
0,00%
-0,89%
-23,69%
116.790
125.083
126.816
129.469
130.637
129.141
129.139
127.439
124.984
7,10%
1,39%
2,09%
0,90%
-1,15%
0,00%
-1,32%
-1,93%
902.937
903.895
897.882
911.169
939.202
953.404
953.494
897.312
874.185
0,11%
-0,67%
1,48%
1,51%
0,01%
-5,89%
-2,58%
544.731
589.011
628.873
636.598
636.535
624.121
609.891
3,20%
8,13%
6,77%
3,78%
-0,01%
-1,95%
-2,28%
1.087.663
1.192.880
1.226.436
1.245.001
1.275.454
1.272.570
1.256.628
1.199.240
9,67%
2,81%
1,51%
1,76%
0,67%
-0,23%
-1,25%
-4,57%
1.536.217
1.572.826
1.704.212
1.826.678
1.783.124
1.901.900
1.903.117
1.827.200
1.769.269
2,38%
8,35%
7,19%
6,66%
0,06%
-3,99%
-3,17%
1.490.495
1.890.036
2.148.301
1.998.110
2.224.909
2.169.359
2.171.427
2.018.348
1.895.656
26,81%
13,66%
-6,99%
11,35%
-2,50%
0,10%
-7,05%
-6,08%
2.334.458
2.424.767
2.526.545
2.662.685
2.623.418
2.721.061
2.691.208
2.681.356
2.616.779
3,87%
4,20%
5,39%
3,72%
-1,10%
-0,37%
-2,41%
1.021.152
986.062
965.334
919.744
956.330
946.204
941.396
897.527
872.374
-3,44%
-2,10%
-4,72%
3,98%
-1,06%
-0,51%
-4,66%
-2,80%
445.865
454.560
504.146
524.877
1,95%
10,91%
4,11%
1.017.081
1.124.641
1.174.399
1.245.376
1.240.096
1.281.500
1.274.529
1.240.024
1.248.867
10,58%
4,42%
6,04%
-0,42%
3,34%
-0,54%
-2,71%
0,71%
1.678.639
1.439.128
1.492.009
1.298.750
1.400.301
1.362.096
1.363.349
1.294.245
1.202.232
-14,27%
3,67%
-12,95%
-2,73%
0,09%
-5,07%
-7,11%
2.044.520
1.984.336
1.951.405
1.894.114
1.956.350
1.979.947
1.980.421
1.949.521
1.848.323
-2,94%
-1,66%
-2,94%
3,29%
1,21%
0,02%
-1,56%
-5,19%
1.370.134
1.480.945
1.555.681
1.482.833
1.621.195
1.591.279
1.591.223
1.596.122
1.524.884
8,09%
5,05%
-4,68%
-1,85%
0,00%
0,31%
-4,46%
130.414
26.078
24.150
651.587
19.813
21.888
23.132
24.343
10,47%
5,69%
5,24%
109.238
105.189
92.828
-9,65%
-3,71%
-11,75%
47.299
47.104
44.758
10,15%
-0,41%
-4,98%
9.000
9.059
8.274
-0,87%
0,66%
-8,67%
37.034
45.817
43.163
8,17%
23,71%
-5,79%
92.623
94.878
90.034
55.086
2,43%
-5,11%
-38,82%
17.504
16.676
16.803
16.690
-4,73%
0,76%
-0,67%
21.143
21.268
19.888
9,63%
0,59%
-6,49%
332.163
325.213
298.613
120.899
42.939
9.079
34.238
19.286
361.650
-8,15%
-2,09%
-8,18%
52.738
53.426
55.026
55.166
1,31%
2,99%
0,26%
85.677
94.361
91.010
76.589
10,14%
-3,55%
-15,85%
452.388
454.850
460.395
427.127
0,54%
1,22%
-7,23%
314.388
331.988
329.413
8,00%
5,60%
-0,78%
558.559
593.597
562.386
554.346
6,27%
-5,26%
-1,43%
326.400
371.700
333.700
293.100
13,88%
-10,22%
-12,17%
273.388
345.538
381.563
333.863
26,39%
10,43%
-12,50%
1.133.168
1.103.113
1.209.514
1.125.000
-2,65%
9,65%
-6,99%
493.300
406.375
352.338
310.300
23.532
24.506
24.343
23.711
4,14%
-0,67%
-2,60%
1,42%
96.157
95.300
92.828
88.596
87.804
-0,89%
-2,59%
-4,56%
-0,89%
46.679
46.456
44.758
45.430
44.886
-0,48%
-3,66%
1,50%
-1,20%
42.027
9.059
43.477
58.711
24.048
8.271
43.931
43.162
43.242
1,04%
-1,75%
0,19%
-2,81%
57.884
55.105
54.918
54.712
-4,80%
-0,34%
-0,38%
19.502
18.503
-1,41%
16.472
16.690
20.990
19.885
298.619
-1,93%
-5,12%
297.658
287.333
316.457
307.215
-2,92%
-2,80%
-0,32%
-3,47%
55.164
54.725
54.667
53.972
52.372
-0,80%
-0,11%
-1,27%
-2,96%
76.618
76.274
76.589
74.086
62.539
-0,45%
0,41%
-3,27%
-15,59%
447.734
436.751
427.127
422.873
410.871
-2,45%
-2,20%
-1,00%
-2,84%
335.203
329.033
328.002
331.098
0,95%
-1,84%
-0,31%
0,94%
561.525
562.285
557.030
568.155
523.272
0,14%
-0,93%
2,00%
-7,90%
302.200
298.300
293.100
326.300
302.200
-1,29%
-1,74%
11,33%
-7,39%
372.635
366.058
333.605
324.908
314.304
-1,76%
-8,87%
-2,61%
-3,26%
1.159.896
1.155.111
1.123.943
1.097.792
1.104.764
-0,41%
-2,70%
-2,33%
0,64%
332.488
323.500
310.299
302.500
288.730
-2,70%
-4,08%
-2,51%
-4,55%
337.000
324.092
320.200
313.800
-1,61%
-3,83%
-1,20%
-2,00%
434.700
432.900
459.600
445.800
436.000
-0,41%
6,17%
-3,00%
-2,20%
578.000
565.000
551.839
578.000
563.000
-2,25%
-2,33%
4,74%
-2,60%
390.223
378.642
386.858
397.854
387.230
-2,97%
2,17%
2,84%
-2,67%
EUROPEAN COMPARABLES
Banco Bilbao Sa (currency EUR)
Banco Santander Sa (currency EUR)
Credit Agricole S.A. (currency EUR)
Deutsche Bank Ag (currency EUR)
Hsbc Holdings Plc (currency USD)
Lloyds Tsb Bank Plc (currency GBP)
Natixis (currency EUR)
Societe Generale currency (EUR)
Rbs Holdings Nv (currency EUR)
Bnp Paribas (currency EUR)
Barclays Plc (currency GBP)
527.817
613.432
1.266.916
291.100
-17,62%
-13,30%
-11,93%
131.000
147.900
145.600
125.663
12,90%
-1,56%
-13,69%
324.081
334.795
349.275
324.092
3,31%
4,33%
-7,21%
571.100
508.100
459.600
686.600
-16,82%
-11,03%
-9,55%
620.714
600.425
613.563
551.838
-3,27%
2,19%
-10,06%
382.653
398.031
390.999
386.858
4,02%
-1,77%
-1,06%
332.036
342.500
Snapshot – Regulatory Capital >
17
Tier 1 Capital
2009
2010
2011
2012
giu-12
Core Capital
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
Banca Monte Dei Paschi Di Siena Spa
Banca Popolare Emilia Romagna
Banca Popolare Etruria e del Lazio Soc. Coop.
Banca Popolare Di Milano Scarl
Banco Popolare
Credito Emiliano Spa - Credem
Credito Valtellinese Soc Coop
Intesa Sanpaolo
Mediobanca Spa
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
1.559
9.093
3.105
559
2.951
7.125
1.413
1.278
30.205
5.431
6.817
39.034
1.464
1.714
1.801
-6,10%
17,08%
5,05%
9.142
10.836
8.917
0,54%
18,52%
-17,71%
3.221
3.701
3.715
3,75%
14,90%
0,37%
578
587
544
3,37%
1,49%
-7,27%
2.881
3.938
3.882
-2,38%
36,72%
-1,43%
6.793
7.509
6.161
-4,65%
10,54%
-17,96%
1.438
1.457
1.572
1,75%
1,32%
7,90%
1.333
1.548
1.617
4,35%
16,12%
4,45%
31.175
37.295
36.013
3,21%
19,63%
-3,44%
5.924
6.156
6.339
9,07%
3,91%
2,97%
7.048
8.276
8.264
3,39%
17,43%
-0,15%
43.037
42.917
48.868
10,26%
-0,28%
13,87%
1.741
11.286
3.780
1.760
1.801
1.754
1.658
1,09%
2,33%
-2,61%
-5,47%
10.864
10.280
10.448
10.270
-3,74%
-5,38%
1,63%
-1,70%
3.791
3.715
3.746
3.712
0,29%
-2,00%
0,83%
-0,91%
589
4.178
6.633
544
4.178
3.880
3.882
3.392
-7,13%
0,05%
-12,62%
6.638
6.161
6.090
5.989
0,08%
-7,19%
-1,15%
-1,66%
1.572
1.660
37.025
6.338
8.236
1.617
3.006
2.688
5.743
1.413
1.601
1.477
-0,99%
-7,75%
36.559
36.013
34.455
34.480
-1,26%
-1,49%
-4,33%
0,07%
6.291
6.472
6.460
6.128
-0,74%
2,88%
-0,19%
-5,14%
8.390
8.264
8.149
7.940
1,87%
-1,50%
-1,39%
-2,56%
49.178
48.863
48.841
49.017
0,41%
-0,64%
-0,05%
0,36%
36.075
35.451
36.721
37.414
0,60%
-1,73%
3,58%
1,89%
61.816
63.122
62.220
65.313
62.776
2,11%
-1,43%
4,97%
-3,88%
35.962
34.600
34.200
32.630
30.220
-3,79%
-1,16%
-4,59%
-7,39%
50.618
51.939
50.374
51.879
54.241
2,61%
-3,01%
2,99%
4,55%
146.934
151.320
150.608
149.297
150.142
2,99%
-0,47%
-0,87%
0,57%
43.196
43.026
42.754
38.115
40.959
-0,39%
-0,63%
-10,85%
7,46%
48.975
9.092
563
0,00%
1.509
1.399
1.277
25.677
5.432
6.366
34.472
1.313
1.550
1.631
-6,12%
18,02%
5,24%
8.488
9.257
8.290
-6,64%
9,06%
-10,45%
3.207
3.688
3.715
6,69%
15,01%
0,72%
576
589
546
2,32%
2,23%
-7,26%
2.618
3.674
3.617
-2,58%
40,34%
-1,56%
5.408
6.392
5.178
-5,83%
18,20%
-19,00%
1.437
1.457
1.569
1,77%
1,34%
7,69%
1.334
1.548
1.617
4,49%
16,05%
4,43%
26.241
32.846
33.445
2,20%
25,17%
1,82%
5.925
6.157
6.339
9,08%
3,92%
2,94%
6.558
7.790
7.881
3,02%
18,79%
1,16%
39.026
38.673
46.301
13,21%
-0,90%
19,72%
1.577
8.558
3.767
1.593
1.631
1.589
1.491
1,03%
2,39%
-2,60%
-6,15%
10.292
8.262
9.834
9.658
20,27%
-19,73%
19,03%
-1,79%
3.777
3.701
3.725
3.690
0,26%
-2,00%
0,64%
-0,96%
589
3.913
6.018
544
3.914
3.617
3.619
3.131
0,03%
-7,59%
0,07%
-13,49%
6.026
5.180
5.492
5.548
0,13%
-14,04%
6,02%
1,02%
1.509
1.572
1.660
1.617
33.861
6.338
7.846
34.101
33.445
1.599
1.477
-1,08%
-7,67%
31.849
31.894
6.293
6.473
6.460
6.128
-0,71%
2,85%
-0,19%
-5,15%
8.001
7.881
7.772
7.555
1,98%
-1,50%
-1,39%
-2,79%
46.601
46.301
46.643
46.880
0,47%
-0,65%
0,74%
0,51%
36.068
35.437
36.736
37.282
0,58%
-1,75%
3,67%
1,48%
56.714
58.365
57.541
60.622
58.136
2,91%
-1,41%
5,35%
-4,10%
29.011
27.712
26.965
27.736
25.989
-4,48%
-2,70%
2,86%
-6,30%
37.822
39.168
37.964
39.249
41.677
3,56%
-3,07%
3,38%
6,19%
130.720
135.148
122.510
139.310
140.305
3,39%
-9,35%
13,71%
0,71%
37.471
37.203
37.205
37.813
39.556
-0,72%
0,01%
1,63%
4,61%
34.711
34.613
33.845
34.832
2,78%
-0,28%
-2,22%
2,92%
48.165
48.052
47.339
48.146
48.396
-0,23%
-1,48%
1,71%
0,52%
63.002
64.410
65.117
67.626
68.686
2,23%
1,10%
3,85%
1,57%
41.754
42.408
41.703
43.764
42.944
1,57%
-1,66%
4,94%
-1,87%
46.385
EUROPEAN COMPARABLES
Banco Bilbao Sa (currency EUR)
Banco Santander Sa (currency EUR)
Credit Agricole S.A. (currency EUR)
Deutsche Bank Ag (currency EUR)
Hsbc Holdings Plc (currency USD)
Lloyds Tsb Bank Plc (currency GBP)
Natixis (currency EUR)
Societe Generale currency (EUR)
Rbs Holdings Nv (currency EUR)
Bnp Paribas (currency EUR)
Barclays Plc (currency GBP)
27.254
33.023
34.161
35.451
21,17%
3,45%
3,78%
56.730
60.609
62.312
62.234
6,84%
2,81%
-0,13%
41.500
43.000
40.400
36.300
3,61%
-6,05%
-10,15%
34.406
42.565
49.047
50.483
23,71%
15,23%
2,93%
122.157
133.179
139.590
151.048
9,02%
4,81%
8,21%
47.530
47.147
43.997
42.754
-0,81%
-6,68%
-2,83%
16.800
16.400
15.500
32,28%
-2,38%
-5,49%
35.363
37.464
40.499
1,93%
5,94%
8,10%
60.124
56.990
57.135
12.700
34.693
62.898
-4,41%
-5,21%
0,25%
62.910
68.536
70.993
75.211
8,94%
3,58%
5,94%
49.637
53.546
50.473
51.634
7,88%
-5,74%
2,30%
35.860
39.700
40.440
40.499
39.705
39.853
1,86%
0,15%
-1,96%
0,37%
58.250
58.009
56.990
57.459
57.788
-0,41%
-1,76%
0,82%
0,57%
73.400
74.580
75.050
75.140
76.568
1,61%
0,63%
0,12%
1,90%
51.341
51.874
51.065
52.915
52.106
1,04%
-1,56%
3,62%
-1,53%
23.288
30.181
34.195
35.577
29,60%
13,30%
4,04%
48.036
52.237
56.351
57.264
8,74%
7,88%
1,62%
30.355
31.223
28.698
26.965
2,86%
-8,09%
-6,04%
23.785
30.062
36.248
38.060
26,39%
20,58%
5,00%
106.518
115.827
122.161
138.375
8,74%
5,47%
13,27%
39.957
41.450
38.052
37.236
3,74%
-8,20%
-2,15%
11.135
11.684
12.099
13.697
4,93%
3,55%
13,21%
27.223
28.458
31.435
34.678
4,54%
10,46%
10,32%
61.108
53.859
47.339
-19,09%
-11,86%
-12,11%
55.239
58.902
65.117
11,24%
6,63%
10,55%
42.987
43.010
42.168
12,34%
0,05%
-1,96%
75.526
49.657
38.265
35.860
33.771
Snapshot – Regulatory Capital >
18
Tangible Common Equity
Regulatory Capital
(Capital Instruments + Net Income + Reserves - Treasury Shares - Goodwill - Other Intangible Assets)
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
Banca Monte Dei Paschi Di Siena Spa
Banca Popolare Emilia Romagna
Banca Popolare Etruria e del Lazio Soc. Coop.
Banca Popolare Di Milano Scarl
Banco Popolare
Credito Emiliano Spa - Credem
Credito Valtellinese Soc Coop
Intesa Sanpaolo
Mediobanca Spa
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
2.087
7.613
2.522
582
2.913
6.238
1.489
1.182
26.892
5.259
5.888
33.867
1.835
961
1.757
-12,07%
-47,62%
82,74%
7.705
5.884
5.260
1,20%
-23,63%
-10,60%
2.739
3.473
3.595
8,59%
26,81%
3,51%
589
574
562
1,10%
-2,51%
-2,02%
2.970
3.586
3.945
1,96%
20,72%
10,02%
6.356
6.683
6.287
1,89%
5,15%
-5,92%
1.437
1.283
1.614
-3,46%
-10,76%
25,86%
1.230
1.201
1.627
4,13%
-2,43%
35,52%
27.543
31.999
34.894
2,42%
16,18%
9,05%
6.289
6.476
6.075
19,57%
2,98%
-6,19%
5.504
5.951
6.773
-6,53%
8,13%
13,81%
38.632
35.794
47.131
14,07%
-7,35%
31,67%
1.517
8.292
3.599
567
3.969
6.871
1.420
1.280
33.168
6.175
6.262
1.759
1.757
1.818
1.938
15,95%
-0,11%
3,47%
6,60%
7.401
5.260
3.774
5.472
-10,75%
-28,93%
-28,25%
44,99%
3.740
3.595
3.553
3.500
3,92%
-3,88%
-1,17%
-1,49%
620
562
544
9,43%
-9,37%
-3,29%
14.380
4.638
803
4.163
3.945
3.929
3.519
4,89%
-5,24%
-0,41%
-10,44%
7.055
6.287
6.367
6.543
2,68%
-10,89%
1,27%
2,76%
1.537
1.614
1.599
1.655
8,24%
5,01%
-0,93%
3,50%
2.261
1.628
1.609
1.467
76,64%
-28,00%
-1,17%
-8,83%
35.200
34.894
34.796
34.610
6,13%
-0,87%
-0,28%
-0,53%
6.370
6.741
6.893
6.841
3,16%
5,82%
2,25%
-0,75%
6.661
6.773
6.761
6.914
6,37%
1,68%
-0,18%
2,26%
46.809
47.126
46.774
45.875
3,37%
0,68%
-0,75%
-1,92%
32.641
32.518
35.259
36.572
1,93%
-0,38%
8,43%
3,72%
46.616
49.391
46.592
48.075
47.421
5,95%
-5,67%
3,18%
-1,36%
23.503
26.200
21.940
11.500
22.388
11,48%
-16,26%
-47,58%
94,68%
39.480
40.528
39.784
41.478
43.256
2,65%
-1,84%
4,26%
4,29%
136.929
171.630
142.661
175.339
145.533
25,34%
-16,88%
22,91%
-17,00%
45.933
39.191
43.481
38.959
45.285
1.987
4.323
9.958
1.941
1.788
42.754
6.232
10.203
2.001
2.331
2.553
0,72%
16,50%
9,50%
14.144
15.697
12.800
-1,65%
10,98%
-18,46%
4.992
5.435
5.428
7,63%
8,87%
-0,14%
841
859
691
4,61%
2,22%
-19,60%
4.013
5.423
5.240
-7,17%
35,15%
-3,36%
10.155
10.524
7.706
1,97%
3,64%
-26,78%
1.881
1.940
2.276
-3,12%
3,14%
17,34%
2.013
2.258
2.284
12,59%
12,16%
1,16%
43.802
46.352
40.744
2,45%
5,82%
-12,10%
6.928
7.899
7.810
11,17%
14,02%
-1,13%
10.536
12.282
12.259
3,27%
16,57%
-0,18%
57.655
56.973
62.018
6,04%
-1,18%
8,86%
42.924
42.669
42.774
8,83%
-0,59%
0,25%
79.300
76.744
72.936
-0,58%
-3,22%
-4,96%
66.600
62.300
56.600
4,23%
-6,46%
-9,15%
37.929
48.688
55.226
57.015
28,37%
13,43%
3,24%
155.729
167.555
170.334
180.806
7,59%
1,66%
6,15%
61.077
61.817
54.996
53.603
1,21%
-11,03%
-2,53%
15.200
23.300
22.000
18.300
53,29%
-5,58%
-16,82%
40.506
41.428
41.308
-3,55%
2,28%
-0,29%
54.372
2.330
15.952
5.311
2.349
2.556
2.549
2.309
0,82%
8,81%
-0,27%
-9,42%
14.671
12.800
14.441
14.382
-8,03%
-12,75%
12,82%
-0,41%
5.301
5.427
5.349
5.318
-0,19%
2,38%
-1,44%
-0,58%
839
5.539
8.267
691
5.540
5.240
5.241
4.631
0,02%
-5,42%
0,02%
-11,64%
8.237
7.704
7.490
6.695
-0,36%
-6,47%
-2,78%
-10,61%
2.057
2.276
2.305
2.284
44.937
7.810
11.497
60.444
2.229
2.057
-2,41%
-7,72%
44.176
40.612
40.481
40.503
-1,69%
-8,07%
-0,32%
0,05%
7.725
8.067
8.198
8.155
-1,09%
4,43%
1,62%
-0,52%
11.684
12.204
12.064
11.633
1,63%
4,45%
-1,15%
-3,57%
60.403
62.018
60.682
62.124
-0,07%
2,67%
-2,15%
2,38%
44.467
42.774
44.280
44.557
3,98%
-3,81%
3,52%
0,63%
74.559
72.915
75.837
58.136
EUROPEAN COMPARABLES
Banco Bilbao Sa (currency EUR)
Banco Santander Sa (currency EUR)
Credit Agricole S.A. (currency EUR)
Deutsche Bank Ag (currency EUR)
Hsbc Holdings Plc (currency USD)
Lloyds Tsb Bank Plc (currency GBP)
Natixis (currency EUR)
Societe Generale currency (EUR)
Rbs Holdings Nv (currency EUR)
Bnp Paribas (currency EUR)
Barclays Plc (currency GBP)
22.052
27.912
29.488
32.518
26,57%
5,65%
10,28%
50.397
51.322
50.025
10,04%
1,84%
-2,53%
24.964
23.401
24.044
2,60%
-6,26%
2,75%
26.478
33.249
37.588
39.784
25,57%
13,05%
5,84%
98.305
117.745
129.691
82.379
45.800
24.332
32.023
19,78%
10,15%
-36,48%
37.175
40.549
40.708
39.191
9,08%
0,39%
-3,73%
12,32%
-14,68%
10,95%
-10,40%
17.566
17.481
17.104
15.985
142
181
287
201
-0,48%
-2,16%
-6,54%
38.990
40.094
44.489
9,57%
2,83%
10,96%
35.584
59.889
60.684
59.961
54.585
1,33%
-1,19%
-8,97%
56.323
60.810
61.492
72.710
7,97%
1,12%
18,24%
38.484
42.158
47.743
52.124
9,55%
13,25%
9,18%
40.896
27,46%
58,56%
-29,97%
43.800
37.568
38.322
39.698
19,13%
-14,23%
2,01%
3,59%
57.901
54.585
56.705
55.186
-2,08%
-5,73%
3,88%
-2,68%
61.196
63.774
65.469
74.318
65.892
4,21%
2,66%
13,52%
-11,34%
43.074
46.436
42.700
52.140
43.234
7,81%
-8,05%
22,11%
-17,08%
36.768
59.128
39.440
79.759
63.900
41.996
71.320
88.414
63.460
65.289
60.708
66.800
-8,46%
-7,02%
10,03%
88.324
85.962
85.857
-0,10%
-2,67%
-0,12%
67.315
63.948
66.063
6,07%
-5,00%
3,31%
42.765
56.714
31,46%
-2,20%
4,01%
-23,34%
40.569
38.600
49.271
45.330
-4,77%
-4,85%
27,65%
-8,00%
55.895
58.203
57.015
57.408
60.661
4,13%
-2,04%
0,69%
5,67%
175.144
180.197
180.806
183.262
183.391
2,89%
0,34%
1,36%
0,07%
55.069
53.701
53.603
53.845
58.851
-2,48%
-0,18%
0,45%
9,30%
40.440
41.160
44.114
39.225
-0,78%
1,78%
7,18%
-11,08%
63.097
66.642
69.043
68.822
-0,54%
5,62%
3,60%
-0,32%
84.966
86.400
85.857
81.500
80.600
1,69%
-0,63%
-5,07%
-1,10%
63.995
63.900
65.766
68.268
67.349
-0,15%
2,92%
3,80%
-1,35%
42.600
40.758
63.439
AppStreeling
>Balance Sheet &
Business Model
Powered by: @streeling
Balance Sheet Composition >
20
Net Loans/
Net Risk Assets
2009
2010
2011
2012
giu-12
Loans To Banks/
Net Risk Assets
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
65,90%
65,27%
62,53%
63,52%
58,76%
60,88%
66,02%
62,47%
60,69%
4,65%
4,54%
6,02%
5,36%
5,51%
4,81%
5,57%
5,12%
4,16%
Banca Monte Dei Paschi Di Siena Spa
70,19%
66,00%
61,67%
65,24%
62,38%
65,64%
63,72%
64,69%
62,16%
5,35%
5,12%
9,07%
6,27%
7,94%
5,93%
6,13%
7,78%
8,49%
76,65%
4,42%
Banca Popolare Emilia Romagna
76,90%
82,40%
80,27%
78,55%
79,78%
78,75%
78,07%
78,60%
Banca Popolare Etruria e del Lazio Soc. Coop.
75,28%
74,26%
68,38%
51,45%
54,84%
51,24%
49,29%
47,75%
4,83%
3,99%
5,49%
4,48%
4,26%
4,36%
4,63%
3,66%
8,18%
8,38%
6,30%
5,48%
5,04%
6,15%
5,25%
4,10%
Banca Popolare Di Milano Scarl
75,87%
66,92%
69,29%
66,39%
66,49%
66,71%
66,34%
65,28%
66,63%
8,90%
5,27%
4,55%
5,73%
6,11%
5,34%
5,83%
6,94%
4,84%
Banco Popolare
73,11%
72,67%
70,88%
70,59%
64,94%
63,29%
62,12%
64,31%
63,59%
7,78%
6,31%
7,03%
3,97%
10,19%
12,46%
10,18%
10,56%
11,01%
Credito Emiliano Spa - Credem
67,24%
63,73%
65,07%
67,95%
66,99%
67,98%
68,40%
64,59%
64,26%
5,03%
3,62%
3,13%
3,66%
2,71%
2,85%
3,68%
3,85%
3,10%
Credito Valtellinese Soc Coop
84,36%
84,67%
80,48%
74,50%
77,08%
73,45%
53,32%
70,70%
52,55%
6,72%
4,92%
6,49%
6,29%
5,06%
5,46%
25,74%
3,96%
21,15%
Intesa Sanpaolo
62,44%
59,93%
60,36%
57,17%
56,63%
55,45%
55,31%
54,47%
54,81%
8,62%
7,51%
6,40%
6,35%
7,05%
7,39%
8,68%
8,39%
7,46%
Mediobanca Spa
57,72%
52,49%
53,49%
53,51%
47,65%
49,92%
45,12%
51,44%
56,00%
6,84%
7,11%
7,58%
5,10%
0,04%
0,05%
0,05%
0,04%
13,73%
Unione Di Banche Italiane Scpa - Ubi Banca
83,92%
81,40%
78,61%
71,75%
72,66%
71,96%
71,45%
72,24%
72,98%
3,39%
2,98%
5,37%
5,19%
4,42%
5,97%
5,68%
4,86%
4,25%
Unicredit Spa
62,57%
61,47%
62,32%
60,05%
57,22%
58,93%
54,01%
59,90%
57,22%
10,00%
8,48%
7,36%
9,00%
12,39%
10,23%
11,98%
9,59%
12,20%
EUROPEAN COMPARABLES
Banco Bilbao Sa
61,36%
62,61%
60,27%
56,75%
58,41%
57,15%
54,96%
57,28%
57,40%
7,31%
8,01%
9,69%
10,17%
8,60%
8,64%
10,54%
9,07%
8,58%
Banco Santander Sa
62,44%
60,70%
60,10%
56,58%
60,36%
59,12%
55,09%
57,60%
58,38%
8,51%
10,28%
11,33%
13,84%
12,02%
12,91%
16,65%
11,23%
11,74%
27,58%
Credit Agricole S.A.
23,59%
24,37%
23,43%
18,05%
19,18%
19,76%
16,45%
17,84%
17,61%
24,29%
25,00%
23,96%
23,45%
28,31%
22,91%
23,38%
24,47%
Deutsche Bank Ag
17,32%
21,57%
19,20%
19,88%
18,44%
18,59%
18,30%
19,57%
20,45%
4,25%
6,87%
9,48%
9,21%
11,04%
11,13%
9,58%
10,69%
9,59%
Hsbc Holdings Plc
38,39%
39,52%
37,22%
37,47%
37,16%
36,79%
37,07%
35,75%
37,04%
10,57%
11,21%
12,63%
11,32%
13,01%
11,17%
15,61%
11,67%
13,06%
55,88%
55,58%
54,94%
56,69%
57,98%
13,24%
11,91%
11,79%
11,40%
11,08%
Lloyds Tsb Bank Plc
64,60%
62,71%
59,89%
56,81%
Natixis
23,75%
28,17%
22,18%
18,94%
7,44%
7,07%
9,81%
12,07%
16,19%
17,65%
10,75%
18,41%
Societe Generale
33,88%
33,07%
31,29%
28,12%
31,46%
30,41%
27,48%
30,48%
29,56%
8,07%
7,50%
11,10%
11,63%
11,66%
13,47%
13,13%
12,48%
13,93%
Rbs Holdings Nv
47,38%
44,15%
34,56%
38,51%
31,06%
31,07%
31,55%
33,41%
34,83%
8,58%
10,95%
10,90%
11,03%
15,42%
15,89%
15,64%
17,30%
18,23%
Bnp Paribas
33,20%
34,50%
34,12%
33,29%
33,61%
32,15%
31,73%
32,54%
33,74%
7,09%
4,85%
5,52%
7,58%
7,37%
8,47%
7,36%
6,58%
7,72%
Barclays Plc
36,19%
35,75%
33,50%
36,29%
27,93%
28,46%
26,64%
28,65%
30,83%
14,02%
16,28%
14,18%
13,03%
21,67%
21,82%
19,15%
22,01%
22,60%
--------------------------- Italian Banks ---------------------------
> Minimum
57,72%
52,49%
53,49%
51,45%
47,65%
49,92%
45,12%
47,75%
52,55%
3,39%
2,98%
3,13%
3,66%
0,04%
0,05%
0,05%
0,04%
3,10%
> Average
71,29%
69,27%
67,78%
65,05%
63,78%
63,68%
61,10%
63,04%
62,50%
6,69%
5,68%
6,23%
5,57%
5,89%
5,91%
7,78%
5,74%
8,62%
> Median
71,65%
66,46%
66,72%
65,81%
63,66%
64,47%
62,92%
64,45%
62,16%
6,78%
5,19%
6,35%
5,42%
5,28%
5,69%
5,76%
4,99%
7,46%
> Maximum
84,36%
84,67%
80,48%
78,55%
79,78%
78,75%
78,07%
78,60%
76,65%
10,00%
8,48%
9,07%
9,00%
12,39%
12,46%
25,74%
10,56%
21,15%
------------------------- Italian Top Five -------------------------
> Minimum
62,44%
59,93%
60,36%
57,17%
56,63%
55,45%
54,01%
54,47%
54,81%
3,39%
2,98%
5,37%
3,97%
4,42%
5,93%
5,68%
4,86%
4,25%
> Average
70,45%
68,29%
66,77%
64,96%
62,76%
63,06%
61,32%
63,12%
62,15%
7,03%
6,08%
7,05%
6,16%
8,40%
8,39%
8,53%
8,24%
8,68%
> Median
70,19%
66,00%
62,32%
65,24%
62,38%
63,29%
62,12%
64,31%
62,16%
7,78%
6,31%
7,03%
6,27%
7,94%
7,39%
8,68%
8,39%
8,49%
> Maximum
83,92%
81,40%
78,61%
71,75%
72,66%
71,96%
71,45%
72,24%
72,98%
10,00%
8,48%
9,07%
9,00%
12,39%
12,46%
11,98%
10,56%
12,20%
------------------------- European Banks -------------------------
> Minimum
17,32%
21,57%
19,20%
18,05%
18,44%
18,59%
16,45%
17,84%
17,61%
4,25%
4,85%
5,52%
7,58%
7,37%
8,47%
7,36%
6,58%
7,72%
> Average
40,19%
40,65%
37,80%
36,43%
37,35%
36,91%
35,42%
36,98%
37,78%
10,57%
11,42%
11,76%
12,88%
14,23%
13,83%
14,28%
13,69%
14,41%
> Median
36,19%
35,75%
34,12%
36,29%
32,53%
31,61%
31,64%
32,97%
34,29%
8,51%
10,28%
10,90%
11,63%
12,51%
12,41%
14,37%
11,54%
12,40%
> Maximum
64,60%
62,71%
60,27%
56,81%
60,36%
59,12%
55,09%
57,60%
58,38%
24,29%
25,00%
23,96%
23,45%
28,31%
22,91%
23,38%
24,47%
27,58%
Balance Sheet Composition >
21
Due To Customers/
Net Risk Assets
2009
2010
2011
2012
giu-12
set-12
Total Equity/
Net Risk Assets
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
43,56%
40,87%
37,02%
35,25%
28,89%
28,94%
36,64%
28,66%
30,87%
11,14%
9,80%
6,69%
7,75%
7,54%
8,03%
8,06%
7,98%
8,63%
Banca Monte Dei Paschi Di Siena Spa
41,97%
41,30%
35,34%
37,35%
28,61%
31,13%
30,27%
33,09%
33,56%
7,16%
6,56%
3,82%
2,97%
4,27%
4,65%
2,90%
2,93%
3,10%
Banca Popolare Emilia Romagna
52,30%
56,74%
51,15%
52,78%
47,33%
48,60%
50,40%
51,77%
51,14%
7,14%
7,49%
7,74%
7,79%
7,86%
8,01%
7,76%
7,67%
7,49%
Banca Popolare Etruria e del Lazio Soc. Coop.
45,41%
46,11%
36,69%
55,85%
31,48%
57,61%
29,85%
59,45%
7,07%
6,70%
6,17%
4,38%
5,09%
4,93%
4,20%
4,13%
Banca Popolare Di Milano Scarl
51,18%
44,88%
41,55%
50,18%
43,82%
43,03%
42,25%
42,85%
44,60%
9,29%
7,49%
7,89%
7,74%
7,76%
8,15%
7,75%
7,68%
7,10%
Banco Popolare
40,79%
41,99%
35,36%
38,21%
31,69%
31,79%
30,34%
30,44%
29,81%
9,29%
9,19%
7,15%
6,93%
7,33%
7,33%
6,72%
7,03%
7,12%
Credito Emiliano Spa - Credem
48,67%
40,10%
43,76%
47,59%
41,19%
44,41%
44,13%
46,44%
46,57%
7,09%
6,09%
5,38%
6,53%
6,03%
6,30%
6,58%
6,41%
6,56%
Credito Valtellinese Soc Coop
58,41%
57,92%
55,57%
54,35%
51,42%
74,41%
50,63%
56,78%
51,35%
9,21%
8,80%
7,70%
6,73%
7,75%
7,55%
6,59%
6,49%
6,14%
Intesa Sanpaolo
35,19%
34,94%
31,59%
33,10%
28,70%
28,94%
29,77%
31,15%
32,31%
8,98%
8,63%
7,65%
7,62%
7,47%
7,61%
7,68%
7,65%
7,84%
Mediobanca Spa
17,90%
19,58%
19,38%
21,91%
20,00%
21,81%
19,74%
21,49%
7,91%
8,99%
9,38%
8,45%
8,57%
8,73%
9,20%
9,47%
11,63%
Unione Di Banche Italiane Scpa - Ubi Banca
45,27%
46,90%
42,92%
41,52%
37,91%
40,06%
38,64%
38,92%
37,69%
10,57%
9,55%
7,76%
8,17%
7,74%
8,14%
8,19%
8,28%
8,56%
Unicredit Spa
42,26%
44,50%
44,37%
44,94%
38,35%
44,09%
38,65%
45,44%
41,08%
6,97%
7,49%
6,10%
7,29%
6,86%
6,94%
6,97%
7,42%
7,45%
Banco Bilbao Sa
48,16%
50,63%
47,91%
46,55%
42,00%
42,99%
45,99%
46,09%
47,45%
5,83%
6,88%
6,80%
6,97%
7,02%
6,87%
6,88%
7,46%
7,77%
Banco Santander Sa
44,84%
48,74%
48,02%
47,32%
43,37%
43,35%
45,49%
46,48%
47,68%
6,79%
6,78%
6,76%
6,77%
6,30%
6,61%
6,63%
6,73%
6,79%
Credit Agricole S.A.
30,21%
31,88%
30,84%
26,48%
25,30%
27,55%
24,28%
26,41%
26,61%
3,38%
3,32%
2,89%
2,48%
2,84%
2,57%
2,38%
2,51%
2,58%
Deutsche Bank Ag
23,09%
28,25%
28,01%
28,89%
27,21%
28,01%
26,58%
28,50%
29,22%
2,55%
2,67%
2,54%
2,72%
2,53%
2,65%
2,51%
2,78%
3,05%
Hsbc Holdings Plc
49,65%
50,63%
49,63%
50,33%
48,73%
48,22%
49,79%
48,78%
50,30%
5,81%
6,39%
6,57%
4,51%
6,62%
6,61%
6,80%
6,85%
6,97%
Lloyds Tsb Bank Plc
39,83%
39,92%
42,88%
46,42%
44,26%
45,01%
44,88%
47,71%
49,70%
4,32%
4,76%
4,83%
4,86%
4,88%
4,85%
4,75%
4,84%
5,01%
9,54%
13,17%
8,82%
10,39%
4,80%
4,70%
4,20%
3,81%
Societe Generale
29,50%
30,00%
28,97%
27,08%
28,11%
27,01%
26,46%
27,13%
28,02%
4,61%
4,53%
4,35%
4,34%
4,26%
4,17%
4,24%
4,35%
4,27%
Rbs Holdings Nv
36,59%
35,49%
33,71%
40,14%
29,48%
30,30%
31,78%
33,80%
36,36%
5,64%
5,34%
5,10%
5,42%
5,37%
5,42%
5,17%
5,50%
5,79%
Bnp Paribas
29,59%
29,27%
27,99%
28,48%
27,37%
27,25%
26,87%
28,23%
29,98%
3,91%
4,32%
4,39%
4,99%
4,61%
4,73%
4,77%
4,90%
5,08%
Barclays Plc
31,20%
31,83%
32,38%
34,75%
25,18%
25,59%
24,22%
27,41%
30,18%
4,27%
4,20%
4,19%
4,24%
3,73%
4,00%
3,77%
3,85%
3,94%
> Minimum
17,90%
19,58%
19,38%
21,91%
20,00%
21,81%
19,74%
21,49%
29,81%
6,97%
6,09%
3,82%
2,97%
4,27%
4,65%
2,90%
2,93%
3,10%
> Average
43,58%
42,98%
39,56%
42,75%
35,78%
41,23%
36,78%
40,54%
39,90%
8,49%
8,06%
6,95%
6,86%
7,02%
7,20%
6,88%
6,93%
7,42%
> Median
44,41%
43,24%
39,29%
43,23%
34,80%
41,55%
37,64%
40,88%
39,39%
8,44%
8,06%
7,40%
7,46%
7,50%
7,58%
7,32%
7,54%
7,45%
> Maximum
58,41%
57,92%
55,57%
55,85%
51,42%
74,41%
50,63%
59,45%
51,35%
11,14%
9,80%
9,38%
8,45%
8,57%
8,73%
9,20%
9,47%
11,63%
> Minimum
35,19%
34,94%
31,59%
33,10%
28,61%
28,94%
29,77%
30,44%
29,81%
6,97%
6,56%
3,82%
2,97%
4,27%
4,65%
2,90%
2,93%
3,10%
> Average
41,09%
41,93%
37,92%
39,02%
33,05%
35,20%
33,53%
35,81%
34,89%
8,59%
8,28%
6,50%
6,60%
6,73%
6,93%
6,49%
6,66%
6,81%
> Median
41,97%
41,99%
35,36%
38,21%
31,69%
31,79%
30,34%
33,09%
33,56%
8,98%
8,63%
7,15%
7,29%
7,33%
7,33%
6,97%
7,42%
7,45%
> Maximum
45,27%
46,90%
44,37%
44,94%
38,35%
44,09%
38,65%
45,44%
41,08%
10,57%
9,55%
7,76%
8,17%
7,74%
8,14%
8,19%
8,28%
8,56%
EUROPEAN COMPARABLES
Natixis
--------------------------- Italian Banks ---------------------------
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
> Minimum
9,54%
13,17%
8,82%
10,39%
25,18%
25,59%
24,22%
26,41%
26,61%
2,55%
2,67%
2,54%
2,48%
2,53%
2,57%
2,38%
2,51%
2,58%
> Average
33,84%
35,44%
34,47%
35,16%
34,10%
34,53%
34,63%
36,05%
37,55%
4,72%
4,90%
4,78%
4,65%
4,82%
4,85%
4,79%
4,98%
5,12%
> Median
31,20%
31,88%
32,38%
34,75%
28,79%
29,15%
29,33%
31,15%
33,27%
4,61%
4,70%
4,39%
4,51%
4,75%
4,79%
4,76%
4,87%
5,05%
> Maximum
49,65%
50,63%
49,63%
50,33%
48,73%
48,22%
49,79%
48,78%
50,30%
6,79%
6,88%
6,80%
6,97%
7,02%
6,87%
6,88%
7,46%
7,77%
Balance Sheet Composition >
Gross Derivative Assets/
Net Risk Assets
2009
2010
2011
22
Gross Derivative Assets/
Core Capital
2012
2009
2010
2011
FV Assets Level 1/
Net Risk Assets
2012
2009
2010
2011
FV Assets Level 2/
Net Risk Assets
2012
2009
2010
2011
FV Assets Level 3/
Net Risk Assets
2012
2009
2010
2011
FV Assets Level 3/
Core Capital
2012
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
0,36%
0,40%
0,54%
0,69%
0,09
0,12
0,15
0,20
14,87%
16,75%
18,83%
17,84%
5,32%
4,89%
3,44%
2,68%
2,56%
2,43%
2,21%
2,03%
63,27%
70,59%
61,23%
Banca Monte Dei Paschi Di Siena Spa
4,52%
5,05%
7,06%
5,92%
1,08
1,41
1,81
1,55
8,70%
11,70%
11,64%
14,15%
8,96%
11,84%
11,64%
8,55%
0,24%
0,24%
0,21%
0,14%
5,85%
6,74%
5,40%
3,62%
Banca Popolare Emilia Romagna
0,20%
0,28%
0,44%
0,51%
0,04
0,05
0,07
0,08
3,80%
5,37%
6,22%
8,05%
1,17%
1,16%
1,11%
1,57%
0,77%
0,93%
0,91%
0,88%
15,20%
16,78%
14,78%
14,54%
Banca Popolare Etruria e del Lazio Soc. Coop.
0,49%
0,41%
0,90%
0,65%
0,09
0,08
0,17
0,17
6,76%
9,57%
17,31%
36,26%
1,46%
1,59%
1,79%
1,65%
0,90%
0,63%
0,67%
0,66%
16,17%
11,81%
13,08%
17,76%
Banca Popolare Di Milano Scarl
2,53%
2,52%
3,76%
3,57%
0,41
0,51
0,53
0,52
3,87%
16,90%
14,28%
16,90%
3,83%
4,49%
5,09%
4,00%
2,37%
1,72%
1,67%
1,76%
38,21%
35,02%
23,40%
25,55%
Banco Popolare
3,24%
2,75%
4,10%
5,05%
0,74
0,66
0,85
1,26
6,60%
9,44%
9,51%
12,39%
3,89%
3,61%
4,76%
5,82%
0,48%
0,47%
0,42%
0,45%
10,83%
11,33%
8,65%
11,34%
Credito Emiliano Spa - Credem
1,61%
1,48%
1,17%
0,69%
0,30
0,31
0,25
0,13
20,46%
25,22%
19,84%
21,79%
2,55%
2,84%
7,12%
2,10%
0,51%
0,65%
0,69%
0,42%
9,34%
13,36%
14,62%
Credito Valtellinese Soc Coop
0,03%
0,01%
0,01%
0,00%
0,01
0,00
0,00
0,00
0,09%
0,05%
5,08%
11,87%
0,01%
0,01%
0,14%
0,10%
0,24%
0,22%
0,25%
0,20%
4,54%
4,35%
4,52%
3,71%
Intesa Sanpaolo
7,48%
7,32%
8,34%
8,60%
1,75
1,77
1,58
1,69
12,60%
16,99%
16,04%
20,27%
9,34%
10,33%
11,15%
10,93%
0,55%
0,56%
0,57%
0,57%
12,80%
13,54%
10,76%
11,16%
Mediobanca Spa
6,54%
9,19%
9,65%
11,86%
0,88
1,18
1,17
1,46
17,76%
18,63%
20,52%
9,04%
8,57%
10,38%
2,52%
3,27%
2,28%
34,11%
39,85%
28,18%
Unione Di Banche Italiane Scpa - Ubi Banca
1,16%
0,88%
1,33%
1,60%
0,21
0,17
0,22
0,26
4,49%
8,82%
7,23%
12,62%
2,86%
1,98%
2,17%
2,41%
0,15%
0,18%
0,16%
0,19%
2,81%
3,39%
2,66%
3,07%
Unicredit Spa
9,61%
9,53%
11,59%
10,92%
2,52
2,21
2,69
2,15
7,79%
9,23%
6,96%
8,89%
12,86%
13,52%
17,69%
14,46%
0,97%
1,15%
1,39%
1,17%
25,45%
26,73%
32,20%
22,99%
Banco Bilbao Sa
6,23%
6,83%
8,83%
8,53%
1,41
1,23
1,52
1,51
17,36%
13,40%
0,32%
0,27%
7,33%
4,87%
Banco Santander Sa
5,50%
6,13%
8,36%
8,86%
1,25
1,40
1,82
1,93
13,37%
12,05%
9,47%
Credit Agricole S.A.
26,58%
24,95%
28,20%
32,41%
13,45
12,57
16,75
21,95
17,77%
20,28%
16,25%
Deutsche Bank Ag
40,01%
34,80%
40,01%
38,45%
25,08
21,88
23,71
20,19
8,15%
7,27%
5,92%
Hsbc Holdings Plc
13,61%
15,86%
25,02%
27,40%
2,98
3,32
5,18
5,27
19,78%
19,16%
Lloyds Tsb Bank Plc
4,89%
5,15%
6,84%
6,15%
1,25
1,23
1,73
1,52
11,53%
Natixis
0,53%
0,32%
0,69%
0,52%
0,21
0,12
0,29
0,20
Societe Generale
17,97%
17,69%
21,66%
18,79%
6,71
6,99
8,09
Rbs Holdings Nv
26,30%
29,68%
35,50%
34,03%
5,85
6,99
Bnp Paribas
18,03%
17,80%
23,66%
22,43%
7,42
Barclays Plc
30,42%
28,38%
34,64%
31,64%
> Minimum
0,03%
0,01%
0,01%
> Average
3,15%
3,32%
4,07%
> Median
2,07%
2,00%
2,54%
> Maximum
9,61%
9,53%
> Minimum
1,16%
> Average
5,20%
> Median
4,52%
5,05%
> Maximum
9,61%
9,53%
59,04%
8,10%
EUROPEAN COMPARABLES
8,58%
9,38%
11,20%
12,32%
14,07%
17,39%
25,77%
21,01%
26,92%
32,62%
1,02%
0,86%
0,91%
0,43%
51,53%
43,24%
53,90%
29,20%
7,04%
54,45%
51,80%
53,94%
54,05%
3,91%
2,47%
2,21%
1,90%
244,78%
155,20%
131,24%
99,93%
16,69%
17,99%
24,71%
19,05%
25,56%
26,37%
0,96%
0,76%
0,75%
0,61%
20,95%
15,95%
15,61%
11,82%
13,05%
13,32%
14,80%
11,89%
11,54%
11,05%
10,82%
0,73%
0,76%
0,79%
0,68%
18,67%
18,02%
20,09%
16,73%
15,44%
14,20%
13,15%
18,25%
29,29%
25,97%
41,06%
32,39%
3,50%
3,07%
2,18%
1,39%
140,29%
119,61%
90,81%
53,30%
6,75
20,43%
21,20%
16,24%
20,61%
26,13%
27,01%
29,29%
27,95%
1,88%
1,49%
1,06%
0,56%
70,33%
59,01%
39,76%
20,18%
9,83
9,33
8,73%
9,07%
0,01%
0,01%
38,63%
44,46%
49,49%
49,63%
0,78%
1,09%
1,10%
0,80%
17,35%
25,69%
30,45%
21,97%
6,39
7,84
6,53
18,30%
19,18%
14,23%
13,77%
32,30%
32,51%
36,49%
36,02%
1,70%
1,65%
1,69%
1,46%
69,96%
59,27%
55,91%
42,44%
10,89
9,78
12,53
11,13
7,76%
5,57%
6,37%
6,60%
38,73%
39,45%
42,78%
41,48%
2,21%
1,96%
2,06%
1,51%
79,07%
67,50%
74,45%
53,26%
0,00%
0,01
0,00
0,00
0,00
0,09%
0,05%
5,08%
8,05%
0,01%
0,01%
0,14%
0,10%
0,15%
0,18%
0,16%
0,14%
2,81%
3,39%
2,66%
3,07%
4,17%
0,68
0,70
0,79
0,79
8,98%
11,82%
12,63%
16,80%
5,11%
5,12%
6,22%
5,39%
1,02%
0,84%
1,04%
0,90%
19,88%
19,42%
19,26%
17,42%
2,58%
0,35
0,41
0,39
0,39
7,27%
9,57%
12,96%
15,52%
3,86%
3,61%
4,93%
3,34%
0,66%
0,63%
0,68%
0,61%
14,00%
13,36%
13,85%
12,94%
11,59%
11,86%
2,52
2,21
2,69
2,15
20,46%
25,22%
19,84%
36,26%
12,86%
13,52%
17,69%
14,46%
2,56%
2,43%
3,27%
2,28%
63,27%
70,59%
61,23%
59,04%
0,88%
1,33%
1,60%
0,21
0,17
0,22
0,26
4,49%
8,82%
6,96%
8,89%
2,86%
1,98%
2,17%
2,41%
0,15%
0,18%
0,16%
0,14%
2,81%
3,39%
2,66%
3,07%
5,11%
6,49%
6,42%
1,26
1,24
1,43
1,38
8,04%
11,24%
10,28%
13,66%
7,58%
8,26%
9,48%
8,43%
0,48%
0,52%
0,55%
0,50%
11,55%
12,35%
11,93%
10,44%
7,06%
5,92%
1,08
1,41
1,58
1,55
7,79%
9,44%
9,51%
12,62%
8,96%
10,33%
11,15%
8,55%
0,48%
0,47%
0,42%
0,45%
10,83%
11,33%
8,65%
11,16%
11,59%
10,92%
2,52
2,21
2,69
2,15
12,60%
16,99%
16,04%
20,27%
12,86%
13,52%
17,69%
14,46%
0,97%
1,15%
1,39%
1,17%
25,45%
26,73%
32,20%
22,99%
--------------------------- Italian Banks ---------------------------
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
> Minimum
0,53%
0,32%
0,69%
0,52%
0,21
0,12
0,29
0,20
7,76%
5,57%
0,01%
0,01%
8,58%
9,38%
11,05%
10,82%
0,32%
0,27%
0,75%
0,43%
7,33%
4,87%
15,61%
11,82%
> Average
17,28%
17,05%
21,22%
20,84%
6,95
6,54
8,12
7,85
14,42%
14,04%
11,16%
12,94%
27,43%
26,77%
33,07%
34,59%
1,70%
1,44%
1,42%
1,04%
72,02%
56,84%
56,91%
38,76%
> Median
17,97%
17,69%
23,66%
22,43%
5,85
6,39
7,84
6,53
15,44%
13,40%
13,24%
14,80%
26,13%
25,97%
32,89%
32,62%
1,36%
1,29%
1,10%
0,80%
60,74%
51,13%
53,90%
29,20%
> Maximum
40,01%
34,80%
40,01%
38,45%
25,08
21,88
23,71
21,95
20,43%
21,20%
16,69%
20,61%
54,45%
51,80%
53,94%
54,05%
3,91%
3,07%
2,21%
1,90%
244,78%
155,20%
131,24%
99,93%
Business Model >
23
Business Model Evolution
2009
2010
Retail Ratio
Diversification Ratio
[(Net Loans + Customer Deposits)/Total Assets]
[(Net Commissions + Trading Income)/Revenues]
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
2009
2010
2011
2012
Banca Carige Spa
CB
CB
CB
CB
1,04
1,01
0,95
0,95
0,84
0,86
0,99
0,88
0,88
31,98%
32,99%
28,89%
29,08%
Banca Monte Dei Paschi Di Siena Spa
CB
CB
CB
CB
1,08
1,04
0,96
1,02
0,90
0,96
0,93
0,97
0,95
25,55%
28,98%
32,25%
38,72%
Banca Popolare Emilia Romagna
CB
CB
CB
CB
1,28
1,38
1,30
1,30
1,26
1,26
1,27
1,29
1,27
36,90%
35,67%
36,14%
38,61%
Banca Popolare Etruria e del Lazio Soc. Coop.
CB
CB
CB
CB
1,19
1,19
1,04
1,07
0,86
1,08
0,79
1,07
32,46%
35,49%
38,32%
37,01%
Banca Popolare Di Milano Scarl
CB
CB
CB
CB
1,24
1,10
1,10
1,16
1,10
1,10
1,08
1,08
1,11
41,49%
42,04%
34,98%
40,69%
Banco Popolare
CB
CB
CB
CB
1,09
1,10
1,04
1,07
0,95
0,93
0,91
0,93
0,92
24,58%
38,20%
49,07%
41,84%
Credito Emiliano Spa - Credem
CB
CB
CB
CB
1,14
1,03
1,08
1,14
1,07
1,11
1,11
1,10
1,10
31,34%
46,34%
42,30%
45,73%
Credito Valtellinese Soc Coop
CB
CB
CB
CB
1,38
1,38
1,33
1,27
1,26
1,48
1,03
1,26
1,03
35,86%
39,00%
36,34%
35,29%
Intesa Sanpaolo
CB
CB
CBU
CBU
0,94
0,91
0,90
0,88
0,83
0,83
0,83
0,84
0,85
33,50%
33,38%
27,65%
40,73%
Mediobanca Spa
CBU
CBU
CBU
CBU
0,75
0,72
0,72
0,75
0,67
0,71
0,65
0,73
0,56
40,21%
26,40%
19,74%
9,93%
Unione Di Banche Italiane Scpa - Ubi Banca
CB
CB
CB
CB
1,23
1,23
1,19
1,11
1,08
1,10
1,08
1,09
1,08
32,52%
34,94%
33,19%
41,55%
Unicredit Spa
CB
CB
CB
CB
1,02
1,03
1,05
1,03
0,94
1,01
0,91
1,04
0,97
32,56%
34,91%
33,57%
40,98%
Banco Bilbao Sa
CB
CB
CB
CB
1,08
1,12
1,07
1,02
0,99
0,99
1,00
1,02
1,03
28,46%
31,19%
30,47%
28,15%
Banco Santander Sa
CB
CB
CB
CB
1,05
1,07
1,06
1,02
1,02
1,00
0,98
1,02
1,04
31,16%
28,62%
29,04%
28,44%
Credit Agricole S.A.
IBU
IBU
IBU
IBU
0,53
0,56
0,54
0,44
0,44
0,47
0,40
0,44
0,44
40,35%
39,61%
-15,94%
30,40%
Deutsche Bank Ag
IBU
IBU
IBU
IBU
0,40
0,49
0,47
0,48
0,45
0,46
0,45
0,48
0,49
55,62%
47,72%
45,77%
52,28%
Hsbc Holdings Plc
CBU
CBU
CBU
CBU
0,87
0,89
0,86
0,87
0,85
0,85
0,86
0,85
0,86
35,99%
39,90%
40,16%
37,08%
Lloyds Tsb Bank Plc
CB
CB
CB
CB
1,04
1,02
1,02
1,03
1,00
1,01
0,99
1,04
1,07
70,13%
60,04%
19,88%
64,95%
Natixis
IBU
IBU
IBU
IB
0,33
0,41
0,31
0,29
16,57%
51,73%
52,15%
72,10%
Societe Generale
IBU
IBU
IBU
IBU
0,63
0,63
0,60
0,55
0,59
0,57
0,54
0,57
0,57
41,28%
50,03%
46,59%
44,89%
Rbs Holdings Nv
CBU
CBU
IBU
CBU
0,83
0,79
0,68
0,78
0,60
0,61
0,63
0,66
0,70
45,23%
43,50%
33,59%
38,17%
Bnp Paribas
IBU
IBU
IBU
IBU
0,62
0,63
0,62
0,61
0,61
0,59
0,58
0,60
0,63
46,40%
44,41%
42,66%
43,65%
Barclays Plc
IBU
IBU
IBU
CBU
0,67
0,67
0,66
0,71
0,53
0,54
0,51
0,56
0,61
56,29%
54,76%
46,39%
41,75%
ITALIAN COMPARABLES
EUROPEAN COMPARABLES
--------------------------- Italian Banks ---------------------------
> Minimum
CBU
CBU
CBU
CBU
0,75
0,72
0,72
0,75
0,67
0,71
0,65
0,73
0,56
24,58%
26,40%
19,74%
9,93%
> Average
CB
CB
CB
CB
1,12
1,09
1,06
1,06
0,98
1,04
0,97
1,02
0,97
33,25%
35,69%
34,37%
36,68%
> Median
CB
CB
CB
CB
1,12
1,07
1,05
1,07
0,94
1,05
0,96
1,05
0,97
32,54%
35,21%
34,28%
39,71%
> Maximum
CB
CB
CB
CB
1,38
1,38
1,33
1,30
1,26
1,48
1,27
1,29
1,27
41,49%
46,34%
49,07%
45,73%
> Minimum
CB
CB
CBU
CBU
0,94
0,91
0,90
0,88
0,83
0,83
0,83
0,84
0,85
24,58%
28,98%
27,65%
38,72%
> Average
CB
CB
CB
CB
1,07
1,06
1,03
1,02
0,94
0,97
0,93
0,97
0,95
29,74%
34,08%
35,15%
40,76%
> Median
CB
CB
CB
CB
1,08
1,04
1,04
1,03
0,94
0,96
0,91
0,97
0,95
32,52%
34,91%
33,19%
40,98%
> Maximum
CB
CB
CB
CB
1,23
1,23
1,19
1,11
1,08
1,10
1,08
1,09
1,08
33,50%
38,20%
49,07%
41,84%
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
> Minimum
IBU
IBU
IBU
IB
0,33
0,41
0,31
0,29
0,44
0,46
0,40
0,44
0,44
16,57%
28,62%
-15,94%
28,15%
> Average
CBU
CBU
CBU
CBU
0,73
0,75
0,72
0,71
0,71
0,71
0,69
0,72
0,75
42,50%
44,68%
33,71%
43,81%
> Median
IBU
IBU
IBU
CBU
0,67
0,67
0,66
0,71
0,60
0,60
0,60
0,63
0,67
41,28%
44,41%
40,16%
41,75%
> Maximum
CB
CB
CB
CB
1,08
1,12
1,07
1,03
1,02
1,01
1,00
1,04
1,07
70,13%
60,04%
52,15%
72,10%
Business Model >
24
Net Interest Income/Total Assets
2009
2010
2011
2012
giu-12
set-12
Trading Income/Total Assets
dic-12
mar-13
giu-13
2009
2010
2011
Net Commissions/Total Assets
2012
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
2,00%
1,76%
1,70%
1,53%
0,47%
0,37%
0,33%
0,31%
0,36%
0,19%
0,14%
0,03%
0,02%
0,77%
0,74%
0,67%
0,61%
0,16%
0,17%
0,13%
0,14%
0,14%
Banca Monte Dei Paschi Di Siena Spa
1,63%
1,45%
1,42%
1,27%
0,34%
0,32%
0,18%
0,28%
0,23%
-0,14%
-0,15%
-0,05%
0,08%
0,75%
0,79%
0,75%
0,75%
0,18%
0,18%
0,27%
0,20%
0,19%
0,56%
0,28%
Banca Popolare Emilia Romagna
2,25%
2,20%
2,20%
2,12%
0,53%
0,52%
0,53%
0,50%
Banca Popolare Etruria e del Lazio Soc. Coop.
2,17%
2,04%
1,92%
1,63%
0,42%
0,45%
-0,34%
0,40%
0,25%
0,05%
0,10%
0,19%
1,07%
1,18%
1,15%
1,15%
0,30%
0,29%
0,29%
0,27%
0,16%
0,15%
0,28%
0,31%
0,89%
0,98%
0,92%
0,65%
0,17%
0,16%
0,15%
0,13%
Banca Popolare Di Milano Scarl
2,00%
1,43%
1,59%
1,64%
0,45%
0,39%
0,39%
0,36%
0,46%
0,22%
0,04%
-0,12%
0,19%
1,46%
1,13%
1,01%
0,95%
0,24%
0,23%
0,25%
0,25%
0,29%
Banco Popolare
1,45%
1,34%
1,35%
1,33%
0,33%
0,33%
0,30%
0,31%
0,32%
-0,30%
0,06%
0,40%
-0,06%
0,90%
0,94%
0,95%
1,03%
0,26%
0,25%
0,26%
0,28%
0,29%
Credito Emiliano Spa - Credem
2,38%
1,68%
1,67%
1,74%
0,46%
0,44%
0,47%
0,41%
0,42%
-0,19%
0,18%
0,06%
0,21%
1,28%
1,27%
1,17%
1,26%
0,30%
0,29%
0,38%
0,29%
0,28%
Credito Valtellinese Soc Coop
2,02%
1,81%
1,85%
1,60%
0,86%
0,40%
0,39%
0,35%
0,37%
0,17%
0,08%
0,02%
-0,02%
0,96%
1,08%
1,04%
0,89%
0,29%
0,21%
0,23%
0,21%
0,22%
Intesa Sanpaolo
1,80%
1,61%
1,78%
1,68%
0,36%
0,35%
0,33%
0,30%
0,32%
0,15%
0,06%
-0,07%
0,44%
0,79%
0,79%
0,79%
0,76%
0,20%
0,20%
0,22%
0,22%
0,24%
Mediobanca Spa
1,16%
1,38%
1,50%
1,38%
0,33%
0,34%
0,34%
0,35%
0,44%
0,23%
-0,08%
-0,17%
-0,33%
0,59%
0,60%
0,58%
0,50%
0,10%
0,10%
0,09%
0,10%
0,18%
Unione Di Banche Italiane Scpa - Ubi Banca
2,04%
1,64%
1,63%
1,46%
0,39%
0,37%
0,32%
0,32%
0,34%
0,06%
-0,01%
-0,10%
0,15%
0,92%
0,90%
0,92%
0,89%
0,21%
0,22%
0,24%
0,23%
0,23%
Unicredit Spa
1,85%
1,70%
1,70%
1,50%
0,38%
0,37%
0,34%
0,36%
0,37%
0,10%
0,04%
-0,01%
0,22%
0,82%
0,91%
0,91%
0,84%
0,20%
0,20%
0,20%
0,22%
0,22%
EUROPEAN COMPARABLES
Banco Bilbao Sa
2,59%
2,41%
2,20%
2,37%
0,65%
0,61%
0,61%
0,58%
0,60%
0,24%
0,31%
0,24%
0,27%
0,83%
0,82%
0,76%
0,68%
0,17%
0,20%
0,17%
0,17%
0,18%
Banco Santander Sa
2,37%
2,40%
2,46%
2,37%
0,61%
0,58%
0,56%
0,52%
0,56%
0,27%
0,18%
0,19%
0,15%
0,82%
0,80%
0,84%
0,81%
0,20%
0,20%
0,20%
0,20%
0,21%
0,16%
Credit Agricole S.A.
0,92%
0,93%
0,88%
0,80%
0,31%
0,31%
-0,39%
0,21%
0,31%
0,31%
0,27%
0,14%
Deutsche Bank Ag
0,83%
0,82%
0,81%
0,79%
0,17%
0,17%
0,19%
0,18%
0,19%
0,45%
0,19%
0,15%
0,29%
0,59%
0,56%
0,53%
0,57%
0,12%
0,14%
0,13%
0,14%
Hsbc Holdings Plc
1,72%
1,61%
1,59%
1,40%
0,35%
0,34%
0,34%
0,34%
0,34%
0,22%
0,36%
0,40%
0,22%
0,75%
0,71%
0,67%
0,61%
0,23%
0,15%
0,21%
0,16%
0,16%
Lloyds Tsb Bank Plc
0,88%
1,27%
1,31%
0,98%
0,31%
0,20%
0,26%
0,05%
0,32%
1,80%
1,57%
-0,04%
1,46%
0,27%
0,33%
0,37%
0,36%
0,09%
0,09%
0,08%
0,08%
0,08%
0,09%
0,08%
0,08%
0,08%
0,09%
0,21%
Natixis
0,64%
0,67%
0,55%
0,34%
-0,31%
0,25%
0,19%
0,46%
0,44%
0,47%
0,41%
0,42%
Societe Generale
1,14%
1,06%
1,03%
0,90%
0,06%
0,43%
0,32%
0,20%
0,76%
0,66%
0,61%
0,56%
Rbs Holdings Nv
0,97%
0,98%
0,84%
0,87%
0,39%
0,34%
0,10%
0,16%
0,41%
0,41%
0,33%
0,37%
Bnp Paribas
1,02%
1,20%
1,22%
1,14%
0,52%
0,54%
0,48%
0,49%
0,36%
0,42%
0,43%
0,39%
Barclays Plc
0,86%
0,84%
0,78%
0,78%
0,51%
0,54%
0,25%
0,02%
0,61%
0,60%
0,55%
0,58%
> Minimum
1,16%
1,34%
1,35%
1,27%
0,33%
0,32%
-0,34%
0,28%
0,23%
-0,30%
-0,15%
-0,17%
-0,33%
0,59%
0,60%
0,58%
0,50%
0,10%
0,10%
0,09%
0,10%
0,14%
> Average
1,90%
1,67%
1,69%
1,57%
0,44%
0,39%
0,30%
0,35%
0,38%
0,08%
0,05%
0,03%
0,12%
0,93%
0,94%
0,90%
0,86%
0,22%
0,21%
0,23%
0,21%
0,23%
> Median
2,00%
1,66%
1,68%
1,57%
0,41%
0,37%
0,33%
0,35%
0,37%
0,16%
0,05%
0,00%
0,17%
0,90%
0,92%
0,92%
0,86%
0,21%
0,21%
0,23%
0,22%
0,23%
> Maximum
2,38%
2,20%
2,20%
2,12%
0,86%
0,52%
0,53%
0,50%
0,56%
0,25%
0,18%
0,40%
0,44%
1,46%
1,27%
1,17%
1,26%
0,30%
0,29%
0,38%
0,29%
0,29%
> Minimum
1,45%
1,34%
1,35%
1,27%
0,33%
0,32%
0,18%
0,28%
0,23%
-0,30%
-0,15%
-0,10%
-0,06%
0,75%
0,79%
0,75%
0,75%
0,18%
0,18%
0,20%
0,20%
0,19%
> Average
1,75%
1,55%
1,58%
1,45%
0,36%
0,35%
0,29%
0,31%
0,31%
-0,03%
0,00%
0,03%
0,17%
0,84%
0,87%
0,86%
0,85%
0,21%
0,21%
0,24%
0,23%
0,24%
> Median
1,80%
1,61%
1,63%
1,46%
0,36%
0,35%
0,32%
0,31%
0,32%
0,06%
0,04%
-0,05%
0,15%
0,82%
0,90%
0,91%
0,84%
0,20%
0,20%
0,24%
0,22%
0,23%
> Maximum
2,04%
1,70%
1,78%
1,68%
0,39%
0,37%
0,34%
0,36%
0,37%
0,15%
0,06%
0,40%
0,44%
0,92%
0,94%
0,95%
1,03%
0,26%
0,25%
0,27%
0,28%
0,29%
> Minimum
0,64%
0,67%
0,55%
0,34%
0,17%
0,17%
0,19%
0,05%
0,19%
-0,31%
0,18%
-0,39%
0,02%
0,27%
0,31%
0,27%
0,14%
0,09%
0,08%
0,08%
0,08%
0,08%
> Average
1,27%
1,29%
1,24%
1,16%
0,38%
0,35%
0,36%
0,30%
0,37%
0,40%
0,46%
0,17%
0,36%
0,56%
0,55%
0,52%
0,50%
0,15%
0,14%
0,15%
0,14%
0,15%
> Median
0,97%
1,06%
1,03%
0,90%
0,33%
0,27%
0,30%
0,21%
0,33%
0,31%
0,34%
0,19%
0,22%
0,59%
0,56%
0,53%
0,56%
0,15%
0,14%
0,15%
0,15%
0,16%
> Maximum
2,59%
2,41%
2,46%
2,37%
0,65%
0,61%
0,61%
0,58%
0,60%
1,80%
1,57%
0,48%
1,46%
0,83%
0,82%
0,84%
0,81%
0,23%
0,20%
0,21%
0,20%
0,21%
0,21%
0,21%
0,20%
0,20%
0,23%
--------------------------- Italian Banks ---------------------------
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
Business Model >
25
Long Term Funding/Total Funding
Net Adjustment Impairment of Loans/Total Assets
2009
2010
2011
2012
giu-12
set-12
dic-12
Customer Deposits/Total Funding
(Subordinated+Other Securities Issued)/
Customer Deposits/
(Shareholders' Equity+Deposits+Financial Liabilities) (Shareholders' Equity+Deposits+Financial Liabilities)
mar-13
giu-13
2009
2010
2011
2012
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
-0,27%
-0,29%
-0,26%
-0,91%
-0,09%
-0,09%
-0,69%
-0,11%
-0,40%
32,33%
28,39%
30,68%
26,75%
48,60%
45,83%
42,05%
40,59%
Banca Monte Dei Paschi Di Siena Spa
-0,65%
-0,46%
-0,54%
-1,22%
-0,18%
-0,21%
-0,61%
-0,22%
-0,25%
30,76%
26,69%
27,87%
26,27%
42,37%
41,67%
36,46%
39,28%
-0,44%
Banca Popolare Emilia Romagna
-0,98%
-0,65%
-0,57%
-1,55%
-0,31%
-0,21%
-0,87%
-0,26%
Banca Popolare Etruria e del Lazio Soc. Coop.
-1,12%
-0,89%
-0,77%
-2,35%
-0,25%
-0,21%
-1,66%
-0,30%
26,73%
22,46%
23,46%
18,58%
57,73%
58,25%
52,35%
54,31%
26,64%
20,92%
25,48%
14,92%
49,91%
50,47%
39,81%
60,92%
Banca Popolare Di Milano Scarl
-0,76%
-0,44%
-0,93%
-1,04%
-0,15%
-0,13%
-0,67%
-0,13%
-0,19%
28,24%
24,69%
25,10%
22,24%
52,11%
48,81%
42,52%
52,11%
Banco Popolare
-0,61%
-0,58%
-0,57%
-0,98%
-0,14%
-0,15%
-0,50%
-0,17%
-0,16%
19,47%
18,07%
21,76%
17,47%
41,04%
42,08%
36,21%
39,05%
Credito Emiliano Spa - Credem
-0,41%
-0,21%
-0,16%
-0,29%
-0,04%
-0,06%
-0,12%
-0,06%
-0,09%
20,88%
14,69%
17,06%
14,91%
53,00%
43,68%
48,13%
52,88%
Credito Valtellinese Soc Coop
-0,62%
-0,50%
-0,59%
-1,19%
-0,14%
-0,17%
-0,72%
-0,18%
-0,22%
25,51%
25,57%
24,32%
21,11%
58,89%
58,22%
56,28%
56,04%
Intesa Sanpaolo
-0,55%
-0,43%
-0,66%
-0,64%
-0,16%
-0,18%
-0,23%
-0,17%
-0,22%
33,00%
31,05%
28,86%
27,46%
37,56%
38,13%
35,51%
37,59%
Mediobanca Spa
-0,64%
-0,60%
-0,46%
-0,55%
-0,16%
-0,12%
-0,15%
-0,16%
-0,24%
52,54%
49,42%
48,11%
40,65%
18,46%
20,07%
19,81%
22,27%
Unione Di Banche Italiane Scpa - Ubi Banca
-0,71%
-0,54%
-0,47%
-0,64%
-0,15%
-0,12%
-0,27%
-0,12%
-0,18%
38,32%
38,46%
39,18%
35,65%
45,67%
46,92%
44,08%
42,54%
Unicredit Spa
-0,88%
-0,72%
-0,64%
-0,97%
-0,19%
-0,19%
-0,48%
-0,13%
-0,19%
24,36%
20,61%
18,92%
19,73%
43,28%
45,81%
46,25%
47,41%
EUROPEAN COMPARABLES
Banco Bilbao Sa
-0,97%
-0,83%
-0,70%
-1,24%
-0,37%
-0,32%
-0,41%
-0,22%
-0,24%
24,07%
20,62%
18,36%
17,62%
49,56%
52,09%
49,24%
48,09%
Banco Santander Sa
-0,85%
-0,84%
-0,84%
-1,00%
-0,26%
-0,23%
-0,24%
-0,23%
-0,25%
24,89%
20,39%
19,03%
19,36%
46,22%
49,79%
48,66%
47,81%
Credit Agricole S.A.
-0,29%
-0,20%
-0,15%
-0,12%
-0,04%
-0,05%
-0,05%
-0,04%
-0,04%
17,63%
16,56%
13,30%
12,50%
37,55%
39,75%
38,38%
33,50%
Deutsche Bank Ag
-0,18%
-0,07%
-0,08%
-0,09%
-0,02%
-0,03%
-0,02%
-0,02%
-0,02%
13,44%
13,86%
12,03%
12,55%
25,67%
31,11%
30,55%
31,46%
Hsbc Holdings Plc
-1,05%
-0,55%
-0,45%
-0,30%
-0,09%
-0,06%
-0,07%
-0,04%
-0,07%
2,44%
2,51%
2,48%
2,37%
58,88%
58,84%
60,43%
60,86%
Lloyds Tsb Bank Plc
-1,56%
-1,09%
-0,83%
-0,55%
-0,13%
-0,11%
-0,14%
-0,10%
-0,09%
30,66%
31,84%
27,76%
20,25%
46,32%
47,09%
51,93%
56,62%
12,65%
11,62%
7,31%
11,09%
10,89%
15,24%
10,14%
12,03%
-0,05%
-0,07%
-0,05%
-0,07%
-0,05%
16,38%
15,64%
11,70%
13,35%
33,78%
34,40%
33,42%
31,52%
61,47%
Natixis
-0,53%
-0,04%
-0,07%
-0,08%
Societe Generale
-0,54%
-0,32%
-0,32%
-0,26%
Rbs Holdings Nv
-0,82%
-0,63%
-0,48%
-0,41%
-0,09%
-0,09%
-0,11%
-0,08%
-0,09%
26,15%
26,01%
21,23%
15,01%
50,88%
51,80%
54,36%
Bnp Paribas
-0,36%
-0,21%
-0,32%
-0,18%
-0,04%
-0,05%
-0,06%
-0,05%
-0,05%
12,86%
13,00%
10,30%
11,49%
32,52%
32,36%
31,71%
32,91%
Barclays Plc
-0,59%
-0,38%
-0,24%
-0,24%
-0,06%
-0,05%
-0,05%
-0,04%
-0,06%
11,89%
12,58%
10,02%
9,79%
31,42%
32,03%
32,64%
35,03%
--------------------------- Italian Banks ---------------------------
> Minimum
-1,12%
-0,89%
-0,93%
-2,35%
-0,31%
-0,21%
-1,66%
-0,30%
-0,44%
19,47%
14,69%
17,06%
14,91%
18,46%
20,07%
19,81%
22,27%
> Average
-0,68%
-0,53%
-0,55%
-1,03%
-0,16%
-0,15%
-0,58%
-0,17%
-0,23%
29,90%
26,75%
27,57%
23,81%
45,72%
45,00%
41,62%
45,42%
> Median
-0,65%
-0,52%
-0,57%
-0,97%
-0,16%
-0,16%
-0,55%
-0,17%
-0,22%
27,49%
25,13%
25,29%
21,67%
47,13%
45,82%
42,28%
44,97%
> Maximum
-0,27%
-0,21%
-0,16%
-0,29%
-0,04%
-0,06%
-0,12%
-0,06%
-0,09%
52,54%
49,42%
48,11%
40,65%
58,89%
58,25%
56,28%
60,92%
------------------------- Italian Top Five -------------------------
> Minimum
-0,88%
-0,72%
-0,66%
-1,22%
-0,19%
-0,21%
-0,61%
-0,22%
-0,25%
19,47%
18,07%
18,92%
17,47%
37,56%
38,13%
35,51%
37,59%
> Average
-0,68%
-0,55%
-0,58%
-0,89%
-0,16%
-0,17%
-0,42%
-0,17%
-0,20%
29,18%
26,98%
27,32%
25,32%
41,99%
42,92%
39,70%
41,17%
> Median
-0,65%
-0,54%
-0,57%
-0,97%
-0,16%
-0,18%
-0,48%
-0,17%
-0,19%
30,76%
26,69%
27,87%
26,27%
42,37%
42,08%
36,46%
39,28%
> Maximum
-0,55%
-0,43%
-0,47%
-0,64%
-0,14%
-0,12%
-0,23%
-0,12%
-0,16%
38,32%
38,46%
39,18%
35,65%
45,67%
46,92%
46,25%
47,41%
------------------------- European Banks -------------------------
> Minimum
-1,56%
-1,09%
-0,84%
-1,24%
-0,37%
-0,32%
-0,41%
-0,23%
-0,25%
2,44%
2,51%
2,48%
2,37%
10,89%
15,24%
10,14%
12,03%
> Average
-0,70%
-0,47%
-0,41%
-0,41%
-0,12%
-0,11%
-0,12%
-0,09%
-0,10%
17,55%
16,79%
13,96%
13,22%
38,52%
40,41%
40,13%
41,03%
> Median
-0,59%
-0,38%
-0,32%
-0,26%
-0,07%
-0,07%
-0,06%
-0,06%
-0,07%
16,38%
15,64%
12,03%
12,55%
37,55%
39,75%
38,38%
35,03%
> Maximum
-0,18%
-0,04%
-0,07%
-0,08%
-0,02%
-0,03%
-0,02%
-0,02%
-0,02%
30,66%
31,84%
27,76%
20,25%
58,88%
58,84%
60,43%
61,47%
AppStreeling
>Profitability
Powered by: @streeling
Profitability – Focus ROA Italian Banks >
27
Evoluzione ROA Italian Banks (2010/2012)
0,75%
0,50%
0,25%
0,00%
-0,25%
-0,50%
-0,75%
-1,00%
-1,25%
-1,50%
-1,75%
-2,00%
2010
2011
2012
Profitability – Contributo al Gross Return >
(Net Interest Margin - Net Adjustments for
Impairment of Loans )/Net Risk Assets
[A]
Gross Return on Risk Assets
[A+B]
2009
2010
2011
28
2012
2009
2010
2011
2012
(Net Income from Financial Assets - Net Adj. for
Impairment of Financial Assets)/Net Risk Assets
[B]
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
2,02%
1,69%
1,53%
0,67%
1,82%
1,55%
1,50%
0,65%
0,20%
0,14%
0,03%
0,02%
Banca Monte Dei Paschi di Siena Spa
0,87%
0,86%
0,83%
0,13%
1,02%
1,02%
0,89%
0,05%
-0,15%
-0,16%
-0,05%
0,08%
Banca Popolare Emilia Romagna
1,54%
1,62%
1,75%
0,77%
1,28%
1,57%
1,64%
0,57%
0,25%
0,05%
0,11%
0,19%
Banca Popolare Etruria e del Lazio Soc. Coop.
1,22%
1,32%
1,45%
-0,41%
1,06%
1,16%
1,16%
-0,72%
0,16%
0,16%
0,28%
0,32%
Banca Popolare Di Milano Scarl
1,49%
1,05%
0,55%
0,78%
1,27%
1,01%
0,66%
0,59%
0,23%
0,04%
-0,12%
0,19%
Banco Popolare
0,57%
0,85%
1,21%
0,31%
0,88%
0,79%
0,80%
0,36%
-0,31%
0,06%
0,41%
-0,06%
Credito Emiliano Spa - Credem
1,81%
1,67%
1,58%
1,68%
2,00%
1,49%
1,52%
1,47%
-0,19%
0,18%
0,06%
0,21%
Credito Valtellinese Soc Coop
1,62%
1,42%
1,31%
0,40%
1,44%
1,34%
1,29%
0,42%
0,18%
0,08%
0,02%
-0,02%
Intesa Sanpaolo
1,46%
1,29%
1,07%
1,51%
1,30%
1,23%
1,15%
1,06%
0,16%
0,06%
-0,07%
0,45%
Mediobanca Spa
0,75%
0,70%
0,88%
0,51%
0,52%
0,78%
1,05%
0,84%
0,23%
-0,08%
-0,17%
-0,33%
Unione Di Banche Italiane Scpa - Ubi Banca
1,46%
1,14%
1,09%
0,99%
1,40%
1,15%
1,19%
0,84%
0,07%
-0,01%
-0,10%
0,16%
Unicredit Spa
1,10%
1,04%
1,06%
0,76%
1,00%
1,00%
1,07%
0,54%
0,10%
0,04%
-0,01%
0,22%
EUROPEAN COMPARABLES
Banco Bilbao Sa
1,89%
1,93%
1,77%
1,42%
1,65%
1,61%
1,52%
1,14%
0,24%
0,32%
0,25%
0,27%
Banco Santander Sa
1,82%
1,77%
1,84%
1,55%
1,55%
1,59%
1,65%
1,40%
0,28%
0,18%
0,19%
0,15%
Credit Agricole S.A.
0,95%
1,05%
0,35%
0,89%
0,64%
0,74%
0,74%
0,68%
0,32%
0,31%
-0,40%
0,21%
Deutsche Bank Ag
1,11%
0,95%
0,87%
1,00%
0,66%
0,76%
0,73%
0,71%
0,45%
0,19%
0,15%
0,30%
Hsbc Holdings Plc
0,90%
1,44%
1,56%
1,33%
0,68%
1,07%
1,15%
1,11%
0,23%
0,37%
0,40%
0,22%
Lloyds Tsb Bank Plc
1,12%
1,76%
0,44%
1,90%
-0,69%
0,18%
0,48%
0,43%
1,81%
1,58%
-0,04%
1,47%
Natixis
Societe Generale
-0,21%
0,89%
0,68%
0,72%
0,11%
0,64%
0,49%
0,26%
-0,32%
0,25%
0,19%
0,47%
0,66%
1,17%
1,05%
0,85%
0,60%
0,74%
0,72%
0,65%
0,06%
0,43%
0,33%
0,20%
Rbs Holdings Nv
0,32%
0,38%
0,28%
0,51%
0,16%
0,35%
0,36%
0,47%
0,16%
0,03%
-0,08%
0,04%
Bnp Paribas
1,19%
1,54%
1,39%
1,46%
0,67%
1,00%
0,91%
0,97%
0,52%
0,54%
0,48%
0,49%
Barclays Plc
0,79%
1,01%
0,79%
0,56%
0,28%
0,46%
0,54%
0,54%
0,51%
0,55%
0,25%
0,02%
> Minimum
0,57%
0,70%
0,55%
-0,41%
0,52%
0,78%
0,66%
-0,72%
-0,31%
-0,16%
-0,17%
-0,33%
> Average
1,33%
1,22%
1,19%
0,68%
1,25%
1,17%
1,16%
0,56%
0,08%
0,05%
0,03%
0,12%
> Median
1,46%
1,22%
1,15%
0,72%
1,27%
1,15%
1,15%
0,58%
0,16%
0,05%
0,00%
0,17%
> Maximum
2,02%
1,69%
1,75%
1,68%
2,00%
1,57%
1,64%
1,47%
0,25%
0,18%
0,41%
0,45%
> Minimum
0,57%
0,85%
0,83%
0,13%
0,88%
0,79%
0,80%
0,05%
-0,31%
-0,16%
-0,10%
-0,06%
> Average
1,09%
1,04%
1,05%
0,74%
1,12%
1,04%
1,02%
0,57%
-0,03%
0,00%
0,03%
0,17%
> Median
1,10%
1,04%
1,07%
0,76%
1,02%
1,02%
1,07%
0,54%
0,07%
0,04%
-0,05%
0,16%
> Maximum
1,46%
1,29%
1,21%
1,51%
1,40%
1,23%
1,19%
1,06%
0,16%
0,06%
0,41%
0,45%
--------------------------- Italian Banks ---------------------------
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
> Minimum
-0,21%
0,38%
0,28%
0,51%
-0,69%
0,18%
0,36%
0,26%
-0,32%
0,03%
-0,40%
0,02%
> Average
0,96%
1,26%
1,00%
1,11%
0,57%
0,83%
0,85%
0,76%
0,39%
0,43%
0,16%
0,35%
> Median
0,95%
1,17%
0,87%
1,00%
0,64%
0,74%
0,73%
0,68%
0,28%
0,32%
0,19%
0,22%
> Maximum
1,89%
1,93%
1,84%
1,90%
1,65%
1,61%
1,65%
1,40%
1,81%
1,58%
0,48%
1,47%
Il Gross Return on Net Risk Assets rappresenta il rendimento rispetto alle Net Risk Assets, che ingloba le seguenti componenti reddituali: Net Interest Income,
Net Financial and Trading Income, Impairment Losses on Loans, Impairment of Financial Assets. Rappresenta quindi la redditività lorda della gestione
finanziaria complessiva della banca, comprensiva anche del repricing degli assets.
Profitability – Focus Return on Financial Assets >
29
Return on Financial Assets
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
2,14%
1,43%
7,79%
1,51%
-1,55%
-1,12%
-0,16%
1,46%
Banca Popolare Emilia Romagna
6,09%
0,07%
2,95%
3,54%
Banca Popolare Etruria e del Lazio Soc. Coop.
3,88%
6,23%
27,75%
-7,88%
Banca Monte Dei Paschi Di Siena Spa
Banca Popolare Di Milano Scarl
4,05%
0,93%
-0,18%
4,26%
Banco Popolare
-3,10%
1,00%
6,59%
-0,81%
Credito Emiliano Spa - Credem
-3,88%
1,05%
1,89%
1,29%
Credito Valtellinese Soc Coop
6,19%
9,52%
4,98%
2,63%
Intesa Sanpaolo
1,03%
0,40%
-0,26%
2,87%
Mediobanca Spa
1,37%
-0,56%
0,04%
0,83%
Unione Di Banche Italiane Scpa - Ubi Banca
2,15%
-2,36%
-0,77%
2,80%
Unicredit Spa
0,83%
0,23%
0,09%
1,38%
Banco Bilbao Sa
1,76%
2,63%
1,98%
2,08%
Banco Santander Sa
1,75%
1,09%
1,21%
0,89%
Credit Agricole S.A.
1,11%
0,42%
-0,65%
0,63%
Deutsche Bank Ag
0,69%
0,32%
0,25%
0,49%
Hsbc Holdings Plc
1,16%
2,11%
2,83%
1,33%
Lloyds Tsb Bank Plc
9,69%
7,79%
-0,20%
6,80%
-0,61%
0,73%
0,30%
0,90%
Societe Generale
0,15%
1,06%
0,91%
0,52%
Rbs Holdings Nv
0,42%
0,08%
-0,16%
0,08%
Bnp Paribas
1,24%
1,23%
1,11%
1,01%
Barclays Plc
1,15%
1,28%
0,54%
0,04%
EUROPEAN COMPARABLES
Natixis
--------------------------- Italian Banks ---------------------------
> Minimum
-3,88%
-2,36%
-0,77%
-7,88%
> Average
1,60%
1,40%
4,23%
1,16%
> Median
1,76%
0,66%
0,99%
1,48%
> Maximum
6,19%
9,52%
27,75%
4,26%
> Minimum
-3,10%
-2,36%
-0,77%
-0,81%
> Average
-0,13%
-0,37%
1,10%
1,54%
> Median
0,83%
0,23%
-0,16%
1,46%
> Maximum
2,15%
1,00%
6,59%
2,87%
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
> Minimum
-0,61%
0,08%
-0,65%
0,04%
> Average
1,68%
1,70%
0,74%
1,34%
> Median
1,15%
1,09%
0,54%
0,89%
> Maximum
9,69%
7,79%
2,83%
6,80%
Profitability >
30
Net Interest Income/
Interest Earning Assets
2009
2010
2011
2012
Net Interest Spread
Mark-Up
Mark-Down
(Interest Income/Avg. Interest Earning Assets) (Interest Expense/Avg. Interest Bearing Liabilities)
(Interest Income/Avg. Interest Earning Assets) Euribor 1Y
Euribor 1Y (Interest Expense/Avg. Interest Bearing Liabilities )
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
2,26%
1,97%
1,91%
1,72%
-
1,91%
0,96%
3,11%
-
1,88%
1,38%
2,34%
-
-0,02%
0,42%
-0,78%
Banca Monte Dei Paschi Di Siena Spa
1,81%
1,57%
1,52%
1,35%
-
1,70%
1,01%
2,86%
-
1,66%
1,25%
2,06%
-
-0,04%
0,24%
-0,80%
Banca Popolare Emilia Romagna
2,55%
2,33%
2,32%
2,25%
-
1,77%
1,16%
3,31%
-
2,04%
1,71%
2,74%
-
0,28%
0,56%
-0,57%
Banca Popolare Etruria e del Lazio Soc. Coop.
2,34%
2,16%
2,03%
1,70%
-
2,50%
1,68%
3,57%
-
2,29%
1,78%
2,65%
-
-0,21%
0,10%
-0,92%
Banca Popolare Di Milano Scarl
2,15%
1,52%
1,68%
1,73%
-
1,16%
0,68%
2,61%
-
1,37%
1,10%
2,13%
-
0,22%
0,43%
-0,47%
Banco Popolare
1,62%
1,48%
1,48%
1,46%
-
2,02%
1,41%
3,15%
-
1,73%
1,42%
2,27%
-
-0,28%
0,01%
-0,88%
Credito Emiliano Spa - Credem
2,52%
1,77%
1,77%
1,84%
-
0,61%
0,11%
2,08%
-
1,21%
0,89%
1,88%
-
0,60%
0,78%
-0,20%
Credito Valtellinese Soc Coop
2,19%
1,93%
1,99%
1,71%
-
1,54%
1,19%
3,61%
-
1,75%
1,58%
2,65%
-
0,21%
0,39%
-0,97%
Intesa Sanpaolo
2,00%
1,76%
1,95%
1,82%
-
1,62%
0,69%
2,77%
-
1,65%
1,21%
2,21%
-
0,03%
0,52%
-0,56%
Mediobanca Spa
1,22%
1,45%
1,57%
1,45%
-
3,88%
2,29%
4,86%
-
2,58%
1,84%
3,07%
-
-1,30%
-0,46%
-1,79%
Unione Di Banche Italiane Scpa - Ubi Banca
2,26%
1,80%
1,80%
1,59%
-
1,62%
1,08%
2,90%
-
1,71%
1,40%
2,22%
-
0,09%
0,32%
-0,68%
Unicredit Spa
2,01%
1,85%
1,83%
1,64%
-
2,22%
1,21%
3,01%
-
2,00%
1,48%
2,28%
-
-0,22%
0,27%
-0,73%
EUROPEAN COMPARABLES
Banco Bilbao Sa
2,74%
2,55%
2,35%
2,55%
-
1,79%
0,97%
2,94%
-
2,75%
2,45%
3,50%
-
0,96%
1,48%
0,55%
Banco Santander Sa
2,55%
2,59%
2,66%
2,56%
-
2,75%
1,96%
3,56%
-
3,54%
3,30%
3,99%
-
0,79%
1,34%
0,43%
Credit Agricole S.A.
1,01%
1,02%
0,97%
0,88%
-
-0,10%
-1,37%
0,22%
-
0,89%
0,27%
0,95%
-
0,99%
1,64%
0,73%
Deutsche Bank Ag
0,92%
0,90%
0,88%
0,85%
-
-0,63%
-1,91%
-0,22%
-
0,51%
-0,14%
0,62%
-
1,14%
1,78%
0,84%
Hsbc Holdings Plc
2,04%
1,89%
1,93%
1,70%
-
0,38%
-0,74%
0,74%
-
1,49%
0,99%
1,56%
-
1,11%
1,73%
0,82%
Lloyds Tsb Bank Plc
0,92%
1,33%
1,38%
1,04%
-
0,84%
-0,77%
1,01%
-
1,69%
0,80%
1,57%
-
0,84%
1,58%
0,56%
Natixis
0,71%
0,73%
0,61%
0,37%
-
-0,82%
-2,06%
-0,48%
-
0,29%
-0,33%
0,31%
-
1,11%
1,73%
0,79%
Societe Generale
1,26%
1,17%
1,16%
1,01%
-
0,66%
-0,38%
1,11%
-
1,56%
1,11%
1,70%
-
0,90%
1,49%
0,59%
Rbs Holdings Nv
1,02%
1,02%
0,88%
0,90%
-
-0,99%
-2,28%
-0,53%
-
0,16%
-0,51%
0,31%
-
1,15%
1,77%
0,84%
Bnp Paribas
1,10%
1,29%
1,32%
1,24%
-
0,13%
-1,13%
0,73%
-
1,15%
0,54%
1,44%
-
1,03%
1,67%
0,70%
Barclays Plc
0,88%
0,85%
0,79%
0,80%
-
-1,16%
-2,52%
-0,71%
-
0,06%
-0,65%
0,22%
-
1,22%
1,87%
0,93%
-1,79%
--------------------------- Italian Banks ---------------------------
> Minimum
1,22%
1,45%
1,48%
1,35%
-
0,61%
0,11%
2,08%
-
1,21%
0,89%
1,88%
-
-1,30%
-0,46%
> Average
2,08%
1,80%
1,82%
1,69%
-
1,88%
1,12%
3,15%
-
1,82%
1,42%
2,37%
-
-0,06%
0,30%
-0,78%
> Median
2,17%
1,79%
1,82%
1,70%
-
1,73%
1,12%
3,06%
-
1,74%
1,41%
2,28%
-
0,00%
0,36%
-0,75%
> Maximum
2,55%
2,33%
2,32%
2,25%
-
3,88%
2,29%
4,86%
-
2,58%
1,84%
3,07%
-
0,60%
0,78%
-0,20%
------------------------- Italian Top Five -------------------------
> Minimum
1,62%
1,48%
1,48%
1,35%
-
1,62%
0,69%
2,77%
-
1,65%
1,21%
2,06%
-
-0,28%
0,01%
-0,88%
> Average
1,94%
1,69%
1,72%
1,57%
-
1,84%
1,08%
2,94%
-
1,75%
1,35%
2,21%
-
-0,09%
0,27%
-0,73%
> Median
2,00%
1,76%
1,80%
1,59%
-
1,70%
1,08%
2,90%
-
1,71%
1,40%
2,22%
-
-0,04%
0,27%
-0,73%
> Maximum
2,26%
1,85%
1,95%
1,82%
-
2,22%
1,41%
3,15%
-
2,00%
1,48%
2,28%
-
0,09%
0,52%
-0,56%
0,43%
------------------------- European Banks -------------------------
> Minimum
0,71%
0,73%
0,61%
0,37%
-
-1,16%
-2,52%
-0,71%
-
0,06%
-0,65%
0,22%
-
0,79%
1,34%
> Average
1,38%
1,40%
1,36%
1,26%
-
0,26%
-0,93%
0,76%
-
1,28%
0,71%
1,47%
-
1,02%
1,64%
0,71%
> Median
1,02%
1,17%
1,16%
1,01%
-
0,13%
-1,13%
0,73%
-
1,15%
0,54%
1,44%
-
1,03%
1,67%
0,73%
> Maximum
2,74%
2,59%
2,66%
2,56%
-
2,75%
1,96%
3,56%
-
3,54%
3,30%
3,99%
-
1,22%
1,87%
0,93%
Profitability >
31
Operating Margin
Net Commission Ratio
ROA
ROE
Net Operating Income/Revenues
Net Commission/Revenues
Net Income/Net Risk Assets
Net Income/Equity Book Value
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
Banca Monte Dei Paschi Di Siena Spa
27,78%
24,24%
24,24%
-27,92%
24,89%
27,84%
26,25%
24,63%
0,59%
0,46%
0,43%
-0,13%
5,39%
4,80%
6,62%
-1,74%
0,07%
10,54%
-4,96%
-38,29%
31,32%
35,61%
33,75%
33,59%
0,10%
0,42%
-1,97%
-1,46%
1,44%
6,46%
-52,85%
-49,14%
Banca Popolare Emilia Romagna
14,84%
20,43%
25,25%
0,29%
29,58%
33,96%
33,02%
32,85%
0,20%
0,51%
0,36%
-0,02%
3,83%
9,02%
5,46%
-0,28%
Banca Popolare Etruria e del Lazio Soc. Coop.
-2,91%
5,48%
10,95%
-60,76%
27,10%
30,63%
27,38%
24,53%
-0,11%
0,06%
0,25%
-1,39%
-1,53%
0,92%
4,09%
-32,58%
Banca Popolare Di Milano Scarl
12,88%
-6,75%
-12,44%
-16,20%
35,44%
40,08%
37,74%
32,71%
0,24%
0,20%
-1,19%
-0,82%
2,66%
2,76%
-15,30%
-10,70%
7,95%
11,17%
14,91%
-12,32%
36,07%
34,99%
33,68%
43,87%
0,20%
0,24%
-1,71%
-0,73%
2,32%
2,67%
-24,98%
-10,97%
Banco Popolare
Credito Emiliano Spa - Credem
17,96%
23,67%
24,78%
22,77%
36,77%
40,58%
40,16%
39,17%
0,34%
0,26%
0,31%
0,40%
4,80%
4,32%
5,85%
6,11%
Credito Valtellinese Soc Coop
16,51%
16,74%
15,17%
-16,98%
30,37%
36,21%
35,57%
34,22%
0,32%
0,27%
0,19%
-1,09%
3,95%
3,46%
2,90%
-16,27%
Intesa Sanpaolo
18,00%
19,91%
6,10%
16,51%
27,71%
30,89%
29,05%
25,52%
0,47%
0,43%
-1,31%
0,24%
5,32%
5,05%
-17,41%
3,24%
Mediobanca Spa
21,86%
21,43%
27,49%
10,57%
25,24%
26,64%
25,47%
22,22%
0,00%
0,53%
0,49%
0,10%
0,04%
5,96%
5,33%
1,24%
Unione Di Banche Italiane Scpa - Ubi Banca
11,17%
7,48%
-7,36%
4,76%
30,03%
34,89%
35,68%
34,90%
0,23%
0,14%
-1,45%
0,06%
2,37%
1,57%
-20,60%
0,85%
Unicredit Spa
10,01%
11,46%
7,30%
-1,22%
28,28%
33,02%
32,96%
31,39%
0,19%
0,15%
-1,03%
0,09%
2,85%
2,06%
-17,88%
1,38%
EUROPEAN COMPARABLES
Banco Bilbao Sa
33,08%
33,97%
29,30%
15,37%
21,82%
22,37%
23,08%
20,12%
0,90%
0,84%
0,51%
0,27%
16,14%
12,78%
7,87%
4,05%
Banco Santander Sa
33,32%
31,04%
30,78%
22,06%
23,14%
23,21%
23,67%
23,65%
0,82%
0,69%
0,44%
0,18%
13,02%
10,91%
7,00%
2,95%
-16,29%
Credit Agricole S.A.
4,44%
12,54%
9,33%
2,40%
19,80%
19,40%
28,81%
11,61%
0,07%
0,08%
-0,09%
-0,35%
2,47%
2,77%
-3,43%
Deutsche Bank Ag
18,32%
20,06%
17,58%
6,74%
31,74%
35,79%
35,88%
34,56%
0,33%
0,12%
0,19%
0,01%
13,57%
4,73%
7,74%
0,44%
Hsbc Holdings Plc
8,10%
24,91%
27,04%
28,31%
27,02%
26,17%
24,93%
27,21%
0,25%
0,54%
0,66%
0,53%
4,55%
8,91%
10,58%
12,50%
-3,24%
Lloyds Tsb Bank Plc
-30,39%
2,32%
-22,51%
-2,31%
8,87%
10,48%
22,33%
12,70%
0,28%
-0,03%
-0,29%
-0,16%
6,53%
-0,69%
-6,07%
Natixis
-96,55%
23,98%
26,18%
11,79%
57,59%
33,76%
35,56%
34,19%
-0,38%
0,38%
0,31%
0,17%
-8,16%
8,28%
7,56%
4,63%
0,56%
22,72%
17,62%
12,55%
37,70%
29,76%
29,62%
32,00%
0,07%
0,35%
0,20%
0,06%
1,61%
8,44%
5,07%
1,55%
-8,76%
Societe Generale
Rbs Holdings Nv
-8,32%
-1,58%
-3,73%
-28,06%
22,48%
23,68%
23,95%
26,49%
-0,21%
-0,08%
-0,13%
-0,46%
-4,64%
-1,50%
-2,67%
Bnp Paribas
21,10%
28,63%
22,35%
21,96%
18,58%
19,34%
19,86%
19,28%
0,29%
0,40%
0,31%
0,35%
8,39%
10,51%
8,03%
7,63%
Barclays Plc
10,76%
19,13%
15,38%
-1,57%
30,73%
28,66%
28,00%
35,90%
0,69%
0,24%
0,19%
-0,05%
19,87%
7,01%
5,41%
-1,20%
-49,14%
--------------------------- Italian Banks ---------------------------
> Minimum
-2,91%
-6,75%
-12,44%
-60,76%
24,89%
26,64%
25,47%
22,22%
-0,11%
0,06%
-1,97%
-1,46%
-1,53%
0,92%
-52,85%
> Average
13,01%
13,82%
10,95%
-9,90%
30,23%
33,78%
32,56%
31,63%
0,23%
0,30%
-0,55%
-0,39%
2,79%
4,09%
-9,90%
-9,07%
> Median
13,86%
14,10%
12,93%
-6,77%
29,80%
34,42%
33,35%
32,78%
0,22%
0,26%
-0,42%
-0,08%
2,76%
3,89%
-6,20%
-1,01%
> Maximum
27,78%
24,24%
27,49%
22,77%
36,77%
40,58%
40,16%
43,87%
0,59%
0,53%
0,49%
0,40%
5,39%
9,02%
6,62%
6,11%
------------------------- Italian Top Five -------------------------
> Minimum
0,07%
7,48%
-7,36%
-38,29%
27,71%
30,89%
29,05%
25,52%
0,10%
0,14%
-1,97%
-1,46%
1,44%
1,57%
-52,85%
-49,14%
> Average
9,44%
12,11%
3,20%
-6,11%
30,68%
33,88%
33,02%
33,85%
0,24%
0,27%
-1,49%
-0,36%
2,86%
3,56%
-26,75%
-10,93%
> Median
10,01%
11,17%
6,10%
-1,22%
30,03%
34,89%
33,68%
33,59%
0,20%
0,24%
-1,45%
0,06%
2,37%
2,67%
-20,60%
0,85%
> Maximum
18,00%
19,91%
14,91%
16,51%
36,07%
35,61%
35,68%
43,87%
0,47%
0,43%
-1,03%
0,24%
5,32%
6,46%
-17,41%
3,24%
-16,29%
------------------------- European Banks -------------------------
> Minimum
-96,55%
-1,58%
-22,51%
-28,06%
8,87%
10,48%
19,86%
11,61%
-0,38%
-0,08%
-0,29%
-0,46%
-8,16%
-1,50%
-6,07%
> Average
-0,51%
19,79%
15,39%
8,11%
27,22%
24,79%
26,88%
25,25%
0,28%
0,32%
0,21%
0,05%
6,67%
6,56%
4,28%
0,39%
> Median
8,10%
22,72%
17,62%
11,79%
23,14%
23,68%
24,93%
26,49%
0,28%
0,35%
0,20%
0,06%
6,53%
8,28%
7,00%
1,55%
33,32%
33,97%
30,78%
28,31%
57,59%
35,79%
35,88%
35,90%
0,90%
0,84%
0,66%
0,53%
19,87%
12,78%
10,58%
12,50%
> Maximum
Profitability >
32
2009
Cost of Equity
Economic Profit Spread
Dividend Payout
Global Payout
[Bloomberg Data]
[ROE - Cost Of Equity]
Dividend/Net Income
(Dividend + Chg. in Treasury Shares)/
Net Income
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
11,04%
12,73%
12,74%
12,31%
-5,65%
-7,93%
-6,12%
-14,05%
74,89%
84,62%
Banca Monte Dei Paschi Di Siena Spa
11,62%
15,35%
14,55%
15,15%
-10,17%
-8,89%
-67,40%
-64,29%
49,27%
14,45%
68,17%
22,36%
Banca Popolare Emilia Romagna
10,53%
13,99%
13,32%
14,34%
-6,70%
-4,97%
-7,86%
-14,62%
Banca Popolare Etruria e del Lazio Soc. Coop.
10,77%
13,19%
11,92%
11,25%
-12,30%
-12,27%
-7,84%
-43,83%
Banca Popolare Di Milano Scarl
12,95%
16,08%
15,44%
16,36%
-10,29%
-13,32%
-30,74%
-27,06%
39,85%
70,24%
-
84,62%
-
13,69%
21,43%
-
22,31%
21,50%
0,89%
-
0,31%
0,11%
-
55,16%
62,08%
Banco Popolare
16,77%
19,92%
14,55%
15,79%
-14,45%
-17,25%
-39,53%
-26,76%
20,79%
Credito Emiliano Spa - Credem
13,04%
17,25%
14,29%
14,76%
-8,23%
-12,93%
-8,44%
-8,65%
34,11%
34,45%
Credito Valtellinese Soc Coop
10,52%
12,82%
12,61%
13,51%
-6,57%
-9,36%
-9,72%
-29,78%
90,80%
65,87%
105,35%
-13,86%
0,86%
41,59%
-12,62% 22517,01%
0,17%
Intesa Sanpaolo
14,07%
18,04%
16,89%
17,09%
-8,75%
-12,99%
-34,30%
Mediobanca Spa
15,08%
14,41%
14,33%
13,85%
-15,04%
-8,45%
-8,99%
39,12%
70,24%
-
20,77%
-
34,11%
34,45%
-
67,96%
105,83%
54,27%
-
41,66%
178,55%
-
0,17%
27,44%
30,24%
54,89%
39,12%
178,55%
Unione Di Banche Italiane Scpa - Ubi Banca
11,75%
15,38%
14,31%
15,34%
-9,39%
-13,81%
-34,91%
-14,50%
112,18%
116,31%
105,33%
-
116,31%
105,33%
Unicredit Spa
16,33%
20,92%
16,52%
17,87%
-13,48%
-18,86%
-34,41%
-16,50%
5,54%
66,19%
29,35%
-
66,08%
28,50%
EUROPEAN COMPARABLES
Banco Bilbao Sa
12,31%
16,08%
16,29%
15,51%
3,83%
-3,30%
-8,42%
-11,46%
33,13%
26,53%
34,32%
Banco Santander Sa
12,36%
15,66%
15,70%
14,95%
0,67%
-4,75%
-8,70%
-12,00%
49,06%
50,20%
65,24%
75,72%
-
33,67%
25,93%
-
50,20%
65,24%
64,44%
Credit Agricole S.A.
13,16%
18,18%
16,44%
15,75%
-10,69%
-15,42%
-19,88%
-32,04%
Deutsche Bank Ag
12,24%
23,39%
15,70%
15,42%
1,33%
-18,66%
-7,97%
-14,98%
6,21%
20,13%
16,72%
290,72%
-
37,53%
25,75%
-31,22%
Hsbc Holdings Plc
10,28%
20,74%
11,39%
12,14%
-5,74%
-11,83%
-0,81%
0,36%
77,70%
26,15%
29,85%
42,24%
-
26,15%
29,85%
42,24%
Lloyds Tsb Bank Plc
13,45%
28,94%
17,98%
18,10%
-6,92%
-29,63%
-24,05%
-21,35%
Natixis
13,24%
18,96%
14,24%
13,29%
-21,40%
-10,69%
-6,68%
-8,66%
Societe Generale
13,64%
18,55%
17,97%
17,65%
-12,04%
-10,11%
-12,91%
-16,09%
-
36,74%
-
36,74%
-
Rbs Holdings Nv
13,70%
28,34%
18,12%
17,78%
-18,34%
-29,83%
-20,79%
-26,55%
-
Bnp Paribas
12,88%
18,86%
15,99%
14,84%
-4,49%
-8,35%
-7,96%
-7,21%
-
Barclays Plc
13,76%
30,96%
19,37%
19,29%
6,11%
-23,96%
-13,96%
-20,50%
6,74%
36,67%
46,13%
-
32,74%
46,13%
--------------------------- Italian Banks ---------------------------
> Minimum
10,52%
12,73%
11,92%
11,25%
-15,04%
-18,86%
-67,40%
-64,29%
0,86%
0,17%
0,89%
27,44%
-
0,17%
0,11%
28,50%
> Average
12,87%
15,84%
14,29%
14,80%
-10,09%
-11,75%
-24,19%
-23,87%
2550,95%
48,05%
45,25%
78,99%
-
43,60%
45,21%
79,50%
-15,56%
68,17%
41,59%
36,78%
54,27%
-
37,89%
36,78%
54,89%
-8,65% 22517,01%
116,31%
105,35%
178,55%
-
116,31%
105,83%
178,55%
28,50%
> Median
12,35%
15,37%
14,32%
14,95%
-9,78%
-12,60%
-20,23%
> Maximum
16,77%
20,92%
16,89%
17,87%
-5,65%
-4,97%
-6,12%
------------------------- Italian Top Five -------------------------
> Minimum
11,62%
15,35%
14,31%
15,15%
-14,45%
-18,86%
-67,40%
-64,29%
0,86%
14,45%
0,00%
29,35%
-
13,69%
0,00%
> Average
14,11%
17,92%
15,36%
16,25%
-11,25%
-14,36%
-42,11%
-27,18%
41,96%
51,87%
n/a
62,98%
-
51,70%
n/a
62,91%
> Median
14,07%
18,04%
14,55%
15,79%
-10,17%
-13,81%
-34,91%
-16,50%
27,40%
41,59%
n/a
54,27%
-
41,66%
n/a
54,89%
> Maximum
16,77%
20,92%
16,89%
17,87%
-8,75%
-8,89%
-34,30%
-13,86%
112,18%
116,31%
0,00%
105,33%
-
116,31%
0,00%
105,33%
-31,22%
------------------------- European Banks -------------------------
> Minimum
10,28%
15,66%
11,39%
12,14%
-21,40%
-29,83%
-24,05%
-32,04%
6,21%
20,13%
16,72%
36,74%
-
26,15%
25,75%
> Average
12,82%
21,70%
16,29%
15,88%
-6,15%
-15,14%
-12,01%
-15,50%
34,57%
31,94%
38,45%
111,35%
-
36,06%
38,58%
28,05%
> Median
13,16%
18,96%
16,29%
15,51%
-5,74%
-11,83%
-8,70%
-14,98%
33,13%
26,53%
34,32%
58,98%
-
33,67%
29,85%
39,49%
> Maximum
13,76%
30,96%
19,37%
19,29%
6,11%
-3,30%
-0,81%
0,36%
77,70%
50,20%
65,24%
290,72%
-
50,20%
65,24%
64,44%
AppStreeling
Liquidity >
Powered by: @streeling
Liquidity >
34
Interest Earning Assets/
Interest Bearing Liabilities
Net Loans/Total Assets
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
62,77%
62,23%
59,93%
61,11%
56,45%
58,51%
63,42%
60,09%
58,27%
1,17
1,17
1,13
1,15
Banca Monte Dei Paschi Di Siena Spa
67,80%
63,96%
60,91%
64,88%
62,02%
64,86%
63,38%
63,94%
61,82%
1,01
1,02
1,01
1,02
76,07%
1,05
1,05
1,05
1,06
1,11
1,12
1,10
1,09
1,05
1,12
1,05
1,06
Banca Popolare Emilia Romagna
76,26%
81,68%
79,66%
77,95%
79,18%
78,17%
77,48%
78,00%
Banca Popolare Etruria e del Lazio Soc. Coop.
74,44%
73,48%
67,71%
51,24%
54,40%
50,87%
49,10%
47,56%
Banca Popolare Di Milano Scarl
74,19%
65,83%
68,72%
66,30%
66,41%
66,63%
66,25%
65,19%
66,53%
Banco Popolare
70,26%
69,89%
69,63%
69,35%
63,79%
62,20%
61,06%
63,17%
62,47%
1,02
1,02
1,02
1,02
Credito Emiliano Spa - Credem
66,32%
62,95%
64,30%
67,14%
66,17%
67,17%
67,57%
63,83%
63,51%
1,12
1,11
1,11
1,13
Credito Valtellinese Soc Coop
81,84%
82,22%
78,60%
73,61%
75,37%
73,45%
52,70%
69,88%
51,93%
1,05
1,05
1,04
1,05
Intesa Sanpaolo
59,86%
57,57%
58,94%
55,92%
55,37%
54,29%
54,09%
53,28%
53,59%
1,09
1,14
1,14
1,16
Mediobanca Spa
57,37%
52,19%
53,18%
53,22%
47,39%
49,65%
44,88%
51,17%
56,00%
1,07
1,07
1,08
1,06
Unione Di Banche Italiane Scpa - Ubi Banca
80,13%
77,98%
76,80%
70,14%
71,04%
70,35%
69,85%
70,61%
71,30%
1,06
1,05
1,03
1,04
Unicredit Spa
60,83%
59,78%
61,25%
59,03%
56,27%
57,98%
53,13%
58,87%
56,23%
1,03
1,04
1,04
1,05
Banco Bilbao Sa
60,53%
61,71%
59,39%
55,96%
57,58%
56,37%
54,20%
56,47%
56,60%
1,03
1,04
1,04
1,03
Banco Santander Sa
61,15%
59,47%
58,90%
55,48%
59,19%
57,98%
53,90%
56,47%
57,24%
1,04
1,04
1,03
1,03
EUROPEAN COMPARABLES
Credit Agricole S.A.
23,27%
24,05%
23,17%
17,90%
18,97%
19,59%
16,31%
17,56%
17,46%
1,19
1,20
1,18
1,19
Deutsche Bank Ag
17,20%
21,40%
19,06%
19,74%
18,30%
18,45%
18,18%
19,43%
20,30%
1,04
1,03
1,03
1,04
Hsbc Holdings Plc
37,90%
39,04%
36,80%
37,05%
36,76%
36,79%
36,66%
35,75%
36,65%
1,09
1,08
1,10
1,06
Lloyds Tsb Bank Plc
64,21%
62,36%
59,57%
56,51%
55,59%
55,58%
54,66%
56,69%
57,69%
1,17
1,20
1,22
1,22
Natixis
23,57%
27,96%
22,02%
18,82%
1,10
1,13
1,11
1,11
Societe Generale
33,66%
32,85%
31,11%
28,00%
31,29%
30,41%
27,33%
30,33%
29,44%
1,14
1,14
1,13
1,14
Rbs Holdings Nv
46,88%
43,71%
34,22%
38,11%
30,74%
30,73%
31,24%
33,05%
34,43%
1,45
1,53
1,69
1,62
Bnp Paribas
32,99%
34,27%
33,88%
33,06%
33,37%
31,93%
31,52%
32,32%
33,50%
1,06
1,08
1,10
1,12
Barclays Plc
35,95%
35,54%
33,33%
36,09%
27,79%
28,32%
26,51%
28,65%
30,67%
1,04
1,04
1,04
1,04
--------------------------- Italian Banks ---------------------------
> Minimum
57,37%
52,19%
53,18%
51,24%
47,39%
49,65%
44,88%
47,56%
51,93%
1,01
1,02
1,01
1,02
> Average
69,34%
67,48%
66,64%
64,16%
62,82%
62,84%
60,24%
62,13%
61,61%
1,07
1,08
1,07
1,07
> Median
69,03%
64,90%
66,01%
65,59%
62,91%
63,53%
62,22%
63,50%
61,82%
1,06
1,06
1,05
1,06
> Maximum
81,84%
82,22%
79,66%
77,95%
79,18%
78,17%
77,48%
78,00%
76,07%
1,17
1,17
1,14
1,16
> Minimum
59,86%
57,57%
58,94%
55,92%
55,37%
54,29%
53,13%
53,28%
53,59%
1,01
1,02
1,01
1,02
> Average
67,78%
65,84%
65,51%
63,86%
61,70%
61,94%
60,30%
61,97%
61,08%
1,04
1,05
1,05
1,06
------------------------- Italian Top Five -------------------------
> Median
67,80%
63,96%
61,25%
64,88%
62,02%
62,20%
61,06%
63,17%
61,82%
1,03
1,04
1,03
1,04
> Maximum
80,13%
77,98%
76,80%
70,14%
71,04%
70,35%
69,85%
70,61%
71,30%
1,09
1,14
1,14
1,16
------------------------- European Banks -------------------------
> Minimum
17,20%
21,40%
19,06%
17,90%
18,30%
18,45%
16,31%
17,56%
17,46%
1,03
1,03
1,03
1,03
> Average
39,76%
40,21%
37,40%
36,07%
36,96%
36,61%
35,05%
36,67%
37,40%
1,12
1,14
1,15
1,15
> Median
35,95%
35,54%
33,88%
36,09%
32,33%
31,33%
31,38%
32,68%
33,97%
1,09
1,08
1,10
1,11
> Maximum
64,21%
62,36%
59,57%
56,51%
59,19%
57,98%
54,66%
56,69%
57,69%
1,45
1,53
1,69
1,62
Liquidity >
35
Free Funding
Funding Liquidity Gap
(Deposits + Equity)/Total Assets
2009
2010
2011
2012
giu-12
set-12
(Loans - Deposits)/Loans
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
52,11%
48,31%
41,90%
41,37%
35,01%
35,53%
42,94%
35,24%
37,92%
33,90%
37,38%
40,79%
44,50%
50,83%
52,46%
44,50%
54,13%
49,14%
Banca Monte Dei Paschi Di Siena Spa
47,46%
46,38%
38,68%
40,09%
32,69%
35,35%
32,99%
35,61%
36,47%
40,21%
37,42%
42,70%
42,75%
54,13%
52,58%
52,49%
48,85%
46,00%
58,18%
33,28%
Banca Popolare Emilia Romagna
58,95%
63,67%
58,44%
60,11%
54,77%
56,18%
57,71%
58,98%
Banca Popolare Etruria e del Lazio Soc. Coop.
51,89%
52,26%
42,45%
59,99%
36,27%
62,08%
33,91%
63,33%
31,99%
31,14%
36,28%
32,80%
40,68%
38,29%
35,45%
34,14%
39,68%
37,91%
46,34%
-8,55%
42,60%
-12,43%
39,44%
-24,52%
Banca Popolare Di Milano Scarl
59,13%
51,52%
49,03%
57,85%
51,52%
51,12%
49,92%
50,46%
51,62%
32,54%
32,93%
40,04%
24,41%
34,09%
35,49%
36,32%
34,36%
33,06%
Banco Popolare
48,12%
49,21%
41,77%
44,34%
38,33%
38,45%
36,43%
36,81%
36,28%
44,21%
42,23%
50,10%
45,87%
51,19%
49,77%
51,15%
52,66%
53,12%
27,53%
Credito Emiliano Spa - Credem
55,00%
45,62%
48,55%
53,47%
46,64%
50,10%
50,09%
52,22%
52,51%
27,63%
37,07%
32,75%
29,97%
38,51%
34,68%
35,48%
28,10%
Credito Valtellinese Soc Coop
65,60%
64,79%
61,79%
60,35%
57,86%
81,95%
56,55%
62,53%
56,81%
30,76%
31,59%
30,95%
27,05%
33,29%
-1,31%
5,04%
19,69%
2,29%
Intesa Sanpaolo
42,34%
41,85%
38,32%
39,83%
35,36%
35,79%
36,62%
37,95%
39,25%
43,64%
41,71%
47,67%
42,10%
49,31%
47,80%
46,18%
42,82%
41,06%
Mediobanca Spa
25,66%
28,40%
28,59%
30,20%
28,41%
30,38%
28,79%
30,80%
11,63%
68,98%
62,71%
63,77%
59,04%
58,03%
56,32%
56,24%
58,22%
Unione Di Banche Italiane Scpa - Ubi Banca
53,32%
54,08%
49,51%
48,58%
44,63%
47,12%
45,78%
46,13%
45,18%
46,06%
42,38%
45,40%
42,13%
47,82%
44,33%
45,92%
46,13%
48,36%
Unicredit Spa
47,86%
50,56%
49,61%
51,35%
44,47%
50,20%
44,88%
51,96%
47,69%
32,45%
27,61%
28,80%
25,15%
32,98%
25,18%
28,44%
24,13%
28,20%
EUROPEAN COMPARABLES
Banco Bilbao Sa
53,25%
56,67%
53,91%
52,76%
48,32%
49,18%
52,14%
52,80%
54,45%
21,52%
19,14%
20,51%
17,98%
28,10%
24,78%
16,32%
19,53%
17,33%
Banco Santander Sa
50,57%
54,40%
53,68%
53,04%
48,71%
48,99%
50,99%
52,17%
53,41%
28,19%
19,70%
20,10%
16,37%
28,15%
26,69%
17,42%
19,30%
18,33%
Credit Agricole S.A.
33,14%
34,73%
33,36%
28,71%
27,84%
29,85%
26,44%
28,47%
28,93%
-28,08%
-30,82%
-31,61%
-46,67%
-31,90%
-39,37%
-47,64%
-48,08%
-51,10%
Deutsche Bank Ag
25,47%
30,67%
30,33%
31,39%
29,53%
30,43%
28,90%
31,05%
32,02%
-33,36%
-30,97%
-45,87%
-45,29%
-47,58%
-50,66%
-45,29%
-45,59%
-42,83%
Hsbc Holdings Plc
54,76%
56,33%
55,57%
54,23%
54,75%
54,83%
55,98%
55,63%
56,65%
-29,32%
-28,11%
-33,34%
-34,32%
-31,13%
-31,07%
-34,32%
-36,44%
-35,78%
Lloyds Tsb Bank Plc
43,89%
44,43%
47,45%
51,01%
48,87%
49,87%
49,37%
52,55%
54,43%
38,34%
36,34%
28,40%
18,29%
20,81%
19,01%
18,32%
15,84%
14,28%
Natixis
14,24%
17,74%
12,93%
14,11%
59,83%
53,24%
60,22%
45,13%
Societe Generale
33,89%
34,31%
33,12%
31,29%
32,20%
31,17%
30,54%
31,32%
32,16%
12,91%
9,26%
7,44%
3,71%
10,66%
11,19%
3,71%
11,01%
5,20%
Rbs Holdings Nv
41,78%
40,42%
38,42%
45,09%
34,48%
35,34%
36,58%
38,88%
41,67%
22,77%
19,62%
2,45%
-4,23%
5,10%
2,47%
-0,73%
-1,17%
-4,37%
Bnp Paribas
33,28%
33,36%
32,15%
33,24%
31,76%
31,76%
31,43%
32,91%
34,82%
10,88%
15,16%
17,95%
14,43%
18,57%
15,21%
15,30%
13,23%
11,13%
Barclays Plc
35,24%
35,82%
36,39%
38,79%
28,77%
29,45%
27,85%
31,26%
33,95%
13,77%
10,98%
3,33%
4,23%
9,82%
10,07%
9,08%
4,32%
2,08%
--------------------------- Italian Banks ---------------------------
> Minimum
25,66%
28,40%
28,59%
30,20%
28,41%
30,38%
28,79%
30,80%
11,63%
27,63%
27,61%
28,80%
-8,55%
32,98%
-12,43%
5,04%
-24,52%
2,29%
> Average
50,62%
49,72%
45,72%
48,96%
42,16%
47,86%
43,05%
46,84%
43,05%
39,34%
38,51%
42,13%
33,94%
44,46%
35,26%
39,72%
34,89%
36,21%
> Median
52,00%
49,89%
45,50%
49,97%
41,40%
48,61%
43,91%
48,29%
45,18%
36,79%
37,40%
41,74%
37,45%
45,21%
41,31%
41,97%
38,59%
37,17%
> Maximum
65,60%
64,79%
61,79%
60,35%
57,86%
81,95%
57,71%
63,33%
58,18%
68,98%
62,71%
63,77%
59,04%
58,03%
56,32%
56,24%
58,22%
53,12%
------------------------- Italian Top Five -------------------------
> Minimum
42,34%
41,85%
38,32%
39,83%
32,69%
35,35%
32,99%
35,61%
36,28%
32,45%
27,61%
28,80%
25,15%
32,98%
25,18%
28,44%
24,13%
28,20%
> Average
47,82%
48,42%
43,58%
44,84%
39,10%
41,38%
39,34%
41,69%
40,97%
41,31%
38,27%
42,93%
39,60%
47,09%
43,93%
44,84%
42,92%
43,35%
> Median
47,86%
49,21%
41,77%
44,34%
38,33%
38,45%
36,62%
37,95%
39,25%
43,64%
41,71%
45,40%
42,13%
49,31%
47,80%
46,18%
46,13%
46,00%
> Maximum
53,32%
54,08%
49,61%
51,35%
44,63%
50,20%
45,78%
51,96%
47,69%
46,06%
42,38%
50,10%
45,87%
54,13%
52,58%
52,49%
52,66%
53,12%
------------------------- European Banks -------------------------
> Minimum
14,24%
17,74%
12,93%
14,11%
27,84%
29,45%
26,44%
28,47%
28,93%
-33,36%
-30,97%
-45,87%
-46,67%
-47,58%
-50,66%
-47,64%
-48,08%
-51,10%
> Average
38,14%
39,90%
38,85%
39,42%
38,52%
39,09%
39,02%
40,70%
42,25%
10,68%
8,51%
4,51%
-0,94%
1,06%
-1,17%
-4,78%
-4,81%
-6,57%
> Median
35,24%
35,82%
36,39%
38,79%
33,34%
33,55%
34,01%
35,89%
38,24%
13,77%
15,16%
7,44%
4,23%
10,24%
10,63%
6,40%
7,66%
3,64%
> Maximum
54,76%
56,67%
55,57%
54,23%
54,75%
54,83%
55,98%
55,63%
56,65%
59,83%
53,24%
60,22%
45,13%
28,15%
26,69%
18,32%
19,53%
18,33%
AppStreeling
Credit Quality >
Powered by: @streeling
Credit Quality – Provisioning for Loans >
37
Provisions for Loan Losses / Total Loans - June 2013
Average(IT Banks)
Average(IT Top Five Banks)
Average(EU Banks)
Credit Quality – Non Performing Loans >
38
Gross Non Performing Loans / Total Loans – June 2013
Average(IT Top Five Banks)
Average(IT Banks)
Adjusted Average (IT Banks) **
Average(EU Banks)
Nel confronto internazionale le banche italiane tendono ad evidenziare un’elevata incidenza dei prestiti deteriorati sul totale dei finanziamenti, e un contenuto
tasso di copertura. Tale confronto all’interno dell’UE è inficiato da numerosi fattori. I due più importanti sono:
(1) Le diverse modalità di individuazione dei crediti deteriorati: in particolare le banche italiane, a differenza di quelle degli altri paesi dell’UE, includono tra i
crediti deteriorati anche i prestiti non-performing coperti da garanzie. Tale criterio accresce il valore del NPL ratio e riduce il tasso di copertura delle banche
italiane rispetto a quelle estere. Banca d'Italia stima che il valore dei non-performing delle banche italiane si abbatterebbe del 32% circa, cancellando questa
voce dal montante dei crediti deteriorati [**la voce riportata nel grafico come "adjusted Average (IT Banks)" considera questo aggiustamento];
(2) Dalla durata delle procedure di recupero crediti, particolarmente lente in Italia; ciò allunga la permanenza delle posizioni deteriorate nei bilanci delle banche
e accresce il rapporto fra crediti deteriorati e prestiti complessivi. (Fonte: Banca d'Italia)
Credit Quality – Loan Loss Reserve Adequacy >
39
Reserve on Loan Losses / Total Loans – June 2013
Average(IT Top Five Banks)
Average(IT Banks)
Average(EU Banks)
Credit Quality – NPL Cover Ratios >
40
Reserve on Loan Losses / Non Performing Loans – June 2013
Adjusted Average (IT Banks) **
Average(EU Banks)
Average(IT Top Five Banks)
Average(IT Banks)
Nel confronto internazionale le banche italiane tendono ad evidenziare un’elevata incidenza dei prestiti deteriorati sul totale dei finanziamenti, e un contenuto
tasso di copertura. Tale confronto all’interno dell’UE è inficiato da numerosi fattori. I due più importanti sono:
(1) Le diverse modalità di individuazione dei crediti deteriorati: in particolare le banche italiane, a differenza di quelle degli altri paesi dell’UE, includono tra i
crediti deteriorati anche i prestiti non-performing coperti da garanzie. Tale criterio accresce il valore del NPL ratio e riduce il tasso di copertura delle banche
italiane rispetto a quelle estere. Banca d'Italia stima che il valore dei non-performing delle banche italiane si abbatterebbe del 32% circa, cancellando questa
voce dal montante dei crediti deteriorati [**la voce riportata nel grafico come "adjusted Average (IT Banks)" considera questo aggiustamento];
(2) Dalla durata delle procedure di recupero crediti, particolarmente lente in Italia; ciò allunga la permanenza delle posizioni deteriorate nei bilanci delle banche
e accresce il rapporto fra crediti deteriorati e prestiti complessivi. (Fonte: Banca d'Italia)
Credit Quality >
41
Provisions for Loan Losses/Total Loans
2009
2010
2011
2012
giu-12
set-12
Reserve on Loan Losses/Total Loans
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
0,43%
0,45%
0,43%
1,43%
0,16%
0,15%
1,09%
0,17%
0,66%
2,27%
2,51%
2,78%
3,78%
3,17%
3,20%
Banca Monte Dei Paschi Di Siena Spa
0,91%
0,68%
0,83%
1,72%
0,26%
0,30%
0,88%
0,32%
0,37%
4,84%
5,45%
6,57%
8,28%
7,27%
6,95%
0,54%
5,65%
Banca Popolare Emilia Romagna
1,22%
0,75%
0,68%
1,94%
0,37%
0,25%
1,05%
0,31%
Banca Popolare Etruria e del Lazio Soc. Coop.
1,45%
1,16%
1,07%
4,14%
0,43%
0,42%
3,06%
0,63%
4,78%
4,77%
4,96%
2,90%
5,45%
3,61%
4,38%
5,79%
9,70%
6,70%
4,18%
5,15%
8,28%
8,39%
9,52%
6,46%
6,67%
7,29%
9,70%
Banca Popolare Di Milano Scarl
1,00%
0,65%
1,31%
1,50%
0,21%
0,19%
0,96%
0,18%
0,27%
2,43%
2,37%
3,07%
4,53%
3,47%
3,65%
4,53%
4,68%
4,99%
Banco Popolare
0,83%
0,79%
0,78%
1,34%
0,21%
0,23%
0,78%
0,26%
0,24%
3,60%
4,16%
4,22%
4,93%
4,85%
4,77%
5,40%
5,47%
5,38%
2,06%
2,09%
1,36%
Credito Emiliano Spa - Credem
0,61%
0,32%
0,25%
0,42%
0,06%
0,08%
0,17%
0,10%
0,14%
1,78%
1,84%
1,87%
2,09%
2,05%
Credito Valtellinese Soc Coop
0,73%
0,59%
0,72%
1,52%
0,18%
0,24%
1,26%
0,26%
0,40%
3,50%
3,85%
4,13%
5,38%
4,20%
Intesa Sanpaolo
0,88%
0,71%
1,06%
1,07%
0,28%
0,31%
0,41%
0,31%
0,37%
4,21%
4,66%
5,58%
6,02%
5,75%
7,21%
6,04%
6,26%
7,36%
6,57%
7,02%
Mediobanca Spa
1,10%
1,13%
0,84%
1,00%
0,34%
0,25%
0,33%
0,31%
0,43%
1,96%
2,20%
1,97%
1,94%
2,18%
Unione Di Banche Italiane Scpa - Ubi Banca
0,87%
0,68%
0,60%
0,89%
0,21%
0,17%
0,37%
0,17%
0,24%
1,43%
1,78%
1,87%
2,30%
3,00%
3,19%
3,48%
3,56%
3,78%
Unicredit Spa
1,37%
1,14%
0,99%
1,54%
0,32%
0,30%
0,83%
0,21%
0,31%
4,99%
5,61%
5,93%
6,58%
6,39%
5,81%
6,97%
6,72%
7,25%
2,66%
EUROPEAN COMPARABLES
Banco Bilbao Sa
1,56%
1,31%
1,16%
2,14%
0,62%
0,54%
0,74%
0,37%
0,40%
2,67%
2,39%
2,19%
3,54%
2,85%
3,59%
3,61%
4,06%
4,04%
Banco Santander Sa
1,36%
1,38%
1,40%
1,74%
0,43%
0,38%
0,43%
0,39%
0,42%
2,56%
2,65%
2,50%
3,49%
2,72%
3,12%
3,51%
3,49%
3,56%
Credit Agricole S.A.
1,21%
0,81%
0,61%
0,67%
0,22%
0,25%
0,32%
0,23%
0,21%
3,22%
3,53%
3,95%
3,58%
4,81%
3,15%
3,77%
3,62%
3,98%
Deutsche Bank Ag
1,01%
0,31%
0,44%
0,43%
0,10%
0,14%
0,11%
0,09%
0,12%
1,28%
0,80%
1,00%
1,17%
1,06%
1,12%
1,17%
1,27%
1,27%
1,61%
1,59%
1,56%
Hsbc Holdings Plc
2,71%
1,38%
1,20%
0,80%
0,25%
0,17%
0,18%
0,12%
0,20%
2,77%
2,05%
1,83%
1,59%
1,74%
Lloyds Tsb Bank Plc
2,38%
1,69%
1,35%
0,95%
0,23%
0,20%
0,26%
0,17%
0,16%
2,19%
2,89%
3,14%
2,84%
3,24%
2,86%
1,58%
2,81%
Natixis
2,20%
0,13%
0,32%
0,44%
2,92%
2,34%
2,38%
2,56%
Societe Generale
1,54%
0,93%
0,97%
0,88%
0,14%
0,22%
0,16%
0,24%
0,17%
3,38%
3,76%
4,36%
4,33%
4,21%
3,61%
4,33%
3,55%
4,05%
Rbs Holdings Nv
1,71%
1,40%
1,35%
1,02%
0,29%
0,27%
0,32%
0,23%
0,25%
2,11%
2,76%
3,69%
4,05%
4,43%
4,56%
4,68%
4,71%
4,92%
Bnp Paribas
1,05%
0,59%
0,90%
0,53%
0,12%
0,15%
0,18%
0,15%
0,15%
3,60%
3,75%
4,03%
4,04%
3,80%
4,05%
4,23%
4,13%
Barclays Plc
1,59%
1,05%
0,72%
0,66%
0,20%
0,18%
0,19%
0,15%
0,19%
2,12%
2,29%
1,98%
1,77%
2,14%
2,10%
1,80%
1,68%
1,65%
--------------------------- Italian Banks ---------------------------
> Minimum
0,43%
0,32%
0,25%
0,42%
0,06%
0,08%
0,17%
0,10%
0,14%
1,43%
1,78%
1,87%
1,94%
2,05%
2,06%
2,09%
1,36%
3,78%
> Average
0,95%
0,76%
0,80%
1,54%
0,25%
0,24%
0,93%
0,27%
0,36%
3,28%
3,63%
4,06%
4,87%
4,54%
4,59%
5,73%
5,29%
6,42%
> Median
0,90%
0,70%
0,81%
1,47%
0,24%
0,24%
0,85%
0,26%
0,37%
3,55%
4,00%
4,17%
4,73%
4,53%
4,77%
6,26%
5,47%
7,02%
> Maximum
1,45%
1,16%
1,31%
4,14%
0,43%
0,42%
3,06%
0,63%
0,66%
4,99%
5,61%
6,57%
9,70%
7,27%
6,95%
9,70%
8,39%
9,52%
------------------------- Italian Top Five -------------------------
> Minimum
0,83%
0,68%
0,60%
0,89%
0,21%
0,17%
0,37%
0,17%
0,24%
1,43%
1,78%
1,87%
2,30%
3,00%
3,19%
3,48%
3,56%
3,78%
> Average
0,97%
0,80%
0,85%
1,31%
0,25%
0,26%
0,65%
0,25%
0,31%
3,81%
4,33%
4,83%
5,62%
5,46%
5,35%
6,08%
6,14%
6,59%
> Median
0,88%
0,71%
0,83%
1,34%
0,26%
0,30%
0,78%
0,26%
0,31%
4,21%
4,66%
5,58%
6,02%
5,75%
5,81%
6,26%
6,57%
7,02%
> Maximum
1,37%
1,14%
1,06%
1,72%
0,32%
0,31%
0,88%
0,32%
0,37%
4,99%
5,61%
6,57%
8,28%
7,27%
6,95%
8,28%
8,39%
9,52%
------------------------- European Banks -------------------------
> Minimum
1,01%
0,13%
0,32%
0,43%
0,10%
0,14%
0,11%
0,09%
0,12%
1,28%
0,80%
1,00%
1,17%
1,06%
1,12%
1,17%
1,27%
1,27%
> Average
1,67%
1,00%
0,95%
0,93%
0,26%
0,25%
0,29%
0,21%
0,23%
2,62%
2,66%
2,82%
3,00%
3,10%
2,86%
3,14%
3,13%
3,20%
> Median
1,56%
1,05%
0,97%
0,80%
0,22%
0,21%
0,22%
0,20%
0,20%
2,67%
2,65%
2,50%
3,49%
3,05%
3,14%
3,56%
3,55%
3,77%
> Maximum
2,71%
1,69%
1,40%
2,14%
0,62%
0,54%
0,74%
0,39%
0,42%
3,60%
3,76%
4,36%
4,33%
4,81%
4,56%
4,68%
4,71%
4,92%
Credit Quality >
42
Reserve on Loan Losses/
Non Performing Loans
2009
2010
2011
2012
giu-12
set-12
Gross Non Performing Loans/Total Loans
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
21,59%
30,60%
30,46%
36,90%
29,64%
28,67%
Banca Monte Dei Paschi Di Siena Spa
45,09%
45,95%
44,72%
43,43%
45,34%
38,38%
Banca Popolare Emilia Romagna
44,64%
35,24%
Banca Popolare Etruria e del Lazio Soc. Coop.
42,90%
38,39%
17,44%
35,64%
65,93%
50,83%
69,42%
49,94%
37,06%
34,88%
10,51%
8,20%
9,13%
10,25%
10,70%
11,15%
43,43%
40,41%
45,46%
10,72%
11,85%
14,69%
19,07%
16,04%
18,11%
40,24%
39,55%
38,22%
10,70%
11,12%
12,91%
16,62%
15,28%
16,04%
6,64%
11,39%
13,97%
13,41%
69,40%
11,27%
14,76%
19,07%
20,77%
20,95%
16,05%
16,86%
19,08%
13,97%
Banca Popolare Di Milano Scarl
34,43%
31,27%
36,21%
39,22%
35,07%
34,13%
39,22%
38,60%
37,15%
7,06%
7,59%
8,48%
11,54%
9,89%
10,69%
11,55%
12,14%
13,42%
Banco Popolare
25,91%
31,09%
29,47%
29,07%
28,73%
26,80%
29,07%
28,36%
27,77%
13,91%
13,38%
14,32%
16,96%
16,89%
17,80%
18,59%
19,28%
19,38%
75,88%
75,34%
81,07%
2,01%
2,18%
2,45%
2,77%
2,63%
2,71%
48,80%
3,44%
8,69%
7,18%
9,03%
11,96%
48,93%
49,33%
8,81%
9,43%
10,48%
12,39%
11,64%
Credito Emiliano Spa - Credem
88,78%
84,54%
76,05%
75,35%
77,90%
Credito Valtellinese Soc Coop
101,62%
44,28%
57,49%
59,59%
35,12%
Intesa Sanpaolo
47,72%
49,42%
53,23%
48,61%
49,42%
Mediobanca Spa
59,60%
49,09%
48,61%
56,83%
2,77%
1,68%
12,10%
7,57%
15,09%
12,31%
12,87%
13,42%
14,23%
148,16%
167,91%
179,69%
161,28%
56,47%
1,32%
1,31%
1,10%
1,20%
3,85%
Unione Di Banche Italiane Scpa - Ubi Banca
22,26%
24,66%
22,07%
19,98%
31,10%
29,59%
30,33%
29,67%
30,26%
6,41%
7,20%
8,46%
11,53%
9,66%
10,77%
11,46%
4,68%
12,00%
12,49%
Unicredit Spa
51,36%
51,64%
47,94%
46,63%
46,98%
43,09%
46,63%
47,49%
47,04%
9,72%
10,86%
12,36%
14,12%
13,61%
13,48%
14,94%
14,15%
15,41%
EUROPEAN COMPARABLES
Banco Bilbao Sa
58,52%
54,78%
50,83%
64,65%
64,72%
68,39%
63,26%
70,59%
67,60%
4,57%
4,36%
4,31%
5,48%
4,40%
5,26%
5,71%
5,76%
5,98%
Banco Santander Sa
72,79%
69,06%
59,11%
70,65%
62,16%
67,78%
70,65%
68,73%
64,56%
3,52%
3,83%
4,24%
4,95%
4,37%
4,60%
4,97%
5,07%
5,52%
Credit Agricole S.A.
71,99%
64,39%
66,38%
70,64%
79,38%
76,28%
70,64%
74,88%
69,27%
4,48%
5,48%
5,95%
5,07%
6,06%
4,13%
5,33%
4,84%
5,75%
Deutsche Bank Ag
46,42%
52,61%
44,12%
45,44%
44,61%
44,91%
45,44%
50,28%
54,12%
2,75%
1,52%
2,26%
2,57%
2,36%
2,50%
2,57%
2,53%
2,36%
Hsbc Holdings Plc
82,81%
42,85%
42,11%
41,66%
42,26%
41,66%
40,82%
3,35%
4,79%
4,34%
3,81%
4,11%
3,81%
Lloyds Tsb Bank Plc
25,16%
28,44%
31,08%
32,94%
33,79%
32,94%
36,17%
8,72%
10,15%
10,10%
8,61%
9,60%
8,69%
9,04%
7,76%
3,87%
Natixis
53,20%
57,07%
52,70%
46,46%
5,49%
4,10%
4,52%
5,52%
Societe Generale
58,18%
62,89%
69,56%
66,86%
65,19%
58,40%
66,86%
57,20%
64,05%
5,81%
5,98%
6,27%
6,47%
6,46%
6,18%
6,47%
6,20%
6,32%
Rbs Holdings Nv
44,78%
46,78%
48,38%
51,39%
50,89%
50,38%
51,39%
52,10%
51,37%
4,71%
5,91%
7,63%
7,89%
8,71%
9,04%
9,11%
9,04%
9,58%
Bnp Paribas
66,10%
63,35%
63,98%
62,48%
62,19%
62,48%
60,49%
5,45%
5,92%
6,30%
6,46%
6,12%
Barclays Plc
47,95%
50,92%
49,44%
52,12%
50,12%
31,70%
53,59%
4,42%
4,49%
4,01%
3,39%
4,27%
50,85%
4,13%
6,48%
6,83%
5,67%
3,07%
--------------------------- Italian Banks ---------------------------
> Minimum
21,59%
24,66%
22,07%
17,44%
28,73%
26,80%
29,07%
28,36%
27,77%
1,32%
1,31%
1,10%
1,20%
2,63%
2,71%
2,77%
1,68%
12,49%
> Average
57,41%
55,85%
55,55%
53,91%
43,45%
40,10%
48,97%
43,46%
39,88%
7,69%
8,20%
9,41%
11,62%
11,30%
12,56%
12,55%
12,91%
16,09%
> Median
> Maximum
45,09%
45,12%
46,33%
45,03%
40,49%
35,24%
46,63%
39,55%
38,22%
8,81%
8,45%
9,80%
11,97%
11,80%
12,31%
12,87%
12,78%
15,09%
148,16%
167,91%
179,69%
161,28%
77,90%
75,88%
75,34%
81,07%
49,33%
13,91%
13,38%
14,69%
19,07%
16,89%
18,11%
19,07%
20,77%
20,95%
------------------------- Italian Top Five -------------------------
> Minimum
22,26%
24,66%
22,07%
19,98%
28,73%
26,80%
29,07%
28,36%
27,77%
6,41%
7,20%
8,46%
11,53%
9,66%
10,77%
11,46%
12,00%
12,49%
> Average
38,47%
40,55%
39,49%
37,54%
40,31%
37,39%
39,61%
38,97%
39,97%
9,92%
10,54%
12,06%
14,81%
13,57%
14,49%
15,39%
15,93%
16,49%
> Median
45,09%
45,95%
44,72%
43,43%
45,34%
38,38%
43,43%
40,41%
45,46%
9,72%
10,86%
12,36%
14,12%
13,61%
13,48%
14,94%
14,15%
15,41%
> Maximum
51,36%
51,64%
53,23%
48,61%
49,42%
49,09%
48,61%
48,93%
49,33%
13,91%
13,38%
14,69%
19,07%
16,89%
18,11%
19,07%
20,77%
20,95%
------------------------- European Banks -------------------------
> Minimum
25,16%
28,44%
31,08%
32,94%
33,79%
44,91%
31,70%
50,28%
36,17%
2,75%
1,52%
2,26%
2,57%
2,36%
2,50%
2,57%
2,53%
2,36%
> Average
57,08%
53,92%
52,52%
55,03%
55,53%
59,57%
53,70%
62,30%
56,20%
4,84%
5,14%
5,45%
5,48%
5,65%
5,12%
5,88%
6,07%
5,70%
> Median
58,18%
54,78%
50,83%
52,12%
56,52%
58,40%
56,94%
62,97%
57,31%
4,57%
4,79%
4,52%
5,48%
5,23%
4,60%
5,69%
5,76%
5,87%
> Maximum
82,81%
69,06%
69,56%
70,65%
79,38%
76,28%
70,65%
74,88%
69,27%
8,72%
10,15%
10,10%
8,61%
9,60%
9,04%
9,11%
9,04%
9,58%
AppStreeling
>Capital Ratios
Powered by: @streeling
Capital Ratios – Focus RWA >
44
Risk Weighted Factor (RWA/Net Risk Assets) – June 2013
Average(IT Banks)
Average(IT Top Five Banks)
Average(EU Banks)
Capital Ratios – Focus Core Tier 1 >
45
Core Tier 1 Ratio – June 2013
Average(EU Banks)
Average(IT Top Five Banks)
Average(IT Banks)
Capital Ratios – Focus Capital Requirement (Dec. 2012) >
Credit
Risk
Market
Risk
Operational
Risk
46
Net Loans/
Net Risk Assets
Financial Assets/
Net Risk Assets
ITALIAN TOP 5 BANKS
> Minimum
> Average
> Maximun
78,15%
85,02%
91,59%
1,28%
4,14%
6,52%
7,14%
9,50%
11,98%
57,17%
64,96%
71,75%
14,09%
22,32%
32,44%
ITALIAN BANKS
> Minimum
> Average
> Maximun
74,88%
85,70%
92,52%
0,04%
3,29%
12,53%
5,90%
8,56%
11,98%
51,45%
65,05%
78,55%
10,52%
23,42%
41,02%
EUROPEAN BANKS
> Minimum
> Average
> Maximun
68,65%
80,12%
87,72%
3,67%
8,26%
16,37%
7,81%
10,89%
15,46%
18,05%
36,43%
56,81%
18,29%
41,76%
64,19%
Capital Ratios >
47
Tangible Common Equity Ratio
RWA/Net Risk Assets
2009
2010
2011
2012
giu-12
set-12
Tangible Common Equity/RWA
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
57,30%
57,37%
53,80%
51,30%
51,77%
53,65%
53,31%
50,48%
53,70%
10,54%
8,39%
4,16%
7,22%
6,45%
7,18%
7,22%
7,67%
8,06%
Banca Monte Dei Paschi Di Siena Spa
55,67%
46,15%
44,25%
42,64%
41,67%
43,05%
41,65%
41,45%
41,08%
6,30%
7,05%
5,59%
5,67%
8,62%
7,77%
5,67%
4,26%
6,23%
75,64%
72,88%
73,37%
72,28%
8,05%
8,03%
7,82%
7,80%
Banca Popolare Emilia Romagna
72,67%
81,57%
78,47%
73,17%
77,05%
Banca Popolare Etruria e del Lazio Soc. Coop.
89,93%
83,42%
79,31%
56,52%
66,11%
54,13%
5,87%
5,79%
7,37%
8,03%
7,71%
6,41%
6,54%
6,34%
6,80%
6,26%
6,80%
Banca Popolare Di Milano Scarl
79,07%
69,64%
88,96%
82,36%
82,72%
83,88%
82,42%
82,28%
82,58%
8,51%
8,02%
7,83%
9,14%
9,13%
9,48%
9,14%
9,09%
8,37%
Banco Popolare
71,02%
72,99%
68,33%
42,51%
44,72%
43,32%
41,23%
42,59%
42,19%
6,73%
6,70%
7,42%
11,41%
11,70%
12,19%
11,41%
11,59%
11,96%
Credito Emiliano Spa - Credem
67,12%
56,28%
54,68%
54,94%
55,59%
55,30%
8,51%
8,62%
7,63%
9,67%
8,62%
9,67%
Credito Valtellinese Soc Coop
79,86%
81,35%
76,65%
67,32%
72,24%
65,88%
64,23%
62,27%
6,13%
5,82%
5,64%
8,18%
6,10%
8,19%
8,25%
7,93%
Intesa Sanpaolo
60,37%
52,49%
52,10%
45,33%
48,57%
45,66%
45,62%
45,37%
7,44%
8,29%
9,84%
11,69%
10,48%
11,46%
11,69%
11,69%
12,05%
46,93%
Mediobanca Spa
71,81%
70,24%
73,41%
70,50%
70,49%
69,28%
69,21%
68,94%
87,67%
9,97%
11,77%
11,77%
11,01%
11,19%
11,64%
12,33%
12,77%
13,06%
Unione Di Banche Italiane Scpa - Ubi Banca
73,36%
75,44%
71,77%
59,16%
58,65%
59,06%
59,31%
58,13%
50,04%
6,87%
5,83%
6,54%
8,84%
8,17%
8,73%
8,84%
9,13%
11,06%
Unicredit Spa
50,10%
50,32%
51,28%
46,88%
47,67%
45,81%
44,80%
47,13%
47,00%
7,49%
8,49%
7,77%
11,03%
10,11%
10,72%
11,03%
11,06%
11,17%
11,05%
EUROPEAN COMPARABLES
Banco Bilbao Sa
55,15%
57,71%
56,36%
52,38%
54,13%
52,66%
51,69%
52,55%
54,29%
7,58%
8,88%
8,88%
9,87%
9,64%
9,74%
9,88%
10,75%
Banco Santander Sa
51,35%
49,76%
45,86%
44,53%
44,32%
44,09%
43,77%
45,21%
43,63%
8,20%
8,49%
9,13%
9,02%
8,30%
8,78%
8,36%
8,46%
9,06%
Credit Agricole S.A.
21,25%
23,63%
19,58%
16,05%
16,95%
15,68%
15,40%
17,86%
17,08%
7,45%
6,72%
7,01%
8,20%
7,78%
8,78%
7,49%
3,52%
7,41%
Deutsche Bank Ag
18,34%
18,28%
17,76%
16,71%
16,75%
16,87%
15,36%
16,10%
16,58%
9,69%
9,62%
9,85%
11,92%
10,59%
11,07%
11,93%
12,77%
13,76%
Hsbc Holdings Plc
48,54%
45,49%
47,87%
42,25%
44,21%
42,45%
41,76%
40,94%
42,22%
8,68%
10,67%
10,72%
7,32%
11,81%
14,86%
12,69%
15,97%
13,17%
34,77%
34,19%
32,96%
33,70%
33,10%
12,30%
14,20%
12,63%
14,37%
13,49%
Lloyds Tsb Bank Plc
48,31%
41,21%
36,50%
33,74%
Natixis
29,38%
32,54%
28,88%
23,94%
7,54%
9,98%
11,55%
12,63%
13,41%
11,82%
11,75%
12,72%
Societe Generale
31,86%
29,77%
29,74%
26,02%
27,62%
26,30%
25,43%
25,82%
25,13%
10,98%
11,65%
11,48%
13,73%
10,74%
13,00%
11,59%
11,97%
12,65%
Rbs Holdings Nv
40,90%
39,68%
34,05%
35,39%
31,04%
31,78%
33,71%
34,44%
36,27%
8,72%
10,63%
11,80%
11,88%
13,60%
13,38%
11,88%
12,72%
12,66%
Bnp Paribas
30,36%
30,26%
31,44%
29,13%
29,54%
28,54%
27,86%
29,65%
30,46%
9,07%
10,13%
10,02%
13,18%
10,59%
11,29%
11,86%
12,86%
11,70%
Barclays Plc
27,93%
26,88%
25,13%
26,09%
24,07%
23,79%
24,31%
24,93%
25,39%
10,06%
10,59%
12,21%
13,47%
11,04%
12,26%
11,04%
13,11%
11,16%
------------------------ Italian Banks ---------------------------
> Minimum
50,10%
46,15%
44,25%
42,51%
41,67%
43,05%
41,23%
41,45%
41,08%
5,87%
5,79%
4,16%
5,67%
6,10%
7,18%
5,67%
4,26%
6,23%
> Average
69,02%
66,44%
66,08%
57,72%
59,77%
57,85%
57,15%
57,42%
58,42%
7,56%
7,61%
7,33%
9,06%
8,71%
9,69%
9,17%
9,33%
9,77%
> Median
71,41%
69,94%
70,05%
55,73%
57,12%
53,65%
54,72%
54,31%
51,87%
7,15%
7,54%
7,40%
8,99%
8,62%
9,48%
8,99%
9,11%
9,71%
> Maximum
89,93%
83,42%
88,96%
82,36%
82,72%
83,88%
82,42%
82,28%
87,67%
10,54%
11,77%
11,77%
11,69%
11,70%
12,19%
12,33%
12,77%
13,06%
----------------------- Italian Top Five -------------------------
> Minimum
50,10%
46,15%
44,25%
42,51%
41,67%
43,05%
41,23%
41,45%
41,08%
6,30%
5,83%
5,59%
5,67%
8,17%
7,77%
5,67%
4,26%
6,23%
> Average
62,11%
59,48%
57,54%
47,30%
48,26%
47,63%
46,53%
46,98%
45,13%
6,97%
7,27%
7,43%
9,73%
9,82%
10,17%
9,73%
9,55%
10,49%
> Median
60,37%
52,49%
52,10%
45,33%
47,67%
45,81%
44,80%
45,62%
45,37%
6,87%
7,05%
7,42%
11,03%
10,11%
10,72%
11,03%
11,06%
11,17%
> Maximum
73,36%
75,44%
71,77%
59,16%
58,65%
59,06%
59,31%
58,13%
50,04%
7,49%
8,49%
9,84%
11,69%
11,70%
12,19%
11,69%
11,69%
12,05%
---------------------- European Banks -------------------------
> Minimum
18,34%
18,28%
17,76%
16,05%
16,75%
15,68%
15,36%
16,10%
16,58%
7,45%
6,72%
7,01%
7,32%
7,78%
8,78%
7,49%
3,52%
7,41%
> Average
36,67%
35,93%
33,93%
31,48%
32,34%
31,63%
31,23%
32,12%
32,41%
9,22%
9,92%
10,40%
11,27%
10,64%
11,74%
10,94%
11,65%
11,61%
> Median
31,86%
32,54%
31,44%
29,13%
30,29%
30,16%
30,41%
31,68%
31,78%
8,72%
10,13%
10,72%
11,92%
10,67%
11,78%
11,73%
12,74%
12,18%
> Maximum
55,15%
57,71%
56,36%
52,38%
54,13%
52,66%
51,69%
52,55%
54,29%
13,41%
11,82%
12,21%
13,73%
13,60%
14,86%
12,69%
15,97%
13,76%
Capital Ratios >
2009
2010
2011
48
Core Tier 1 Ratio
Tier 1 Ratio
Total Capital Ratio
Common Equity Capital/RWA
Tier 1 Capital/RWA
Regulatory Capital/RWA
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
7,06%
6,00%
6,70%
6,70%
6,70%
6,50%
6,70%
6,70%
6,20%
7,87%
6,69%
7,41%
7,40%
7,40%
7,18%
7,40%
7,40%
6,89%
10,03%
9,14%
10,08%
10,49%
9,90%
9,59%
10,50%
10,75%
9,60%
Banca Monte Dei Paschi Di Siena Spa
7,52%
7,77%
8,80%
8,93%
8,90%
10,80%
8,90%
11,10%
11,00%
7,52%
8,37%
10,30%
9,61%
11,74%
11,40%
11,07%
11,79%
11,70%
11,89%
12,95%
14,92%
13,79%
16,59%
15,39%
13,79%
16,30%
16,38%
Banca Popolare Emilia Romagna
7,00%
6,78%
7,83%
8,30%
8,07%
8,13%
8,27%
8,20%
8,22%
7,23%
6,81%
7,86%
8,30%
8,10%
8,16%
8,30%
8,25%
8,27%
10,80%
10,55%
11,54%
12,13%
11,38%
11,41%
12,13%
11,77%
11,85%
Banca Popolare Etruria e del Lazio Soc. Coop.
6,20%
6,40%
6,50%
6,60%
6,50%
6,16%
6,42%
6,48%
6,57%
6,50%
8,85%
9,34%
9,48%
8,35%
9,26%
Banca Popolare Di Milano Scarl
7,85%
7,07%
8,02%
8,38%
9,00%
8,91%
8,38%
8,37%
7,45%
8,62%
7,78%
8,60%
8,99%
9,61%
9,51%
8,99%
8,98%
8,07%
12,63%
10,83%
11,84%
12,14%
12,74%
12,61%
12,14%
12,12%
11,02%
Banco Popolare
6,20%
5,70%
7,10%
9,40%
10,25%
10,41%
9,40%
10,00%
10,14%
7,69%
7,16%
8,34%
11,18%
11,30%
11,47%
11,18%
11,09%
10,95%
10,75%
10,70%
11,69%
13,99%
14,08%
14,23%
13,98%
13,64%
12,24%
Credito Emiliano Spa - Credem
8,07%
8,62%
8,67%
9,40%
9,16%
8,07%
8,62%
8,67%
9,42%
9,16%
11,09%
11,28%
11,55%
13,64%
12,49%
Credito Valtellinese Soc Coop
6,62%
6,31%
7,28%
8,13%
7,91%
8,13%
8,20%
7,98%
6,62%
6,31%
7,28%
8,13%
7,91%
8,13%
8,21%
7,98%
9,27%
9,52%
10,62%
11,48%
10,98%
11,49%
11,43%
11,12%
Intesa Sanpaolo
7,10%
7,90%
10,10%
11,20%
10,70%
11,10%
11,20%
10,70%
11,10%
8,35%
9,39%
11,47%
12,06%
11,70%
11,90%
12,06%
11,58%
12,00%
11,82%
13,19%
14,25%
13,64%
14,20%
14,38%
13,60%
13,60%
14,10%
Mediobanca Spa
10,30%
11,09%
11,19%
11,49%
11,49%
11,50%
11,84%
11,97%
11,70%
10,30%
11,09%
11,19%
11,49%
11,49%
11,50%
11,84%
11,97%
11,70%
11,82%
12,97%
14,36%
14,16%
14,16%
14,12%
14,76%
15,19%
15,57%
Unione Di Banche Italiane Scpa - Ubi Banca
7,43%
6,95%
8,56%
10,29%
10,24%
10,49%
10,29%
10,49%
12,08%
7,96%
7,47%
9,09%
10,79%
10,75%
11,00%
10,79%
11,00%
12,70%
11,91%
11,17%
13,50%
16,01%
15,01%
15,32%
15,93%
16,28%
18,60%
Unicredit Spa
7,62%
8,58%
8,40%
10,84%
10,36%
10,67%
10,84%
11,03%
11,41%
8,63%
9,46%
9,32%
11,44%
10,94%
11,26%
11,44%
11,55%
11,93%
12,02%
12,68%
12,37%
14,52%
13,50%
13,83%
14,52%
14,35%
15,12%
Banco Bilbao Sa
8,00%
9,60%
10,30%
10,80%
10,80%
10,76%
10,77%
11,20%
11,26%
9,36%
10,50%
10,29%
10,76%
10,80%
10,76%
10,77%
11,20%
11,30%
13,55%
13,65%
12,85%
12,98%
12,88%
13,27%
13,00%
13,50%
13,46%
Banco Santander Sa
8,60%
8,80%
10,02%
10,33%
10,10%
10,38%
10,33%
10,67%
11,11%
10,16%
10,21%
11,08%
11,23%
11,01%
11,23%
11,17%
11,50%
12,00%
14,28%
13,36%
13,65%
13,16%
10,10%
13,26%
13,09%
13,35%
11,11%
Credit Agricole S.A.
9,30%
8,40%
8,60%
9,20%
9,60%
9,29%
9,20%
8,50%
8,60%
12,71%
11,57%
12,11%
12,38%
11,90%
11,60%
11,67%
10,00%
10,00%
19,58%
17,92%
18,67%
19,31%
14,10%
13,60%
13,17%
15,10%
15,00%
Deutsche Bank Ag
8,70%
8,70%
9,50%
11,40%
10,15%
10,70%
11,38%
12,08%
13,26%
12,59%
12,32%
12,85%
15,12%
13,58%
14,19%
15,10%
15,97%
17,26%
13,87%
14,09%
14,47%
17,08%
15,00%
15,90%
17,09%
17,67%
19,30%
Hsbc Holdings Plc
9,40%
10,50%
10,10%
12,30%
11,27%
11,70%
10,90%
12,69%
12,70%
10,78%
12,07%
11,54%
13,43%
12,67%
13,10%
13,40%
13,60%
13,59%
13,74%
15,19%
14,08%
16,07%
15,10%
15,60%
16,09%
16,69%
16,60%
Lloyds Tsb Bank Plc
8,10%
10,20%
10,80%
12,00%
11,27%
11,50%
11,99%
12,50%
13,70%
9,64%
11,60%
12,49%
13,78%
12,99%
13,30%
13,78%
12,60%
14,19%
12,38%
15,21%
15,61%
17,27%
16,56%
16,60%
17,27%
17,80%
20,38%
Natixis
8,50%
7,90%
8,31%
10,90%
9,69%
11,36%
11,26%
12,33%
11,60%
15,75%
15,11%
14,56%
6,58%
9,42%
6,58%
9,42%
8,35%
13,64%
EUROPEAN COMPARABLES
Societe Generale
8,40%
8,50%
9,00%
10,70%
9,86%
10,30%
10,68%
10,57%
11,10%
10,71%
10,56%
10,73%
12,50%
11,59%
12,00%
12,50%
12,40%
12,70%
12,96%
12,10%
11,86%
12,75%
11,90%
12,00%
12,70%
13,78%
12,50%
Rbs Holdings Nv
11,00%
10,70%
10,60%
10,30%
11,08%
11,10%
10,30%
10,80%
11,10%
9,16%
10,53%
11,22%
12,43%
13,40%
13,40%
12,40%
12,89%
13,25%
10,39%
11,43%
11,95%
14,53%
14,59%
14,58%
14,50%
15,49%
15,78%
Bnp Paribas
8,00%
9,20%
9,60%
11,80%
10,90%
11,40%
11,80%
11,70%
12,20%
10,14%
11,41%
11,57%
13,63%
12,70%
13,20%
13,60%
13,00%
13,60%
14,24%
14,71%
14,01%
15,56%
14,70%
15,29%
15,56%
14,10%
14,32%
Barclays Plc
10,00%
10,80%
11,00%
10,90%
10,70%
11,20%
10,78%
11,00%
11,09%
12,97%
13,45%
12,91%
13,35%
13,16%
13,70%
13,20%
13,30%
13,46%
16,58%
16,91%
16,36%
17,08%
16,40%
16,88%
17,00%
17,16%
17,39%
> Minimum
6,20%
5,70%
6,50%
6,60%
6,50%
6,50%
6,58%
6,70%
6,20%
6,16%
6,31%
6,48%
6,57%
6,50%
7,18%
6,58%
7,40%
6,89%
8,85%
9,14%
9,48%
8,35%
9,26%
9,59%
8,35%
10,75%
9,60%
> Average
7,41%
7,43%
8,26%
9,14%
9,11%
9,83%
9,16%
9,68%
9,73%
7,92%
7,96%
8,83%
9,62%
9,72%
10,38%
9,77%
10,18%
10,22%
11,07%
11,19%
12,18%
12,86%
12,86%
13,43%
12,90%
13,54%
13,56%
---------------------- Italian Banks ---------------------------
> Median
7,27%
7,01%
8,21%
9,17%
9,08%
10,49%
9,15%
10,25%
10,57%
7,91%
7,62%
8,63%
9,51%
10,18%
11,26%
10,10%
11,04%
11,32%
11,45%
11,00%
11,76%
13,64%
13,12%
14,12%
13,62%
13,62%
13,17%
10,30%
11,09%
11,19%
11,49%
11,49%
11,50%
11,84%
11,97%
12,08%
10,30%
11,09%
11,47%
12,06%
11,74%
11,90%
12,06%
11,97%
12,70%
12,63%
13,19%
14,92%
16,01%
16,59%
15,39%
15,93%
16,30%
18,60%
> Minimum
6,20%
5,70%
7,10%
8,93%
8,90%
10,41%
8,90%
10,00%
10,14%
7,52%
7,16%
8,34%
9,61%
10,75%
11,00%
10,79%
11,00%
10,95%
10,75%
10,70%
11,69%
13,64%
13,50%
13,83%
13,60%
13,60%
12,24%
> Average
7,17%
7,38%
8,59%
10,13%
10,09%
10,69%
10,13%
10,66%
11,15%
8,03%
8,37%
9,71%
11,02%
11,28%
11,41%
11,31%
11,40%
11,85%
11,68%
12,14%
13,35%
14,39%
14,68%
14,63%
14,36%
14,83%
15,29%
> Median
7,43%
7,77%
8,56%
10,29%
10,25%
10,67%
10,29%
10,70%
11,10%
7,96%
8,37%
9,32%
11,18%
11,30%
11,40%
11,18%
11,55%
11,93%
11,89%
12,68%
13,50%
13,99%
14,20%
14,38%
13,98%
14,35%
15,12%
> Maximum
7,62%
8,58%
10,10%
11,20%
10,70%
11,10%
11,20%
11,10%
12,08%
8,63%
9,46%
11,47%
12,06%
11,74%
11,90%
12,06%
11,79%
12,70%
12,02%
13,19%
14,92%
16,01%
16,59%
15,39%
15,93%
16,30%
18,60%
> Minimum
8,00%
7,90%
8,31%
9,20%
9,60%
9,29%
9,20%
8,50%
8,60%
9,16%
10,21%
10,29%
10,76%
10,80%
10,76%
10,77%
10,00%
10,00%
10,39%
11,43%
11,86%
12,75%
10,10%
12,00%
12,70%
13,35%
11,11%
> Average
8,91%
9,39%
9,80%
10,97%
10,57%
10,83%
10,81%
11,17%
11,61%
10,72%
11,42%
11,64%
12,81%
12,38%
12,65%
12,76%
12,64%
13,13%
13,93%
14,58%
14,42%
15,49%
14,13%
14,70%
14,95%
15,46%
15,58%
> Median
8,60%
9,20%
10,02%
10,90%
10,75%
10,93%
10,78%
11,10%
11,19%
10,16%
11,41%
11,54%
12,50%
12,68%
13,15%
12,85%
12,74%
13,36%
13,74%
14,71%
14,08%
15,56%
14,65%
14,93%
15,03%
15,29%
15,39%
11,00%
10,80%
11,00%
12,30%
11,27%
11,70%
11,99%
12,69%
13,70%
12,97%
13,45%
12,91%
15,12%
13,58%
14,19%
15,10%
15,97%
17,26%
19,58%
17,92%
18,67%
19,31%
16,56%
16,88%
17,27%
17,80%
20,38%
> Maximum
--------------------- Italian Top Five -------------------------
-------------------- European Banks -------------------------
> Maximum
AppStreeling
>Leverage Analysis
Powered by: @streeling
Leverage Analysis – Focus Leverage Basel III >
50
Tier 1 Capital/Net Risk Assets – June 2013
Average(IT Banks)
Average(IT Top Five Banks)
Average(EU Banks)
Leverage Analysis >
51
Core Tier 1/Net Risk Asset
2009
2010
2011
2012
giu-12
set-12
Tier 1 Capital /Net Risk Asset
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
4,51%
3,42%
3,61%
3,46%
3,47%
3,49%
3,57%
3,38%
3,33%
4,51%
3,84%
3,99%
3,79%
3,83%
3,85%
3,94%
3,73%
3,70%
Banca Monte Dei Paschi Di Siena Spa
4,19%
3,86%
3,88%
3,81%
3,71%
4,65%
3,71%
4,60%
4,52%
4,19%
3,86%
4,56%
4,10%
4,89%
4,91%
4,61%
4,89%
4,80%
6,15%
6,03%
6,01%
5,94%
6,17%
6,05%
6,05%
5,98%
Banca Popolare Emilia Romagna
5,25%
5,55%
6,17%
6,07%
6,22%
Banca Popolare Etruria e del Lazio Soc. Coop.
5,54%
5,36%
5,14%
3,72%
4,30%
3,56%
5,25%
5,55%
6,17%
6,07%
6,24%
5,54%
5,36%
5,14%
3,72%
4,30%
3,56%
Banca Popolare Di Milano Scarl
6,81%
5,42%
7,65%
7,41%
7,44%
7,47%
6,91%
6,89%
6,15%
6,81%
5,42%
7,65%
7,41%
7,95%
7,98%
7,41%
7,39%
6,66%
Banco Popolare
5,46%
5,23%
5,70%
4,75%
4,58%
4,51%
3,88%
4,26%
4,28%
5,46%
5,23%
5,70%
4,75%
5,05%
4,97%
4,61%
4,72%
4,62%
Credito Emiliano Spa - Credem
5,42%
4,85%
4,74%
5,18%
5,09%
5,21%
5,42%
4,85%
4,74%
5,18%
5,09%
5,21%
Credito Valtellinese Soc Coop
5,29%
5,13%
5,58%
5,47%
5,71%
5,36%
5,27%
4,97%
5,29%
5,13%
5,58%
5,47%
5,71%
5,36%
5,27%
4,97%
Intesa Sanpaolo
5,04%
4,93%
5,98%
5,47%
5,20%
5,11%
4,88%
5,04%
5,04%
4,93%
5,98%
5,47%
5,68%
5,51%
5,28%
5,44%
10,26%
5,21%
5,58%
Mediobanca Spa
7,40%
7,79%
8,21%
8,10%
8,10%
7,96%
8,19%
8,25%
10,26%
7,40%
7,79%
8,21%
8,10%
8,10%
7,96%
8,19%
8,25%
Unione Di Banche Italiane Scpa - Ubi Banca
5,84%
5,63%
6,53%
6,38%
6,01%
6,20%
6,10%
6,10%
6,04%
5,84%
5,63%
6,53%
6,38%
6,30%
6,50%
6,40%
6,39%
6,35%
Unicredit Spa
4,32%
4,76%
4,31%
5,08%
4,94%
4,89%
4,86%
5,20%
5,36%
4,32%
4,76%
4,78%
5,36%
5,21%
5,16%
5,12%
5,44%
5,61%
EUROPEAN COMPARABLES
Banco Bilbao Sa
4,39%
5,53%
5,80%
5,64%
5,85%
5,67%
5,57%
5,88%
6,11%
5,16%
6,06%
5,80%
5,64%
5,85%
5,67%
5,57%
5,88%
6,13%
Banco Santander Sa
4,44%
4,46%
4,62%
4,62%
4,48%
4,58%
4,52%
4,82%
4,85%
5,22%
5,08%
5,08%
5,00%
4,88%
4,95%
4,89%
5,20%
5,23%
Credit Agricole S.A.
1,98%
1,99%
1,68%
1,48%
1,63%
1,46%
1,42%
1,52%
1,47%
2,70%
2,73%
2,37%
1,99%
2,02%
1,82%
1,80%
1,79%
1,71%
Deutsche Bank Ag
1,60%
1,58%
1,69%
1,90%
1,70%
1,81%
1,75%
1,95%
2,20%
2,31%
2,25%
2,28%
2,53%
2,28%
2,39%
2,32%
2,57%
2,86%
Hsbc Holdings Plc
4,55%
4,79%
4,85%
5,21%
4,98%
4,97%
4,55%
5,20%
5,36%
5,23%
5,49%
5,52%
5,67%
5,60%
5,56%
5,60%
5,57%
5,74%
Lloyds Tsb Bank Plc
3,91%
4,20%
3,94%
4,04%
3,92%
3,93%
3,95%
4,21%
4,53%
4,65%
4,78%
4,56%
4,65%
4,52%
4,55%
4,54%
4,25%
4,70%
Natixis
2,85%
2,57%
2,40%
2,59%
2,85%
3,70%
3,25%
2,95%
Societe Generale
2,68%
2,53%
2,68%
2,78%
2,72%
2,71%
2,72%
2,73%
2,79%
3,41%
3,14%
3,19%
3,25%
3,20%
3,16%
3,18%
3,20%
3,19%
Rbs Holdings Nv
2,87%
3,45%
3,11%
3,64%
3,44%
3,53%
3,47%
3,72%
4,03%
3,75%
4,18%
3,82%
4,40%
4,16%
4,26%
4,18%
4,44%
4,81%
Bnp Paribas
3,08%
3,45%
3,64%
3,97%
3,22%
3,25%
3,29%
3,47%
3,72%
3,08%
3,45%
3,64%
3,97%
3,75%
3,77%
3,79%
3,85%
4,14%
Barclays Plc
3,62%
3,62%
3,24%
3,48%
2,58%
2,67%
2,62%
2,74%
2,82%
3,62%
3,62%
3,24%
3,48%
3,17%
3,26%
3,21%
3,32%
3,42%
--------------------------- Italian Banks ---------------------------
> Minimum
4,19%
3,42%
3,61%
3,46%
3,47%
3,49%
3,56%
3,38%
3,33%
4,19%
3,84%
3,99%
3,72%
3,83%
3,85%
3,56%
3,73%
3,70%
> Average
5,42%
5,16%
5,62%
5,41%
5,40%
5,61%
5,21%
5,48%
5,59%
5,42%
5,20%
5,75%
5,48%
5,70%
5,90%
5,50%
5,74%
5,84%
> Median
5,36%
5,18%
5,64%
5,32%
5,14%
5,21%
5,16%
5,23%
5,20%
5,36%
5,18%
5,64%
5,42%
5,45%
5,58%
5,28%
5,36%
5,53%
> Maximum
7,40%
7,79%
8,21%
8,10%
8,10%
7,96%
8,19%
8,25%
10,26%
7,40%
7,79%
8,21%
8,10%
8,10%
7,98%
8,19%
8,25%
10,26%
------------------------- Italian Top Five -------------------------
> Minimum
4,19%
3,86%
3,88%
3,81%
3,71%
4,51%
3,71%
4,26%
4,28%
4,19%
3,86%
4,56%
4,10%
4,89%
4,91%
4,61%
4,72%
4,62%
> Average
4,97%
4,88%
5,28%
5,10%
4,89%
5,09%
4,73%
5,01%
5,05%
4,97%
4,88%
5,51%
5,21%
5,43%
5,42%
5,25%
5,35%
5,37%
> Median
5,04%
4,93%
5,70%
5,08%
4,94%
4,89%
4,86%
4,88%
5,04%
5,04%
4,93%
5,70%
5,36%
5,21%
5,16%
5,12%
5,28%
5,44%
> Maximum
5,84%
5,63%
6,53%
6,38%
6,01%
6,20%
6,10%
6,10%
6,04%
5,84%
5,63%
6,53%
6,38%
6,30%
6,50%
6,40%
6,39%
6,35%
------------------------- European Banks -------------------------
> Minimum
1,60%
1,58%
1,68%
1,48%
1,63%
1,46%
1,42%
1,52%
1,47%
2,31%
2,25%
2,28%
1,99%
2,02%
1,82%
1,80%
1,79%
1,71%
> Average
3,27%
3,47%
3,42%
3,58%
3,45%
3,46%
3,39%
3,62%
3,79%
3,82%
4,04%
3,89%
3,96%
3,94%
3,94%
3,91%
4,01%
4,19%
> Median
3,08%
3,45%
3,24%
3,64%
3,33%
3,39%
3,38%
3,59%
3,87%
3,62%
3,70%
3,64%
3,97%
3,96%
4,01%
3,98%
4,05%
4,42%
> Maximum
4,55%
5,53%
5,80%
5,64%
5,85%
5,67%
5,57%
5,88%
6,11%
5,23%
6,06%
5,80%
5,67%
5,85%
5,67%
5,60%
5,88%
6,13%
Leverage Analysis >
52
Tangible Common Equity/Net Risk Asset
2009
2010
2011
2012
giu-12
set-12
dic-12
Total Debt/Tangible Common Equity
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
6,04%
4,81%
2,24%
3,70%
3,34%
3,85%
3,85%
3,87%
4,33%
15,54
19,76
43,67
25,98
28,93
24,93
25,98
24,80
22,07
Banca Monte Dei Paschi Di Siena Spa
3,51%
3,25%
2,48%
2,42%
3,59%
3,34%
2,36%
1,77%
2,56%
27,49
29,69
39,36
40,38
26,80
28,88
40,39
55,63
38,06
5,64%
16,55
Banca Popolare Emilia Romagna
4,27%
4,72%
5,79%
5,88%
5,94%
6,09%
5,85%
5,74%
Banca Popolare Etruria e del Lazio Soc. Coop.
5,77%
5,46%
5,02%
3,84%
4,14%
4,07%
3,68%
3,61%
21,95
19,77
16,08
15,82
15,64
15,23
15,82
16,23
16,31
17,29
18,87
24,99
23,13
23,51
24,99
26,69
Banca Popolare Di Milano Scarl
6,73%
5,59%
6,96%
7,53%
7,55%
7,95%
7,53%
7,48%
6,91%
13,82
16,86
13,35
12,27
12,23
11,57
12,27
12,37
13,46
Banco Popolare
4,78%
4,89%
5,07%
4,85%
5,23%
5,28%
4,70%
4,94%
5,05%
19,81
19,39
18,66
19,55
18,05
17,88
19,55
19,19
18,76
Credito Emiliano Spa - Credem
5,71%
4,85%
4,17%
5,31%
4,79%
5,09%
5,35%
5,21%
5,37%
16,52
19,62
22,96
17,82
19,87
18,64
17,82
18,21
17,63
Credito Valtellinese Soc Coop
4,89%
4,73%
4,33%
5,51%
4,41%
7,40%
5,39%
5,30%
4,94%
19,18
19,89
21,89
17,15
21,46
12,49
17,14
17,87
19,25
17,28
Intesa Sanpaolo
4,49%
4,35%
5,13%
5,30%
5,09%
5,38%
5,34%
5,33%
5,46%
21,24
21,94
18,48
17,86
18,63
17,58
17,86
17,74
Mediobanca Spa
7,16%
8,27%
8,64%
7,76%
7,89%
8,06%
8,53%
8,80%
11,45%
12,94
11,08
10,56
11,86
11,66
11,38
10,74
10,34
7,72
Unione Di Banche Italiane Scpa - Ubi Banca
5,04%
4,40%
4,69%
5,23%
4,79%
5,16%
5,24%
5,31%
5,53%
18,68
21,55
20,16
17,99
19,72
18,25
17,99
17,73
16,96
Unicredit Spa
3,75%
4,27%
3,99%
5,17%
4,82%
4,91%
4,94%
5,21%
5,25%
25,57
22,31
23,99
18,25
19,66
19,29
18,26
18,09
17,97
EUROPEAN COMPARABLES
Banco Bilbao Sa
4,18%
5,12%
5,01%
5,17%
5,22%
5,13%
5,11%
5,65%
6,00%
22,87
18,46
18,91
18,27
18,09
18,43
18,27
16,63
15,62
Banco Santander Sa
4,21%
4,22%
4,18%
4,02%
3,68%
3,87%
3,66%
3,83%
3,95%
22,63
22,55
22,77
23,69
26,00
24,63
25,44
24,90
24,08
Credit Agricole S.A.
1,58%
1,59%
1,37%
1,32%
1,32%
1,38%
1,15%
0,63%
1,27%
61,87
61,74
71,55
74,74
74,53
71,37
81,91
157,40
77,69
Deutsche Bank Ag
1,78%
1,76%
1,75%
1,99%
1,77%
1,87%
1,83%
2,06%
2,28%
55,24
55,80
56,12
49,21
55,34
52,51
49,21
47,65
42,82
Hsbc Holdings Plc
4,21%
4,86%
5,13%
3,09%
5,22%
6,31%
5,30%
6,54%
5,56%
22,67
19,53
18,42
31,23
18,10
14,81
17,59
14,24
16,92
Lloyds Tsb Bank Plc
3,64%
4,11%
4,22%
4,26%
4,28%
4,85%
4,16%
4,84%
4,47%
26,45
23,30
22,70
22,45
22,37
19,60
22,45
19,64
21,38
Natixis
3,94%
3,85%
3,39%
3,05%
24,35
24,98
28,44
31,80
Societe Generale
3,50%
3,47%
3,41%
3,57%
2,96%
3,42%
2,95%
3,09%
3,18%
27,45
27,73
28,19
26,90
32,47
28,04
31,85
31,12
30,25
Rbs Holdings Nv
3,57%
4,22%
4,02%
4,20%
4,22%
4,25%
4,00%
4,38%
4,59%
26,75
22,69
23,86
22,75
22,66
22,50
22,75
21,81
20,78
Bnp Paribas
2,75%
3,06%
3,15%
3,84%
3,13%
3,22%
3,31%
3,81%
3,56%
35,11
31,45
30,57
24,93
30,72
29,79
27,69
25,13
26,82
Barclays Plc
2,81%
2,85%
3,07%
3,52%
2,66%
2,92%
2,68%
3,27%
2,84%
34,31
33,86
31,38
27,39
36,42
33,07
33,45
29,43
34,06
--------------------------- Italian Banks ---------------------------
> Minimum
3,51%
3,25%
2,24%
2,42%
3,34%
3,34%
2,36%
1,77%
2,56%
12,94
11,08
10,56
11,86
11,66
11,38
10,74
10,34
7,72
> Average
5,18%
4,97%
4,88%
5,21%
5,13%
5,55%
5,23%
5,21%
5,68%
19,09
19,93
22,34
20,00
19,65
18,30
19,90
21,24
18,70
> Median
4,97%
4,77%
4,86%
5,26%
4,81%
5,22%
5,29%
5,26%
5,37%
18,93
19,77
19,51
17,93
19,69
18,07
17,93
17,98
17,63
> Maximum
7,16%
8,27%
8,64%
7,76%
7,89%
8,06%
8,53%
8,80%
11,45%
27,49
29,69
43,67
40,38
28,93
28,88
40,39
55,63
38,06
------------------------- Italian Top Five -------------------------
> Minimum
3,51%
3,25%
2,48%
2,42%
3,59%
3,34%
2,36%
1,77%
2,56%
18,68
19,39
18,48
17,86
18,05
17,58
17,86
17,73
16,96
> Average
4,31%
4,23%
4,27%
4,59%
4,71%
4,81%
4,52%
4,51%
4,77%
22,56
22,97
24,13
22,81
20,57
20,38
22,81
25,68
21,81
> Median
4,49%
4,35%
4,69%
5,17%
4,82%
5,16%
4,94%
5,21%
5,25%
21,24
21,94
20,16
18,25
19,66
18,25
18,26
18,09
17,97
> Maximum
5,04%
4,89%
5,13%
5,30%
5,23%
5,38%
5,34%
5,33%
5,53%
27,49
29,69
39,36
40,38
26,80
28,88
40,39
55,63
38,06
------------------------- European Banks -------------------------
> Minimum
1,58%
1,59%
1,37%
1,32%
1,32%
1,38%
1,15%
0,63%
1,27%
22,63
18,46
18,42
18,27
11,66
11,38
10,74
10,34
7,72
> Average
3,29%
3,55%
3,52%
3,46%
3,45%
3,72%
3,42%
3,81%
3,77%
32,70
31,10
32,08
32,12
26,02
24,29
25,88
29,22
24,58
> Median
3,57%
3,85%
3,41%
3,57%
3,40%
3,65%
3,48%
3,82%
3,76%
26,75
24,98
28,19
26,90
21,91
19,45
21,00
19,42
19,25
> Maximum
4,21%
5,12%
5,13%
5,17%
5,22%
6,31%
5,30%
6,54%
6,00%
61,87
61,74
71,55
74,74
74,53
71,37
81,91
157,40
77,69
AppStreeling
>Efficiency
Powered by: @streeling
Efficiency >
54
2009
2010
2011
Cost-Income Ratio
Personnel Expenses per Employee
Non Interest Expenses/Revenues
Personnel Expenses/Number of Employees
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
58,43%
61,39%
59,22%
54,21%
61,74%
52,66%
128,47%
61,13%
67,18%
65.274
65.366
67.561
68.133
Banca Monte Dei Paschi Di Siena Spa
71,71%
66,93%
67,81%
75,45%
76,39%
61,20%
189,68%
65,20%
73,81%
73.438
65.074
71.244
75.653
17.290
16.002
64,62%
17.175
16.603
Banca Popolare Emilia Romagna
58,98%
62,71%
61,26%
58,45%
68,62%
61,96%
61,84%
69,86%
Banca Popolare Etruria e del Lazio Soc. Coop.
67,37%
65,64%
61,24%
65,38%
58,57%
62,40%
-476,76%
39,20%
62.372
64.859
67.342
65.031
74.077
77.062
80.433
79.076
18.743
19.071
15.371
23.856
16.363
15.418
14.281
16.526
17.380
35.370
Banca Popolare Di Milano Scarl
67,66%
71,58%
74,32%
77,37%
88,95%
71,63%
139,36%
64,85%
63,84%
95.995
83.580
77.854
98.673
17.131
18.644
40.905
20.184
19.862
Banco Popolare
76,55%
72,58%
64,54%
72,93%
56,03%
74,06%
71,59%
60,74%
86,18%
79.738
84.510
77.330
73.628
19.337
18.766
16.637
18.979
18.170
Credito Emiliano Spa - Credem
71,91%
68,37%
71,66%
66,30%
80,53%
81,47%
69,84%
67,16%
74,18%
73.970
75.626
74.603
74.056
18.049
20.088
19.094
21.567
18.581
Credito Valtellinese Soc Coop
67,99%
69,45%
67,78%
70,71%
88,05%
71,13%
91,98%
69,02%
77,07%
70.657
73.334
52.598
46.868
11.994
18.334
11.526
17.479
17.289
13.331
13.871
13.324
12.225
Intesa Sanpaolo
53,77%
55,78%
56,94%
45,19%
58,94%
52,96%
56,50%
55,07%
54,97%
55.805
55.268
62.157
57.918
13.643
Mediobanca Spa
43,62%
44,99%
48,56%
44,54%
150,76%
48,19%
56,72%
52,36%
129,04%
115.968
153.180
121.315
112.182
26.241
28.629
Unione Di Banche Italiane Scpa - Ubi Banca
64,19%
70,15%
68,97%
70,40%
78,89%
78,88%
92,10%
76,22%
71,69%
72.822
73.688
73.342
79.824
16.990
18.505
24.956
17.872
17.020
Unicredit Spa
54,52%
58,46%
59,89%
59,32%
63,86%
63,50%
69,84%
63,04%
62,02%
56.612
58.501
58.874
56.107
14.336
14.333
12.980
14.349
14.577
EUROPEAN COMPARABLES
Banco Bilbao Sa
37,75%
40,47%
46,07%
45,16%
47,24%
51,37%
34,32%
50,97%
51,31%
44.543
45.001
48.000
48.873
12.397
12.624
11.834
12.762
12.892
Banco Santander Sa
37,78%
38,76%
40,19%
41,14%
45,17%
48,09%
50,28%
49,59%
49,35%
51.815
52.161
53.406
55.273
13.816
13.883
13.290
13.600
13.641
33.600
32.864
32.336
36.280
32.967
11.866
15.341
15.119
Credit Agricole S.A.
47,74%
49,32%
79,40%
50,05%
77.289
86.460
89.467
86.577
Deutsche Bank Ag
72,14%
78,13%
80,82%
86,95%
85,16%
77,34%
113,31%
68,38%
84,30%
146.782
124.150
130.055
137.713
Hsbc Holdings Plc
48,74%
52,77%
56,12%
67,04%
64,61%
74,07%
73,18%
56,12%
51,14%
59.667
65.611
71.027
72.104
51,79%
42,02%
102,37%
61,46%
49,71%
100,14%
165,54%
302,81%
63,56%
130,61%
70,13%
78,53%
75,00%
Lloyds Tsb Bank Plc
Natixis
Societe Generale
71,59%
62,08%
66,49%
71,15%
Rbs Holdings Nv
58,70%
63,61%
78,12%
86,39%
Bnp Paribas
54,63%
56,80%
58,06%
Barclays Plc
56,62%
59,78%
57,69%
74,72%
50.568
44.471
59.864
41.400
133.340
135.166
134.125
147.143
57.180
59.482
60.558
61.769
48.757
65.125
59.114
58.863
64,00%
50.694
73.582
75.611
80.906
71,46%
64.681
80.786
76.199
72.700
68,27%
96,06%
45,74%
76,36%
77,65%
14.265
--------------------------- Italian Banks ---------------------------
> Minimum
43,62%
44,99%
48,56%
44,54%
56,03%
48,19%
-476,76%
39,20%
54,97%
55.805
55.268
52.598
46.868
11.994
13.331
11.526
13.324
12.225
> Average
63,06%
64,00%
63,52%
63,35%
77,61%
65,00%
45,93%
61,99%
74,97%
74.727
77.504
73.721
73.929
17.219
17.335
22.009
17.571
16.589
> Median
67,37%
66,93%
64,54%
66,30%
76,39%
63,50%
71,59%
63,04%
72,75%
73.438
73.688
73.342
74.056
17.131
18.505
21.475
17.872
17.020
> Maximum
76,55%
72,58%
74,32%
77,37%
150,76%
81,47%
189,68%
76,22%
129,04%
115.968
153.180
121.315
112.182
26.241
20.088
40.905
21.567
19.862
------------------------- Italian Top Five -------------------------
> Minimum
53,77%
55,78%
56,94%
45,19%
56,03%
52,96%
56,50%
55,07%
54,97%
55.805
55.268
58.874
56.107
13.643
13.331
12.980
13.324
12.225
> Average
64,15%
64,78%
63,63%
64,66%
66,82%
66,12%
95,94%
64,05%
69,73%
67.683
67.408
68.589
68.626
16.319
16.187
18.460
16.177
15.482
> Median
64,19%
66,93%
64,54%
70,40%
63,86%
63,50%
71,59%
63,04%
71,69%
72.822
65.074
71.244
73.628
16.990
16.002
16.637
16.363
15.418
> Maximum
76,55%
72,58%
68,97%
75,45%
78,89%
78,88%
189,68%
76,22%
86,18%
79.738
84.510
77.330
79.824
19.337
18.766
24.956
18.979
18.170
Efficiency >
2009
2010
55
2011
Deposits per Employee
Assets per Employee
Loans per Employee
Deposits/Number of Employees
Total Asset/Number of Employees
Net Loans/Number of Employees
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
2009
2010
2011
2012
giu-12
set-12
dic-12
mar-13
giu-13
ITALIAN COMPARABLES
Banca Carige Spa
2.550.232
2.597.401
2.664.814
2.828.847
2.492.316
2.360.547
6.146.184
6.664.991
7.509.213
8.340.521
9.042.029
7.965.500
3.858.182
4.147.859
4.500.492
5.096.846
5.433.253
4.641.332
Banca Monte Dei Paschi Di Siena Spa
2.847.634
2.859.762
2.695.241
2.686.360
2.170.403
2.269.129
2.229.110
2.461.948
2.519.685
7.024.810
7.145.166
7.722.232
7.232.188
7.629.610
7.376.992
7.403.073
7.527.747
7.548.168
4.762.474
4.569.954
4.703.494
4.692.389
4.731.872
4.784.933
4.692.318
4.813.536
4.666.421
Banca Popolare Emilia Romagna
2.517.162
2.742.488
2.631.121
2.728.451
2.402.145
2.515.634
2.615.261
2.675.403
2.653.743
4.853.351
4.876.087
5.183.201
5.208.531
5.114.276
5.215.339
5.229.001
5.208.079
5.228.693
3.701.059
3.982.665
4.129.074
4.060.228
4.049.598
4.076.612
4.051.377
4.062.432
3.977.356
Banca Popolare Etruria e del Lazio Soc. Coop.
2.556.760
2.768.280
2.357.283
4.126.754
5.693.954
6.067.251
6.487.238
7.419.369
4.238.779
4.458.375
4.392.790
3.801.595
Banca Popolare Di Milano Scarl
2.508.996
2.839.148
2.560.558
3.196.889
2.721.290
2.676.285
2.661.694
2.805.632
2.853.300
5.013.185
6.430.280
6.214.076
6.379.166
6.217.273
6.227.170
6.308.831
6.556.566
6.406.914
3.719.285
4.233.345
4.270.140
4.229.381
4.129.017
4.148.913
4.179.620
4.274.358
4.262.728
Banco Popolare
2.610.643
2.746.287
2.417.048
2.649.019
2.192.371
2.245.546
2.169.422
2.134.483
2.102.927
6.660.570
6.801.312
6.956.776
7.057.262
7.041.888
7.187.450
7.273.578
7.137.909
7.180.883
4.679.766
4.753.518
4.844.104
4.893.876
4.492.070
4.470.423
4.440.914
4.508.891
4.485.910
Credito Emiliano Spa - Credem
2.211.037
2.143.407
2.398.958
2.579.750
2.181.201
2.665.871
2.376.695
2.822.121
2.541.143
4.606.108
5.410.938
5.548.139
5.486.924
5.360.793
6.075.975
5.451.463
6.149.584
5.520.970
3.055.000
3.406.178
3.567.376
3.683.672
3.547.355
4.080.947
3.683.619
3.925.208
3.506.282
Credito Valtellinese Soc Coop
3.195.012
3.334.546
2.432.351
2.342.381
2.240.180
5.143.278
2.229.793
3.965.041
3.517.289
5.638.906
5.928.398
4.482.015
4.361.843
4.455.172
6.912.404
4.455.646
7.065.547
6.931.766
4.614.643
4.874.621
3.522.668
3.210.948
3.357.871
5.076.958
2.348.118
4.937.213
3.599.816
Intesa Sanpaolo
2.032.569
2.156.701
1.969.326
2.267.349
1.885.774
1.950.661
2.024.114
2.139.002
2.163.688
6.024.451
6.426.835
6.384.676
7.002.932
6.719.810
6.883.235
6.952.948
7.021.218
6.850.663
3.606.250
3.699.818
3.763.000
3.916.242
3.720.476
3.736.885
3.761.194
3.740.635
3.671.260
Mediobanca Spa
4.234.525
6.008.523
4.207.908
4.891.338
4.463.206
Unione Di Banche Italiane Scpa - Ubi Banca
2.606.111
2.978.129
2.805.014
2.812.515
2.565.524
2.689.417
2.610.704
2.678.041
2.545.008
6.029.737
6.627.676
6.689.187
6.928.623
6.920.595
6.866.826
6.911.374
7.040.441
6.912.200
4.831.513
5.168.528
5.137.324
4.859.682
4.916.347
4.830.804
4.827.299
4.970.952
4.928.517
Unicredit Spa
2.312.000
2.482.876
2.484.281
2.514.452
2.284.755
2.674.280
2.262.495
2.622.697
2.381.870
5.626.732
5.737.259
5.696.977
5.690.806
6.057.739
6.165.481
5.950.683
5.871.743
5.899.925
3.422.872
3.429.768
3.489.355
3.359.515
3.408.885
3.574.496
3.161.791
3.456.859
3.317.255
Banco Bilbao Sa
2.434.330
2.578.046
2.550.255
2.526.637
2.288.025
2.329.457
2.526.637
2.517.905
2.565.859
5.124.358
5.166.935
5.401.853
5.505.170
5.526.922
5.494.335
5.571.306
5.541.363
5.483.863
3.101.804
3.188.285
3.208.179
3.080.551
3.182.203
3.096.982
3.019.482
3.129.152
3.103.852
Banco Santander Sa
2.990.440
3.250.340
3.046.186
3.154.286
2.934.687
2.938.463
3.099.565
3.076.478
3.061.354
6.809.713
6.806.669
6.472.881
6.798.065
6.900.107
6.912.887
6.964.077
6.750.824
6.548.267
4.164.245
4.047.935
3.812.463
3.771.855
4.084.186
4.008.020
3.753.447
3.812.391
3.748.422
Credit Agricole S.A.
5.204.324
5.728.519
6.010.635
6.100.225
4.063.473
4.378.953
4.566.912
4.159.280
Deutsche Bank Ag
4.467.315
5.231.957
5.957.959
5.876.684
6.014.803
6.047.296
5.876.684
5.881.394
5.700.447 19.475.737 18.671.298 21.427.611 20.488.185 22.266.120 21.753.349 22.252.782 20.785.427 19.657.455
3.349.707
3.994.915
4.084.459
4.044.828
4.075.536
4.013.775
4.044.828
4.039.563
3.990.932
Hsbc Holdings Plc
3.744.666
4.060.917
4.207.802
4.715.271
4.708.480
4.914.367
4.715.271
5.022.803
5.074.006
7.639.192
8.119.318
8.575.768
9.474.562
9.574.930 10.297.066 10.197.944
2.895.589
3.169.965
3.155.802
3.510.458
3.590.721
3.749.423
3.510.458
3.681.225
3.737.059
Lloyds Tsb Bank Plc
3.081.371
3.200.815
4.018.505
3.243.593
4.409.878
4.690.420
7.782.235
8.062.954
9.422.777
7.024.564 10.016.890
7.189.071
4.997.129
5.027.948
5.612.699
3.969.837
5.568.586
Natixis
2.188.641
3.058.490
2.175.101
2.700.762
5.447.965
6.541.122
5.467.703
4.922.171
Societe Generale
1.873.651
2.099.805
2.131.190
2.189.677
2.178.406
Rbs Holdings Nv
3.817.290
3.439.010
3.426.124
3.799.410
2.890.539
Bnp Paribas
2.998.429
2.828.920
2.753.128
2.861.364
Barclays Plc
2.779.701
3.195.424
3.365.264
3.586.103
2.937.187
> Minimum
2.032.569
2.143.407
1.969.326
2.267.349
1.885.774
1.950.661
2.024.114
> Average
2.681.890
2.971.462
2.635.325
2.968.675
2.510.685
2.725.936
2.569.101
> Median
2.556.760
2.768.280
2.484.281
2.686.360
2.240.180
2.665.871
2.319.595
> Maximum
4.234.525
6.008.523
4.207.908
4.891.338
4.463.206
5.143.278
> Minimum
2.032.569
2.156.701
1.969.326
2.267.349
1.885.774
> Average
2.481.791
2.644.751
2.474.182
2.585.939
2.219.765
> Median
2.606.111
2.746.287
2.484.281
2.649.019
2.192.371
> Maximum
2.847.634
2.978.129
2.805.014
2.812.515
2.565.524
2.429.254
2.616.466
4.464.357
8.733.738
8.800.631
23.797.256 30.872.147 21.839.948 22.441.281 22.441.244
22.732.894
5.110.070
4.320.688
13.652.174 16.111.663 11.614.748 11.942.712 10.634.626
10.202.119
EUROPEAN COMPARABLES
5.829.343
17.464.473 18.207.598 19.709.414 23.238.074
3.209.912
24.202.215
9.768.143 10.191.240
9.485.357
23.109.111 23.396.455 24.825.730 26.159.521
2.163.125
2.189.677
2.184.416
2.272.519
3.157.719
3.556.398
3.591.594 10.543.729
2.822.626
6.392.378
10.199.752
2.682.053
7.044.454
7.401.338
8.120.928
7.791.663
9.788.391 10.264.762
9.564.832
9.910.287
9.730.594
8.009.375
9.904.512 10.115.513
8.320.942
3.948.412
8.092.857
8.143.390
2.151.457
2.314.180
2.302.507
2.274.159
2.438.275
10.035.671 10.635.553
9.993.665
4.942.672
4.278.545
3.512.302
3.645.299
3.045.973
10.573.251
3.929.774
2.435.625
5.471.780
2.274.159
2.454.545
2.397.058
3.134.752
3.515.122
3.441.183
3.364.558
3.334.272
3.355.629
3.344.029
10.955.919
3.223.557
3.589.695
3.481.156
3.744.391
3.257.151
5.208.079
5.228.693
3.055.000
3.406.178
3.489.355
3.210.948
3.357.871
3.574.496
2.348.118
3.456.859
3.317.255
6.862.086
6.644.568
4.845.166
5.236.358
4.827.880
4.812.257
4.698.812
4.389.104
4.515.369
4.412.334
4.105.688
7.040.441
6.912.200
4.238.779
4.458.375
4.392.790
4.229.381
4.129.017
4.470.423
4.250.154
4.508.891
4.262.728
8.733.738 22.732.894
9.042.029
7.965.500 13.652.174 16.111.663 11.614.748 11.942.712 10.634.626
5.110.070 10.202.119
5.433.253
4.928.517
6.057.739
6.165.481
5.950.683
5.871.743
5.899.925
3.422.872
3.429.768
3.489.355
3.359.515
3.408.885
3.574.496
3.161.791
3.456.859
3.317.255
6.873.928
6.895.997
6.898.331
6.919.811
6.878.368
4.260.575
4.324.317
4.387.455
4.344.341
4.253.930
4.279.508
4.176.703
4.298.175
4.213.873
6.920.595
6.883.235
6.952.948
7.040.441
6.912.200
4.679.766
4.569.954
4.703.494
4.692.389
4.492.070
4.470.423
4.440.914
4.508.891
4.485.910
7.629.610
7.376.992
7.403.073
7.527.747
7.548.168
4.831.513
5.168.528
5.137.324
4.893.876
4.916.347
4.830.804
4.827.299
4.970.952
4.928.517
3.289.950
8.965.728 10.099.288 10.444.402 10.374.029 11.719.827
11.128.309
2.134.483
2.102.927
4.606.108
4.876.087
4.482.015
4.361.843
4.455.172
5.215.339
4.455.646
2.679.668
2.563.920
7.259.604
8.249.028
7.559.473
7.795.787
7.795.840
6.764.461
7.951.829
2.622.697
2.519.685
6.024.451
6.430.280
6.487.238
7.002.932
6.719.810
6.883.235
6.932.161
4.464.357
3.965.041
3.517.289 23.797.256 30.872.147 21.839.948 22.441.281 22.441.244
1.950.661
2.024.114
2.134.483
2.102.927
5.626.732
5.737.259
5.696.977
5.690.806
2.365.807
2.259.169
2.407.234
2.342.635
6.273.260
6.547.649
6.689.970
6.782.362
2.269.129
2.229.110
2.461.948
2.381.870
6.029.737
6.627.676
6.689.187
7.002.932
2.689.417
2.610.704
2.678.041
2.545.008
7.024.810
7.145.166
7.722.232
7.232.188
3.332.483
2.949.937
3.359.986
--------------------------- Italian Banks ---------------------------
------------------------- Italian Top Five -------------------------
AppStreeling
Multiples & Valuation >
Powered by: @streeling
Multiples & Valuation – Focus Price/Book Value >
57
P/BV Trailing 12-Months (Oct-2013)
Average(EU Banks)
Average(IT Banks)
Average(IT Top Five Banks)
Multiples & Valuation – Focus Consensus Estimates (Source: Bloomberg) >
Net Income
2013
EPS (GAAP)
2014
2013
BVPS
2014
2013
2014
Market
Price
P/E
2013
58
P/BV
2014
2013
Tier 1 Ratio
2014
2013
2014
ITALIAN COMPARABLES
Banca Carige Spa
110
95
0,05
0,04
N/A
N/A
0,51
10,23
12,79
N/A
N/A
8,60
8,75
-579
-54
-0,05
0,00
0,53
0,53
0,23
N/A
N/A
0,43
0,43
8,56
9,59
68
222
0,20
0,66
10,28
12,83
6,11
30,83
9,25
0,59
0,48
8,47
8,67
4
14
0,02
0,07
3,21
3,28
0,64
32,00
9,14
0,20
0,20
N/A
N/A
Banca Popolare Di Milano Scarl
120
160
0,03
0,05
1,00
1,04
0,48
14,20
10,50
0,48
0,46
8,66
9,23
Banco Popolare
219
283
0,12
0,16
5,00
5,11
1,29
10,86
8,28
0,26
0,25
11,07
11,23
Credito Emiliano Spa - Credem
135
155
0,41
0,47
6,21
6,50
4,71
11,60
10,02
0,76
0,72
9,93
10,55
Credito Valtellinese Soc Coop
17
48
0,04
0,10
4,28
4,43
0,95
25,62
9,12
0,22
0,21
8,03
8,55
Intesa Sanpaolo
1.088
2.000
0,07
0,13
3,05
3,11
1,69
23,12
13,19
0,55
0,54
11,97
12,19
Mediobanca Spa
-214
469
-0,21
0,55
7,71
8,24
5,90
N/A
10,75
0,77
0,72
11,65
12,13
120
246
0,13
0,26
11,05
11,23
4,39
34,28
16,75
0,40
0,39
12,54
12,56
1.024
1.856
0,17
0,33
10,77
11,00
5,27
30,26
16,05
0,49
0,48
11,88
11,95
Banco Bilbao Sa
4.287
4.270
0,75
0,71
7,97
8,35
8,56
11,49
12,09
1,07
1,02
10,94
11,51
Banco Santander Sa
4.668
6.575
0,43
0,56
6,70
6,76
6,29
14,48
11,18
0,94
0,93
12,01
12,56
Credit Agricole S.A.
2.483
2.934
0,99
1,18
16,61
17,26
8,36
8,41
7,09
0,50
0,48
10,83
11,43
Deutsche Bank Ag
3.101
4.086
3,14
3,82
57,15
59,62
34,02
10,82
8,91
0,60
0,57
13,52
14,31
11.716
12.122
0,62
0,65
5,92
6,20
6,69
10,83
10,31
1,13
1,08
12,99
13,31
Lloyds Tsb Bank Plc (GBP)
2.642
3.528
0,04
0,05
0,63
0,66
0,74
17,50
13,87
1,16
1,11
14,50
15,39
Natixis
1.019
1.152
0,32
0,38
5,38
5,43
3,79
11,72
9,89
0,70
0,70
10,70
11,40
Societe Generale
2.552
3.363
3,29
4,31
60,09
63,07
38,63
11,73
8,97
0,64
0,61
12,52
12,30
681
2.425
0,07
0,23
5,71
5,86
3,66
55,52
16,14
0,64
0,63
12,14
13,14
Bnp Paribas
6.022
6.557
4,78
5,25
64,63
67,95
50,59
10,59
9,63
0,78
0,74
13,29
13,98
Barclays Plc (GBP)
2.468
4.853
0,16
0,29
3,67
3,80
2,69
16,71
9,22
0,73
0,71
12,54
13,20
Banca Monte Dei Paschi di Siena Spa
Banca Popolare Emilia Romagna
Banca Popolare Etruria e del Lazio Soc. Coop.
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
EUROPEAN COMPARABLES
Hsbc Holdings Plc (GBP)
Rbs Holdings Nv (GBP)
---------------------- Italian Banks ----------------------
> Minimum
10,23
8,28
0,20
0,20
8,03
8,55
> Average
22,30
11,44
0,46
0,44
9,99
10,41
> Median
24,37
10,50
0,45
0,45
9,30
10,07
> Maximum
34,28
16,75
0,77
0,72
12,54
12,56
-------------------- Italian Top Five ---------------------
> Minimum
10,86
8,28
0,26
0,25
8,56
9,59
> Average
24,63
13,57
0,42
0,42
11,20
11,50
> Median
26,69
14,62
0,43
0,43
11,88
11,95
> Maximum
34,28
16,75
0,55
0,54
12,54
12,56
-------------------- European Banks --------------------
> Minimum
> Average
8,41
7,09
0,50
0,48
10,70
11,40
16,34
10,66
0,81
0,78
12,36
12,96
> Median
11,72
9,89
0,73
0,71
12,52
13,14
> Maximum
55,52
16,14
1,16
1,11
14,50
15,39
Multiples & Valuation >
59
Market Cap
2009
2010
2011
Earning Yield
2012
Current
2009
2010
2011
Dividend Yield
2012
Trailing
12-Month
2009
2010
2011
2012
Trailing
12-Month
ITALIAN COMPARABLES
Banca Carige Spa
3.337,00
2.807,00
2.650,00
1.676,00
1.383,85
6,15%
6,31%
7,04%
-3,77%
-13,21%
4,61%
5,34%
4,95%
Banca Monte Dei Paschi Di Siena Spa
8.223,00
5.700,00
2.929,00
2.637,00
2.733,48
2,68%
17,29%
-159,96%
-120,23%
-70,72%
1,32%
2,50%
14,40%
Banca Popolare Emilia Romagna
2.600,00
2.324,00
1.808,00
1.738,00
2.126,09
4,45%
12,61%
11,87%
-0,65%
-5,43%
3,04%
2,82%
2,54%
1,62%
297,00
231,00
84,00
140,00
154,31
-3,59%
2,81%
33,35%
-144,88%
-134,74%
3,04%
0,30%
0,32%
2.055,00
1.086,00
990,00
1.459,00
1.595,11
5,04%
9,76%
-62,05%
-29,45%
-12,08%
2,01%
Banca Popolare Etruria e del Lazio Soc. Coop.
Banca Popolare Di Milano Scarl
6,06%
8,48%
Banco Popolare
3.374,00
2.170,00
1.762,00
2.216,00
2.451,59
7,91%
14,19%
-128,11%
-42,62%
-33,34%
2,95%
3,61%
0,07%
Credito Emiliano Spa - Credem
1.792,00
1.538,00
914,00
1.373,00
1.668,61
4,96%
5,07%
10,57%
8,83%
7,55%
1,73%
3,64%
2,42%
Credito Valtellinese Soc Coop
1.165,00
774,00
471,00
515,00
521,36
6,53%
8,96%
11,47%
-62,61%
-66,72%
5,90%
12,08%
8,41%
Intesa Sanpaolo
40.263,00
25.947,00
21.265,00
21.364,00
28.605,28
6,97%
10,43%
-38,51%
7,51%
2,63%
0,06%
4,34%
5,06%
4,08%
2,84%
Mediobanca Spa
6.958,00
5.200,00
5.896,00
2.932,00
5.287,33
0,03%
7,71%
6,25%
2,74%
-3,40%
7,80%
0,01%
2,45%
4,89%
0,81%
Unione Di Banche Italiane Scpa - Ubi Banca
Unicredit Spa
5,93%
2,39%
6.417,00
4.186,00
2.855,00
3.162,00
4.142,63
4,21%
4,11%
-64,50%
2,62%
-0,58%
4,72%
4,78%
3,58%
2,76%
1,09%
39.305,00
29.872,00
12.389,00
21.456,00
31.223,20
4,33%
4,43%
-74,31%
4,03%
1,90%
0,24%
2,93%
7,94%
1,18%
1,67%
3,36%
EUROPEAN COMPARABLES
Banco Bilbao Sa
47.500,00
33.512,00
32.443,00
37.816,00
50.769,05
9,96%
13,70%
9,26%
4,43%
6,00%
3,30%
3,63%
3,18%
Banco Santander Sa
95.013,00
65.857,00
52.296,00
62.958,00
72.531,30
9,41%
12,42%
10,23%
3,50%
3,80%
4,62%
6,24%
6,67%
3,74%
7,27%
Credit Agricole S.A.
28.543,00
22.765,00
10.861,00
15.153,00
22.457,20
3,94%
5,55%
-13,53%
-42,70%
-25,24%
Deutsche Bank Ag
30.649,00
35.935,00
26.627,00
30.617,00
36.268,70
16,23%
6,43%
15,52%
0,77%
0,52%
1,01%
1,29%
2,60%
2,25%
2,11%
199.249,00
179.537,00
136.078,00
194.126,00
129.616,35
2,93%
7,33%
12,34%
7,23%
12,25%
2,28%
1,92%
3,68%
3,05%
4,42%
4,21%
19,47%
Hsbc Holdings Plc (currency GBP)
Lloyds Tsb Bank Plc (currency GBP)
32.368,00
45.669,00
17.825,00
33.744,00
54.400,00
8,73%
-0,70%
-15,64%
-4,23%
1,49%
Natixis
10.277,00
10.193,00
5.820,00
7.853,00
11.957,84
-16,61%
16,99%
26,84%
11,47%
6,77%
Societe Generale
35.187,00
28.883,00
12.852,00
21.368,00
31.978,20
1,93%
13,56%
18,56%
3,62%
2,90%
Rbs Holdings Nv (currency GBP)
31.351,00
42.765,00
22.244,00
36.249,00
43.100,65
-11,51%
-2,63%
-8,98%
-16,47%
-7,73%
Bnp Paribas
66.215,00
56.993,00
36.355,00
52.811,00
66.479,20
8,81%
13,76%
16,64%
12,41%
7,80%
Barclays Plc (currency GBP)
31.497,00
31.874,00
21.476,00
32.126,00
44.922,69
29,82%
11,18%
14,00%
-2,25%
-0,22%
2,46%
22,00%
1,12%
3,98%
9,91%
0,18%
0,83%
2,01%
4,10%
6,46%
2,88%
2,81%
2,15%
--------------------------- Italian Banks ---------------------------
> Minimum
-3,59%
2,81%
-159,96%
-144,88%
-134,74%
0,06%
0,01%
0,30%
0,07%
0,81%
> Average
4,14%
8,64%
-37,24%
-31,54%
-27,35%
3,28%
3,58%
5,75%
2,86%
1,76%
> Median
4,70%
8,33%
-16,13%
-2,21%
-8,76%
3,04%
2,95%
4,29%
2,42%
1,67%
> Maximum
7,91%
17,29%
33,35%
8,83%
7,55%
7,80%
6,06%
14,40%
8,41%
2,84%
1,09%
------------------------- Italian Top Five -------------------------
> Minimum
2,68%
4,11%
-159,96%
-120,23%
-70,72%
0,06%
2,50%
3,58%
0,07%
> Average
5,22%
10,09%
-93,08%
-29,74%
-20,02%
1,59%
3,50%
6,92%
2,02%
1,87%
> Median
4,33%
10,43%
-74,31%
2,62%
-0,58%
0,78%
2,95%
5,06%
1,97%
1,67%
> Maximum
7,91%
17,29%
-38,51%
7,51%
2,63%
4,72%
4,78%
14,40%
4,08%
2,84%
1,12%
------------------------- European Banks -------------------------
> Minimum
-16,61%
-2,63%
-15,64%
-42,70%
-25,24%
1,01%
1,29%
0,18%
0,83%
> Average
5,79%
8,87%
7,75%
-2,02%
0,76%
2,86%
4,52%
3,60%
5,51%
5,39%
> Median
8,73%
11,18%
12,34%
3,50%
2,90%
2,79%
3,87%
3,18%
3,05%
3,28%
29,82%
16,99%
26,84%
12,41%
12,25%
4,62%
9,91%
6,67%
22,00%
19,47%
> Maximum
Multiples & Valuation >
60
P/BV
[Price to Book Value]
2009
2010
2011
P/E
[Price Earning]
2012
Trailing
12-Month
2009
2010
2011
EPS
[Earnings per Share]
2012
Trailing
12-Month
2009
2010
2011
DPS
[Dividends per Share]
2012
Trailing
12-Month
2009
2010
2011
2012
Trailing
12-Month
ITALIAN COMPARABLES
Banca Carige Spa
0,88
0,76
0,94
0,46
0,36
16,25
15,84
Banca Monte Dei Paschi Di Siena Spa
0,54
0,37
0,33
0,41
0,41
37,36
5,78
22,46
Banca Popolare Emilia Romagna
0,86
0,72
0,46
0,43
0,54
Banca Popolare Etruria e del Lazio Soc. Coop.
0,43
0,33
0,12
0,22
0,06
14,20
0,11
0,10
0,10
-0,03
-0,08
0,09
0,08
0,03
0,12
-0,40
-0,27
-0,16
0,01
0,00
0,26
7,93
8,42
0,46
1,16
0,65
-0,03
-0,35
0,31
35,65
3,00
-0,69
0,42
1,83
-4,01
-7,32
0,58
0,03
0,07
0,14
0,08
0,02
0,01
Banca Popolare Di Milano Scarl
0,53
0,28
0,25
0,36
0,44
19,85
10,25
0,08
0,08
-0,19
-0,13
-0,06
0,05
0,03
Banco Popolare
0,29
0,19
0,19
0,26
0,28
12,64
7,04
0,30
0,35
-1,28
-0,54
-0,45
0,07
0,04
0,00
Credito Emiliano Spa - Credem
0,97
0,85
0,55
0,69
0,82
20,18
19,73
9,46
0,23
0,29
0,36
0,38
0,08
0,10
0,10
8,72
Credito Valtellinese Soc Coop
0,60
0,39
0,25
0,26
0,29
15,30
11,16
Intesa Sanpaolo
0,76
0,48
0,45
0,43
0,59
14,35
9,59
11,32
13,25
0,27
0,37
0,29
0,20
-0,73
-1,03
0,33
0,19
0,21
0,10
13,31
37,99
0,21
0,20
-0,50
0,10
0,05
0,00
0,08
0,07
0,05
Mediobanca Spa
1,22
0,77
0,85
0,45
0,77
2887,14
12,97
36,48
0,00
0,47
0,44
0,10
-0,22
0,63
0,00
0,17
0,17
Unione Di Banche Italiane Scpa - Ubi Banca
0,56
0,38
0,32
0,32
0,42
23,74
24,32
38,23
0,40
0,25
-2,04
0,09
-0,03
0,44
0,29
0,11
0,10
Unicredit Spa
0,66
0,47
0,24
0,34
0,51
23,09
22,57
24,81
0,64
0,45
-3,14
0,15
0,12
0,04
0,30
0,34
0,04
0,23
16,00
52,74
EUROPEAN COMPARABLES
Banco Bilbao Sa
1,62
0,93
0,85
0,91
1,12
10,04
7,30
10,80
22,56
16,66
1,22
1,04
0,62
0,31
0,30
0,40
0,27
0,21
Banco Santander Sa
1,38
0,88
0,68
0,84
0,99
10,63
8,05
9,78
28,57
26,32
1,09
0,98
0,60
0,21
0,27
0,53
0,49
0,39
0,49
0,53
-0,59
-2,60
-1,99
0,11
1,34
190,89
7,32
2,51
4,57
0,26
0,18
0,45
0,51
0,76
0,74
0,26
0,19
0,28
0,32
Credit Agricole S.A.
0,63
0,50
0,25
0,38
0,59
25,37
18,02
Deutsche Bank Ag
0,84
0,74
0,50
0,57
0,63
6,16
15,56
6,44
129,19
13,64
8,10
13,84
Hsbc Holdings Plc (currency GBP)
1,55
1,22
0,86
1,73
1,18
34,15
Lloyds Tsb Bank Plc (currency GBP)
0,75
0,99
0,39
0,77
1,25
11,45
Natixis
0,49
0,49
0,28
0,40
0,67
Societe Generale
0,83
0,62
0,27
0,43
0,68
8,17
0,34
0,74
0,94
0,76
0,87
67,24
0,04
0,00
-0,04
-0,02
0,01
5,89
3,73
8,72
14,78
-0,59
0,59
0,52
0,29
0,25
51,90
7,37
5,39
27,61
34,46
0,94
5,45
3,19
1,03
1,18
-0,34
-0,10
-0,33
-0,53
-0,30
8,06
12,82
4,92
6,55
5,05
5,28
4,08
0,82
0,29
0,25
-0,06
-0,01
0,47
0,00
0,11
Rbs Holdings Nv (currency GBP)
0,40
0,57
0,30
0,53
0,62
Bnp Paribas
0,95
0,76
0,48
0,61
0,84
11,35
7,27
6,01
Barclays Plc (currency GBP)
0,67
0,63
0,39
0,54
0,76
3,35
8,94
7,14
> Minimum
0,29
0,19
0,12
0,22
0,06
12,64
5,78
3,00
11,32
13,25
-0,69
0,08
-3,14
-4,01
-7,32
0,00
0,00
0,02
0,00
> Average
0,69
0,50
0,41
0,39
0,46
281,12
15,24
9,97
24,83
34,66
0,18
0,35
-0,34
-0,41
-0,76
0,25
0,13
0,12
0,07
> Median
0,63
0,43
0,32
0,39
0,43
20,18
12,07
9,09
24,81
37,99
0,24
0,27
-0,04
-0,03
-0,12
0,20
0,08
0,10
0,08
> Maximum
1,22
0,85
0,94
0,69
0,82
2887,14
35,65
16,00
38,23
52,74
0,64
1,16
1,83
0,36
0,38
0,63
0,30
0,34
0,17
> Minimum
0,29
0,19
0,19
0,26
0,28
12,64
5,78
13,31
37,99
0,03
0,12
-3,14
-0,54
-0,45
0,00
0,00
0,04
0,00
> Average
0,56
0,38
0,31
0,35
0,44
22,24
13,86
25,45
45,37
0,31
0,28
-1,47
-0,09
-0,09
0,12
0,15
0,14
0,05
> Median
0,56
0,38
0,32
0,34
0,42
23,09
9,59
24,81
45,37
0,30
0,25
-1,28
0,09
-0,03
0,02
0,08
0,09
0,05
> Maximum
0,76
0,48
0,45
0,43
0,59
37,36
24,32
38,23
52,74
0,64
0,45
-0,40
0,15
0,12
0,44
0,30
0,34
0,10
> Minimum
0,40
0,49
0,25
0,38
0,59
3,35
5,89
3,73
8,06
8,17
-0,59
-0,10
-0,59
-2,60
-1,99
0,06
0,11
0,01
0,03
> Average
0,92
0,76
0,48
0,70
0,85
18,27
10,23
7,17
34,08
46,42
1,48
1,69
1,34
0,45
0,44
0,30
0,33
0,27
0,41
0,13
> Median
0,83
0,74
0,39
0,57
0,76
11,35
8,05
6,79
22,56
21,49
0,82
0,74
0,60
0,26
0,25
0,33
0,33
0,21
0,23
0,03
> Maximum
1,62
1,22
0,86
1,73
1,25
51,90
18,02
10,80
129,19
190,89
7,32
6,55
5,05
5,28
4,08
0,53
0,51
0,76
1,34
0,47
0,12
0,39
0,01
0,03
0,00
0,06
0,11
0,11
0,08
0,06
--------------------------- Italian Banks ---------------------------
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
AppStreeling
Threshold Analysis >
Powered by: @streeling
Threshold Analysis – Road Map >
62
Livelli di Gross Return on Net Risk Assets che
riportano il valore del Core Tier 1 Ratio
corrente su valori Critici.
Gross Return on Net Risk Asset: rappresenta il rendimento
rispetto alle Net Risk Assets, che ingloba le seguenti
componenti reddituali: Net Interest Income, Net Financial
and Trading Income, Impairment Losses on Loans,
Impairment of Financial Assets. Rapprenta quindi la
reddidività lorda della gestione finanziaria complessiva della
banca comprensiva anche del repricing degli assets.
Threshold Gross Return On Risk Assets
8%
7%
4,5%
Italian Banks
-0,43%
-1,00%
-2,45%
Italian Top Five
-0,87%
-1,34%
-2,52%
European Banks
-0,77%
-1,08%
-1,87%
Elaborazioni su
dati Dicembre 2012
Livelli di ROA che riportano il valore del
Core Tier 1 Ratio Corrente su valori Critici
Threshold ROA
8%
7%
4,5%
Italian Banks
-0,92%
-1,50%
-2,96%
Italian Top Five
-1,44%
-1,89%
-3,02%
European Banks
-1,19%
-1,52%
-2,33%
Tasso di perdita sull'ammontare derivati
lordi in grado di abbattere di 100 bps il
livello di Core Tier 1 Ratio.
Derivative Loss Rate --> -100 bps CT1
2010
2011
2012
Italian Banks
-32,79%
-35,26%
-30,08%
Italian Top Five
-9,15%
-6,27%
-7,20%
European Banks
-1,70%
-1,37%
-1,38%
Elaborazioni su
dati Giugno 2012
Threshold Analysis on CT1 Ratio >
63
Livelli di Gross Return on Net Risk Assets
che riportano il valore del Core Tier 1
Ratio corrente su valori Critici.
Livelli di ROA che riportano il valore del
Core Tier 1 Ratio Corrente su valori
Critici
Threshold Gross Return On Risk Assets
[Elaborazioni su dati Dic-2012]
Threshold ROA
[Elaborazioni su dati Giu-2013]
8,00%
7,00%
4,50%
8,00%
7,00%
Tasso di perdita sull'ammontare derivati
lordi in grado di abbattere di 100 bps il
livello di Core Tier 1 Ratio.
Derivative Loss Rate ⇒ −100 bps
Core Tier 1 Ratio
4,50%
2010
2011
2012
ITALIAN COMPARABLES
Banca Carige Spa
0,88%
0,36%
-0,92%
0,97%
0,43%
-0,91%
-143,67%
-98,94%
Banca Monte Dei Paschi di Siena Spa
-0,09%
-0,52%
-1,59%
-1,23%
-1,64%
-2,67%
-9,15%
-6,27%
-7,20%
Banca Popolare Emilia Romagna
-0,12%
-0,85%
-2,68%
-0,16%
-0,88%
-2,69%
-294,58%
-176,42%
-143,94%
Banca Popolare Etruria e del Lazio Soc. Coop.
1,21%
0,65%
-0,77%
Banca Popolare Di Milano Scarl
0,29%
-0,54%
-2,59%
0,45%
-0,37%
-2,44%
-0,90%
-1,32%
-2,38%
Banco Popolare
-0,59%
-1,01%
-2,07%
Credito Emiliano Spa - Credem
-0,67%
-1,22%
-2,60%
Credito Valtellinese Soc Coop
-74,54%
-202,56%
-88,30%
-87,19%
-27,61%
-23,67%
-23,08%
-26,55%
-16,65%
-8,41%
-37,97%
-46,85%
-79,82%
0,10%
-0,57%
-2,26%
0,01%
-0,61%
-2,17%
Intesa Sanpaolo
-1,38%
-1,84%
-2,97%
-1,41%
-1,86%
-2,99%
-7,17%
-6,25%
-5,27%
Mediobanca Spa
-2,46%
-3,16%
-4,93%
-3,24%
-4,12%
-6,31%
-7,64%
-7,61%
-5,94%
Unione Di Banche Italiane Scpa - Ubi Banca
-1,09%
-1,68%
-3,16%
-2,04%
-2,54%
-3,79%
-85,38%
-53,96%
-37,07%
Unicredit Spa
-1,18%
-1,65%
-2,82%
-1,60%
-2,07%
-3,25%
-5,28%
-4,42%
-4,29%
EUROPEAN COMPARABLES
Banco Bilbao Sa
-1,26%
-1,78%
-3,09%
-1,77%
-2,31%
-3,67%
-8,44%
-6,39%
-6,14%
Banco Santander Sa
-1,04%
-1,48%
-2,59%
-1,36%
-1,79%
-2,88%
-8,12%
-5,49%
-5,02%
Credit Agricole S.A.
0,04%
-0,12%
-0,52%
-0,10%
-0,27%
-0,70%
-0,95%
-0,69%
-0,50%
Deutsche Bank Ag
-0,47%
-0,63%
-1,05%
-0,87%
-1,04%
-1,45%
-0,53%
-0,44%
-0,43%
Hsbc Holdings Plc
-1,66%
-2,09%
-3,14%
-1,98%
-2,41%
-3,46%
-2,87%
-1,91%
-1,54%
Lloyds Tsb Bank Plc
-1,12%
-1,45%
-2,30%
-1,89%
-2,22%
-3,04%
-8,00%
-5,34%
-5,49%
-46,17%
Natixis
-0,55%
-0,79%
-1,39%
-103,28%
-41,70%
Societe Generale
-0,50%
-0,76%
-1,41%
-0,78%
-1,03%
-1,66%
-1,68%
-1,37%
-1,38%
Rbs Holdings Nv
-0,57%
-0,92%
-1,81%
-1,12%
-1,49%
-2,39%
-1,34%
-0,96%
-1,04%
Bnp Paribas
-0,70%
-0,99%
-1,72%
-1,28%
-1,58%
-2,35%
-1,70%
-1,33%
-1,30%
Barclays Plc
-0,63%
-0,89%
-1,54%
-0,78%
-1,04%
-1,67%
-0,95%
-0,73%
-0,82%
> Minimum
-2,46%
-3,16%
-4,93%
-3,24%
-4,12%
-6,31%
-294,58%
-176,42%
-143,94%
> Average
-0,43%
-1,00%
-2,45%
-0,92%
-1,50%
-2,96%
-71,39%
-44,63%
-40,33%
> Median
-0,35%
-0,93%
-2,60%
-1,07%
-1,48%
-2,68%
-27,08%
-20,16%
-15,75%
1,21%
0,65%
-0,77%
0,97%
0,43%
-0,91%
-5,28%
-4,42%
-4,29%
> Minimum
-1,38%
-1,84%
-3,16%
-2,04%
-2,54%
-3,79%
-85,38%
-53,96%
-37,07%
> Average
-0,87%
-1,34%
-2,52%
-1,44%
-1,89%
-3,02%
-26,71%
-17,51%
-12,45%
> Median
-1,09%
-1,65%
-2,82%
-1,41%
-1,86%
-2,99%
-9,15%
-6,27%
-7,20%
> Maximum
-0,09%
-0,52%
-1,59%
-0,90%
-1,32%
-2,38%
-5,28%
-4,42%
-4,29%
> Minimum
-1,66%
-2,09%
-3,14%
-1,98%
-2,41%
-3,67%
-103,28%
-41,70%
-46,17%
> Average
-0,77%
-1,08%
-1,87%
-1,19%
-1,52%
-2,33%
-12,53%
-6,03%
-6,35%
> Median
-0,63%
-0,92%
-1,72%
-1,20%
-1,54%
-2,37%
-1,70%
-1,37%
-1,38%
0,04%
-0,12%
-0,52%
-0,10%
-0,27%
-0,70%
-0,53%
-0,44%
-0,43%
--------------------------- Italian Banks ---------------------------
> Maximum
------------------------- Italian Top Five -------------------------
------------------------- European Banks -------------------------
> Maximum
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