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. 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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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