The Management Board approves Bipiemme

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

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