Consolidated Results as at March 31 st 2016 Consolidated results as at 31 March 2016 1
Agenda Executive summary Credit policies and asset quality Funding, liquidity and securities portfolio Capital ratio Revenues development Cost management and Net profit development Annexes Consolidated results as at 31 March 2016 2
Executive Summary Executive Summary Asset Quality: • Decrease in Gross Bad loans (-7.6% vs Dec 2015), including the result of a Bad Loans portfolio disposal • Significant decrease in the cost of credit (-28% YoY from 1.45% to 1.05%) Strong capital position : • CET1 ratio at 13.4% “fully loaded” • solid “Basel 3” leverage ratio at 7.4%* Sound liquidity position • counterbalancing capacity of € 4.6bn, of which € 4.2bn unencumbered • LCR and NSFR well above the minimum required Economic Trend: • Decrease in NII (-8.2% YoY) mainly due to reduction in carry trade and euribor . • Resilience of net commission income (-1.1 YoY%) related to the 1Q16 market turmoil • Net income proforma , without bad loans disposal effect and Single Resolution Fund (SRF) contribution ~ € 14.9 mn * As at 31 December 2015 (Fully loaded) Consolidated results as at 31 March 2016 3
Agenda Executive summary Credit policies and asset quality Funding, liquidity and securities portfolio Capital ratio Revenues development Cost management and Net profit development Annexes Consolidated results as at 31 March 2016 4
Credit policies and asset quality Loans to customers analysis Quarterly trend ( € mn) Commercial Loans * (gross amounts) Data restated for the disposal of bad loans +0.10% (GBV Euro ~ 302 m) 23,107 23,064 21,279 20,074 20,099 20,062 20,106 20,146 20,127 19,825 12.11 12.12 12.13 12.14 03.15 06.15 09.15 12.15 03.16 * Total gross loans to customers net of exposures with institutions Total gross loans by technical classification Total gross loans by business segment Pool loans 2.4% SME Corporate Foreign loans Current accounts 38.3% 1.6% 23.0% Personal loans ~ 73% of 3.0% total loan Other Npls Loans CCG & CDP** Households 4.7% book to 12.3% 5.3% 21.3% SMEs Other operations 2.7% Corporate Mortgages Financial leasing 21.3% 46.6% 3.1% Retail 14.4% ** CCG: Cassa Compensazione e Garanzia CDP: Cassa depositi e prestiti Consolidated results as at 31 March 2016 Source: internal data 5
Credit policies and asset quality Focus on new loans 625 mn of new loans disbursed (individuals and SMEs/Corporate) over the period + 72.5% YoY Amount Average Chg % % YoY Fixed Rate INDIVIDUALS 28.8% 2.82% Individuals 192 mn + 45.7% Of which net substitutions («surroghe»): 29 mn Amount Chg % YoY Mortgage 80 mn +10.2% CORPORATE Average Rate SME & Other secured 137 mn +151.2% 2.50% Unsecured 216 mn +108.4% Total amount 433 mn +87.7% Positive results of the oustanding remix Individuals + 6.6% YoY Real Estate - 7.0% YoY Consolidated results as at 31 March 2016 Source: internal data 6
Credit policies and asset quality Loan portfolio diversification Gross loan book breakdown by geography (%) Piemonte Marche Sicilia 3.9% ~ 85% of loans in North/ Center 7.5% 15.4% Italy, of which ~ 57% of loans in Toscana Lombardy 1.7% Trentino Alto Adige 1.7% Average loan granted to real estate Umbria 0.7% Valle d’Aosta 0.02% and construction sectors Veneto 3.2% ( “ ATECO ” ) ~ 213k Emilia Romagna Very conservative LTV ( ̴ 54%) , 1.2% Lazio 8.1% both for households and SMEs Lombardia 56.6% Source: internal data Average EUR 87,000 per loan LTV % (as of 31/03/2016) Source: internal data Retail – Secured on real estate 54.1% property Retail – Secured on real estate Loan concentration % Total loans 51.1% property of which SME Retail – Secured on real estate Top 20 exposures 6.1% property of which non SME 55.1% Consolidated results as at 31 March 2016 7
Credit policies and asset quality Doubtful loans analysis and cost of credit risk Cost of credit risk -28% Significant reduction 1.45% 1.05% in the cost of risk YoY 1Q2015 1Q2016 Quarterly change in gross bad loans Quarterly change in gross unlikely to pay Mn € Data restated for the disposal Mn € 267,698 of bad loans 88,213 105,429 94,175 108,746 65,354 31,780 39,599 30,384 46,422 2Q15 1Q15 3Q15 4Q15 1Q16 -213,806 Mn € 1Q15 2Q15 4Q15 1Q16 3Q15 Quarterly change in gross non - performing exposures Quarterly change in gross past due Data restated for the disposal of bad Mn € loans 73,354 197,801 162,258 37,699 102,453 75,389 -46,639 -52,715 -69,639 -135,251 -228,665 3Q15 4Q15 1Q16 2Q15 1Q15 1Q15 2Q15 3Q15 4Q15 1Q16 Consolidated results as at 31 March 2016 8
Credit policies and asset quality Net flow trend of NPL (gross amounts) – end of 1Q Change in NPL loans Bad loans transaction in Q1 Best quarter since the start of 2015 Mn € Key Figures 374,067 398,195 272,230 162,258 Gross bad loans 302.0 mn reduction Impact on gross bad -228,665 -1.1% loans ratio 1Q12 1Q13 1Q14 1Q15 1Q16 Impact on bad loans -4.5% Data restated for the disposal coverage of bad loans 73,354 Net loan loss provisions Loss recorded in Q1 5.9 mn Mn € - 26.3% 101,593 56,318 67,442 38,209 49,680 1Q12 1Q13 1Q14 1Q15 1Q16 Consolidated results as at 31 March 2016 9
Credit policies and asset quality Asset quality (1/2) Chg % March. 2016 Credit risk profile (mn € ) 31/03/2016 31/12/2015 31/03/2015 vs March. 2015 Net Bad loans 1,238 1,207 1,160 + 6.7 Net Unlikely to pay 1,880 1,835 1,603 + 17.3 Net Past due 274 315 549 - 50.1 Total net non-performing exposures 3,392 3,357 3,312 + 2.4 Net non-performing exposures/ 18% 18% 18% Loans to customers Limited increase in the Net NPLs Net NPLs ratio almost stable YoY Consolidated results as at 31 March 2016 10
Credit policies and asset quality Asset quality (2/2) Coverage Ratios 31/03/2016 31/12/2015 31/03/2015 Bad loans 52.3%* 57.1% 55.3% Unlikely to pay 24.6% 25.5% 21.5% Past due 8.3% 9.0% 9.2% * Coverage pro-forma on bad loans (gross of bad loans disposal) ~ 57% Non-performing exposures Coverage Coverage Bonis 40.3% 0.80% 36.8% 0.73% 37.1%** 0.73% March December March December March March 2016 2015 2015 2015 2015 2016 ** Coverage pro-forma on bad loans (gross of bad loans disposal) ~40 % Annual trend in line with the portfolio improvement effect and new credit policy Consolidated results as at 31 March 2016 11
Credit policies and asset quality NPL’s analysis – including collateral Bad Loans – Total Coverage Ratio (%) 1.8% 107.4% 1.9% 0.5% 4.8% 43.6% 2.5% 52.3% Financial Real Asset Confidi Cash Real Cash Total Guarantees coverage estate protection coverage estate coverage mortgage scheme related mortgage Ratio ratio – market (judicial) to bad - market loans value value write-off Real estate value equal to the last market value (according to the specific appraisal, delivered by third party appraiser), capped at the maximum amount rapresented by the value of the loans. Only «cash guarantees» considered, like financial guarantees, APS. No consideration at all for personal guarantees. Source: internal data. Consolidated results as at 31 March 2016 12
Credit policies and asset quality Collateral analysis on loans portfolio Real estate and personal guarantee / Loans to customers 78.3% 70.5% 63.2% Collateral value Average ltalian Average Creval Peers Comparable higher than Real estate and personal guarantee non performing / Net NPL Italian Peers and 88.6% Comparables 80.1% 77.2% Creval Average Average ltalian Comparable Peers Note: Peers comparable: BPM, Carige, BPS, Credem, Banco Desio, Veneto Banca; BPVI; Italian Peers: Unicredit, Intesa SanPaolo, MPS, Banco Popolare, UBI, BPER Source: Financial Reports Consolidated results as at 31 March 2016 13
Credit policies and asset quality NPL – partnership with Cerved Group Collections on Bad Loans* mn € Partnership with Cerved in line +72% +84% with expectations – jan-apr 97.0 strong increase of collection YoY 66.7 on bad loans 33.3 19.4 43.1 23.4 Jan-Apr16 1Q2015 2015 2014 Jan-Apr15 1Q2016 Stelline RE - REOCO Partnership between Stelline Real Estate and Cerved for the starting up of a Reoco activity (sept – 2015). Initiatives already in place to take part in auctions for around 10 mn. Assets already bought by REOCO or third parties for around 10 mn. * Source: Internal data Consolidated results as at 31 March 2016 14
Agenda Executive summary Credit policies and asset quality Funding, liquidity and securities portfolio Capital ratio Revenues development Cost management and Net profit development Annexes Consolidated results as at 31 March 2016 15
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