UBI BANCA S.P.A. Constantly lower operating expensesdown to €1,044.4 million (-2.6%).Net of non-recuring positive and negative items, operating expenses fell by 19.3% in 1H 2014 compared with 1H 2007
Net operating income of €691.5 million (+19.2%) Annualised loan loss rate of 99 basis points (84 basis points in 1H 2013) Pre-tax profit from continuing operations of €257.3million (+52.6%) Consolidated profit in the second quarter of 2014 of €48.1 million, due to one-off tax charges, compared with €58.1 million in the 1Q 2014 (€26.5 imllion in 2Q 2013). Consolidated profit netof non-recurring items +21.6% at €71.8 million compared with €59 million in the first quarter of 2014 (€33.2 million in 2Q 2013)The capital strength of the Group increases further:
Common equity tier one ratio "phased in" as at 30th June 2014: 12.73% (12.2% in March 2014) Total capital ratio "phased in" of 18.03% (17.7% in March 2014) Common equity tier one ratio "fully loaded" estimate of 11.7% (11.2% in March 2014) If account is taken of the compulsory periodic update of risk parameters and of other expected factors incorporated from the end of 20141, the common equity tier one ratio "fully loaded" estimate is 10.9% (compared with 10.5% in March 2014).World class Leverage ratio:
Basel 3 "phased in" leverage ratio of over 5.8% Basel 3 "fully loaded" leverage ratio estimate of over 5.4% (5.16% in December 2013) NSFR and LCR > 1 even net of the LTRO. Over €31 billion of assets eligible for refinancing. As a result of its solid liquidity position, the Group estimates that in December 2014 it will bid for €3 billion of TLTRO, against €6 billion of martuing LTRO.Loans to customers-1.5% compared with December 2013. Loans stabilised compared with the end of March 2014 (unchangedat €87.1 billion).
Total net deteriorated loans -0.6% compared with December 2013
Total gross loans stable at €12.8 billion (€12.7 lbliion in December 2013)1 Aviva and UBI Assicurazioni operations that are expected to close by the end of the year; periodic update of historical data series relating to lending and market parameters for the calculation of risk weighted assets; no inclusion of any optimisation and self-financing operations.
1
New flows of performing loans to deteriorated status down significantly by 38.1% compared with 1H 2013 and by 39.7% compared with 2H 2013. As part of activities to streamline and enhance Group companies, a decision has been taken to launch a project to integrate IW Bank and UBI Banca Private Investment. ***Bergamo, 8th August 2014 - The Management Board of Unione di Banche Italiane Scpa (UBI Banca) has approved the consolidated results for the first half of 2014, which ended with a profit of
€106.2 million, a more than twofold increasecompared with €52.9 million in the same period of
2013. Net of non-recurring items, profit for the period was €130.8 million compared with €52.2 million in the first half of 2013.
On the one hand, the first half of 2014 recorded good performance by operating income, up by approximately €84 million compared with January-June 2013. In detail, growth was recorded in net interest income (+€63.1 million), net fee and commsision income (+€7.4 million) and the finance result (+€27.3 million).
On the other hand, the success of the careful management of operating expenses was repeated, which, after five consecutive years of cuts to expense items, allowed further savings to be made on structural operational costs in the first half of the year compared with the same period in 2013 (-
€27.5 million).
Net of non-recurring items, both positive and negative, operating expenses in the first half of 2014 recorded a decrease of 19.3% compared with the first half of 2007.
The first half of 2014 saw an important reduction in new migrations of performing loans to deteriorated status: -38.1% compared with the first half of 2013 and -39.7% compared with the second half of 2013. Net deteriorated loans fell by 0.6% compared with December 2013.
Finally, from a profit and loss viewpoint, the first half was penalised by non-recurring tax charges incurred in the second quarter of the year (more specifically, a change in the substitute tax on the valuation of stakes in the Bank of Italy and the impact of an adjustment to the IRAP (regional production tax) rate on existing DTAs, to give a total of approx. €24 million).
* * *
In the first six months of the year, Group operations generated growth in net operating income of
19.2% to €691.5 million from €580.3 million in the sampeeriod of 2013.
As a result of good performance by core activities, operating income increased by 5.1% to
€1,735.9 million compared with €1,652.2 million itnhe first half of 2013.
€602.2 million in the same period of 2013. Investmnet services-related business recorded a good
2
result (+7.3% to €322.5 million) while the contribution from general banking services (-6.7% to
€302.9 million) continued to be affected by low voulmes of business in relation to the weak economic environment.
The item also benefited, in terms of lower commission expenses, from the positive impact of the early redemption of €3 billion of bonds backed by State guarantee, which took place at the beginning of March and was made possible by the Group's solid liquidity position and by the availability of over €31 billion of other assets eilgible for refinancing.
As concerns the evolution of fees and commissions, authorisation was received on 7th August for the early redemption of the remaining €3 billion of bonds backed by State guarantee still outstanding, which will bring future benefits.
The finance result came to €136.6 million (+€27.3 million compared wthithe first half of 2013).
This result was composed as follows: €50.6 millionfrom trading activities (€52.5 million in the first half of 2013); €93.7 million (€59.9 million in thfeirst half of 2013) from the sale and repurchase of financial assets/liabilities and primarily from the sale of €3.8 billion of Italian government securities; -€0.3 million from changes in the fairvalue of financial assets (+€1.6 million in the fisrt half of 2013); while hedging activities generated a loss of €7.4 million (-€4.6 million in the firstalhf of 2013).
The first half of 2014 recorded another reduction in operating expenses, down by a further 2.6%
In detail:
- staff costs of €647.9 million were more or less unchanged compared with 2013 (€646.2 million), having absorbed ordinary wage increases inclusive of the latest scheduled increases under the provisions of the current national labour contract, applied from 1st June 2013 and from 1st June
2014;
- other administrative expenses of €311.2 million were down by 7.2% year-on-year,the result of a long-term effort to curb costs which involved most components of current spending;
- finally, depreciation, amortisation and net impairment losses on property, plant and equipment and intangible assets totalled €85.2 million, also down by 5.7% comparedwith
2013, as a result of lower depreciation and amortisation in the core perimeter of the Group and of the exit of BDG from the consolidation.
In the period January-June 2014 net impairment losses on loans rose to €429.1 million, compared with €383.9 million in the first half of 2013, to igve an annualised loan loss rate of 0.99% of total net loans, compared with 0.84%. before.
As a result of the performance described above, profit on continuing operations before tax
amounted to €257.3 million,an improvement of 52.6% compared with the first half of 2013.
3
Group operating results in the second quarter of the yearIn the second quarter of 2014, the Group recorded growth in net operating income of 8.2% to
€359.4 million compared with the 1Q 2014 (and of 12.7% compared with the 2Q 2013).
This result was achieved, on the one hand due to growth in operating income, which stood at
€882.5 million (+3.4% compared with 1Q 2014 and +35.% compared with 2Q 2013) following good performance by net interest income, which totalled €454 million (unchanged compared with
1Q 2014 and +6% compared with 2Q 2013), the result of the improvement in the customer spread (1.82% compared with 1.79% in the 1Q 2014 and 1.61% in 2Q 2013) despite decreasing average volumes of lending. Net fee and commission income generated €309.6 million (+3.2% compared with 1Q 2014 and +4.1% compared with 2Q 2013), while the finance result contributed €74 million (€62.6 million in 1Q 2014 and €67.4 millioin 2Q 2013).
On the other hand net operating income benefited from stringent control over costs, which totalled
€523.1 million in 2Q 2014 (largely unchanged compaerd with 1Q 2014 and -2% compared with 2Q
2013).
As a result of the performance described above, profit on continuing operations before tax amounted to €132.8 million,an improvement of 6.7% compared with the first quarter of the year and of 74.5% compared with the second quarter of 2013.
Taxes on income for the period from continuing operations amounted to €76.7 million (€58.7 million in 1Q 2014 and €46.5 million in 2Q 2013), sa a result of the inclusion in the second quarterof the year of non-recurring components, consisting in particular of a change in the substitute tax on the valuation of stakes in the Bank of Italy and the impact of an adjustment to the IRAP (regional production tax) rate on existing DTAs, to give a total of approx. €24 million.
* * * The balance sheetLoans to customers as at 30th June 2014 amounted to €87.1 billion, stable (+€25 million)
compared with the end of March 2014 (-1.5% compared with December 2013).
Short-term loans grew in the second quarter of the year (+€0.4 billion), while medium to long term
lending saw the complete replacement of maturing loans in the network banks (new grants represented 104% of maturities in the second quarter of 2014, 95% in the first quarter of the year and 85% in the second quarter of 2013). However, the replacement of maturing loans in the product companies (around 40%) remained low, being more closely correlated with investment by businesses, not yet made possible by the performance of the economy.
As concerns credit quality, the tendency of total deteriorated gross loans (non-performing loans, impaired loans, restructured and past due/in arrears loans) to stabilise was confirmed in June 2014 (+0.9% to €12,788 million compared with €12,674 miollni in December 2013, while substantial growth had been recorded in previous semesters: +7% for June 2013-December 2013 and +8% for December 2012- June 2013).
4
In terms of gross flows, the fall in new migrations of performing loans into deteriorated loans continued (€1,260 million in 1H 2014, down by 39.7% comparedwith 2,089 in 2H 2013 and down by 38.1% compared with €2,035 million in 1H 2013).Again at the end of June 2014, coverage for total deteriorated loans recorded an increase to
27.61% (27.26% in March 2014 and 26.52% in December 2013). If loan write-offs are included, coverage for total deteriorated loans rises to 37.6% (37.19% in March 2014 and 36.21% in December 2013). In terms of net amounts, total deteriorated loans stood at €9,257million, down by 0.6%
compared with €9,312 million recorded in December 2013 (€9,208 million as at 31st March
2014).
In detail, net non-performing loans amounted to €37,71 million (€3,548 million in March 2014 and
€3,437 million in December 2013), accounting for 43.3% of total net loans.
Following the disposal of €61 million of gross loans written-down by 91%, coverage for non- performing loans stood at 40.61%, slightly down compared with 41.02% in March. If that disposal had not taken place, coverage for non-performing loans would have grown to 41.1% compared with
41.02% in March 2014.
If loan write-offs are included, coverage for non performing loans rises to 55.09%.
The percentage of positions backed by collateral (64.5% of the gross total), which require less coverage, remains significant and is growing. Coverage for unsecured positions, considered gross of loan write-offs, was again high (71.65%).
Net impaired loans fell to €4,117 million from €45,24 million in March 2014 (€4,314 million in
December 2013), accounting for 4.73% of total loans.
Total coverage for impaired loans had increased slightly to 16.23% compared with 16.22% in March
2014 (15.12% in December 2013). The presence of positions backed by collateral, which require less recognition of impairment, remains high, accounting for 63.9% of total gross impaired loans. Coverage for unsecured positions was 25.29%.
Net restructured positions amounted to €716.6 milloin, down from €760.2 million in March 2014 and from €750.5 million recorded in December 2013 c(overage of 14.49% in June 2014 compared with 14.16% in March 2014 and 13.94% in December 2013).
Net positions past due and/or in arrears amounted to €651.9 million compared with €646.7 million in March 2014 and €810.6 million in December 2013 (coverage of 4.78% compared with 4.95% in March 2014 and 2.83% in December 2013).
Total direct funding as at 30th June 2014, amounted to €90.2 billion compared with€90.8 billion in March 2014 and €92.6 billion in December 2013. Net of repurchase agreements with the CCG (a central counterparty clearing house), direct funding amounted to €87.9 billion in June 2014, €89.4 billion in March 2014 and €87.1 billion in December2013. Action was undertaken with respect to this item during the first half to optimise the composition of funding which did not involve the Group's core funding (customer deposits of €42.5 blilion and retail bonds of €24.4 billion remained stable compared with December 2013) and moreover had positive impacts on the cost of funding and consequently on net interest income.
The ratio of loans to total direct funding was 96.6% (95.9% at the end of March 2014 and 95.5%
at the end of December 2013).
Group exposure to the ECB remained unchanged as at 30th June 2014 and consisted of a total of €12 billion nominal (€6 billion expire in December 2014and €6 billion in February 2015), recognised
5
within the item "due to banks" and therefore not included within direct funding. Liquidity indicators calculated according to Basel 3 rules (NSFR and LCR) are greater than one even in the presence of an ordinary funding structure not based on LTRO support. Assets eligible for refinancing as at 6th August 2014 totalled €31.1 billion net of haircuts.As a result of its solid liquidity position, the
Group estimates that in December 2014 it will bid for €3 billion of TLTRO finance, against €6 billion of maturing LTRO finance.
At the end of June 2014, the Group's financial assets amounted to €22.2 billion, of which €20.3 billion related to Italian government securities (€21.1 billion in March 2014).
Again at the end of June 2014, indirect funding from ordinary customers had increased to €73.7 billion compared with €73.4 billion in March 2014 nad €71.7 billion in December 2013. Positive performance was recorded both by assets under management in the strict sense, which reached
€28.7 billion (+2.6% compared with March 2014), andalso by insurance funding, which rose to
€12.1 billion (+2% compared with March 2014). Finally, assets under custody amounted to €32.9 billion (€33.6 billion in March 2014).
Consolidated equity of the UBI Banca Group as at 30th June 2014, including profit for the period, amounted to €10,709 million (€10,667 million at theend of March 2014 and €10,339 million at the end of December 2013).
* * *
Human resources of the UBI Banca Group totalled 18,438 as at 30th June 2014 (18,379 in March
2014 and 18,338 in December 2013). Furthermore, after the end of the first half 183 staff left the Group on the 1st of July in accordance with the agreement of 6th March 2014, with which redundancy applications over and above those provided for under the agreement of November 2012, amended in February 2013, were accepted.
At the end of the period, the branch network consisted of 1,673 branches in Italy (1,724 in March
2014) and six abroad (unchanged).
* * *
Elisabetta Stegher, as the Senior Officer Responsible for preparing the corporate accounting documents of Unione di Banche Italiane Scpa, hereby declares, in compliance with the second paragraph of article 154 bis of the Testo unico delle disposizioni in materia di intermediazione finanziaria (Consolidated Finance Act), that the financial information contained in this press release is reliably based on the records contained in corporate documents and accounting records.
Outlook
* * *
Under current market conditions net interest income should benefit in terms of interest expense from a progressive decrease in the cost of the marginal, more onerous components and from repricing action already taken, which will become fully effective in the second half, and in terms of interest income from the resilience of medium to long-term loan yields.
The positive contribution from fee and commission income is expected to continue, assisted by favourable seasonal factors that normally occur in the second half of the year.
6
The reduction in administrative expenses is confirmed compared to 2013, while the performance of staff costs will depend on the final outcome of the renewal of the national labour contract.
The slowdown in the pace of new defaulted loans recorded in the first quarter of the current year continued again in the second quarter and allows expectations of an overall year-on-year improvement compared with 2013 in loan losses to be confirmed.
As part of activities to streamline and enhance Group companies, the launch of a project was approved, to integrate IW Bank, the Group's on-line bank, a leader in the sector in Italy, and UBI Private Investment, which has a network of highly professional financial advisors and fits in very well with IW Bank's commercial offer.
The integration plan is currently being finalised and applications for authorisation will then be submitted to the competent authorities.
* * *
For further information please contact:
UBI Banca - Investor relations - Tel. +39 035 3922217
Email: investor.relations@ubibanca.it
UBI Banca - Press relations - Cell +39 335 8268310; +39 335 7819842
Email: relesterne@ubibanca.it
Copy of this press release is available on the website www.ubibanca.it
7
Attachments
Financial statements UBI Banca Group:- Reclassified consolidated balance sheet
- Reclassified consolidated income statement
- Quarterly evolution of reclassified consolidated income statement
- Reclassified consolidated income statement net of the most significant non-recurring items
Notes to the financial statementsTo allow a vision that is more consistent with a management accounting style, reclassified financial statements have been prepared. The comments on the performance of the main statement of financial position and income statement items are made on the basis of the reclassified financial statements.
The "notes on the reclassified financial statements" contained in the periodic financial reports of the Group may be consulted for a fuller comprehension of the rules followed in preparing the reclassified financial statements.
8
UBI Banca Group: reclassified consolidated balance sheet
Figures in thousands of euro | 30.6.2014 A | 31.12.2013 Changes % changes 30.6.2013 Changes % changes B A-B A/B C A-C A/C |
ASSETS Cash and cash equivalents | 486,807 | 589,705 -102,898 -17.4% 490,754 -3,947 -0.8% |
Financial assets held for trading | 2,168,661 | 3,056,264 -887,603 -29.0% 4,686,491 -2,517,830 -53.7% |
Financial assets designated at fair value | 192,408 | 208,143 -15,735 -7.6% 206,860 -14,452 -7.0% |
Available-for-sale financial assets | 16,742,576 | 15,489,497 1,253,079 8.1% 13,746,914 2,995,662 21.8% |
Held-to-maturity investments | 3,049,841 | 3,086,815 -36,974 -1.2% 3,122,272 -72,431 -2.3% |
Loans and advances to banks | 4,078,892 | 4,129,756 -50,864 -1.2% 4,774,761 -695,869 -14.6% |
Loans and advances to customers | 87,119,396 | 88,421,467 -1,302,071 -1.5% 91,268,495 -4,149,099 -4.5% |
Hedging derivatives | 458,998 | 253,609 205,389 81.0% 335,198 123,800 36.9% |
Fair value change in hedged financial assets (+/-) | 47,680 | 33,380 14,300 42.8% 57,657 -9,977 -17.3% |
Equity investments | 295,970 | 411,886 -115,916 -28.1% 412,881 -116,911 -28.3% |
Property, plant and equipment | 1,764,564 | 1,798,353 -33,789 -1.9% 1,921,669 -157,105 -8.2% |
Intangible assets | 2,896,274 | 2,918,509 -22,235 -0.8% 2,946,268 -49,994 -1.7% |
of which: goodwill | 2,511,679 | 2,511,679 - - 2,536,574 -24,895 -1.0% |
Tax assets | 2,566,975 | 2,833,188 -266,213 -9.4% 2,393,041 173,934 7.3% |
Non-current assets and disposal groups held for sale | 188,358 | 79,877 108,481 135.8% 23,792 164,566 691.7% |
Other assets | 1,168,828 | 931,388 237,440 25.5% 1,543,208 -374,380 -24.3% |
Total assets | 123,226,228 | 124,241,837 -1,015,609 -0.8% 127,930,261 -4,704,033 -3.7% |
LIABILITIES AND EQUITY Due to banks | 15,964,805 | 15,017,266 947,539 6.3% 15,025,192 939,613 6.3% |
Due to customers | 47,126,528 | 50,702,157 -3,575,629 -7.1% 52,843,251 -5,716,723 -10.8% |
Debt securities issued | 43,049,073 | 41,901,779 1,147,294 2.7% 43,500,547 -451,474 -1.0% |
Financial liabilities held for trading | 496,946 | 1,396,350 -899,404 -64.4% 1,548,967 -1,052,021 -67.9% |
Hedging derivatives | 623,610 | 483,545 140,065 29.0% 1,016,669 -393,059 -38.7% |
Tax liabilities | 620,062 | 756,359 -136,297 -18.0% 536,670 83,392 15.5% |
Other liabilities | 3,130,877 | 2,111,533 1,019,344 48.3% 2,064,030 1,066,847 51.7% |
Post-employment benefits | 378,320 | 382,262 -3,942 -1.0% 372,182 6,138 1.6% |
Provisions for risks and charges: | 303,897 | 309,219 -5,322 -1.7% 328,812 -24,915 -7.6% |
a) pension and similar obligations | 81,134 | 77,387 3,747 4.8% 78,751 2,383 3.0% |
b) other provisions | 222,763 | 231,832 -9,069 -3.9% 250,061 -27,298 -10.9% |
Share capital, share premiums, reserves, valuation reserves and treasury shares | 10,603,241 | 10,088,562 514,679 5.1% 9,808,892 794,349 8.1% |
Non-controlling interests | 822,677 | 841,975 -19,298 -2.3% 832,116 -9,439 -1.1% |
Profit for the period/year | 106,192 | 250,830 -144,638 -57.7% 52,933 53,259 100.6% |
Total lia bilities and equity | 123,226,228 | 124,241,837 -1,015,609 -0.8% 127,930,261 -4,704,033 -3.7% |
9
UBI Banca Group: reclassified consolidated income statement
1H 2014
A
1H 2013
B
Changes
A-B
% changes
A/B
2nd Quarter
2014
2nd Quarter
2013
Changes
C-D
% changes
C/D
FY 2013
E
Figures in thousands of euro C D
Net interest income 908,528 845,442 63,086 7.5% 454,056 428,222 25,834 6.0% 1,750,801
of which: effects of the purchase price allocation | (14,238) | (18,596) | (4,358) | (23.4%) | (7,782) | (9,033) | (1,251) | (13.8%) | (33,983) |
Net interest income excluding the effects of the PPA | 922,766 | 864,038 | 58,728 | 6.8% | 461,838 | 437,255 | 24,583 | 5.6% | 1,784,784 |
Dividends and similar income | 8,868 | 8,218 | 650 | 7.9% | 8,081 | 7,763 | 318 | 4.1% | 10,409 |
Profits of equity-accounted investees | 20,662 | 30,719 | (10,057) | (32.7%) | 9,763 | 22,213 | (12,450) | (56.0%) | 46,579 |
Net fee and commission income | 609,693 | 602,245 | 7,448 | 1.2% | 309,583 | 297,459 | 12,124 | 4.1% | 1,187,065 |
of which performance fees | 908 | - | 908 | n.s. | 463 | - | 463 | n.s. | 14,198 |
Net income from trading, hedging and disposal/repurchase activities and from assets/liabilities designated at fair value | 136,642 | 109,367 | 27,275 | 24.9% | 74,031 | 67,351 | 6,680 | 9.9% | 324,554 |
Other net operating income/expense | 51,496 | 56,227 | (4,731) | (8.4%) | 26,950 | 29,428 | (2,478) | (8.4%) | 117,884 |
Operating income | 1,735,889 | 1,652,218 | 83,671 | 5.1% | 882,464 | 852,436 | 30,028 | 3.5% | 3,437,292 |
Operating income excluding the effects of the PPA | 1,750,127 | 1,670,814 | 79,313 | 4.7% | 890,246 | 861,469 | 28,777 | 3.3% | 3,471,275 |
Staff costs | (647,943) | (646,234) | 1,709 | 0.3% | (321,849) | (314,881) | 6,968 | 2.2% | (1,301,717) |
Other administrative expenses | (311,214) | (335,250) | (24,036) | (7.2%) | (158,598) | (173,557) | (14,959) | (8.6%) | (659,893) |
Depreciation, amortisation and net impairment losses on property, plant and equipment and intangible assets | (85,196) | (90,389) | (5,193) | (5.7%) | (42,663) | (45,114) | (2,451) | (5.4%) | (180,188) |
of which: effects of the purchase price allocation Depreciation, amortisation and net impairment losses on property, plant and equipment and intangible assets excluding the effects of the PPA | (9,799) (75,397) | (10,196) (80,193) | (397) (4,796) | (3.9%) (6.0%) | (4,888) (37,775) | (5,098) (40,016) | (210) (2,241) | (4.1%) (5.6%) | (20,377) (159,811) |
Operating expenses | (1,044,353) | (1,071,873) | (27,520) | (2.6%) | (523,110) | (533,552) | (10,442) | (2.0%) | (2,141,798) |
Operating expenses excluding the effects of the PPA | (1,034,554) | (1,061,677) | (27,123) | (2.6%) | (518,222) | (528,454) | (10,232) | (1.9%) | (2,121,421) |
Net operating income | 691,536 | 580,345 | 111,191 | 19.2% | 359,354 | 318,884 | 40,470 | 12.7% | 1,295,494 |
Net operating income excluding the effects of the PPA | 715,573 | 609,137 | 106,436 | 17.5% | 372,024 | 333,015 | 39,009 | 11.7% | 1,349,854 |
Net impairment losses on loans | (429,101) | (383,892) | 45,209 | 11.8% | (230,475) | (226,150) | 4,325 | 1.9% | (942,978) |
Net impairment losses on other financial assets and liabilities | (2,001) | (17,273) | 15,272 | (88.4%) | (3,674) | (8,960) | (5,286) | (59.0%) | (47,511) |
Net provisions for risks and charges | (2,702) | (11,604) | (8,902) | (76.7%) | 7,361 | (9,275) | 16,636 | n.s. | (12,372) |
Profits (losses) from the disposal of equity investments | (430) | 1,085 | 1,515 | n.s. | 230 | 1,609 | (1,379) | (85.7%) | (7,324) |
Pre-tax profit from continuing operations | 257,302 | 168,661 | 88,641 | 52.6% | 132,796 | 76,108 | 56,688 | 74.5% | 285,309 |
Pre-tax profit from continuing operations excluding the effects of the PPA | 281,339 | 197,453 | 83,886 | 42.5% | 145,466 | 90,239 | 55,227 | 61.2% | 339,669 |
Taxes on income for the period/year from continuing operations | (135,368) | (103,086) | 32,282 | 31.3% | (76,666) | (46,507) | 30,159 | 64.8% | 55,136 |
of which: effects of the purchase price allocation | 9,683 | 9,514 | 169 | 1.8% | 5,930 | 4,669 | 1,261 | 27.0% | 17,959 |
Post-tax profit (loss) from discontinued operations | - | - | - | - | - | - | - | - | - |
Profit for the period/year attributable to non-controlling interests (15,742) (12,642) 3,100 24.5% (8,073) (3,126) 4,947 158.3% (25,895) | |||||||||
of which: effects of the purchase price allocation | 1,288 | 1,796 | (508) | (28.3%) | 565 | 856 | (291) | (34.0%) | 3,385 |
Profit for the year/period attributable to the shareholders of the Parent before impairment and expenses for leaving incentives excluding the effects of the PPA | 119,258 | 70,415 | 48,843 | 69.4% | 54,232 | 35,081 | 19,151 | 54.6% | 347,566 |
Profit for the year/period attributable to the shareholders of the Parent before impairment and expenses for leaving incentives | 106,192 | 52,933 | 53,259 | 100.6% | 48,057 | 26,475 | 21,582 | 81.5% | 314,550 |
Net impairment losses on goodwill and property, plant and equipment net of taxes and non-controlling interests | - | - | - | - | - | - | - | - | (37,736) |
Expenses for the leaving incentives programme net of taxes and non-controlling interests | - | - | - | - | - | - | - | - | (25,984) |
Profit for the year/period attributable to the shareholders of the Parent | 106,192 | 52,933 | 53,259 | 100.6% | 48,057 | 26,475 | 21,582 | 81.5% | 250,830 |
Total impact of the purchase price allocation on the income statement | (13,066) | (17,482) (4,416) (25.3%) | (6,175) | (8,606) (2,431) (28.2%) (33,016) |
10
UBI Banca Group: reclassified consolidated quarterly income statements
Fig ures in thousan ds of eu ro | 2014 2nd Quarter 1st Quarter | 2013 4th Quarte r 3rd Quarter 2nd Quarte r 1st Qua rter |
Net interest income of which: effects of the purchase price allocation Net interest income excluding the effects of the PPA | 454,056 454,472 (7,782) (6,456) 461,838 460,928 | 459,353 446,006 428,222 417,220 (7,528) (7,859) (9,033) (9,563) 466,881 453,865 437,255 426,783 |
Dividends and similar income | 8,081 787 | 1,072 1,119 7,763 455 |
Profits of equity-accounted investees | 9,763 10,899 | 2,913 12,947 22,213 8,506 |
Net fee and commission income of which performance fees | 309,583 300,110 463 445 | 298,957 285,863 297,459 304,786 14,198 - - - |
Net income from trading, hedging and disposal/repurchase activities and from assets/liabilities designated at fair value | 74,031 62,611 | 156,099 59,088 67,351 42,016 |
Other net operating income/expense | 26,950 24,546 | 32,627 29,030 29,428 26,799 |
Opera ting income Operating income excluding the effects of the PPA | 882,464 853,425 890,246 859,881 | 951,021 834,053 852,436 799,782 958,549 841,912 861,469 809,345 |
Staff costs | (321,849) (326,094) | (327,339) (328,144) (314,881) (331,353) |
Other administrative expenses | (158,598) (152,616) | (165,944) (158,699) (173,557) (161,693) |
Depreciation, amortisation and net impairment losses on property, plant and equipment and intangible assets of which: effects of the purchase price allocation Depreciation, amortisation and net impairment losses on property, plant and equipment and intangible assets excluding the effects of the PPA | (42,663) (42,533) (4,888) (4,911) (37,775) (37,622) | (45,139) (44,660) (45,114) (45,275) (5,093) (5,088) (5,098) (5,098) (40,046) (39,572) (40,016) (40,177) |
Opera ting e xpenses Operating expenses excluding the effects of the PPA | (523,110) (521,243) (518,222) (516,332) | (538,422) (531,503) (533,552) (538,321) (533,329) (526,415) (528,454) (533,223) |
Net operating income Net operating income excluding the effects of the PPA | 359,354 332,182 372,024 343,549 | 412,599 302,550 318,884 261,461 425,220 315,497 333,015 276,122 |
Net impairment losses on loans | (230,475) (198,626) | (366,337) (192,749) (226,150) (157,742) |
Net impairment losses on other financial assets and liabilities | (3,674) 1,673 | (25,233) (5,005) (8,960) (8,313) |
Net provisions for risks and charges | 7,361 (10,063) | 1,961 (2,729) (9,275) (2,329) |
Profits (losses) from the disposal of equity investments | 230 (660) | (7,507) (902) 1,609 (524) |
Pre-ta x profit from continuing ope rations Pre-tax profit from continuing operations excluding the effects of the PPA | 132,796 124,506 145,466 135,873 | 15,483 101,165 76,108 92,553 28,104 114,112 90,239 107,214 |
Taxes on income for the period/year from continuing operations of which: effects of the purchase price allocation | (76,666) (58,702) 5,930 3,753 | 204,702 (46,480) (46,507) (56,579) 4,169 4,276 4,669 4,845 |
Post-tax profit (loss) from discontinued operations | - - | - - - - |
Profit for the period attributable to non-controlling interests of which: effects of the purchase price allocation | (8,073) (7,669) 565 723 | (7,579) (5,674) (3,126) (9,516) 778 811 856 940 |
Profit for the period attrib utable to the shareholders of the Parent b efore impairment and expenses for leaving incentives excluding the effects of the PPA Profit for the period attributa ble to the share holde rs of the Pa rent before impairme nt and e xpenses for leaving incentives | 54,232 65,026 48,057 58,135 | 220,280 56,871 35,081 35,334 212,606 49,011 26,475 26,458 |
Net impairment losses on goodwill and property, plant and equipment net of taxes and non- controlling interests | - - | (37,736) - - - |
Expenses for the leaving incentives programme net of taxes and non-controlling interests | - - | (25,984) - - - |
Profit for the period attributa ble to the share holde rs of the Pa rent | 48,057 58,135 | 148,886 49,011 26,475 26,458 |
Total impact of the purchase price allocation on the income statement | (6,175) (6,891) | (7,674) (7,860) (8,606) (8,876) |
11
UBI Banca Group: reclassified consolidated income statement net of the most significant non-recurring items
non-recurring items
1H 2013
Changes
Changes
%
1H 2013
Disposal of Intesa Net im pairment los s es
Cerved Group
Replenis hm ent of
net of non-
Sanpaolo and A2A
shares (AFS)
on financial as sets
(AFS)
(form erly Centrale
Bilanci) earn-out
G.E.C. Spa los s
and total write-off of the investm ent
recurring items
B
A-B
A/B
845,442 845,442 63,086 7.5%
8,218 8,218 650 7.9%
30,719 30,719 (10,057) (32.7%)
602,245 602,245 7,448 1.2%
109,367 (11,974) (1,525) 95,868 40,774 42.5%
56,227 56,227 (4,731) (8.4%)
1,652,218 (11,974) - (1,525) - 1,638,719 97,170 5.9% (646,234) (646,234) 1,709 0.3% (335,250) (335,250) (24,036) (7.2%)
(90,389) (90,389) (5,193) (5.7%)
(1,071,873) - - - - (1,071,873) (27,520) (2.6%)
580,345 (11,974) - (1,525) - 566,846 124,690 22.0% (383,892) (383,892) 45,209 11.8% (17,273) 17,860 142 729 2,018 n.s. (11,604) 1,618 (9,986) (7,284) (72.9%)
1,085 1,085 625 (57.6%)
168,661 (11,974) 17,860 (1,525) 1,760 174,782 84,122 48.1%
(103,086) (1,746) (4,727) 102 (109,457) 1,864 1.7%
- - - - (12,642) (445) (13,087) 3,669 28.0%
52,933 (13,720) 13,133 (1,423) 1,315 52,238 78,589 150.4%
12
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