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Interim Report on Operations

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Interim Report on Operations www.bancopopolare.it/en INTERIM REPORT ON OPERATIONS AS AT 31 MARCH 2011 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 INTERIM REPORT ON OPERATIONS AS AT 31 MARCH 2011 1 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 This English translation of the "Resoconto intermedio di gestione al 31 marzo 2011”, the “Interim Report on operations as at 31 March 2011” is NOT an official translation. This translation is for informational purposes only, has been prepared solely for the convenience of non-Italian speaking shareholders of Banco Popolare – Società Cooperativa (the “Issuer”) and any other recipients and is not a substitute for the original Italian document. The only official version of the Annual report 2010 is the Italian version which has been approved by the competent body of the Issuer, filed with the competent Register of Enteprises and published according to Italian law and can be found in printed form at the Issuer’s head office, at Borsa Italiana S.p.A. premises and as well as in electronic form on the website of the Issuer and of Borsa Italiana S.p.A. This English translation has not been approved by the Issuer nor filed or published according to Italian law. Accordingly, any shareholder and any recipients should also refer to the official Italian version and seek appropriate professional advice before investing. While this English translation is believed to be generally accurate, it is subject to and qualified by, in its entirety, the official Italian-language original version approved by the Issuer, which is the prevailing document for all purposes. Any discrepancies or differences created in the translation are not binding and the Issuer makes no warranties or representations about the accuracy or completeness of this English translation and assumes no liability for any errors, omissions or inaccuracies in this English translation. This English translation does not contain or constitute, and should not be relied upon as, an offer or invitation to make an offer or to acquire any securities in any jurisdiction." Banco Popolare Società Cooperativa Registered office and General headquarters: Piazza Nogara, 2 - 37121 Verona Fully paid up share capital as at 31 March 2011: 4,293,417,736.68 euro Tax Code, VAT No. and Verona Companies’ Register Enrolment No.: 03700430238 Member of the Interbank Deposit Guarantee Fund and the National Guarantee Fund Parent Company of the Banco Popolare Banking Group Enrolled in the register of Banking Groups 2 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 OFFICERS, DIRECTORS AND INDEPENDENT AUDITORS AS AT 31 MARCH 2011 Supervisory Board Chairman Carlo Fratta Pasini Acting Deputy Chairman Guido Castellotti Deputy Chairman Maurizio Comoli (1) Directors Giuliano Buffelli (1) Pietro Buzzi (1) Costantino Coccoli (1) (2) Gabriele Camillo Erba (1) Gianni Filippa (1) Dino Piero Giarda Andrea Guidi (1) Pietro Manzonetto (1) Maurizio Marino (1) Enrico Perotti Gian Luca Rana (1) (3) Claudio Rangoni Machiavelli (1) Fabio Ravanelli (1) (3) Alfonso Sonato (1) (3) Angelo Squintani (1) (3) Sandro Veronesi (1) Tommaso Zanini (1) (1) Independent directors as per Article 6 of the Code of Best Practice adopted by Banco Popolare (2) The term of office as Supervisory Director of Costantino Coccoli expired with the approval of the 2010 financial statements decided by the Shareholders' meeting of 30 April 2011 (3) The Shareholders' meeting of 30 April 2011 approved the election of: Gian Luca Rana, Fabio Ravanelli, Alfonso Sonato, Angelo Squintani and Cristina Zucchetti Management Board Chairman Vittorio Coda Managing Director and Deputy Chairman Pier Francesco Saviotti Directors Alfredo Cariello Aldo Civaschi (4) Luigi Corsi (4) Domenico De Angelis Maurizio Di Maio Maurizio Faroni Leonello Guidetti Bruno Pezzoni Roberto Romanin Jacur (4) Andrea Sironi (4) (4) Independent directors as per Article 6 of the Code of Best Practice adopted by Banco Popolare Ethics and Disciplinary Committee Standing Marco Cicogna Luciano Codini Giuseppe Bussi Alternate Aldo Bulgarelli Attilio Garbelli Manager responsible for preparing the Company’s financial reports Gianpietro Val Independent Auditors Reconta Ernst & Young S.p.A. 3 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 4 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 CONTENTS Group structure ...................................................................................................................................................................... 6 Group financial highlights ...................................................................................................................................................... 8 Notes to the Interim report on operations ............................................................................................................................. 11 Reclassified financial statements ........................................................................................................................................... 15 Operating performance of the Group .................................................................................................................................. 19 Results .................................................................................................................................................................................. 23 Risk management ................................................................................................................................................................. 36 Other information ................................................................................................................................................................. 45 Key financial highlights of the main Companies of the Group .............................................................................................. 46 Significant events after the end of the period ........................................................................................................................ 47 Outlook for business operations ........................................................................................................................................... 49 Declaration of the Manager responsible for preparing the Company’s financial reports ..................................................... 51 Attachments ......................................................................................................................................................................... 55 5 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 Group Structure Aletti & C. Banca di Banca Popolare di Verona - Investimento Mobiliare S.Geminiano e S.Prospero Aletti Gestielle SGR Banca Popolare di Lodi Banca Aletti & C. (Suisse) Banca Popolare di Novara E banca Credito Bergamasco B.P.I. International (UK) Cassa di Risparmio di Lucca Pisa Livorno Valori Finanziaria Banca Popolare di Crema Aletti Fiduciaria Banca Popolare di Cremona Banca Italease Società Gestione Crediti BP Mercantile Leasing Società Gestione Servizi BP Italease Finance Holding di Partecipazioni Release Finanziarie Banco Popolare Bipielle Real Estate Immobiliare BP Tecmarket Servizi Bipielle International Holding AT Leasing Romania Banco Popolare eská Republika Banco Popolare Croatia Banco Popolare Hungary Banco Popolare Luxembourg 6 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 Banche del Territorio (Local retail banks) Investment & Private Banking, Asset Management Leasing and Factoring Others 7 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 GROUP FINANCIAL HIGHLIGHTS The highlights and main ratios of the Group, calculated on the basis of the reclassified financial statements, are presented below. (in millions of euro) 31/03/2011 31/03/2010 (*) Change Income statement figures Financial margin 454.7 490.3 (7.3%) Net fee and commission income 334.1 317.4 5.3% Operating income 864.3 915.2 (5.6%) Operating expenses 599.8 602.1 (0.4%) Income (loss) from operations 264.4 313.1 (15.5%) Income (loss) before tax from continuing operations 109.1 126.6 (13.8%) Income for the year 60.0 77.1 (22.1%) (*) The figures have been adjusted in compliance with IFRS 5. (in millions of euro) 31/03/2011 31/12/2010 Change Balance sheet figures Total assets 136,109.6 135,155.7 0.7% Loans to customers (gross) 100,680.2 98,559.6 2.2% Financial assets and hedging derivatives 16,925.8 17,726.3 (4.5%) Shareholders' equity 12,068.2 11,527.5 4.7% Customers financial assets Direct deposits 104,768.2 104,523.7 0.2% Indirect deposits 75,753.7 76,235.9 (*) (0.6%) - Asset management 30,396.7 31,444.6 (3.3%) - Mutual funds and Sicavs 8,412.7 9,205.2 (8.6%) - Securities and fund management 9,060.1 9,445.0 (4.1%) - Insurance policies 12,923.9 12,794.4 1.0% - Administered assets 45,357.0 44,791.3 1.3% Information on the organisation Average number of employees and other staff (**) 19,616 19,872 Number of bank branches 2,114 2,119 (*) Restated figures to enable a like-for-like comparison as to the first quarter. (**) Arithmetic average calculated on a monthly basis that does not include the Directors and Auditors of Group companies. Companies involved in merchant banking activities are excluded from operating expenses and from the average number of employees. 8 WorldReginfo - 6727ca2a-36a4-4670-b8fe-6ae6a5e729c2 Financial and economic ratios and other Group figures 31/03/2011 31/12/2010 Profitability ratios (%) Annualised ROE 2.0% 2.7% Financial margin /
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