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2020 Annual Report 2020 Annual Report Content 2020 Annual Report 2020 Annual Report Content: Key Financial Indicators 7 Letter from the Chairman of the Board of Directors 8 Foreword by the President of the Executive Board 10 Macroeconomic Environment and the Banking Sector 12 Highlights of the Bank’s Strategy and Planned Development 22 Retail Banking 26 Corporate Banking 32 Asset Management and Investment Banking 36 Highlights on CSR activities 40 Risk Management System 46 Events after the Reporting Period 54 Financial Report 56 Organisational Chart 202 Branch Network 204 Banca Intesa - 2020 Annual Report Key Financial Indicators RSD thousands Banca Intesa Beograd 2020 2019 Income Statement Net interest income 20,796,217 20,388,188 Net fee and commission income 7,500,029 7,691,852 Profit before tax 10,833,517 13,938,435 Income tax (1,257,729) (1,587,375) Net profit from deferred tax assets and liabilities (94,231) (21,601) Profit after tax 9,481,557 12,329,459 Balance Sheet Cash and balances with Central Bank 142,071,319 97,392,634 Non-current assets held for sale and discontinued operations 22,741 38,301 Securities and receivables from derivatives 90,356,841 108,369,638 Loans and receivables from banks, other financial organisations and customers 462,543,282 425,076,129 Investments in subsidiaries 1,199,472 1,199,472 Intangible assets, property, plants and equipment and investment property 15,515,686 15,302,768 Other assets, current and deferred tax assets 5,476,313 5,251,950 Total assets 717,185,654 652,630,892 Financial liabilities based on derivatives 2,589 7,869 "Deposits and other liabilities due to banks, other financial organisations, Central Bank and other customers" 587,54 4,810 538,672,810 Provisions 1,383,450 861,164 Other liabilities and deferred tax liabilities 19,240,175 13,021,982 Total liabilities 608,171,024 552,563,825 Equity 109,014,630 100,067,067 Total liabilities and equity 717,185,654 652,630,892 Indicators Profit before tax/ Total assets 1.51% 2.14% Profit before tax / Total equity 9.94% 13.93% Interest income / Total assets 3.18% 3.49% Interest expenses / Total liabilities 0.32% 0.35% Capital adequacy ratio 19.85% 21.23% Total assets per employee 234,298 212,376 Number of employees 3,061 3,073 7 Banca Intesa - 2020 Annual Report The confidence our clients have placed in us is well This success was achieved owing to all our employees Letter from the Chairman of the Board of Directors founded, because we are closing the year with and managers led by the President of the Executive high liquidity and capital positions, which is best Board, and I would like to use this opportunity to demonstrated by the loan-to-deposit ratio of 80.4% thank everyone for their responsible, devoted and and capital adequacy ratio of 19.9% at the end of the dedicated work. With a such team and continuous third quarter, while reducing the NPL level to 2.4% support of the Parent Group, I am confident that by the end of November. Banca Intesa’s net profit in the coming period Banca Intesa will remain the before tax reached 7.8 billion dinars at the end of number one bank in the Serbian banking market, In such an overall environment, in a situation in which, the third quarter. which is facing rising competition year after year. according to IMF estimates, the most developed countries in the European Union will experience a drop in gross domestic product of over six percent, Sincerely, and Italy and Spain a drop of even more than 10 percent, Serbia will end the year with a 1 percent (Ministry of Finance estimate) to 1.5 percent drop (latest IMF estimate). In a different context, every GDP decrease would be a cause for concern, but under the circumstances of the new reality, one must not lose sight of the fact that according to IMF estimates, no Ignacio Jaquotot, country in Europe will experience a smaller drop than Chairman of the Board of Directors Serbia. Several factors helped contain the drop in GDP in Serbia. First of all, a massive support package for businesses, which the Government of Serbia adopted shortly after the pandemic was declared. In addition to those measures, as has been the case for several years, GDP was positively impacted by personal consumption growth, larger budget allocations to public investment and a continuous significant inflow Ladies and gentlemen, of foreign direct investment, since, in spite of the pandemic, according to National Bank of Serbia (NBS) The outgoing year is certainly one of the most difficult estimates, about 2.9 billion euros of foreign direct for each one of us, not just professionally, but in every investment will flow into Serbia this year. Owing to other respect as well. Last year, it seemed to us that fiscal consolidation measures in the previous period, the slowdown of economic activity and goods trade despite significant budget support for businesses and individuals, according to Ministry of Finance data, due to rising protectionism and geopolitical turmoil public debt did not exceed 57 percent of GDP at globally would be a major challenge, but looking the end of October, so the country’s public finances back through the prism of the events in 2020, it truly are not at risk, and low and stable inflation enabled appears this was insignificant worry. The COVID-19 the NBS to ease monetary policy additionally. In pandemic which marked 2020 caused visible economic December, the key policy rate was cut for the fourth problems, disrupted global supply chains, shut down time since the start of the pandemic, to an all-time a large number of sectors, especially services, and low of just one percent, which could have a positive according to IMF estimates, pushed into recession effect on economic recovery in the coming year. more than 160 countries worldwide. After two years as Chairman of the Board of Directors, The governments of a majority of countries I can proudly state that, with constant technological responded to the crisis with massive support improvements, we have succeeded in maintaining the packages for businesses and individuals in order growth trend and that Banca Intesa continues to be to mitigate the economic consequences of the the number one bank in Serbia by all key performance pandemic, which resulted in budget deficits reaching indicators – in terms of market share in total assets all-time highs in numerous countries. The extensive and total loans of above 15.0%, in terms of share fiscal policies were also accompanied by extensive in total capital of 15.0% and above 16.0% in total monetary policy as central banks around the world customer deposits, at the end of the third quarter. This injected into financial systems thousands of billions year, in which the NBS introduced loan moratorium of euros and dollars of fresh money, maintaining for businesses and individuals multiple times, Banca interest rates below zero, in an effort to mitigate Intesa reported growth in lending, thus helping in the economic slowdown with cheap money, prevent reducing the economic slowdown to a much lower major job losses and pave the way for an accelerated level than in other countries, on the one hand, and recovery after the pandemic. also improving citizens’ quality of life even in these times of crisis, on the other. 8 9 Banca Intesa - 2020 Annual Report the highest degree of solidarity and compassion in of Banca Intesa’s Executive Board, I would like to Foreword by the President of the Executive Board order to overcome the difficult situation facing all of thank all employees for their exceptional dedication us. Furthermore, in partnership with the EBRD, we and responsibility, as well as their teamwork and approved a credit line of 20 million euros, in order to mutual support in a business environment changed be able to support companies in prevailing over the by the pandemic. negative effects that the pandemic has left on their businesses. I especially want to thank our shareholders and members of the Board of Directors, who even in these micro, small, and medium-sized enterprises, as I am extremely honoured that the prestigious financial trying times encouraged us to continue creating a segments of the economy most vulnerable to the magazine The Banker recognised us as the best bank strong, modern, and efficient bank and remain our crisis — represents one of the ways to preserve the in Serbia for the ninth time, acknowledging not only customers’ first choice, providing them with support economic system’s overall stability. As the country’s our results in the past year, but also the commitment and staying at the helm of the Serbian banking sector. largest bank and lender, Banca Intesa has been to improving our business model, mainly through actively involved in the state-guaranteed lending digitalisation of processes and services, in order to Respectfully, programme, granting more than 234 million euros respond adequately to the growing demands of all so far and in turn contributing to improved liquidity customer segments and maintain a high level of their of many companies. satisfaction. I am especially pleased with the fact that this year, leading international financial magazines Draginja Đurić, In addition to the Government’s measures, the Euromoney and Global Finance voted us the best bank President of the Executive Board National Bank of Serbia (NBS) dropped the benchmark in Serbia. Bearing in mind the results in perhaps the interest rate four times since the pandemic started, most challenging year of the modern age, on behalf hitting its all-time low of 1% in December.
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