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Annual Report v One Bank, One Team, 2019 One UniCredit. Capital and balance sheet management Transform Annual ReportAnnual Enhanced service model Ethics and Respect Team 23 Compliance Grow and strengthen client franchise Process Growth optimisation engines Sustainable Customer results experience Sustainability Disciplined risk management Paperless bank “Go-to” bank for SMEs 2019 “Do the right thing!” Annual Report unicreditbank.ru One Bank, One UniCredit. Our strategy is clear and long-term: UniCredit is a simple successful Pan European Commercial Bank, with a fully plugged in CIB, delivering a unique Western, Central and Eastern European network to its extensive and growing client franchise. Financial Highlights change 2019 2018 2019-2018 ASSETS AT THE END OF THE YEAR, RUB million Total assets, including 1 226 449 1 362 616 -10.0% Loans to customers 733 771 863 151 -15.0% Securities 139 006 52 506 164.7% LIABILITIES AT THE END OF THE YEAR, RUB million Total liabilities, including 1 013 220 1 166 853 -13.2% Amounts due to customers 861 627 1 015 641 -15.2% Amounts due to credit institutions 96 509 87 970 9.7% Total Equity 213 229 195 762 8.9% CAPITAL (CB RF) AT THE END OF THE YEAR, RUB million Total capital 221 018 216 682 2.0% CAPITAL (BASEL II AND BASEL III) AT THE END OF THE YEAR, RUB million Total capital 220 164 208 829 5.4% PROFIT FOR THE YEAR, RUB million Net interest income 41 074 41 048 0.1% Non-interest income 10 330 8 189 26.1% Operating income 51 404 49 237 4.4% Impairment -10 798 -10 312 4.7% Net income from financial activities 40 606 38 926 4.3% Operating costs -19 815 -19 023 4.2% Share of gains of associate 1 263 955 32.3% Gains on disposal of fixed assets 5 4 22.9% Profit before income tax expense 22 059 20 861 5.7% Income tax expense -4 358 -4 157 4.8% Total profit for the year 17 701 16 704 6.0% KEY PERFORMANCE INDICATORS Return on average equity (ROE) 8.7% 8.4% Return on average assets (ROA) 1.4% 1.3% Total capital ratio (Basel II and Basel III) 20.0% 18.9% Central Bank of Russia N1 capital adequacy ratio 18.0% 16.1% Cost/income ratio 38.5% 38.6% STAFF Number 4 085 4 066 0.5% GEOGRAPHY Branches in Moscow 38 38 0% Regional branches 52 52 0% RepOffices 10 10 0% Offices in CIS 1 1 0% Total Number of Offices 101 101 0% AO UniCredit Bank · 2019 Annual Report 3 Team 23 Our new plan is called Team 23, in recognition of the outstanding work done together for Transform 2019. Team 23 is based on four strategic pillars: • Grow and strengthen client franchise • Transform and maximise productivity • Disciplined risk management & controls • Capital and balance sheet management Contents Financial Highlights 3 Chief Executive Officer’s message 6 Transform 2019: a strategic plan delivered as promised 8 Team 23: a new strategic plan, further building on our pan European strengths 9 How we achieve results in UniCredit: Do the right thing! 12 The future: what lies ahead 14 Message from the Chairman of the Supervisory Board 16 About UniCredit Bank 18 Strategy and Results in 2019 21 Message from the Chairman of the Management Board 22 Main Achievements in 2019 24 Report on the Bank’s Activities 26 Macroeconomics and the Russian Banking Sector in 2019 26 Financial Results of 2019 30 Asset and Liability Management 33 Corporate and Investment Banking 34 Retail Banking 42 Risk Management 48 Global Banking Services 56 Sustainability 60 Human Capital Management 60 Responsible Resource Management 63 Charity 64 Support of Culture and Arts 67 Support of Sports Initiatives 67 Management 68 Contact Details 72 Consolidated Financial Statements and Independent Auditor’s Report for the Year Ended 31 December 2019 75 Statement of Management’s Responsibilities for the Preparation and Approval of the Consolidated Financial Statements for the Year Ended 31 December 2019 76 Independent Auditor’s Report 77 Consolidated Statement of Financial Position 82 Consolidated Statement of Comprehensive Income 84 Consolidated Statement of Changes in Equity 86 Consolidated Statement of Cash Flows 88 Notes to Consolidated Financial Statements 90 AO UniCredit Bank · 2019 Annual Report 5 Chief Executive Officer’s message We always favour long-term sustainable outcomes over short-term solutions. This is a key pillar of our new plan, Team 23, which will deliver €16bn of value creation. Jean Pierre Mustier Chief Executive Officer Dear Shareholders, 2019 was a very important milestone for UniCredit, although tinged with sadness for all of us in the Group. Our chairman Fabrizio Saccomanni, who was integral to the success of the Group, suddenly passed away this summer. Fabrizio was a friend of great intelligence and humanity, highly competent with a fine sense of culture and wit. His premature death was a great loss for us all and he is much missed. In September Cesare Bisoni was elected chairman and I am extremely grateful to him for leading the continuing constructive work of the board. 6 2019 Annual Report · AO UniCredit Bank We successfully concluded our three year strategic plan, Transform 2019, launched in 2016, exceeding many of our initial targets. This success is thanks to the drive and unwavering commitment from all our team members and the support you, our shareholders, have shown us throughout the plan. This is a great achievement and I am proud of the results and the truly transformative work that has been done. To share our success and show appreciation to our shareholders, we are pleased to propose an increased capital distribution for 2019, returning 40 per cent – 30 per cent as a cash dividend and 10 per cent through a proposed share buyback. This is double the target we set ourselves in 2016. We have shown that, no matter what, at UniCredit we say what we do and do what we say. We will apply the same mindset and dedication to our new plan, Team 23. Although Transform 2019 was based on conservative assumptions, there were some challenges faced by the financial services sector over the past few years that could not have been foreseen. Headwinds from unexpected geopolitical tensions, macroeconomic volatility and higher regulatory pressure added to an already testing environment. At UniCredit, we took a series of decisive actions to counter these unforeseen events, enabling us to successfully execute our business strategy, delivering on our key targets. 2016-2019 headwinds Deterioration Slowdown BTP-Bund Interest rate of economic Regulatory US of economic spread impact environment headwinds sanctions growth volatility in Turkey Decisive actions Acceleration of balance sheet Additional Strong de-risking cost optimisation capital position • Acceleration of Non Core • Further cost reduction • Trasparent disclosure run-off vs initial 2019 target of regulatory impacts • BTP portfolio reduction • Disposal of non-strategic • Intragroup exposure decrease assets* * Fineco, Mediobanca, Ocean Breeze, selected real estate. AO UniCredit Bank · 2019 Annual Report 7 Transform 2019: a strategic plan delivered as promised Transform 2019 was about restructuring and reshaping the Group, with an emphasis on strengthening capital and improving asset quality. We also strengthened our corporate governance in line with best- in-class European companies. We are the only large listed Italian company where the board of directors presents its own list of candidates. We also lifted voting restrictions and converted savings shares into common shares. Our hard work was acknowledged by the ECB that, at the end of 2019, lowered our SREP pillar 2 requirement by a further 25 basis points, to 175. This is 75 basis points lower than in 2016, an achievement we are very proud of and another recognition of the outstanding work done by the team over these last three years. SIGNIFICANT DE-RISKING MATERIAL COST REDUCTION Gross NPEs down by more than €50bn since 2015, to €2.3bn net cost reduction €25bn since 2015 with C/I ratio with an end 2019 reduced by more than Gross NPE ratio of 5.0 per cent 7 percentage points and a Net NPE ratio 1.8 per cent to 52.7 per cent in 2019 IMPROVED ROTE STRONG CAPITAL POSITION More than doubled our Pro forma1 CET1 ratio of profitability with underlying RoTE in 2019 of 13.1 per cent as at the end of 2019, equivalent 9.2 per cent to a pro forma1 MDA buffer of up from 4 per cent in 2015 300 basis points, above our 200 to 250 basis point target range 1 Pro forma 2019 CET1 ratio and MDA buffer including deduction of share buyback of €467m, subject to supervisory and AGM approval. 8 2019 Annual Report · AO UniCredit Bank Team 23: a new strategic plan, further building on our pan European strengths While Transform 2019 represented a strong cost efficiency and de-risking effort, Team 23 focuses on strengthening and growing our customer base. All our key strategic initiatives focus on customer experience, which we will monitor precisely while making sure we increase our process optimisation. We will also continue to manage the business with tight cost discipline, focusing on high asset quality and ensuring we maintain a very strong capital level at all times. We work on this from a po- sition of strength, thanks to Transform 2019. We will deliver a recurring dividend with a mix of cash and share buybacks. Grow and Transform strengthen client and maximise franchise productivity Disciplined risk Capital and management balance sheet & controls management AO UniCredit Bank · 2019 Annual Report 9 Our strategy remains unchanged UniCredit is a simple successful Pan European Commercial Bank, with a fully plugged in Corporate & Investment Banking (CIB), delivering a unique Western, Central and Eastern European network to its extensive and growing client franchise As “One Bank, One UniCredit” we will continue to build on our existing competitive advantages Truly local with 13 leading commercial banks* and a unique reach through our fully plugged in CIB and international branch network Provide “banking that matters” for all our 16 million clients across Europe.
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