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Parent Bank Financial Statements and Reports

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Parent Bank Financial Statements and Reports 249 Parent Bank financial statements and reports PARENT BANK RECLASSIFIED FINANCIAL STATEMENTS REPORT ON PARENT BANK OPERATIONS PROPOSAL FOR THE APPROVAL OF THE FINANCIAL STATEMENTS AND ALLOCATION OF NET INCOME FOR THE YEAR REPORT OF THE BOARD OF STATUTORY AUDITORS INDEPENDENT AUDITORS’ REPORT PARENT BANK FINANCIAL STATEMENTS ATTACHMENTS 251 Parent Bank reclassified financial statements PARENT BANK RECLASSIFIED STATEMENT OF INCOME PARENT BANK RECLASSIFIED BALANCE SHEET Parent Bank financial statements 253 Parent Bank reclassified statement of income 2004 2003 Change 2003 pro forma (1) 2004 / 2003 (€/mil) (€/mil) pro forma (%) (€/mil) NET INTEREST INCOME 1,412 1,525 -7.4 1,849 Net commissions and other net dealing revenues 1,409 1,306 +7.9 1,467 Profits and losses from financial transactions and dividends on shares 132 95 +38.9 89 Dividends from shareholdings 766 842 -9.0 832 NET INTEREST AND OTHER BANKING INCOME 3,719 3,768 -1.3 4,237 Administrative costs -2,431 -2,495 -2.6 -2,723 - personnel -1,486 -1,534 -3.1 -1,665 - other administrative costs -827 -839 -1.4 -918 - indirect duties and taxes -118 -122 -3.3 -140 Other operating income, net 483 469 +3.0 375 Adjustments to tangible and intangible fixed assets -331 -335 -1.2 -339 OPERATING INCOME 1,440 1,407 +2.3 1,550 Adjustments to goodwill and merger differences -72 -72 - -115 Provisions and net adjustments to loans and financial fixed assets -353 -552 -36.1 -579 - provisions for risks and charges -125 -111 +12.6 -117 - net adjustments to loans and provisions for guarantees and commitments -145 -373 -61.1 -401 - net adjustments to financial fixed assets -83 -68 +22.1 -61 INCOME BEFORE EXTRAORDINARY ITEMS 1,015 783 +29.6 856 Net extraordinary income/expense 223 124 +79.8 233 INCOME BEFORE TAXES 1,238 907 +36.5 1,089 Income taxes for the period -202 -151 +33.8 -265 Change in reserve for general banking risks - - n.s. - NET INCOME 1,036 756 +37.0 824 (1) The criteria for the preparation of the pro forma reclassified accounts are detailed in the Explanatory Notes. The pro forma statement of income for 2003 is unaudited. Parent Bank financial statements 255 Parent Bank reclassified balance sheet 31/12/2004 31/12/2003 Change 31/12/2003 pro forma (1) 31/12/04-31/12/03 (€/mil) (€/mil) pro forma (%) (€/mil) ASSETS Cash and deposits with central banks and post offices 750 733 +2.3 741 Loans 92,143 88,573 +4.0 91,368 - due from banks 34,939 27,381 +27.6 27,385 - loans to customers 57,204 61,192 -6.5 63,983 Dealing securities 9,202 9,054 +1.6 8,816 Fixed assets 14,954 15,253 -2.0 14,820 - investment securities 2,365 2,458 -3.8 2,458 - equity investments 10,650 10,734 -0.8 10,291 - intangible fixed assets 702 797 -11.9 797 - tangible fixed assets 1,237 1,264 -2.1 1,274 Other assets 8,846 8,485 +4.3 9,235 Total assets 125,895 122,098 +3.1 124,980 LIABILITIES Payables 98,789 95,130 +3.8 97,470 - due to banks 37,029 36,566 +1.3 37,800 - due to customers and securities issued 61,760 58,564 +5.5 59,670 Provisions 2,033 2,014 +0.9 2,490 - for taxation 381 202 +88.6 660 - for termination indemnities 468 518 -9.7 529 - for risks and charges 1,184 1,294 -8.5 1,301 - for pensions and similar - - n.s. - Other liabilities 7,395 8,297 -10.9 8,787 Subordinated liabilities 6,588 5,887 +11.9 5,887 Shareholders’ equity 11,090 10,770 +3.0 10,346 - capital 5,218 5,144 +1.4 5,144 - reserves 4,836 4,802 +0.7 4,378 - net income 1,036 756 +37.0 824 - adjustment for alignment with net income - 68 n.s. - Total liabilities 125,895 122,098 +3.1 124,980 GUARANTEES AND COMMITMENTS Guarantees given 28,333 29,298 -3.3 29,298 Commitments 14,190 14,057 +0.9 14,057 (1) The criteria for the preparation of the pro forma reclassified accounts are detailed in the Explanatory Notes. The pro forma balance sheet as of 31/12/2003 is unaudited. 257 Report on Parent Bank Operations PARENT BANK RESULTS OPERATING VOLUMES AND ORGANIZATION CAPITAL AND RESERVES SUPPLEMENTARY INFORMATION DEVELOPMENTS AFTER THE END OF THE YEAR Report on Parent Bank Operations – Parent Bank results 259 Parent Bank results Net interest income The net interest income of 2004 was 1,412 million euro, In 2004, the Bank’s income results registered a growth down 7.4% compared with the previous year. This trend compared with the previous year, in a context character- is attributable to the deterioration of the total spread (15 ized by the recovery of financial markets, especially basis points) between interest-earning assets and inter- towards the end of the year, and a modest economic est-bearing liabilities, only partly offset by lower liability, growth, influenced by the persistent weakness of following the decrease in market rates, of the negative domestic demand. fund imbalance. Operating income reached 1,440 million euro, up 2.3% The spread related to short-term transactions with Italian compared with 2003. This trend was favored by the pos- customers fell by 12 basis points compared with 2003. itive performance of commissions and profits from finan- This reduction is the result of the closure of the mark- cial transactions and the reduction in operating costs, down, generated by the progressive decline in monetary despite the fall in net interest income. rates (three-month Euribor fell by 22 basis points in aver- age terms), compared with the stability of the mark-up Benefiting from fewer provisions and adjustments and which benefited from the revision of the maximum over- higher net extraordinary income compared with the pre- draft commission application mechanism. vious year, net income reached 1,036 million euro, up 37%. Net interest and other banking income To allow a consistent comparison with the 2004 results, a pro forma balance sheet for 2003 was prepared, tak- Net interest and other banking income came to 3,719 ing account of: million euro, down 1.3% compared with the previous • the merger by incorporation of Cardine Finanziaria; year. • the transfer of the Southern Territorial Direction busi- ness branch to Sanpaolo Banco di Napoli; Net commissions amounted to 1,409 million euro, up • the transfer to CSP Investimenti of all real estate not 7.9% compared with 2003. The increase, registered in functional to the activities of the Bank; all commission areas, was supported by asset manage- • the branch transfer to Cassa di Risparmio in Bologna ment, dealing and advisory, which benefited from the and Cassa di Risparmio di Padova e Rovigo; positive trend of commissions related to asset manage- • the merger by incorporation of Invesp and Prospettive ment, attributable to the recovery of the financial mar- 2001. kets and important placements of insurance products. There was also a growth in commission revenues from The criteria observed for the preparation of the pro loans and guarantees and deposits and current forma statement are illustrated in the Explanatory Notes. accounts. Net interest income 2004 2003 Change 2003 pro forma 2004 / 2003 (€/mil) (€/mil) pro forma (%) (€/mil) Interest income and similar revenues 3,557 3,730 -4.6 4,159 Interest expense and similar charges -2,145 -2,205 -2.7 -2,310 Net interest income 1,412 1,525 -7.4 1,849 260 Report on Parent Bank Operations – Parent Bank results Profits from financial transactions and dividends on of the operating income, which has reached 1,440 mil- shares, equal to 132 million euro, rose by 38.9%, largely lion euro. thanks to income from dealing activities in derivatives, for about 43 million. Administrative costs of 2,431 million euro showed a 2.6% reduction compared with 2003, thanks to structural cost Dividends from shareholdings amounted to 766 million containment actions, taken during the previous year. euro, down 9% compared with 2003 due to the write-off of the pay out by certain subsidiaries. Personnel costs, equal to 1,486 million euro, fell by 3.1% compared with 2003: the staff reduction, realized through staff leaving incentives, and by using the Operating income “Income, employment and re-training fund for staff in the banking industry” (“Fondo di solidarietà per il sosteg- The trend of revenues was accompanied by a lively evo- no del reddito, dell'occupazione e della riconversione e lution of the costs, which allowed for a growth of 2.3% riqualificazione professionale del Personale del Credito”), Net interest and other banking income 2004 2003 Change 2003 pro forma 2004 / 2003 (€/mil) (€/mil) pro forma (%) (€/mil) Net interest income 1,412 1,525 -7.4 1,849 Net commissions and other net dealing revenues 1,409 1,306 +7.9 1,467 - management, dealing and advisory services 771 707 +9.1 774 - asset management 682 627 +8.8 688 - brokerage and custody of securities and currencies 89 80 +11.3 86 - loans and guarantees 226 199 +13.6 217 - collection and payment services 123 119 +3.4 146 - deposits and current accounts 269 251 +7.2 302 - other services and net dealing revenues 20 30 -33.3 28 Profits and losses from financial transactions and dividends on shares 132 95 +38.9 89 Dividends from shareholdings 766 842 -9.0 832 Net interest and other banking income 3,719 3,768 -1.3 4,237 Operating income 2004 2003 Change 2003 pro forma 2004 / 2003 (€/mil) (€/mil) pro forma (%) (€/mil) Net interest and other banking income 3,719 3,768 -1.3 4,237 Operating costs -2,279 -2,361 -3.5 -2,687 - administrative costs -2,431 -2,495 -2.6 -2,723 - personnel -1,486 -1,534 -3.1 -1,665 - other administrative costs -827 -839 -1.4 -918 - indirect duties and taxes -118 -122 -3.3 -140 - other operating income, net 483 469 +3.0 375 - adjustments to tangible fixed assets -175 -171 +2.3 -177 - adjustments to intangible fixed assets -156 -164 -4.9 -162 Operating income 1,440 1,407 +2.3 1,550 Report on Parent Bank Operations – Parent Bank results 261 more than compensated for the ordinary dynamics of Income before extraordinary items payroll, which includes the increases introduced by the renewal of the national collective labor contract in The year’s income before extraordinary items reached February 2005, which determined a 1.9% increase for 1,015 million euro, up 29.6% compared with 2003.
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