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| | FIRST 9 MONTHS | CHANGE |
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| (€ MILLION) | 2011 | 2010 | €m | PERCENT | ADJUSTED (1) |
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| Net interest | 11,618 | 11,739 | - 121 | - 1.0% | - 0.7% | | Dividends and other income from equity investments | 333 | 263 | + 70 | + 26.6% | + 25.4% | | Net fees and commissions | 6,268 | 6,300 | - 32 | - 0.5% | + 0.3% | | Net trading, hedging and fair value income | 705 | 999 | - 294 | - 29.4% | - 29.4% | | Net other expenses/income | 184 | 299 | - 115 | - 38.6% | - 44.9% | | OPERATING INCOME | 19,108 | 19,600 | - 493 | - 2.5% | - 2.1% | | Payroll costs | (7,032) | (7,009) | - 22 | + 0.3% | - 0.1% | | Other administrative expenses | (4,153) | (4,072) | - 81 | + 2.0% | + 1.3% | | Recovery of expenses | 361 | 320 | + 41 | + 12.7% | + 12.9% | | Amortisation, depreciation and impairment losses on intangible and tangible asset | (838) | (843) | + 5 | - 0.6% | - 2.6% | | Operating costs | (11,662) | (11,604) | - 58 | + 0.5% | - 0.2% | | OPERATING PROFIT (LOSS) | 7,446 | 7,996 | - 550 | - 6.9% | - 5.0% | | Net write-downs of loans and provisions for guarantees and commitments | (4,533) | (5,141) | + 608 | - 11.8% | - 11.3% | | NET OPERATING PROFIT (LOSS) | 2,914 | 2,856 | + 58 | + 2.0% | + 6.3% | | Provisions for risks and charges | (671) | (293) | - 377 | + 128.7% | + 130.3% | | Integration costs | (180) | (27) | - 153 | n.s. | n.s. | | Net income from investments | (543) | 119 | - 663 | n.s. | n.s. | | PROFIT (LOSS) BEFORE TAX | 1,519 | 2,655 | - 1,135 | - 42.8% | - 36.7% | | Income tax for the period | (1,167) | (1,104) | - 63 | + 5.7% | + 4.3% | | NET PROFIT (LOSS) | 352 | 1,551 | - 1,198 | - 77.3% | - 65.3% | | Profit (Loss) from non-current assets held for sale, after tax | - | - | - | - | - | | PROFIT (LOSS) FOR THE PERIOD | 352 | 1,551 | - 1,198 | - 77.3% | - 65.3% | | Minorities | (287) | (241) | - 46 | + 19.1% | + 19.8% | | NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP BEFORE PPA | 66 | 1,310 | - 1,244 | - 95.0% | - 80.5% | | Purchase Price Allocation effect | (716) | (145) | - 572 | n.s. | n.s. | | Goodwill impairment | (8,669) | (162) | - 8,507 | n.s. | n.s. | | NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUPP | (9,320) | 1,003 | - 10,323 | n.s. | n.s. |
Notes:
1. Changes at constant foreign exchange rates and perimeter.
Starting from Q1 2011 the PPA related to the acquisition of HVB, formerly classified within different P&L lines, is entirely allocated in the "Purchase Price Allocation effect" line of P&L (as already done for Capitalia's acquisition). Previous periods has been reclassified.
Following the merger in November 2010, which entailed the absorption of certain placement entities by the issuer, the result arising from the placement of securities issued by UniCredit S.p.A. - published on September 30, 2010 - has been reclassified from "Net fees and commissions" to "Net interest". | | 2011 | 2010 |
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| (€ million) | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
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| Net interest | 3,831 | 3,903 | 3,884 | 3,982 | 3,893 | 3,956 | 3,890 | | Dividends and other income from equity investments | 91 | 126 | 117 | 144 | 69 | 135 | 60 | | Net fees and commissions | 2,004 | 2,096 | 2,168 | 2,155 | 1,993 | 2,171 | 2,136 | | Net trading, hedging and fair value income | (285) | 290 | 700 | 53 | 381 | 58 | 560 | | Net other expenses/income | 85 | 39 | 59 | 139 | 86 | 114 | 99 | | OPERATING INCOME | 5,725 | 6,455 | 6,928 | 6,474 | 6,422 | 6,433 | 6,746 | | Payroll costs | (2,357) | (2,342) | (2,333) | (2,196) | (2,356) | (2,331) | (2,322) | | Other administrative expenses | (1,391) | (1,418) | (1,345) | (1,407) | (1,330) | (1,401) | (1,341) | | Recovery of expenses | 143 | 113 | 104 | 164 | 111 | 108 | 101 | | Amortisation, depreciation and impairment losses on intangible and tangible assets | (275) | (279) | (284) | (282) | (284) | (278) | (281) | | Operating costs | (3,879) | (3,925) | (3,858) | (3,720) | (3,859) | (3,903) | (3,842) | | OPERATING PROFIT (LOSS) | 1,846 | 2,530 | 3,070 | 2,754 | 2,563 | 2,530 | 2,903 | Net write-downs of loans and
provisions for guarantees and commitments | (1,848) | (1,181) | (1,504) | (1,751) | (1,634) | (1,716) | (1,791) | | NET OPERATING PROFIT (LOSS) | (2) | 1,349 | 1,566 | 1,003 | 929 | 814 | 1,113 | | Provisions for risks and charges | (266) | (244) | (161) | (472) | (32) | (106) | (156) | | Integration costs | (174) | (3) | (3) | (254) | (16) | (6) | (6) | | Net income from investments | (612) | (15) | 84 | (155) | 4 | 47 | 68 | | PROFIT (LOSS) BEFORE TAX | (1,054) | 1,087 | 1,486 | 121 | 886 | 749 | 1,020 | | Income tax for the period | (149) | (463) | (555) | 509 | (380) | (331) | (393) | | NET PROFIT (LOSS) | (1,203) | 624 | 932 | 630 | 505 | 418 | 627 | | Profit (Loss) from non-current assets held for sale, after tax | - | - | - | - | - | - | - | | PROFIT (LOSS) FOR THE PERIOD | (1,203) | 624 | 932 | 630 | 505 | 418 | 627 | | Minorities | (81) | (99) | (107) | (80) | (122) | (56) | (63) | | NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP BEFORE PPA | (1,284) | 525 | 825 | 550 | 383 | 362 | 564 | | Purchase Price Allocation effect | (687) | (14) | (15) | (30) | (49) | (52) | (44) | | Goodwill impairment | (8,669) | - | - | (199) | - | (162) | - | | NET PROFIT (LOSS) ATTRIBUTABLE TO THE GROUP | (10,641) | 511 | 810 | 321 | 334 | 148 | 520 |
Notes:
1. Changes at constant foreign exchange rates and perimeter.
Starting from Q1 2011 the PPA related to the acquisition of HVB, formerly classified within different P&L lines, is entirely allocated in the "Purchase Price Allocation effect" line of P&L (as already done for Capitalia's acquisition). Previous periods has been reclassified.
Following the merger in November 2010 - which entailed the absorption of certain placement entities by the issuer - the result arising from the placement of securities issued by UniCredit S.p.A. recognised by the former in Q1, Q2 and Q3 2010 quarterly figures have been reclassified from "Net fees and commissions" to "Net interest".
Updated on:
11.22.2011
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