consolidated results as at march 31st 2015 · 4 consolidated results as at 31 december 2014....

1Consolidated results as at 31 December 2014

Consolidated Results as atMarch 31st 2015

12 May 2015

Miro FiordiCEO, Credito Valtellinese

Consolidated results as at 31 March 2015


Executive SummaryExecutive Summary


Operating trends• Recovery in NII for the second consecutive quarter (commercial actions and repricing)• significant increase in asset managment fees (+13,1%). Increase in total net fees (+3,8%) • positive results from cost reduction actions (-2,5% in operating expenses)• cost of retail funding (deposits and bonds) at 97 bps, compared to 126 bp at december

2014• cost of credit risk at 145 bps (205 bps at 1Q2014)• stable value of gross loans compared to the end of 2014, 131 mn of new residential

mortgages, + 108% YoY• reduction in the flow of doubtful loans, compared to the last quarter

Sound liquidity position• counterbalancing capacity 7,0 bln of which 4.1 bln €/bn unencumbered• LCR and NSFR well above the minimum required (>100%)

Strong capital position: • CET1 ratio at 11,6% “fully loaded” aligning Creval to the best capital standards,

not considering the additional buffer deriving from AIRB model approval • Solid “Basel 3” leverage ratio at 6,4%*

*Date at 31 Dicember 2014


Agenda

Executive summary

Credit policies and asset quality

Funding, liquidity and securities portfolio

Capital ratio

Revenues development

Cost management and Net profit development

Annexes



Source: internal data

Credit policies and asset qualityLoans to customers analysis

20,98922,722 23,107 23,064

21,279 20,637 20,356 20,561 20,074 20,099

12.09 12.10 12.11 12.12 12.13 03.14 06.14 09.14 12.14 03.15

Quarterly trend (mln €)

Gross loans by technical classification Gross loans by business segment

- 4.2%

56.9% of total loanbook to

SMEs and Households


Mortgages45.1%

Npls12.4%

Personal loans2.9%

Financial leasing3.6%

Current accounts26.4%

Foreign loans1.7%

Pool loans 2.6%

Loans CCG & CDP*2.4%

Other operations2.9%

* CCG: Cassa Compensazione e Garanzia CDP: Cassa depositi e prestiti


+0.1%

Commercial Loans (gross amounts)

First inversion in lending volume trend

Households18.6%

Retail 13.7%

SME Corporate 38.3%

Other7.7%

Corporate 21.7%

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~ 58.5% of loans in Lombardy Well-diversified loans, both in terms

of industrial sector and individual borrower Average loan granted to real estate

and construction sectors (“ATECO”) ~ 227k Very conservative LTV (<50%),

both for households and sme


Credit policies and asset qualityLoan portfolio diversification

Average EUR 85,000 per loan

Gross loan book breakdown by geography (%)

Toscana1.9% Trentino Alto Adige 1.7%

Umbria 0.7%

Piemonte3.9% Sicilia

15.3%

Marche6.6%

Veneto 2.8%

Lombardia58.5%

Valle d’Aosta 0.01%

Lazio 7.5%

Emilia Romagna1.1%


Loan concentration % Total loans

Top 20 exposures 7.1%


LTV % (as of 31/03/2015)

Retail – Secured on real estate property 47.8%

Retail – Secured on real estate property of which SME 49.8%

Retail – Secured on real estate property of which non SME 47.0%


Retail banks

AnnexesDoubtful loans analysis and cost of credit risk

Cost of credit risk

1Q14

2.05%

Carifano

0.93%

Credito Siciliano

0.86%

Credito Valtellinese

1.61%

Quarterly change in gross non-performing loans Quarterly change in gross unlikely to pay loans

94,175

4Q143Q14

152,207

2Q14

186,595

1Q14

89,990 142,5964,236

85,900182,483

Quarterly change in gross past due loans Quarterly change in gross Doubtful loans

67,903

-69,379-243

272,230224,346203,116

151,157

30,385

-43,055

250,700

1.45%


1Q15

37,699 162,258

- 35.3%

Normalization in the cost of risk trend

- 78.7%

1Q15

4Q143Q142Q141Q14 1Q15

4Q143Q142Q141Q14 1Q15 4Q143Q142Q141Q14 1Q15




Net flow trend of NPL (gross amounts) in 1Q

374,067 398,195

272,230

162,258

1Q12 1Q13 1Q14 1Q15

Change in NPL loans

- 60%

1Q15 saw the lowest increase in gross NPL since Q1 2012

- 40%

Cost of credit risk at 145 bps (205 bp in 1Q 2014)


Credit policies and asset qualityAsset quality

Coverage Ratios 31/03/2015 31/12/2014 31/03/2014Non-performing loans 55.3% 56.0% 57.3%

Unlikely to pay 21.5% 21.6% 15.3%

Past due 9.2% 9.6% 6.3%

Doubtful Loans Coverage Coverage Bonis

December 2014

37.2%

March 2015

36.8%

December 2014

0.81%

March2015

0.80%


85,4% 86,1% 85,0% 84,1% 80,0% 78,7% 78,2% 76,5% 73,8%

Share of loans assisted by guarantees** on total net NPLsData as at 31/12/2014

Creval Peer1 Peer2 Peer3 Peer4 Peer5 Peer6 Peer7 Peer8

Peer average*: 80.9%

* Peers include ISP, UCG, MPS, UBI, BPER, BPM, Carige and BP .** real collateralSource: FY 2014 Annual Reports. Aritmetic mean


Outsourcing

NPL managementNPLs management model


Past due days0 30 90

Administrative category

Managerialcategory

PERFORMING PAST DUE SUBSTANDARD RESTRUCTURED BAD LOANS

GREEN

SKY-BLUEYELLOW ORANGE RED SUBSTANDARD RESTRUCTURED BAD LOAN

Max 270

Owner by segment

Household / Retail

SME / Corporate

Retail / Householdmanager

Corporate manager

Retail / Householdmanager

Corporate manager

Phone Collection Home collection Credit Department

Credit Manager / branch manager Credit Manager Credit Manager/

Credit Department

Credit Department

Credit Department

Bad Loansdepartment(large ticket)

UNLIKELY TO PAY

• Specialization needed for each different status / category• Leverage on specialized partner for reducing costs and improving

performance• Industrial model for NPL management, upgraded over time

Non Core Unit


Industrial Plan - updateStrategic partnership with Cerved Credit Management

Sell price for the stake in Finanziaria San Giacomoabout 22 mln, + 13 bps CET Ratio

STRATEGIC AGREEMENT

CORPORATE NPL FOR AMOUNT >5 MLN €

RECOVERY STRATEGIES

MONITORING SLA

[15% GBV]

RETAIL AND MID CORPORATE MORE STANDARDISED AND «TIME

CONSUMING»

[85% GBV]

DEVELOPMENT OF AN INDUSTRIAL PARTNERSHIP



Partnership with CCMIndustrial benefits for Creval


• The exclusive servicing contract envisages the management, in outsourcing, of the more

standardized and time consuming NPLs of the Creval Group as well as of future inflows

(85% of the current stock and of new inflows of NPLs), based on variable market fees, which

are mainly determined by the collections achieved on the portfolio of NPLs.

• Moreover, the agreement considers a significant activity to be performed by the servicer

aimed at populating a comprehensive Loan Tape on the NPLs such as to be able to start,

in the medium term, a process to divest a portion of the NPLs portfolio, in line with the

objectives defined by Creval Group Industrial Plan.

• Creval Group will maintain management of large ticket NPLs, as well as coordination and

control of the recovery process and of the overall servicing activities.

• For the Creval Group this agreement is consistent with the objectives outlined in its Industrial

Plan, specifically related to NPLs management allowing to maximize incremental value

through the optimization of recovery activities, reducing operating costs and improving

the recovery rate over time.


NPL managementEstablishment of a Non Core Unit


CREDIT AREA

CREDIT MANAGEMENTDEPARTMENT

Households,Retail and

SME Corporate

Corporate and Large Ticket

Watchlist and pastdue monitoring

GuaranteesManagement

Non core unit

Creval has set up a special Non-Core Unit (NCU), within the Loans Division, in support of the process, with deleveraging and derisking objectives on the focused

portfolio.First activity of the NCU related to the whole portfolio of Real Estate Related –

Unlikely to pay loans (920 mn outstanding)


NPL managementPartnership with Yard – Real Estate “Unlikely to pay” portfolio


1) Mapping and definition of cluster of realestate asset (hotel, residential, commercial etc)

2) Valuation of the portfolio

3) Analysis and planning: Definition of way out strategy for each single asset

4) Implementation of the strategy, through an rooted and specialized commercial network

PHASE 1

COMPLETED

FASE 2

STARTING BEFORE THE END

OF MAY

In brief, the agreement with Yard entails the following activities: portfolio assessment, wayout strategies modelling and, finally, implementation of the placement on the

market of the assets

Real Estate «Unlikely to

pay» portfolio under analysis

~ 920 mn


Agenda

Executive summary



Capital ratio



Annexes



mln € 31/03/2014 31/03/2015 Chg.%Deposits 585 510 -12.8%Time deposits 2,303 1,436 -37.6%Current accounts 12,037 12,848 +6.7%Securitizations 355 642 +80.8%Wholesale bonds 622 552 -11.3%Retail Bonds 3,642 3,515 -3.5%Deposit certificates 125 104 -16.8%Deposits CCG & CDP 274 3,491 n.s.Other 386 199 -48.4%


Funding, liquidity and securities portfolio Direct deposits and ECB funding

18,150 19,229 19,480 19,654 19,028 18,994 19,655 19,222 19,041 18,534

12.09 12.10 12.11 12.12 12.13 03.14 06.14 09.14 12.14 03.15

-2.7%

+2,1%

Quarterly trend (mln €) Retail funding

Composition

+1.5%

+14.6%

+18.6%

31/03/2015

76% 79%24%

31/03/2014

21%

Deposits due to customersSecurities issued


Remix from customer deposit to assets under management and liquidity


Funding, liquidity and securities portfolio Bonds by maturities

Retail bonds – 2015 (Mln €) Wholesale funding – 2015 Q1

2016 - 2017 Maturities* (Mln €) ECB funding Creval 31 March 2015 (Mln €)


55

-145 mln

Issues2015

Maturities2015

200 735*687*

Issues 2015**

Maturities2015 ** Net PP

150 Securitisation

Wholesale

* As at 6 May 2015 and net private placement 2016 2017

Retail

Wholesale1,146 794

TLTRO

1,500 600OTHER

Securitization’s name Outstanding Notional31/03/2015

Net Placement Cost (DM) over EU3M

Quadrivio RMBS 2011 S.r.l.-A1 261,283,979 EU3M + 115 bps

Quadrivio RMBS 2011 S.r.l.-A2 180,000,000 EU3M + 116,7 bps

Quadrivio SME 2014 S.r.l.-A1 0 EU3M + 125 bps

Quadrivio SME 2014 S.r.l.-A2A 161,331,405 EU3M + 180 bps

Quadrivio SME 2014 S.r.l.-A2B 88,732,273 EU3M + 180 bps


1d 2d 3d 4d 5d 2w 3w 1m 2m 3m

Net balance of cumulative expiring positions 67 72 -235 -404 -407 -735 -1,353 -1,309 -2,386 -3,331

Counterbalancingcapacity 4,133 4,100 4,358 4,524 4,529 4,806 4,974 5,380 6,441 6,968

Net balance of overall liquidity 4,199 4,172 4,123 4,120 4,122 4,071 3,621 4,071 4,056 3,636

*Net of CCG ** Included “Non-current assets and disposal groups held for sale”

Funding, liquidity and securities portfolioLiquidity position

1 month Liquidity Position ~ 14% of Total Assets, vs ~ 10% system average*

* Source: “Rapporto sulla stabilità finanziaria”, Bank of Italy, April 2015

LCR as at 31 March 2015: 153%

NSFR as at 31 March 2015 : 135%

Loans to customers / Direct deposits*

90.6%

31/12/2014

88.0%

30/09/2014

90.7%

30/06/2014

94.4%**

31/03/2014

97.6%**

-7.0%

Short-term liquidity position – May, 5th 2015 (€/1,000)


31/03/2015


Funding, liquidity and securities portfolioSecurities portfolio

Breakdown by accounting portfolio

AFS reserve as at 31 March 98 mln €

AFS reserve on Govies, as at 31 March, ~ 61 mln €

Mln € 31/03/2015 31/03/2014 31/12/2014

HFT Portfolio 412 81 62

AFS Portfolio 7,437 3,543 6,790

HTM Portfolio - - -

AFS94.7%

HFT5.3%

Breakdown of AFS portfolio

Mln € 31/03/2015 31/12/2014

Debt Instruments 7,295 6,662

Equity Instruments 99 86

OEIC Units 43 42

Debt Instruments

98.1% Equity Instruments1.3%

OEIC Units0.6%

Current Average Duration of AFS Portfolio 3.10

BTP78.3%

BOT7.3%

Other bonds8.7%

CCT3.9%

Other equities1.8%

Breakdown of Debt Instrument



Funding, liquidity and securities portfolioIndirect deposits analysis


+7.9%

11,635 11,891 11,925 11,963 12,912

+0.3%+0.3%+2.2%

31/12/201430/09/201430/06/201431/03/2014

mln € 31/03/2014 31/03/2015 Chg.%

Funds & Sicav 1,688 2,323 +37.6%

Custody 6,135 6,402 +4.4%

AUM 2,160 2,313 +7.1%

Insurance 1,652 1,874 +13.4%

Total 11,635 12,912 +11.0%

Composition

+18.4%

+4.4%

+11.0%

31/03/2015

50%

50%

31/03/2014

53%

47%

Administrated depositsAuM

Development of the strategic partnership with ANIMA SGR

+11.0%


31/03/2015

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Agenda

Executive summary



Capital ratio



Annexes



Indicator 31/03/2015 31/12/2014

Loan Risk weighted* 83.5% 83.5%RWA /Assets 56.7% 57.7%

Capital ratioCapital ratios evolution

Capital ratios evolution – phased-in calculation

31/12/2014

14.0%11.0%

~ +10bps

Total capital ratio

Fully loaded calculation at March 31th, 2015

(considering the “SME supporting factor”):

CET 1 Ratio11.6% (11.1% at 31.12.2014)

Tier 1 Ratio 11.6% (11.1% at 31.12.2014)

Total capital ratio 13.8% (13.7% at 31.12.2014)

Leverage ratio6.4% (31.12.2014)

11.0%

31/03/2015

13.6%11.1% 11.1%

Capital ratio 31/03/2015 31/12/2014

TIER 1 (mln €) 1,845 1,825RWA (mln €) 16,678 16,635TIER 1 RATIO 11.1% 11.0%TOTAL CAPITAL RATIO 13.6% 14.0%

Common Equity Tier 1 ratio Tier 1 ratio

Requirements 31/03/2015 31/12/2014

Credit 90.7% 91.0%

CVA 0.2% 0.2%

Market 0.4% 0.1%

Operations 8.7% 8.7%* RWA related to credit risk / Loans to customers at the end of the period (net CCG)


Capital ratios pro-forma at March 31th, 2015

(considering consolidated net income 1Q2015):

CET 1 Ratio: 11.2%Tier 1 Ratio: 11.2%

Total cap. Ratio: 13.8%


Agenda

Executive summary



Capital ratio



Annexes



11769

229

Revenues developmentOperating income development

Operating income

Other net income

4

Trading income

35

Div. & profits on inv. in associated

companies

4

Net feesNII

Mln €

-8.0% +3.8% +14.3% -15.1% -1.8%Chg %

2015 – 2014

80.9% of revenues from core business (NII + Fees)

Div. Invest &Trading 17.4%

Other net income 1.7%

Interest margin 50.9%

Net fees & comm.

30.0%


-4.5%


Revenues developmentFocus on interest margin

Quarterly figures

€/1,000

+0.4%

114,584

-5.1%

127,247

+1.8%

120,730

-5.1%

4Q143Q142Q141Q14

YoY analysis

116,601

2014

117,051127,247-8,0%

Commercial spread trend (2013-2015)

2.12% 2.50%1.96%

Jun 13 Dec 13 Jun 14

2.51%

Dec 14

+63 bps


1Q15

117,051

2015

2.59%

Mar 15

-8,0%

Second increase in NII, thanks to liability repricing




Revenues developmentCost of retail funding


Banking system Data Source: Bank of ItalyCreval Data Source: Internal Data

Average cost (basis points) - sight deposits book

Difference between Creval’s cost and system average: -54% (Jan 14 – March 15)

Strong repricing measures taken in the first quarterFurther actions to be implemented in Q2, already planned

Expected average yield at the start of Q3 ~ 30 bps

38 38 39 37 37 36 32 32 31 27 27 30 25 23 23

9790 92 92 91 90 87 88

81 75 73 72

56 53 50 47

0

20

40

60

80

100

120

January february March April May June July August September October November December January february March April

Italian banking System Creval2014 2015

+59 bp

+27 bp


Revenues developmentCost of retail funding


Average cost - new time deposits by quarter

Downward revision of the rate / limits for new deposits issued by branchesStrict control in terms of funding spread associated to new deposits

New commercial target / reporting with great focus on value creation (NII)

0,65 0,550,30 0,36 0,16

1,311,08

0,69 0,340,38

2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1BOT 12M TIME - BOT

1,961,64

0,980,69 0,54

Difference between average rate on Time Deposits and short termGoverment Bonds (BOT-12m) and down from 130 bp to 40 bp (-

71%)


Revenues developmentFocus on net fees

Net fees quarterly trend

+0.7%

4Q143Q142Q141Q14

+3.8%

65,340

-1.7%

66,012

+8.5%

66,476

€/1,000

Net fees breakdown – YoY

+0.4%

2015 Q1

20,679

14,835

13,752

19,255

2014 Q1

18,285

14,767

14,757

18,203

+13.1%

-6.8%

+5.8%

+3.8%

Loans and others

Payment and collection servicesAsset management, trading and consulting services

Current account

70,904

28.0%20,1%

21,7% 30,2%


1Q15

68,521

-3.4%

Fee and commissionexpense

Fee and commissionincome

23,183 20,082

4,980 8271Q14 1Q15




Agenda

Executive summary



Capital ratio



Industrial Plan - update

Annexes



22974 106

*Operating expenses annualized /total asset

Cost management and Net profit developmentOperating result and cost/income development

9

Other admin. Expenses

40

Personnel expenses

Operating income Net operating margin

Amortization

Mln €

-1.8% -4.9% -1.2%-0.5% -5.2%

Cost Income ratio Cost to asset ratio * Operating expenses

-0.3%

1Q15

53.7%

1Q14

54.0% 126,041

-2.4%

123,093

-0.22%

1.67%1.89%

€/1,000

Chg %

2015 - 2014


1Q151Q14 1Q151Q14


Cost management and Net profit developmentPersonnel expenses and administrative expenses

Personnel expenses Number of employees

€/1,000

1Q14

74,228

1Q15

74,609

-0.5%

4,330 4,322

-8

31/03/2014 31/03/2015

Front to back Administrative expenses

€/1,000

40,193

-4.9%

42,28867.8%

31/03/201531/03/2014

67.9%


1Q14 1Q15


Cost management and Net profit developmentNet profit development

Value adjustments

67.5

Net operating

margin

106.2

Tax for the

period

38.6

Minorities and result from

discontinued operations

Net incomeIncome before tax

Mln €

-1.2%

Chg % 2015 - 2014

-34.0% n.s. n.s. +28.4% n.s.

13.923.41.3


Valued adjustments

-34% YoY


Equity investments

Company Company’s activitiesShare of

capital held by the group (%)

Carrying amount31.13.2015 – Mln €

(CA)

Earning 2014 Pro-rate

(E)

Return on investment

(E/CA)

ICBPI Bank (Holding of ICBPI Group) 20.4% 195.8 19.6 10.0%

GLOBAL ASSISTANCE

Insurance and reinsurancecompany 40.0% 3.5 0.7 21.4%

Major investments – EQUITY INVESTMENTS PORTFOLIO

Major investments – AVAILABLE FOR SALE FINANCIAL ASSETS PORTFOLIO

Company Company’s activitiesShare of capital

held by the group (%)

Carrying amount31.03.2015 – Mln €

ANIMA HOLDING Asset management Company(Holding of Anima Group) 2.8% 57.2

ALBA LEASING Leasing company 8.1% 33.0

BANCA POP.CIVIDALE Bank (Holding of BPC Group) 1.0% 3.2



Agenda

Executive summary



Capital ratio



Annexes



23,297

12,912

Key dataConsolidated Balance Sheet Data

+10.7%

Total deposits

32,709

Indirect deposits

11,963

Direct deposits*

20,746

Loans to customers *

19,005 18,614

31/03/201531/12/2014

31 March 2015 – 31 December 2014 (mln €)

+12.3%-2.1%

Balance sheet structure 31/03/2015 31/12/2014

Indirect deposits from customers / Total deposits 35.7% 36.6%

Direct deposits from customers / Total liabilities 79.1% 72.0%

Customer loans / Direct deposits from customers 79.9% 91.6%

Customer loans / Total assets 63.2% 66.0%


36,209

+7.9%

*the amounts include components referring to central counterparties and institutionals


Commercial trendsStrengthening “Customer base”

935k customersCross selling ~ 4.2

Retention rate* ~ 98.0%

*Source: customer satisfaction survey - households

Sales results as of 31/03/2015

Current accounts ~ + 3,619

Debt Cards ~ + 5,658

Car insurance ~ 4,344

Consumer Finance (Compass) – new loans ~ 12 mln

Net flow AUM (mainly mutual funds) ~ 349 mln

Bancassurance flow ~ 164 mln

Household mortgages - new loans ~ 131 mln

Internet customers ~ 247 k+107.9% Y/Y

+125.1% Y/Y






Credit policies and asset qualityLoans to customers analysis

20,989 22,722 23,107 23,064 21,279 20,637 20,356 20,561 20,074 20,099

120 163 185 196

412 341 730 834 950 571

12.09 12.10 12.11 12.12 12.13 03.14 06.14 09.14 12.14 03.15

Commercial Loans (gross value) Other Loans (gross value)


- 2.1%



31/03/2015 Grossamount

Impairmentlosses

Carryingamount

Coverageratio

Non-performing loans 2,597 - 1,437 1,160 55.3%

Unlikely to pay loans 2,043 - 440 1,603 21,5%

Past due exposures 604 - 55 549 9.2%

Total impaired loans 5,244 - 1,932 3,312 36.8%

Performing loans 15,425 - 123 15,302 0.80%

Total loans and receivables with customers 20,669 - 2,055 18,614

AnnexAsset quality details

(Mln €)

Consolidated results as at 31 March 2015Consolidated results as at 31 March 2015


Credit risk profile (mln €) 31/03/2015 31/12/2014 Chg% 31/03/2014Net non-performing 1,160 1,102 + 5.3 860

Net Unlikely to pay 1,603 1,578 + 1.6 1,508

Net Past due 549 512 + 7.2 572

Total net doubtful loans 3,312 3,192 + 3.8 2,940

Net doubtful loans / Loans to customers 17.8% 16.8% 15.1%

Non-performing loans coverage 55.3% 56.0% 57.3%

Doubtful loans coverage 36.8% 37.2% 33.3%

Cost of credit risk * 1.45% 3.41% 2.05%

Total NPLs coverage considering write off on existing NPL ~ 58%**

Category Average ageing (months)

as at March 2015

Unlikely to pay 14.0

(*) Calculated as the ratio between net value adjustments due to deterioration of loans and end of period loans, included “Non-current assets and disposal groups held for sale”

** Source: internal data

Credit policies and asset qualityAsset quality



Source: internal data.Collateral includes real estates and securities at market value. Real estate values represented by 1st and 2nd mortgages.Collaterals are evaluated considering lowest value between credits and guarantee amount, in case of loans fully or partly covered by guarantees Personal guarantees are excluded

Credit policies and asset qualityNPL analysis – including collateral

Total coverage ratio

108%

Real estate collateral (market value)

50%

Cash coverage related to NPL

write-off

3%

Cash coverage Ratio

55%

NPL – Total Coverage Ratio (%)

108%

+2%

15-Q114-Q1

106%



Credit policies and asset qualityUnlikely to pay loans analysis

Source: internal data.Collateral includes real estates and securities at market value. Real estate values represented by 1st and 2nd mortgages. Personal guarantees represent every other kind of collateral as bank guarantees, backing transactions and other credit commitments.Both collateral and personal guarantees are evaluated considering lowest value between credits and guarantee amount, in case of loans fully or partly covered by guarantees.

Unlikely to pay Loans – Total Coverage Ratio (%)

Total coverage ratio

53%

Cash coverage Ratio

Personal Guarantees

22%

69%

Real estate collateral (market value)

144%



AnnexDoubtful loans

Gross amount non-performing loans (Mln €) Gross amount Unlikely to pay loans (Mln €)

31/12/201430/09/2014

2,352

30/06/2014

2,200

31/03/2014

2,013

Gross amount past due loans (Mln €) Gross amount Doubtful loans (Mln €)

2,503

31/12/201430/09/2014

2,013

30/06/2014

1,870

31/03/2014

1,8661,780 2,043

604

31/12/201430/09/2014

609

30/06/2014

541

31/03/2014

611 566

31/12/201430/09/2014

4,831

30/06/2014

4,607

31/03/2014

4,4045,082

+203 +224+251


2,598

31/03/2015 31/03/2015

31/03/2015

5,244

+162

31/03/2015


AnnexesReclassified balance sheet – the quarterly

Assets 31/03/2015 31/12/2014 30/09/2014 30/06/2014 31/03/2014

Cash and cash equivalents 159,122 194,289 164,436 167,213 165,327

Financial assets held for trading 412,383 61,787 65,195 64,382 81,054

Available-for-sale financial assets 7,436,450 6,789,606 5,723,495 3,622,110 3,542,841

Held-to-maturity investments - - - - -

Loans and receivables with banks 779,573 839,489 813,169 1,134,362 828,006

Loans and receivables with customers 18,614,292 19,004,863 19,672,478 19,446,613 19,417,443

Equity Investments 206,654 200,797 196,039 188,779 187,957

Property, equipment and investment property and intangible assets 658,257 663,968 802,296 807,850 809,617

Non-current assets and disposal groups held for sale 3,158 3,191 - 418,475 419,397

Other assets 1,167,989 1,055,566 1,027,921 1,050,611 1,173,671

Total assets 29,437,878 28,813,556 28,465,029 26,900,395 26,625,313

Liabilities and Equity 31/03/2015 31/12/2014 30/09/2014 30/06/2014 31/03/2014

Due to banks 2,401,288 4,837,734 3,575,676 2,574,270 2,873,383

Direct funding from customers 23,297,163 20,745,569 21,116,472 20,424,825 20,328,876

Financial liabilities held for trading 4,021 3,233 4,115 3,318 9,613

Hedging derivatives 359,525 308,718 270,567 231,564 205,016

Liabilities associated with disposal groups 736 573 - 3,760 5,659

Other liabilities 937,575 635,058 906,795 1,100,850 972,248

Provisions for specific purpose 302,059 258,471 212,554 195,104 265,706

Equity attributable to non-controlling interests 4,250 4,454 4,690 4,675 5,090

Equity 2,131,261 2,020,106 2,374,160 2,362,029 1,959,722

Total liabilities and equity 29,437,878 28,813,556 28,465,029 26,900,395 26,625,313



AnnexesReclassified consolidated income statement Income statement Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014

Net interest income 117,051 116,601 114,584 120,730 127,247

Net fee and commission income 68,521 70,904 65,340 66,476 66,012

Dividends and similar income - 24 - 1,321 -

Profit (loss) of equity-accounted investments 4,244 7,048 5,705 3,213 4,443Net trading and hedging income (expense) and profit (loss) on sales/repurchases 34,949 7,540 21,223 59,322 30,565

Other operating net income 4,441 1,439 4,598 4,620 5,230

Operating income 229,206 203,556 211,450 255,682 233,497

Personnel expenses -74,228 -116,485 -76,292 -74,911 -74,856

Other administrative expenses -40,193 -37,824 -42,502 -46,186 -42,333

Depreciation/amortisation and net impairment losses on property, equipment and investment property and intangibleassets -8,672 -19,801 -9,334 -9,278 -9,144

Operating costs -123,093 -174,110 -128,128 -130,375 -126,333

Operating profit 106,113 29,446 83,322 125,307 107,164Net impairment losses on loans and receivables and other financial assets -67,512 -349,670 -94,351 -110,455 -102,237

Net accruals to provisions for risks and charges - 12 -1,033 -3,197 -347

Value adjustments of goodwill - -131,344 - - -

Net gains (losses) on sales of investments -37 129 14,488 1 -158

Pre-tax profit from continuing operations 38,564 -451,427 2,426 11,656 4,422

Income taxes -13,884 120,883 2,267 -8,641 -2,778

Post-tax profit from continuing operations 24,680 -330,544 4,693 3,015 1,644

Gains from assets held for sale -277 -1,125 - - -

Profit for the period attributable to non-controlling interests -1,030 -616 -638 -707 -808

Profit for the period 23,373 -332,285 4,055 2,308 836



Disclaimer

This document has been prepared by Credito Valtellinese for information purpose only and does not constitute a public offerunder any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financialinstruments or any advice or recommendation with respect of such securities or other financial instruments.

The information, opinions, estimates and forecasts contained herein have not been independently verified. They have beenobtained from, are based upon, sources that company believes to be reliable but makes no representations (either express orimplied) or warranty on their completeness, timeliness or accuracy.

The document may contain forward-looking statements, which are therefore inherently uncertain. All forward-looking statementsrely on a number of assumptions, expectations, projections and provisional data concerning future events and are subject tosignificant risks and uncertainties, many of which are outside the company’s control. There are a variety of factors that maycause actual results and performance to be materially different from the explicit or implicit contents any forward-lookingstatements and thus, such forward-looking statements are not a reliable indicator of future performance. The companyundertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information,future events or otherwise, except as may be required by applicable law. The information and opinions contained in thisPresentation are provided as at the date hereof and are subject to change without notice.

Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2), Simona Orietti, inher capacity as manager in charge of financial reporting declares that the accounting information contained in this Presentationreflects the group’s documented results, financial accounts and accounting records.



Consolidated Results as atMarch 31st 2015

12 May 2015

Miro FiordiCEO, Credito Valtellinese


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consolidated results as at march 31st 2015 · 4 consolidated results as at 31 december 2014....

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