The Italian NPL market · 02. European Banks’ impaired assets analysis 06 03. The NPL market in Italy 10 04. Recent market activity and outlook 14 Appendix 18 With almost €12

The Italian NPL market | 01 Real estate market overview p4 | 02 European Banks’s impaired assets analysis p6 |03 The NPL market in Italy p10 | 04 Recent market activity and outlook p14 | Appendix p18

November 2015

www.pwc.com/it

The Italian NPL market

A sparkling H1-2015

01. Real estate market overview 04

02. European Banks’ impaired assets analysis 06

03. The NPL market in Italy 10

04. Recent market activity and outlook 14

Appendix 18

With almost €12 billion of assets sold in the market in the first 9 months, 2015 is definitively meeting our expectations of being the year for the Italian NPL and non core market Renaissance.

Considering current market dynamics and the deals pipeline we foresee the sparkling situation which characterized the first half of the year is likely to continue throughout the year and further improve over next year. We expect transaction volumes in FY16 to be in the range of €20bn GBV, with some relevant deals to deploy in the first half of the year. In terms of asset classes we expect a boost in secured/leasing transactions (both portfolios and single names) that will add up to a persistently dynamic unsecured loans market.

Antonella [email protected]

Fedele [email protected]

Laura [email protected]

Foreword Content

4 | The Italian NLP market | A sparkling H1-2015

Real estate market overviewThe Real Estate market in H1-2015 has become more appealing compared to previous years.Q2-2015 registered an increasing trend of RE transfer of properties, both in urban and peripheral areas with a +6.6% for residential assets (mainly thanks to upturns in the areas of North East and Islands) and a timid +1.9% for economic1 destination.

As for the CRE market segment, total investments into Italian CRE in the fi rst half reached a peak of €3.6 bn denoting investors’ high confi dence towards the Italian market. Most of the invested capital comes from foreign investors whose investments accounted for 70% of total investments in Q2 (€1.7 bn) and for 89% of the total amount in Q1 (€1.9 bn). The annual evolution of foreign investments looks more than doubled in H1-2015 versus H1-2014, reaching the peak since H1-2007. Foreign investor basis comprises mainly US funds together with Middle East and Asian players.

01Key Message: H1-2015 showed promising signs of recovery of the RE market with Q2 registering increases in the number of RE transfer of properties for all RE sectors and with CRE investments reaching €3.6 bn at the end of June. We do expect an even more dynamic market thanks to the macroeconomic scenario, the enlargement of the investors’ base and the appetite towards new asset classes.

1 Economic usage include artisanal, commercial, industrial as well as offi ce usage

PwC | 5

H1-2015 has been highly infl uenced by the Qatar Holding deal which consisted in the purchase of the remaining shares of the funds owning the mixed use Porta Nuova development in Milan.

The analysis of the breakdown of CRE investments in 2015 shows that Logistic Market (Other) is preferred by investors (30%), followed by Retail (24%), Offi ce (21%), Hotels (14%) and Mix-Used (11%).

Looking at the next 18 months, we expect an even more dynamic scenario considering:

1. the uprising economic trend with sizeable liquidity, low interest rates and an improved macroeconomic scenario;

2. the enlargement of the investors’ base, with further signifi cant investments by Asian players;

3. the increasing investors’ appetite towards new asset classes aiming at diversifying their risk, such as student housing, RSA, Data Centre/Logistic, renovated State owned buildings.

Chart 1: CRE investment volume by sector Q2 2015

Source: CBRE Global Research and Consulting

Chart 2: CRE investment in Italy, quarterly volumes

Source: CBRE Global Research and Consulting

2006

2,000

4,000

6,000

8,000

10,000

12,000

2007 2008 2009 2010 2011 2012 2013 2014 2015Q4Q3Q2Q1

RetailMixed-useHotels Other

21%

Office

24% 11% 14% 30%

1 Economic usage include artisanal, commercial, industrial as well as offi ce usage

Moreover, major portfolio deals included the purchase of four shopping centers by Tristan Capital Partners (€122 mln of value) and the acquisition of a public real estate portfolio of barracks in various Italian cities by Cerberus (€228 mln of value). In July 2015 China’s Fosun Group has extended its footprint in Italy by buying the former Milan headquarters of Unicredit for €345 mln.


European Banks’ impaired assets analysisThe last Risk Assessment Report (“RAR”) conducted by the European Banking Authority (“EBA”) (June 2015) provided us with signifi cant datasets of major European fi nancial institutions’ asset quality.

Our analysis focuses on the impaired and past due (>90 days) European loans, that according to the new EBA defi nition (applicable starting from YE-2014) are classifi ed as Non Performing Exposure (“NPE”) and on coverage levels of the European banking industry.The new EBA category includes loans which are past due, unlikely to pay or defaulted.

The NPE/asset quality analysis for Italian assets should be analysed in the framework of the loan volumes dynamic of Italy versus Europe in the period 2011 - 2014 (Chart 3).

In fact, both target areas showed a signifi cant decrease of loan volumes. However, whereas for European banks this decline turned into growth during the fi rst half of 2014, Italian banks are lagging behind their peers and volumes are still decreasing.

The overall reduction of EU banks’ total assets, as well as RWA, confi rms a general deleveraging occurred between 2011 and 2014, accompanied by de-risking of balance sheets.

This suggests a turnaround in European banks’ balance sheets, passing from a deleveraging phase, to a stabilization/growth one.

After such deleveraging period, according to EBA’s RAR, the expectations are that asset quality will improve and stabilize in the next 12 months. This trend, from deleveraging to stabilization, is likely be achieved more slowly in Italy where the above-mentioned deleveraging process is in the initial phase.

02 Key Message: Our analysis of Risk assessment results released by EBA, shows that Italian banks’ positioning is, on average, worse than European peers in terms of NPE ratio. The comparative Country analysis of the NPE coverage ratios, instead, is not as meaningful as long as we have no available data on the NPE composition (e.g. defaulted vs past due).

PwC | 7

Moving to the European banks’ asset quality comparison, we can see how the quality of assets around Europe is uneven, with banks from the most vulnerable Countries showing the highest NPE ratios. This results from the general economic crises from 2008 onwards, but might also be directly infl uenced by differences in the legal systems of the Countries (e.g. bankruptcy law and its infl uence on time to recovery for defaulted loans, assets repossession versus judicial sale…).

Chart 3: Loan volumes trend, Italy vs Europe - (Dec 2011 = 100)

Chart 4: NPE ratio (%)

Source: PwC’s analysis on EBA’s Risk Assessment Report (June 2015) and ABI Monthly Outlook (2012-2015)

Source: PwC’s analysis on EBA’s Risk Assessment Report, June 2015

90,0%

92,0%

94,0%

96,0%

98,0%

100,0%

102,0%

Dec-11

% Change - Europe % Change - Italy

Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14

€15.4tn

€1.95tn

€14.6tn

€1.83tn

0%

10%

20%

30%

40%

50%

Greece Italy Spain EU France UK Germany Sweden

2013-06 2013-12 2014-06 2014-12

Focusing on the Italian banks’ NPE ratios, we can see how the ratio continues to increase overcoming 20% at YE-2014, while at the European level the average NPE ratio is progressively decreasing reaching 6.6% at YE-2014. In the near future, our expectations are that the NPE ratio of Italian fi nancial institutions will continue to deteriorate (even if at a slower pace) for 1-2 years unless a stronger deleveraging process is implemented.

We believe that the ECB will push for an acceleration of the impaired assets offl oading, especially for banks included in SREP (Supervisory Review and Evaluation Process) class 3 and 4.


Looking at YE-2014 NPE ratio, RAR data allows us to analyse the NPE ratio by sector in main European Countries. Assuming that the total lending for each type of debtor is equal to 100%, the rate pointed out in Chart 5 represents the percentage of NPE on the three debtor categories (SME, Large Corporate and Households) for each Country.

At European level, the Large Corporate NPE ratio is equal to 9.3%, the SME’s NPE ratio to 18.6% while Households one is equal to 5.3%. As shown in Chart 5, the Italian NPE ratio is signifi cantly higher than the European average for all debtors categories.

Moving to the NPE coverage ratio analysis, level of provision for Italian banks is substantially in line with EU one- However, the comparison is not fully meaningful as potentially biased by NPE composition (i.e. relative weight of past due versus unlikely to pay and defaulted).

Chart 5: NPE ratio by debtor category (YE 2014)

Chart 6: NPE Coverage ratio

Source: PwC’s analysis on EBA’s Risk Assessment Report, June 2015*SME category includes small and medium enterprises based on number of employees < 250, turnover (<50 mln) or balance sheet total (< €43 mln).

Source: PwC’s analysis on EBA’s Risk Assessment Report, June 2015

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

Italy Spain EU France UKGermany Sweden

SME Large Corporates Households

0%

10%

20%

30%

40%

50%

60%

70%

ItalySpain EUFrance UK Greece Germany Sweden

2013-06 2013-12 2014-06 2014-12

PwC | 9


The NPL market in Italy

03 Key message: The growth of impaired loans, especially Gross NPL, has been consistent throughout the period 2008-2014 and slowed down in the first semester of 2015. For Top 20 Italian banks both Gross NPL ratio and NPL coverage increased over the last six months, suggesting a conservative valuation approach.

PwC | 11

The Gross NPE volume reached the considerable size of €337 billion in H1-2015.

Within the Gross NPE, the NPL2 count for 58% of the total, reaching its peak at €194 billion (CAGR of 27% for the period 2008-H1 2015), while Other NPE3 reached the size of €143 billion at the end of 2014, remaining stable in H1-2015.

Chart 7: Trend of Gross NPE and NPL volume and ratio

42 59 78107 125

156 184 194

43

73 79

87 112

127

143 143

4.9%

7.8%9.3%

11.3%

14.3%

17.8%

21.0%21.8%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

-

50

100

150

200

250

300

350

400

Gross NPL / Loans to Customers (%) Gross NPE / Loans to Customers (%)

2008 2009 2010 2011 2012 2013 2014 H1-2015

2.5%3.5%

4.6%6.3%

7.5%

9.8%11.8% 12.5%

Gross NPL (€bn) Other NPE

Chart 8: Breakdown of Gross NPL H1-2015

UnsecuredSecured RetailCorporate Other

45% 82%

16%2%

55%

Source: PwC ‘s analysis on Bollettino Statistico Banca d’Italia and ABI Monthly Outlook

Source: PwC’s analysis on Bollettino Statistico Banca d’Italia and ABI Monthly Outlook

2 In this publication Non-Performing Loans («NPL») stands for defaulted loans as per EBA defi nition (or «Sofferenze» as per Bank of Italy defi nition).3 Other NPE category includes the unlikely to pay and past due loans as per EBA defi nition.

Focusing on the NPL composition, Chart 8 highlights a 55-45% split of the Gross NPL between Unsecured vs Secured exposures. In terms of debtors, the majority of the Gross NPL are towards the Corporate sector (82%).


Chart 9: Top 20 Italian Banks - NPE peer analysis H1-2015

Source: PwC’s analysis on fi nancial statements data as of H1-2015, with the exception of BNL and Deutsche Bank whose data refer to YE-2014

A great variance is also registered comparing Top 20 Italian banking groups with reference to the Gross NPL ratio and the NPL Coverage ratio.

Chart 10: Top 20 Italian Banks - NPL peer analysis H1-2015

Source: PwC’s analysis on fi nancial statements as of H1-2015, with the exception of BNL and Deutsche Bank whose data refer to YE-2014

20%

25%

30%

35%

40%

45%

50%

55%

60%

0% 5% 10% 15% 20% 25% 30% 35% 40%

NPL

Cov

erag

e R

atio

(%

)

Gross NPE Ratio (%)

UCG

ISPMPS

UBI

BPopolare

BPER

Cariparma

BPM

BP VicenzaCarige

Veneto Banca

BP Sondrio

CreVal

CREDEM

CR Asti

BNL

DB

Average= 42.6%

Average= 18.3%

80%

75%

70%

65%

60%

55%

50%

45%

40%

35%

30%0% 5% 10% 15% 20%

NPL

Cov

erag

e R

atio

(%

)

Gross NPL Ratio (%)

UCGISP

MPS

UBIBPopolare

BNL

BPERMediobanca

Cariparma

BPMBP Vicenza

Carige

Veneto Banca

BP Sondrio

CreVal

CREDEM

DB Banca Sella

Banco Desio

CR Asti

Average= 56.4%

Average= 10%

A peer analysis among Top 20 Italian banking groups shows that while the average Gross NPE ratio is around 18% and the average NPE Coverage ratio is around 43%, there is a signifi cant variance towards the means (see Chart 9).

The Gross NPL ratio ranges from 1.6% of Mediobanca to 18.0% of MPS (average at 10.0%) and the NPL Coverage ratio ranges from 38.7% of UBI and Banco Popolare to 64.4% of Banca Sella (average at 56.4%).

PwC | 13

Chart 11: Top 10 banks NPL movements (H1-2015 vs YE-2014)

Source: PwC’s analysis on fi nancial statements as of H1-2015 vs YE-2014. For Deutsche Bank and BNL no comparable data is available

Source: PwC’s analysis on fi nancial statements as of H1-2015 vs YE-2014. For Deutsche Bank and BNL no comparable data is available

With reference to Top 10 banks, the fi rst semester showed a slight increase on the average Gross NPL ratio (from 9.7% as for YE 2014 to 9.9% as for H1-2015) and a decrease on the NPL Coverage ratio (from 55.4% as of YE 2014 to 54.9% H1-2015).

The remaining Top 20 banks showed a more signifi cant increase in terms of both the average Gross NPL ratio (1.2%, from 9.2% as for YE 2014 to 10.4% as for H1-2015) and of the NPL Coverage ratio (1.5%, from 55.1% as of YE 2014 to 56.6% as for H1-2015).

Chart 12: Top 20 banks NPL movements (H1-2015 vs YE-2014)

Average= 9.9%

Average= 54.9%

UBI

MediobancaCariparma

UCG65%

60%

55%

50%

45%

40%

35%1% 5% 7% 9%3% 11% 13% 15% 17%

NPL

Cov

erag

e R

atio

(%

)

Gross NPL Ratio (%)

BPopolare

BPER

MPSISP

BPM

Average= 10.4%

Average= 56.6%

Desio

CREDEM

BP SondrioBanca Sella

70%

65%

60%

55%

50%

45%

40%

35%

30%5% 7% 9%3% 11% 13% 15%

NPL

Cov

erag

e R

atio

(%

)

Gross NPL Ratio (%)

Veneto Banca

BP Vicenza

CreVal

CarigeCR Asti

Major movements in terms of NPL Coverage ratio and Gross NPL ratio have been registered by Banco Popolare and MPS.


Recent market activity and outlookWith almost €12 billion of assets sold in the market in the fi rst 9 months, 2015 is defi nitively meeting our expectations of being the year for the Italian NPL and non core market Renaissance.

As per last year’s trend, transactions have been characterized by the disposal of consumer credit and unsecured loans, even though we start seeing also mixed secured/unsecured bank portfolios being sold together with other asset classes such as leasing contracts and repossessed assets. We think this is a timid sign of a new path, where interest for the underlying RE assets are emerging.

Major Italian Banking Groups have been the main actors in the NPL market together with Consumer Credit fi nancial institutions:

• Unicredit Group sold a face value in excess of €4.8 bn together with UCCMB platform (spanning from unsecured NPL to mixed secured/unsecured NPL and leasing/repossessed assets);

• MPS Group sold its non performing consumer

credit portfolio (€1 bn) and; • Banco Popolare sold €1.1 bn of its unsecured NPL

book.

04

PwC | 15

Looking forward, while waiting for the potential bad bank set up, there are several transactions in the pipeline for an overall face value in excess of €10 bn including the disposal of MPS’s unsecured NPL portfolio and Intesa San Paolo consumer credit performing assets.

On the other hand, the investors’ base is consolidating its appetite towards Italian assets and the Country risk, opening up to some new forms of partnerships with fi nancial institutions.

The need to actively manage the NPE before they reach the NPL status is likely to be a key focus for major Italian banks in the next coming years. This is certainly the case for Intesa San Paolo, which set up the Capital Light Bank in Q4 2014 with the aim of extracting value from the non-core perimeter.We interviewed Mr Carlo Viola from Capital Light Bank and he confi rmed us the importance of having industrial partners who will be able to help the banking system in the management of exposures towards companies who felt in fi nancial diffi culties and where there is the need to provide fresh money and change management. He told us: “the partnership with Pillarstone (KKR) is the fi rst example of what we believe is a new path for managing positions in the pre-NPL phase. Obviously the bank - he continues - is not only focused in reducing the new fl ows of NPL, but also in decreasing its stock of NPL.

Chart 13: NPL market transactions volume trend (closed deals)

Source: PwC market analysis

1.6

4.33.1 2.9

1.8

2.6

1.2

2.1

1.8

4.70.2

0.60.1

0.6

€4 bn

€5 bn

€8 bn

€12 bnbn

-

1

2

3

4

5

6

7

8

9

10

2012 2013 2014 Q3’15

Consumer Unsecured Mainly Unsecured Mixed Secured/Unsecured Secured Other

With respect to that, in 2015 we have seen (and we expect to continue to see) signifi cant improvements in the recovery performance thanks to the revised recovery business model based on a new portfolio segmentation and specialisation. Together with internal performance improvements, the bank clearly aims at reducing its NPL stock through disposal processes. We are starting with two relatively small portfolios (one in Italy and one abroad) but we aim at doing more in the near future”.

With a different angle, also Mr Paolo Tosi from Banco Popolare underlined that partnerships with investors might play an important role in fi nding effective solutions for the NPL burden.

He in fact told us “in order to solve one of the most problematic asset class in Italy, the secured NPL, Italian banks need to work with investors to fi nd possible solutions, including potential JV”.


He continues, “looking at experiences occurred abroad and thinking at the deleverage strategies Italian banks have in their next years’ business plans there is a need to find potential solutions with a medium / long term horizon, working together with investors on possible ways to build industrial partnerships, especially in the management of the RE assets, where some investors might have an hedge”.

Some movements in the right direction are registered by Mr Enrico Maria Fagioli from MPS. He confirms us the increasing investors’ interest on the RE assets, where he says “there have been and there will continue to be plain vanilla secured NPL transactions but, from my observatory, investors are very keen at looking at more complex situations where a clear interest is focused on the underlying RE asset”. He then opens up the issue at the NPE level: “for those assets which do not have an NPL status yet there is a need for industrial restructuring and clear signs of discontinuity with the past management (change of control, etc.) and equity investors might be really key in the turnaround process.

This is true both for single tickets and for small pool of assets. In order to facilitate that, it would then be ideal for banks with a stake in these companies to pull together their exposures to increase investors’ interest”.A further interesting insight on what we should expect in the NPL market in Italy comes from Mr Jose Brena from Unicredit. We interviewed him asking his view on the outlook for the next years and he told us: “Assuming present market conditions, Unicredit will maintain its strategy to sell on a yearly basis €2-3 bn of impaired loans.

However, we are constantly evaluating the market to identify and execute on opportunities to accelerate disposals.

Date Seller Volume Type of portfolio Buyer2015 Q3 Banco Popolare 950 Unsecured Hoist Finance

2015 Q3 Unicredit 1,200 Mainly Unsecured Anacap

2015 Q3 Multiple sellers BCC 320 Mixed Secured/Unsecured CRC

2015 Q2 Unicredit 625 Unsecured PRA

2015 Q2 UniCredit 205 Leasing - Repossed Assets Cerberus

2015 Q2 Banco Popolare 210 Unsecured Hoist Finance

2015 Q2 MPS Consum.it 1,000 Consumer Banca IFIS

2015 Q2 Seer Capital Management 400 Consumer Banca IFIS

2015 Q2 Banca Sella 33 Consumer Banca IFIS

2015 Q2 Confidential 200 Consumer Banca IFIS

2015 Q2 Santander Bank 230 Consumer Banca IFIS

2015 Q1 National Asset Management Agency 182 CRE Invel Real Estate Partners

2015 Q1 Sofigeco 408 Secured PVE Capital

2015 Q1 Findomestic 400 Consumer Banca IFIS

2015 Q1 Unicredit 2,400 Platform & Mixed Sec/Unsec Fortress+Prelios

Table 1: 2015 main public NPL transactions

Source: PwC market analysis

Over the last couple of years we feel we have made good progress in bringing many new asset classes to the market but looking forward, our focus, and the market’s focus, needs to be on the SME loans, secured and unsecured, which represents the largest component of the impaired loan stock in the Italian system. More needs to be done by the stakeholders; banks, servicers, investors and regulators to take actions and invest in process that will narrow the present bid/offer gap presently existing in this asset class and create a competitive and active market like we presently see in consumer unsecured”.

Considering current market dynamics and the deals pipeline we foresee the sparkling situation which characterized the first half of the year is likely to continue throughout the year and further improve over next year. We expect transaction volumes in FY16 to be in the range of €20bn GBV, with some relevant deals to deploy in the first half of the year. In terms of asset classes we expect a boost in secured/leasing transactions (both portfolios and single names) that will add up to a persistently dynamic unsecured loans market. In addition we foresee an increasing number of structured transactions, where portfolio sales - necessary to improve the NPE ratio - will be combined with platform deals and / or long term servicing contracts in connection with the need of the banks to find an “industrial” solution to the heavy burden of deteriorated assets under management. Another trend we expect is the development of multi originator platform structures where the bad bank /asset management company promoted by the Italian Government is the main but not the only project in pipeline.

PwC | 17


Gross NPL volume (€bn)

Appendix - Top 10 Banks peer analysis (1|4)

UCG ISP MPS UBI BPopolare BNL BPER Mediobanca CRParma BPM

18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

60 53.954.7

34.638.2

38.6

21.624.3

25.4

5.96.6

6.88.9

10.510.2

5.8 7.1 5.5 6.5 6.7

0.7 0.6 0.6 2.2 2.6 2.7 2.5 3.1 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6


18.7

0

15

10

5

20

25

20.4 20.6

13.014.214.3

8.9 8.4 9.0

3.3 4.0 4.25.5 6.0 6.3

2.4 2.7 2.5 2.8

0.3 0.3 0.3

2.91.0 1.1 1.1 1.3 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6


18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.2 62.3 62.862.5 63.158.8

65.3 64.3

41.638.8 38.7 37.943.0

38.7

59.1 62.0

55.7

56.5 56.9 57.8 58.0 57.7 56.3 56.5 55.5 55.9 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

Net NPL volume (€bn)

NPL Coverage ratio (%)

Source: PwC’s analysis on companies H1-2015, YE-2014 and YE-2013 results

PwC | 19



18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.4 10.6 10.39.3

10.2

14.7

17.018.0

6.47.3 7.6

9.7

12.0 11.6

8.4

10.4 10.9

13.3 13.9

1.6 1.7 1.6

5.66.7

7.28.8 9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6


18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.3 4.3 4.23.8

4.1

6.8 7.16.4

3.9

4.7 4.9

6.4

7.57.8

3.7

4.45.3

6.4 6.7

0.7 0.7 0.7

2.7 3.13.4

4.2 4.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6


18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 87.285.8

63.057.6

63.8

36.1

45.3

12.713.113.419.2 21.820.9

11.012.3 10.311.011.2

1.8 2.4 3.9 5.0 5.3 5.9 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

Gross NPL ratio (%)

Net NPL Ratio (%)

Gross NPE volume (€bn)




18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.146.7 48.9

27.334.2

48.1

40.7

49.1

38.6 38.7

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

NPE Coverage ratio (%)



18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 42.6 41.5

31.133.6 33.6

21.023.1

9.3 9.5 9.714.114.3 14.1

6.2 6.4 6.5 6.5

1.0 1.2 2.3 3.0 3.4 3.6 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

6.43.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

Net NPE volume (€bn)


18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.9 16.615.4

17.2 16.9

24.5

31.732.8

13.714.614.9

21.0

24.8 23.7

15.918.0

20.322.6

4.46.3 6.1

23.2

10.212.6

15.017.0 16.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

Gross NPE ratio (%)


18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

9.1 8.7 9.09.9 9.8

16.0

19.3

16.8

10.511.111.3

16.318.017.6

9.7 10.3

13.914.9 15.1

6.48.2

10.211.2 11.0

8.4

2.5 3.3 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

Net NPE ratio (%)


PwC | 21


18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

34.6 41.8 51.1

223.3

59.5 62.953.7

41.5 51.232.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

366.5

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

Yearly Loan Loss Provision / Net Interest Margin (%)



18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.331.9

141.6

41.1

74.4

48.6

69.9

3.4

23.9 29.641.0

31.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.8

1.9

0.8

2.1

1.41.1 0.9

1.9

0.91.4

1.71.4 1.5

1.2 1.31.7

1.00.6

Net NPL/Equity (%)


18.7

0

15

10

5

20

25

20.6

13.014.3

8.9 9.0

3.34.2

5.56.3

2.4 2.50.3 0.3

2.91.0 1.1 1.5


61.8

0

60

40

20

80

62.3 62.5 63.158.8

64.3

41.638.7 37.9 38.7

59.1

55.7

56.9 57.8 57.7 56.3 55.5 54.957.8


41.1

0

5

15

20

25

30

35

40

45 41.5

31.133.6

21.0

9.3 9.714.1 14.1

6.2 6.4 6.5

1.0 2.3 3.4 3.7



1/4


85.5

0

80

60

40

20

100

70

50

30

10

90 85.8

57.663.8

36.1

12.7 13.419.2 20.9

11.0 10.3 11.2

1.8 3.9 5.3 6.1

YE 2013 YE 2014 H1 2015

114.3

68.90

129.4

53.9

101.0

54.3 60.6 57.6 52.968.0

32.4 31.5

85.3

45.9 47.6 47.8 45.6

0

100

50

200

150

250

300

350

400

40.129.1

144.5

33.2

67.6

42.4

61.0

3.9

21.031.2

41.031.2

96.5

42.2

74.6

57.6

3.0

33.6

0

20

40

60

80

100

120

140

160


49.0

0

30

20

10

40

50

6054.7

34.6

38.6

21.6

25.4

5.9

6.88.9 10.2

5.8 5.5 6.7

0.7 0.6 2.2 2.7 2.5 3.2

1.1


8.9

0

15

10

5

20

10.69.3

10.2

14.7

18.0

6.47.6

9.7

11.6

8.4

10.9

13.9

1.6 1.6

5.67.2

9.0

7.0


3.7

0

8

6

4

2

10

4.33.8

4.1

6.8 6.4

3.9

4.9

6.4

7.8

3.7

5.3

6.7

0.7 0.7

2.7

3.44.3

3.1

46.2

2.4 5.1

23.7

3.1


51.7

46.041.8

26.5 26.9

43.6

37.3

44.040.1

36.0

51.7 47.348.8

27.832.4

41.839.5

51.6

0

10

20

30

40

50

60

39.8


15.6

0

20

10

5

30

35

15

25

16.615.4

16.9

24.5

32.8

13.714.9

21.023.7

15.9

20.3

4.46.1

23.2

10.2

15.016.9

13.1


8.2

0

15

10

5

20

25

8.7 9.09.8

16.0 16.8

10.511.3

16.317.6

9.7

13.915.1

6.4

10.211.0

8.4

2.5 3.1

41.1 34.0

24.6


61.8

0

6

5

3

1

4

2

7

0.9 0.81.2

1.9

0.8

2.1

6.5

1.41.1 1.1 0.9

1.9

4.4

0.91.4

1.6 1.7 1.91.4 1.5 1.6

1.2 1.31.0

1.71.3

1.00.6

Cost of Risk* (%)


*Cost of risk = yearly loan loss provisions / Net Customer Loans


Appendix - Other Top 20 Banks peer analysis (1|4)

YE 2013 YE 2014 H1 2015

BP Vicenza Carige VenetoBanca

BP Sondrio CreVal CREDEM DB Banca Sella

Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)

Yearly loan loss provision/Net interest margin (%)



Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9

Net NPE volume (€ bn)



Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.43.1 2.9

1.6

2.5

0.80.9

0.7 0.8

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.31.0

0.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)

Gross NPE volume (€ bn)

YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.7

1.3

1.5

0.6

1.1

0.3

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.50.3 0.3 0.4 0.2 0.4 0.4 0.3 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.9

50.1

58.6

47.8

61.1

56.0

58.6

64.2

38.9

60.2

58.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

62.6

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)






PwC | 23


YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

11.1 11.712.2

6.1

11.9

3.6

9.9 10.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3 6.4

11.1

5.36.9

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.05.4

6.2

2.6

5.8

1.5

3.94.4

4.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

2.5

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.5 6.5

5.6

3.6

5.1

1.31.4 1.3

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.0 1.91.4

0.71.2 1.4

Gross NPL ratio (%)

Net NPL ratio (%)


Gross NPL ratio (%)

Net NPL ratio (%)


YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.23.9

3.7

2.1

3.2

0.8 0.70.9

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

1.00.7

0.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


Net NPE volume (€bn)






YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.5

35.140.1

34.0

43.2

37.240.7

48.1

31.4

49.0

40.044.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.4 50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


Gross NPE ratio (%)

YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

21.2

24.6

21.8

14.2

24.2

6.0

15.5

12.3

16.2

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

9.4

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

14.916.5

15.6

8.6

16.8

3.7

8.7 8.8 9.0

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

4.9

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


Net NPE ratio (%)

PwC | 25



YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

170.0182.6 175.8

78.5

135.4

21.0

59.3 66.177.0

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

31.7

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


Net NPL/Equity (%)

YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.81.2

1.51.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3 2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.945.5

72.9

53.6

25.5

54.5

14.1

40.2

52.2 53.452.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

34.5

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


YE 2013 YE 2014 H1 2015



Banco Desio CR Asti

1.4

4.1

1.41.9

1.3

0.6

1.1

1.72.0

1.8

3.12.7 2.5

1.9

3.4

0.5

2.2

1.6

2.2

1.21.5

1.7

0.6

1.2

0

1

2

3

4

5

65.3

2.3

0.9

2.3

1.6



Banco Desio CR Asti

43.0

72.7

50.1

23.8

42.4

14.4

31.6

43.9

29.8

38.9

52.5

26.8

59.5

15.0

60.8

0

10

30

50

70

80

60

40

20

60.2 61.8

44.651.3



Banco Desio CR Asti

81.8

242.1

102.483.0

57.5

22.941.4 44.8

71.662.3

88.7 77.366.7

27.150.8

0

50

150

250

300

200

100

273.1

115.9

66.255.6

Cost of Risk* (%)

Net NPL/Equity (%)




Banco Desio CR Asti

12.714.3

12.8

7.7

13.6

3.95.2

7.86.6

9.1

18.7

8.9

17.9

3.7

9.9

0

2

6

10

12

8

14

18

20

16

4

17.2 18.1

8.6 9.2

Net NPE ratio (%)



Banco Desio CR Asti

16.6

20.5

17.4

12.0

19.0

6.3

9.9

13.0

9.5

14.9

27.4

14.9

25.8

6.7

19.5

0

5

10

15

25

30

20

25.4 25.6

16.013.5

Gross NPE ratio (%)



Banco Desio CR Asti

18.3

36.0

30.6

38.433.7

38.7

50.4

43.7

33.0

42.540.0

44.8

37.642.8

49.4

0

10

20

30

50

60

4040.0

32.7

50.9

35.5




Banco Desio CR Asti

3.93.6

3.4

1.8

2.7

0.81.0

0.60.5

0.6

4.1

2.2

3.3

0.8 0.7

0

1

2

4

5

3

4.6 4.6

0.70.9




Banco Desio CR Asti



BancoDesio

CR Asti

2.82.6 2.7

1.2

1.9

0.7 1.3

0.8 0.4 0.6

3.3

1.8

2.7

0.90.9

0,0

1,0

2,0

3,0

4,0

5,0



Banco Desio CR Asti

1.6

1.2

1.5

0.5

0.8

0.3 0.4

1.4

0.7

1.2

0.4

0,0

0,5

1,0

1,5

2,0

43.1

56.344.7

59.4 57.9 58.1

66.5

58.9

39.5

59.958.3

62.1

55.8

59.2

64.460.3

0

10

20

30

40

50

60

70

4.1

3.2

1.00.8

1.81.7

0.3 0.4 0.2 0.4 0.3 0.4

56.848.5

44.1






Banco Desio

CR Asti

8.59.5

11.0

4.6

8.8

3.6

8.5 8.7

13.2

6.7

13.1

4.2

11.3

0

2

4

6

8

10

12

14

16

13.7

9.6

6.3

11.1

5.3

7.8



BancoDesio

CR Asti

5.14.5

5.7

1.9

4.0

1.62.2

3.73.4

3.7

6.2

2.7

6.4

1.7

4.35.1

0

1

2

3

4

5

6

7 6.6 6.6

4.6



Banco Desio

CR Asti

5.4 5.7

6.8

3.04.1

1.3 1.2 1.1

6.8

4.0

5.3

1.4 1.3

0

1

2

3

4

5

6

7

8 7.6

4.9

2.01.4

0.71.4

Gross NPL ratio (%)

Net NPL ratio (%)


Cost of Risk* (%)


*Cost of risk = Yearly loan loss provision / Net Customer Loan

PwC | 27


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Documents

The Italian NPL market · 02. European Banks’ impaired assets analysis 06 03. The NPL market in Italy 10 04. Recent market activity and outlook 14 Appendix 18 With almost €12