BANCA FIDEURAM AT A GLANCE

Transcription

1 BANCA FIDEURAM AT A GLANCE

2 Key ratios CUSTOMER FINANCIAL ASSETS Net inflows into managed assets ( m) (31) 4,234 2,928 (3,850) (892) Total net inflows ( m) 1,717 1,901 2, ,617 Client Assets ( m) 70,949 71,591 67,801 60,507 68,574 OPERATING STRUCTURE Personal Financial Advisers (no.) 4,850 4,349 4,292 4,209 4,280 Employees (no.) 1,486 1,475 1,485 1,467 1,461 Personal Financial Advisers' offices (no.) (*) Branches (no.) CONSOLIDATED FINANCIAL RESULTS Consolidated net profit ( m) Consolidated shareholders' equity ( m) Basic consolidated net earnings per share ( ) Dividend ( ) PROFITABILITY INDICATORS R.O.E. (%) Cost / Income Ratio (%) (**) Personnel expenses / Operating income before net impairment (%) (**) Net profit / Average Client Assets (%) (**) E.V.A. ( m) Rating (Standard & Poor s) Long term: BBB+ Short term: A-2 Outlook: Negative (*) Includes offices located inside bank branches but does not include personal offices. Offices used as the principal office of more than one personal financial adviser are counted once only. (**) Restated taking changes in the scope of consolidation into account so that straight comparisons can be made. 6 Annual Report 2011

3 Managed savings environment Assets (source Bank of Italy) ( bn) Household financial assets in Italy (HFA) 3,639 3,670 3,737 3,744 3,792 Managed assets (MA) ,024 1,106 - Mutual funds Discretionary accounts Life insurance technical reserves (*) Pension funds (*) Adjustments (239) (224) (198) (249) (241) MA as % of HFA 26% 25% 23% 27% 29% Flows (source Bank of Italy) ( bn) Household financial assets in Italy (HFA) Managed assets (MA) (150) (137) (9) - Mutual funds (15) (7) (80) (51) (39) - Discretionary accounts 6 7 (94) (24) 27 - Life insurance technical reserves (*) (23) (9) 16 - Pension funds (*) Adjustments (17) (34) 46 (57) (16) MA as % of HFA 19% 27% n.s. n.s. n.s. (*) Life insurance and Pension funds of 2010 are estimated. n.s.: not significant Banca at a glance 7

4 Board of s Internal Audit Committee Salvatore Maccarone Angelo Caloia Matteo Colafrancesco Alessandro Barberis Caterina Bima Franca Cirri Fignagnani Oscar Giannoni Cesare Imbriani Piero Luongo Giampietro Nattino Giuseppe Russo Danilo Intreccialagli Cesare Imbriani Franca Cirri Fignagnani Giuseppe Russo Chairman Deputy Chairman Managing Secretary of the Board of s Chairman Member Member Board of Auditors Carlo Giuseppe Angelini Chairman Marco Antonio Modesto Dell Acqua Statutory Auditor Luciano Matteo Quattrocchio Statutory Auditor Alessandro Cotto Acting Auditor Gian Paolo Grimaldi Acting Auditor General Management Matteo Colafrancesco General Manager Senior Manager Responsible for the Preparation of the Company Accounts Paolo Bacciga Independent Auditors Reconta Ernst & Young S.p.A. 8 Annual Report 2011

5 Italy Ireland France Luxembourg Fiduciaria Financière 99.99% Euro- Trésorerie Investimenti SGR Sanpaolo Invest (Ireland) 99.99% Bank (Luxembourg) 99.50% 99.99% Sanpaolo Invest SIM Asset Management (Ireland) Gestions 99.94% Ownership: Direct Company officers / Structure of the Group 9

6 VALUE OVER TIME 2011 was unquestionably a very difficult year, with the crisis that first struck Ireland and Greece, then Portugal, Spain and finally Italy, calling the very survival of the European single currency into question. The crisis, fuelled by the burden of public debt weighing on the finances of many countries in Europe and beyond, is now having a direct impact on private individuals, calling our very way of living into question. Banca achieved excellent results in this scenario, continuing to do our job as we always have, helping our customers to manage their assets effectively, advising and guiding them on investment choices suited to their needs and risk propensity, while avoiding emotive choices. Once again we showed our worth in highly complex times, acting with professionalism and cool logic, looking steadfastly to the future. We continued to invest resources and time in substantial projects that plan for tomorrow, beyond the crisis. We identified new gaps in the market and seized the opportunities that the market often offers in difficult times. The facts speak for themselves: We completed the acquisition transaction and subsequent integration of Banca Sara, bringing 300 new financial advisers, 80 office staff and a portfolio totalling 2.1bn into our Group, providing a further example of how an acquisition can generate value without generating weaknesses. We revised our corporate structure to achieve a shorter decision-making chain. We increased and refined our agreements with leading asset management companies, continuing to focus on making maximum use of our top in-house specialists while completing the spectrum of support offered with the best external experts. In our private banking operations outside Italy, we sold our Swiss and Luxembourg subsidiaries to established companies in order to focus our energies on our business at home. We embarked on a programme for relaunching Vita, implementing a series of comprehensive projects focused on every area from service quality and product range to the company s organisational structure and operating engine systems. The initial results have been highly promising, with the new Vita Insieme policy being very well received by our customers and Personal Financial Advisers, thanks to a flexible modular design that allows one to tailor the composition of the underlying investments. We launched the Mobile Solution project for the Banca and Sanpaolo Invest networks well ahead of schedule. This technologycentred project ushers in a new way of working with our customers, using an integrated process that extends from the formulation of an investment proposal to the signing of the related contract, execution of the customer s instructions and subsequent sales reports. It s a way of working that allows us to bring enhanced value to our customers, dedicating all the time they require, helped by the streamlining of associated administrative tasks, including through the introduction of electronic signatures. On the product development front, we continued extending and rationalising our range of managed asset products. We likewise continued building the value of our banking products, considering them to play an essential role in providing a complete advisory service. The projects launched allowed us to increase the number of existing customers who are account holders and to acquire new ones. 10 Annual nual Report 2011

7 2011 was therefore a year of excellent results in adverse macroeconomic conditions. And here the numbers again speak for themselves: The combined net inflows of our Networks, Banca and Sanpaolo Invest, totalled 1.7bn, to which a further 2.1bn were added with the acquisition of Banca Sara. Client assets rose to 70.9bn, with managed asset products accounting for 52bn of this total (73.3%). Approximately 400 new Personal Financial Advisers were recruited to the networks, joined by over 300 colleagues from Banca Sara, confirming our role as a melting pot for talent in the sector. A total of approximately 30,000 customers were subscribed to our SEI advanced advisory service, accounting for approximately 11.2bn client assets. We have 2,677 Personal Financial Advisers in active service. Net profit came to 175.1m. Normalised net profit, calculated excluding non-recurring transactions and the write-down of Greek bonds, climbed to record levels, totalling 275m. ROE was a 27% and our consolidated Core Tier 1 capital ratio came to 16.9%, testifying to the solidity and stability of the Group. Last but not least, we continued to support a wide range of cultural and social initiatives, committed to the values that have always distinguished us, such as the centrality of the individual, professional excellence and openness to the new. Salient among these initiatives, we joined forces with the Fondazione Sandretto Re Rebaudengo to put on the exhibition Un Espressione Geografica ( A Geographical Expression ) in Turin, commemorating the 150 th anniversary of the unification of Italy. OUTLOOK We will continue to invest in We well fine tune our model of advisory support with the incorporation of the Mobile Solution platform and complete our range of protection and pension products. Significant new opportunities are in fact emerging in the pension sector, partly as a result of recent regulatory changes that have further highlighted the pensions gap. We will complete the development of our Mobile Solution, especially in the Mobility Management sector, enabling our Personal Financial Advisers to speak with their customers and prepare investment proposals anywhere using the most up-to-date technologies available. We will invest in communications through two parallel, dedicated projects: One for our Personal Financial Advisers, creating an innovative communications portal providing unified access to all the tools currently available to our networks but on different platforms today, revising and rationalising their content. One for our customers, developing a series of financial education resources to increase their understanding and competence regarding their investments. We will invest in training in 2012, launching the Campus project, which on the one hand aims to provide the highest standards of training to enhance the expertise of our existing Personal Financial Advisers and to train the Personal Financial Advisers of the future, while on the other hand increasingly enhancing the Group s market image. UNIQUE We are unique because we combine the strength and close personal support of an extensive sales network with the solidity of large banking group. Our value is a product of our values. We make listening and closeness to our customers our strength. Our mission is to... create value over time! MATTEO COLAFRANCESCO A year of excellent results in adverse macroeconomic conditions