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Report on Operations I Group Results
Main Results and Performance for the period (CONTINUED)
2009 ended with a decline of €1.4bn in operating costs compared to 2008, down 8.2% (-5.3% at constant exchange rates and scopes).
The biggest cost reductions were realized in Retail (-7.7%), CIB (-5%), GBS (-17.1%), and in Corporate Center (-11.9%).
As a result of increasing revenues and decreasing costs, the cost/income ratio improved 6.5 percentage points (55.6% compared to 62.1% in 2008).
Operating profit: breakdown
(€ million)
QUARTERLY FIGURES
YEAR CHANGE
2009 2008
2009 2008 AMOUNT % Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Net interest income 17,616 19,385 - 1,769 -9.1% 4,108 3,990 4,814 4,704 5,256 4,911 4,680 4,538
Net non-interest income 9,956 7,492 2,464 32.9% 2,335 2,741 3,022 1,858 840 1,834 2,908 1,910
Operating income 27,572 26,877 695 2.6% 6,443 6,731 7,836 6,562 6,096 6,745 7,588 6,448
Operating costs -15,324 -16,692 1,368 -8.2% - 3,803 - 3,831 - 3,868 - 3,822 - 4,174 - 4,157 - 4,223 - 4,138
Operating profit 12,248 10,185 2,063 20.3% 2,640 2,900 3,968 2,740 1,922 2,588 3,365 2,310
Cost/income (%) 55.6% 62.1% 59.0% 56.9% 49.4% 58.2% 68.5% 61.6% 55.7% 64.2%
40
Operating Profit: breakdown
(� billion)
19.39
17.62
7.49
9.96
2009 Consolidated Reports and Accounts · UniCredit Group
26.88
27.57
Net interest income Net non-interest income Operating income
Operating costs
-16.69
-15.32
2008
2009
10.19
12.25
Operating profit