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Report on Operations I Group Results
Main Results and Performance for the period (CONTINUED)
Non-Interest Income
Net non-interest income totaled €10bn at December 31, 2009,
up by 32.9% (39.9% at constant exchange rates and businesses)
over December 31, 2008. This item includes a shift in favor of
Net trading, hedging, and fair value income which was €1.8bn as
Net non-interest income
42
YEAR CHANGE
2009 Consolidated Reports and Accounts · UniCredit Group
(€ million)
2009 2008 AMOUNT %
Fee and commission income 9,548 11,125 - 1,577 -14.2%
Fee and commission expense - 1,768 - 2,032 264 -13.0%
Net fees and commissions 7,780 9,093 - 1,313 -14.4%
Net trading, hedging
and fair value income 1,803 - 1,969 3,772 n.s.
Othe administrative income 1,430 1,332 98 7.4%
Other administrative
expense - 1,057 - 964 - 93 9.6%
Net other expense/income 373 368 5 1.4%
Net non-interest income 9,956 7,492 2,464 32.9%
against a loss of €2bn in 2008, while net fees and commissions
declined by 14.4% (10.7% at constant exchange rates and
businesses) to €7.8bn from €9.1bn in 2008. However, the quarterly
changes indicate a reversal of the trend: in Q4 2009 fees and
commissions were up by 9.5% over the previous quarter.
Net non-interest income
(Quarterly figures, � billion)
The decline in net fees and commissions was mainly due to Asset Management and Administration Services (down by 22%), especially
commissions on UCITS (-29.4%), in line with the reduction in total assets under management.
Net fees and commissions
(€ million)
YEAR CHANGE
2009 2008 AMOUNT %
Asset management, custody
and administration: 3,074 3,941 - 867 - 22.0%
segregated accounts
management of collective
262 401 - 139 - 34.7%
investment funds 1,269 1,797 - 528 - 29.4%
insurance products
securities dealing,
placement and other
515 596 - 81 - 13.6%
services
Current accounts, loans
1,028 1,147 - 119 - 10.4%
and guarantees
Collection and payment
2,451 2,631 - 180 - 6.8%
services 1,469 1,587 - 118 - 7.4%
Forex dealing 457 556 - 99 - 17.8%
Other services 329 378 - 49 - 13.0%
Total 7,780 9,093 - 1,313 - 14.4%
1.91
Q1
2008
2.91
Q2
2008
1.83
Q3
2008
0.84
Q4
2008
Net fees: % breakdown
18.9
3.4
5.9 4.2
31.5
16.3
segregated accounts
management of collective
investment funds
insurance products
securities dealing, placement
and other services
6.6
13.2
1.86
Q1
2009
3.02
Q2
2009
2.74
Q3
2009
2.34
Q4
2009
Current accounts,
loans and guarantees
Collection and payment
services
Forex dealing
Other services
Some items which were previously recognized under “management of collective investment funds” are now included under “segregated accounts”. 2008 results are therefore reclassified accordingly.