GENERAL MEETING DRAFT - Bankier.pl

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2009 began in an on-going recession with continuing weakness in financial markets, but starting in the
summer the first weak signs of recovery were seen.
Credit impairment required increased provisions - a further charge on banks’ financials, already
weakened by the reduction in traditional income.
The UniCredit Group was able to maximize the competitive advantage provided by its geographic and
business diversification. In 2008 Corporate and Investment Banking had suffered under the difficult
conditions of the financial markets, but this area turned in an excellent performance in 2009 and helped to
offset the difficulties encountered by our commercial business lines.
The UniCredit Group closed 2009 with net profit of €1.7bn, €2.3bn less than 2008, but with decidedly
better operating results. On a like-for-like basis, total revenues were up 7.2% and operating costs down
by 5.3%.
Operating profit was up €2.1bn compared to the same period in the previous year (or by 27.5% at
constant exchange rates and businesses), partly offsetting a €4.6bn increase in net impairment losses.
Operating profit was €12.2bn, up 20.3% (or 27.5% at constant exchange rates and businesses) over
2008. This was driven, as already mentioned, by Corporate and Investment Banking’s excellent result -
an increase in operating profit of €3.7bn, or 125% over 2008. Central Eastern Europe also recorded
excellent operating results: its operating profit reached €2.7bn, up by 22% at constant exchange rates.
Poland was hit by a difficult macroeconomic situation (operating profit of €780 million, down by 14% at
constant exchange rates), as was commercial banking in Italy, Germany, and Austria, especially Retail at
€2.8bn (down by 27%) and Private Banking at €236m, a fall of 35%.
By contrast, profit before tax declined by 39.5% (30.9% at constant exchange rates and businesses),
mainly due to a sharp increase in net impairment losses (up by €4.6bn over 2008) resulting from a
general deterioration in credit quality in the main markets. Additionally, we made higher provisions for
risks and charges - which increased by €265m - and integration costs totaled €258m (up €118m over
2008).
2009 CONSOLIDATED REPORTS AND ACCOUNTS
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