GENERAL MEETING DRAFT - Bankier.pl

30
20
10
0
-10
-20
Operating Profit: breakdown
(€ billion)
19.39
17.62
9.96
7.49
26.88 27.57
2009 CONSOLIDATED REPORTS AND ACCOUNTS
- 16.69
- 15.32
YEAR 2008
YEAR 2009
12.25
10.19
Net interest income Net non-interest income Operating income Operating costs Operating profit
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).
�������������������������������������
The contributions of individual business segments to Group operating profit are shown in the following
table.
Operating profit by business segment (€ million)
NET INTEREST
NET NON-
INTEREST OPERATING OPERATING
OPERATING PROFIT
INCOME INCOME INCOME COSTS 2009 2008 CHANGE %
Retail 6,235 3,611 9,846 -7,026 2,821 3,855 -26.8%
Corporate & Investment Banking (CIB) 7,629 2,404 10,033 -3,309 6,724 2,991 124.8%
Private Banking 278 501 779 -544 236 363 -35.0%
Asset Management 12 721 733 -455 278 581 -52.1%
Central Eastern Europe (CEE) 3,004 1,609 4,613 -1,949 2,664 2,509 6.2%
Poland's Markets 895 738 1,634 -853 780 1,123 -30.5%
Total other divisions -438 371 -66 -1,189 -1,255 -1,236 1.6%
Total 17,616 9,956 27,572 -15,324 12,248 10,185 20.3%
��������������������
Net interest income - at €17.6bn as against €19.4bn in 2008 - for 2009 fell by €1.8bn, down 9.1% (or
5.4% at constant exchange rates and businesses), mainly due to lower yields on deposits in all markets.
In contrast, partly offsetting this, net interest income rose in Corporate and Investment Banking, which
was able to exploit market opportunities deriving from the performance of interest rates and, more
generally, of financial markets in 2009, and in the Corporate Center, due to the lower cost of funding.
Dividends and other income from equity investments, on the other hand, declined by €700m (or
69.2%), more than half of which was due to an extraordinary dividend collected in 2008 as a result of
disposal of B&C Holding GmbH profit-sharing rights. The rest was due to lower dividends and profit
shares from equity investments.
46