Presentation of Group Results
at 30th June 2003
September 2003
Disclaimer
This document has been prepared by BNL for information purposes only and for
use in presentations of the Group’s results and strategies. The data and
information contained herein have not been independently verified. For further
details on BNL and its Group, reference should be made to publicly available
information, including the Annual Report and the Semi-Annual and Quarterly
Reports. No representation or warranty, expressed or implied, is made as to,
and no reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information or opinions contained herein. None of the
company, its advisors or representatives shall have any liability whatsoever (in
negligence or otherwise) for any loss howsoever arising from any use of this
document or its contents or otherwise arising in connection with this document.
The forward-looking information contained herein has been prepared on the
basis of a number of assumptions which may prove to be incorrect and,
accordingly, actual results may vary.
This document does not constitute an offer or invitation to purchase or
subscribe for any shares and no part of it shall form the basis of or be relied
upon in connection with any contract or commitment whatsoever.
2
Agenda
Overview
Consolidated 1H2003 Results
Balance Sheet: main trends
Income Statement: analysis
Analysis by Business Segment
Appendix
BNL Group Income Statement
BNL Group Balance Sheet Highlights
BNL SA (Argentina) Balance Sheet Highlights
3
Overview
Improvement in gross operating income
Containment of operating costs and lower
cost income ratio
Improvement in the financial structure
Ongoing reduction in Group’s overall risk profile
Change in Corporate Governance with a streamlined
organisational model
1H2003 results do not consolidate Argentina
4
Overview: New Organisational Model
Supervision and
Co-ordination
Chairman
Cross-Functional
Committees
Corporate Secretariat
General Manager
Human Resources
Auditing
Group Finance
Institutional Affairs
Risk Management
Communications
Deputy General
Manager
Subsidiaries &
Governance
Investments
Line
Operations
Credits
Commercial
Banking
5
Wholesale
Banking
Overview: Key Objectives of New Structure
Simplifying Group governance
Accelerating the structural improvement in the
cost to income ratio
Improving capital allocation and strengthening
control of financial performance
Continuing business re-positioning towards
domestic activities
6
Overview: Reduction of Risk Profile
Further reduction in total RWA
Risk Weighted Assets
-3.5%
65.0
Euro bln
67.4
2002
30/06/03
Rated domestic credit portfolio: despite challenging macroeconomic
scenario the relative weight of higher risk classes (7-9) remains stable
at 11.4%
Improvement in problem loans coverage to 43.1% from 41.2%
at year-end 2002
7
Overview: Reduction of Risk Profile
Ongoing reduction in international exposure
Rationalised presence abroad:
 Closed Singapore branch
 Closed Frankfurt and Los Angeles rep. offices
Additional initiatives under way:
 Exit from Uruguay and Brazil
 Closure of Paris branch and of Tokyo rep. office
Reduced international loan portfolio*:
from Euro 7.1 bn at year-end 2002 to Euro 6.0 bn at 30th June 2003
* Loan portfolio of foreign branches and international subsidiaries excluding Argentina
Contracted net LDC exposure**:
-19.4% to Euro 499 mln
** Bank of Italy definition
8
Overview: Capital Ratios
Commitment to improve capital ratios confirmed by results in
first half of the year
Solvency Ratio
Tier 1
10.11%
9.32%
5.02%
2002
E: provisional data
9
5.31%
30/06/03E
2002
30/06/03E
Overview: Financial Re-balancing
Significant reduction in net inter-bank borrowing which has been
contained to less than 3% of total funding
8.2
-2.8
Reduction in
loans to customers
-1.6
Reduction in
securities portfolio
31/12/02
10
Growth in deposits
from customers
-0.2
Other items
-1.6
2.0
30/06/03
Agenda
Overview
Consolidated 1H2003 Results
Balance Sheet: main trends
Income Statement: analysis
Analysis by Business Segment
Appendix
11
BNL Group: Balance Sheet
Main trends in 1H2003
Significant reduction in loans to customers
Marginal growth in deposits from customers
Reduction of securities portfolio
(-26% on year-end 2002)
Improvement in loan to deposit ratio
(101.8% from 107.1%)
coherently with objective of improving financial equilibrium
12
BNL Group: Balance Sheet
Ongoing reduction in the loan to deposit ratio
Growth in domestic deposits from customers
Reduction in loans to customers:
62,240
-4.6% on 31/12/02
60,249
57,457
55,935
56,232
56,427
through:
 securitizations of performing loans
 reduction in loans to Large Corporates
 lower foreign loans exposure (Euro
revaluation effect)
Stable deposits from customers:
+0.3% on 31/12/02
of which:
30/06/02
31/12/02
30/06/03
 growth in domestic market (+2.5%)
 decline in foreign markets (-12.5%)
 increase in medium-term component
Loans to customers
Deposits from customers
Loans/Deposits = 101.8%
13
(+5.1% equivalent to +1,065 mln Euro)
BNL Group: Securitizations of Performing Loans
Retaining significant future profitability
whilst improving Tier 1 ratio
VELA LEASE:
 Amount: Euro 1.24 bln
 Loan portfolio: leasing loans
Rating:
92%
AAA
Excellent
 Portfolio average life: 3.8 years
5%
A2/A
rating
 Arranger: BNP Paribas
2%
Baa/A
attributed to
 Total cost: 53 b.p.
1%
unrated
sold
portfolios
 Risk retained: 1%
reflects
recognition of
VELA HOME:
value
 Amount: Euro 2.2 bln
 Loan portfolio: residential mortgages
of collateral
Rating:
96.5%
AAA
guarantees
 Portfolio average life: 5 years
1%
A
in BNL’s loan
 Arranger: ABN Amro & BNL
2%
BBB
portfolio
 Total cost: 38 b.p.
 Risk retained: up to 1% (including junior unrated)
14
0.5%
unrated
Agenda
Overview
Consolidated 1H2003 Results
Balance Sheet: main trends
Income Statement: analysis
Analysis by Business Segment
Appendix
15
BNL Group: Income Statement Highlights
Revenue growth coupled with cost control leads to an
improvement in operating income and net profit
1H2003
YoY
% change
Banking Income
1,591
+3.9%
Operating Costs
(960)
-0.8%
Operating Profit
Net Write-downs and net Provisions
Profit on ordinary activities
Net Extraordinary items
Net Profit
16
631
+11.9%
(316)
+18.8%
315
+5.7%
(63)
-152.0%
100
+270.4%
BNL Group: Banking Income
YoY comparison
Banking Income
17
Interest Income
Non-Interest Income
+3.9%
-5.9%
+18.3%
BNL Group: Interest Income
Reduction in average volumes and interest rate cuts weigh on
interest income performance
YoY comparison
915
-5.9%

861
Lower average volumes
 Adverse forex impact (Euro appreciation)
 Lower contribution from foreign operations
as budgeted
 Stability of domestic commercial spread
1H02
as a result of mark-up resilience
1H03
QoQ evolution
451
452
427
434
 Quarterly trend shows a recovery
 Development of commercial initiatives
should help confirm an upward trend
2Q02
18
Average
2002
1Q03
2Q03
BNL Group: Non-Interest Income
YoY comparison
+18.3%
730
617
584
Net commissions
and other net income
Net commission and
other net income
+8.6%
99
Income on financial
transactions
Income on financial
transactions
+37.5%
538
72
7
47
1H02
1H03
Profit from investments
valued at net equity
and dividends
QoQ evolution
382
299
312
348
 Special dividend from Lavoro Bank
A.G. Zurich of Euro 30 mln (utilisation
of excess reserves) fully set aside in
Group accounts to reserves for
general banking risks
 Profits from financial transactions
particularly buoyant in 1Q03
2Q02
19
Average
2002
1Q03
2Q03
BNL Group: Net Commission and Other Net Income
Main drivers:
 Asset Management: placement of capital protected GPF and bancassurance
products, real estate investment funds
 Traditional Fees:
payment services, brokerage and ContoPerTe
YoY comparison
539
+8.4%
QoQ evolution
584
281
288
296
258
149
168
1H02
1H03
Other fees income
20
Asset Management &
Bancassurance
2Q02
Average
2002
1Q03
2Q03
BNL Group: Net Commission and other Net Income
Breakdown of Fee Income components
YoY change
539
0%
Other
Credit fees
60
46
-11%
-2%
Cross Border Payments
52
Leasing & factoring
42
Payment services
Banking fees
59
119
Secur., brokerage &
cap.markets
12
Asset Management
& Bancassurance*
149
+13%
+13%
+9%
+70%
+12%
1H02
* Net of Banca BNL Investimenti distribution costs
21
584
60
41
51
48
67
129
20
168
1H03
BNL Group: Asset Management & Bancassurance
YoY increase in asset management fees mainly resulting from:
Bancassurance
 increased new production volumes (+55%) lead to more than doubled
commissions of Euro 27 mln
 index linked up-front fees: Euro 6 mln versus Euro 1.5 mln
Capital protected products
 Capital protected GPF contribution: net inflow of Euro 754 mln generating
up-front fees of Euro 23.7 mln versus none(new product marketed from 2H2002)
BNL Fondi Immobiliari
 nearly doubled to Euro 8 mln, of which Euro 1.5 mln of up-front fees from
placement of new fund ‘Estense-Grande Distribuzione’
22
BNL Group: Asset Management & Bancassurance
Inflows from bancassurance and real estate more than
compensate contraction in mutual funds
Assets Under Management: Total Inflows
1,264
+5.1%
1,328
207
Real Estate Inv. Trusts *
(net inflow)
783
1,212
481
* In 1H2002 no new funds were placed
23
(total premium)
Asset Management
-91
1H2002
Bancassurance
1H2003
(mutual funds net inflow)
BNL Group: Asset Management
Positive performance effect generates an increase in AUM stocks
Portfolio re-composition still favouring liquid investments
Mutual Funds*
Mutual Funds*
17,691
17,495
+1.2%
22%
-0.1%
31/12/02
Net
Performance 30/06/03
Inflows
Effect
Flexible
1%
8%
Balanced
10%
40%
Bonds
35%
29%
Money Market
38%
30/06/02
*
BNL Gestioni SGR: excludes real estate investment trusts and includes SICAV
24
16%
1%
AuM
Euro million
AuM
Equity
30/06/03
BNL Group: Real Estate Investment Trusts
BNL set to consolidate market leadership having won mandate to manage
new investment trusts Fondo Patrimonio and Fondo Lazio
BNL Fondi Immobiliari SGR
(Market share)
BNL Fondi Imm.
19.3%
Market leader
in real estate
investment trust
sector
In 1H03 BNL Fondi
Immobiliari Sgr placed its
third real estate fund
‘Estense-Grande
Distribuzione’, the first Italian
specialised real estate fund,
confirming its leading position
in a fast growing sector
Source: internal estimates
Assets Under
Management
Data as at 30th June 2003
‘BNL Portfolio Immobiliare’:
‘Portfolio Immobiliare Crescita’:
‘Estense-Grande Distribuzione’:
‘Fondo Lazio’:
‘Fondo Patrimonio’:
25
520
192
214
220
700
(estimated for 2H2003)
(estimated for 2H2003)
BNL SpA: Retail Commercial Initiatives
Maintaining new production volumes in line with previous
year whilst defending average spread (>110 b.p.)
RESIDENTIAL MORTGAGES
New production and incidence of
selective agreements with estate agents networks
1,206
-0.5%
1,200
Contribution to new
production from
estate agents
networks
still growing on the
+8.8%
previous year
419
1H2002
BNL SpA new production
26
456
1H2003
New production from
estate agents networks
BNL SpA: Retail Commercial Initiatives
Commercial initiatives help counteract
macroeconomic slowdown
PERSONAL/CONSUMER FINANCE
(new production)
+17.0%
548
468
1H2002
27
1H2003
BNL SpA: Retail Commercial Initiatives
Continuing growth in package accounts offering banking and nonbanking services to mass market clients
ContoPerTe
(stocks)
341,000
300,000
+33%
 Representing more than 21% of
BNL’s current accounts
256,000
 Unitary income from services
more than double that of an
ordinary current account
30/06/02
28
31/12/02
30/06/03
 Cross-selling index exceeding 5
BNL Group: Income on Financial Transactions
Significant growth in profits from financial transactions
 driven by increased activity in structured products with clients (+73%)
 boosted by profit taking in first quarter 2003
YoY comparison
QoQ evolution
99
72
63
+37.5%
37
1H02
29
1H03
2Q02
36
28
Average
2002
1Q03
2Q03
BNL Group: Operating Costs
Overall cost reduction leads to an improvement in the cost income ratio
YoY comparison
968
Personnel expenses
960
-0.8%
Personnel
expenses
552
551
315
326
91
93
1H02
1H03
Depreciation and
amortisation
 Cost control action leads to contraction of
expenses especially in logistics, IT and
procurement
Depreciation
30
+2.2%
trend
504
479
480
Cost/Income ratio:
60.3%
(63.2% in 1H02)
2Q02
-3.4%
 Quarterly evolution points to a declining
QoQ evolution
493
 Continuing headcount reduction counters
impact from domestic labour contract
Administrative expenses
Administrative
expenses
+0.2%
Average
2002
1Q03
2Q03
BNL Group: Personnel Reduction
Acceleration in personnel reduction trend confirmed
BNL Group personnel*
18,804
-4.7%
17,912
1H03 net headcount reduction: -393
of which:
-556 exits
and
+163 recruitments
30/06/02
* Excluding Argentina
31
30/06/03
BNL Group: Provisions & Write-Downs and
Extraordinary Items
Confirmation of cautious provisioning policy
Extraordinary items affected by personnel reduction charges
1H2003
Net Write-downs and net Provisions
of which:
(316)
YoY
% change
+18.8%
Credit risks
(254)
+38%
Other risks
(62)
-24%
Net extraordinary items
(63)
 improving coverage
 responding to weak
macroeconomic scenario
 credit risk provisioning
ratio at 88 bp of loan book
+152.0%
Euro 61 mln refer to
extraordinary personnel
costs, accounted
as incurred
32
BNL Group: Asset Quality
Contained increase in gross problem loans
Improvement in coverage ratio
5,043
+2.4%
5,166
3,126
3,677
3,911
1,366
31/12/02
3,094
2,057
2,109
1,255
1,069
985
30/06/03
31/12/02
Net Doubtful Loans (“Sofferenze”)
Net Substandard Loans (“Incagliati”)
33
-1.0%
30/06/03
BNL Group: Country Risk
Continuing reduction in net exposure to countries at risk with
an improved level of overall coverage
Country risk exposure *
619
-19.4%
499
31/12/02
30/06/03
41.9%
31/12/02
+0.4 p.p.
42.3%
30/06/03
* Excludes fully provisioned intra-group exposure to Argentina and is calculated in accordance
with Bank of Italy regulations
34
BNL Group: Argentina
BNL Group results do not consolidate
As a result of the provisions set aside in
the Argentinean activities because of
the past, the investment and all forms of
the continuing uncertainty of the local
cross-border intra-group exposure are
regulatory environment.
fully provisioned.
On the basis of prudent evaluations, management estimates that the consolidated
results of Argentina Group (BNL Inversiones Argentinas SA including BNL SA) would
show a consolidated profit at 30th June 2003 of Pesos 1.7 mln (~Euro 0.5 mln) after
partial utilisation of reserves previously set aside for Pesos 35.9 mln (~Euro 11.2 mln).
Therefore the consolidation of these estimated results would have had nil impact on
BNL Group results.
BNL is pursuing opportunities of recovering value through a
reduction of the cross-border exposure
35
Agenda
Overview
Consolidated 1H2003 Results
Balance Sheet: main trends
Income Statement: analysis
Analysis by Business Segment
Appendix
36
Analysis by Business Segment
Capital absorbed: has been calculated on Risk Weighted Assets at a standard 6% rate, plus
0.8% of Assets Under Management. The percentage of capital absorbed applied to individual
segments has been referred to the actual Group’s capital
Retail: Includes also asset management activities, small businesses (turnover < Euro 1.5 mln),
Private banking and related subsidiaries (Artigiancassa, Coopercredito, BNL Gestioni Sgr, Banca
BNL Investimenti, Fondi Immobiliari, etc)
Corporate: Includes SMEs and investment banking activities, leasing and factoring (pro rata
where relevant)
Large Corporate: Includes activities with approximately 240 Italian and International groups
managed on a relationship basis and investment banking and factoring (pro rata where relevant)
International: Includes activities of foreign branches (excluding Large Corporate), foreign
subsidiaries (excluding Argentina) and investment banking (pro rata)
Corporate Centre: Includes problem loans, treasury activities, trading book, fixed assets,
investments and subsidiaries not included in other segments
N.B. Business segment data basis differ from previus presentations as a result of advancement in
allocation methodology. Comparisons with 2002 are on a homogeneous basis.
37
BNL Group: Retail activities
RETAIL RWA breakdown
Sector RWA = Euro 12,597 mln
12.6%
19.4%
0.8%
15.5%
Retail mortgages
Other retail
Small businesses
30.5%
40.7%
Private
Subsidiaries
Percentage of Group RWA
30/06/03
% on
total
Interest income
Non-interest income
TOTAL INCOME
389
360
749
45.2%
49.3%
47.1%
-5.7%
6.0%
-0.4%
OPERATING RESULT
240
68.0%
(88)
37.9%
28.0%
19.2%
-527 bp
15.1%
83
82.9%
27.8%
965
23.5%
-5.0%
Cost/Income
PROVISIONS
NET PROFIT
CAPITAL ABSORBED
NET RETURN ON
ALLOCATED CAPITAL
38
17.4%
% on
2002
+446 bp
BNL Group: Public Administration activities
Sector RWA = Euro 1,418 mln
2.2%
Percentage of Group RWA
30/06/03
Interest income
Non-interest income
TOTAL INCOME
OPERATING RESULT
Cost/Income
PROVISIONS
38
38.7%
(0)
% on
2002
4.3%
3.5%
3.9%
-9.7%
50.7%
7.8%
6.1%
0.2%
11.3%
-190 bp
-42.0%
NET PROFIT
23
23.2%
20.3%
CAPITAL ABSORBED
85
2.1%
-1.1%
NET RETURN ON
ALLOCATED CAPITAL
39
37
25
63
% on
total
55.0%
+981 bp
BNL Group: Corporate activities
Sector RWA = Euro 22,544 mln
CORPORATE RWA breakdown
25.2%
34.7%
Middle market
Financial institutions
3.0%
0.3%
(commercial activities)
Investment banking
71.5%
(Locafit + Ifitalia)
Percentage of Group RWA
30/06/03
% on
total
% on
2002
281
150
431
32.7%
20.5%
27.1%
12.3%
10.1%
11.6%
42.6%
PROVISIONS
269
37.6%
(108)
34.1%
25.2%
-678 bp
6.0%
NET PROFIT
97
97.3%
51.9%
CAPITAL ABSORBED
1,353
32.9%
7.2%
NET RETURN ON
ALLOCATED CAPITAL
14.5%
Interest income
Non-interest income
TOTAL INCOME
OPERATING RESULT
Cost/Income
40
Subsidiaries
+428 bp
BNL Group: Large Corporate activities*
Sector RWA = Euro 9,664 mln
LARGE CORPORATE RWA breakdown
4.1%
14.9%
11.4%
Italy
Foreign
Subsidiaries
84.5%
Percentage of Group RWA
30/06/03
% on
2002
54
32
86
6.2%
4.4%
5.4%
10.2%
12.8%
11.2%
9.9%
PROVISIONS
62
27.1%
(12)
3.7%
14.3%
-201 bp
-75.2%
NET PROFIT
31
30.9%
n.s.
580
14.1%
-11.1%
Interest income
Non-interest income
TOTAL INCOME
OPERATING RESULT
Cost/Income
CAPITAL ABSORBED
NET RETURN ON
ALLOCATED CAPITAL
41
% on
total
10.8%
(Ifitalia)
n.s.
*Sector includes approximately 200 large groups (Italian and International), managed
on a relationship basis
BNL Group: International activities1
Sector RWA = Euro 5,244 mln
INTERNATIONAL RWA breakdown
8.1%
24.5%
BNL SpA
foreign branches
Foreign subsidiaries*
Percentage of Group RWA
75.5%
Residual RWA after allocation to Corporate and Large Corporate
segments of relative portfolios including investment banking
% on
total
% on
2002
51
47
97
5.9%
6.4%
6.1%
-23.3%
33.1%
-3.7%
70
27.8%
(92)
11.1%
29.2%
6.0%
-660 bp
40.5%
(18)
-18.2%
-482.5%
CAPITAL ABSORBED
315
7.7%
-34.1%
NET RETURN ON
ALLOCATED CAPITAL
-11.7%
30/06/03
Interest income
Non-interest income
TOTAL INCOME
OPERATING RESULT
PROVISIONS
Cost/Income
NET PROFIT
Sector consists of foreign branches and subsidiaries, including loan book of Italianrelated businesses, but excluding large corporates
(1)
42
n.s.
* Excluding Argentina
BNL Group: Corporate Centre
RWA = Euro 13,544 mln
CORPORATE CENTRE RWA breakdown
1.8%
20.8%
Problem loans
7.3%
Treasury &
Trading book
16.6%
52.9%
21.3%
Fixed assets
Percentage of Group RWA
% on
total
49
116
166
5.7%
15.9%
10.4%
-36.3%
62.7%
11.2%
(48)
-7.6%
-25.9%
PROVISIONS
(15)
4.8%
-94.3%
NET PROFIT
(116)
-116.1%
-2.9%
CAPITAL ABSORBED
813
19.8%
7.8%
NET RETURN ON
ALLOCATED CAPITAL
-28.9%
OPERATING RESULT
43
Other
30/06/03
Interest income
Commission income
TOTAL INCOME
Investments &
Subsidiaries
% on
2002
+320 bp
BNL Group: Breakdown by Business Area
RWA
% on total
Total Income
% on total
Operating Costs
% on total
Cost / Income
Large
Corp.
Intl.
Corporate
centre
22,544
9,664
5,244
13,544
2%
35%
15%
8%
21%
749
63
431
86
97
166
1,591
47%
4%
27%
5%
6%
10%
100%
(509)
(24)
(162)
(23)
(27)
(214)
(960)
53%
3%
17%
2%
3%
22%
100%
27.1%
27.8%
n.s.
60.3%
62
70
Retail
P.A.
12,597
1,418
19%
68.0%
38.7%
Operating Income
240
38
% on total
38%
6%
% on total
83
83%
23
23%
Capital absorbed
965
85
% on total
28%
Net Profit
Net Return on
Allocated Capital %
17.4%
Corporate
37.6%
269
43%
(48)
10%
11%
31
31%
(18)
-18%
1,353
580
315
813
2%
39%
17%
9%
24%
55.0%
14.5%
97
97%
10.8%
-11.7%
65,010
100%
632
-8%
100%
(116)
-116%
100
-28.9%
BNL Group management accounts (30/06/03)
* Total capital absorbed has been re-adjusted to the actual Group’s Tier 1 capital
44
TOTAL
100%
3,450 *
5.9%
Agenda
Overview
Consolidated 1H2003 Results
Balance Sheet: main trends
Income Statement: analysis
Analysis by Business Segment
Appendix
45
BNL Group: Income Statement
(Euro million)
1H2003
1H2002
% change
Net Interest Income
861
915
-5.9%
Net commissions
Income (losses) on financial transactions
470
99
434
72
8.3%
37.5%
Profit from investments valued at net equity and
dividends
Other net operating income
47
114
7
104
--9.6%
Non-Interest Income
730
617
18.3%
Gross Operating Income
1,591
1,532
3.9%
Administrative expenses:
- Personnel expenses
- Other administrative expenses
Depreciation and amortisation
Operating costs
-867
-552
-315
-93
-960
-877
-551
-326
-91
-968
-1.1%
0.2%
-3.4%
2.2%
-0.8%
Operating profit
46
631
564
11.9%
BNL Group: Income Statement
(Euro million)
Operating profit
1H2003
1H2002
% change
631
564
11.9%
Net write-downs on credits and provisions for possible
loan losses
-254
Provisions for risks and contingencies
-59
Net write-downs on financial fixed assets
-3
Total net write-downs and net provisions
of which
- write-downs and provisions
- write-backs
Profit on ordinary activities
Net extraordinary items
Additional allowances for credit risks
Change in the reserve for general banking risks
Income taxes for the period
Net profit (loss) attributable to minority interests
Net profit (loss) for the year
47
-184
-49
-33
38.0%
20.4%
-90.9%
-316
-266
18.8%
-378
62
-329
63
15.0%
-1.9%
315
298
5.7%
-63
0
-40
-110
-2
-25
-540
178
118
-2
152.0%
-100.0%
----0.0%
100
27
270.4%
BNL Group: Balance Sheet Highlights
(Euro million)
30/06/03
31/12/02
% change
ASSETS
Loans to customers
57,458
60,249
-4.6%
Loans to banks
11,255
6,819
65.1%
4,323
5,887
-26.6%
Investments
525
495
6.1%
Other assets
9,070
10,261
-11.6%
82,631
83,711
-1.3%
53,461
13,208
53,354
14,968
0.3%
-11.8%
Other liabilities
6,738
6,331
6.4%
Allowances for risks and contingencies
1,494
1,525
-2.0%
687
692
-0.7%
Subordinated liabilities
2,967
2,878
3.1%
Share capital and reserves
3,976
3,872
2.7%
100
91
9.9%
82,631
83,711
-1.3%
Investment securities
Total assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits from customers
Deposits from banks
Allowances for possible loan losses
Net income for the period
Total liabilities and shareholders' equity
48
Argentina: BNL S.A. - Balance Sheet Highlights
(Pesos mln)
31.12.2002
(Euro mln)
30.06.2003(1)
30.06.2003
4,723
4,334
1,351
687
787
245
Loans
of which
- Net NPLs
(Coverage %)
1,692
1,577
492
99
87%
85
87%
24
Securities and Participations
1,638
1,346
420
1,518
1,276
398
706
624
194
4,723
4,334
1,351
Deposits from customers
2,317
2,240
698
Intra-group lines
1,584
1,314
410
Subordinated loan
141
144
45
Other liabilities
421
423
132
Net equity
260
213
66
-575
-49
-15
TOTAL ASSETS
Cash and deposits with Central Bank
of which
- Public sector (incl. Bono Cobertura)
Other assets
TOTAL LIABILITIES
including current year result of:
(1) Includes inflation accounting
49 (2) EUR/ARS = 3.2081
(1)
Fully provisioned
at Parent Company
level
Investor’s Contacts
Banca Nazionale del Lavoro
Investor Relations
Via Veneto, 119
00187 ROMA
Tel.: +39 06 4702 7887
Fax: +39 06 4702 7884
e-mail: investor-relations@bnlmail.com
http://www.bnlinvestor.it
50