English
ItalianoOperating result
Financial segment operating result
| (€ million) | 31.12.2012 | 31.12.2011 | Fourth quarter 2012 |
Fourth quarter 2011 |
|---|---|---|---|---|
| Operating result - financial segment | 408 | 342 | 88 | 63 |
| Net operating result from financial activities | 1,365 | 1,296 | 343 | 310 |
| Intermediation margin | 1,387 | 1,303 | 352 | 309 |
| Net interest income | 399 | 335 | 94 | 87 |
| Dividends and other income | 29 | 108 | 5 | 15 |
| Activities | 827 | 859 | 206 | 202 |
| Other net income from financial instruments at fair value through profit or loss | 133 | -3 | 42 | 3 |
| Net operating gains on other financial instruments | 0 | 4 | 5 | 2 |
| Net operating impairment losses on other financial instruments | -22 | -7 | -9 | 1 |
| Acquisition and administration costs | -862 | -915 | -225 | -224 |
| Net other operating ex penses | -95 | -38 | -30 | -22 |
| Non-operating result - financial segment | 3 | 16 | 29 | -19 |
| Non-operating income from inv estments | -61 | 81 | -56 | 4 |
| Net non-operating realized gains on other financial instruments and land and buildings (investment properties) | -2 | 79 | 0 | -2 |
| Net non-operating impairment losses on other financial instruments and land and buildings (investment properties) | -59 | 1 | -57 | 6 |
| Net other non-operating ex penses | 65 | -65 | 85 | -23 |
| Earnings before taxes - financial segment | 411 | 357 | 117 | 44 |
The operating result of the financial segment was € 408 million (€ 342 million at 31 December 2011). The increase (+21.7% on equivalent consolidation area) was due in particular to the improved performance of the investment result.
The net investment result improved thanks in particular to the increase in the intermediation margin. The growth observed was mainly due to the increase in net interest income, which mainly benefitted from investment of the liquidity provided to the banking sector with favorable terms by the European Central Bank. Moreover, the result of the trading activities carried out by the Group, on the equity portfolio in particular, was positive, while dividends dropped considerably.
Acquisition and administration costs also decreased while the increase in net other operating expenses was mainly caused by higher costs for services.
Lastly, the cost income ratio went from 73.2% at 31 December 2011 to 69.0%, mainly due to the development of assets managed.
Non-operating result
The non-operating result in the financial segment decreased from € 16 million at 31 December 2011 to € 3 million.
| Attachment | Size |
|---|---|
| Financial segment | 69.27 KB |
