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Performance against KPIs

Significant progress on KPIs with a clear strategy to meet all medium term targets

 Category

  Key Performance Indicators (KPIs)******

2014       

2015      

    2016 

2017

1Q2018*****

 Current Medium-Term Targets***** 

 Asset quality

 NPEs ratio

63%

62%

55%

47%  45%

 <25%

 

 NPEs coverage ratio

34%

39%

41%

48% 51%

>50%

 

 Provisioning charge (cost of risk)*

3.6%

4.3%

1.7%

4.0%* 1.2%

  <1.0% 

 Capital

 Common Equity Tier 1 capital ratio  (CET1)

 14.0% 14.0%   14.5% 12.7% 12.0%

 >13%**

 

 Total Capital Ratio

14.2%

14.1%

14.6%

14.2%  13.5%

  >15%**

 Profitability

 Total Income

 

 

€963mn

€907mn €231mn

Total income to grow in excess of cost****

 

Cost to income ratio

37%

40%

41%

47% 46%

 

 Net Fee and Commission income/total income

13%

15%

17%***

20%  18%

  >20%

 Balance Sheet

 Total assets

€26.8bn

€23.3bn

€22.2bn

€23.6bn  €23.4bn

  >€25bn

* An amount of c.€500 mn reflecting the one-off effect of the change in the provisioning assumptions is included in the cost of risk, but is not annualised.

**Allowing for IFRS 9 transitional arrangements for regulatory capital purposes (2018 - 5%, 2019 - 15%, 2020 - 30%, 2021 - 50% and 2022 - 75%). Including the impact of the adoption of the changes aligning the EBA CRR default definition with the NPE definition.

***The net fee and commission income over total income for December 2016 excludes non-recurring fees of approximately €7 mn.

****Excluding the special levy and SRF contribution.

*****The Group continues to actively explore alternative avenues to accelerate the reduction of NPEs via structured solutions to accelerate de-risking, potentially in the near term, in one or more transactions. The Group's financial results for 1Q2018 and all targets and guidance do not include any material impact from such considerations. The financial results of subsequent quarters may be affected, as transaction execution and any financial consequences become more certain.

******The NIM and the Net Loans to Deposits (L/D) targets have been removed. A new target on Total Income has been included in the key metrics considering the focus of the Group on the total revenue generation and the shift of income to other lines of the Income Statement. The L/D ratio has been removed as it is not considered representative following the efforts of the Group to comply with the LCR ratio including the LCR add-on.

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