Annual Integrated Report 2021
Financial Highlights
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NET AUM AND INSURANCE INFLOWS
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NET INFLOWS
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NET PROFIT
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AUM
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FINANCIAL CONSULTANTS
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NET EQUITY
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OPERATING RESULT
%
TIER 1
EMPLOYEES
(of which 49% women)
%
SMART WORKING
%
CO2 EMISSIONS
mlm
GROSS GLOBAL ADDED VALUE DISTRIBUTED
Letter to stakeholder

Performances
Performances
Financial year 2021 closed with a consolidated net profit posi of 323.1 million euros, up 18% compared to the previous year. This result marks a new all-time high in the Bank’s growth path, testifying to the successful achievement of the 2019-2021 Plan targets, focused on business expansion, revenue diversification and sustainability.
Net profit improved constantly: the recurring component totalled 176.6 million euros, up 15% compared to the previous year, thanks to the sharp increase in total assets and their improved mix, which drove robust revenue growth. Cost discipline and the business model scalability further supported recurring operating growth.
Net interest income | Net fees | Net banking income | |
Total | 83.334 | 667.309 | 698.687 |
Corporate Center | 59.984 | 118.616 | 126.645 |
CGU Wealth Management | 8.363 | 167.345 | 175.708 |
CGU Private Banking | 14.987 | 381.347 | 396.334 |
(€ THOUSANDS) | 31.12.2021 | 31.12.2020 | AMOUNT | % |
1. Current accounts and sight deposits | 13.231.340 | 10.440.898 | 2.790.442 | 26,70% |
2. Term deposits | - | - | - | n.a. |
3. Financing | 7.441 | 144.937 | -137.496 | -94,90% |
Repurchase agreements | - | 144.937 | -144.937 | -100,00% |
Other (collateral margins) | 7.441 | - | 7.441 | n.a. |
4. Other debts | 354.839 | 322.632 | 32.207 | 10,00% |
IFRS 16 - related lease liabilities | 156.363 | 148.952 | 7.411 | 5,00% |
Operating debts to sales network | 157.980 | 122.752 | 35.228 | 28,70% |
Other debts (money orders, amounts at the disposals of customers) | 40.496 | 50.928 | -10.432 | -20,50% |
Total due to customers | 13.593.620 | 10.908.467 | 2.685.153 | 24,60% |
(€ THOUSANDS) | 31.12.2021 | 31.12.2020 | AMOUNT | % |
Inflows from Parent Company | 38.848 | 25.235 | 13.613 | 53,90% |
Inflows from other subsidiaries of the Generali Group | 455.997 | 236.703 | 219.294 | 92,60% |
IFRS 16-related lease financial liabilities | 77.778 | 71.191 | 6.587 | 9,30% |
Total inflows from Generali Group | 572.623 | 333.129 | 239.494 | 71,90% |
Inflows from other parties | 13.020.997 | 10.575.338 | 2.445.659 | 23,10% |
of which: current accounts | 12.737.092 | 10.179.540 | 2.557.552 | 25,10% |
Total inflows from customers | 13.593.620 | 10.908.467 | 2.685.153 | 24,60% |
GRUPPO BG | Y/Y CHANGES VS 31.12.2021 | |||||
(€ MILLION) | 31.12.2021 | 31.12.2020 | AMOUNT | % | ||
BG Group funds and Sicavs | 1.267 | 1.344 | -77 | -5.7% | ||
Third-party funds and Sicavs | 1.655 | 825 | 830 | 100,60% | ||
Financial wrappers | 938 | 119 | 819 | 688,20% | ||
Insurance wrappers | 1.443 | 894 | 549 | 61,40% | ||
Total assets under management | 5.303 | 3.182 | 2.121 | 66,70% | ||
Total traditional life insurance policies | -487 | 203 | -690 | -339,90% | ||
Total AUC | 2.869 | 2.481 | 388 | 15,60% | ||
Total net inflows from products placed by the network | 7.685 | 5.866 | 1.819 | 31,00% |
(€ THOUSANDS) | 31.12.2021 | 31.12.2020 | % |
Net interest income | 84.031 | 90.080 | -6,7% |
Net income (loss) from trading activities | 27.710 | 17.695 | 56,6% |
Dividends | 334.634 | 240.645 | 39,1% |
of which: dividends from equity investments | 333.550 | 238.320 | 40,0% |
Net financial income | 446.375 | 348.420 | 28,1% |
Fee income | 740.506 | 620.305 | 19,4% |
Fee expense | -459.853 | -385.806 | 19,2% |
Net fees | 280.653 | 234.499 | 19,7% |
Net banking income | 727.028 | 582.919 | 24,7% |
Staff expenses | -94.509 | -90.066 | 4,9% |
Other general and administrative expenses | -99.555 | -90.584 | 9,9% |
Net adjustments of property, equipment and intagible assets | -33.840 | -31.502 | 7,4% |
Other operating expenses/income | 6.144 | 4.283 | 43,5% |
Net operating expenses | -221.760 | -207.869 | 6,7% |
Operating result | 505.268 | 375.050 | 34,7% |
Net adjustments to non-performing loans | -1.959 | -264 | n.a. |
Net provisions | -45.381 | -30.820 | 47,2% |
Other one-off charges | -80.628 | - | n.a. |
Contributions and charges related to the banking system | -15.475 | -11.282 | 37,2% |
Gains (losses) from the disposal of equity investments | -20 | -1.363 | -98,5% |
Operating profit before taxation | 361.805 | 331.321 | 9,2% |
Income taxes for the year of operating activities | -19.558 | -42.114 | -53,6% |
Net profit | 342.247 | 289.207 | 18,3% |
Financial statements
Net Profit for the year 2021)
Net Profit for the year 2020
+
2021 vs. 2020
(€ THOUSANDS) | 2021 | 2020 |
Interest income and similar revenues | 92,218 | 95,857 |
Interest expense and similar charges | -8,884 | -6,213 |
Net interest income | 83,334 | 89,644 |
Fee income | 1,163,203 | 924,117 |
Fee expense | -474,447 | -401,306 |
Net fees | 688,756 | 522,811 |
Dividends and similar income | 1,084 | 2,328 |
Net income (loss) from trading activities | -73,426 | 6,045 |
Net income (loss) from hedging | 2,088 | -906 |
Gain (loss) on disposal or repurchase of: | 18,154 | 15,293 |
a) financial assets measured at amortised cost | 15,674 | 17,45 |
b) financial assets measured at fair value through other comprehensive income | 2,48 | -2,157 |
Net income (loss) from financial assets and liabilities measured | 145 | -2,821 |
at fair value through profit and loss: | ||
b) other financial assets mandatorily measured at fair value | 145 | -2,821 |
Net banking income | 720,135 | 632,394 |
Net adjustments/reversals due to credit risk relating to: | -2,524 | -662 |
a) financial assets measured at amortised cost | -2,266 | -779 |
b) financial assets measured at fair value through other comprehensive income | -258 | 117 |
Net income (loss) from trading activities | 717,611 | 631,732 |
General and administrative expenses: | -311,634 | -280,509 |
a) staff expenses | -107,844 | -104,272 |
b) other general and administrative expense | -203,79 | -176,237 |
Net provisions for liabilities and contingencies: | -66,83 | -45,609 |
a) commitments and guarantees issued | 82 | -17 |
b) other net provisions | -66,912 | -45,592 |
Net adjustments/reversals of property and equipment | -21,949 | -21,511 |
Net adjustments/reversals of intangible assets | -13,705 | -11,447 |
Other operating expenses/income | 89,542 | 74,965 |
Operating expenses | -324,576 | -284,111 |
Gains (losses) from equity investments | -266 | -341 |
Gains (losses) on disposal of investments | -23 | 10 |
Net profit before income taxes | 392,746 | 347,29 |
Income taxes for the year on operating activities | -69,639 | -72,396 |
Net profit after income taxes | 323,107 | 274,894 |
Net profit for the year | 323,107 | 274,894 |
Net profit (loss) for the year attributable to minority interests | 4 | -25 |
Net profit (loss) for the year attributable to the Parent Company | 323,103 | 274,919 |
(THOUSAND EURO) | 2021 | 2020 |
Net profit for the year | 323,107 | 274,894 |
Other income net of income taxes, without transfer to Profit and Loss Account | ||
Equity securities designated at fair value through other comprehensive income | -327 | -210 |
Defined benefit plans | 630 | -318 |
Other income net of income taxes, with transfer to Profit and Loss Account | ||
Exchange differences | 494 | -2 |
Financial assets (other than equity securities) measured at fair value through other comprehensive income | -4,336 | 862 |
Total other income net of income taxes | -3,539 | 332 |
Comprehensive income | 319,568 | 275,226 |
Consolidated comprehensive income attributable to minority interests | 67 | -21 |
Consolidated comprehensive income attributable to the Parent Company | 319,501 | 275,247 |
(thousands of euros) | Share capital | Share premium reserve | Reserves | Valuation reserves | Equity instruments | Interim dividends | Reserve shares | Net profit (loss) for the year | Net equity | Group net equity | Net equity attributable to minority interests | ||||
A) Ordinary shares | B) Other | A) Retained earnings | B) Other | ||||||||||||
Net equity at 31.12.2020 | 117,127 | - | 57,062 | 700,809 | 25,644 | 4,153 | 50 | - | -45,185 | 274,894 | 1,184,504 | 1,184,258 | 246 | ||
Change in opening balances | - | - | - | - | 14 | -14 | - | - | - | - | - | - | - | ||
Amount at 01.01.2021 | 117,127 | - | 57,062 | 700,809 | 25,658 | 4,139 | 50 | - | -45,185 | 274,894 | 1,184,504 | 1,184,258 | 246 | ||
Allocation of net profit for the previous year: | - | - | - | -1,656 | - | - | - | - | - | -274,894 | -276,55 | -276,55 | - | ||
- Reserves | - | - | - | -25 | - | - | - | - | - | 25 | - | - | - | ||
- Dividends and other allocations | - | - | - | -1,631 | - | - | - | - | - | -274,919 | -276,55 | -276,55 | - | ||
Change in reserves | - | - | - | -14 | 176 | -1 | - | - | - | - | 161 | 161 | - | ||
Transactions on net equity: | - | - | -1,196 | -104,631 | 3,648 | - | - | - | -19,637 | - | -121,816 | -121,816 | - | ||
- Issue of new shares | - | - | -1,196 | - | -5,151 | - | - | - | 6,347 | - | - | - | - | ||
- Purchase of treasury shares | - | - | - | - | - | - | - | - | -25,984 | - | -25,984 | -25,984 | - | ||
- Interim dividends | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
- Extraordinary dividends | - | - | - | -104,631 | - | - | - | - | - | - | -104,631 | -104,631 | - | ||
- Change in equity instruments | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
- Derivatives on treasury shares | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
- Stock options | - | - | - | - | 8,799 | - | - | - | - | - | 8,799 | 8,799 | - | ||
- Change in ownership interests | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
Comprehensive income | - | - | - | - | - | -3,539 | - | - | - | 323,107 | 319,568 | 319,501 | 67 | ||
Net equity at 31.12.2021 | 117,127 | - | 55,866 | 594,508 | 29,482 | 599 | 50 | - | -64,822 | 323,107 | 1,105,867 | 1,105,554 | 313 | ||
Group net equity | 116,852 | - | 55,866 | 594,551 | 29,482 | 522 | 50 | - | -64,822 | 323,103 | 1,105,554 | ||||
Net equity attributable to minority interests | 275 | - | - | -43 | - | 77 | - | - | - | 4 | 313 | ||||
Share capital | Share premium reserve | Reserves | Valuation reserves | Equity instruments | Interim dividends | Reserve shares | Net profit (loss) for the year | Net equity | Group net equity | Net equity attributable to minority interests | |||||
A) Ordinary shares | B) Other | A) Retained earnings | B) Other | ||||||||||||
Net equity at 31.12.2019 | 116,879 | - | 57,729 | 430,459 | 24,013 | 3,822 | 50 | - | -37,356 | 272,122 | 917,668 | 917,642 | 26 | ||
Change in opening balances | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
Amount at 01.01.2020 | 116,879 | - | 57,729 | 430,459 | 24,013 | 3,822 | 50 | - | -37,356 | 272,122 | 917,668 | 917,642 | 26 | ||
Allocation of net profit for the previous year: | - | - | - | 270,49 | - | - | - | - | - | -272,122 | -1,632 | -1,632 | - | ||
- Reserves | - | - | - | 272,122 | - | - | - | - | - | -272,122 | - | - | - | ||
- Dividends and other allocations | - | - | - | -1,632 | - | - | - | - | - | - | -1,632 | -1,632 | - | ||
Change in reserves | - | - | - | -140 | 192 | -1 | - | - | - | - | 51 | 58 | -7 | ||
Transactions on net equity: | 248 | - | -667 | - | 1,439 | - | - | - | -7,829 | - | -6,809 | -7,057 | 248 | ||
- Issue of new shares | 248 | - | -667 | - | -4,192 | - | - | - | 4,859 | - | 248 | - | 248 | ||
- Purchase of treasury shares | - | - | - | - | - | - | - | - | -12,688 | - | -12,688 | -12,688 | - | ||
- Interim dividends | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
- Extraordinary dividends | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
- Change in equity instruments | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
- Derivatives on treasury shares | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
- Stock options | - | - | - | - | 5,631 | - | - | - | - | - | 5,631 | 5,631 | - | ||
- Change in ownership interests | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
Comprehensive income | - | - | - | - | - | 332 | - | - | - | 274,894 | 275,226 | 275,247 | -21 | ||
Net equity at 31.12.2020 | 117,127 | - | 57,062 | 700,809 | 25,644 | 4,153 | 50 | - | -45,185 | 274,894 | 1,184,504 | 1,184,258 | 246 | ||
Group net equity | 116,852 | - | 57,062 | 700,827 | 25,644 | 4,139 | 50 | - | -45,185 | 274,919 | 1,184,258 | ||||
Net equity attributable to minority interests | 275 | - | - | -18 | - | 14 | - | - | - | -25 | 246 |
Indirect method (thousands of Euro) | 2021 | 2020 |
A. OPERATING ACTIVITIES | Restated | |
1. Operations | 355,816 | 341,748 |
Net profit (loss) for the year | 323,107 | 274,894 |
Gain/loss on HFT financial assets and other assets and liabilities measured | -3,284 | 4,09 |
at fair value through profit or loss | ||
Gain/loss on hedging assets | -415 | 144 |
Net adjustments/reversals due to credit risk | 2,524 | 662 |
Net adjustments/reversals of property, equipment and intangible assets | 35,654 | 32,958 |
Net provisions for liabilities and contingencies and other costs/revenues | 39,78 | 18,014 |
Taxes, duties and tax credits not paid | -35,153 | 30,617 |
Adjustments/Reversals of discontinued operations | - | - |
Other adjustments | -6,397 | -19,631 |
2. Liquidity generated by/used for financial assets (+/-) | -1,917,951 | -1,309,689 |
HFT financial assets | 1,584 | 15,743 |
Financial assets designated at fair value | - | - |
Other financial assets mandatorily measured at fair value | -360,847 | -852 |
Financial assets measured at fair value through other comprehensive income | 174,788 | 50,435 |
Financial assets measured at amortised cost: | -1,756,116 | -1,341,903 |
Loans to banks | -617,683 | -61,684 |
Loans to customers | -1,138,433 | -1,280,219 |
Other assets | 22,64 | -33,111 |
3. Liquidity generated by/used for financial liabilities (+/-) | 2,734,543 | 1,043,081 |
Financial liabilities measured at amortised cost: | 2,739,980 | 982,856 |
Due to banks | 225,774 | 505,968 |
Due to customers | 2,514,206 | 476,888 |
Securities issued | - | - |
HFT financial liabilities | -1,551 | -1,204 |
Financial liabilities designated at fair value | - | - |
Other liabilities | -3,886 | 61,429 |
Net liquidity generated by/used for operating activities | 1,172,408 | 75,14 |
A. INVESTING ACTIVITIES | ||
1. Liquidity generated by | - | -294 |
Disposal of equity investments | - | - |
Dividends received | - | - |
Disposal of property and equipment | - | - |
Disposal of intangible assets | - | - |
Disposal of subsidiaries and business units | - | -294 |
2. Liquidity used for | 93,363 | -15,275 |
Purchase of equity investments | -597 | - |
Purchase of property and equipment | -1,996 | -1,194 |
Purchase of intangible assets | -12,968 | -14,081 |
Purchase of subsidiaries and business units | 108,924 | - |
Net liquidity generated by/used for investing activities | 93,363 | -15,569 |
C. FUNDING ACTIVITIES | ||
Issue/purchase of treasury shares | -25,984 | -12,44 |
Issue/purchase of equity instruments | - | - |
Distribution of dividends and other | -285,396 | -2,251 |
Disposal/Purchase of controlling interests | - | - |
Net liquidity generated by/used for funding activities | -311,38 | -14,691 |
NET LIQUIDITY GENERATED/USED IN THE YEAR | 954,392 | 44,88 |
Reconciliation | ||
Cash and cash equivalents at year-start | 665,942 | 621,062 |
Total liquidity generated/used in the year | 954,392 | 44,88 |
Cash and cash equivalents – effects of exchange rate fluctuations | - | - |
Cash and cash equivalents at year-end | 1,620,334 | 665,942 |
Legend | ||
+ liquidity generated | ||
(-) liquidity used |
Sustainability

433 tCO2eq
Direct (scope 1)
823 tCO2eq
Indirect (scope 2 e 3)

100%
electricity from
renewable sources

97%
white paper
green and certified

>95%
Recycling index

49% women | 51% men
986 employees

55.145 h
training hours

over 824 employees
enabled to work
remotely

Average
employee age

1.494
suppliers

38 new relevant
qualified suppliers

117.528
thousand euros in purchases

91,4%
of the procurement value
towards Italian suppliers

331.646 customers
(+6,3% vs 2020 )

€ 84,6 billion euros
(AUM perimeter Assoreti)

21,7% of customers
with at least 4 products

95,9%
Customer retention rate

2.162
consultants

€ 39,2 million euros
managed on average by each Financial Advisor

131.867 h
training hours

€ 3,6 million euros
per-capita net inflows
Target
2022 – 2024
Value of Service
Attracting and introducing new Client segments to the world of advisory and to the Company’s range of solutions with increasingly personalised offerings and service models that may be scaled by its Financial Advisors
Innovation
Leveraging our ‘Open Banking’ model to expand the ecosystem of platform and digital tools to create e range of solutions even more tailored to the needs of our Financial Advisors and our Clients
Sustainability
Starting from transparency, efficiency and service quality, the aim is to increase the sustainable approach by setting new, ambitious targets, respecting the environment and the individuals and pursuing the objective of creating value for all our stakeholders
2020 – 2021 GHG EMISSIONS
Electrical Power
46% (2021) vs. 46% (2020)
All the electrical power consumed is derived from renewable sources
Natural Gas
21% (2021) vs. 20% (2020)
At the site in Trieste, natural gas is used both for heating and for air-conditioning in the summer season
Heat
14% (2021) vs. 27% (2020)
The Milan office is connected to a district heating network that supplies hot water for space heating and sanitary applications
Waste
78,6 quintali (2021) vs 246,4 quintali (2020)
We conducted a number of campaigns to raise awareness amongst its employees of the issue of proper waste management and sorting