FinecoBank SpA2022年年度報告.pdf

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1、ntents Contents Contents FinecoBank Accounts and Reports 20223Board of Directors,Board of Statutory Auditors and External Auditors.7Introduction to the Annual Reports and Accounts.9Consolidated report on operations and Consolidated Accounts and Report of FinecoBank S.p.A.13Consolidated report on ope

2、rations.13Summary data.13Business performance.32FinecoBank shares.40Results achieved in the main areas of activity.41The network of personal financial advisors.46Human resources.48Technology infrastructure.53Internal control system.54Main risks and uncertainties.55Organisational structure.56Business

3、 Continuity Plan(BCP).59Main balance sheet aggregates.60Shareholders.76Income statement figures.77Results of the parent and the subsidiary.86Related-Party Transactions.97Other information.99Subsequent events and outlook.100Proposal for the approval of the accounts and allocation of profit for the ye

4、ar.103Consolidated financial statements.105Consolidated Balance Sheet.105Consolidated Income Statement.107Consolidated statement of comprehensive income.108Statement of changes in consolidated shareholders equity.109Consolidated cash flow statement.110Notes to the consolidated accounts.113Part A Acc

5、ounting policies.113Part B Consolidated Balance Sheet.163Part C Consolidated Income Statement.215Part D Consolidated comprehensive income.235Part E-Information on Risks and relating hedging policies.236Part F Consolidated shareholders equity.306Part G Business combination.309Part H Related-party tra

6、nsactions.310Contents 4 Accounts and Reports 2022 FinecoBankPart I Share-based payments.313Part L Segment reporting.318Part M Leasing.319Annexes.323Reconciliation of condensed consolidated accounts to mandatory reporting schedule.323Certification of consolidated annual Financial Statements pursuant

7、to article 81-ter of Consob regulation no.11971 of May 14,1999 and subsequent amendments.327Report of the External Auditors.329Financial statements of FinecoBank S.p.A.337Financial statements.337Balance Sheet.337Income Statement.339Statement of comprehensive income.340Statement of changes in shareho

8、lders equity.341Cash flow statement.342Notes to the accounts.345Part A Accounting policies.345Part B Balance Sheet.369Part C Income Statement.422Part D Comprehensive income.444Part E-Information on Risks and relating hedging policies.445Part F Shareholders equity.497Part G Business combination.500Pa

9、rt H Related-party transactions.501Part I Share-based payments.504Part L Segment reporting.506Part M Leasing.507Annexes.511Annex 1-Reconciliation of condensed accounts to mandatory reporting schedule.511Annex 2-Reference of qualitative information to the consolidated financial statement.514Certifica

10、tion of the Annual Financial Statements pursuant to article 81-ter of Consob regulation no.11971 of May 14,1999 and subsequent amendments.517Report of the External Auditors.519Report of the Board of Statutory Auditors.527Glossary.557FinecoBank S.p.A.-Internal Use Only FinecoBank S.p.A.-Internal Use

11、Only Board of Directors,Board of Statutory Auditors and External Auditors FinecoBank Accounts and Reports 20227Board of Directors,Board of Statutory Auditors and External AuditorsBoard of Directors Marco Mangiagalli Chairman Francesco Saita Vice Chairman Alessandro Foti Chief Executive Officer and G

12、eneral Manager Alessandra Pasini Elena Biffi Giancarla Branda Gianmarco Montanari Maria Alessandra Zunino De Pignier Marin Gueorguiev Paola Giannotti De Ponti Patrizia Albano Directors Board of Statutory Auditors Luisa Marina Pasotti Chairman Giacomo Ramenghi Massimo Gatto Standing Auditors Lucia Mo

13、ntecamozzo Alessandro GaetanoAlternate AuditorsKPMG S.p.A.External Auditors Lorena Pelliciari Nominated Official in charge of drawing up Company Accounts The Board of Directors and the Board of Statutory Auditors will remain in office until the date of the Shareholders Meeting held to approve the Fi

14、nancial Statements for the year ended December 31st,2022.Registered office Piazza Durante 11,20131 Milan,Italy FinecoBank Banca Fineco S.p.A.in abbreviated form FinecoBank S.p.A.,or Banca Fineco S.p.A.or Fineco Banca S.p.A.Bank enrolled in the Register of Banks and Parent Company of the FinecoBank B

15、anking Group enrolled in the Register of Banking Groups at No.3015,Member of the National Guarantee Fund and National Interbank Deposit Guarantee Fund.Tax Code and Milan-Monza-Brianza-Lodi Companies Register no.01392970404 R.E.A.(Economic and Administrative Index)no.1598155,VAT No.12962340159 Introd

16、uction to the annual Accounts and Reports FinecoBank Accounts and Reports 20229Introduction to the Annual Reports and AccountsIn implementation of Legislative Decree no.38 of February 28th,2005,these annual Accounts and Reports comprise the Consolidated Financial Report and Accounts of the FinecoBan

17、k Group(hereinafter Group)and the Financial Report and Accounts of FinecoBank Banca Fineco S.p.A.(hereinafter FinecoBank or Fineco or the Bank),which have been prepared in accordance with the IAS/IFRS issued by the International Accounting Standards Board(IASB),including the SIC and IFRIC interpreta

18、tion documents,as endorsed by the European Commission,pursuant to EU Regulation 1606/2002 of July 19th,2002 and applicable to financial reports for the periods starting on January 1st,2022.In its Circular 262 of December 22,2005 as amended,the Bank of Italy laid down the formats for the financial st

19、atements and explanatory notes to the accounts of banks and regulated financial companies that are parents of banking groups,in the exercise of the powers established by art.43 of the legislative decree August 18th,2015 n.136,which have been used by the Bank to prepare the Consolidated Report and Ac

20、counts and the Separate Report and Accounts.The Consolidated Report and Accounts includes:the Consolidated Financial Statements comprise the Consolidated Balance Sheet,the Consolidated Income Statement,the Statement of Consolidated Comprehensive Income,the Statement of Changes in Consolidated Shareh

21、olders Equity,the Consolidated Cash Flow Statement,presented with a comparison to the corresponding financial statements of 2021;the Notes to the Consolidated Accounts;and is accompanied by:the Consolidated Report on Operations,which includes the condensed accounts,the main results of the various bu

22、siness areas,and comments on the results for the year,as well as the additional information required by Consob.In support of the comments on the results for the year,the condensed Income Statement and Balance Sheet tables are presented and illustrated in the Consolidated Report on Operations,the rec

23、onciliation of which with the consolidated Financial Statements is shown in the Annexes(in line with Consob Communication No.6064293 of July 28th,2006),and the Alternative Performance Measures(APMs)are used,the explanatory description of which regarding the content and,if applicable,the calculation

24、methods used are shown in the Glossary(in line with the guidelines published on October 5th,2015 by the European Securities and Markets Authority(ESMA/2015/1415);the Certification of the Consolidated Report and Accounts pursuant to Article 81-ter of Consob Regulation no.11971 of May 14th,1999 and su

25、bsequent amendments.Any lack of correspondence between the figures shown in the Consolidated Report on Operations and the Consolidated Financial Statements is solely due to roundings.The Financial Report and Accounts includes:the Financial Statements comprise the Balance Sheet,the Income Statement,t

26、he Statement of Comprehensive Income,the Statement of Changes in Shareholders Equity,the Cash Flow Statement,presented with a comparison to the corresponding financial statements of 2021;the Notes to the Accounts;and it is accompanied by the Certification of the Annual Financial Statements pursuant

27、to Article 81-ter of Consob Regulation no.11971 of May 14th,1999 and subsequent amendments.For the Report on Operations pertaining to the Financial Report and Accounts of FinecoBank S.p.A.,please refer to the Consolidated Report on Operations in which,in a specific section,the reclassified financial

28、 statements are shown and the comments on the Bank results of the financial year.The reconciliation of the condensed Financial Statements with the Financial Statements is reported in the Annexes.The annual report also includes:the Report of the Board of Statutory Auditors;the Reports of the External

29、 Auditors.As previously mentioned,FinecoBank prepares a single document called“Report and accounts”wich include the Groups Consolidated Financial Statements and the FinecoBanks Financial Statements.The integration of the contents of the two Financial Statements documents into a single one leads to t

30、he elimination of duplications of some of qualitative information presented in both documents and the adoption of a system of cross-references between the chapters dedicated to the consolidated financial statements and the company ones,in order to facilitate the reading;pursuant to these references

31、the contents of the each referenced paragraph is entirely reported in the paragraph containing the reference.For further details on this,please refer to the Annex“Summary of references to qualitative informaion in the consolidated financial statements”of the Financial Statements of FinecoBank S.p.A.

32、Introduction to the annual Accounts and Reports 10 Accounts and Reports 2022 FinecoBankInformation regarding corporate governance and ownership structures,required pursuant to art.123-bis,paragraph 3 of Legislative Decree February 24th 1998 n.58,appear in a separate report approved by the Board of D

33、irectors,which can be consulted in the“Governance”section of the FinecoBank website(https:/).The Consolidated Non-Financial Statement(or Non-Financial Statement)of the FinecoBank Group,prepared pursuant to Legislative Decree 254/2016,constitutes a separate report approved by the Board of Directors,a

34、s required by the option of art.5,paragraph 3,letter b)of Legislative Decree 254/2016,and can be consulted on the FinecoBank website(https:/).In addition,the following documents,drawn up in accordance with the relevant approval procedures,are also published and made available on the FinecoBank websi

35、te(https:/):the Report on the remuneration policy and remuneration paid,drawn up in accordance with art.123-ter of Legislative Decree no.58 of 24 February 1998 and art.84-quater,paragraph 1,of the Issuers Regulation);the document Country by Country Information,drawn up pursuant to art.89 of Directiv

36、e 2013/36/EU of the European Parliament and of the European Council(CRD IV),amended by Directive(EU)2019/878(so-called CRD V),and the document Disclosure to the public of the FinecoBank Group-Pillar III as at December 31st,2022,by Regulation(EU)575/2013(so called CRR)and subsequent Regulations amend

37、ing its content.Finally,it should be noted that,under Directive 2004/109/EC(the Transparency Directive)and Delegated Regulation(EU)2019/815,it is mandatory for issuers of securities listed on regulated markets in the European Union to prepare their annual financial reports in the XHTML format and to

38、 tag their IFRS consolidated financial statements using the XBRL tagging language,based on the European Single Electronic Format(ESEF)approved by ESMA.The Groups Consolidated Annual Financial Report,which includes both the consolidated and parent company financial statements,is prepared in XHTML for

39、mat and includes the tagging for the consolidated financial statements of the information required by the Regulations for 2022.In particular,issuers are required to mark all information disclosed in the IFRS consolidated financial statements,or through cross-references to other parts of the annual f

40、inancial reports,that corresponds to the information specified in Annex II of the Delegated Regulation,if present in the IFRS consolidated financial statements.It can be consulted on FinecoBanks website(https:/).For further information,please refer to the paragraph The single electronic reporting fo

41、rmat for preparing annual financial reports in Part A-Accounting policies of the Notes to the consolidated accounts.This document,PDF format,does not fulfill the obligations deriving from Directive 2004/109/EC(the Transparency Directive)and Delegated Regulation(EU)2019/815(the ESEF Regulation-Europe

42、an Single Electronic Format)for which a dedicated XHTML format has been prepared.This report has been translated into the English language solely for the convenience of international readers.Introduction to the annual Accounts and Reports FinecoBank Accounts and Reports 202211Consolidated report on

43、operations Summary data12 Accounts and Reports 2022 FinecoBankConsolidated report on operations Summary dataFinecoBank Accounts and Reports 202213Consolidated report on operations and Consolidated Accounts and Report of FinecoBank S.p.A.Consolidated report on operationsSummary data FinecoBank is one

44、 of the leading FinTech banks in Europe.Listed on the FTSE MIB,Fineco offers a unique business model in Europe,combining the best platforms with a large network of financial advisors.It offers banking,credit,trading and investment services from a single account through transactional and advisory pla

45、tforms developed with proprietary technologies.Fineco is one of the main players in brokerage in Europe,and one of the most important players in private banking in Italy,with evolved and highly personalized advisory services.The FinecoBank Group consists of the Parent Company Fineco and Fineco Asset

46、 Management DAC(hereinafter Fineco AM),a collective asset management company under Irish law,whose mission is to develop investments solutions in partnership with top international assets manager.FinecoBank is listed on the Milan Stock Market and,as of April 1st,2016,is included on Borsa Italianas F

47、TSE Mib index.On March 20th,2017,the stock became part of the STOXX Europe 600 Index.On July 29th,2022,S&P Global Ratings agency revised the outlook from positive to stable and confirmed the rating assigned to Fineco:“BBB”long-term and“A-2”short-term.The stable outlook on the Bank mirrors that on It

48、aly.FinecoBank is on the Standard Ethics Italian Banks Index and the Standard Ethics Italian Index(comprising the largest 40 companies listed on the Borsa Italiana FTSE-MIB),one of the leading performance indexes and a benchmark for environmental,social and governance concerns.During 2022,the indepe

49、ndent agency Standard Ethics confirmed FinecoBanks rating for the third year running at the EE+level,placing the Bank among the credit institutions with the highest rating assigned within the banking sector.In addition,there was an improvement in the scores assigned by the other major ESG rating age

50、ncies:Sustainalytics improved Finecos ESG risk rating from 16.0(Low risk)in 2021 to 13.2(Low risk),confirming its position among the best banks internationally;S&Ps Corporate Sustainability Assessment saw an increase in the score from 65 to 68 points out of 100;MSCI improved the ESG rating assigned

51、to Fineco,from A(average)to AA(leader)in the diversified financials sector;Moodys ESG Solutions(formerly Vigeo Eiris)upgraded Finecos ESG rating from 54 to 57 points out of 100(robust performance),allowing Fineco to maintain its inclusion in Euronexts MIB ESG Index;while Refinitiv and MSCI confirmed

52、 the ratings assigned the previous year,equal to 85 points out of 100,indicating excellent ESG performance and a high degree of transparency in public sustainability reporting.Finally,in December 2022 Fineco obtained its first CDP Climate Change rating equal to“B”,demonstrating that it addresses the

53、 environmental impacts of its activities and ensures good environmental management.At the end of the year,the Bank was also included in the FTSE4Good Sustainability Index,the Bloomberg Gender Equality Index(GEI)2022,the S&P Global 1200 ESG Index,the Standard Ethics Italian Banks Index and the Standa

54、rd Ethics Italian Index.The strong growth recorded during 2022 reflects the Groups ability to adapt perfectly to the new scenario,marked by the Russian invasion of Ukraine and rising inflation,benefiting from both the rise in interest rates and the solid drive toward investments highlighted by clien

55、ts.Indeed,the transparent approach by financial advisors is proving decisive in going along with the new trend that has emerged among savers,who are less influenced by volatility and more inclined than in the past to invest even in the most complex periods.Added to this is the growing contribution o

56、f Fineco AM,which is able to propose solutions adapted to different market phases and characterized by great efficiency and fair pricing.A picture completed by the relevant results of the brokerage-related business,which is now growing structurally and continues to increase its market share.Net sale

57、s came to 10,259 million during 2022,substantially in line with the record result of 10,651 million recorded in 2021,even if with a different composition;the net sales of assets under management came to 3,579 million,the net sales of assets under custody came to 5,606 million and direct deposits cam

58、e to 1,075 million.Fineco AMs ratio,calculated by comparing the companys net retail sales to net sales of assets under management,is 77.4%(53.3%in 2021).This is a result that confirms,on the one hand,the effectiveness of a business model capable of coping with difficult market phases and,on the othe

59、r hand,an ever-increasing appetite for investment on a particularly advanced clientele.During 2022,net sales through the network of Personal Financial Advisors totalled 8,782 million.In 2022,the balance of Total Financial Assets from customers stood at 106,558 million,down to 1.3%compared to 107,915

60、 million at the end of 2021,due to the generalized correction of the markets since the beginning of the year.Fineco AMs asset under management totaled 25.9 billion,of which 15.8 billion are related to retail classes and 10.1 billion are related to institutional classes.This result highlights the ong

61、oing acceleration in the companys growth process.Fineco AMs ratio,calculated by relating the companys retail assets to the balance of assets under management,is 30.3%.As at December 31st,2022 the balance of Total Financial Assets of the Network of personal financial advisors amounts to 93,212 millio

62、n.The balance of Total Financial Assets related to Private clients,i.e.with assets above 500,000,totaled 45,252 million,equals to 42.5%of the Groups Total Financial Assets,down to 7.2%compared to December 31st,2021.During the 2022,276 million in personal loans,378 million in mortgages were granted,a

63、nd 1,128 million in current account overdrafts was arranged,with an increase in exposures in current account 292 million;this determined an overall 9.2%1 aggregate increase in loans receivable with ordinary customers compared to December 31st,2021.Credit quality remains high,with a cost of risk at 4

64、 bps,driven by the principle of offering credit exclusively to existing customers,making use of specialist tools to analyse the banks vast information base.The cost of risk,structurally low,is being further reduced thanks also to the effect of new loans,which are mainly secured and low-risk.Net impa

65、ired loans was 0.06%of loans to ordinary customers as at December 31st,2022(0.08%as at December 31st,2021).99,024 new customers joined Fineco in 2022,reaching a total of 1,487,250.Customers continue to reward Finecos transparent approach,high quality and comprehensive range of financial services as

66、represented through the“one-stop solution”concept.1 Loans receivable with ordinary customers include solely to loans granted to customers(current account overdrafts,credit cards,personal loans,mortgages and unsecured loans).Consolidated report on operations Summary data14 Accounts and Reports 2022 F

67、inecoBankThe 2022 results confirm the sustainability and strength of the business model,which can generate profits in all market conditions.The net profit for the year amounted to 428.5 million,with an increase of 12.6%on the previous year.The cost/income ratio amounted to 29.6%(32.21%as at December

68、 31st,2021),confirming the operating efficiency of the Group and the spread of the company culture on controlling costs.The net profit of the year net of the non-recurring items booked in the 20222 should be equal to 428.8 million,up 22.8%compared to the 2021 net profit net of the non-recurring item

69、s3.The Groups offering is split into three integrated areas of activity:(i)Banking,including current account,payment services,and issuing debit,credit and prepaid cards,mortgages and personal loans;(ii)Brokerage,providing order execution services on behalf of customers,with direct access to major gl

70、obal equity markets and the ability to trade CFDs,futures,options,bonds,ETFs and certificates;(iii)Investing,including the asset management activity carried out by Fineco AM,placement and distribution services of about 6,000 products,including mutual funds and SICAV sub-funds managed by 75 leading I

71、talian and international investment firms,insurance and pension products,as well as investment advisory services through a network of 2,918 personal financial advisors as of December 31st,2022,distributed throughout the territory with 426 Fineco Centers as of December 31st,2022.Condensed financial s

72、tatements and indicatorsThe Consolidated Report on operations presents and illustrates the reclassified income statement and balance sheet(Alternative Performance Measures,“APMs”),the reconciliation of which with the consolidated financial statements is shown in the Appendices Reconciliation Schedul

73、es for the Preparation of the Reclassified Consolidated Financial Statements(in line with Consob Communication No.6064293 of July 28th,2006);in addition,other APMs are also used,the content and,where applicable,the calculation methods used of which are described in the Glossary(in line with the guid

74、elines published on October 5th,2015 by the European Securities and Markets Authority(ESMA/2015/1415).With reference to APMs,the European Securities and Markets Authority(ESMA)has issued specific guidelines4 on the criteria for their presentation in regulated information,including therefore the Cons

75、olidated Financial Report,when such indicators are not defined or provided for in the financial reporting framework.These guidelines are intended to promote the usefulness and transparency of APMs,and compliance with them will improve the comparability,reliability and understandability of APMs,with

76、consequent benefits for users of financial information.Consob has transposed the Guidelines in Italy and incorporated them into its own supervisory practices5.According to the definition of the ESMA Guidelines,an APM is an indicator of historical or future financial performance,financial position or

77、 cash flows that is different from a financial indicator defined or specified in applicable financial reporting frameworks and is usually derived from financial statement items prepared in accordance with applicable financial reporting frameworks.Indicators published in application of the prudential

78、 regulation do not strictly fall within the definition of APM.2 Cancellation of exposure in equity securities to the Voluntary Scheme established by the Interbank Deposit Protection Fund in the amount of -0.3 million(net of tax effect).3 Tax benefit from the tax realignment of goodwill carried out b

79、y FinecoBank,as required by Article 110 of DL 104 of 2020,in the amount of 32 million,and change in fair value of the exposure in equity securities to the Voluntary Scheme established by the Interbank Deposit Protection Fund in the amount of -0.5 million(net of tax effect).4 ESMA/2015/1415.5Consob C

80、ommunication No.0092543 of December 3rd,2015.Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202215Condensed Accounts Consolidated balance sheet(Amounts in thousand)Amounts as atChangesASSETS12/31/202212/31/2021Amounts%Cash and cash balances1,469,7131,464,1825,5310.4%Fi

81、nancial assets held for trading16,92620,240(3,314)-16.4%Loans and receivables with banks426,696379,86246,83412.3%Loans and receivables with customers6,445,7136,001,596444,1177.4%Financial investments24,634,03424,560,35073,6840.3%Hedging instruments1,424,704125,9131,298,791n.a.Property,plant and equi

82、pment146,208150,347(4,139)-2.8%Goodwill89,60289,602-n.a.Other intangible assets36,78739,084(2,297)-5.9%Tax assets46,57742,9743,6038.4%Tax credits acquired1,093,255508,764584,491114.9%Other assets438,670484,261(45,591)-9.4%Total assets36,268,88533,867,1752,401,7107.1%(Amounts in thousand)Amounts as a

83、tChangesLIABILITIES AND SHAREHOLDERS EQUITY12/31/202212/31/2021Amounts%Deposits from banks1,677,2351,225,213452,02236.9%Deposits from customers31,695,64729,847,7221,847,9256.2%Debt securities in issue497,926497,2666600.1%Financial liabilities held for trading4,5744,4171573.6%Hedging instruments(3,18

84、0)65,263(68,443)n.a.Tax liabilities42,62735,8646,76318.9%Other liabilities443,659464,633(20,974)-4.5%Shareholders equity1,910,3971,726,797183,60010.6%-capital and reserves1,479,7711,351,963127,8089.5%-revaluation reserves2,121(5,877)7,998n.a.-net profit428,505380,71147,79412.6%Total liabilities and

85、Shareholders equity36,268,88533,867,1752,401,7107.1%Consolidated report on operations Summary data16 Accounts and Reports 2022 FinecoBankConsolidated balance sheet-Quarterly data(Amounts in thousand)Amounts as atASSETS12/31/202209/30/202206/30/202203/31/202212/31/2021Cash and cash balances1,469,7131

86、,681,5561,542,3721,752,1451,464,182Financial assets held for trading16,92622,28520,02020,12320,240Loans and receivables with banks426,696458,028400,215380,873379,862Loans and receivables with customers6,445,7136,318,3156,310,7896,088,3696,001,596Financial investments24,634,03425,068,51325,294,56625,

87、368,59224,560,350Hedging instruments1,424,7041,390,127948,764465,840125,913Property,plant and equipment146,208143,333146,686148,424150,347Goodwill89,60289,60289,60289,60289,602Other intangible assets36,78736,60137,52538,26439,084Tax assets46,57758,04844,68144,35542,974Tax credits acquired1,093,25590

88、2,259827,217601,178508,764Other assets438,670382,040415,278401,015484,261Total assets36,268,88536,550,70736,077,71535,398,78033,867,175(Amounts in thousand)Amounts as atLIABILITIES AND SHAREHOLDERS EQUITY12/31/202209/30/202206/30/202203/31/202212/31/2021Deposits from banks1,677,2352,791,2592,333,322

89、1,808,0451,225,213Deposits from customers31,695,64730,945,49330,827,60530,735,60929,847,722Debt securities in issue497,926499,629498,833498,045497,266Financial liabilities held for trading4,5748,9767,1049,6664,417Hedging instruments(3,180)(3,584)2,581(754)65,263Tax liabilities42,62782,923118,43089,2

90、7735,864Other liabilities443,659432,744580,560404,164464,633Shareholders equity1,910,3971,793,2671,709,2801,854,7281,726,797-capital and reserves1,479,7711,488,2231,487,0911,733,3651,351,963-revaluation reserves2,1212,651(174)(2,097)(5,877)-net profit428,505302,393222,363123,460380,711Total liabilit

91、ies and Shareholders equity36,268,88536,550,70736,077,71535,398,78033,867,175Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202217Consolidated Income Statement(Amounts in thousand)YearChanges20222021Amounts%Financial margin392,200280,030112,17040.1%of which Net interes

92、t342,796247,88994,90738.3%of which Profits from Treasury49,40432,14117,26353.7%Dividends and other income from equity investments(276)(26)(250)n.a.Net fee and commission income465,627450,80814,8193.3%Net trading,hedging and fair value income89,89974,30815,59121.0%Net other expenses/income156(1,310)1

93、,466n.a.REVENUES947,606803,810143,79617.9%Staff expenses(117,294)(109,600)(7,694)7.0%Other administrative expenses(273,486)(262,546)(10,940)4.2%Recovery of expenses136,830139,471(2,641)-1.9%Impairment/write-backs on intangible and tangible assets(26,865)(26,218)(647)2.5%Operating costs(280,815)(258,

94、893)(21,922)8.5%OPERATING PROFIT(LOSS)666,791544,917121,87422.4%Net impairment losses on loans and provisions for guarantees and commitments(3,115)(1,655)(1,460)88.2%NET OPERATING PROFIT(LOSS)663,676543,262120,41422.2%Other charges and provisions(57,762)(49,938)(7,824)15.7%Net income from investment

95、s(1,552)1,079(2,631)n.a.PROFIT(LOSS)BEFORE TAX FROM CONTINUING OPERATIONS604,362494,403109,95922.2%Income tax for the year(175,857)(113,692)(62,165)54.7%NET PROFIT(LOSS)AFTER TAX FROM CONTINUING OPERATIONS428,505380,71147,79412.6%PROFIT(LOSS)FOR THE YEAR428,505380,71147,79412.6%NET PROFIT(LOSS)FOR T

96、HE YEAR ATTRIBUTABLE TO THE GROUP428,505380,71147,79412.6%Consolidated report on operations Summary data18 Accounts and Reports 2022 FinecoBankConsolidated Income Statement-Quarterly data(Amounts in thousand)20221st Quarter2nd Quarter3rd Quarter4th QuarterFinancial margin107,46168,94684,219131,574of

97、 which Net interest59,34767,61484,261131,574of which Profits from Treasury48,1141,332(42)-Dividends and other income from equity investments(45)(103)(20)(108)Net fee and commission income118,637113,877114,105119,008Net trading,hedging and fair value income28,98925,85421,21213,844Net other expenses/i

98、ncome36551139(399)REVENUES255,407208,625219,655263,919Staff expenses(28,348)(29,190)(28,958)(30,798)Other administrative expenses(69,366)(64,998)(65,477)(73,645)Recovery of expenses35,33533,72833,25034,517Impairment/write-backs on intangible and tangible assets(6,590)(6,601)(6,636)(7,038)Operating c

99、osts(68,969)(67,061)(67,821)(76,964)OPERATING PROFIT(LOSS)186,438141,564151,834186,955Net impairment losses on loans and provisions for guarantees and commitments(801)(424)(292)(1,598)NET OPERATING PROFIT(LOSS)185,637141,140151,542185,357Other charges and provisions(10,239)(2,259)(41,617)(3,647)Net

100、income from investments(553)(201)(325)(473)PROFIT(LOSS)BEFORE TAX FROM CONTINUING OPERATIONS174,845138,680109,600181,237Income tax for the period(51,385)(39,777)(29,570)(55,125)NET PROFIT(LOSS)AFTER TAX FROM CONTINUING OPERATIONS123,46098,90380,030126,112PROFIT(LOSS)FOR THE PERIOD123,46098,90380,030

101、126,112NET PROFIT(LOSS)FOR THE PERIOD ATTRIBUTABLE TO THE GROUP123,46098,90380,030126,112Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202219(Amounts in thousand)20211st Quarter2nd Quarter3rd Quarter4th QuarterFinancial margin75,07172,82669,23962,894of which Net inter

102、est61,82362,51561,79861,753of which Profits from Treasury13,24810,3117,4411,141Dividends and other income from equity investments-(26)Net fee and commission income108,080106,266110,083126,379Net trading,hedging and fair value income23,88816,68315,61418,123Net other expenses/income512132(1,457)(497)R

103、EVENUES207,551195,907193,479206,873Staff expenses(26,217)(26,667)(27,369)(29,347)Other administrative expenses(62,979)(65,049)(63,396)(71,122)Recovery of expenses32,36735,10335,75136,250Impairment/write-backs on intangible and tangible assets(6,275)(6,387)(6,437)(7,119)Operating costs(63,104)(63,000

104、)(61,451)(71,338)OPERATING PROFIT(LOSS)144,447132,907132,028135,535Net impairment losses on loans and provisions for guarantees and commitments(477)(1,211)(360)393NET OPERATING PROFIT(LOSS)143,970131,696131,668135,928Other charges and provisions(8,236)(5,787)(31,058)(4,857)Net income from investment

105、s(583)1,822280(440)PROFIT(LOSS)BEFORE TAX FROM CONTINUING OPERATIONS135,151127,731100,890130,631Income tax for the period(40,407)(5,805)(28,302)(39,178)NET PROFIT(LOSS)AFTER TAX FROM CONTINUING OPERATIONS94,744121,92672,58891,453PROFIT(LOSS)FOR THE PERIOD94,744121,92672,58891,453NET PROFIT(LOSS)FOR

106、THE PERIOD ATTRIBUTABLE TO THE GROUP94,744121,92672,58891,453Consolidated report on operations Summary data20 Accounts and Reports 2022 FinecoBankMain balance sheet figures(Amounts in thousand)Amounts as atChanges12/31/202212/31/2021Amounts%Loans receivable with ordinary customers 5,916,0905,416,604

107、499,4869.2%Total assets36,268,88533,867,1752,401,7107.1%Direct deposits 30,569,87629,495,2921,074,5843.6%Assets under administration 75,987,99478,420,121(2,432,127)-3.1%Total customers sales(direct and indirect)106,557,870107,915,413(1,357,543)-1.3%Shareholders equity1,910,3971,726,797183,60010.6%(1

108、)Loans receivables with ordinary customers refer solely to loans granted to customers(current account overdrafts,credit cards,personal loans,mortgages and unsecured loans).(2)Direct deposits include overdrawn current accounts.(3)Assets under administration consist of products placed online or throug

109、h FinecoBank personal financial advisors.Operating structureData as at12/31/202212/31/2021No.Employees1,3361,305No.Personal financial advisors2,9182,790No.Financial shops 426424(1)Number of operating financial shops:financial shops managed by the Bank and financial shops managed by personal financia

110、l advisors(so called Fineco Centers).Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202221Profitability,productivity and efficiency ratios(Amounts in thousand)Data as at12/31/202212/31/2021Financial margin/Revenues41.39%34.84%Income from brokerage and other income/Reve

111、nues58.64%65.16%Income from brokerage and other income/Operating costs197.88%202.33%Cost/income ratio29.63%32.21%Operating costs/TFA0.26%0.26%Cost of risk44CoR(incentive system)43ROE27.61%23.91%Return on assets1.18%1.12%EVA(calculated on allocated capital)367,339340,177EVA(calculated on accounting c

112、apital)264,529243,881RARORAC(calculated on allocated capital)55.10%62.44%RARORAC(calculated on accounting capital)14.75%13.26%ROAC(calculated on allocated capital)64.28%69.88%ROAC(calculated on accounting capital)23.89%20.70%Total sales to customers/Average employees80,69584,079Total customer sales/

113、(Average employees+average PFAs)25,52627,104Key Income from brokerage and other income:Net fee and commission income,Net trading,hedging and fair value income and Net other expenses/income.Cost/income ratio:Operating Costs divided by Revenues.Operating costs/TFA:ratio of operating costs to Total Fin

114、ancial Assets(direct and indirect inflows).The TFA used for the ratio is the average for the year,calculated as the average between the balance as at December 31st,2022 and the balance as at the previous December 31.Cost of risk:is the ratio of Net impairment losses of loans with customers in the la

115、st 12 months to loans and receivables with customers(average of the averages of the last four quarters,calculated as the average balance at the end of the quarter and the balance at the end of the previous quarter).The scope only includes loans to ordinary customers.CoR(incentive system):is the rati

116、o of Net impairment losses of commercial loans with customers in the last 12 months to commercial loans and receivables with customers(average of the balance as at December 31st,2022 and the balance at December 31st of the previous year).ROE:ratio between the net profit and the average book sharehol

117、ders equity(excluding dividends expected to be distributed and the revaluation reserves)for the year(average between the amount of the end of year and the amount of the shareholders equity as at December 31st of previous year).Return on assets:ROA:ratio of profit(loss)for the year to total assets.EV

118、A(Economic Value Added):shows the firms ability to create value;calculated as the difference between net profit,excluding extraordinary charges/income and related tax effects(integration costs and net profits from extraordinary investments),and the figurative cost of the allocated capital;the latter

119、 was calculated using either the greater of the regulatory capital and the economic capital6 absorbed either using the book value of shareholders equity(average of single end quarters).RARORAC(Risk adjusted Return on Risk adjusted Capital):the ratio between EVA(as described above)and the average of

120、the quarters of the year of the allocated capital(calculated with the same methods envisaged for the calculation of the EVA)and expresses in percentage terms the capacity to create value per unit of risk taken.ROAC(Return on Allocated Capital):the ratio of net operating profit to the average of the

121、quarters of the year of the allocated capital(calculated with the same methods envisaged for the calculation of the EVA).6 Allocated capital is the greater of regulatory capital and economic capital.The economic capital as at December 31st,2022 is maintained at the same level as at September 30th,20

122、22,the latest available figure.Consolidated report on operations Summary data22 Accounts and Reports 2022 FinecoBankBalance Sheet indicatorsData as at12/31/202212/31/2021Loans receivable with ordinary customers/Total assets16.31%15.99%Loans and receivables with banks/Total assets1.18%1.12%Financial

123、assets/Total assets67.92%72.52%Direct sales/Total liabilities and Shareholders equity84.29%87.09%Shareholders equity(including profit)/Total liabilities and Shareholders equity5.27%5.10%Ordinary customer loans/Direct deposits19.35%18.36%Credit qualityData as at12/31/202212/31/2021Non-performing loan

124、s/Loans receivable with ordinary customers0.06%0.08%Bad loans/Loans receivable with ordinary customers0.02%0.04%Coverage ratio-Bad loans92.65%88.70%Coverage ratio-Unlikely to pay68.13%66.10%Coverage ratio-Impaired past-due exposures57.92%50.05%Coverage ratio-Total Non-performing loans86.02%82.15%(1)

125、Calculated as the ratio between the amount of write-down provision and gross exposure.The macroeconomic scenario and monetary policyIn the early months of the year,the recovery of the euro area economy and the improvement of the labor market continued,thanks to substantial support from economic poli

126、cies.Shortages of materials,equipment,and labor,however,held back production in some industries,and high energy costs began to affect household incomes and corporate profits.Inflation,which had risen sharply in the last months of 2021,also continued its upward trend.Russias subsequent invasion of Uk

127、raine had consequences for the economy,in Europe and beyond.The conflict and its associated uncertainty severely affected business and consumer confidence,led to trade disruptions and material shortages,and contributed to high energy and commodity prices.Against this backdrop,inflation has continued

128、 its run.As an effect of Russias invasion of Ukraine,the European Commission made it official in early March that the conflict would cause a slowdown in the economy.The EU executive had decided to give governments some freedom in finalizing government budgets in 2023,not to open excessive deficit pr

129、ocedures in the spring and not to apply the rule requiring a debt cut of one-twentieth per year.In the third quarter,the global economy continued to be affected by high inflation,worsening financial conditions,uncertainty related to the conflict in Ukraine,weak activity in China,and,to a lesser exte

130、nt than at the beginning of the year,supply difficulties along value chains.The global cyclical picture deteriorated again in the fourth quarter of 2022:according to available indicators,activity in advanced countries-still affected by the repercussions of the war in Ukraine and high inflation-slowe

131、d.Consumer inflation remained high(9.2%in December on an annual basis),although it has been declining since November;the underlying component continued to strengthen partly due to a gradual transmission of past energy price increases.According to Bank of Italy estimates,economic activity in Italy we

132、akened in the last quarter of 2022.Both the dampening of the recovery of value added in services,which returned to pre-pandemic values already in the summer months,and the decline in industrial production would have contributed to this.Household spending would have slowed,despite measures to support

133、 disposable income amid high inflation.In the autumn months,harmonized consumer inflation reached new highs(12.3%in December on an annual basis),still supported by the energy component,which continues to transmit to the prices of other goods and services.According to Bank of Italy estimates,which co

134、nsider both direct Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202223and indirect effects,in the average of the fourth quarter of 2022 just over 70%of total inflation was attributable to energy;over the same period,government energy measures would have mitigated con

135、sumer price dynamics by more than one percentage point.The Bank of Italys projections for the Italian economy continue to be purely indicative in nature,given the current context of high uncertainty associated mainly with the evolution of the conflict in Ukraine.In the baseline scenario,it is assume

136、d that tensions associated with the war will still remain high in the first months of 2023 and gradually decline over the forecast horizon.After an increase of nearly 4%in 2022,GDP would slow in 2023 to 0.6%.Growth would return to strength in the following two years,thanks to acceleration in both ex

137、ports and domestic demand.Inflation,which rose to nearly 9%in 2022,would fall to 6.5%in 2023 and more sharply thereafter,to 2.0%in 2025.In a scenario assuming permanent suspension of energy commodity supplies from Russia to Europe,output would contract in 2023 and 2024 and grow moderately in the fol

138、lowing year;inflation would rise further in 2023,then fall sharply in the next two years.The scenario does not take into account new measures introduced to mitigate the effects of these possibly more unfavorable developments;it also does not consider the possibility that the sharp weakening of econo

139、mic activity would be reflected,more than suggested by historical regularities,on inflation,leading to its lower value at the end of the forecast horizon.With regard to monetary policy decisions,at its meeting on July 21st,2022,the Governing Council of the European Central Bank(ECB)decided to raise

140、the three key interest rates;the interest rates on the main refinancing operations,the marginal lending operations,and deposits with the central bank were raised to 0.50%,0.75%,and 0.00%,respectively,effective July 27th,2022.At subsequent meetings,the Governing Council of the ECB decided on further

141、increases,and finally,at its meeting on February 2nd,2023,it raised the interest rates on the main refinancing operations,the marginal lending facility and deposits with the central bank to 3.00%,3.25%and 2.50%,respectively,effective February 8th,2023.The Governing Council of the ECB has,in addition

142、,announced that it will continue to raise interest rates significantly at a steady pace and keep them at sufficiently restrictive levels to ensure a timely return of inflation to its 2%target over the medium term.In addition,the holdings of securities held by the Eurosystem under the Asset Purchase

143、Program(AAP)will be reduced at a measured and predictable pace,averaging 15 billion per month from the beginning of March 2023 until the end of June 2023 and will then be determined over time.As for the PEPP(pandemic emergency purchase program),the Governing Council of the ECB intends to reinvest th

144、e principal repaid on securities maturing under the program at least until the end of 2024.In any case,future reduction of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance.The Governing Council will continue to flexibly reinvest the principal repai

145、d on maturing securities in the PEPP portfolio to counter risks to the monetary policy transmission mechanism attributable to the pandemic.The Group has assessed that the current macroeconomic environment and possible uncertainties,mainly related to the development of the conflict in Ukraine,will no

146、t have a significant impact on its balance sheet.In addition,the rise in market rates will have a positive effect on net interest income,as already seen during the last quarter of 2022.Lastly,it should be noted that in the calculation of ECL,the Group has adopted scenarios that take into account the

147、 Russia-Ukraine conflict and inflation growth.Consolidated report on operations Summary data24 Accounts and Reports 2022 FinecoBankThe Russian-Ukrainian conflict and the COVID-19 pandemic The first weeks of 2022 were marked by a new wave of infections in our country caused by the rapid spread of the

148、 Omicron variant,started in late 2021,which led to the extension of the state of emergency until March 31st,2022(Christmas Decree-D.L.No.221 of Dec.24,2021).The following months saw a gradual attenuation of the contagions,and Decree-Law No.24 of March 24th,2022,Urgent provisions to overcome the meas

149、ures to counter the spread of the COVID-19 epidemic,as a result of the termination of the state of emergency,ended the state of emergency,which had been resolved by the Council of Ministers on January 31st,2020,and gradually extended.The rule modified the anti-Covid measures,phasing out,starting Apr

150、il 1st,the restrictions then in place.At the same time,a military operation by Russia in Ukraine began on February 24th,2022,triggering a military conflict and an international crisis.Since February,the European Union has imposed several sanctions packages on Russia,including targeted restrictive me

151、asures(individual sanctions),economic sanctions and diplomatic measures.The conflict has weighed on the economy in Europe and beyond its borders;it affected trade,caused material shortages,and contributed to high energy and commodity prices and,as a result,a significant rise in inflation.On March 14

152、th,2022,the European Securities and Markets Authority(ESMA)published the Public Statement ESMA71-99-1864 on the impacts of the Russian-Ukrainian crisis on EU financial markets,which outlines the supervisory and coordination activities undertaken in this context and contains recommendations to issuer

153、s on the information to be disclosed when approving their 2021 financial statements and subsequent financial reports.In this context,on March 18,2022,Consob drew the attention of listed companies and other supervised issuers to the following issues coordinated in ESMA:disclose as soon as possible an

154、y inside information regarding the impacts of the crisis on fundamentals,prospects,and financial situation,consistent with transparency requirements under the Market Abuse Regulation,unless conditions exist for delaying the disclosure of the same;and provide information,to the extent possible on bot

155、h a qualitative and quantitative basis,on the current and foreseeable direct and indirect effects of the crisis on business activities,exposures to affected markets,supply chains,financial position,and economic performance in the 2021 financial reports,if these have not yet been approved,and at the

156、annual shareholders meeting or otherwise in interim financial reports.Consob expects the auditors and supervisory bodies to pay special attention to the above issues in their audits of financial reports,having particular regard to the effects on the issuer and its subsidiaries of the restrictive mea

157、sures adopted by the EU.In light of the recommendations issued by the National Cybersecurity Agency,Consob recommends that special attention should be paid to the assessment of cybersecurity-related risks.Finally,it points out the advisability of preparing adequate and effective organizational and t

158、echnical safeguards aimed at mitigating this risk,including providing for the strengthening of information flows with supervisory bodies.On May 13rd,2022,ESMA published Public Statement ESMA32-63-1277“Implications of Russias invasion of Ukraine on half-yearly financial reports”with the intent to pro

159、mote transparency and consistent application at the European level of disclosure requirements in half-yearly financial reports,with particular reference to the Russian invasion of Ukraine.In particular,ESMA emphasizes the need for issuers to provide information that adequately reflects the current a

160、nd,to the extent possible,anticipated impact of the Russian invasion of Ukraine on their financial position,performance,and cash flows,as well as the importance of providing information on the principal risks and uncertainties to which issuers are exposed.In addition,ESMA provides specific recommend

161、ations on the application of accounting standards in the context of half-yearly reporting,recalling the elements that may be impacted by the conflict and the aspects that issuers should consider in their evaluations and estimates,and on the information that issuers should provide in interim reports,

162、as well as their consistency with halfyearly reporting.In addition,on May 19th,2022,Consob published the Attention Reminder No.3/22,by which the Authority incorporates the contents of the ESMA Public Statement.Finally,on October 28th,2022,ESMA published Public Statement ESMA32-63-1320,European commo

163、n enforcement priorities for 2022 annual financial reports,in which it specified the relevance of the contents reported in Public Statement ESMA32-63-1277 also in the context of the preparation of annual financial reports,as well as setting out the European common enforcement priorities for the prep

164、aration of 2022 annual financial reports of issuers admitted to trading on EEA regulated markets.With reference to ICT and Cyber risks,on February 24th,2022,the CSIRT(the National Cybersecurity Agencys response team)called for raising attention and taking all measures to protect ICT assets,an alert

165、addressed to Italian companies that have dealings with Ukrainian operators.On February 28th,2022,the agency produced a new alert,this time addressed to all national digital infrastructure operators,urging them to adopt a posture of maximum cyber defense:the offensive could in fact be directed agains

166、t the coalition that has mobilized to support the attacked country.In the crosshairs,as far as Italy is concerned,are generally ministries,government agencies,and companies strategic to the national interest including financial institutions.The Groups objective is to ensure the protection of clients

167、 by guaranteeing data security,declined in its characteristics of availability,confidentiality and integrity:in light of the Russian-Ukrainian crisis on EU financial markets,special attention has been paid to the assessment of related risks.In compliance with the measures provided for by current leg

168、islation,Fineco has undertaken a series of initiatives aimed at verifying its security posture and operational readiness,also making use of the indications and recommendations suggested by various national and international bodies.Without prejudice to the adoption from the outset of best practices i

169、n the field of security,both in terms of technical and Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202225organizational/procedural measures,in any case,additional mechanisms have been evaluated and introduced to deal with any impacts arising from the contingent situ

170、ation,ensuring at the same time constant and continuous monitoring of the evolving environment.Risks,uncertainties and impacts of the Russia-Ukraine conflict and the COVID-19 pandemic Despite this context of uncertainty,in 2022 there are no significant impacts for the Group either in terms of deteri

171、oration of credit exposures(migration of positions to non-performing or increase in the credit risk of counterparties with which the Group conducts credit activities)or in terms of liquidity management,and from a forward-looking perspective there are no impacts in terms of strategic orientation,obje

172、ctives and business model.In fact,the Groups business model appears to be diversified and well-balanced:in fact,the Group can count on a business model whose revenue sources are widely diversified and which allow it to deal with complex stress situations such as the current one.The FinecoBank Groups

173、 revenues are based on three main components(banking,brokerage,and investing),which tend to have uncorrelated trends in times of crisis.The Group has no direct exposure to the Russian assets affected by the conflict,and indirect exposures,represented by guarantees received under pledge-backed financ

174、ing transactions(Credit Lombard and pledged overdraft),are of insignificant amounts.The Group has no direct exposure in commodities and has limited exposure in rubles.With respect to(i)obligations to freeze funds with respect to sanctioned persons and entities,(ii)restrictions on the buying and sell

175、ing of certain securities because they are issued by or linked to sanctioned issuers,(iii)restrictions on financial flows to and from Russia,unless specific exceptions are made,and(iv)reporting obligations to the relevant authorities,the Group uses safeguards to monitor the names of sanctioned perso

176、ns and entities and the ISINs of sanctioned financial instruments,which are necessary to initiate the consequent asset freezing activities required by the regulations.As of December 31st,2022,there were no direct or indirect exposures with individuals or entities subject to sanction measures applica

177、ble to the Group,therefore,no asset freezing actions required by the regulations have been implemented on the individuals concerned.Finally,the Group constantly monitors the evolution of the regulatory framework of reference through information tools that enable the timely updating of the sanctions

178、framework applicable to the Bank and the appropriate adjustment of the safeguards in place.The financial investments held by the Group,consisting mainly of government securities,are held by the Parent Company for long-term investment purposes and are accounted for in the Held to Collect portfolio me

179、asured at amortized cost;therefore,measurement at fair value does not have an impact on the consolidated income statement,consolidated shareholders equity and consolidated own funds.With reference to the financial instruments in the trading portfolio,it should be noted that the Group tends not to ta

180、ke risk positions;the positions in the proprietary portfolio are mainly represented by over-the-counter derivative contracts(CFDs and Knock Out Options)traded against customers and hedged managerially with listed equity securities and derivative contracts listed on regulated markets or entered into

181、with institutional counterparties.In 2022 there was no significant deterioration in the Groups loan portfolio of loans to ordinary customers.In fact,the latter consists mainly of loans granted by the Parent Company FinecoBank to retail customers,mainly backed by financial and real estate collateral,

182、and disbursed in application of a careful and prudent lending policy.In the case of land loans,the average loan-to-value is,in fact,about 50 percent and the credit facilities granted involve the acquisition of guarantees with conservative margins.Most of the moratoriums granted by FinecoBank to supp

183、ort customers financial needs related to the COVID-19 health emergency,which are of insignificant amount overall,have also resumed payments:moratoriums still outstanding as of December 31st,2022 amount to 383 thousand.It should be noted that the moratoria,if there are no additional elements not stri

184、ctly related to the moratorium under consideration,have been recognized in the accounts by applying the so-called modification accounting,in line with ESMA guidelines,as the contractual changes have been assessed as insubstantial.The Group conducted a qualitative assessment and considered that these

185、 support measures provide temporary relief to borrowers affected by the COVID-19 pandemic,without significantly affecting the economic value of the loan.For the purpose of calculating expected losses,the Group uses specific models that leverage Probability of Default(PD),Loss Given Default(LGD)and E

186、xposure At Default(EAD)parameters that are conservatively estimated and to which specific adjustments are made in order to ensure full consistency with accounting regulations.Expected loss for institutional counterparties is calculated using risk parameters provided by the external provider Moodys A

187、nalytics;for retail counterparties,not having internal rating systems available,PD and LGD parameters are estimated by product type through models developed internally by the CRO Department(personal loans and mortgages)or proxies(other exposures).To implement the requirements of IFRS 9 accounting st

188、andard,the parameters are adjusted by forward-looking analyses through the development of specific scenarios,developed by external provider Moodys Analytics.The scenarios as of December 31st,2022 incorporate forward-looking information that considers different possible developments in the pandemic c

189、risis and the military conflict in Ukraine.Specifically,the forward-looking component is determined by three macroeconomic scenarios,a base(Baseline)scenario,a positive scenario,and an adverse scenario.The baseline scenario is weighted at 40%as it is considered the most likely to be realised;the pos

190、itive and adverse scenarios,on the other hand,are weighted at 30%,and represent alternative best-and worst-case realizations,respectively.If the conflict results in a decrease in economic growth(Italy and Spain first and foremost),this scenario may lead to higher value adjustments for the exposures

191、held,loans and debt securities,due to the update of the Forward Looking Information component of IFRS 9 accounting standard.The Groups overall liquidity situation remained solid and stable,and during 2022 all liquidity adequacy indicators and analyses showed ample safety margins with respect to regu

192、latory and internal limits.In addition,FinecoBank did not encounter any impediments or deteriorations in the conditions for access to markets and completion(volumes,prices)of related transactions(repurchase agreements,purchase and sale of securities).With regard to derivative transactions,the increa

193、sed volatility in financial markets has made cash movements related to margining more substantial and volatile,but without materially and negatively affecting the Groups forecasting capacity and overall liquidity situation.Underlying this higher absorption must also be considered the increase in vol

194、umes traded by Fineco.As the Parent Company has invested part of its assets in high-quality liquid assets(HQLA)debt securities issued by governments and supranational organisations,the value of the Groups assets could be impaired due to possible Consolidated report on operations Summary data26 Accou

195、nts and Reports 2022 FinecoBanknegative changes in fair value.This reduction,which has no impact on the income statement and shareholders equity as the financial investments are recognised in the Held to Collect portfolio measured at amortised cost,could lead to a decrease in the liquidity potential

196、ly available from the refinancing of the HQLA portfolio-either through market transactions,such as repurchase agreements,or through refinancing transactions with the central bank-which,in any case,is largely consistent and constantly growing thanks to new investments.For further details on liquidity

197、 management and related risks,please refer to Part E-Information on risks and related hedging policies of these notes to the consolidated accounts.With reference to the projections of future cash flows,assumptions and parameters used for the purposes of assessing the recoverability of the goodwill,b

198、rands and Fineco domains recorded in the financial statements,it should be noted that the parameters and information used are significantly affected by the macroeconomic market framework,which could experience unforeseeable changes in light of the uncertainties highlighted above.In this regard,it sh

199、ould be noted that as at December 15th 2022,the Board of Directors approved the procedure adopted to determine the value in use of goodwill,brands and domains(model,assumptions and parameters used).The results,approved by the Board of Directors on 7 February 2023,confirm the sustainability of the go

200、odwill recorded in the financial statements,in none of the hypothesised scenarios would an impairment loss arise,confirming a value in use significantly higher than the carrying amount.Also the sensitivity analyses carried out show that the impairment test would reach a break-even level assuming cha

201、nges in the main parameters used in the valuation model that cannot be reasonably assumed at present.For further details on the impairment test and related sensitivity analyses,see Part B-Information on the consolidated balance sheet-Section 10-Intangible assets of these notes to the consolidated ac

202、counts.On the same date,the Board of Directors approved the method for determining the value in use of the investment in Vorvel Sim S.p.A.,formerly Hi-MTF Sim S.p.A.,(model,assumptions and parameters used),the results of which show a recoverable value higher than the value recorded in the financial

203、statements.It should be noted that the Group,specifically the Parent Company,owns one property for functional use and one for investment use both located in Italy.In order to assess whether there are any indications that the assets may be impaired,also considering the current uncertain environment,t

204、he Bank has requested appraisals from independent third-party companies from which no evidence has emerged that would lead to the need for impairment under IAS 36.With regard to actuarial gains/losses calculated in accordance with IAS 19R,related in particular to severance pay and FISC of personal f

205、inancial advisors,the actuarial assumptions used reflected the current economic outlook and resulted in a positive impact of 12.3 million,net of tax effect,on revaluation reserves.With reference to the application of IFRS 2 Share-based payments,it should be noted that no change has been made to the

206、estimated vesting of share-based payments.There was also no impact on the application of IFRS 2 Share-based payments,no change has been made to the estimated vesting of share-based payments,and regarding the recoverability of deferred tax assets.The amount of deferred tax assets recorded in the fina

207、ncial statements must be tested to verify that there is a likelihood of future taxable income that would allow their recovery.The test carried out at the close of the financial statements as of December 31st,2022,resulted in a positive outcome,revealing no uncertainty in this regard.It should be not

208、ed,however,that it cannot be ruled out that,by their nature,the estimates and assumptions reasonably made may not be confirmed in the actual future scenarios in which the Group will operate.Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202227Events during the period S

209、ignificant Entity ClassificationThe European Central Bank classified FinecoBank as a significant institution subject to direct supervision,effective January 1st,2022.The European Central Banks decision is motivated by exceeding the size threshold of significance of 30 billion,identified by Regulatio

210、n 468/2014(MVU).Shareholders Meeting On April 28th,2022,the FinecoBank Shareholders Meeting was held and resolved favorably on all items on the agenda.In the ordinary session,the resolutions concerned:approval of the Financial Statements for the year 2021 of FinecoBank S.p.A;appropriation of FinecoB

211、ank S.p.A.s fiscal year 2021 result;Report on the remuneration policy 2022;Report on compensation paid in fiscal year 2021;2022 Incentive System for Employees belonging to the Most Relevant Personnel;2022 Incentive System for Financial Advisors identified as Most Relevant Personnel;authorization to

212、purchase and dispose of treasury shares to service the 2022 PFA System.Related and Consequential Resolutions.At the extraordinary meeting,the resolutions concerned:the delegation to the Board of Directors,pursuant to Article 2443 of the Civil Code,of the power to resolve,also in several times and fo

213、r a maximum period of five years from the date of the shareholders meeting resolution,a free share capital increase,pursuant to Article 2349 of the Civil Code,for a maximum amount of 120,976.02(to be charged entirely to capital),with the issuance of up to 366,594 new ordinary FinecoBank shares with

214、a par value of 0.33 each,having the same characteristics as those in circulation and regular dividend entitlement,to be allotted to FinecoBanks Most Relevant Personnel 2022,for the purpose of executing the 2022 Incentive System;consequent amendments to the Articles of Association;the delegation to t

215、he Board of Directors,pursuant to Article 2443 of the Civil Code,of the power to resolve in 2027 a free share capital increase,pursuant to Article 2349 of the Civil Code,of up to a maximum of 35,671.35 corresponding to a maximum number of 108,095 ordinary FinecoBank shares with a par value of 0.33 e

216、ach,having the same characteristics as those in circulation,regular dividend entitlement,to be allotted to FinecoBanks 2021 Most Relevant Personnel,for the purpose of completing the execution of the 2021 Incentive System;consequent amendments to the Articles of Association.With reference to the allo

217、cation of FinecoBank S.p.A.s 2021 results,the Shareholders Meeting approved the proposals formulated by the Board of Directors,which provide,among other things,for the distribution to the Shareholders of a unit dividend of 0.39 per share,which was put up for payment,in accordance with the applicable

218、 laws and regulations,on May 25th,2022 with an ex-dividend date of May 23rd,2022.Pursuant to Article 83-terdecies of Legislative Decree No.58 of February 24,1998(TUF),those who were shareholders on the basis of the evidence of the accounts relating to the end of the accounting day of May 24th,2022 w

219、ere,therefore,entitled to receive the dividend.Capital increase of Vorvel SIM S.p.A.On May 10th,2022 the Shareholders Meeting of Vorvel SIM S.p.A.approved the capital increase in the total amount of 3.5 million,corresponding to a contribution of 0.7 million for each shareholder.FinecoBank subscribed

220、 to its own capital increase during May 2022,keeping its shareholding unchanged at 20%.It should be noted that Vorvel SIM S.p.A.adopted the current company name effective December 12nd,2022,instead the previous name Hi-Mtf SIM S.p.A.Repayment of TLTRO(Targeted Longer-Term Refinancing Operations)Fina

221、ncing In November 2022,the Parent Company repaid in advance and in full the two loans received under the Targeted Longer Term Refinancing Operations(TLTRO III)program in December 2020 and March 2021,respectively,for a total of 1,045 million.The repayment was made as a result of the changed monetary

222、policy scenario and in particular the change in the terms and conditions applied to the third series of the TLTRO program.In fact,the Governing Council of the ECB revised its stance in the second half of 2022 by significantly raising key interest rates and making considerable Consolidated report on

223、operations Summary data28 Accounts and Reports 2022 FinecoBankprogress in abandoning accommodative monetary policy measures.Specifically,on October 27th,2022,the ECB decided that from November 23rd,2022,and until the maturity or early redemption date of each respective outstanding TLTRO III,the inte

224、rest rate will be indexed to the average of the applicable ECB deposit rates for each operation during that period(and no longer referring as previously,to the entire life of the operation)and has therefore introduced new and additional dates for voluntary early repayment of amounts,so as to ensure

225、prompt and full possibility of exit from the program in the face of changing conditions and,consequently,their lower profitability.Establishment of Fineco International LTD On November 22nd,2022,the company Fineco International Ltd,based in Great Britain,was established.As of December 31st,2022,the

226、company,a wholly owned subsidiary of FinecoBank S.p.A.,was not operational,pending completion of the process at the British Supervisory Authority(Financial Conduct Authority)in order to obtain authorization to provide investment/financial services.As of December 31st.,2022,the above company was excl

227、uded from the scope of consolidation as it does not exceed the materiality thresholds defined in the Groups policy.Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202229Consolidated Own funds and capital ratios Data as at12/31/202212/31/2021Common Equity Tier 1 Capital(

228、thousand)987,099868,214Total Own Funds(thousand)1,487,0991,368,214Total risk-weighted assets(thousand)4,740,1494,617,709Ratio-Common Equity Tier 1 Capital20.82%18.80%Ratio-Tier 1 Capital31.37%29.63%Ratio-Total Own Funds31.37%29.63%Data as at12/31/202212/31/2021Tier 1 Capital(thousand)1,487,0991,368,

229、214Exposure for leverage(thousand)36,857,10734,045,310Leverage ratio4.03%4.02%The Groups prudential requirements as at December 31st,2022 were determined on the basis of the harmonized regulation for banks and investment firms contained in Directive 2013/36/EU(CRD IV)and in Regulation(EU)575/2013(CR

230、R)of June 26th,2013 and subsequent Directives/Regulations amending their content,in particular Directive(EU)878/2019(CRD V),Regulation(EU)876/2019(CRR II)and Regulation(EU)873/2020 of the European Parliament and of the Council(CRR Quick-fix),which transpose into the European Union the standards defi

231、ned by the Basel Committee on Banking Supervision(Basel III framework),collected and implemented by the Bank of Italy through Circular No.285 of December 17th,2013 Supervisory Provisions for Banks and subsequent updates.As at December 31st,2022 the Consolidated Own funds amounted to 1,487.1 million,

232、including the profit for 2022,equal to 428.5 million,net of dividends to be distributed totaling 299.2 million,which the Board of Directors will propose for approval at the Shareholders Meeting called for 27 April 2023,and foreseeable charges of 1.5 million,represented by the coupons,net of the rela

233、ted taxation,accrued on the Additional Tier 1 financial instruments issued by FinecoBank,assuming that the conditions provided for in Art.26(2),of EU Regulation 575/2013(CRR)are met.The increase in Risk-Weighted Assets in 2022 is mainly driven by credit risk,due to the growth of the business and,in

234、particular,to lending to customers and operational risk due to the update of the Relevant Indicator,with the inclusion of 2022 revenues and the exclusion of 2019 revenues.With reference to the capital requirements applicable to FinecoBank Group,it should be noted that,further to the Supervisory Revi

235、ew and Evaluation Process(SREP),the European Central Bank announced on December 14th,2022 the following capital requirements applicable to FinecoBank Group starting from January 1st,2023:These requirements are:8.02%of Common Equity Tier 1 ratio,including the Pillar II Requirement(P2R)equal to 0.98%;

236、9.85%of Tier 1 Ratio,including the P2R equal to 1.31%;12.29%of Total Capital Ratio including the P2R equal to 1.75%.It should be noted that until December 31st,2022,the additional capital requirements(P2R)for the Group were as follows:1.12%in terms of CET1,1.50%in terms of T1,and 2.00%in terms of To

237、tal Capital.Consolidated report on operations Summary data30 Accounts and Reports 2022 FinecoBankThe following is a summary of the capital requirements and reserves for the FinecoBank Group as at December 31st,2022.RequirementsCET1T1TOTAL CAPITALA)Pillar 1 requirements4.50%6.00%8.00%B)Pillar 2 requi

238、rements1.12%1.50%2.00%C)TSCR(A+B)5.62%7.50%10.00%D)Combined Buffer requirement,of which:2.54%2.54%2.54%1.Capital Conservation Buffer(CCB)2.50%2.50%2.50%2.Institution-specific Countercyclical Capital Buffer(CCyB)0.04%0.04%0.04%E)Overall Capital Requirement(C+D)8.16%10.04%12.54%As at December 31st,202

239、2,Group ratios are compliant with all the above requirements.As at December 31st,2022,the Financial Leverage ratio stands at 4.03%,a level higher than the applicable regulatory requirement of 3%.It should be noted that,as at December 31st,2022,the FinecoBank Group applied the provisions of Article 4

240、29 bis of the CRR,which allowed certain exposures to central banks to be excluded from the overall Leverage exposure in light of the COVID-19 pandemic.This temporary treatment is no longer applicable starting from April 1st,2022.Furthermore,it should be noted that at the end of the administrative pr

241、ocess related to the determination of the Minimum Requirement of Own Funds and Eligible Liabilities(MREL),in March 2023 FinecoBank received from the Bank of Italy and the Single Resolution Board the updated decision on the determination of the MREL,which replaces the previous decision communicated t

242、o the public in August 2021.Starting from 1 January 2024,FinecoBank shall comply,on a consolidated basis,with an MREL requirement equal to 18.91%of TREA(Total Risk Exposure Amount)-21.45%inclusive of the Combined Buffer Requirement-and equal to 5.25%of LRE(Leverage Ratio Exposure),ensuring a linear

243、build-up of own funds and eligible liabilities towards the requirements.It is recalled that the intermediate MREL LRE target on 1 January 2022 was set at 4.11%in the previous decision7.For the purpose of compliance with the requirement and the computation of other eligible liabilities issued by Fine

244、co,there is no subordinationrequirement in the issuance of eligible MREL instruments(e.g.senior unsecured)at the current stage.As at 31 December 2022,FinecoBank is above the requirements to be met from 1 January 2024.With respect to the initiatives put in place in 2020,which are still in force,pleas

245、e also note Regulation(EU)2020/873(CRR Quick-fix)of the EU Parliament and Council published on 26 June 2020 which updates the Regulation(EU)575/2013(“CRR”)and the Regulation(EU 876/2019(“CRR II”),introducing certain adjustments to the prudential regulatory framework in response to the COVID-19 pande

246、mic,allowing the credit institutions to apply specific transitional arrangements with the aim to support institution in their role in financing the real economy in the context of COVID-19 pandemic.In addition,the aforementioned Regulation anticipated the application of some measures contained in CRR

247、 II,which are therefore valid until the latter comes into force starting from June 28th,2021 The main measures,still in force,are:the introduction of a period of temporary treatment,from January 1st,2020 to December 31st,2022,during which institutions may remove from the calculation of their Common

248、Equity Tier 1 the amount of unrealized gains and losses accumulated since 31 December 2019 accounted for as fair value changes of debt instruments measured at fair value through other comprehensive income in the balance sheet,corresponding to exposures to central governments,to regional governments

249、or to local authorities referred to in Article 115(2)of CRR and to public sector entities referred to in Article 116(4)of CRR,excluding those financial assets that are impaired(Temporary treatment of unrealized gains and losses measured at fair value through other comprehensive income in view of the

250、 COVID-19 pandemic);Group decided not to make use of the temporary treatment as at December 31st,2022;the postponement until December 31st,2024 of the transitional arrangements which bring relief on CET1 from the impact of the higher expected credit loss provisions calculated according to the IFRS 9

251、 impairment model,phasing in this impact in CET1(“Temporary treatment for mitigating impact of the introduction of IFRS 9 on own funds”).The Group decided not to make use of the temporary treatment as at December 1st,2022;the reactivation of the temporary treatment of public debt issued in the curre

252、ncy of another Member State until December 31st,2024,which allows institutions to apply a more favorable risk weight,which gradually increases until the end of the transitional period,and is applicable to exposures to the central governments and central banks of Member States,where those exposures a

253、re denominated and funded in the domestic currency of another Member State(“Temporary treatment of public debt issued in the currency of another Member State”).This treatment had no impact on the Groups RWA as at December 31st,2022.For further details on the composition of own funds,changes during t

254、he period with reference to Risk-weighted Assets and Exposure for leverage purposes,please refer to the information contained in the document Public disclosure of the FinecoBank Group-Pillar III as at 31 December 2022 published on the Companys website .7 The previous decision set an MREL requirement

255、 of 18.33%of TREA and 5.18%of LRE.Consolidated report on operations Summary dataFinecoBank Accounts and Reports 202231Market share12/31/202212/31/2021Trading on Italian Stock Market(Assosim)Third party volumes traded on MTA26.44%26.08%Classification of third party volumes traded on MTA1st1st12/31/20

256、2212/31/2021Personal financial advisors(Assoreti)Stock volumes13.34%12.03%Stock Classification2nd3rd12/31/202212/31/2021Personal financial advisors(Assoreti)Net Sales volumes19.55%17.22%Net Sales Classification2nd2nd12/09/30/202212/31/2021Market share-Total Financial Assets2.07%2.16%Market share-Dir

257、ect Deposits1.57%1.62%Market share-Assets under Administration2.53%2.60%Some of the above figures refer to September 30th,2022 as they are the latest figures available.Business performance Consolidated report on operations 32 Accounts and Reports 2022 FinecoBankBusiness performancePerformance of tot

258、al financial assets Despite a particularly complex market phase,the solidity of the Groups growth path enabled it to achieve extremely robust funding results in 2022.This is a result that confirms,on the one hand,the effectiveness of a business model capable of coping with difficult market phases,an

259、d on the other,an ever-increasing propensity to invest on the part of a particularly evolved clientele.Indeed,customers appreciate the support of financial advisors for qualified advice,but also the efficiency of an integrated transactional platform.As at December 31st,2022 the balance of total fina

260、ncial assets(direct and indirect)amounted to 106,558 million down to 1.3%compared to December 31st,2021,due to the generalised correction in the markets,since the beginning of the year,leading to a negative market effect of -11,617 million.Total net sales recorded in 2022 were 10,259 million,in line

261、 with the result of 2021,albeit with a different composition.The quality of sales was confirmed through continuous refinement of the offer considering the difficult market environment.At the end of 2022 the balance of total financial assets(Assets Under Management-AUM and Assets Under Custody-AUC)am

262、ounted to 75,988 million,down from 78,420 million of December 31st,2021,due to the above-mentioned correction in the markets since the beginning of the year.In fact,net sales during the period were positive and amounted to 9,185 million.The balance of direct deposits from customer registered a growt

263、h of 3.6%compared to the end of the previous year,reaching 30,570 million.The growth in direct deposits is driven by the high appreciation degree of the quality of services offered by the Group indeed the preponderant amount of direct deposits is of a transactional nature,supporting the overall oper

264、ations of customers.The table below shows the figures for the balance of direct and indirect deposits of the Banks customers,including both those linked to a personal financial advisor and those operating exclusively through the online channel.Total financial assets(Amounts in thousand)Amounts as at

265、Amounts as atChanges12/31/2022Comp%12/31/2021Comp%Absolute%Current accounts and demand deposits30,569,87628.7%29,495,29127.3%1,074,5853.6%Time deposits and reverse repos-0.0%10.0%(1)-100.0%DIRECT DEPOSITS30,569,87628.7%29,495,29227.3%1,074,5843.6%Segregated accounts318,1150.3%329,7100.3%(11,595)-3.5

266、%UCITS and other investment funds33,827,30931.7%38,052,64535.3%(4,225,336)-11.1%Insurance products15,595,41214.6%14,962,87613.9%632,5364.2%Asset under custody and Direct deposits under advisory2,331,8022.2%2,104,9952.0%226,80710.8%ASSETS UNDER MANAGEMENT BALANCE52,072,63848.9%55,450,22651.4%(3,377,5

267、88)-6.1%Government securities,bonds and stocks23,915,35622.4%22,969,89521.3%945,4614.1%ASSETS UNDER CUSTODY23,915,35622.4%22,969,89521.3%945,4614.1%TOTAL FINANCIAL ASSETS106,557,870100.0%107,915,413100.0%(1,357,543)-1.3%of which Guided products&services40,221,02437.7%42,304,15439.2%(2,083,130)-4.9%I

268、t should be noted that the percentage reported for Guided products&Services,which is equal to 37.7%as at December 31st,2022,is calculated by comparing their amounts with total financial assets amounts.Business performance Consolidated report on operations FinecoBank Accounts and Reports 202233The ta

269、ble below shows the figures for net direct sales,assets under management and assets under administration during the 2022 compared with the same period of the previous year,for both customers linked to a personal financial advisor and online-only customers.Net sales(Amounts in thousand)YearComp%YearC

270、omp%Changes20222021Absolute%Current accounts and demand deposits1,074,58510.5%1,481,51613.9%(406,931)-27.5%Time deposits and reverse repos(1)0.0%(211)0.0%210-99.5%DIRECT DEPOSITS1,074,58410.5%1,481,30513.9%(406,721)-27.5%Segregated accounts29,2980.3%106,5541.0%(77,256)-72.5%UCITS and other investmen

271、t funds1,718,16616.7%4,370,51141.0%(2,652,345)-60.7%Insurance products1,288,81912.6%2,660,32925.0%(1,371,510)-51.6%Asset under custody and Direct deposits under advisory542,6515.3%156,4571.5%386,194246.8%ASSETS UNDER MANAGEMENT3,578,93434.9%7,293,85168.5%(3,714,917)-50.9%Government securities,bonds

272、and stocks5,605,74954.6%1,875,91517.6%3,729,834198.8%ASSETS UNDER ADMINISTRATION5,605,74954.6%1,875,91517.6%3,729,834198.8%NET SALES10,259,267100.0%10,651,071100.0%(391,804)-3.7%of which Guided products&services3,491,74834.0%6,793,94363.8%(3,302,195)-48.6%It should be noted that the percentage repor

273、ted for Guided products&Services,which is equal to 34%as at December 31st,2022,is calculated by comparing their amounts with total net sales amounts.Business performance Consolidated report on operations 34 Accounts and Reports 2022 FinecoBankPerformance of main income statement aggregates Revenues

274、amounted to 947.6 million,registering a 17.9%increase compared to the 803.8 million recorded in 2021,mainly thanks to the contribution of Financial margin,which grew by 112.2 million(+40.1%y/y),Net fee and commission income up by 14.8 million(+3.3%y/y)and Net trading,hedging and fair value income up

275、 by 15.6 million(+21%y/y).Financial margin amounted to 392.2 million,up by 40.1%compared to 2021,thanks to contribution of net interests,amounted to 342.8 million and registered an increase of 94.9 million over 2021(+38.3%y/y),mainly supported by the increase in market interest rates.The average gro

276、ss rate on the interest-earning assets stood at 1.03%(0.79%on 31 December 20217).Profits from Treasury also contributed to the growth in Financial Margin,which amounted to 49.4 million,up 17.3 million from 2021(+53.7%y/y).Net fee and commission income amounted to 465.6 million and showed an increase

277、 of 14.8 million compared to the previous year(+3.3%y/y),mainly attributable to commissions generated by Investing(+33 million)thanks to the increase in average assets under management,generated by net sales,and to the greater contribution of Fineco AM.During 2022,the subsidiary Fineco AM generated

278、net commissions of 139 million.There was also growth in commissions generated by the Banking segment(+7.5 million)due to the positive contribution of net fees generated by payment systems,while net commissions relating to the Brokerage segment decreased(-25.7 million),influenced by low volumes and l

279、ow markets as well as a different order mix.Net trading,hedging and fair value income amounted to 89.9 million and showed an increase of 15.6 million compared to previous year.This item consists mainly of profits realised by the Brokerage segment,which includes internalisation of securities and regu

280、lated/OTC derivatives,financial instruments used for operational hedging of securities and internalised derivatives and the exchange differences on assets and liabilities denominated in currency.The item also includes the ineffectiveness component of hedging transactions,in the amount of 12.2 millio

281、n,determined by the application of different curves for the fair value valuation of derivative contracts hedging interest rate risk and hedged items as part of fair value hedge transactions.Operating costs highlight an increased by 21.9 million compared to the previous year(+7.7 million for“Staff ex

282、penses”,+13.6 million for“Other administrative expenses net of Recovery of expenses”and+0.6 million for“Impairment/write-backs on intangible and tangible assets”).The 8.5%increase in operating costs is mainly determined by expenses closely linked to the growth of the business(assets,volumes,customer

283、s and structure),certified by a cost/income ratio of 29.6%(32.2%at December 31st,2021)confirming the Groups strong operating leverage and widespread corporate culture of cost management.Net write-downs of loans and provisions for guarantees and commitments in 2022 amounted to-3.1 million(-1.7 millio

284、n in 2021)and benefit from write-backs due to the improvement of the macroeconomic scenario in the amount of 1.5 million(+2 million in 2021),determined on the basis of the evidence resulting from the IFRS9 impairment models.The cost of risk is 4 basis point.Other charges and provisions amounted to 5

285、7.8 million,up 15.7%on 2021.Specifically,there was an increase in the contributions paid to the Interbank Deposit Guarantee Fund under the Deposit Guarantee Scheme(DGS)totalling 40 million compared to 32.3 million paid in the previous year.In addition,in 2022 the ordinary annual contribution require

286、d for the year 2022,in accordance with Directive 2014/59/EU(Single Resolution Fund),was recognised in the amount of 7.6 million(5.8 million for 2021).It should be noted that,in 2021,the additional contributions to the National Resolution Fund pursuant to Article 1,paragraph 848,of Law no.208/2015 re

287、called by the Bank of Italy from the banking system,in the amount of 1.9 million.The Net income from investments stood at-1.6 million showing a decrease of 2.6 million compared to 2021 and include impairment losses due to the improvement in the macroeconomic scenario for an amount of approximately 1

288、.4 million(write-backs 3.1 million were recognised in 2021),determined on the basis of the evidence resulting from the IFRS9 impairment models.The item also includes the gain of 0.6 million recorded as a result of the sale of the investment property held by the Parent Company realised in 2022.Profit

289、 before tax from continuing operations amounted to 604.4 million,up 22.2%compared to the previous year,mainly thanks to higher Financial margin,Net fee and commission income,Net trading,hedging and fair value income partially offset by an increase in Operating costs and higher systemic charges recog

290、nised in Other charges and provisions.Excluding the non-recurring items 2022 mentioned before8,the Profit before tax from continuing operations would record a growth of 22.2%compared to 2021 net of non-recurring items9,standing at 604.8 million.Regarding Income Taxes for the year,it should be noted

291、that,in 2021,the item included the tax benefit of 32 million,resulting from the goodwill realignment operation under Article 110 of Decree Law 104/2020.7 The figure differs from the one published in the 2021 Annual Report because a change was made in the 2022 for the purpose of a better presentation

292、.8 Cancellation of the exposure in equity securities versus the Voluntary Scheme established by the Interbank Fund for the Protection of Deposits for an amount of-0.5 million(gross of the tax effect).9 Change in fair value of the exposure in equity securities versus the Voluntary Scheme established

293、by the Interbank Fund for the Protection of Deposits for an amount of-0.7 million(gross of the tax effect).Business performance Consolidated report on operations FinecoBank Accounts and Reports 202235The Net profit for the year amounted to 428.5 million,showing an increase of 12.6%compared to 380.7

294、million of the previous year.Excluding the non-recurring items recorded in 2022 mentioned before10,the Net profit for the year should be 428.8 million,up 22.8%compared to 2021 net of non-recurring items11.Performance of main balance sheet aggregates Cash and cash balances amounted to 1,469.7 million

295、 up by 5.5 million from December 31st,2021(1,464.2 million).The item consisted mainly from the overnight deposit opened at the Bank of Italy,in the total amount of 1,197 million,in addition to the liquidity deposited with the Bank of Italy net of the stock related to the minimum reserve requirement

296、allocated for the current reporting period,which is represented in the item Loans to banks,in the amount of 0.7 million,as well as liquidity deposited on current accounts with credit institutions for the settlement of payment transactions,for the settlement of securities transactions,for the managem

297、ent of the liquidity of UK customers and for the management of Fineco AMs liquidity,for an amount of 272 million.Loans and receivables with banks came to 426.7 million,show an increase of 46.8 million compared to December 31st,2021 mainly due by the growth in variation margins with credit institutio

298、ns for derivative and other financial instruments transactions.Loans and receivables with customers came to 6,445.7 million,show an increase of 444.1 million compared to December 31st,2021 thanks to the growth in lending activity.During 2022,276 million in personal loans and 378 million in mortgages

299、 were granted and 1,128 million in current account overdrafts were arranged,with an increase in exposures in current account of 292 million;this has resulted an overall 9.2%aggregate increase in loans to ordinary customers compared to December 31st,2021.Impaired loans net of impairment losses totall

300、ed 3.5 million(4.4 million as at December 31st,2021),with a coverage ratio of 86%.The ratio between impaired loans and total loans to ordinary customers was confirmed equal to 0.06%(0.08%as at December 31st,2021).Financial investments came to 24,634 million,up 73.7 million compared to December 31st,

301、2021.They include the negative valuation of fixed-rate securities specifically hedged against interest rate risk,which show a decrease of-1,314 million compared to December 31st,2021,attributable to the growth of the curve based on the Euribor rate used for the fair value measurement of hedged items

302、 with reference to the hedged risk.The carrying amount of the debt securities issued by the UniCredit S.p.A.amount to 1,681.3 million,down compared to 3,856.4 million recorded as at December 31st,2021 due to the repayment of securities maturing during 2022.The purchases made by the Group during 2022

303、 mainly concerned securities issued by sovereign States(mainly Italy and Spain).Hedges recognised as assets in the balance sheet amounted to 1,424.7 million,an increase of 1,298.8 million compared to December 31st,2021.They include the positive fair value valuation of hedging derivatives and the val

304、ue adjustment of assets subject to generic hedging,represented by fixed-rate mortgages.Hedges recognised as liabilities in the balance sheet amounted to-3.2 million,a decrease of 68.4 million compared to December 31st,2021.They include the negative fair value measurement of hedging derivatives and t

305、he value adjustment of liabilities subject to generic hedging,represented by direct funding from customers.The positive change from December 31st,2021 is mainly attributable to the increase in the fair value of derivative contracts hedging securities and mortgages,which provide for the payment of th

306、e fixed rate and the collection of the indexed rate,as a result of the increase in the Euribor-based curve,partially offset by the decrease in the fair value of derivative contracts to hedge direct funding from customers,which,on the contrary,provide for the payment of the indexed rate and the colle

307、ction of the fixed rate.The valuation of the hedged items,as a result,evolved in the opposite direction,recording a negative change in assets subject to generic hedging represented by mortgages and a positive change in the liabilities subject to generic hedging.It should be noted that the negative c

308、hange recorded by securities specifically hedged,is shown in Other Financial investments item,as described above.Tax credits acquired include the carrying amount of tax credits purchased under Decree-Law 34/2020,for a carrying amount of 1,093.3 million,up 584.5 million compared to December 31st,2022

309、.They include both tax credits purchased because of assignment by direct beneficiaries and purchased as a result of assignment by previous purchasers.Deposits from banks totaled 1,667.2 million,up 452 million compared to December 31st,2021,as a result of the increase in variation margins received fo

310、r derivative transactions(+1,528.5 million),related to the positive change in fair value recorded by the hedging derivative contracts described above,partially offset by the early repayment of the two tranches of the TLTRO III program.On November 23rd,2022,the Parent Company early repaid both tranch

311、es of loans received in December 2020 and March 2021,respectively,for a total of 1,045 million.Deposits from customers came to 31,659.6 million,up 1,847.9 million compared to December 31st,2021,due to the growth in direct deposits on current accounts from customers(+1,074.6 million)and repurchase tr

312、ansactions carried out by the parent company treasury on the Repo MTS market(+826 million).Debt securities in issue,amounting to 497.9 million,exclusively include the Senior Preferred Bond issued by FinecoBank in October 2021.Shareholders equity amounted to 1,910.4 million,up 183.6 million compared

313、to December 31st,2021,attributable mainly to the profit earned in the 2022,equal to 428.5 million,partially offset by the payment of dividends for 2021,in the amount of 237.9 million,and the payment of coupons on AT1 instruments,in the amount of 19.8 million.Shareholders equity also benefited from t

314、he positive change in valuation reserves,in the amount 10 Cancellation of the exposure in equity securities versus the Voluntary Scheme established by the Interbank Fund for the Protection of Deposits for an amount of-0.3 million(gross of the tax effect).11 Tax benefit arising from the tax realignme

315、nt of goodwill carried out by FinecoBank,as provided for in Article 110 of Legislative Decree 104 of 2020,in the amount of 32 million,and change in the fair value of the equity exposure to the Voluntary Scheme established by the Interbank Fund for the Protection of Deposits in the amount of -0.5 mil

316、lion(net of tax effect).Business performance Consolidated report on operations 36 Accounts and Reports 2022 FinecoBankof 8 million,and from the increase in the reserve related to Equity Settled plans due to the recognition,during the vesting period of the instruments,of the economic and equity effec

317、ts of the share-based payment agreements settled with FinecoBank ordinary shares,in accordance with IFRS 2,in the amount of 5.6 million.Finally,treasury shares were purchased to service incentive schemes in favour of personal financial advisors for a total of 0.8 million.Business performance Consoli

318、dated report on operations FinecoBank Accounts and Reports 202237Communications and external relations In 2022,global inflationary pressures,together with interest rate interventions by central banks,were among the main topics analysed by the media.Fineco was a protagonist of these in-depth reports

319、on several occasions,through interviews with the banks leading figures.Advertising campaigns to support the advisory and investment segment were constant throughout the year.In the latter part of 2022,communication activity was strengthened not only on digital channels but also on TV,with a final ad

320、vertising flight to support the acquisition and awareness of Finecos investment solutions in global markets.Marketing and communication activities in the UK focused on increasing the Banks presence in in-depth coverage of financial issues in the UK trade media,starting with its commitment to sustain

321、ability.Constant attention was paid to the production of analysis on the fintech segment,and several partnerships were developed with trading publications to analyse the performance of the most traded securities on the platform.In this way,accreditation activity towards the UK media continued,highli

322、ghting Finecos positioning not only as an advanced trading platform,but as a complete solution for all financial needs.With reference to the main solidarity initiatives,the FinecoBank Group was committed to supporting the efforts of associations active in Ukraine,particularly in caring for the weake

323、r segments of the population.A first project,Insieme a Soleterre per lemergenza Ucraina”(“Together with Soleterre for the Ukraine emergency”),saw the Banks participation alongside its customers to finance the treatment of underage cancer patients in a territory devastated by war.The second initiativ

324、e,launched with AiBi “Associazione Italiana Amici dei Bambini”(Italian Association Friends of Children),concerned the care and support of families and children victims of the war in Ukraine and the support of refugees from the conflict arriving in Moldova.A fundraising campaign was also launched thr

325、ough the Fineco website,thanks to which over one million euros were raised.Also in 2022,the Group continued its commitment to supporting the community through donations and support to foundations and non-profit associations with the objectives of improving the quality of life of people suffering fro

326、m serious illnesses and their families,favouring the creation of protected spaces to combat marginalisation,isolation,educational,affective and cultural poverty of children in disadvantaged suburbs and,in general,of families in conditions of low income,hardship or vulnerability.The activity of the c

327、onsultants was accompanied by a special focus both at a territorial level,through articles and editorials published in local newspapers to illustrate the services available to families and private customers,and at a national level,highlighting the growth of the consultancy network and supporting rec

328、ruitment activities with numerous articles and interviews with area managers to announce new recruits.As part of the Reputation Management program-which involves the ongoing monthly measurement by Reputation Institute12 of the companys reputation among a representative sample of the Italian populati

329、on(General Public)-FinecoBanks reputational index recorded a further increase compared to the all-time highs reached in 2020,placing Finecos customer satisfaction levels at 95%.FinecoBank was confirmed as Top Employer Italy again in 2022,thanks to the attention devoted to the enhancement of resource

330、s and the development of skills,fostering a positive and stimulating working environment.Lastly,FinecoBank continued to support the initiatives organised by TEDxMilano,concretising its commitment by supporting the TEDx Global event on climate change:Countdown.A highly topical theme that saw numerous

331、 speakers from a variety of sectors speak and raise awareness of the urgency of the fight against climate change,a mission that the Group shares.Main environmental protection initiatives The Group confirmed its important collaboration with FAI “Fondo Ambiente Italiano”(“Italian Environment Fund”).Fi

332、necoBank has continued to be a Corporate Golden Donor of FAI since 2017,a qualification that rewards the companies most active in the field of culture and protection of the territorys artistic heritage.Moreover,as in 2021,Fineco was the main sponsor of the FAI Spring Days and the FAI Autumn Days in

333、the 2022 edition,the biggest street festivals dedicated to Italys cultural heritage and landscape,with more than 1,000 extraordinary openings during weekends in hundreds of Italian cities.The project launched by the Municipality of Milan,Care for and Adopt Public Green Areas,continued with a collaboration for the redevelopment of urban green areas in the Lombard capital,in the area between Corso C