Banca Monte dei Paschi di Siena S p A : Presentazione Analisti 2° TRIM / 6M Esercizio 2023

A Clear and Simple Commercial Bank

2Q 23 Results

Siena, 4th August 2023

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Pursuant to paragraph 2, article 154-bis of the Consolidated Finance Act, the Financial Reporting Officer, Mr. Nicola Massimo Clarelli, declares that the accounting information contained in this document corresponds to the document results, books and accounting records.

2

2Q23 & 1H23 Executive Summary

• 2Q23 net profit at EUR 383mln, up 63% q/q underpinned by an acceleration of the operating performance, leading 1H23 net profit to EUR 619mln (~12x vs 1H22)
• 1H23 net operating profit at EUR 734mln, 2.9x vs 1H22, with strong contribution of 2Q23 (EUR 426mln, +37.9% q/q), thanks to higher core revenues, continuous focus on cost discipline and stable cost of risk
• Ongoing NII increase, +14.6% q/q driven by improved commercial spread and lower impact from ECB net position; fees up (+2.0% q/q) thanks to banking fees up 4.4% q/q and resilient wealth management continuing fees
• Structural costs decrease confirmed also in 2Q23 (-3.3% q/q) mainly thanks to savings in Non-HR costs (down 8.2% q/q), 1H23 down 14.9% thanks to both lower HR costs and Non-HR costs; cost/income at 49% in 1H23 (46% in 2Q23)
• Gross NPE ratio proforma at 4.0% (vs 4.1% in 1Q23) following a EUR 0.2bn NPE disposal, with proforma coverage ratio at 49.8%, higher compared to year-end 2022; 1H23 cost of credit stable at 54bps
• CET1 FL ratio at 15.9%, more than 90bps increase vs 1Q23 thanks to organic capital generation; buffer of more than 500bps on Tier 1 ratio requirement
• Sound deposit base over time, with total commercial savings(1) up 0.9% q/q and 2.2% YTD. LCR >180% (post TLTRO June reimbursement) and NSFR >130%

(1) Direct and indirect funding

3

Net profit

Quarterly evolution		Yearly evolution

€/mln

+62.6%

	383
236
1Q23	2Q23

€/mln

11.7x

	619
53
1H22	1H23

• 2Q23 net profit at EUR 383mln vs EUR 236mln in 1Q23, up 63% q/q, underpinned by an acceleration of the operating performance
• 1H23 net profit at EUR 619mln, ~12x vs 1H22

2022 figures has been restated to take into account the effects of the adoption of IFRS 17 and IFRS 9 on
the insurance associates	4

Net operating profit

Quarterly evolution

€/mln

+37.9%

	426
309
1Q23	2Q23

Yearly evolution

€/mln	2.9x
	734
255
1H22	1H23

• 2Q23 net operating profit at EUR 426mln, up 37.9% q/q, thanks to higher core revenues, continuous cost discipline and stable cost of risk
• 1H23 result incorporates more pronounced growth, 2.9x vs 1H22

2022 figures has been restated to take into account the effects of the adoption of IFRS 17 and IFRS 9 on
the insurance associates	5