Profitable in all four quarters despite impact of transformation and COVID-19
• Full-year net profit of 624 million euros; profit before tax of 1.0 billion euros
• Fourth-quarter 2020 net profit of 189 million euros Significant growth in Core Bank profitability in 2020
• Profit before tax of 3.2 billion euros, up six-fold over 2019
• Adjusted profit before tax1 up 52% to 4.2 billion euros
• Fourth quarter profit before tax of 591 million euros versus prior year loss Revenue growth continued into the fourth quarter
• Full year 2020 Group net revenues rose 4% to 24.0 billion euros
• Fourth quarter Group net revenues grew 2% to 5.5 billion euros
• Core Bank full year net revenues up 6% to 24.3 billion euros Cost reduction remains on target
• Noninterest expenses down 15% to 21.2 billion euros for the year and down 21% to 5.0 billion euros in the fourth quarter
• 2020 adjusted costs, ex-transformation charges1 and Prime Finance-related reimbursable expenses down 9% to 19.5 billion euros, on target, and down 8% to 4.6 billion euros in the fourth quarter
• Twelve successive quarters of year-on-year reductions in quarterly adjusted costs ex-transformation charges1 and bank levies
• 85% of transformation effects1 anticipated through 2022 fully recognised Capital Release Unit maintains progress on de-risking
• Risk weighted assets of 34 billion euros at year-end, down 25% in 2020
• Leverage exposure of 72 billion euros, down 43% during the year
• 2020 loss before tax of 2.2 billion euros, versus 3.2 billion euros in 2019 Continued disciplined management of capital, risk and balance sheet
• Common Equity Tier 1 ratio strengthened to 13.6% in fourth quarter
• Liquidity reserves of 243 billion euros, up 21 billion euros year-on-year
• Provision for credit losses of 251 million euros in the fourth quarter and 1.8 billion euros, 41 basis points of average loans, for the full year
