Table of Contents
Cutting our numbers further due to increasing pressures on
Italian banks’ revenues ............................................................3
1. Net interest income: margin pressure to start from Q109 7
2. Fees and commissions, negative AUM trends adding
pressure ..................................................................................20
Unicredito................................................................................26
ISP............................................................................................31
Banco Popolare ......................................................................35
Mediobanca.............................................................................39
MPS..........................................................................................43
UBI ...........................................................................................47
BPM .........................................................................................51