Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Q1 2009 Earnings Presentation
77 slides from Dexia Holding SA's earnings presentation, May 13, 2009
Slide 1: 1Q 2009 Results
1Q 2009 Results Pierre Mariani, CEO Philippe Rucheton, CFO May 13, 2009
Slide 2: Disclaimer
Disclaimer This presentation and the information contained herein are provided for information purposes only and may not be complete. It does not constitute an offer to sell or the solicitation to buy any securities issued by Dexia or any entity of the Dexia Group. This presentation may include futu
Slide 3: Agenda
Agenda CEO Key Messages 1Q 2009 Results Highlights Progress on Transformation Plan 1Q 2009 Group Results 1Q 2009 Business Line Results Conclusion Appendices 3
Slide 4: 1Q 2009 Results Back to profitability
1Q 2009 Results Back to profitability Quarterly group results EUR m 532 • Positive results in 1Q09 289 251 • 1Q09 highlights the resiliency of Dexia in a challenging environment • No major one-off shock suffered in 1Q09 • Financial crisis impact of -1,544 EUR -419 m • Quality of the asset base is co
Slide 5: 1Q 2009 Public & Wholesale Banking Performance
1Q 2009 Public & Wholesale Banking Performance Confirmed solidity and profitability of PWB activities Rapid refocus on core Resilient business Profitable markets 11 462 198 395 8 89% 146 76% 42% 2 1Q08 4Q08 1Q09 1Q08 1Q09 1Q08 1Q09 PWB production (EUR bn) PWB income (EUR m) PWB net income (EUR m) %
Slide 6: 1Q 2009 Retail & Commercial Banking Performance
1Q 2009 Retail & Commercial Banking Performance Good commercial and financial results RCB deposits RCB net income EUR bn EUR m 75 76 73 156 138 31/03/08 31/12/08 31/03/09 1Q08 1Q09 Belgium Luxembourg Turkey Other 6
Slide 7: 1Q 2009 Asset Management & Services Performance
1Q 2009 Asset Management & Services Performance Significant impact of the market turmoil Net income contributions Evolution of assets EUR m 2.7 47 17 22 1.8 2 0 Asset Mgt Investor Services Insurance 102 73 20 19 AUM (EUR bn) Life reserves (EUR AuA (USD trn) bn) 1Q08 1Q09 -130 31/03/08 31/03/09 7
Slide 8: Asset Quality and Cost of Risk (1)
Asset Quality and Cost of Risk (1) Proven resiliency of asset base in 1Q09 Group total assets by nature As of Mar 09 • Bond portfolio in run-off: 99% investment Eur bn Total: 636 grade, no impairment in 1Q09 • Financial Products Portfolio: EUR 35 m Cash , 60 net impairments in 1Q09 Bond • RCB loans:
Slide 9: Asset Quality and Cost of Risk (2)
Asset Quality and Cost of Risk (2) Evolution of the cost of risk by business line Cost of risk PWB (bps) Cost of risk RCB (bps) 7 Belgium&Lux. 403 Turkey RCB 227 174 3 3 2 2 118 111 80 52 27 24 35 10 7 9 15 18 1Q08 2Q08 3Q08 4Q08 1Q09 1Q08 2Q08 3Q08 4Q08 1Q09 Expressed on average customer loans, inc
Slide 10: Agenda
Agenda CEO Key Messages 1Q 2009 Results Highlights Progress on Transformation Plan 1Q 2009 Group Results 1Q 2009 Business Line Results Conclusion Appendices 10
Slide 11: Update on Closing of FSA Insurance Sale to Assured
Update on Closing of FSA Insurance Sale to Assured Improvement in the Group’s risk profile • States guarantee from Belgium and France on Financial Products is now finalized and includes a number of new developments • The clearance of the deal by rating agencies, as well as legal documentation of the
Slide 12: States Guarantee on Financial Products Portfolio: Scope and cost
States Guarantee on Financial Products Portfolio Scope and cost of the guarantee Liquidity guarantees • Cover collateral posting obligations related to GIC liabilities and an event of default on credit lines granted Liquidity guarantees to FSAM* by Dexia • Guarantees expiring in October 2011 • Cost
Slide 13: States Guarantee: High quality uncovered assets
States Guarantee on Financial Products Portfolio High quality uncovered assets still benefit from first loss mechanism Assets not covered by the Guarantee (USD m) • USD 4.5 bn of FP assets were excluded AAA AA A BBB Total from the guarantee’s scope Agency debt/FDIC 1,881 1,881 or Gvt guaranteed • De
Slide 14: States Guarantee on Financial Products Portfolio Conclusion
States Guarantee on Financial Products Portfolio Conclusion • The States guarantee on Financial Products is key to complete the sale of FSA Insurance to Assured, which is a major step in Dexia’s Transformation Plan • Its overall cost is estimated at USD 80-100 m for the second half of 2009, USD 150
Slide 15: Balance Sheet Deleverage
Balance Sheet Deleverage Reducing size of bond portfolios, limiting new loan production Group assets by category EUR bn • First results of deleveraging 651 -15 636 efforts in a challenging 22 25 environment. Total assets 55 54 down by EUR 15 bn since Dec. 64 60 Other assets 2008 141 131 Derivatives
Slide 16: Ongoing Improvement of Group Liquidity
Ongoing Improvement of Group Liquidity Benefit of States guarantee Current situation Next steps • Further improvement of access to short term liquidity • Reopening of long term covered bond • 85% of long-term funding budget completed, markets with EUR 21 bn issues at end-April 09 • Revised long term
Slide 17: Adaptation of the Cost Base
Adaptation of the Cost Base Cost savings program on track Quarterly trend in group expenses* Cost savings program EUR m EUR m 600 49 181 977 954 13 918 940 854 200 1Q08 2Q08 3Q08 4Q08 1Q09 2009 2011 restructuring charges costs excl. restructuring charges * Excluding FSA Insurance 17
Slide 18: Agenda
Agenda CEO Key Messages 1Q 2009 Group Results Group P&L, Impacts of the Financial Crisis AFS Reserve and Bond Portfolios in Run-Off Solvency 1Q 2009 Business Line Results Conclusion Appendices 18
Slide 19: Financial Highlights
Financial Highlights • Net profit of EUR 251 m in 1Q09 • Financial crisis impact of EUR -419 m in 1Q09 mainly related to impairments & losses on insurance portfolios, CVA Group on monolines, and adjustments on the net loss on FSA sale Performance • Quality of Portfolios confirmed in 1Q09 • Negative
Slide 20: Agenda
Agenda CEO Key Messages 1Q 2009 Group Results Group P&L, Impacts of the Financial Crisis AFS Reserve and Bond Portfolios in Run-Off Solvency 1Q 2009 Business Line Results Conclusion Appendices 20
Slide 21: 1Q 2009 Reported Results
1Q 2009 Reported Results Profitable quarter, despite EUR -419 m financial crisis impact Impact crisis (EUR m) 1Q08 1Q09 Var* 1Q09 Income 1,499 1,703 13.6% -508 Expenses -942 -896 -4.9% 0 Gross operating income 557 807 44.9% -508 Cost of risk -288 -409 42.0% -39 Pre-tax income 270 398 47.4% -547 Net
Slide 22: 1Q 2009 Results Excluding FSA Inc.
1Q 2009 Results Excluding FSA Inc. (EUR m) 1Q08 1Q09 Var* Income 1,733 1,331 -23.2% o/w income excl. Crisis impact 1,743 1,839 5.6% Expenses -918 -867 -5.5% o/w expenses excl. Crisis impact -918 -867 -5.5% Gross operating income 815 464 -43.1% o/w gross op. income excl. Crisis impact 825 972 17.8% C
Slide 23: EUR -419 m Financial Crisis Impact in 1Q 2009
EUR -419 m Financial Crisis Impact in 1Q 2009 Major item: insurance impairments Revenues Cost of risk (EUR m) Net income (before tax) (before tax) FSA -116 -35 -83 FSA Financial Products -22 -35 -57 Adjustment deferred taxes - - +67 Adjustments on provisions sale of FSA Inc. -94 - -94 Impairments an
Slide 24: Quarterly Results Excluding Crisis Impact and FSA Inc.
Quarterly Results Excluding Crisis Impact and FSA Inc. Resilient revenues, beginning of cost reductions 1Q 2009 net income excl. crisis and FSA Inc.: EUR 670 m Revenues Expenses Cost of risk (EUR m) (EUR m) (EUR m) 1,934 181 158 1,837 1,839 49 1,743 1,744 977 13 940 954 918 854 91 97 79 56 1Q08 2Q08
Slide 25: Agenda
Agenda CEO Key Messages 1Q 2009 Group Results Group P&L, Impacts of the Financial Crisis AFS Reserve and Bond Portfolios in Run-Off Solvency 1Q 2009 Business Line Results Conclusion Appendices 25
Slide 26: AFS Reserve – 1Q 2009 Evolution
AFS Reserve – 1Q 2009 Evolution EUR 0.8 bn increase in negative AFS in 1Q09 Evolution of AFS reserve • Following the reclassification of AFS (EUR bn) assets to Loans & Receivables in 4Q08, 31/12/08 31/03/09 part of the AFS reserve was “frozen” as of 1/10/2008 'Frozen' 'Frozen' • The “frozen” AFS res
Slide 27: Bond Portfolios in Run-Off, Excluding FP
Bond Portfolios in Run-Off, Excluding FP 99% investment grade By asset class Other (EUR 157 bn) 4% ABS & MBS • Includes former Public Bonds and Credit 24% Spread Portfolios, TFM trading portfolios March 09 • EUR 2 bn net sales in 1Q09 Public sector & sovereign • Average life of 11 years 39% Banks •
Slide 28: FSA's Financial Products Portfolio, in Run-Off
FSA’s Financial Products Portfolio, in Run-Off By asset class (USD 16.6 bn / • Portfolio reclassified in L&R in Dexia IFRS EUR 12.5 bn) accounts Public related 24% • Frozen AFS reserves related to FP portfolio amount to circa USD 3.5 bn (EUR 2 bn) Other ABS 7% March 09 RMBS 69% • Net impairments in
Slide 29: Agenda
Agenda CEO Key Messages 1Q 2009 Group Results Group P&L, Impacts of the Financial Crisis AFS Reserve and Bond Portfolios in Run-Off Solvency 1Q 2009 Business Line Results Conclusion Appendices 29
Slide 30: Weighted Risks: Stability of RWA
Weighted Risks Stability of RWA Weighted risks EUR bn • Quarterly stability in RWA, despite the 152.8 153.3 appreciation of the USD vs. the EUR 10.3 10.3 and the negative rating migration of 3.1 3.8 group portfolios 129.4 120.7 121.7 9.1 • Annual increase in RWA largely 9.1 9.1 5.7 5.7 explained by
Slide 31: Solvency: Core Tier 1 of 9.8%
Solvency Core Tier 1 of 9.8% • All impacts from the sale of FSA Tier 1 ratio and core Tier 1 ratio Insurance and prudential consolidation of FP were taken into account in 4Q08 14.5% • Dexia Tier 1 ratio protected against 11.4% further FP losses since 31/12/2008 11.2% 10.6% 10.7% • Core capital contr
Slide 32: Agenda
Agenda CEO Key Messages 1Q 2009 Group Results 1Q 2009 Business Line Results Conclusion Appendices 32
Slide 33: New Segmentation as from 2009
New Segmentation as from 2009 Composition of business lines Public & Wholesale Retail & Commercial Asset Management Group Center Banking Banking & Services Businesses Businesses Businesses Activities • Public Finance • Retail banking • Asset Management • Bond portfolio in run off • Project Finance •
Slide 34: ALM and Change in Internal Transfer Pricing (ITP)
ALM and Change in Internal Transfer Pricing (ITP) Basic principles and objectives • A new set of prices for the transfer of assets and liabilities from the commercial business lines to the group’s ALM was implemented • ITPs linked with the duration of assets, •Align salesforce’s action with market c
Slide 35: PWB and RCB Profitable in 1Q09, AM & Services affected
PWB and RCB Profitable in 1Q09, AM & Services affected by the Financial Crisis 1Q 2009 figures Net income, excl. financial crisis: EUR 670 m Impact from financial crisis: EUR -419 m (EUR m) (EUR m) 250 0 12 198 145 + 78 -207 -224 PWB RCB AM&Svces Group Center PWB RCB AM&Svces Group Center Reported n
Slide 36: Public and Wholesale Banking: Key Financials
Public and Wholesale Banking: Key Financials Despite higher funding costs, PWB resilient and profitable 1Q09 Variation* • Despite higher funding costs and State 1Q08 4Q08 1Q09 %yoy %qoq (EUR m) guarantee fees, revenues up by 17% Income 395 380 463 17.0% 21.6% yoy due to draws on high margin liquidit
Slide 37: Public and Wholesale Banking: Activity Figures
Public and Wholesale Banking: Activity Figures Slowdown of production and focus on core markets Loan production (EUR bn) • Production and commitments numbers have 11.2 been restated to exclude the Public sector 8.2 bond portfolio (in run off, allocated to Group 6.5 1.9 Center), in line with the new
Slide 38: Public and Wholesale Banking: Quarterly Results
Public and Wholesale Banking: Quarterly Results Resiliency of revenues, beginning of cost reductions and low risk charge Revenues Expenses Cost of risk (EUR m) (EUR m) (EUR m) 98 471 462 419 395 387 155 161 163 157 56 145 -7 1Q08 2Q08 3Q08 4Q08 1Q09 43 -182 17 21 10 9 1Q08 2Q08 3Q08 4Q08 1Q09 1Q08 2
Slide 39: Retail and Commercial Banking: Key Financials
Retail and Commercial Banking: Key Financials Solid results, improving margins and control on risks 1Q09 Variation* • Revenues up by 5% yoy with diverging (EUR m) 1Q08 4Q08 1Q09 %yoy %qoq trends: Income 690 686 722 4.7% 5.3% Expenses -472 -488 -461 -2.2% -5.5% - In Belgium, revenues down due to lowe
Slide 40: Retail and Commercial Banking: Activity Figures
Retail and Commercial Banking: Activity Figures EUR 3.5 bn increase in deposits Customer deposits Loans yoy (EUR bn) yoy (EUR bn) 75 73 76 49 49 Bonds +32% 45 Other -4% 9 12 12 5 5 5 Business +16% 30 Term deposits & -9% 17 18 28 27 16 Consumer +6% savings bonds Savings +5% 2 3 2 Mortgages +9% 26 27
Slide 41: Retail and Commercial Banking: Quarterly Results
Retail and Commercial Banking: Quarterly Results Margin increases, good control and risks Revenues Expenses Cost of risk (EUR m) (EUR m) (EUR m) 170 131 26 691 717 722 507 665 686 472 485 488 461 97 63 42 30 27 -1 -36 -17 1Q08 2Q08 3Q08 4Q08 1Q09 1Q08 2Q08 3Q08 4Q08 1Q09 1Q08 2Q08 3Q08 4Q08 1Q09 rev
Slide 42: Asset Management & Services: Key Financials
Asset Management & Services: Key Financials Activities affected by the crisis 1Q09 variation* (EUR m) 1Q08 4Q08 1Q09 %yoy %qoq Income 276 -334 21 -92.3% n.s. • Crisis impact: mainly EUR 201 m impairments & losses on insurance Expenses -172 -176 -165 -4.1% -5.8% C/I ratio 62.3% ns ns ns ns portfolios
Slide 43: Asset Management & Services: Activity Figures
Asset Management & Services: Activity Figures Decrease in assets related to the financial crisis Assets under Management (AuM) Insurance premiums (EUR bn) (EUR bn) 102.2 1,780 79.3 73.1 -14.2 -8.7 1,149 Net -4.8 -1.4 outflow Mkt Net 717 669 704 effect outflows Mkt effect 31/03/08 31/12/08 31/03/08 1
Slide 44: Asset Management & Services: Key Contributors
Asset Management & Services: Key Contributors Excluding Crisis Impacts Asset Management Insurance Investor Services (EUR m) (EUR m) (EUR m) 65 15 71 47 47 24 20 1Q08 2Q08 3Q08 4Q08 1Q09 17 27 -138 22 7 3 -201 18 1Q08 2Q08 3Q08 4Q08 1Q09 -1 13 -16 4 1Q08 2Q08 3Q08 4Q08 1Q09 -456 -4 net income excl. c
Slide 45: Group Center: Key Financials
Group Center: Key Financials 1Q09 Variation* (m EUR) 1Q08 4Q08 1Q09 %yoy %qoq • Bond portfolio in run-off (excl. FP) Income 138 -982 497 x3.6 n.s. - Negative impact of State guarantee fees Expenses -143 -355 -124 -13.3% -62.5% and funding costs Gross operating income -5 -1,337 372 n.s. n.s. - No mea
Slide 46: Agenda
Agenda CEO Key Messages 1Q 2009 Group Results 1Q 2009 Business Line Results Conclusion Appendices 46
Slide 47: Conclusion
Conclusion • Positive results in 1Q09 • PWB and RCB core businesses: resilient and profitable, despite a challenging environment • Quality of the asset base is confirmed • Group expenses down 6% in 1Q09 vs. last year, cost savings program on track • Sale of FSA about to be completed • Ongoing improv
Slide 48: Agenda – Appendices
Agenda Appendices 1. New Segmentation 2009 8. VaR and ALM Equity Portfolio 2. Segment Reporting 9. Capital Adequacy 3. Quarterly Series: Reported Figures 10. Asset Quality and Ratings 4. Quarterly Series: Without FSA Inc 11. Data per Share 5. Quarterly Series: without FSA Inc and Crisis 12. Balance-
Slide 49: New Segmentation 2009 Basic Principles
1 New Segmentation 2009 Basic Principles 1 Public & Wholesale Banking (PWB) New segmentation in line with Dexia’s new profile, 2 with 3 divisions Retail & Commercial Banking (RCB) representing operational activities and a group 3 center including treasury Asset Management & Services (AMS) and activi
Slide 50: New Segmentation 2009 Main Changes
1 New Segmentation 2009 Main Changes • “Treasury and Financial Markets” is no longer a business line but is now reallocated to the Group Center and to operational business lines (Structuring, sales and trading activities being allocated to corresponding sub-segments) • Insurance is no longer allocat
Slide 51: New Segmentation 2009 Overview of transfers
1 New Segmentation 2009 Overview of transfers FORMER NEW SEGMENTATION + - SEGMENTATION Public Bond portfolio Insurance Non retail clients of Turkish, PWB PWB Luxembourg and Slovakian operations FSA Financial Products FSA Insurance (to be sold) Non retail clients of Turkish, Insurance PFS Luxembourg
Slide 52: Segment Reporting
2 Segment Reporting Public and Retail and Asset Wholesale Commercial Management (m EUR) Banking Banking & Services Group Center Dexia REPORTED STATEMENT OF INCOME 1Q 2009 Income 463 722 21 497 1,703 Expenses (145) (461) (165) (124) (896) Gross operating income 318 261 (144) 372 807 Cost of risk (21)
Slide 53: Quarterly Series Reported
3 Quarterly Series Reported DEXIA (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 1,499 1,991 315 (249) 1,703 Expenses (942) (945) (1,055) (1,177) (896) Gross operating income 557 1,046 (740) (1,426) 807 Cost of risk (288) (488) (1,078) (1,438) (409) Impairments on (in)tangible assets 1 (8) (
Slide 54: Quarterly Series Reported
3 Quarterly Series Reported RETAIL AND COMMERCIAL BANKING (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 690 717 629 686 722 Expenses (472) (485) (533) (488) (461) Gross operating income 218 232 96 198 261 Cost of risk (30) (27) (212) (228) (47) Impairments on (in)tangible assets 0 0 (5) (7)
Slide 55: Quarterly Series Reported
3 Quarterly Series Reported OF WHICH ASSET MANAGEMENT (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 58 65 35 2 35 Expenses (38) (37) (33) (36) (31) Gross operating income 21 28 2 (34) 4 Cost of risk 0 0 0 0 0 Impairments on (in)tangible assets 0 0 0 0 0 Pre-tax income 21 28 2 (34) 4 Tax exp
Slide 56: Quarterly Series Reported
3 Quarterly Series Reported OF WHICH INSURANCE (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 112 117 (29) (424) (94) Expenses (62) (63) (63) (65) (61) Gross operating income 51 54 (93) (489) (155) Cost of risk 0 0 0 0 0 Impairments on (in)tangible assets 0 0 0 0 0 Pre-tax income 51 54 (93)
Slide 57: Quarterly Series Excluding FSA Inc
4 Quarterly Series Excluding FSA Inc DEXIA (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 1,733 1,710 467 491 1,331 Expenses (918) (940) (1,026) (1,135) (867) Gross operating income 815 770 (559) (643) 464 Cost of risk (91) (56) (817) (947) (136) Impairments on (in)tangible assets 1 (8) (5)
Slide 58: Quarterly Series Excluding FSA Inc
4 Quarterly Series Excluding FSA Inc RETAIL AND COMMERCIAL BANKING (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 690 717 629 686 722 Expenses (472) (485) (533) (488) (461) Gross operating income 218 232 96 198 261 Cost of risk (30) (27) (212) (228) (47) Impairments on (in)tangible assets 0
Slide 59: Quarterly Series Excluding FSA Inc
4 Quarterly Series Excluding FSA Inc OF WHICH ASSET MANAGEMENT (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 58 65 35 2 35 Expenses (38) (37) (33) (36) (31) Gross operating income 21 28 2 (34) 4 Cost of risk 0 0 0 0 0 Impairments on (in)tangible assets 0 0 0 0 0 Pre-tax income 21 28 2 (34)
Slide 60: Quarterly Series Excluding FSA Inc
4 Quarterly Series Excluding FSA Inc OF WHICH INSURANCE (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 112 117 (29) (424) (94) Expenses (62) (63) (63) (65) (61) Gross operating income 51 54 (93) (489) (155) Cost of risk (0) 0 0 0 0 Impairments on (in)tangible assets 0 0 0 0 0 Pre-tax income
Slide 61: Quarterly Series Excluding FSA Inc & Crisis Impacts
5 Quarterly Series Excluding FSA Inc & Crisis Impacts DEXIA (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 1,743 1,837 1,744 1,934 1,839 Expenses (918) (940) (1,026) (1,135) (867) Gross operating income 825 897 718 799 972 Cost of risk (91) (56) (79) (158) (97) Impairments on (in)tangible as
Slide 62: Quarterly Series Excluding FSA Inc & Crisis Impacts
5 Quarterly Series Excluding FSA Inc & Crisis Impacts RETAIL AND COMMERCIAL BANKING (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 691 717 665 686 722 Expenses (472) (485) (533) (488) (461) Gross operating income 219 232 131 198 261 Cost of risk (30) (27) (42) (97) (63) Impairments on (in)ta
Slide 63: Quarterly Series Excluding FSA Inc & Crisis Impacts
5 Quarterly Series Excluding FSA Inc & Crisis Impacts OF WHICH ASSET MANAGEMENT (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 58 65 51 43 36 Expenses (38) (37) (33) (36) (31) Gross operating income 21 28 19 7 5 Cost of risk 0 0 0 0 0 Impairments on (in)tangible assets 0 0 0 0 0 Pre-tax inco
Slide 64: Quarterly Series Excluding FSA Inc & Crisis Impacts
5 Quarterly Series Excluding FSA Inc & Crisis Impacts OF WHICH INSURANCE (m EUR) 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 Income 112 117 110 85 108 Expenses (62) (63) (63) (65) (61) Gross operating income 51 54 47 20 47 Cost of risk 0 0 0 0 0 Impairments on (in)tangible assets 0 0 0 0 0 Pre-tax incom
Slide 65: Activity Figures Public & Wholesale Banking
6 Activity Figures Public & Wholesale Banking PUBLIC AND WHOLESALE BANKING LONG-TERM COMMITMENTS (1) LONG-TERM ORIGINATIONS (1) Variation Variation March 31, December 31, March 31, Mar. 31, 2009/ 1Q 2009/ (m EUR) 2008 2008 2009 Mar. 31, 2008 1Q 2008 4Q 2008 1Q 2009 1Q 2008 Dexia 242,334 267,423 257,
Slide 66: Activity Figures Retail & Commercial Banking
6 Activity Figures Retail & Commercial Banking RETAIL AND COMMERCIAL BANKING 2008 (1) 2009 Variation Variation Mar. 31, 2009/ Mar. 31, 2009/ (m EUR) March 31 June 30 Sept. 30 Dec. 31 March 31 Mar. 31, 2008 Dec. 31, 2008 Total customer assets & liabilities 179,621 179,454 177,176 170,107 170,943 -4.8
Slide 67: Activity Figures Asset Management & Services
6 Activity Figures Asset Management & Services ASSETS UNDER MANAGEMENT (1) 2008 2009 Variation Variation Mar. 31, 2009/ Mar. 31, 2009/ (bn EUR) March 31 June 30 Sept. 30 Dec. 31 March 31 Mar. 31, 2008 Dec. 31, 2008 Total assets under management 102.2 98.8 93.7 79.3 73.1 -28.5% -7.8% By type of manag
Slide 68: Credit Risk Exposure
7 Credit Risk Exposure DEXIA GROUP EXPOSURE BY GEOGRAPHICAL REGION DEXIA GROUP EXPOSURE BY CATEGORY OF (as of March 31, 2009) COUNTERPART (as of March 31, 2009) Dexia excl. Dexia excl. (m EUR) FSA Inc. FSA Inc. (1) (m EUR) FSA Inc. FSA Inc. (1) Belgium 113,220 10 Central governments 76,551 927 Franc
Slide 69: VaR and Equity Portfolio
8 VaR and Equity Portfolio Value at risk (1) 2008 (2) (3) (4) (5) (6) IR & FX (Trading and banking) EQT Trading Spread trading Other risk VaR (10 days, 99%), in m EUR 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Average 30.0 43.6 38.4 62.7 6.5 7.7 7.5 7.7 60.0 79.4 78.0 75.9 1.8 1.3 2.4 3.7 By ri
Slide 70: VaR and Equity Portfolio
8 VaR and Equity Portfolio Banking companies ALM and Insurance 2008 Sensitivity and VaR Interest rate (3) Equity Credit spread (4) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Banking companies Sensitivity, in m EUR -468 -155 -136 -131 -16 -16 -15 -15 ALM (1) VaR 10d 99%, in m EUR 148 73 52 58 103 92 117 97
Slide 71: VaR and Equity Portfolio
8 VaR and Equity Portfolio LISTED SHARES SENSITIVITY – BANKING COMPANIES PORTFOLIO (1) (2) (m EUR) Market Value VaR % VaR/MV EaR March 31, 2008 895 94 10.5% (57) June 30, 2008 822 96 11.7% (94) September 30, 2008 599 76 12.7% (129) December 31, 2008 396 66 16.7% (69) March 31, 2009 318 53 16.7% (64)
Slide 72: Capital Adequacy
9 Capital Adequacy COMPARISON TOTAL EQUITY (FINANCIAL STATEMENTS) AND TOTAL EQUITY AS CALCULATED FOR REGULATORY PURPOSES Dec. 31, 2008 March 31, 2009 Financial Regulatory Financial Regulatory (m EUR) Statements purposes Statements purposes Total shareholders' equity 3,916 3,916 3,370 3,370 Minority
Slide 73: Asset Quality and Ratings
10 Asset Quality and Ratings QUALITY OF RISK (m EUR, except where indicated) March 31, 2008 June 30, 2008 Sept. 30, 2008 Dec. 31, 2008 (4) March 31, 2009 Impaired loans 1,170 1,227 1,317 3,535 3,652 Portfolio impairments (1) 789 810 843 2,083 2,318 Assets quality ratio (2) 0.48% 0.47% 0.50% 0.99% 1.
Slide 74: Data per Share
11 Data per Share NUMBER OF SHARES March 31, 2008 Dec. 31, 2008 March 31, 2009 Number of shares 1,178,576,763 1,762,478,783 1,762,478,783 of which Treasury Shares 21,064,389 293,570 293,570 Number of options 62,817,843 71,787,214 71,787,214 Total Number of current/potential future shares 1,241,394,6
Slide 75: Balance-Sheet
12 Balance-Sheet CONSOLIDATED BALANCE SHEET ASSETS (m EUR) March 31, 2008 Dec. 31, 2008 March 31, 2009 I. Cash and balances with central banks 4,375 2,448 1,916 II. Loans and advances due from banks 63,972 61,864 58,303 III. Loans and advances to customers 243,458 368,845 364,907 IV. Financial asset
Slide 76: Balance-Sheet
12 Balance-Sheet LIABILITIES (m EUR) March 31, 2007 Dec. 31, 2008 March 31, 2009 I. Due to banks 189,932 213,192 186,163 II. Customer borrowings and deposits 124,326 114,728 115,962 III. Financial liabilities measured at fair value through profit or loss 15,774 18,952 18,703 IV. Derivatives 38,107 7
Slide 77: Balance-Sheet – OCI and AFS Reserve
13 Balance-Sheet – OCI and AFS Reserve of which: Total Accumulated OCI AFS Reserve (EUR m) (EUR m) 361 76 12 -111 -1 -6,659 -7,035 -6,179 -6,667 -11,542 Equity portfolio -13,572 -14,366 Bond portfolio -11,011 -11,878 -12,729 31/03/08 30/06/08 30/09/08 31/12/08 31/03/09 31/03/08 30/06/08 30/09/08 31/