Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Q1 2010 Earnings Presentation
71 slides from Dexia Holding SA's earnings presentation, May 11, 2010
Slide 1: 1Q 2010 Results and Business Highlights
1Q 2010 Results and Business Highlights May 11, 2010 Pierre Mariani, CEO Philippe Rucheton, CFO
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 includes unaudit
Slide 3: Key Messages
Key Messages EUR 216 m Net Profit in 1Q10 Sound operational performance of core businesses mainly driven by RCB Decreasing Cost of Risk of core businesses: 13 Bps vs 19 Bps in 4Q09 Increase of solvency: Tier 1 ratio of 12.5% o/w core Tier 1 ratio of 11.5% Improvement of the liquidity situation More
Slide 4: Agenda
Agenda Group Summary 1Q 2010 Group results New segment reporting: Core and Legacy Portfolio Management divisions 1Q 2010 results by division Core Business Lines Legacy Portfolio Management Conclusion 4
Slide 5: Reported Statement of Income 1Q10
Reported Statement of Income 1Q10 1Q10/ (EUR m) 1Q09 4Q09 1Q10 4Q09 Income 1,703 1,451 1,474 1.6% Expenses -896 -920 -884 -3.9% Gross operating income 807 531 590 11.1% Cost of risk & impairments -409 -281 -265 -5.7% Pre-tax income 398 250 325 30.0% Net income - Group share 251 202 216 6.9% Income s
Slide 6: Agenda
Agenda Group Summary 1Q 2010 Group Results New segment reporting: Core and Legacy Portfolio Management divisions 1Q 2010 results by division Core Business Lines Legacy Portfolio Management Conclusion 6
Slide 7: Creation of a new Legacy Portfolio Management Division
Creation of a new Legacy Portfolio Management Division Classification of Dexia’s portfolios in run-off and run-off PWB commitments in a dedicated new “LPM” analytical division in line with EC commitment Assets of the Legacy Portfolio Management Division remain on the balance sheet Definition of clea
Slide 8: Main changes in Segment Reporting
Main changes in Segment Reporting Core division Legacy Division Public & Wholesale Retail & Commercial Asset Management Group Center Banking Banking & Services Run-off PWB commitments (incl. Off Balance Sheet) Bond Portfolio in run-off Financial Products portfolio Treasury* Treasury* 8 Note: (*) All
Slide 9: Scope of the LPM Division
Scope of the LPM Division (as of December 31, 2009) PWB Group Center Bond Portfolio in Financial Products Run-Off PWB commitments Run-Off Portfolio EUR 18 bn EUR 25 bn EUR 134 bn EUR 11 bn Balance sheet Off balance sheet Legacy Division EUR 162 bn EUR 24 bn 9
Slide 10: Funding allocation guidelines
Funding allocation guidelines Core Division LPM Division Target Long Term Funding1 ratio of 100% of State Guaranteed funding Core Division2 already in line with 2014 EC target : 89% Other funding allocation consistent No reliance on State funding with asset allocation i.e. proportional support to un
Slide 11: Balance Sheet of Core and LPM Divisions
Balance Sheet of Core and LPM Divisions Core Division LPM Division (as of March 31, 2010) (as of March 31, 2010) (EUR bn) (EUR bn) 432 432 156 156 FP, 11 FP (GICS), 7 RCB, 52 Covered PWB run-off Covered bonds, 79 commitments, bonds, 24 17 Commercial Long-term, 37 State PWB core, funding, 110 guarant
Slide 12: Cost Allocation between Core and LPM Divisions
Cost Allocation between Core and LPM Divisions All costs related to Financial All non-core PWB entities Costs related to the Bond Product portfolio (excl. FSA costs allocated to LPM portfolio in Run-off allocated costs) allocated to LPM Division to LPM division division EUR 16 m EUR 33 m EUR 75 m Al
Slide 13: Statement of Income of Core and LPM Divisions – 1Q10
Statement of Income of Core and LPM Divisions – 1Q10 (EUR m) 1Q10/ Core Division CORE DIVISION 1Q09* 4Q09* 1Q10 4Q09 Qoq decrease of revenues as 4Q09 marked by Income 1,143 1,188 1,162 -2.2% write-back of Insurance impairments Expenses -832 -888 -855 -3.7% Yoy, revenues of the Core Division impacted
Slide 14: Agenda
Agenda Group Summary 1Q 2010 Group Results New segment reporting: Core and Legacy Portfolio Management divisions 1Q 2010 results by division Core Business Lines Legacy Portfolio Management Conclusion 14
Slide 15: 1Q10 results by division – Core Division: Revenues
1Q10 results by division – Core Division Focus on Revenues Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) +4.4% (EUR m) -0.3% (EUR m) (EUR m) -18.3% 711 243 242 291 681 237 4Q09 1Q10 -26 -28 -6.4% 4Q09 1Q10 4Q09 1Q10 4Q09 1Q10 Increase in reve
Slide 16: 1Q10 results by division - Core Division: Costs
1Q10 results by division - Core Division Focus on Costs Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) +0.3% (EUR m) -5.0% (EUR m) -1.1% (EUR m) -26.1% 147 173 171 97 471 473 139 72 4Q09 1Q10 4Q09 1Q10 4Q09 1Q10 4Q09 1Q10 Further cost base imp
Slide 17: 1Q10 results by division - Core Division: Cost of Risk
1Q10 results by division - Core Division Focus on Cost of Risk RCB in EUR RCB in bps * 331 314 100 93 268 80 245 71 227 63 Important decrease in 1Q10 70 mainly driven by Denizbank 65 75 80 45 55 56 52 65 55 and after peak in 4Q09 18 23 26 23 14 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 of wh
Slide 18: 1Q10 results by division - Core Division: Pre-Tax Income
1Q10 results by division - Core Division Focus on Pre-Tax Income Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) (EUR m) (EUR m) (EUR m) +48.8% +28.8% -43.6% 169 79 118 4Q09 1Q10 61 114 67 -112 -122 +8.1% 4Q09 1Q10 4Q09 1Q10 4Q09 1Q10 Sound RCB
Slide 19: 1Q10 results by division – Legacy Portfolio Management Division
1Q10 results by division – Legacy Portfolio Management Division Revenues Costs Cost of risk Pre-tax income (EUR m) (EUR m) (EUR m) +4.4% (EUR m) +18.5% -8.4% 159 123 311 152 +56.4% 32 263 29 79 4Q09 1Q10 4Q09 1Q10 4Q09 1Q10 4Q09 1Q10 Legacy revenues impacted by negative Credit Value Adjustments in 4
Slide 20: Agenda
Agenda Group Summary 1Q 2010 Group Results New segment reporting: Core and Legacy Portfolio Management divisions 1Q 2010 results by division Core Business Lines Legacy Portfolio Management Conclusion 20
Slide 21: RCB – Focus on Belgium and Luxemburg
RCB – Focus on Belgium and Luxemburg Solid commercial performance Customer deposits 3% increase in deposits vs. 4Q09 and 9% vs. (EUR bn) +9% 1Q09 with nearly EUR +8bn on savings accounts 72.7 74.9 Loans up 3% vs 1Q09 68.7 Restarted life insurance activity (branch 21) Further brand repositioning in B
Slide 22: RCB – Focus on Turkey
RCB – Focus on Turkey 1Q10 activity confirming solid momentum of Customer deposits 2009 (TRY bn) 130,000 new retail & business customers in 1Q10 +22% 15.7 At TRY 15.7 bn, deposits up 7% qoq (+22% yoy) 14.7 12.9 driven by both Retail and PWB customers Loans at TRY 19.4 bn: 5% increase qoq (7% yoy) dr
Slide 23: RCB P&L – 1Q 10
RCB P&L – 1Q 10 Income: EUR 711 m supported by positive contribution Income by country (1Q10) of Belgium and Turkey Up 4% qoq due to high volumes in Turkey Other Turkey Up 3% yoy thanks to high margins in Turkey and volume 2% 33% growth & favorable deposit mix in Belgium Luxembourg Costs: EUR 473 m
Slide 24: PWB
PWB Public Banking Long-term originations Total long term commitments down 0.8% qoq and (EUR bn) yoy 4.0 0.2 New loan production in 1Q10 at EUR 1.8 bn vs 0.6 EUR 1.4 bn in 1Q09 2.2 1.8 0.1 0.3 Deposits up 6.8% qoq at EUR 25.6 bn (2% yoy) 0.2 3.2 0.1 1.4 1.8 Enhanced cross-selling of diversified serv
Slide 25: PWB P&L – 1Q 10
PWB P&L – 1Q 10 Income: EUR 242 m, supported by high contribution of Income by country (1Q10) project finance Flat qoq, despite traditionally unfavourable seasonal effect Other markets 13% Down 37% yoy, mainly due to higher cost of liquidity in 1Q10 to align Core balance sheet with the rule of fundi
Slide 26: Asset Management & Services
Asset Management & Services Asset management Activity figures Continued growth in AuM (+16% yoy) driven by positive market effect and net inflows from institutional clients 2.46 2.49 Improvement in product mix vs 4Q09 supported 1.78 by an increase of alternative and equity funds 82.4 85.1 807 73.1 7
Slide 27: Asset Management & Services – P&L 1Q 10
Asset Management & Services – P&L 1Q 10 Asset management Income by segment (1Q10) Income down 8% qoq mainly due to seasonal negative effect of Asset Mgt performance fees 20% Costs well under control (-6% vs 4Q09 and below average 2009) Total cost / average AuM at 15Bps highlighting high efficiency P
Slide 28: Agenda
Agenda Group Summary 1Q 2010 Group Results New segment reporting: Core and Legacy Portfolio Management divisions 1Q 2010 results by division Core Business Lines Legacy Portfolio Management Conclusion 28
Slide 29: Bond Portfolio in Run-off
Bond Portfolio in Run-off Bond portfolio in run-off (EUR bn) AAA AA A BBB NIG Total Public sector 3.1 13.8 9.7 3.6 0.7 30.8 Sovereigns 1.1 7.0 4.1 5.4 0.2 17.8 Banks 3.7 5.4 13.5 3.9 1.1 27.7 Covered bonds 6.7 6.2 0.2 0.0 0.0 13.1 ABS 9.0 2.2 0.9 0.3 0.5 12.9 MBS 9.3 2.4 0.7 0.3 0.9 13.6 Other 0.3 0
Slide 30: Financial Products Portfolio
Financial Products Portfolio Financial Products portfolio (USD 15.0 bn / EUR 11.1 bn) AAA AA A BBB NIG Total US RMBS 0.5 0.8 0.5 0.3 8.1 10.2 o/w Subprime RMBS 0.4 0.6 0.5 0.2 5.3 6.9 o/w Alt-A first lien 0.1 0.2 0.1 0.1 2.3 2.8 Other ABS 0.0 0.5 0.2 0.1 0.3 0.9 Agency debt, public related 1.9 0.4 0
Slide 31: Sustained Pace of Deleverage of the Bond Portfolio in Run-Off
Sustained Pace of Deleverage of the Bond Portfolio in Run-Off Bond portfolio in run-off down Bond portfolio in run-off EUR 6.2 bn qoq (EUR bn) EUR 5.8 bn net bond sales in 1Q10 EUR -30 bn P&L impact of EUR -46 m pre-tax 37% of bonds sold rated AAA, 29% AA, 25% A and 9% BBB and below 43% of bonds sol
Slide 32: Deleverage of PWB Run-Off Commitments
Deleverage of PWB Run-Off Commitments PWB run-off commitments PWB’s non-core market exposure down EUR 2 bn qoq (EUR bn) -30% Sale of long-dated loans of EUR 0.3 bn 57 52 in 1Q10 6 49 2 P&L impact of EUR -0.5 m pre-tax 1 44 42 0.3 40 0.2 0.4 28 32 29 26 24 23 Further decline of US liquidity lines (SB
Slide 33: Agenda
Agenda Group Summary 1Q 2010 Group Results New segment reporting: Core and Legacy Portfolio Management divisions 1Q 2010 results by division Core Business Lines Legacy Portfolio Management Conclusion 33
Slide 34: Balance Sheet
Balance Sheet Total assets down 8% yoy (-EUR 48 bn) Total Group assets thanks to deleveraging policy and (EUR bn) -48 (-7.5%) alignment of PWB production with long 636 term funding capacity of the Group 578 588 26 54 18 19 Other assets 41 47 60 50 55 Derivatives Increase of total assets by 2% qoq 13
Slide 35: Further improvement of the liquidity profile (1/2)
Further improvement of the liquidity profile (1/2) Short-term funding need Short-term funding need down EUR 20 bn qoq Rebased on 100 Improved short-term funding mix 110 Short-term guaranteed funding down 100 EUR 15.9 bn qoq at EUR 6.9 bn Further important contraction of Central Bank 90 funding vs en
Slide 36: Further improvement of the liquidity profile (2/2)
Further improvement of the liquidity profile (2/2) Long-term funding (as of April 30, 2010) More than 80% of 2010 medium and long term funding program already executed Unsecured unguaranteed EUR 2.4 bn 33% of medium and long-term funding Covered raised without State guarantee bonds EUR 7.7 bn EUR 31
Slide 37: EC Liquidity Commitments
EC Liquidity Commitments Group Balance sheet EC commitments Assets Covered Bonds + Commercial Funding / Total Balance sheet 40% 40% €800B 36% 36% 651 31% 578 588 30 600 Target Core 20 2014 400 58% 200 10 Legacy 0 0 2008 2009 2010 Q1 2008 2009 2010 Q1 2010 Target Liabilities Covered Bonds + Commercia
Slide 38: AFS reserve
AFS reserve Evolution of AFS reserve Negative AFS reserve increased by EUR 200 m vs. end of 2009 as spread (EUR bn) widening on Sovereigns was offset by 31/03/09 31/12/09 31/03/10 positive rate effect on fixed rate non ~0 0.4 0.4 hedged bonds -5.6 -5.5 Amortization of assets reclassified in -6.5 L&R
Slide 39: Solvency
Solvency Weighted risks Tier 1 ratio & core Tier 1 ratio (EUR bn) 153.3 148.6 12.3% 12.5% 144.8 143.2 142.7 11.8% 10.3 11.3% 3.8 10.3 10.7% 2.9 10.3 10.4 10.4 2.5 3.0 3.0 139.2 135.4 10.8% 11.3% 11.5% 132.1 129.8 129.3 9.8% 10.4% 31/03/09 30/06/09 30/09/09 31/12/09 31/03/10 31/03/09 30/06/09 30/09/0
Slide 40: Appendices
Appendices 1 Specific disclosures, based on recommendations from the Financial Stability Board (data as of March 31, 2010) 2 Segment Reporting 3 P&L by Segment 4 Activity Figures 5 Maximum Credit Risk Exposure 6 VaR, BSM and Equity Portfolio 7 Capital Adequacy 8 Asset Quality and Ratings 9 Data per
Slide 41: Specific Disclosures: Hedged and unhedged CDOs
1 – Specific Disclosures, Based on FSB Recommendations Hedged and unhedged CDOs of US residential mortgage assets EUR 6.4 m of gross notional amount of hedged CDOs of US RMBS protected via CDS bought from banks (100% at least A rated). No protection bought from monolines. EUR 24 m of gross notional
Slide 42: Specific Disclosures: Counterparty risk on monolines: exposure
1 – Specific Disclosures, Based on FSB Recommendations Counterparty risk on monolines: exposure Protection via other types of (EUR bn) Protection via CDS contracts Remaining Fair Value of the exposure to Gross notional protection before Credit Value counterparty risks Gross notional Total gross Unde
Slide 43: Specific Disclosures: Counterparty risk on monolines: quality
1 – Specific Disclosures, Based on FSB Recommendations Counterparty risk on monolines: quality of exposure (EUR bn) Underlying assets Monoline counterparty Public Finance Project/Corporate finance ABS by rating* IG NIG Total IG NIG Total IG NIG Total TOTAL AAA/AA 13.5 0.5 14.0 6.2 1.0 7.2 6.8 0.9 7.
Slide 44: Specific Disclosures: Direct loan exposure to real estate markets
1 – Specific Disclosures, Based on FSB Recommendations Direct loan exposure to US, Spanish and UK real estate markets Direct loan exposure on US Real Estate market Commercial Real Estate: Dexia is exposed to commercial Real-Estate loans only through its US securitization subsidiary, which held asset
Slide 45: Specific Disclosures: Exposure to CMBS
1 – Specific Disclosures, Based on FSB Recommendations Exposure to CMBS (EUR bn) Gross exposure Protection (nominal) Net exposure Commercial mortgage-backed securities (CMBS) * 1.2 0.02 1.2 * Excluding collective impairments; no specific impairments. Breakdown of CMBS by ratings, geography and secto
Slide 46: Specific Disclosures: Exposure to US RMBS
1 – Specific Disclosures, Based on FSB Recommendations Exposure to US RMBS* Protection Specific Net exposure Gross exposure (nominal) impairments **** (EUR bn) A B C A-B-C-D Prime 0.1 0.1 0.0 0.0 Alt-A ** 1.6 0.0 0.4 1.1 Subprime *** 5.1 0.1 0.5 4.5 Option ARM 0.4 0.0 0.1 0.3 Others 0.1 0.0 0.0 0.0
Slide 47: Specific Disclosures: Exposure to UK and Spanish RMBS
1 – Specific Disclosures, Based on FSB Recommendations Exposure to UK and Spanish RMBS* Protection Gross exposure (nominal) Net exposure (EUR bn) A B A-B-C-D UK 1.3 0.0 1.3 o/w Conforming 1.2 0.0 1.2 o/w Non conforming 0.0 0.0 0.0 o/w Buy to let 0.1 0.0 0.1 Spain 3.0 0.0 3.0 98% of UK RMBS are AAA 5
Slide 48: Specific Disclosures: Exposure to Conduits and SIV
1 – Specific Disclosures, Based on FSB Recommendations Exposure to Conduits and SIV As originator, Sponsor or Co-Sponsor, Dexia has no exposure on conduits or SIV 48
Slide 49: Specific Disclosures: Exposure to LBO Financing
1 – Specific Disclosures, Based on FSB Recommendations Exposure to LBO Financing Final take Number of accounts 50 Commitments (EUR bn) 1.4 Breakdown of final participations in LBOs Other Other Energy 10% 2% incl. Food Belgium Industry 4% Italy 19% 9% 3% Services Transports Luxembourg 5% 7% 40% Other
Slide 50: Segment Reporting
2 – Segment Reporting REPORTED STATEMENT OF INCOME 1Q 2010 Legacy Retail and Public and Asset portfolio Commercial Wholesale Management management (m EUR) Core division Banking Banking & Services Group Center division Dexia A=B+C+D+E B C D E F G=A+F Income 1,162 711 242 237 -28 311 1,474 Expenses -8
Slide 51: Core and LPM Divisions – quarterly series
3 – Core and LPM Divisions – quarterly series without FSA Insurance CORE DIVISION (m EUR) 1Q 2009* 2Q 2009* 3Q 2009* 4Q 2009* 1Q 2010 Income 1,143 1,370 1,273 1,188 1,162 Expenses (832) (846) (877) (888) (855) Gross operating income 311 525 397 300 308 Cost of risk (83) (213) (31) (129) (106) Impair
Slide 52: Core and LPM Divisions – P&L without FSA Insurance
3 – Core and LPM Divisions – P&L without FSA Insurance CORE DIVISION – STATEMENT OF INCOME (EUR m) 1Q09* 4Q09* 1Q10 %yoy %qoq Income 1,143 1,188 1,162 1.7% -2.2% Expenses -832 -888 -855 2.7% -3.7% Gross operating income 311 300 308 -0.9% 2.5% Cost of risk & impairments -84 -130 -106 26.5% -18.4% Pre
Slide 53: RCB – P&L without FSA Insurance
3 – RCB – P&L without FSA Insurance RCB – STATEMENT OF INCOME (EUR m) 1Q09* 4Q09* 1Q10 %yoy %qoq Income 690 681 711 3.1% 4.4% Expenses -455 -471 -473 3.8% 0.3% C/I ratio 66.0% 69.2% 66.5% Gross operating income 234 210 239 1.8% 13.7% Cost of risk & impairments -47 -96 -70 48.8% -27.7% Pre-tax income
Slide 54: PWB – P&L without FSA Insurance
3 – PWB – P&L without FSA Insurance PWB – STATEMENT OF INCOME (EUR m) 1Q09* 4Q09* 1Q10 %yoy %qoq Income 385 243 242 -37.2% -0.3% Expenses -137 -147 -139 1.4% -5.0% C/I ratio 35.7% 60.4% 57.6% Gross operating income 248 96 103 -58.6 6.7% Cost of risk & impairments -17 -35 -24 42.0% -32.1% Pre-tax inc
Slide 55: AMS – P&L without FSA Insurance
3 – AMS – P&L without FSA Insurance AMS – STATEMENT OF INCOME (EUR m) 1Q09* 4Q09* 1Q10 %yoy %qoq Income 7 291 237 x33.9 -18.3% Expenses -165 -173 -171 3.2% -1.1% C/I ratio n.s. 59.4% 72.0% Gross operating income -158 118 67 n.s. -43.6% Cost of risk & impairments -6 0 0 n.s. n.s. Pre-tax income -164
Slide 56: Group Center – P&L without FSA Insurance
3 – Group Center – P&L without FSA Insurance GROUP CENTER – STATEMENT OF INCOME (EUR m) 1Q09* 4Q09* 1Q10 Var yoy Var qoq Income 60 -26 -28 -88 -2 Expenses -74 -97 -72 +2 +25 Gross operating income -13 -124 -100 -87 +24 Cost of risk & impairments -14 1 -13 +1 -14 Pre-tax income -27 -122 -112 -85 +10
Slide 57: Activity Figures: Retail & Commercial Banking
4 – Activity Figures Retail & Commercial Banking 2009 2010 Variation Variation March 31, 2010/ March 31, 2009/ (m EUR) March 31 June 30 Sept. 30 Dec. 31 March 31 March 31, 2009 Dec. 31, 2009 Total customer assets & liabilities 171,280 175,190 178,226 179,941 184,369 7.6% 2.5% Total customer assets 1
Slide 58: Activity Figures: Public & Wholesale Banking
4 – Activity Figures Public & Wholesale Banking LONG-TERM COMMITMENTS LONG-TERM ORIGINATIONS (m EUR) Mar 31, 2009 Mar 31, 2010 Variation 1Q 2009 1Q 2010 Variation Dexia 232,731 230,283 -1.1% 1,773 2,227 25.6% of which public sector 194,500 193,006 -0.8% 1,443 1,810 25.4% of which project finance 28,
Slide 59: Activity Figures: Asset Management & Services
4 – Activity Figures Asset Management & Services Assets under Management (1) 2009 2010 Variation Variation March 31, 2010/ March 31, 2009/ (bn EUR) March 31 June 30 Sept. 30 Dec. 31 March 31 March 31, 2009 Dec. 31, 2009 Total assets under management 73.1 77.1 82.6 82.4 85.1 16.4% 3.2% By type of man
Slide 60: Maximum Credit Risk Exposure
5 – Maximum Credit Risk Exposure Maximum Credit Risk Exposure* DEXIA GROUP EXPOSURE BY DEXIA GROUP EXPOSURE BY GEOGRAPHICAL REGION CATEGORY OF COUNTERPART (m EUR) (m EUR) Belgium 113,423 Central governments 73,739 France 102,603 Public sector entities 263,879 Germany 38,892 Corporate 51,670 Italy 57
Slide 61: VaR, BSM and Equity Portfolio: Value at risk
6 – VaR, BSM and Equity Portfolio Value at risk (1) (2) IR & FX (Trading and banking) EQT Trading 1Q10 1Q10 1Q10 1Q10 VaR (10 days, 99%), in m EUR 1Q09 4Q09 1Q10 1Q09 4Q09 1Q10 Core Non core Core Non core Average 58.9 20.3 14.7 17.4 2.2 6.3 2.4 1.8 1.8 0.0 By risk factor Q end 28.6 17.5 13.0 17.1 2.
Slide 62: VaR, BSM and Equity Portfolio: BSM & Dexia FP sensitivity
6 – VaR, BSM and Equity Portfolio BSM & Dexia FP sensitivity and VaR (2) (3) Interest rate Equity Credit spread BSM 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 Banking companies Sensitivity, in m EUR -158 -201 -97 -104 -83 -16 -15 -16 -16 -16 (1) ALM Var 10d 99% in m E
Slide 63: VaR, BSM and Equity Portfolio: Listed shares sensitivity
6 – VaR, BSM and Equity Portfolio Listed shares sensitivity – Banking companies portfolio (1) (m EUR) Market Value VaR % VaR/MV (2) EaR March 31, 2009 318 53 16.7% (64) June 30, 2009 281 45 16.0% (29) (3) (4) September 30, 2009 516 37 17.0% (13) (3) (4) December 31, 2009 503 16 9.0% 0 March 31, 2010
Slide 64: Capital Adequacy
7 – Capital Adequacy Comparison total equity (financial statements) and total equity as calculated for regulatory purposes Dec. 31, 2009 March 31, 2010 (m EUR) Financial Statements Regulatory purposes Financial Statements Regulatory purposes Total shareholders' equity 10,182 10,182 10,389 10,389 Min
Slide 65: Asset Quality and Ratings
8 – Asset Quality and Ratings Quality of risk (m EUR, except where indicated) March 31, 2009 June 30, 2009 Sept. 30, 2009 Dec. 31, 2009 March 31, 2010 Impaired loans 3,652 3,624 3,720 4,808 5,471 (1) Portfolio impairments 2,318 2,324 2,366 2,657 2,989 (2) Assets quality ratio 1.0% 1.0% 1.1% 1.4% 1.6
Slide 66: Data per Share
9 – Data per Share Number of shares March 31, 2009 Dec. 31, 2009 March 31, 2010 Number of shares 1,762,478,783 1,762,478,783 1,762,478,783 of which Treasury Shares 293,570 293,570 293,570 Number of options 71,787,214 71,242,716 71,242,716 Total Number of current/potential future shares 1,834,265,997
Slide 67: Balance Sheet: Assets
10 – Balance Sheet Assets ASSETS (m EUR) March 31, 2009 Dec. 31, 2009 March 31, 2010 I. Cash and balances with central banks 1,916 2,673 2,487 II. Loans and advances due from banks 58,303 47,427 52,103 III. Loans and advances to customers 364,907 353,987 353,941 IV. Financial assets measured at fair
Slide 68: Balance Sheet: Liabilities
10 – Balance Sheet Liabilities LIABILITIES (m EUR) March 31, 2009 Dec. 31, 2009 March 31, 2010 I. Due to banks 186,163 123,724 104,795 II. Customer borrowings and deposits 115,962 120,950 126,101 III. Financial liabilities measured at fair value through profit or loss 18,703 19,345 20,486 IV. Deriva
Slide 69: State guaranteed funding
11 – State guaranteed funding Projected long-term guaranteed Total guaranteed debt outstanding debt outstanding EUR bn EUR bn Peak: New Cap EUR 95bn 100 100 80 80 EUR EUR 60 45bn 60 45bn 40 Short 40 Short term term 20 20 Long Long term term 0 0 09/10/08 09/12/08 09/02/09 09/04/09 09/06/09 09/08/09 0
Slide 70: DenizBank's Consolidated Accounts
12 - DenizBank’s Consolidated Accounts (EUR m) 1Q09 4Q09 1Q10 % yoy % qoq Income 229 243 268 16.9% 10.2% Expenses - 88 -101 -111 25.2% 9.1% Gross operating income 141 142 157 11.6% 11.1% Cost of risk & impairments - 68 -72 -54 -20.3% -23.9% Pre-tax income 73 70 103 41.7% 46.6% Tax expense - 13 -13 -
Slide 71: Shareholding Structure
13 – Shareholding Structure As of March, 31 2010 Belgian Federal State French State Caisse des Dépôts 5.7% 5.7% et Consignations 17.6% Three Belgian Regions 5.7% CNP Assurances 3.0% Holding Communal 14.7% Other Institutional and Individual Shareholders Arco Group 26.8% 14.2% Ethias Group Employee 5.