Credito Emiliano S.p.a. · MIL:CE
Credito Emiliano — H1 2012 Earnings Presentation
15 slides from Credito Emiliano's earnings presentation, Aug 30, 2012
Slide 1: Group Results – 1H2012 Conference Call
Group Results – 1H2012 Conference Call Adolfo Bizzocchi 30 August 2012
Slide 2: Executive Summary
Executive Summary Net Interest Income was up QoQ (+3.2%), reaching the highest amount in the quarter since the beginning of 2011, thanks also to a cost of funding that was decreasing from the top reached at December 2011 Non Interest Income was down QoQ (-12.2%) because of a lower Trading performanc
Slide 3: Income Statements
Income Statements Euro, million 4Q11 1Q12 2Q12 % vs. 4Q11 % vs. 1Q11 1H10 1H11 % yoy Operating Income 216.0 238.7 227.3 5.2 -4.8 467.0 466.0 -0.2 Operating Income (net of trading) 220.7 219.5 223.6 1.3 1.9 440.2 443.1 0.7 Operating Costs -149.8 -154.1 -148.7 -0.7 -3.5 -308.7 -302.8 -1.9 Gross Operat
Slide 4: Net Interest Income
Net Interest Income Net Interest Income Net Interest Income performance was good 130 €,mil (+3.2% QoQ) also thanks to a beneficial effect on 120 cost of funding coming from the progressive 110 maturities of time depos issued in December 2011 100 at the peak of the liquidity crisis before ECB’s LTRO
Slide 5: Non Interest Income
Non Interest Income Non Interest Income: quarterly evolution Non Interest Income: yoy comparison Asset Management Fees Insurance Fees Banking Fees Other Trading 140 200 183.6 183.4 122.4 124.4 123.6 120 114.4 108.5 14.4 20.2 101.4 19.2 3.7 150 12.4 5.2 100 5.8 5.8 12.8 4.6 7.9 Euro, Million 80 39.0
Slide 6: Operating Costs
Operating Costs Operating Costs: quarterly and annual comparison €.mil 200 350 308.7 302.8 154.1 148.7 300 150 250 94.9 96.2 48.6 47.6 200 Admin. Expenses 100 150 Payroll Costs 50 105.5 101.1 100 213.8 206.6 50 0 0 1Q12 2Q12 1H11 1H12 2008 2009 2010 2011 2Q12 The strong effort to contain costs conti
Slide 7: Deposits and Bonds
Deposits and Bonds €, million 2010 2011 1Q12 2Q12 Deposits were slightly down QoQ: decrease Sight Deposits 11,604 12,005 12,196 11,970 mostly affected corporate clientele, who is CD & other Dep. 1,064 493 189 242 typically more volatile and expensive. After four 62 43 18 - quarter in a row, though,
Slide 8: Retail customers development
Retail customers development Direct Deposits & Bonds breakdown by segment Despite last quarter’s decrease, Credem’s (Credem SpA mngmt accounting) 16 target is to consolidate the growing trend of €,mil 14 retail’s deposits that started in 2010 -539 1,769 1,635 1,450 12 2,308 -134 -283 10 Growth is su
Slide 9: Loans
Loans Loans since 2009 €,mil 19,995 19,803 18,884 20,000 16,841 17,536 3,323 3,598 3,459 16,000 2,788 2,577 5,534 5,845 6,282 6,257 12,000 5,426 8,000 1,941 1,935 2,001 2,020 1,910 4,000 6,717 7,484 7,781 8,114 8,067 - 1H09 FY09 FY10 FY11 1H12 ST Loans Leasing Residential Mortgages Other LT Loans Co
Slide 10: Retail customers development
Retail customers development Corporate customers credit standing The strong focus on credit quality paired with a (Credem SpA management accounting) careful maintenance of corporate credit 100% portfolio drove to a further improvement in 73.3% 75.4% 76.8% 77.6% 80% clientele average rating 60% On th
Slide 11: Credit Quality
Credit Quality Gross Impaired Loans breakdown 600 549.2 567.1 513.1 527.0 496.2 500 1H11 9M11 400 329.5 286 305.9 305.3 € Mil. 267.2 FY11 300 1Q12 200 157.7 141.7 77.7 81.6 98.2 1H12 100 0 Gross NPLs Gross Watchlist/Restructured Loans Gross Past Due % on Loans (Credem) 2.5 2.6 2.6 2.7 2.8 1.3 1.4 1.
Slide 12: Cost of Risk
Cost of Risk Cost of Risk (bps) 60 37 40 31 31 28 27 45 20 27 27 25 20 22 14 0 1Q11 1H11 9M11 2011 1Q12 1H12 Cost of risk Cost of risk (net of one-off) High credit quality is confirmed by cost of risk trend, which went strongly down QoQ (28 bps vs. 45 bps); in 1Q12 non recurrent provisions accounted
Slide 13: Assets & Liabilities
Assets & Liabilities Assets breakdown (Euro, million) While loans were substantially 20000 19,900 19,803 unchanged, security portfolio went down significantly. The 15000 reduction of the carry trade position (by renewing only part 1Q12 of the portfolio) allowed to 10000 1H12 diminish by almost €1 bi
Slide 14: Capital ratios
Capital ratios Coefficienti Ratios Patrimoniali 2,500.0 11.6% 12.5% 11.1% 11.3% 2,000.0 8.1% 8.6% 8.7% 9.2% EURm 1,500.0 2,058.0 1,941.0 1,940.0 1,880.8 1,509.1 1,438.1 1,457.1 1,413.4 1,000.0 541.1 546.7 595.8 740.2 500.0 - 2009 2010 2011 1H12 Tier I Capital Tier Total Capital Excess Capital RWA (€
Slide 15: Disclaimer and Contacts
Disclaimer and Contacts “Accounting figures’ source: Interim financial statements at June, 30, 2012 and accounting reports as at previous periods (annual and quarterly reports) already certified by the Financial Manager Paolo Tommasini”. Investor Relations Team Daniele Morlini – Head of IR dmorlini@
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