Credito Emiliano S.p.A. · MIL:CE
Credito Emiliano — FY2012 Earnings Presentation
20 slides from Credito Emiliano's earnings presentation, Mar 18, 2013
Slide 1: Group Results - 2012 Conference Call
Group Results - 2012 Conference Call Adolfo Bizzocchi March, 18th, 2013
Slide 2: FY 2012 and 4Q12 Highlights
FY 2012 and 4Q12 Highlights • Net Interest Income net of non recurrent items, was up 0.8% QoQ thank to growing loans to customers (+3.6% QoQ) and despite interest rates still under pressure. The FY2012 result presents a similar trend by showing a grow in excess of 1% despite a deteriorated macroecon
Slide 3: Income Statement
Income Statement € Million 1Q12 2Q12 3Q12 4Q12 % vs. 3Q12 2011 2012 % a/a Operating Income 238.7 227.3 244.1 261.1 7.0 925.9 971.2 4.9 Operating Income (net of trading 219.5 223.6 225.5 231.1 2.5 881.3 897.6 1.8 and performance fees) Operating Costs -154.1 -148.7 -147.0 -154.7 5.2 -605.2 -604.5 -0.1
Slide 4: Non recurring items impact on Income Statement
Non recurring items impact on Income Statement Non recurring items related to assets Non recurring items related to assets € Million 4Q12 disposal. significant provisions and fiscal 2012 disposal. significant provisions and allowances * fiscal allowances * • -2.6 (-1.7 net of taxes): interest charge
Slide 5: Net Interest Income (1/2)
Net Interest Income (1/2) Net Interest Income (€ Million) Net Interest Income, especially if considered net of (net of non recurrent components, was in line with the 115.8 115.1 118.8 118.3 119.2 amounts of previous two quarters, also thank to extraord.) 120 the significant loan growth occurred in t
Slide 6: Net Interest Income (2/2)
Net Interest Income (2/2) Corporate short term loans re-pricing*.. ..while preserving a benefit in cost of funding (Credem SpA management accounting) (Credem SpA management accounting) 5.50 2.50 4.99 5.1 5.0 5.1 5.0 5.0 4.9 2.09 2.08 2.10 2.10 2.09 4.8 4.8 4.8 4.9 4.8 4.84 5.00 2.00 1.77 80 bps 100
Slide 7: Non Interest Income
Non Interest Income Non Interest Income: quarterly evolution Non Interest Income: yearly evolution 123.6 150 +9.5% 135 122.4 101.4 250.0 230.3 28.2 210.3 +4.9% 120 114.4 124.4 18.6 1.8 19.2 200.0 Performance Fees 0.7 3.7 3.3 13.4 162.6 170.6 105 3.3 6.1 Trading 10.3 90 150.0 € Million Other 42.2 42.
Slide 8: Operating Costs
Operating Costs Operating Costs: quarterly and yearly evolution 200 € Million 700 605.2 604.5 154.1 148.7 154.7 147.0 600 150 48.6 47.7 500 187.1 189.5 Administrative 47.6 45.6 400 Costs 100 300 Personnel Costs 105.5 107 200 418.1 415 50 101.1 101.4 100 0 0 2011 2012 1Q12 2Q12 3Q12 4Q12 Group headco
Slide 9: Multi-channel approach
Distribution network 2010 2011 2012 % ’YoY Group distribution Branches 563 560 557 -0.5 model is Corporate Centres 43 43 42 -2.3 continuously Territorial evolving. The Network Credem Points 35 34 31 -8.8 objective is to serve Banca Euromobiliare customers 18 16 14 -12.5 financial stores throughout d
Slide 10: Loans
Loans Loans to Customers (net of repos with institutional and loans to group’s SPVs) € Mil. 18,770 19,721 19,250 19,948 20,000 17,536 3,323 3,324 3,411 3,370 16,000 2,577 5,534 5,845 6,282 6,248 6,241 12,000 8,000 1,941 1,935 2,001 2,039 2,042 4,000 7,484 7,781 8,114 7,552 8,295 - 2009 2010 2011 9M1
Slide 11: High granularity and loan book quality
High granularity and loan book quality Loan book concentration Corporate customers credit standing (Credem SpA management accounting) Top 10 Top 20 FY09 3.4% 4.7% 80% 76.8% 77.4% 73.3% FY10 2.4% 3.3% 70% 67.5% FY11 2.2% 3.2% FY12 2.1% 3.0% 60% The remarkable growth in loans did not hurt 50% the qual
Slide 12: Deposits and Bonds
Deposits and Bonds € Million 2010 2011 9M12 2012 Strong loans growth was balanced by an equally 11,604 12,005 12,207 13,066 remarkable growth in deposits and retail bonds Sight Deposits (+€1 billion in 4Q12; +€2 billion since the end of CD & other Dep. 1,064 493 245 256 2010). As a result, loan to d
Slide 13: Bonds issued and maturities
Bonds issued and maturities Bonds Issued Bonds Maturities (up to 2015) 2,500 Retail 2,000 2,000 1,500 1,500 1,407 1,000 784 1,000 500 938 1,638 523 312 500 - 761 2010 Issued 2011 Issued 2012 Issued 270 - Institutional Retail 2013 Maturities 2014 Maturities 2015 Maturities Thank to the positive evolu
Slide 14: Credit Quality (1/2)
Credit Quality (1/2) Gross Impaired Loans breakdown 700 587.6 601.1 549.2 567.1 600 527.0 2011 500 1Q12 370.3 383.2 € Million 400 329.5 305.9 305.3 1H12 300 9M12 200 157.7 141.7 143.5 98.2 115.7 2012 100 0 Gross NPLs Gross Watchlist/Restructured Loans Gross Past Due % on Loans (Credem) 2.6 2.7 2.8 2
Slide 15: Credit Quality (2/2)
Credit Quality (2/2) € Million 2009 2010 2011 2012 Net Impaired Loans followed the same trend of Net NPLs 139.3 195.5 231.8 268.4 Gross Impaired Loans, with an accentuated dynamic in NPLs, as a result of the recent NPLs Net Watchlist Loans 218.8 223.2 267.8 315.6 disposal (almost written off in full
Slide 16: Coverage and collaterals
Coverage and collaterals NPLs’ Coverage ratio (%) NPLs coverage remained well above the 60 industry’s average and substantially stable on 2011 level, despite the disposal of some NPLs, 55 57.4 almost totally written off in full, for €21 million 56.0 55.4 50 The decrease in coverage seen over the las
Slide 17: Cost of Risk
Cost of Risk Cost of Risk (bps) 60 45 44 37 35 40 31 31 28 27 39 20 27 27 28 25 20 22 14 0 1Q11 1H11 9M11 2011 1Q12 1H12 9M12 2012 Cost of risk Cost of risk (net of non-linear components) Cost of Risk: evolution (bps) The deterioration of the economic scenario 80 70 Parmalat Crack caused a growing c
Slide 18: Assets and Liabilities
Assets and Liabilities Assets (Euro, million) 20,519 20,643 On Assets’ side, aggregates 21,000 continued to be fairly stable, except for Due to Banks that 14,000 showed an amount increasing 9M12 for €400 million, coherent with 2012 the improvement of group’s 7,000 4,158 4,235 liquidity in 4Q12 2,600
Slide 19: Capital Ratios and Dividend and Payout ratio
Capital Ratios Coefficienti Capital Ratios Patrimoniali evolution 2,500 13.6% 11.1% 11.3% 11.6% 2,000 € Million 8.6% 8.7% 9.4% 8.1% 1,500 2,276 941 1,941 1,940 1,881 1,000 1,572 596 547 1,457 541 1,413 1,438 500 0 2009 2010 2011 2012 Tier I Capital Tier Total Capital Excess capital Risk Weighted 17,
Slide 20: Disclaimer and Contacts
Disclaimer and Contacts The Financial Manager responsible for preparing the company’s financial reports, Mr. Paolo Tommasini, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the doc