Credito Emiliano S.p.a. · MIL:CE
Credito Emiliano — Q1 2014 Earnings Presentation
17 slides from Credito Emiliano's earnings presentation, 2014
Slide 1: 1Q14 Group Results
1Q14 Group Results
Slide 2: Highlights
Highlights • Operating Income, net of Trading and Performance Fees, up 1.4% QoQ and 7.4% YoY: • Net Interest Income strongly up (+9.8%) YoY and +1.9% versus 4Q13, despite a funding mix with a bond’s higher incidence and the reduction of the Banking Group securities’ portfolio • Non Interest Income u
Slide 3: Income Statement
Income Statement % vs. % vs. Operating Income net of Trading and €, million 1Q13 4Q13 1Q14 1Q13 4Q13 Performance Fees Operating Income 258.4 258.1 286.7 11.0 11.1 €,million 250 248 Operating Income 244 net of Trading 245 230.4 244.0 247.5 7.4 1.4 and Performance Fees 240 235 Operating Costs -157.8 -
Slide 4: Net Interest Income (1/3)
Net Interest Income (1/3) Net Interest Income Net Interest Income has being improving €, million (+9.8% YoY and +1.9% QoQ), despite a not 130 favorable seasonality linked to a lower number of calendar days (equivalent to -2.2% compared 120 123.6 to 4Q13) 121.3 116.7 115.7 Main driver of such a perfo
Slide 5: Net Interest Income (2/3)
Net Interest Income (2/3) Evolution of Average Loan Rate Evolution of Average Deposit Rate (Credem SpA management accounting) (Credem SpA management accounting) 4.50 % 2.50 % 3.77 3.77 3.79 3.81 3.88 4.00 2.03 2.00 3.39 3.35 3.28 3.30 3.38 1.94 1.91 1.85 3.50 2.00 0.75% 0.74% -0.51% 0.70% 0.82% 3.00
Slide 6: Net Interest Income (3/3)
Net Interest Income (3/3) Bonds Variazione Issued todegli Retailimpieghi ad Institutional alla clientela Investors Securities Portfolio €,million €,million 27.7% -7.8% 6,000 6,000 5,902 -15.1% 5,861 19.3% 4,997 5,800 5,720 4,378 4,187 5,600 3,914 4,004 5,434 4,000 5,400 5,200 5,009 5,000 2,000 4,800
Slide 7: Non Interest Income
Non Interest Income Non Interest Income: Quarterly Evolution 163.1 Performance Fees 165 144.5 145.8 0.1 150 136.8 123.6 126.3 127.7 39.1 Trading 135 28.2 27.6 118.7 10.7 120 108.5 1.8 1.8 4 11.8 5 5.6 3.4 4.5 € Million 105 19.2 3.7 18.6 3.3 4.5 4.5 Other 3.3 6.1 90 51.3 52.5 49.5 42.2 42.3 55.6 49.2
Slide 8: Operating Costs
Operating Costs Operating Costs: quarterly evolution Employees and salesforce networks evolution €,million Employees 200 6,200 5,993 157.8 166.7 6,000 154.5 147.1 153.9 5,740 5,800 5,684 150 5,544 5,519 5,604 5,609 48.6 49.4 46.9 54 5,600 45.6 5,400 100 5,200 2008 2009 2010 2011 2012 2013 1Q14 50 10
Slide 9: Loans
Loans Loans to Customers (net of repos with institutional and loans to group’s SPVs) €,million 19,721 19,949 19,838 19,938 19,548 20,000 18,770 17,536 3,324 3,370 3,304 3,056 3,061 16,000 2,577 3,323 6,282 6,241 6,206 6,127 6,091 12,000 5,534 5,845 2,001 2,042 2,024 2,014 2,029 8,000 1,941 1,935 4,0
Slide 10: Deposits, Bonds and AUM
Deposits, Bonds and AUM €, million 2010 2011 2012 2013 1Q14 Commercial efforts started to produce Sight/ Saving remarkable results in terms of Deposits 11,604 12,005 13,066 13,625 13,613 Deposits and AUM: in the quarter Direct Deposits & CD & Other Retail Bonds (+€272 million) and Insurance 1,064 49
Slide 11: Credit Quality
Credit Quality Gross Impaired Loans breakdown 900 774.2 800 702.1 740.8 1Q13 700 622.1 660.1 600 € Million 1H13 9M13 500 412.6 423.9 421.1 433.6 430.6 400 2013 300 1Q14 200 108.6 119.7 127.0 111.0 87.4 100 0 Gross NPLs Gross Watchlist/Restructured Loans Gross Past Due % on Loans (Credem) 3.1 3.3 3.5
Slide 12: Impaired Loans' coverage
Impaired Loans’ coverage Net Impaired Loans Net Impaired Loans went down from the 2013 year end figure, thank to the progressive €,million 1Q13 1H13 9M13 2013 1Q14 increase of the coverage NPLs 274.2 290.9 314.1 310.0 318.9 Despite the higher incidence of collateralized Watchlist 338.0 344.3 339.8 3
Slide 13: Cost of Risk
Cost of Risk Cost of Risk (bps) 59 60 47 46 39 35 40 47 43 20 27 0 1Q13 1H13 9M13 2013 1Q14 Cost of risk Cost of risk (net of "non recurrent" items) Cost of Risk: Evolution (bps) Despite coverage’s increase, thank to new inflows’ reduction, the cost of risk went down 80 Crack Parmalat 70 significant
Slide 14: Assets & Liabilities
Assets & Liabilities Assets (€,million) The Assets breakdown shows the decrease of Italian 21,000 19,938 19,548 Government Bonds for about €1 billion. It is worth to mention that such a movement 14,000 2013 contributed to the excellent 1Q14 Trading performance 7,000 5,709 4,827 Loans went also down
Slide 15: Liquidity Ratios
Liquidity Ratios NSFR Because of the latest decrease of LTRO 130% 124% exposure as well as the reduction of the 120% 116% maturity of such aggregate (now shorter than 110% 106% 12 months), NSFR is expected to be definitely lower compared to the level seen in the last 100% quarter: however the aggreg
Slide 16: Capital Ratios
Capital Ratios Coefficienti Capital ratios Patrimoniali Evolution 3,000 14.8% 15.2% 2,500 13.4% € Million 2,000 1,140 11.1% 11.5% 1,090 9.9% 2,408.5 2,367.4 2,207.8 1,500 886 1,824.9 1,772.4 1,643.2 1,000 500 0 2013 (Basel 2) 2013 (Basel 3) 1Q14 (Basel 3)* Core Tier 1/ Common Equity Tier 1 Tier Tota
Slide 17: Disclaimer and Contacts
Disclaimer and Contacts The manager responsible for preparing the company’s financial reports Mr. Paolo Tommasini of Credito Emiliano S.p.A., declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corres