Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — 1Q FY2015 Earnings Presentation
28 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Oct 27, 2014
Slide 1: 1Q15 results as at 30 September 2014 Comprehensive Assessments Results
1Q15 results as at 30 September 2014 Comprehensive Assessments Results Milan, 27 October 2014
Slide 2: Agenda
Agenda Section 1. 1Q15 results as at 30 September 2014 Section 2. Comprehensive Assessment Results Annexes. Quarterly segmental reporting tables Note: numbers may not add up due to rounding 2
Slide 3: Growth resumed driven by strong banking results; net profit at €160m
Growth resumed driven by strong banking results; net profit at €160m 1Q15 results as at September 2014 Section 1 Group net profit: €160m without gains from equity disposals Banking profitability Banking GOP almost tripled, to €164m (€60m), driven by higher revenues (up enhanced 31% to €470m), po
Slide 4: Banking GOP tripled, with fees up 74% plus positive trading/LLPs normalizing
Banking GOP tripled, with fees up 74% plus positive trading/LLPs normalizing 1Q15 results as at September 2014 Section 1 3Q 3Q D 2Q 1Q 4Q €m Sept14 Sept13 YoY June14 Mar14 Dec13 Total banking income 470 358 +31% 462 350 386 Net interest income 267 271 -1% 278 274 265 Fee income 147 84 +74% 149 83 10
Slide 5: Loans back to growth, low risk profile confirmed
Loans back to growth, low risk profile confirmed 1Q15 results as at September 2014 Section 1 D D €bn Sept14 June14 Sept13 QoQ YoY Funding 44.0 45.8 54.7 -4% -20% Bonds 21.1 22.6 27.3 -7% -23% Retail direct deposits 11.3 11.5 13.6 -2% -17% ECB 5.1 5.5 7.5 -8% -32% Others 6.5 6.2 6.2 +5% +5% Loans to
Slide 6: Group revenues up 25%, driven by CIB doubling
Group revenues up 25%, driven by CIB doubling 1Q15 results as at September 2014 Section 1 Group revenues (€m) CIB revenues (€m) RCB revenues (€m) 525 +25% 422 62 212 219 237 236 240 228 233 22 51 42 65 43 42 37 42 240 149 124 116 +5% 122 112 228 50 74 57 199 198 186 190 195 219 124 +2x 73 67 65 68 5
Slide 7: Efficiency preserved
Efficiency preserved 1Q15 results as at September 2014 Section 1 Total costs (€m) Personnel costs (€m) Administrative expenses (€m) 40% C/I ratio Comp ratio Other expenses ratio 35% 20% 18% 20% 18% +10% 185 169 94 95 105 85 92 +10% 103 94 108 123 40 98 93 40 37 36 84 34 80 75 70 67 60 70 +13% 79 47
Slide 8: Coverage ratios further enhanced, LLPs normalizing
Coverage ratios further enhanced, LLPs normalizing 1Q15 results as at September 2014 Section 1 Cost of risk by segment (bps) Asset quality ratios trend 491 Sept13 June 14 Sept14 Net bad loans (€m) 283 271 274 286 296 281 283 Net bad loans/loans 0.8% 0.9% 0.9% Net bad loans/CT1 5% 4% 4% 351 Bad loans
Slide 9: Comfortable capital and leverage position
Comfortable capital and leverage position 1Q15 results as at September 2014 Section 1 CT1 ratio (%) Leverage ratio (%) 3Q14 net profit included 12,5% 12,6% 12,7% 11,1% 11,0% 11,1% 10,9% 10,3% 9,9% 9,0% 8,8% 8,4% Mar14 June14 Sept14 (1) Sept14 March-14 Jun-14 proforma B3 Phase-in B3 Fully Phased B3 P
Slide 10: CIB: resuming loan growth, robust fee income
CIB: resuming loan growth, robust fee income 1Q15 results as at September 2014 Section 1 New corporate loans (€bn) WB loan stock (€bn) CIB fee breakdown and trend 40 No. deals 122 11 112 1.2 hybrid 1.4 74 0,4 15,4 +3% 57 14,4 14,3 50 0.5 12,5 12,8 1,0 0,2 0,3 3Q13 3Q14 3Q13 4Q13 1Q14 2Q14 3Q14 3Q13
Slide 11: Compass: new business up 14%, margins resilient
Compass: new business up 14%, margins resilient 1Q15 results as at September 2014 Section 1 Compass new loans by product (€bn) Consumer: loan stock and margins (€bn, bps) 640 650 650 1.4 Gross margin1 1.2 250 240 260 Net margin2 9,9 10,1 MPS: 0.16 9,5 3Q13 3Q14 3Q13 FY14 3Q14 Personal loans Cars Spe
Slide 12: CheBanca!: deposits remix and repricing ongoing
CheBanca!: deposits remix and repricing ongoing 1Q15 results as at September 2014 Section 1 CheBanca! deposits breakdown (€bn) Indirect deposits breakdown (€bn) 1.8 13.1 13.0 1.5 0,3 12.6 1,8 1,5 0,4 0,7 0,5 0,5 0,9 1,1 1,4 1,6 1,5 0.7 0,6 0,6 0,4 10,0 9,0 8,7 0,5 0,4 0,3 June13 June14 Sept14 June13
Slide 13: Closing remarks
Closing remarks 1Q15 results as at September 2014 Section 1 CIB: growth resumed in loans, fees and trading 1Q15 RCB: steady and sustainable growth achieved Banking enhanced Cost of risk: back to normalized levels in all segments Comprehensive AQR/Stress Test passed Assessment No action nec
Slide 14: Agenda
Agenda Section 1. 1Q15 results as at 30 September 2014 Section 2. Comprehensive Assessment Results Annexes. Quarterly segmental reporting tables 14
Slide 15: Comprehensive Assessment results
Comprehensive Assessment results Comprehensive Assessment Results Section 2 CET1 phased-in ratio (%, bps) 1 2 3 From B2 to B3 AQR Stress test baseline scenario Stress test adverse scenario K actions Jan-Sept14 Hybrid 11.94% 10.6% AG 160bps -269bps 9.25% 9.00% 7.8% -85bps 8.40% +60bps 8.40% 160bps -2
Slide 16: CET1 post AQR: 8.4% rising to 9.4% with AG 3.7x weighted
1 CET1 post AQR: 8.4% rising to 9.4% with AG 3.7x weighted Comprehensive Assessment Results Section 2 CET1 ratio trend, AG deducted (%, bps) CET1 ratio trend restated, AG 3.7x weighted (%, bps) Hybrid Hybrid 11.94% AG 11.94% AG 9.25% -181bps -270bps 10.1% -85bps 9.25% 9.4% -85bps 8.40% CET1 Dec13 B3
Slide 17: AQR impact: -85 bps; no additional LLPs needed given ...
1 AQR impact: -85 bps; no additional LLPs needed given ... Comprehensive Assessment Results Section 2 CET1 ratio trend (%, bps) Breakdown of AQR impact (€m, bps) AQR: -85bps €m bps AQR impact* 613 85 Almost entirely 9.25% -49bps --- Credit File Review expensed in P&L in 351 49 -36bps (100% corporate
Slide 18: ... coverage ratio enhancements implemented in last 9m
1 ... coverage ratio enhancements implemented in last 9m Comprehensive Assessment Results Section 2 Performing loans coverage trend Non performing loans coverage ratios trend Dec 13 Jun 14 Sep 14 Group figures Sept13 June 14 Sept14 MB Group 0.7%* 0.8% 0.8% Net NPLs (€m) 1,018 1,158 1,125 ---ow WB 0.
Slide 19: ST base scenario: CET1 up to 9.0% or to 10.6% incl. 9M14 actions
2 ST base scenario: CET1 up to 9.0% or to 10.6% incl. 9M14 actions Comprehensive Assessment Results Section 2 CET1 ratio trend (%, bps) Exceding Capital €m 600 560 1,160 401 1,561 +67bps +93bps +95bps 10.6% 9.9% -35bps 9.0% 8.4% 8.4% Min 8% CET1 AG Stress test CET1 post Hybrid repaid & CET1 post K R
Slide 20: ST adverse scenario: CET1 up to 7.2% or to 7.8% incl. 9M14 actions
3 ST adverse scenario: CET1 up to 7.2% or to 7.8% incl. 9M14 actions Comprehensive Assessment Results Section 2 CET1 ratio trend (%, bps) Exceding Capital €m 445 560 1,005 401 1,406 +67bps +105bps +93bps 7.8% 8.40% -321bps 7.2% 6.24% Min 5.5% CET1 AG Stress test CET1 post Hybrid repaid & CET1 post K
Slide 21: Annexes
Annexes Milan, 27 October 2014
Slide 22: CIB
CIB Quarterly segmental reporting tables Annex 1 3Q 2Q 1Q 4Q 3Q D D €m Sept14 June14 Mar14 Dec13 Sept13 QoQ1 YoY1 Total income 219 212 116 149 124 +3% +77% Net interest income 57 68 65 67 73 -16% -23% Fee income 112 122 57 74 50 -8% Net treasury income 51 22 (7) 7 1 Total costs (79) (102) (80) (82)
Slide 23: PI
PI Quarterly segmental reporting tables Annex 1 3Q 2Q 1Q 4Q 3Q D D €m Sept14 June14 Mar14 Dec13 Sept13 QoQ1 YoY1 Total income 62 110 45 68 65 -44% -6% Gains from disposals 4 20 69 72 80 Impairments (7) (1) (3) (21) (1) Net result 53 109 95 108 137 -51% -61% Book value (€bn) 4.1 4.0 3.9 3.9 4.1 Ass.
Slide 24: RCB
RCB Quarterly segmental reporting tables Annex 1 3Q 2Q 1Q 4Q 3Q D D €m Sept14 June14 Mar14 Dec13 Sept13 QoQ1 YoY1 Total income 240 236 237 233 228 +2% +5% Net interest income 198 199 195 190 186 +6% Fee income 42 37 42 43 42 +13% +1% Net treasury income 0 0 0 0 0 Total costs (103) (120) (107) (115)
Slide 25: Consumer banking
Consumer banking Quarterly segmental reporting tables Annex 1 3Q 2Q 1Q 4Q 3Q D D €m Sept14 June14 Mar14 Dec13 Sept13 QoQ1 YoY1 Total income 203 195 196 192 187 +4% +8% Net interest income 165 163 159 156 151 +1% +10% Fee income 38 32 36 36 37 +19% +3% Total costs (66) (78) (67) (73) (60) -15% +11% L
Slide 26: Retail banking
Retail banking Quarterly segmental reporting tables Annex 1 3Q 2Q 1Q 4Q 3Q D D €m Sept14 June14 Mar14 Dec13 Sept13 QoQ1 YoY1 Total income 37 41 41 42 41 -8% -9% Net interest income 33 35 36 35 36 -6% -7% Fee income 4 5 6 7 5 -23% -18% Net treasury income 0 0 0 0 - Total costs (37) (42) (41) (42) (34
Slide 27: Disclaimer
Disclaimer This presentation contains certain forward-looking statements, estimates and targets with respect to the operating results, financial condition and business of the Mediobanca Banking Group. Such statements and information, although based upon Mediobanca’s best knowledge at present, are ce
Slide 28: Investor contacts
Investor contacts Mediobanca Group Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Jessica Spina Tel. no. (0039) 02-8829.860 Luisa Demaria Tel. no. (0039) 02-8829.647 Matteo Carotta Tel. no. (0039) 02-8829.290 Email: investor.relations@mediobanca.com http://www.mediobanca.com 28