Credito Emiliano S.p.A. · MIL:CE
Credito Emiliano — Q1 2013 Earnings Presentation
19 slides from Credito Emiliano's earnings presentation, May 14, 2013
Slide 1: 1Q 2013 Group Results
1Q 2013 Group Results 14 May 2013
Slide 2: Executive Summary
Executive Summary • Operating Income, net of Trading and Performance Fees, was stable QoQ and growing 5.1% YoY: • Net Interest Income was down 2.2% YoY and 3.4% QoQ, despite customers’ spread increase (+9 bps) • Non Interest Income reached €145.8 million, up 18% YoY and 0.9% QoQ. Even net of Trading
Slide 3: Income Statement
Income Statement € Million 1Q12 4Q12 1Q13 % vs. 1Q12 % vs. 4Q12 Operating Income 238.7 261.1 258.4 8.3 -1.0 Operating Income (net of trading and 219.5 231.1 230.8 5.1 -0.1 performance fees) Operating Costs -154.1 -154.7 -157.8 2.4 -0.1 Gross Operating Profit 84.6 106.4 100.6 18.9 -5.5 Depreciation a
Slide 4: Net Interest Income (1/2)
Net Interest Income (1/2) Net Interest Income (€ Million) Net Interest Income was down 3.4% QoQ and 120 2.2% YoY, mainly because of seasonality (less days in the quarter) and a lower contribution of the government bonds portfolio (as a result of 110 the activation of some hedging policies as well as
Slide 5: 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 5.06 2.50 4.99 2.09 2.08 2.10 2.10 4.83 4.77 2.04 5.00 2.00 75 bps 75 bps 100 bps 66 bps 4.50 57 bps 1.50 1.33
Slide 6: Non Interest Income
Non Interest Income Non Interest Income: quarterly evolution Non Interest Income: yearly evolution 150 144.5 145.8 +1.4% +21.5% 135 123.6 126.3 60.0 55.3 28.2 27.6 51.7 52.4 120 108.5 18.6 45.5 Performance Fees 19.2 1.8 13.6 50.0 105 3.7 6.1 3.3 13.4 Trading 3.3 40.0 +43.8% 90 € Million Other 42.2 4
Slide 7: Operating Costs
Operating Costs Operating Costs: quarterly evolution Group headcount € Million 200 5,993 157.8 6,000 154.1 154.7 148.7 147.0 150 5,800 5,740 48.6 47.6 45.6 47.7 48.6 5,646 5,604 100 5,544 5,600 5,519 50 105.5 101.1 101.4 107.0 109.2 5,400 0 5,200 1Q12 2Q12 3Q12 4Q12 1Q13 2008 2009 2010 2011 2012 1Q1
Slide 8: Loans evolution
Loans evolution Loans to Customers (net of repos with institutional and loans to group’s SPVs) € Million 18,770 19,721 19,643 19,949 19,838 20,000 17,536 3,323 3,324 3,545 3,370 3,304 16,000 2,577 5,534 5,845 6,282 6,258 6,241 6,206 12,000 8,000 1,941 1,935 2,001 2,012 2,042 2,024 4,000 7,484 7,781
Slide 9: Deposits and Bonds
Deposits and Bonds € Million 2010 2011 2012 1Q13 Direct Deposits & Retail Bonds were slightly down Sight Deposits 11,604 12,005 13,066 12,807 in the quarter (-€100 million vs. FY12) despite a Loan to Deposit Ratio substantially stable QoQ CD & other Dep. 1,064 493 256 289 Regarding the aggregate bre
Slide 10: 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 1,000 784 1,430 500 938 500 523 757 312 328 - - 268 - 2010 Issued 2011 Issued 2012 Issued 1Q13 Issued 2Q-4Q13 2014 Maturities 2015 Maturities Maturities Institutional Retail Instit
Slide 11: Credit Quality (1/2)
Credit Quality (1/2) Gross Impaired Loans breakdown 700 622.1 587.6 601.1 549.2 567.1 600 1Q12 500 412.6 1H12 370.3 383.2 € Million 400 329.5 305.3 9M12 300 2012 200 157.7 141.7 143.5 115.7 108.6 1Q13 100 0 Gross NPLs Gross Watchlist/Restructured Loans Gross Past Due % on Loans (Credem) 2.7 2.8 2.8
Slide 12: Credit Quality (2/2)
Credit Quality (2/2) € Million 2011 2012 1Q13 Net Impaired Loans’ growth is in line with the Net NPLs 231.8 268.4 274.2 trend showed by gross aggregates, characterized by a pace more significant on Watchlis Loans Net Watchlist Loans 267.8 315.6 338.0 rather than on NPLs Regarding coverage ratios, th
Slide 13: Cost of Risk
Cost of Risk Cost of Risk (bps) Impaired Loans and coverages’ increases 60 result in an annualized cost of risk amounting to 39 bps, down from 44 bps as at the end of 2012 39 and from 45 bps as at the end of 1Q12 (the last 40 45 44 heavy penalized at the time, by non recurrent 37 items such as the a
Slide 14: Assets and Liabilities
Assets and Liabilities Assets (€, Million) The reduction in Loans to 21,000 20,643 19,838 Customers comes from the choice of investing the excess of liquidity not on 14,000 Cassa Compensazione e 2012 Garanzia but on Due from 1Q13 7,000 Banks and on a short term 5,135 4,235 2,655 2,757 treasury bonds
Slide 15: Capital Ratios
Capital Ratios Coefficienti Ratios Evolution Patrimoniali 2,500 13.6% 13.9% 11.1% 11.6% 11.3% 2,000 9.4% 9,6% 8.1% 8.6% 8.7% € Million 1,500 2,276 2,298 975 941 1,941 1,940 1,881 1,000 1,589 1,572 596 1,438 1,457 1,413 547 541 500 0 2009 2010 2011 2012 1Q13 Core Tier I/ Tier I Capital Tier Total Cap
Slide 16: Business Areas
Business Areas Retail & Commercial Banking Wealth Management Other 99.0% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 16
Slide 17: Shareholders’ base
Shareholders’ base Shareholders’ Pact More than 3,000 other shareholders Cofimar S.r.l. 20.0% Max Mara Fashion Group S.r.l. 8.1% Max Mara Finance S.r.l. 8.1% Others 38.9% 74.8% 25.2% Credemholding Free Float 76.9% 23.1% Source: Internal data 17
Slide 18: Distribution Network
Distribution Network Number of branches Gruppo CREDEM per region 2010 2011 2012 1Q13 n° filiali e quota di mercato sportelli Branches 563 560 557 551 4 9 Corporate 72 43 43 42 41 28 Centres 20 Territorial 131 Network Credem Points 35 34 31 31 8 42 Banca 8 5 Euromobiliare 18 16 14 13 financial stores
Slide 19: 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