Dexia Holding SA · EURONEXT:DEXB

Dexia Holding SA — Q3 2010 Earnings Presentation

65 slides from Dexia Holding SA's earnings presentation, Nov 10, 2010

  1. Slide 1: 3Q & 9M 2010 Results and Business Highlights

    3Q & 9M 2010 Results and Business Highlights 10 November 2010 Pierre Mariani, CEO Philippe Rucheton, CFO

  2. Slide 2: Disclaimer

    Disclaimer This presentation and the information contained herein are provided for information purposes only and may not be complete. It does not constitute an offer to sell or the solicitation to buy any securities issued by Dexia or any entity of the Dexia Group. This presentation includes unaudit

  3. Slide 3: Key Messages

    Key Messages Net Profit of EUR 203 m in 3Q10 and EUR 667 m in 9M10 „ Sustained dynamic of commercial business lines „ Excluding capital gains on divestments, revenues of commercial business lines1) : +5% vs 2Q10 „ Costs down by 1.5% qoq excluding EUR 93 m restructuring costs booked in 3Q10 „ Importa

  4. Slide 4: Agenda

    Agenda Group summary „ 3Q & 9M 2010 Group results „ 3Q & 9M 2010 results by division Core business lines Legacy portfolio management Conclusion 4

  5. Slide 5: Reported Statement of Income 3Q & 9M 2010

    Reported Statement of Income 3Q & 9M 2010 3Q10/ 9M10/ (EUR m) 2Q10 3Q10 2Q10 9M09* 9M10 9M09 Income 1,371 1,234 -10.0% 4,702 4,096 -12.9% Expenses -874 -973 11.3% -2,687 -2,731 1.6% Gross operating income 497 261 -47.5% 2,015 1,365 -32.3% Cost of risk -126 -49 -61.1% -821 -440 -46.4% Other impairmen

  6. Slide 6: Statement of Income of Core and LPM Divisions – 3Q 2010

    Statement of Income of Core and LPM Divisions – 3Q 2010 (EUR m) Core Division 3Q10/ CORE DIVISION 3Q09* 2Q10 3Q10 2Q10 „ Excluding capital gains, revenues up 1.1% qoq, supported by Income 1,274 1,311 1,241 -5.4% Insurance and PWB Expenses -877 -846 -941 11.2% Gross operating income 397 466 300 -35.6

  7. Slide 7: Agenda

    Agenda Group summary „ 3Q & 9M 2010 Group results „ 3Q & 9M 2010 results by division Core business lines Legacy portfolio management Conclusion 7

  8. Slide 8: 3Q 2010 results by division – Core Division: Focus on Revenues

    3Q 2010 results by division – Core Division Focus on Revenues Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) -0.5% (EUR m) (EUR m) (EUR m) -17.6% 718 715 285 +24.5% 76 289 -96.0% 235 232 3 2Q10 3Q10 2Q10 3Q10 2Q10 3Q10 2Q10 3Q10 Capital gains

  9. Slide 9: 3Q 2010 results by division – Core Division: Focus on Costs

    3Q 2010 results by division – Core Division Focus on Costs Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) +1.1% (EUR m) (EUR m) (EUR m) +0.4% -0.6% 472 477 158 176 175 130 131 x2.4 67 2Q10 3Q10 2Q10 3Q10 2Q10 3Q10 2Q10 3Q10 Restructuring costs

  10. Slide 10: 3Q 2010 results by division – Core Division: Focus on Cost of Risk

    3Q 2010 results by division – Core Division Focus on Cost of Risk RCB in EUR m RCB in bps * Strong reduction of cost 317 330 of risk in all business 96 lines in 3Q10 88 245 70 „ Turkey: - 95 bps in 59 153 3Q10 vs 2Q10 66 70 31 71 76 following similar 56 55 58 39 21 44 18 23 decrease in 2Q10 16 13 13

  11. Slide 11: 3Q 2010 results by division – Core Division: Focus on Pre-Tax Income

    3Q 2010 results by division – Core Division Focus on Pre-Tax Income Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) (EUR m) (EUR m) (EUR m) +11.4% 114 -33.6% 2Q10 3Q10 208 147 +95.4% 187 98 58 -117 -29.0% -151 2Q10 3Q10 2Q10 3Q10 2Q10 3Q10 RCB

  12. Slide 12: 3Q 2010 results by division – Legacy Portfolio Management Division

    3Q 2010 results by division – Legacy Portfolio Management Division Revenues Costs Cost of risk Pre-tax income (EUR m) (EUR m) (EUR m) (EUR m) +9.9% 61 2Q10 3Q10 2Q10 3Q10 32 -15 29 -71 -79.4% -39 -7 -35.3% 2Q10 3Q10 2Q10 3Q10 -53 3Q10 revenues mainly impacted by: „ EUR -43 m impact of spread tighten

  13. Slide 13: Agenda

    Agenda Group summary „ 3Q & 9M 2010 Group results „ 3Q & 9M 2010 results by division Core business lines Legacy portfolio management Conclusion 13

  14. Slide 14: RCB – Focus on Belgium and Luxembourg

    RCB – Focus on Belgium and Luxembourg Customer deposits Customers product mix still oriented towards deposits and life insurance in Belgium and (EUR bn) +6% Luxembourg 71.9 76.6 76.2 „ 6% yoy increase in deposits, at EUR 76 bn, driven by savings accounts and Eurobonds „ Life insurance reserves up by

  15. Slide 15: RCB – Focus on Turkey

    RCB – Focus on Turkey Customer loans and deposits Strong performance in deposits gathering (+9% qoq and +25% yoy) especially in (TRY bn) corporate and commercial segments - 20.9 21.6 18.0 18.1 deposits reaching TRY 18.1 bn at end of 17.2 16.6 14.5 Sep. 2010 146% 11.8 Loans up 3% qoq (+20% yoy) at TR

  16. Slide 16: RCB P&L – 3Q 2010

    RCB P&L – 3Q 2010 Income by country (3Q 2010) Income „ Down 0.5% qoq mainly due to normalization of interest Other margin reflecting improvement of the credit environment in Turkey 2% 31% Turkey „ Up 4% vs 9M09: volume growth and favorable deposit mix Luxembourg 17% in Belgium - increased volumes an

  17. Slide 17: PWB

    PWB 9M10 total new long-term commitments: New long-term commitments EUR 7.3 bn o/w EUR 2.3 bn in 3Q10 (EUR bn) 2.8 2.8 Public Banking 0.3 2.2 0.2 2.3 0.4 0.1 0.5 0.4 „ Total long-term commitments stable qoq 0.3 and down 3% yoy as new commitments 0.3 2.1 2.1 aligned to long term funding capacity 1.8

  18. Slide 18: PWB P&L – 3Q 2010

    PWB P&L – 3Q 2010 Income Income by country (3Q 2010) „ At EUR 235 m, up 2.2% when restated from capital Other gains (EUR 69 m for SPE in 2Q10 and EUR 14 m markets * 12% for AdInfo in 3Q10 ) Iberia (Spain „ 9M10 revenues down 24%, mainly explained by & Portugal) 5% Belgium higher allocated costs of f

  19. Slide 19: AMS

    AMS Activity figures Asset management „ 4.6% increase in AuM vs Dec. 2009 1,116 „ 4.3% increase vs 2Q10 explained by positive 903 1.98 1.96 net new cash and market effect: inflows 83 83 86 1.56 supported by institutional mandates and institutional funds, including money market 415 funds 994 787 Life

  20. Slide 20: AMS – P&L 3Q 2010

    AMS – P&L 3Q 2010 Income by segment (3Q 2010) Asset management „ Income 6% down qoq as higher investment management Asset Mgt fees more than offset by negative seasonal effect 16% „ Costs under control, stable vs 2Q10 - Total cost/average AuM at 15 bps Investor „ Pre-tax income: EUR 16 m (-13% vs 2Q

  21. Slide 21: Agenda

    Agenda Group summary „ 3Q & 9M 2010 Group results „ 3Q & 9M 2010 results by division Core business lines Legacy portfolio management Conclusion 21

  22. Slide 22: Bond Portfolio in Run-off

    Bond Portfolio in Run-off Bond portfolio in run-off (EUR bn) AAA AA A BBB NIG Total Public sector 2.0 12.7 7.6 3.6 1.0 26.9 Sovereigns 0.9 6.9 1.0 8.0 0.3 17.1 Banks 3.6 4.0 11.7 3.3 1.2 23.8 Covered bonds 6.0 6.0 0.2 0.0 0.0 12.2 ABS 6.4 1.1 1.1 0.4 0.8 9.9 MBS 6.3 2.3 0.5 0.5 1.0 10.6 Other 0.3 0.

  23. Slide 23: Financial Products Portfolio

    Financial Products Portfolio Financial Products portfolio (USD 14.2 bn / EUR 10.4 bn) AAA AA A BBB NIG Total US RMBS 0.2 0.8 0.2 0.1 8.1 9.5 o/w Subprime RMBS 0.2 0.7 0.2 0.0 5.7 6.8 o/w Alt-A first lien 0.1 0.1 0.0 0.1 2.2 2.4 Other ABS 0.0 0.3 0.5 0.7 0.3 1.8 Agency debt, public related 1.9 0.4 0.

  24. Slide 24: PWB Run-Off Commitments

    PWB Run-Off Commitments PWB run-off loans PWB run-off loans down by EUR 2.4 bn qoq (EUR bn) (EUR -4.3 bn since Dec. 2009) -42% „ Mainly driven by a decrease of commitments in Japan (active deleverage of loans) „ Between December 2009 and September 2010, 23.0 impact of foreign exchange (EUR 1.7 bn) 1

  25. Slide 25: Agenda

    Agenda Group summary „ 3Q & 9M 2010 Group results „ 3Q & 9M 2010 results by division Core business lines Legacy portfolio management Conclusion 25

  26. Slide 26: Balance Sheet

    Balance Sheet Total assets up by 3.6% vs Dec. 2009 and Total Group assets down by 1.6% vs June 2010 (EUR bn) In 3Q10, EUR 10 bn decrease in total 651 22 593 609 599 Other assets assets vs June 2010 mainly explained by: 55 578 17 14 17 64 43 18 41 58 61 „ EUR -7.9 bn effect of deleverage 58 Derivativ

  27. Slide 27: AFS reserve down by EUR 1.3 bn vs June 2010

    AFS reserve down by EUR 1.3 bn vs June 2010 Evolution of AFS reserve * EUR 1.3 bn total improvement of AFS reserve over the quarter (EUR bn) 30/09/09 31/12/09 30/06/10 30/09/10 0.4 0.2 0.3 AFS reserve (exc. L&R) improved by 0.1 EUR 0.3 bn vs end of June 2010 -5.6 -5.2 -5.8 -6.2 „ Reduction of EUR 0.

  28. Slide 28: Ongoing Improvement of the Group Short-Term Liquidity Profile

    Ongoing Improvement of the Group Short-Term Liquidity Profile Reduction of short-term funding need Short-term funding need down EUR 23 bn qoq and EUR 64 bn vs Sep. 2009 EUR 260 bn as of end 300 Oct. 2008 EUR 185 bn Outstanding of remaining short-term 250 as of end EUR 121 bn government guaranteed fu

  29. Slide 29: Swift Execution of 2010 Long Term Issuance Program

    Swift Execution of 2010 Long Term Issuance Program Wholesale long-term funding EUR 41.6 bn total wholesale medium and (as of October 29, 2010) long term funding raised per end of LT secured October 2010 (1) funding 6% Covered „ No new Government Guaranteed issue bonds since July 1, 2010 in line with

  30. Slide 30: Dynamic Deleverage at Contained Cost confirmed in 3Q10

    Dynamic Deleverage at Contained Cost confirmed in 3Q10 Total sales of bonds and loans Sustained pace of deleverage at contained cost in 2010 * (EUR bn) „ EUR 25.7 bn of bonds and loans sold as of 25.7 October 29, 2010 23.9 3.7 4.2 „ P&L impact of EUR -148 m as of October 29, 18.2 2010 (0,6% of loss

  31. Slide 31: Strong Tier 1 generation capacity

    Strong Tier 1 generation capacity Weighted risks Tier 1 ratio & core Tier 1 ratio (EUR bn) 149.3 144.8 142.7 144.0 143.2 10.4 12.3% 12.5% 12.2% 12.8% 10.3 10.4 10.4 3.3 10.4 11.8% 2.5 3.0 3.0 3.3 132.1 129.8 129.3 135.5 130.3 11.3% 11.5% 11.3% 11.8% 10.8% 30/09/2009 31/12/2009 31/03/2010 30/06/2010

  32. Slide 32: Appendices

    Appendices 1 Specific disclosures, based on recommendations from the Financial Stability Board (data as of September 30, 2010) 2 Segment Reporting 3 P&L by Segment 4 Activity Figures 5 Maximum Credit Risk Exposure 6 VaR, BSM and Equity Portfolio 7 Capital Adequacy 8 Asset Quality and Ratings 9 Data

  33. Slide 33: 1 – Specific Disclosures, Based on FSB Recommendations

    1 – Specific Disclosures, Based on FSB Recommendations Hedged and unhedged CDOs of US residential mortgage assets EUR 6 m of gross notional amount of hedged CDOs of US RMBS protected via CDS bought from banks (100% at least A rated). No protection bought from monolines. EUR 23 m of gross notional am

  34. Slide 34: 1 – Specific Disclosures: Counterparty risk on monolines: exposure

    1 – Specific Disclosures, Based on FSB Recommendations Counterparty risk on monolines: exposure Protection via other types of (EUR bn) Protection via CDS contracts Remaining Fair Value of the exposure to Gross notional protection before Credit Value counterparty risks Gross notional Total gross Unde

  35. Slide 35: 1 – Specific Disclosures: Counterparty risk on monolines: quality

    1 – Specific Disclosures, Based on FSB Recommendations Counterparty risk on monolines: quality of exposure (EUR bn) Underlying assets Monoline counterparty Public Finance Project/Corporate finance ABS by rating* IG NIG Total IG NIG Total IG NIG Total TOTAL AAA/AA 11.8 0.6 12.4 6.3 1.1 7.3 6.1 0.8 7.

  36. Slide 36: 1 – Specific Disclosures: Direct loan exposure to real estate

    1 – Specific Disclosures, Based on FSB Recommendations Direct loan exposure to US, Spanish and UK real estate markets Direct loan exposure on US Real Estate market „ Commercial Real Estate: Dexia is exposed to commercial Real-Estate loans only through its US securitization subsidiary, which held ass

  37. Slide 37: 1 – Specific Disclosures: Exposure to CMBS

    1 – Specific Disclosures, Based on FSB Recommendations Exposure to CMBS (EUR bn) Gross exposure Protection (nominal) Net exposure Commercial mortgage-backed securities (CMBS) 1.1 0 1.1 Breakdown of CMBS by ratings, geography and sectors Asia Warehouse, US Diversified, BB+, 17% AAA, 18% 7% 1% 5% 6% H

  38. Slide 38: 1 – Specific Disclosures: Exposure to US RMBS

    1 – Specific Disclosures, Based on FSB Recommendations Exposure to US RMBS* Protection Specific Net exposure Gross exposure (nominal) impairments **** (EUR bn) A B C A-B-C-D Prime 0.1 0.1 0.0 0.0 Alt-A ** 1.4 0.0 0.4 1.3 Subprime *** 4.9 0.1 0.6 4.8 Option ARM 0.3 0.0 0.1 0.3 Others 0.1 0.0 0.0 0.1

  39. Slide 39: 1 – Specific Disclosures: Exposure to UK and Spanish RMBS

    1 – Specific Disclosures, Based on FSB Recommendations Exposure to UK and Spanish RMBS* Protection Gross exposure (nominal) Net exposure (EUR bn) A B A-B-C-D UK 0.9 0.0 0.9 o/w Conforming 0.6 0.0 0.6 o/w Non conforming 0.0 0.0 0.0 o/w Buy to let 0.3 0.0 0.3 Spain 2.6 0.0 2.6 98% of UK RMBS are AAA 5

  40. Slide 40: 1 – Specific Disclosures: Exposure to Conduits and SIV

    1 – Specific Disclosures, Based on FSB Recommendations Exposure to Conduits and SIV As originator, Sponsor or Co-Sponsor, Dexia has no exposure on conduits or SIV 40

  41. Slide 41: 1 – Specific Disclosures: Exposure to LBO Financing

    1 – Specific Disclosures, Based on FSB Recommendations Exposure to LBO Financing Final take Number of accounts 49 Commitments (EUR bn) 1.7 Breakdown of final participations in LBOs Other incl. Food, 5% Energy, 13% Other, 21% Belgium, 19% Industry, 4% Transports, Italy, 3% 40% Luxembourg, UK, 18% 6%

  42. Slide 42: 2 – Segment Reporting

    2 – Segment Reporting STATEMENT OF INCOME 3Q 2010 Legacy Retail and Public and Asset portfolio Commercial Wholesale Management management (m EUR) Core division Banking Banking & Services Group Center division Dexia A=B+C+D+E B C D E F G=A+F Income 1,241 715 235 289 3 (7) 1,234 Expenses (941) (477) (

  43. Slide 43: 3 – Core and LPM Divisions – P&L

    3 – Core and LPM Divisions – P&L CORE DIVISION – STATEMENT OF INCOME (EUR m) 3Q09* 2Q10* 3Q10 %yoy %qoq 9M09* 9M10 %yoy Income 1,274 1,311 1,241 -2.6% -5.4% 3,783 3,731 -1.4% Expenses -877 -846 -941 7.3% 11.2% -2,556 -2,642 3.4% Gross operating income 397 466 300 -24.5% -35.6% 1,227 1,089 -11.3% Cos

  44. Slide 44: 3 – Core and LPM Divisions – quarterly series

    3 – Core and LPM Divisions – quarterly series CORE DIVISION (m EUR) 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 Income 1,137 1,372 1,274 1,221 1,178 1,311 1,241 Expenses (832) (846) (877) (889) (855) (846) (941) Gross operating income 305 525 397 332 323 466 300 Cost of risk (83) (213) (

  45. Slide 45: 3 – RCB – P&L

    3 – RCB – P&L RCB – STATEMENT OF INCOME (EUR m) 3Q09 2Q10 3Q10 %yoy %qoq 9M09 9M10 %yoy Income 696 718 715 2.7% -0.5% 2,068 2,145 3.7% Expenses -463 -472 -477 3.1% 1.1% -1,382 -1,422 2.9% C/I ratio 66.6% 65.7% 66.8% 66.8% 66.3% Gross operating income 232 246 237 2.0% -3.6% 686 723 5.3% Cost of risk

  46. Slide 46: 3 – PWB – P&L

    3 – PWB – P&L PWB – STATEMENT OF INCOME (EUR m) 3Q09 2Q10 3Q10 %yoy %qoq 9M09 9M10 %yoy Income 286 285 235 -17.9% -17.6% 994 753 -24.2% Expenses -135 -130 -131 -2.7% 0.4% -397 -393 -1.0% C/I ratio 47.0% 45.8% 55.8% 39.9% 52.2% Gross operating income 151 155 104 -31.5% -32.8% 597 360 -39.7% Cost of r

  47. Slide 47: 3 – AMS – P&L

    3 – AMS – P&L AMS – STATEMENT OF INCOME (EUR m) 3Q09 2Q10 3Q10 %yoy %qoq 9M09 9M10 %yoy Income 220 232 289 31.3% 24.5% 547 757 38.3% Expenses -165 -176 -175 6.1% -0.6% -490 -518 5.7% C/I ratio 74.9% 75.8% 60.5% 89.5% 68.4% Gross operating income 55 56 114 x2.1 x2.0 57 239 x4.2 Cost of risk 1 2 0 n.s

  48. Slide 48: 3 – Group Center – P&L

    3 – Group Center – P&L GROUP CENTER – STATEMENT OF INCOME (EUR m) 3Q09 2Q10 3Q10 Var yoy Var qoq 9M09 9M10 Var yoy Income 73 76 3 -70 -73 174 76 -98 Expenses -115 -67 -158 -43 -91 -287 -309 -22 Gross operating income -42 9 -155 -113 -164 -113 -233 -120 Cost of risk 62 9 0 -62 -9 4 -4 -8 Other impair

  49. Slide 49: 4 – Activity Figures: Retail & Commercial Banking

    4 – Activity Figures Retail & Commercial Banking 2009 2010 Variation Variation Sept. 30, 2010/ Sept. 30, 2010/ (m EUR) Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Sept. 30, 2009 Dec. 31, 2009 Total customer assets & liabilities 178,226 179,941 184,194 187,741 189,333 6.2% 5.2% Total customer assets 1

  50. Slide 50: 4 – Activity Figures: Public & Wholesale Banking

    4 – Activity Figures Public & Wholesale Banking LONG-TERM COMMITMENTS LONG-TERM ORIGINATIONS (m EUR) Sept. 30, 2009 Sept. 30, 2010 Variation 3Q 2009 2Q 2010 3Q 2010 Variation yoy Variation qoq Dexia 232,468 229,409 -1.3% 2,799 2,750 2,264 -19.1% -17.7% of which public sector 198,926 192,271 -3.3% 2,

  51. Slide 51: 4 – Activity Figures: Asset Management & Services

    4 – Activity Figures Asset Management & Services Assets under Management (1) 2009 2010 Variation Variation Sept. 30, 2010/ Sept. 30, 2010/ (bn EUR) Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Sept. 30, 2009 Dec. 31, 2009 Total assets under management 82.6 82.4 85.1 82.7 86.2 4.3% 4.6% By type of mana

  52. Slide 52: 4 – Activity Figures: Legacy Portfolio Management Division

    4 – Activity Figures Legacy Portfolio Management Division 2009 2010 Var. qoq Var. YTD Current Constant Current Constant (bn EUR) Sept. 30 Dec. 31 March 31 June 30 Sept. 30 exch. rate exch. rate exch. rate exch. rate Total commitments * 193.0 187.2 179.4 176.7 157.9 -18.8 -10.7 -29.2 -36.6 Financial

  53. Slide 53: 5 – Maximum Credit Risk Exposure

    5 – Maximum Credit Risk Exposure Maximum Credit Risk Exposure as of September 30, 2010* DEXIA GROUP EXPOSURE BY DEXIA GROUP EXPOSURE BY GEOGRAPHICAL REGION CATEGORY OF COUNTERPART (m EUR) (m EUR) Belgium 112,104 Central governments 67,115 France 103,066 Public sector entities 257,906 Germany 37,519

  54. Slide 54: 6 – VaR, BSM and Equity Portfolio: Value at risk

    6 – VaR, BSM and Equity Portfolio Value at risk (1) IR & FX (Trading and banking) EQT Trading 3Q10 3Q10 3Q10 3Q10 VaR (10 days, 99%), in m EUR 3Q09 4Q09 3Q10 3Q09 4Q09 3Q10 Core Non core Core Non core Average 17.2 20.3 19.2 18.0 1.6 4.2 2.4 2.6 2.6 - By risk factor Q end 21.3 17.5 16.4 15.3 1.5 3.3

  55. Slide 55: 6 – VaR, BSM and Equity Portfolio: BSM & Dexia FP sensitivity

    6 – VaR, BSM and Equity Portfolio BSM & Dexia FP sensitivity and VaR (2) (3) Interest rate Equity Credit spread BSM 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 Banking companies Sensitivity, in m EUR -97 -104 -83 -116 29 -16 -16 -16 -13 -14 (1) (4) ALM Var 10d 99% in m

  56. Slide 56: 6 – VaR, BSM and Equity Portfolio: Listed shares sensitivity

    6 – VaR, BSM and Equity Portfolio Listed shares sensitivity – Banking companies portfolio (1) (m EUR) Market Value VaR % VaR/MV (2) EaR (3) (4) September 30, 2009 516 37 17.0% (13) (3) (4) December 31, 2009 503 16 9.0% 0 March 31, 2010 89 7 8.0% 0 June 30, 2010 59 11 19.0% 0 September 30, 2010 58 12

  57. Slide 57: 7 – Capital Adequacy

    7 – Capital Adequacy Comparison total equity (financial statements) and total equity as calculated for regulatory purposes Dec. 31, 2009 Sept. 30, 2010 Financial Regulatory Financial Regulatory (m EUR) Statements purposes Statements purposes Total shareholders' equity 10,182 10,182 9,055 9,055 Minor

  58. Slide 58: 8 – Asset Quality and Ratings

    8 – Asset Quality and Ratings Quality of risk (m EUR, except where indicated) Sept. 30, 2009 Dec. 31, 2009 March 31, 2010 June 30, 2010 Sept. 30, 2010 Impaired loans 3,720 4,808 5,471 6,016 5,470 (1) Portfolio impairments 2,366 2,657 2,989 3,288 3,147 (2) Assets quality ratio 1.1% 1.4% 1.6% 1.7% 1.6

  59. Slide 59: 9 – Data per Share

    9 – Data per Share Number of shares September 30, 2009 December 31, 2009 March 31, 2010 June 30, 2010 September 30, 2010 Number of shares 1,762,478,783 1,762,478,783 1,762,478,783 1,846,406,344 1,846,406,344 of which Treasury Shares 293,570 293,570 293,570 307,548 307,548 (1) (1) (1) (1) Number of o

  60. Slide 60: 10 – Balance Sheet: Assets

    10 – Balance Sheet Assets ASSETS (m EUR) Sept. 30, 2009 Dec. 31, 2009 Sept. 30, 2010 I. Cash and balances with central banks 9,524 2,673 2,321 II. Loans and advances due from banks 48,660 47,427 60,862 III. Loans and advances to customers 351,652 353,987 355,756 IV. Financial assets measured at fair

  61. Slide 61: 10 – Balance Sheet: Liabilities

    10 – Balance Sheet Liabilities LIABILITIES (m EUR) Sept. 30, 2009 Dec. 31, 2009 Sept. 30, 2010 I. Due to banks 139,096 123,724 98,640 II. Customer borrowings and deposits 122,274 120,950 125,845 III. Financial liabilities measured at fair value through profit or loss 18,885 19,345 20,526 IV. Derivat

  62. Slide 62: 10 – Balance Sheet: Core and LPM Divisions

    10 – Balance Sheet Core and LPM Divisions Core Division LPM Division (as of September 30, 2010) (as of September 30, 2010) 461 461 RCB, 55 Covered 137 137 bonds, 78 FP, 10 FP (GICS), 5 PWB run-off Covered commitments, bonds, 24 Commercial 13 funding, 115 PWB core, 215 LT State Long-term *, guarantee

  63. Slide 63: 11 – Amortization of outstanding State guaranteed funding

    11 – Amortization of outstanding State guaranteed funding Quarterly amortization of State guaranteed debt outstanding* EUR EURBn Bn 12 12 10 10 88 66 4 4 2 2 0 0 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q1

  64. Slide 64: 12 – DenizBank's Consolidated Accounts

    12 - DenizBank’s Consolidated Accounts (EUR m) 3Q09 2Q10 3Q10 % qoq % yoy 9M09 9M10 % yoy Income 254 258 213 -17.3% -15.9% 753 739 -1.9% Expenses - 97 -119 -119 n.s. 22.3% -286 -348 21.5% Gross operating income 157 139 95 -32.1% -39.6% 467 391 -16.2% Cost of risk & impairments - 65 -29 -12 -57.7% -8

  65. Slide 65: 13 – Shareholding Structure

    13 – Shareholding Structure As of September 30, 2010 Belgian Federal State French State Caisse des Dépôts 5.7% 5.7% et Consignations 17.6% Three Belgian Regions 5.7% CNP Assurances 3.0% Holding Communal 14.5% Other Institutional and Individual Shareholders Arco Group 27.5% 13.8% Ethias Group Employe

Dexia — Q3 2010 Earnings Presentation on 6ix