Mediobanca - Banca di Credito Finanziario S.p.A. · MIL:MB
Mediobanca - Banca di Credito Finanziario — Mediobanca — Kepler CM - Italian Financials Conference 2011
18 slides from Mediobanca - Banca di Credito Finanziario's conference presentation, Nov 23, 2011
Slide 1: Kepler CM - Italian Financials Conference
Kepler CM - Italian Financials Conference November 23, 2011
Slide 2: Key factors to cope with current scenario
Key factors to cope with current scenario Business Diversification of Funding and loan book Revenues Liquid balance sheet, low leverage Top A&L quality Securities and loan book quality Risk assessment, efficiency CIB: diversified with international operations Focus on core businesses Consumer lendin
Slide 3: MB Group diversification
MB Group diversification KPIs Group KPIs by division (June11) Banking activities represent 90% of total CIB RPB PI TOT income and 70% of profit before taxes Funding* 41% 59% Banking activities well diversified between corporate and retail Loan book 62% 38% 41% : 59% of funding stock Total income 45%
Slide 4: Funding diversified by product and channel
Funding diversified by product and channel MB Group funding stock: breakdown by product MB bonds issued: breakdown by channel €52bn Other 15% 10% Banks MB bonds Institutional 5% 9% to institutional channels Retail deposits 27% 47% 54% 37% 47% 19% MB bonds to retail 30% Retail 40% 36% channels 38% 53
Slide 5: Loan book diversified by corporate and retail
Loan book diversified by corporate and retail MB Group lending stock by product (€bn) Trends in MB Group lending stock (€bn) €36bn 36 36 32 34 Leasing 4bn Mortgages 24 Large 4bn corporate 18bn Consumer lending 9bn June07 June08 June09 June10 June11 Consumer lending Mortgages Leasing Large corporate
Slide 6: Revenues resilient due to diversification
Revenues resilient due to diversification Total revenues by source (€bn) Net interest income by business (FY11) Retail banking CIB 10% 40% 2.1 2.0 2.0 Consumer lending 50% 1.8 Principal Investing AFS Trading Fee income Fee income by business (FY11) Net interest income CapMkts PB 18% 10% June08 June0
Slide 7: A&L quality
A&L quality KPIs Group annual KPIs trend (€bn) June09 June10 June11 Low leverage Funding 53.4 53.8 51.7 High liquidity Loans to customers 35.2 33.7 36.2 Solid capital position Treasury + AFS + HTM 21.0 23.3 18.7 Good asset quality Core Tier 1 ratio 10.3% 11.1% 11.2% Low cost/income Loans/deposits 66
Slide 8: Liquid and diversified securities portfolio
Liquid and diversified securities portfolio Ptf breakdown (HFT+AFS+HTM+LR) Bond portfolio breakdown (€bn) €18bn Greece 0.2 Govies Core EU 1.2 2bn - Liquidity €5bn 5bn Italy 3.4 Govies bonds 8bn B-/BBB+ Corporate Other bonds Corporate €8bn A+/AAA 3bn - Equity • Diversified portfolio • Greek exposure
Slide 9: Good loan book quality, high coverage
Good loan book quality, high coverage Net bad loans stock* (€m) Asset quality ratios trend* FY10 FY11 LLPs (bps) 150 120** 760 Gross Bad Ls/Ls 4.1% 3.4% 650 680 Retail NPLs 1.9% 1.4% Watch list Ls 1.4% 1.1% Consumer Coverage Bad Ls 47% 48% NPLs 84% 74% Leasing Watch list Ls 26% 43% Net Bad Ls/Ls 2.3
Slide 10: Solid capital position, low leverage
Solid capital position, low leverage RWAs and core tier1 (€bn), leverage ratios Dividend policy RWAs / Assets = 91% Core T1 / Assets = 11% FY09 FY10 FY11 Core Tier1 ratio 10.3% 11.1% 11.2% 55.0 52.7 53.4 Cash DPS € 0 0.17 0.17 Total dividend €m 0 144 146 Stated payout 0 36% 40% 6.2 5.9 5.4 Cashed pa
Slide 11: CIB: international operations boosted
CIB: international operations boosted Revenues: non-domestic/total PBT: non-domestic/total €m, % of banking CIB revenues €m, % of banking CIB PBT 280 150 180 31% 30% 140 80 20% 15% 35 20% 9% June09 June10 June11 June09 June10 June11 Non-domestic revenues by product Non-domestic revenues by country F
Slide 12: Consumer lending: high margin retail business
Consumer lending: high margin retail business Consumer lending (Compass) margins (bps) Compass mkt share, distribution by channel (new PP) 9.3% Gross margin after funding cost 790 Mkt share 7.5% 6.5% Third parties banks Net margin after cost of risk 450 BancoPosta Cost of risk 340 Compass branches 1
Slide 13: Innovative retail banking platform still to be exploited
Innovative retail banking platform still to be exploited CheBanca! customers and products sold (’000) CheBanca! deposits (€bn) and pricing quarterly trend Product sold 530K 410K 10.0 Current acc. 266bps 9.6 Mortgages 430K Pocket acc. 230K 340K 6.2 110bps Deposits 210K 0 FY 09 FY 10 FY 11 June09 June
Slide 14: Profitability and efficiency indexes
Profitability and efficiency indexes FY11 FY10 FY09 June11 June10 June09 Cost/income ratio 41% 38% 41% of which CIB 37% 30% 28% RPB 54% 60% 60% ROTE adjusted 9% 8% 5% ROTE stated 6% 7% 0 RORWA (% gross) 1.0 1.1 0.2 of which CIB 1.0 1.0 0.9 RPB 1.0 (0.2) (0.2) Consumer lending 1.7 0.8 1.2 Retail bank
Slide 15: Conclusions
Conclusions Tough macro environment, unhelpful to banking De-risking as a priority MB Group focus: consolidation of banking activities Preserving liquidity, capitalization and asset quality CIB: coping with margin reduction, still upgrading structures Consumer finance: defending net margins, fuellin
Slide 16: Kepler CM - Italian Financials Conference
Kepler CM - Italian Financials Conference November 23, 2011
Slide 17: 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 18: Investor contacts
Investor contacts Mediobanca Group Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Tel. no.: (0039) 02-8829.860 / 647 Fax no.: (0039) 02-8829.550 Email: investor.relations@mediobanca.it http://www.mediobanca.it 18
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