Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — FY2010 Earnings Presentation
72 slides from Dexia Holding SA's earnings presentation, Feb 23, 2011
Slide 1: 4Q & FY 2010 Results and Business Highlights
4Q & FY 2010 Results and Business Highlights 23 February 2011 Pierre Mariani, CEO Philippe Rucheton, CFO
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
Slide 3: Key Messages
Key Messages Group Net Income of EUR 723 m in 2010 Confirmed sustained commercial dynamic: business development on track with road-map Solid contribution of Core businesses 1): + 18% pre-tax income yoy (exc. capital gains) Sharp decrease of the Cost of Risk yoy despite Cost of Risk of the Fina
Slide 4: Agenda
Agenda Update on transformation plan Group summary FY 2010 Group results 4Q 2010 Group results Core Division Legacy Portfolio Management Division Update on Liquidity and Solvency 4
Slide 5: Update on transformation plan: Managing down the balance sheet
Update on transformation plan Managing down the balance sheet Total balance sheet down by EUR 84.3 bn in Dec. Total balance sheet 2010 vs. Dec. 2008 (o/w EUR 10.9 bn in 2010) (EUR bn) explained by following main drivers: 651 Asset natural amortization: EUR 73 bn since Dec. 548 578 567 2008 o/w EUR
Slide 6: Update on transformation plan: Fast pace of asset disposal
Update on transformation plan Fast pace of asset disposal EUR 52.4 bn of asset disposal since 2008 at Total sales of bonds and loans average 0.89% of loss on nominal (P&L impact of (EUR bn) EUR -464 m) 27.2 Bond sales up 35% in 2010 vs. 2009: EUR 18.8 bn 23.9 4.8 of Legacy and EUR 3.6 bn of Core bon
Slide 7: Update on transformation plan: Executing the divestment plan
Update on transformation plan Executing the divestment plan Entities Status Assured Guaranty shares Closed Divested Dexia Epargne Pension Closed In 2010 AdInfo Closed SPE Closed Closing Dexia banka Slovensko expected 1Q11 Regulatory approval obtained Process DenizEmeklilik Non-binding offers receive
Slide 8: Update on transformation plan: Rebalancing the funding profile
Update on transformation plan Rebalancing the funding profile of the group Restructuring of the Group leading to EUR 141 bn Funding mix evolution decrease in the short term funding gap since peak (EUR bn) of Oct. 2008 (o/w EUR -48 bn in 2010) at EUR 638 651 119 bn per Dec. 2010 578 567 163 22 EUR 85
Slide 9: Update on transformation plan: Reducing the cost base
Update on transformation plan Reducing the cost base Evolution of the cost base With EUR 416m cost reduction since 2008, (EUR m) -10.1% Dexia well on track to reach the targeted cost reduction (EUR 600 m by end of 2011) 4,119 101 174 3,607 28 3,703 145 89 Costs down by 10.1% since 2008 (10.6% at con
Slide 10: Agenda
Agenda Update on transformation plan Group summary FY 2010 Group results 4Q 2010 Group results Core Division Legacy Portfolio Management Division Update on Liquidity and Solvency 10
Slide 11: Reported Statement of Income FY 2010
Reported Statement of Income FY 2010 2010/ (EUR m) 2009 2010** 2009 Income 6,184 5,310 -14.1% Expenses -3,607 -3,703 2.7% Gross operating income 2,577 1,607 -37.6% Cost of risk -1,096 -641 -41.5% Other impairments & provisions for legal litigations* -78 -42 -46.2% Pre-tax income 1,403 924 -34.1% o/w
Slide 12: FY 2010 results by division – Core Division: Pre-Tax Income
FY 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) -3.5% (EUR m) (EUR m) 564 308 544 2009 2010 +32.1% 709 x2.1 537 149 -222 -199 2009 2010 2009 2010 2009 2010 -421 Core bu
Slide 13: FY 2010 results by division – Core Division: Revenues
FY 2010 results by division – Core Division Focus on Revenues Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) +3.1% (EUR m) (EUR m) (EUR m) -17.9% 183 1,227 1,021 2,765 2,852 +23.1% 1,007 829 -80.3% 36 2009 2010 2009 2010 2009 2010 Capital gain
Slide 14: FY 2010 results by division – Core Division: Costs
FY 2010 results by division – Core Division Focus on Costs Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services (EUR m) (EUR m) -2.6% (EUR m) +6.9% (EUR m) +6.8% 425 1,853 +4.4% 1 , 9 3 5 398 535 704 521 659 404 514 1,449 1,421 2009 2010 2009 2010 2009 2010
Slide 15: FY 2010 results by division – Core Division: Cost of Risk
FY 2010 results by division – Core Division Focus on Cost of Risk Cost of risk in bp* Significant improvement of RCB CoR in 2010 supported by: 4Q09 1Q10 2Q10 3Q10 4Q10 A strong economic recovery in Turkey 76 driving down the CoR sharply from 330 bps 55 44 RCB 23 35 at the peak in 4Q09; low additio
Slide 16: FY 2010 results by division – Legacy Portfolio Management Division
FY 2010 results by division – Legacy Portfolio Management Division Revenues Costs Cost of risk Pre-tax income (EUR m) (EUR m) (EUR m) (EUR m) 641 376 162 1 ,180 -11.2% 305 +32.8% -51.2% 134 490 119 809 369 2009 2010 395 2009 2010 2009 2010 2009 2010 -2 1 6 FSA FSA FSA FSA Progress in transformation
Slide 17: Agenda
Agenda Update on transformation plan Group summary FY 2010 Group results 4Q 2010 Group results Core Division Legacy Portfolio Management Division Update on Liquidity and Solvency 17
Slide 18: Reported Statement of Income 4Q 2010
Reported Statement of Income 4Q 2010 Revenues down 9% qoq (excl. capital 4Q10/ gains on Crédit du Nord booked in 4Q09) (EUR m) 4Q09 4Q10** 4Q09 mainly due to: Income 1 482 1 214 -18,1% Lower treasury revenues (EUR -105 m) Expenses -920 -972 5,7% EUR -53 m adjustments related to the Gross operati
Slide 19: Agenda
Agenda Update on transformation plan Group summary FY 2010 Group results 4Q 2010 Group results Core Division Legacy Portfolio Management Division Update on Liquidity and Solvency 19
Slide 20: RCB – Solid results dynamic
RCB – Solid results dynamic Income by country (2010) 2010: +32% of pre-tax income contribution Luxembourg Income up 3%: volume growth and favourable 17% Belgium product mix in Belgium offset by impact of Belgian 49% Other deposit guarantee system; in Turkey high volumes 2% and positive exch. rate
Slide 21: RCB – Focus on Belgium and Luxembourg
RCB – Focus on Belgium and Luxembourg Strong momentum in Belgium and consolidation of franchise in Luxembourg Customer deposits and loans Deposits up 16% vs. Dec. 2008, o/w +5% in 2010 supported by a strong organic growth in Belgium, (EUR bn) 72.7 76.2 76.4 particularly in savings accounts (+39% vs.
Slide 22: RCB – Focus on Turkey
RCB - Focus on Turkey Fast expansion on track with roadmap Customer deposits and loans Further significant progress in deposit gathering (TRY bn) 23.8 and sustained loan growth 21.6 19.7 17.2 18.6 18.1 Deposits up 67% vs. Dec 2008, o/w +34% in 14.7 2010 (vs. +20% for average sector growth) and 146
Slide 23: PWB – Commercial Margins and Cost of Risk improving but impacted by liquidity costs
PWB – Commercial Margins and Cost of Risk improving but impacted by liquidity costs Margins on annual new LT commitments1 2010: alignment with target liquidity structure offsets positive trend of cost of risk and (2009=Index 100) 176 commercial margins Income down by 18% vs. 2009: improvement of t
Slide 24: Cost of Risk: Focus on public Sector
Cost of Risk: Focus on public Sector Sovereigns and local public sectors remain exempt of default Financial pressure on sovereigns have led to increased focus both on local authorities and sovereigns: At State level, acceleration of public expenses (from 45.6% of GDP in 2007 in the EU to 50.7% in
Slide 25: PWB – Strategic turn-around
PWB – Strategic turn-around New LT commitments Public banking: (EUR bn) Strategy no longer driven by market share leading to 52.1 stable LT commitments vs. Dec. 2009 and Sep. 2010 3.3 New commitments booked on a selective basis, at 9.3 satisfactory levels of margins; EUR 7.7 bn in 2010 o/w EUR 2
Slide 26: AMS – Rebound of all 3 AMS businesses
AMS – Rebound of all 3 AMS businesses 2010 2010 pre-tax income Asset Management: Pre-tax income up 53% driven by (EUR m) X 2.1 308 increased revenues (+14%) thanks to higher management fees and costs under control 185 Insurance: Pre-tax income more than doubled in 2010 149 due to higher outstand
Slide 27: AMS – Strong commercial momentum
AMS – Strong commercial momentum Asset management Activity figures In 2010, market recovery and institutional inflows driving AuM up by 4.8%; in 4Q10 AuM stable over the 1.96 2.10 quarter 82.4 86.2 86.4 1.71 24 funds awarded in 10 different countries and 3 awards as asset manager; SRI funds qual
Slide 28: Agenda
Agenda Update on transformation plan Group summary FY 2010 Group results 4Q 2010 Group results Core Division Legacy Portfolio Management Division Update on Liquidity and Solvency 28
Slide 29: Legacy Portfolio Management Division: Bond portfolio in run-off
Legacy Portfolio Management Division Bond portfolio in run-off Bond portfolio in run-off (EUR bn) AAA AA A BBB NIG Total Public sector 1.8 12.8 7.6 3.6 1.0 26.9 Sovereigns 0.9 6.7 1.0 7.9 0.1 16.6 Banks 2.8 4.0 10.4 3.3 1.0 21.5 Covered bonds 6.3 6.1 0.4 0.0 0.0 12.8 ABS 6.2 1.7 1.0 0.4 0.5 9.7 MBS
Slide 30: Legacy Portfolio Management Division: Financial Products portfolio (1/3)
Legacy Portfolio Management Division Financial Products portfolio (1/3) Financial Products portfolio (USD 13.8 bn / EUR 10.3 bn) AAA AA A BBB NIG Total US RMBS 0.2 0.6 0.2 0.1 8.0 9.0 o/w Subprime RMBS 0.1 0.5 0.2 0.0 5.6 6.5 o/w Alt-A first lien 0.0 0.1 0.0 0.0 2.1 2.3 Other ABS 0.0 0.4 0.5 0.7 0.1
Slide 31: Legacy Portfolio Management Division: Financial Products portfolio (2/3)
Legacy Portfolio Management Division Financial Products portfolio (2/3) Main recent trends of the US real estate market: During 2010, the high percentage of delinquent loans, in particular Subprime loans, restructured by servicers, has contributed to improve the default rate of such assets. Howeve
Slide 32: Legacy Portfolio Management Division: Financial Products portfolio (3/3)
Legacy Portfolio Management Division Financial Products portfolio (3/3) Model very sensitive to parameters such as timing of defaults, loan modifications, house prices and length of the crisis due to the very long term maturity of some assets Current estimate of expected economic losses amount to
Slide 33: Agenda
Agenda Update on transformation plan Group summary FY 2010 Group results 4Q 2010 Group results Core Division Legacy Portfolio Management Division Update on Liquidity and Solvency 33
Slide 34: Swift Rebalancing of the short-term Liquidity Profile as targeted
Swift Rebalancing of the short-term Liquidity Profile as targeted Further substantial decrease of Group short-term Reduction of short-term funding need funding need in 2010: (EUR bn) Funding need down a further EUR 48 bn vs Dec. EUR 260 bn 2009 following EUR 69 bn decrease in 2009 as of end 300 Oc
Slide 35: Confirmed Long Term Debt Issuance Dynamic
Confirmed Long Term Debt Issuance Dynamic EUR 44.4 bn total wholesale medium and long Wholesale long-term funding term funding raised in 2010 As of Dec. 31, 2010 Other LT As in 2009, half of long term debt raised secured funding 1) Covered outside the State Guarantee mechanism bonds 10% 31% Govern
Slide 36: Gains and Losses on Securities not recognized in P&L
Gains and Losses on Securities not recognized in P&L Negative AFS reserve increased by EUR 2.4 bn AFS reserve (after tax) vs. Dec. 2009 to EUR -3.9 bn at end of 2010 31/12/09 31/03/10 30/06/10 30/09/10 31/12/10 Negative impact on the AFS reserve on bonds 0.4 0.4 0.3 0.4 0.2 (EUR -2.4 bn) mainly ex
Slide 37: Tier 1 ratio at 13.1% confirming financial strength
Tier 1 ratio at 13.1% confirming financial strength Tier 1 & Core Tier 1 ratio Tier 1 ratio at 13.1% (+81 bps vs Dec. 2009) and Core Tier 1 ratio at 12.1% (+79 bps vs Dec. 2009) at 12.8% 13.1% 11.3% 12.3% end 2010 60 bps of organic Tier 1 generation yoy 21 bps decrease in weighted risks yoy 11.3
Slide 38: Appendices
Appendices 1 Specific disclosures, based on recommendations from the Financial Stability Board (data as of Deptember 31, 2010) 2 Segment Reporting 3 P&L by Segment 4 Activity Figures 5 Maximum Credit Risk Exposure and Update of the Sovereign Exposures (CEBS) 6 VaR, BSM and Equity Portfolio 7 Capital
Slide 39: 1 – Specific Disclosures: Hedged and unhedged CDOs of US residential mortgage assets
1 – Specific Disclosures, Based on FSB Recommendations Hedged and unhedged CDOs of US residential mortgage assets No more hedged CDOs of US RMBS. EUR 22 m of gross notional amount of unhedged CDOs of US RMBS. Net of provisions, the exposure is EUR 9 m. 39
Slide 40: 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
Slide 41: 1 – Specific Disclosures: Counterparty risk on monolines: quality of exposure
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 11.5 0.5 12.0 6.6 1.0 7.6 5.1 0.8 5.
Slide 42: 1 – Specific Disclosures: Direct loan exposure to US, Spanish and UK 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
Slide 43: 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 Diversified US 6% BB+, 18% AAA, 19% 1% 5% 6% Hou
Slide 44: 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 ** 1.3 0.0 0.4 1.3 Subprime *** 4.8 0.0 0.6 4.7 Option ARM 0.3 0.0 0.1 0.3 Others 0.1 0.0 0.0 0.1
Slide 45: 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 0.8 0.0 0.8 o/w Conforming 0.5 0.0 0.5 o/w Non conforming 0.0 0.0 0.0 o/w Buy to let 0.3 0.0 0.3 Spain 2.5 0.0 2.5 100% of UK RMBS are AAA
Slide 46: 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 46
Slide 47: 1 – Specific Disclosures: Exposure to LBO Financing
1 – Specific Disclosures, Based on FSB Recommendations Exposure to LBO Financing Final take Number of accounts 54 Commitments (EUR bn) 1.8 Breakdown of final participations in LBOs Other incl. Food, 5% Energy, 12% UK, 17% Industry, 7% Belgium, 23% France, 11% Transports, 39% Luxembourg, 5% Denmark,
Slide 48: 2 – Segment Reporting
2 – Segment Reporting STATEMENT OF INCOME 4Q 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 1,185 707 254 264 -40 29 1,214 Expenses (943) (513)
Slide 49: 3 – Core and LPM Divisions – P&L
3 – Core and LPM Divisions – P&L CORE DIVISION – STATEMENT OF INCOME (EUR m) 4Q09 3Q10 4Q10 %yoy %qoq 2009 2010 %yoy Income 1,221 1,241 1,185 -2.9% -4.5% 5,004 4,916 -1.8% Expenses -889 -941 -943 6.1% 0.2% -3,444 -3,585 4.1% Gross operating income 332 300 243 -27.0% -19.1% 1,560 1,331 -14.7% Cost of
Slide 50: 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 4Q 2010 Income 1,137 1,372 1,274 1,221 1,178 1,311 1,241 1,185 Expenses (832) (846) (877) (889) (855) (846) (941) (943) Gross operating income 305 525 397 332 323 466 300 243 C
Slide 51: 3 – RCB – P&L
3 – RCB – P&L RCB – STATEMENT OF INCOME (EUR m) 4Q09 3Q10 4Q10 %yoy %qoq 2009 2010 %yoy Income 697 715 707 1.4% -1.0% 2,765 2,852 3.1% Expenses -471 -477 -513 8.8% 7.4% -1,853 -1,935 4.4% Gross operating income 226 237 195 -14.0% -18.0% 913 917 0.5% Cost of risk -96 -31 -49 -49.4% 58.0% -313 -208 -3
Slide 52: 3 – PWB – P&L
3 – PWB – P&L PWB – STATEMENT OF INCOME (EUR m) 4Q09 3Q10 4Q10 %yoy %qoq 2009 2010 %yoy Income 233 235 254 9.1% 8.4% 1,227 1,007 -17.9% Expenses -138 -131 -128 -7.3% -2.0% -535 -521 -2.6% Gross operating income 95 104 126 32.9% 21.6% 692 486 -29.7% Cost of risk -36 -4 102 n.s. n.s. -128 67 n.s. Othe
Slide 53: 3 – AMS – P&L
3 – AMS – P&L AMS – STATEMENT OF INCOME (EUR m) 4Q09 3Q10 4Q10 %yoy %qoq 2009 2010 %yoy Income 282 289 264 -6.5% -8.7% 829 1,021 23.1% Expenses -169 -175 -186 10.3% 6.5% -659 -704 6.9% Gross operating income 113 114 78 -31.5% -31.9% 171 317 85.7% Cost of risk 1 0 -10 n.s. n.s. -21 -7 -64.7% Other im
Slide 54: 3 – Group Center – P&L
3 – Group Center – P&L GROUP CENTER – STATEMENT OF INCOME (EUR m) 4Q09 3Q10 4Q10 %yoy %qoq 2009 2010 %yoy Income 8 3 -40 -48 -43 183 36 -147 Expenses -110 -158 -116 -6 42 -398 -425 -27 Gross operating income -102 -155 -156 -54 -1 -215 -389 -174 Cost of risk 2 0 2 0 2 6 -2 -8 Other impairments & prov
Slide 55: 4 – Activity Figures: Retail & Commercial Banking
4 – Activity Figures Retail & Commercial Banking 2009 2010 Variation Variation Dec. 31, 2010/ Dec. 31, 2010/ (m EUR) Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Dec. 31, 2009 Sept. 30, 2010 Total customer assets & liabilities 179,941 184,194 187,741 189,333 191,447 6.4% 1.1% Total customer assets 129,
Slide 56: 4 – Activity Figures: Public & Wholesale Banking
4 – Activity Figures Public & Wholesale Banking LONG-TERM COMMITMENTS LONG-TERM ORIGINATIONS Dec. 31, Dec. 31, (m EUR) 2009 2010 Variation 4Q 2009 3Q 2010 4Q 2010 Variation yoy Variation qoq Dexia 231,580 228,172 -1.5% 4,028 2,264 3,032 -24.7% 33.9% of which public sector 194,524 191,193 -1.7% 3,235
Slide 57: 4 – Activity Figures: Asset Management & Services
4 – Activity Figures Asset Management & Services Assets under Management (1) 2009 2010 Variation Variation Dec. 31, 2010/ Dec. 31, 2010/ (bn EUR) Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Dec. 31, 2009 Sept. 30, 2010 Total assets under management 82.4 85.1 82.7 86.2 86.4 4.8% 0.2% By type of managem
Slide 58: 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) Dec. 31 March 31 June 30 Sept. 30 Dec. 31 exch. rate exch. rate exch. rate exch. rate Total commitments * 187.2 179.4 176.7 157.9 153.4 -4.5 -6.6 -33.7 -41.1 Financial Pro
Slide 59: 5 – Maximum Credit Risk Exposure
5 – Maximum Credit Risk Exposure Maximum Credit Risk Exposure as of December 31, 2010* DEXIA GROUP EXPOSURE BY DEXIA GROUP EXPOSURE BY GEOGRAPHICAL REGION CATEGORY OF COUNTERPART (m EUR) (m EUR) Belgium 111,300 Central governments 63,877 France 99,549 Public sector entities 253,067 Germany 36,743 Co
Slide 60: 5 – Update of the Sovereign Exposures (CEBS)
5 – Update of the Sovereign Exposures* published in the context of the CEBS stress test in 2010 G ros s G r oss V ariation exposures a s of which of wh ich ex pos ures as o f which of which Gross (m EUR) of 31/03 /201 0 Ba nking book Trading b ook of 31/1 2/20 10 B ankin g boo k Trad ing book exposu
Slide 61: 6 – VaR, BSM and Equity Portfolio
6 – VaR, BSM and Equity Portfolio Value at risk (1) IR & FX (Trading and banking) EQT Trading 4Q10 4Q10 4Q10 4Q10 VaR (10 days, 99%), in m EUR 4Q09 4Q10 4Q09 4Q10 Core Non core Core Non core Average 20.3 16.0 14.8 1.5 2.4 2.0 2.0 - By risk factor Q end 17.5 19.0 18.1 1.5 1.2 1.0 1.0 - Maximum 26.3 1
Slide 62: 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 4Q09 1Q10 2Q10 3Q10 4Q10 4Q09 1Q10 2Q10 3Q10 4Q10 4Q09 1Q10 2Q10 3Q10 4Q10 Banking companies Sensitivity, in m EUR -104 -83 -116 29 -148 -16 -16 -13 -14 -13 (1) (4) ALM Var 10d 99% in
Slide 63: 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) December 31, 2009 503 16 9.0% 0 March 31, 2010 89 7 8.0% 0 June 30, 2010 59 11 18.5% 0 September 30, 2010 58 12 21.5% 0 December 31, 2010 64 14 21.5% 0 (1)
Slide 64: 7 – Capital Adequacy
7 – Capital Adequacy Comparison total equity (financial statements) and total equity as calculated for regulatory purposes Dec. 31, 2009 Dec. 31, 2010 Financial Regulatory Financial Regulatory (m EUR) Statements purposes Statements purposes Total shareholders' equity 10,182 10,182 8,945 8,945 Non-co
Slide 65: 8 – Asset Quality and Ratings
8 – Asset Quality and Ratings Quality of risk (m EUR, except where indicated) Dec. 31, 2009 March 31, 2010 June 30, 2010 Sept. 30, 2010 Dec. 31, 2010 Impaired loans 4,808 5,471 6,016 5,470 5,554 (1) Portfolio impairments 2,657 2,989 3,288 3,147 3,214 (2) Assets quality ratio 1.4% 1.6% 1.7% 1.6% 1.6%
Slide 66: 9 – Data per Share
9 – Data per Share Number of shares December 31, 2009 March 31, 2010 June 30, 2010 September 30, 2010 December 31, 2010 Number of shares 1,762,478,783 1,762,478,783 1,846,406,344 1,846,406,344 1,846,406,344 of which Treasury Shares 293,570 293,570 307,548 307,548 307,548 (1) (1) (1) Number of option
Slide 67: 10 – Balance Sheet: Assets
10 – Balance Sheet Assets ASSETS (m EUR) Dec. 31, 2009 Dec. 31, 2010 I. Cash and balances with central banks 2,673 3,266 II. Loans and advances due from banks 47,427 53,379 III. Loans and advances to customers 353,987 352,307 IV. Financial assets measured at fair value through profit or loss 10,077
Slide 68: 10 – Balance Sheet: Liabilities
10 – Balance Sheet Liabilities LIABILITIES (m EUR) Dec. 31, 2009 Dec. 31, 2010 I. Due to banks 123,724 98,490 II. Customer borrowings and deposits 120,950 127,060 III. Financial liabilities measured at fair value through profit or loss 19,345 20,154 IV. Derivatives 58,364 72,347 V. Fair value revalu
Slide 69: 10 – Balance Sheet: Core and LPM Divisions
10 – Balance Sheet Core and LPM Divisions Core Division LPM Division (as of December 31, 2010) (as of December 31, 2010) 432 432 RCB, 56 Covered 134 134 bonds, 74 FP, 10 FP (GICS), 5 PWB run-off Covered commitments, bonds, 24 Commercial 12 funding, 116 PWB core, 214 LT State guaranteed, Long-term *,
Slide 70: 11 – State Guarantees
11 – State Guarantees (amounts and amortization of funding part) Total guaranteed debt outstanding as at 31 December 2010: EUR 44.4 bn State guarantee fees (EUR m) 1Q10 2Q10 3Q10 4Q10 2009 2010 Funding related -87 -96 -101 -96 -432 -380 Financial Products portfolio related -28 -29 -27 -25 -120 -110
Slide 71: 12 – DenizBank's Consolidated Accounts
12 - DenizBank’s Consolidated Accounts (EUR m) 4Q09 3Q10 4Q10 % qoq % yoy 2009 2010 % yoy Income 257 213 274 28.2% 6.2% 1,011 1,013 0.2% Expenses -101 -119 -144 21.8% 42.3% -388 -492 26.9% Gross operating income 156 95 129 36.4% -17.2% 623 521 -16.4% Cost of risk & impairments -86 -12 -40 ns -53.3%
Slide 72: 13 – Shareholding Structure
13 – Shareholding Structure As of December 31, 2010 Belgian Federal State French State 5.7% Caisse des Dépôts 5.7% et Consignations 17.7% Three Belgian Regions 5.7% CNP Assurances 3.0% Holding Communal 14.1% Other Institutional and Individual Arco Group Shareholders 13.9% 28.1% Ethias Group Employee