Credito Emiliano S.p.a. · MIL:CE
Credito Emiliano — 9M 2013 Earnings Presentation
21 slides from Credito Emiliano's earnings presentation, 2013
Slide 1: Group Results – 9M2013
Group Results – 9M2013
Slide 2: Highlights
Highlights Operating Income up YoY (+3.8%), even if calculated net of Trading (+3.6%), while remained weak QoQ (-1.4% net of Trading) mostly due to the typical summer seasonality Similarly, Operating Costs, because of third quarter ‘s seasonality, were down by 4.8% QoQ, while remaining up 2,1% YoY.
Slide 3: Income Statement
Income Statement Euro, Million 3Q12 2Q13 3Q13 % vs. 3Q12 % vs. 2Q13 9M12 9M13 % YoY Operating Income 244.1 244.4 234.4 -4.0 -4.1 710.1 737.2 3.8 Operating Income (net of trading 225.5 232.6 229.4 1.7 -1.4 668.6 692.8 3.6 and performance fees) Operating Costs -147.0 -154.5 -147.1 0.1 -4.8 -449.8 -459
Slide 4: Net Interest Income (1/3)
Net Interest Income (1/3) Net Interest Income Net Interest Income was slightly down QoQ € Million (-0.9%) for a weaker dynamic of loans’ volumes 120 due to seasonality reasons, as well as the reduction of customer spread back to 2012 year 117.8 116.6 116.7 115.7 end levels 110 112.6 With reference t
Slide 5: Net Interest Income (2/3)
Net Interest Income (2/3) Evolution of Average Deposit Rate Direct Customers’ Deposits* evolution (9M13 vs. (Credem SpA management accounting) 9M12) % 15.0% 2.50 2.10 2.10 10.3% 9.5% 2.04 1.98 1.93 10.0% 2.00 6.3% 4.2% 5.0% 1.50 1.25 1.29 1.29 1.26 1.24 -0.5% 0.0% 1.00 Deposits Retail Bonds Total -5
Slide 6: Net Interest Income (3/3)
Net Interest Income (3/3) Evolution of Average Loan Rate Loans to Customers evolution (9M13 vs. 9M12) (Credem SpA management accounting) 0.5% 0.1% 4.50 % 0.0% 3.86 3.80 3.77 3.77 3.80 9M13 vs. 9M12 4.00 3.43 3.39 3.35 -0.5% 3.50 3.31 3.28 -1.0% 3.00 -1.5% 2.50 -2.0% 2.00 1.50 -2.5% 1.00 -3.0% 0.50 -
Slide 7: Non Interest Income
Non Interest Income Non Interest Income: quarterly evolution 144.5 145.8 150 123.6 126.3 127.7 118.7 Performance Fees 135 27.6 108.5 28.2 120 18.6 4 11.8 5 Trading 19.2 1.8 4.5 4.5 13.4 € Million 105 3.3 3.7 6.1 3.3 Other 90 51.3 49.2 42.2 42.3 44.1 49.9 75 42 Banking Fees 60 7.2 6.1 11.4 7.9 10.5 9
Slide 8: Operating Costs
Operating Costs Operating Costs: quarterly evolution Headcount and networks evolution € Million 6,000 5,993 449.8 459.4 Employees 5,800 5,740 200 5,604 5,651 5,600 5,544 5,519 154.1 157.8 154.5 148.7 147.0 154.7 147.1 150 5,400 48.6 47.6 45.6 47.7 48.6 49.4 45.6 5,200 100 2008 2009 2010 2011 2012 9M
Slide 9: Loans (1/2)
Loans (1/2) Loans to Customers (net of repos with institutional and loans to group’s SPVs) € Million 19,721 19,249 19,949 19,269 20,000 17,536 18,770 3,324 3,411 3,370 3,150 16,000 2,577 3,323 5,845 6,282 6,248 6,241 6,151 12,000 5,534 1,941 1,935 2,001 2,039 2,042 2,002 8,000 4,000 7,484 7,667 8,11
Slide 10: Loans (2/2)
Loans (2/2) Market shares on retail and corporate customers and small business (net of financial institutions) (Credem SpA management accounting) 1.4% 1.198% 1.225% 1.155% 1.2% 1.068% 1.0% 0.8% 0.548% 0.6% 0.453% 0.443% 0.439% 0.4% 0.2% 0.0% MS on performing loans MS on Gross NPLs Market Shares evol
Slide 11: Deposits, Bonds and AUM
Deposits, Bonds and AUM €, Million 2010 2011 9M12 2012 9M13 Direct Deposits and Retail Bonds were up Sight/ Saving 11,604 12,005 12,207 13,066 13,463 by almost €400 million compared to year Deposits end 2012 and by €1.4 billion YoY CD & Other 1,064 493 245 256 271 In comparison with the industry, in
Slide 12: Retail Customers’ Base Evolution
Retail Customers’ Base Evolution Clients with a Banking Account (Growth Rates) Credem Group is ABI** Sample CREDEM CREDEM 1H13/1H12 increasing its business in a very solid way: while 102.65% 102.20% +3.53% 106.0% +1.59% 106.0% 103.0% credit quality is still at a 105.0% premium with loans’ volumes 10
Slide 13: Credit Quality
Credit Quality Gross Impaired Loans breakdown 800 702.1 700 660.1 9M12 587.6 601.1 622.1 600 € Million 2012 500 412.6 423.9 421.1 370.3 383.2 1Q13 400 1H13 300 200 143.5 115.7 108.6 119.7 127.0 9M13 100 0 Gross NPLs Gross Watchlist/Restructured Loans Gross Past Due % Gr. Loans (Credem) 2.8 2.9 3.1 3
Slide 14: Cost of Risk
Cost of Risk Cost of Risk (bps) Annualized cost of risk was slightly down QoQ 60 from 47 bps to 46 bps, also due to seasonality 46 effects 40 47 Increase in coverage of impaired loans 44 confirmed a trend under way over the last 5 39 35 quarters and touching the peak of the last three 20 years, whil
Slide 15: Assets and Liabilities
Assets and Liabilities Assets (€ Million) Assets remained fairly stable, 21,000 19,814 19,409 with a slight reduction in group’s securities’ portfolio (circa €150 14,000 million) and the decrease in 1H13 loans (circa €400 million) 9M13 7,000 5,613 5,511 2,848 3,057 240 202 833 804 8 8 0 Fin. Assets
Slide 16: Liquidity Profile
Liquidity Profile NSFR Group’s liquidity position is very smooth, 120% with all Basel III ratios higher than 110% thresholds set for 2018 110% 106% 100% Thank to this situation, Credem group decided to accelerate its exit from 90% LTRO, with a further tranche of €1 80% billion reimbursed at the begi
Slide 17: Capital Ratios
Capital Ratios Capital Ratios evolution 2,500 13.6% 13.8% 11.1% 11.6% 11.3% € Million 2,000 10.0% 9.4% 8.1% 8.6% 8.7% 1,500 2,276.3 2,228.8 941 936 1,941.0 1,940.0 1,880.8 1,621.2 1,572.2 1,457.1 1,438.1 596 1,413.4 547 541 1,000 500 0 2009 2010 2011 2012 9M13 Core Tier I/ Tier I Capital Tier Total
Slide 18: A business model based on Retail & Commercial Banking
A business model based on Retail & Commercial Banking Retail & Commercial Banking Wealth Management Other 99.0% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 18
Slide 19: Stable shareholders’ base
Stable shareholders’ base Shareholders’ Pact More than 3,000 other shareholders Cofimar S.r.l. 21.3% Max Mara Finance S.r.l. 8.2% Max Mara Fashion Group S.r.l. 8.1% Others 37.4% 75.1% 24.9% • Credem is the largest privately- owned bank in Italy Credemholding • The Maramotti family, well-known entrep
Slide 20: Distribution Network
Distribution Network Number of branches per region Gruppo CREDEM 2010 2011 2012 9M13 n° filiali e quota di mercato sportelli Branches 563 560 557 544 4 8 Corporate 71 42 41 41 41 28 Centres 20 Territorial 128 Network Credem Points 35 34 31 31 8 39 Banca 8 5 Euromobiliare 18 16 14 13 financial stores
Slide 21: 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