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Bankia Q3 2015 Earnings Report

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Quarterly results presentation 3Q 2015 2 November 2015


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Disclaimer This document has been prepared by Bankia, S.A. (“Bankia”) and is presented exclusively for information purposes. It is not a prospectus and does not constitute an offer or recommendation to invest. This document does not constitute a commitment to subscribe, or an offer to finance, or an offer to sell, or a solicitation of offers to buy securities of Bankia, all of which are subject to internal approval by Bankia. Bankia does not guarantee the accuracy or completeness of the information contained in this document. The information contained herein has been obtained from sources that Bankia considers reliable, but Bankia does not represent or warrant that the information is complete or accurate, in particular with respect to data provided by third parties. This document may contain abridged or unaudited information and recipients are invited to consult the public documents and information submitted by Bankia to the financial market supervisory authorities. All opinions and estimates are given as of the date stated in the document and so may be subject to change. The value of any investment may fluctuate as a result of changes in the market. The information in this document is not intended to predict future results and no guarantee is given in that respect. This document includes or may include forward looking statements. While these statements represent Bankia’s judgement and future expectations concerning the development of our business and earnings, said development may be substantially affected in the future by certain risks, uncertainties and other relevant factors that may cause current expected developments and earnings to differ materially from our expectations. These factors include, but are not limited to i) general market , macro-economic, governmental and new regulations, ii) variation in local and international securities markets, currency exchange rates and interest rates as well as change to market and operational risk, iii) competitive pressures, iv) technological developments, v) legal and arbitration proceedings and vi) changes in the financial position or credit worthiness of our customers, obligors and counterparties. More information on the potential risks that could affect Bankia’s financial condition can be found in the Prospectus (“Documento de Registro”) approved and registered in the Official Registry of the Comisión Nacional del Mercado de Valores (CNMV). Distribution of this document in other jurisdictions may be prohibited, and therefore recipients of this document or any persons who may eventually obtain a copy of it are responsible for being aware of and complying with said restrictions. This document does not reveal all the risks or other material factors relating to investments in the securities/ transactions of Bankia. Before entering into any transaction, potential investors must ensure that they fully understand the terms of the securities/ transactions and the risks inherent in them. This document is not a prospectus for the securities described in it. Potential investors should only subscribe for securities of Bankia on the basis of the information published in the appropriate Bankia prospectus, not on the basis of the information contained in this document. 2 de 28 / November 2015


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Contents 1. 3Q 2015 Highlights 2. 3Q 2015 results 3. Asset quality and risk management 4. Liquidity and solvency 5. Conclusions 3 de 28 / November 2015


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3Q 2015 Highlights 1 2 COMMERCIAL ACTIVITY ASSET QUALITY +€1.0 Bn Cust. Funds vs Dec14 + 5.1% Business and Consumer loans SEP15 vs SEP14 €2.4 Bn reduction in NPLs vs Dec14 Coverage: 61.7% (vs 57.6% Dec14) ROE 9.9% 4 9M2015 3 EFFICIENCY AND PROFITABILITY CAPITAL GENERATION Efficiency ratio: 41.5% 9M15 + 113 bps of capital generated in 9M 2015 (CET1 BIS III FL) 4 de 28 / November 2015


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3Q 2015 Highlights 1 Customer’s funds flow towards higher-yielding products COMMERCIAL ACTIVITY € Bn 115.9 DEC 14 +1.0 116.9 SEP 15 STRICT DEPOSITS COMPOSITION MARKET SHARE SIGHT ACCOUNTS AS % OF STRICT DEPOSITS CUSTOMER FUNDS MUTUAL FUNDS 41.5% DEC 14 +7.3 p.p 48.8% 4.98% SEP 15 DEC 14 Source: Inverco Improved share of new funds in a declining market 5 de 28 / November 2015 +42 bps 5.40% SEP 15


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3Q 2015 Highlights 1 COMMERCIAL ACTIVITY New lending continue at a good pace TOTAL LOANS PERFORMANCE NEW LENDING € Mn € Bn SEP15 vs SEP 14 122.9 117.4 -5.5 Mortgages 73.7 68.6 -5.2 Developer + 43.9% 574 + 58.8% SEP 15 3.3 2.1 -1.2 Businesses and consumer 45.8 46.7 +0.9 46.7 +2.3 11,407 + 57.6% 826 6,665 SEP 14 Total gross loans 7,239 10,581 Sales of portfolios* 1.4 +5.1% 9M 14 Business 9M 15 Consumer Note: Does not include forbearance +57.6% growth in new lending to key segments 6 de 28 / November 2015 Businesses and consumer, organic 44.4 Businesses includes public sector. Gross loans exclude securities purchased under resale agreements with BFA * Cumulative portfolio sales in the period: Sep14 – Dec14: €0.8bn. Dec14 – Sep15: €0.6bn +5.1% organic increase in gross volumes compared to end of 3Q14


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3Q 2015 Highlights 1 COMMERCIAL ACTIVITY Network’s product sales growing at steady pace Mystery shopping - Bankia vs. sector 7,09 Product sales 7,20 Comparison 9M15 vs. 9M14 6,61 Performance 2012 – 9M15 6,01 6,29 6,65 6,68 Payroll + 12.0% New POS 6,03 +47.6% Insurance + 19.2% Mutual funds +55.9% 5,88 Bankia 5,55 2012 2013 2014 0,32 GAP vs. Sector 2012 -0,46 2013 2014 Sector 1H 2015 9M2015 0,44 0,52 1S2015 9M2015 -0,15 Source: Stiga – “Estudio Multicliente sobre las Redes Comerciales de Oficinas de las principales Entidades Financieras españolas 2015” Difference in mystery shopping scores vs. sector continues growing 7 de 28 / November 2015


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3Q 2015 Highlights 2 ASSET QUALITY Substantial improvement in asset quality year to date NPL RATIO NPLs €Bn % 14.6% 12.9% DEC 13 11.4% 20.0 16.5 SEP 15 DEC 14 - 1.5 p.p. DEC 13 DEC 14 COVERAGE RATIO - €2.4bn 14.1 SEP 15 COST OF RISK bps % 56.5% 57.6% DEC 13 DEC 14 +4.1 p.p. Sharp reduction in NPL ratio with improved coverage… 8 de 28 / November 2015 61.7% 63 SEP 15 9M14 - 13 bps 50 9M15 …reducing NPLs with a lowered cost of risk


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3Q 2015 Highlights 2 Significant divestment activity of non-strategic assets ASSET QUALITY 9M 2015 4Q 2015 Real estate assets Loan portfolios City National Bank 6,100 units sold in Portfolios sales in 9M2015 amount 9M15 (+77% vs 9M2014) €1,660 Mn Total sales amount €384 Mn Substandard 10.5% Land 1,3% Written-off 17.0% NPLs 72.5% 9 de 28 / November 2015 Sold to Chilean bank BCI Housing 80,2% Commercial and other 18,5% Estimated impact on capital: +70 bps BIS III CET1 FL


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3Q 2015 Highlights 3 EFFICIENCY AND PROFITABILITY OPERATING EXPENSES PERFORMANCE Costs reduction continues EXPENSES / RWAs - 9M 2015 € Mn (3.8%) 1,306 1,257 2.66% PEERS 9M 14 9M 15 3.8% reduction in operating expenses… 10 de 28 / November 2015 - 71bps 1.95% BANKIA Note: Bankia info referred to 9M 2015 annualized. Peers info referred to 9M 2015 annualized. Peers: Caixabank. Sabadell. Bankinter, Popular. Sabadell and Caixabank info exclude one-off expenses. RWAs measured as Phase In. …as a competitive advantage to increase profitability


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3Q 2015 Highlights 3 EFFICIENCY AND PROFITABILITY Stable income and costs improvement … % Margin stability and cost of risk reduction boost ROE …translate into profitability gains. NII + Fees - expenses/RWAs - 9M 2015 1.63% 2.36% + 73bps +73 bps Impact in ROE with CET1 (10.0%) + 5.5 p.p. s/RWAs BANKIA PEERS Note: Bankia info 9m2015 annualized Peers info 9M 2015 annualized. Peers: Caixabank. Sabadell. Bankinter, Popular. Sabadell and Caixabank excludes non-recurring. RWAs measured as Phase In. …and lower provisions… Bankia vs Peers Impact in ROE with CET1 (12.5%) + 5.4 p.p. Note: Accounting capital as if regulatory capital. Applied fiscal tax: 25% ATTRIBUTABLE PROFIT €Mn 797 + 7.3% 855 Cost of Risk -13 bps 9M15 vs. 9M14 9M 14 ROE 9M 2015: 9.9% 11 de 28 / November 2015 9M 15


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3Q 2015 Highlights 4 CAPITAL GENERATION Generating capital…. % Capital generation of more than 110 bps year to date …and creating shareholder value CET1 BIS III FULLY LOADED TBV / SHARE Performance JUNE 2013 – SEPTEMBER 2015 + 113 bps 10.60% 11.31% 11.73%* Bankia 20% Peer 1 + 42 bps 1% -3% Peer 2 -6% -10% DEC 14 JUN 15 SEP 15 12 de 28 / November 2015 -30% Peer 4 Peer 5 -27% * Solvency ratios include retained earnings for the period and deducts a potential dividend paid by the Group, in line with the European Central Bank Decision (EU) 2015/656 of 4 February 2015 (assuming the 2014 pay-out of 27%, which equates to €194.2 million for 9M 2015). Peer 3 -20% -10% 0% Peers: BBVA, Caixabank, Popular, Sabadell and Santander. 10% 20% 30%


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3Q 2015 Highlights Income statement 9M 2015 – BFA Group vs. Bankia Group € Mn Net interest income 2,138 2,075 Gross income 3,037 3,030 Operating expenses (1,264) (1,257) Pre-provision profit 1,772 1,773 Provisions and others (522) (617) Profit before tax 1,250 1,156 Profit after tax 981 875 Net non-recurring profit/loss* 909 Reported profit after tax 1,890 * Includes NTI from portfolio sales and non-recurring provisions in BFA 13 de 28 / November 2015 875


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Contents 1. 3Q 2015 Highlights 2. 3Q 2015 results 3. Asset quality and risk management 4. Liquidity and solvency 5. Conclusions 14 de 28 / November 2015


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3Q 2015 results Income statement – Bankia Group Reported Ex SAREB effect* 3Q 2014 3Q 2015 Diff. % 3Q 2014 3Q 2015 Diff. % Net interest income 735 688 (6.5%) 675 688 1.9% Fees and commissions 234 228 (2.8%) Gross income 1.052 1.001 (4.8%) 992 1,001 0.9% Operating expenses (430) (414) (3.8%) Pre-provision profit 621 587 (5.5%) 561 587 4.6% Provisions (253) (182) (28.1%) Results from sales and others 46 (1) -- Taxes and minority interests (116) (104) (10.3%) Profit attributable to Group 299 300 0.3% € Mn A B C D 15 de 28 / November 2015 *Note: 3Q14 figures are pro forma to reflect the lower margin on SAREB bonds in 3Q 15 vs. 3Q 14 the impact of which is estimated at -€60 million


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3Q 2015 results A Net Interest Income NII Performance € Mn 735 675 688 + 1.9 % - 60 - 129 Margin reduction due to SAREB bonds 3Q14 Other bond portfolios and Euribor 3Q14 ex SAREB Excluding SAREB effect NII grows 1.9% 16 de 28 / November 2015 + 142 New loans SME, Consumer and funding cost reduction 3Q15


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3Q 2015 results Net interest income A Loan yield vs. cost of deposits 2,34% 2,36% +1.26 2,18% +1.41 2,10% +1.40 +1.44 2,03% +1.47 (1) Gross customer margin rises 3 bps in the quarter. Loan yields remain affected by :  Euribor at lows (-46 bps vs April 14) 1,08% 0,95% 3Q14 0,79% 4Q14 0,66% 0,56% 2Q15 3Q15 1Q15 Customer yields  Gradual improvement through change in asset mix Customer deposit cost Gross customer income (1) Ex impact of City National Bank. Cost of term deposits – Stock vs. new deposits 0,96% Average cost of back book 2015e 0,34% Back book 3Q15 17 de 28 / November 2015 New lending 3Q15 ≈ 1% There is still a significant capacity for reducing the cost of the back book in 2016 from the 2015 average (1%).


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3Q 2015 results Operating expenses B Cost reduction capabilities doesn’t show symptoms of exhaustion Operating expenses performance Efficiency ratio performance % € Mn -3.8% 430 EFFICIENCY RATIO Ex NTI* 420 414 57.1% 46.0% 45.1% 50.5% 43.5% 41.5% 2013 2014 9M15 2013 2014 9M15 -1.3% 3Q14 2Q15 3Q15 • Efficiency ratio ex NTI: total expenses / gross income ex NTI and ex exchange differences Efficiency ratio has stabilised at around 41% 18 de 28 / November 2015


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3Q 2015 results C Cost of risk 9M 2015 cost of risk hits target level: 50 bps € Mn 3Q 14 3Q 15 Pre-provision income 621 587 Provisions (205) (155) Impairment of foreclosed assets (48) (28) Profit after provisions 368 + 10.0% 405 - 13 bps Recurrent cost of risk 63 bps 9M 14 Cost of risk in line with strategic plan target 19 de 28 / November 2015 50 bps 9M 15


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3Q 2015 results D Attributable profit Attributable profit stable at €300 Mn in the quarter Quarterly attributable profit € Mn 299 +0.3 % 300 ROE YTD 8.4% +1.5 p.p. 9.9% 3Q15 3Q14 Cumulative attributable profit 797 9M14 +7.3 % 855 9M15 9M14 9M15 Cost reductions and improvements in cost and risk are key to future profit growth 20 of 28 / November 2015


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Contents 1. Highlights of the quarter 2. 3Q 2015 results 3. Asset quality and risk management 4. Liquidity and solvency 5. Conclusions 21 of 28 / November 2015


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Asset quality and risk management Credit quality Significant reduction in NPLs in 3Q15 NPLs and coverage ratio NPLs performance € Bn € Bn / % € Bn 14.6% 12.9% 60.6% 36,0 31,0 56.5% 11.4% 12.2% 61.7% 61,0% 57.6% 59,0% + Gross additions - Recoveries - 3.5 55,0% 20.0 Net additions 16.5 16,0 15.3 12.9% Total reduction NPL ratio + 2.5 - 1.0 57,0% 26,0 21,0 NPLs Dec 2014 NPL ratio 16.5 NPL ratio 53,0% 14.1 51,0% - Write-offs - 0.2 - Sales - 2.4 -1.5 p.p. 14.1 11.4% - 1.2 49,0% 11,0 47,0% 6,0 45,0% DEC13 DEC14 NPLs JUN15 SEP15 NPLs Sep 2015 Coverage ratio Reduction in NPLs was €1.2bn in the quarter while coverage continues to increase 22 of 28 / November 2015


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Asset quality and risk management Credit quality Volume of foreclosed assets reduces during the quarter Non-performing assets Breakdown of foreclosed assets € Bn 20.8 - 12.7% - 2.4 NPLs - 0.2 18.1 Others 15.2% Under construction: 0.9% Land 3.6% Finished Buildings 80.3% - 2.6 Gross foreclosures Sales of property assets 6,100 units sold +77% DEC 14 SEP 15 €384 Mn proceeds from sales 9M15 vs 9M14 9M15 More than 80% of foreclosed assets on the balance sheet are finished houses 23 of 28 / November 2015


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Contents 1. Highlights of the quarter 2. 3Q 2015 results 3. Asset quality and risk management 4. Liquidity and solvency 5. Conclusions 24 of 28 / November 2015


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Liquidity and solvency Liquidity indicators LtD Ratio below 104% LtD Ratio Issues and maturities - 1.7 p.p. 105.5% 104.9% €2.25 bn covered - 1.1 p.p. 103.8% bonds issued in 2015 Coverage: 1.34x 33.4 DEC 14 JUN 15 SEP 15 Liquid assets LCR substantially above regulatory requirement 25 of 28 / November 2015 25.0 Wholesale Debt


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Liquidity and solvency Solvency ratios Further capital generation in the quarter CET 1 BIS III Fully Loaded performance CET 1 BIS III Phase in performance % % + 92 bps 12.28% + 43 bps 12.77% 13.20% + 17 bps + 113 bps 10.60% 11.31% DEC 14 14.33% + 27 bps ↑ Profit(*) ↓RWAs SEP 15 JUN 15 13.82% 11.73% + 15 bps + 26 bps ↑ Profit(*) + 42 bps TOTAL SOLVENCY DEC 14 12.14% 12.87% SEP 15 JUN 15 14.75% ↓RWAs TOTAL SOLVENCY 13.27% Ratios include the result for each period. (*) Solvency ratios include the result allocated to reserves for the period and discount a potential Group dividend, in line with ECB Decision (EU) 2015/656 of 4 February 2015 (assuming the same pay-out as 2014: 27%, equivalent to €194.2 million in the first nine months of 2015). 26 of 28 / November 2015


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Contents 1. Highlights of the quarter 2. 3Q 2015 results 3. Asset quality and risk management 4. Liquidity and solvency 5. Conclusions 27 of 28 / November 2015


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Conclusions Facing the Strategic Plan's final quarter with targets met PLAN TARGETS Efficiency ratio (%) 41.3% 56.9% -15.6 p.p. 1Q 13 103.8% 120.9% 40-45% -17.1 p.p. < 110% Efficiency 3Q 15 LTD Ratio (%) Liquidity 1Q 13 3Q 15 ROE 10% Cost of risk. bps 50 bps 69 bps 9M 15 Cost of risk Capital generation 50-55 bps - 19 bps 1Q 13 Capital generation. CET1 BIS III FL 2015 480 bps + 491 bps €4.6 bn DEC 12 – SEP 15 DEC 12 – SEP 15 ROE 9M 2015: 9.9% 28 of 28 / November 2015


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Investor Relations ir@bankia.com


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