Hypo Credit Update 2Q2015. Investor Presentation, August 2015
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1 Hypo Credit Update 2Q2015 Investor Presentation, August 2015
2 Secure Way for Better Living
3 Hypo Group Overview Founded in 1860 The oldest private credit institution in Finland Retail banking, no corporate lending Supervised by the FIN-FSA Specialised in mortgage financing Residential property always as collateral Mutual company governed by the member customers All returns are kept within Hypo Strong loan book (NPLs 0.24%) Well-known and frequent borrower in Finland Total assets EUR 1.7 billion The Mortgage Society of Finland % 62.2 % Deposit taking Bank 2002 Office Building 1912 Pension Fund A + M Departments 3
4 Hypo is the Leading Debater on Finnish Mortgage Market 4
5 Financial Results 2Q2015
6 Hypo Group Balance Sheet EUR 1.7 billion 16 % Total Assets % 1 % 2 % 77 % Recievables from public and public sector Cash and cash equivalents Recievables from credit institutions Housing and land property Other ECB Deposits Liabilities and Equity % 6 % 13 % 30 % 6 % 44 % Deposits Senior Unsecured CDs Subordinated Other Equity Hypo Group Balance Sheet Total H Equity H
7 Solid Capital - Reporting Under the Standardised Method Basel III standard approach Capital Ratios H2015 % Common Equity Tier 1 at 14.4% EUR 25 million of excess capital after applying Regulatory TC requirement 8.0% Capital Conservation Buffer 2.5% In addition, EUR 11 million of hidden reserves in housing property (not markedto-market) and EUR 7.1 million of surplus in Pension Fund Standard approach risk weights Lending with Residential collateral: 35% risk weight Housing units and land owned: 100% risk weight Mutual company, all profits retained and added to the core capital EUR, million Surplus of own funds, m Capital conservation buffer, m Regulatory Total Capital Requirement, m CET1, % Hypo is CRD/CRR IV compliant Capital ratios around same level with Finnish peers applying internal methods Estimated CET1 around 26% if Hypo used IRBA-model for mortgage risk weights
8 Group Income Statement 1H2015 (1000 ) 1-6/ / Net interest income Net fee and commission income Total other income Total expenses Operating profit Hypo Group s operating profit for 1H2015 improved by 14% to EUR 4.2 million (EUR 3.7 million 1H2014). NII decreased to EUR 2.5 million (3.1 million) due to low interest rate environment Net fee and commission income for the period increased to EUR 1.83 million (1.79 million). Total other income (incl. Treasury operations and investments in housing and residential land) increased to EUR 3.98 million (3.14 million) Total operating expenses decreased to EUR 4.1 million (4.3 million) 8
9 Group Key Financial Figures 1-6/ / Common Equity Tier 1 ratio (%) Cost-to-income ratio (%) Non-performing assets, % of the loan portfolio Loan-to-value ratio (%) Loans-to-deposits (%) Loan portfolio total (m ) Balance sheet total (m ) Group total assets increased to EUR 1.7 billion (EUR 1.3 billion 1H14) Loan portfolio increased to EUR 1.3 billion (1.1 billion 1H14) Group s CET1 ratio remained stable at 14.4% (14.3% 1H14) Average LTV lowered to 43.0% (47.9%) Group s financing position remained stable throughout the period 9
10 Financial Performance - Increasing Profitability Despite Lower Interest Rates Profitability H Operating profit m (LHS) Return on equity, % (RHS) 8.0 % 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % Group s return-on-equity further improved to 7.2% (6.8% 1H2014) Operating profit for 1H2015 improved by 14% to EUR 4.2 million (3.7 million 1H2014) Net interest income decreased 19% y-o-y to EUR 2.54 million (3.13 million) due to low interest rate environment and significant strenghtening of liquidity Cost-to-income ratio lowered to 49.5% (51.5% 1H14) Net Interest Income H2015 Accumulation of Net Interest Income EUR thousand EUR thousand NII NII NII Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10
11 Hypo s Loan Book
12 Loan Book Overview Mortgage loans secured by residential property Collateral requirement is set in the Finnish Act on Mortgage Societies Two main customer groups Private individuals and households: home mortgage, buy-to-let Housing companies: renovation loans, construction phase loans Lending by customer type Lending by Purpose of Use Lending by Customer Domicile % 36 % 13 % 3 % 1 % 32 % 11 % 14 % 48 % 13 % 51 % 75 % Households Housing investors Housing companies Housing companies under construction Housing loans Housing companies Housing investors Reverse loans Consumer loan w/ residential collateral Helsinki Metropolitan Area (Helsinki, Espoo, Vantaa, Kauniainen) Other growth areas Other areas (incl. Rest of Uusimaa) 12
13 Hypo Loan Book Growing Steadily Hypo Loan Book Total, m % 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Non-performing Loans, % 1.40% NPL %, Hypo NPL %, Finnish household mortgages 0.76% 0.41% 0.47% 0.19% 0.25% 0.31% 0.20% 0.15% 0.11% 0.14% 0.18% 0.23% 0.24% Hypo s loan book increased 9% during 1H2015 reaching EUR 1.3 billion (1.2 billion ye2014) All lending against residential collateral Only EUR denominated lending Collateral must be located in Finland Strategic concentration in the Helsinki Metropolitan Area and other specified growth areas The amount of non-performing loans remain at very low level at 0.24% of the total loans The quality of the loan book well above the Finnish household mortgage average NPLs (1.4% 1Q2015) 13
14 Loan Book Quality Excellent 70% Hypo Loan Book Average LTV H2015 Millions, 60% 50% 40% 30% % 58% 51% 50% 45% 43% H2015 Loan Book by Remaining Maturity (years) as of < > 30 Hypo s loan portfolio is entirely secured by residential property The average LTV (loan-to-value) further improved to 43% (45% year end 2014) The average maturity of a loan at the time of withdrawal is 16 years Financed properties mainly located in the population dense Helsinki Metropolitan Area. Low LTV combined with conservative collateral valuation makes Hypo s loan book very strong even in times of stress 14
15 Lending Collateral Characteristics RWA by Collateral Risk Weight Loan Book vs. Residential Property Collateral as of % 2% 8% Aggregate collateral value EUR 7.5 billion 2% 85% Loan book EUR 1.3 billion Risk Weight 0 % Risk Weight 20 % Risk Weight 35 % Risk Weight 75 % Risk Weight 100 % 15
16 Funding and Liquidity
17 Put Us in the Middle The table compares bonds ( old style mortgage bonds ) issued by the Mortgage Society of Finland with senior unsecured bonds and covered bonds issued by other credit institutions. 17
18 Funding Strategy Wholesale funding through EUR denominated senior unsecured issues All bonds listed on the NASDAQ OMX Helsinki Oy trading list Issued under domestic MTN programme Currently aiming at min. EUR 100 million issue sizes Positive market response, guarantees better liquidity Deposit funding through the AsuntoHypoPankki, a 100% subsidiary Other funding sources Commercial Deposit programme Bilateral loans Commited credit lines from other financial institutions Hypo s outstanding issues as of (original amount issued) ISIN Issue Date Maturity Date Type Nominal (m ) Coupon FI Senior Unsecured 50 FRN 6M +1,20 FI Senior Unsecured 40 FRN 6M +1,10 FI Senior Unsecured (SEK) 250 FRN 3M (STIBOR) +1,38 FI Senior Unsecured 50 FRN 6M +0,95 FI Senior Unsecured 50 FRN 6M +0,67 FI Senior Unsecured 100 FRN 6M +0,95 FI Senior Unsecured 75 FRN 6M + 1,00 FI (tap issue) Senior Unsecured 25 FRN 6M + 90 FI Senior Unsecured 75 FRN 6M +95 FI (tap issue) Senior Unsecured 25 FRN 6M
19 Diversified Funding Profile Senior Unsecured under our own legal framework Borrower is the Group Parent Effectively, since lending is against residential collateral, a cover pool exists Solid strategy, solid financial performance IFRS, transparent and timely financial Information Deposit funding through the AsuntoHypoPankki subsidiary, 48% of total funding Senior unsecured and Subordinated Debt maturity Profile as of % 90% Funding Structure H2015, m CDs % 70% 60% 50% 40% 30% 20% 10% 0% Deposits Senior unsecured Other (incl. equity) Subordinated 19
20 Solid Liquidity Position Liquidity portfolio EUR 312 million as of Conservative investment policy 67% of debt securities invested in at least AA- rated counterparties 98% of liquidity portfolio investments ECB repo eligible Only EUR denominated exposure Hypo s domestic MTN and CD programmes support the liquidity Both LCR and NSFR above 100% Liquidity covers maturing wholesale funding for the following 11 months Liquidity portfolio as of % 2 % 12 % 1 % Notes and bonds eligible for refinancing with central banks Receivables from financial institutions Notes and bonds Cash 74 % Other 20
21 Hypo Housing Market Index and Outlook for
22 Finnish Economy and Housing Market Outlook Cautious New Hypo Housing Market Index combines house prices and transaction volumes. Greater Helsinki and Tampere index turned up in 1H2015. In general, Finnish housing market has surprised with stability and demand has actually increased in 1H transaction volumes were up 10% y/y. Low interest rates and pent-up demand supports housing market activity. Newbuilding still stagnant. Prices in smaller apartments have diverged from the rest of the market. Mini-bubble doesn t solve itself quickly due to constraints and amount of new construction relative to the need. Prices are set do decline -0.8% in 2015 and lag price and wage development also in Volume continues to increase slowly. Deposits Hypo Housing Market Index improves Prices in smaller flats diverging 22
23 Finnish Economy and Housing Market Outlook Cautious Recent data and leading indicators point to pick-up in growth in the euro area. Finnish economy also benefits from lower oil prices, weaker euro and easier credit channels but to a lesser extent due to Russia, EUR/SEK and already functioning credit markets. Growth will be nonexistent in Housing market reliant on wider economy. Unemployment edges up moderately and disposable income decreases prices will decline slightly also in 2015, mild improvement in transaction volumes. Urbanization continues and shifts demand towards only a few growth centers, especially to Helsinki Metropolitan Area. Lending times likely to increase as amortization schedules are eased. Lack of newbuilding and low interest rates expected to continue into House prices in a slight decline, no bubble in sight Deposits Recession in Russia hurts Finnish exports 23
24 Outlook for 2015 The Group management estimates that the 2015 operating profit will reach 2014 levels, although the liquidity will be further strengthened. However, the uncertainty in the operating environment creates uncertainty also for Hypo s financial performance. CEO Mr Ari Pauna Hypo Group s profitable growth in risk-conscious manner continues and during the first half liquidity was substantially strengthened. Operating profit and key figures for 2015 will reach 2014 levels unless markets experience significant negative changes. 24
25 Contact Details CEO Mr Ari Pauna Tel COO Ms Elli Reunanen Tel CRO Mr Mikko Huopio Tel Director, Funding and Treasury Mr Petteri Bollmann Tel DISCLAIMER To the extent the Information relating to The Mortgage Society of Finland ( Hypo ) or its group members ( Hypo Group ) is prepared by Hypo or another member of Hypo Group, the following limitations apply: All official financial information of Hypo Group, including without limitation profit and loss statement, balance sheet, and annexes is available at web address This document is not official financial information of Hypo Group. Opinions and statements of or concerning Hypo Group are made in good faith at the time of giving such statement and may be subject to change without notice. Investing in a financial instrument issued by Hypo may contain risks, such as (without limitation) operational and financial condition of Hypo Group and general market conditions. Changes in them may have an adverse effect on the price or value of the instrument. At the time of this document (August 2015), Hypo does not issue to the public financial instruments which have a guarantee or collateral. Therefore, the investor is exposed to the risk of loosing all or part of the investment in a financial instrument issued by Hypo. Opinions or statements regarding future performance are based on assumptions that may not be realised. Past performance of Hypo Group is not a sign or a promise of future performance.
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