1Q2017 Financial Results
|
|
- Ambrose Carpenter
- 6 years ago
- Views:
Transcription
1 May Q2017 Financial Results Bank of the Year 2014 ICELAND Bank of the Year 2016 ICELAND
2 Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available at the time of the presentation. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from their forecasts, and any variation may be materially positive or negative. Forecasts, by their very nature, are subject to uncertainty and contingencies, many of which are outside the control of Íslandsbanki. Íslandsbanki cannot guarantee that the information contained herein is without fault or entirely accurate. The information in this material is based on sources that ÍSB believes to be reliable. Íslandsbanki can however not guarantee that all information is correct. Furthermore, information and opinions may change without notice. ÍSB is under no obligation to make amendments or changes to this publication if errors are found or opinions or information change. Íslandsbanki accepts no responsibility for the accuracy of its sources. Íslandsbanki and its management may make certain statements that constitute forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as anticipates, targets, expects, estimates, intends, plans, goals, believes and other similar expressions or future or conditional verbs such as will, should, would and could. The forward-looking statements made represent Íslandsbanki s current expectations, plans or forecasts of its future results and revenues and beliefs held by the company at the time of publication. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Íslandsbanki s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. Forward-looking statements speak only as of the date they are made, and Íslandsbanki undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. Íslandsbanki does not assume any responsibility or liability for any reliance on any of the information contained herein. Íslandsbanki is the owner of all works of authorship including, but not limited to, all design, text, sound recordings, images and trademarks in this material unless otherwise explicitly stated. The use of Íslandsbanki s material, works or trademarks is forbidden without written consent except were otherwise expressly stated. Furthermore, it is prohibited to publish material made or gathered by ÍSB without written consent. 2
3 Table of Contents 1. Overview 2. Income Statement 3. Assets 4. Liabilities, Liquidity & Capitalisation 5. Financial targest and key points
4 1. Overview
5 This is Íslandsbanki A leader in financial services in Iceland, Íslandsbanki is a universal bank with a proven strategy RECOGNITION Driven by the vision to be #1 for service, our business model is based on four traditional business divisions that together with the Relationship banking division drive how we build relationships with our customers, simplify our product offering and unify our objectives with society at large or as we like to say it - how we multiply, simplify and unify. KEY FIGURES 1Q 2017 ROE (Regular operations) Cost / Income Capital Ratio Total Assets 10.6% 60.1% 23.1% EUR 8.9bn EMPLOYEES MARKET SHARE WAYS TO BANK 886 Number of FTE s for parent company at end of March 2017 Job satisfaction among Íslandsbanki s employees 4training courses a year per employee 95% retail market share +30% 35% market share in SMEs 31% market share in large companies APP USERS 14 branches 1 Self-service branch 57 ATMs users 107,000 online banking CREDIT RATINGS BBB/A-2 Positive outlook BBB/F3 Stable outlook RELATIONSHIP BANKING Retail +30% market share Most efficient branch network Leading in mobile payments and digital solutions Kreditkort exclusive issuer of AMEX MULTIPLY SIMPLIFY UNIFY Markets 20-45% market share Leader in investment banking and corporate finance Instrumental in rebuilding domestic securities and derivatives markets Market analysis, economic forecasts and daily newsletter Corporate +31% market share Leader in servicing large companies in all major sectors in Iceland, and international sector expertise in selected industries Ergo, market leader in asset financing with 50% market share Wealth VÍB 20-40% market share Leader in wealth management and private banking Private equity funds, Eldey TLH, FAST-1 and Akur Ambitious educational activities 5
6 Leading customer perception in key segments Opportunity to transform positive market perception to market share CONSIDERED THE LEADING BANK FOR: INDIVIDUALS 1 SMEs 4 LARGE COMPANIES 2 CORPORATE FINANCE 6 NPS SMEs 4 NPS LARGE COMPANIES 2 38% 34% 22% 32% 21% 13% 33% 17% 13% 29% 12% 7% ÍSB ÍSB ÍSB ÍSB ÍSB ÍSB MOST PROFESSIONAL FIRST CHOICE FOR: SMEs 4 LARGE COMPANIES ASSET FINANCING 5 ASSET MANAGEMENT 3 MUTUAL FUNDS INVESTMENT 3 48% 40% 26% 16% 28% 21% 17% 32% 23% 20% 16% 15% 19% 16% 13% ÍSB ÍSB ÍSB ÍSB ÍSB 1.Source: Gallup: 6-month rolling average of monthly tracking survey among individuals in March Source: Gallup: Survey among 300 largest corporates in Iceland according to Frjáls Verslun, an Icelandic Business Magazine, December Source: Gallup: Survey, market position in the savings market in May Source: Gallup: Survey amongst small and medium enterprises in December Source: Gallup: Ergo corporate market, survey conducted in November Source: Gallup: Survey amongst corporate finance in December
7 Operational highlights 1Q 2017 The #1 bank in the Customer Satisfaction index for 4 years in a row Rated the most professional corporate bank in Iceland 8 years in a row Helping Hand Íslandsbanki employee a part of the project Digital Divide Initiative in Malavi new contracts KASS the best Icelandic APP In the first quarter there have been Strengthening proactive calls to individuals and 900 proactive visits to corporates the client relationship Capital controls lifted Islandsbanki & Oghma Partners mandated by Icelandic Group to manage the sale of Seachill All head office operations to be consolidated in the new HQ in Implementation of SOPRA, a centralised core banking system for deposits and payment system is progressing well 14 branches Laugardalur new branch Merger of two branches Kirkjusandur and Sudurlandsbraut Numismatic collection donated to the Icelandic Central Bank and the National Museum Publication of 4 reports Annual report Pillar 3 Report Iceland Tourism Industry UN Global Compact report My Challenge Marathon campaign awarded by the Icelandic Marketing Association s Íslandsbanki s Champions Month Business accelerator Ten tourismrelated business ideas selected for participation MULTIPLY SIMPLIFY UNIFY 7
8 Financial highlights from 1Q 2017 Solid recurring revenues and resilient ROE based on very high capital levels 1. MACRO 2. PROFITABILITY 3. STRONG RECURRING REVENUES Full capital account liberalisation in Mar17 Icelandic sovereign rating upgrades Agreement reached with offshore ISK owners Initial ISK volatility has levelled off Regular earnings normalised for CET1 15% of ISK 3.5bn Reg. ROE of 10.6% based on normalised CET1 15% Net profit of 3.0bn and ROE of 7.0% NIM at 2.9%, slight drop due to lower interest rate environment and dividend payment NFC up 4% YoY, mainly due to increased activity in the Markets division Slight increase in costs in the short term, rendering a C/I ratio of 60.1% 4. SOUND BALANCE SHEET 5. FULLY MARKET FUNDED AND SOLID LIQUIDITY POSITION Balanced growth of loan portfolio of 2.3%, ISK 46bn in new lending since YE2016 Asset quality continues to improve, NPL was 1.6%, compared to 1.8% at YE16 Positive impairments due to favourable economic environment Fitch upgrade to BBB/F3 rating with stable outlook in Jan17 and S&P rating upgrade in Oct16 to BBB/A-2 on positive outlook Total capital ratio 23.1% (CET1 22.8%) and leverage ratio of 15.5% Group s liquidity coverage ratio (LCR) was 181% and NSFR 121% The AGM in March approved a dividend payment of ISK 10bn to the Bank s shareholders for 2016 profits A proposal for an extraordinary dividend on previous operational years was also authorised allowing for further capital optimisation 8
9 Overview Key figures & ratios 1Q17 4Q16 3Q16 2Q16 1Q16 PROFITABILITY ROE 15% CET1 (regular operations)* 10.6% 11.7% 8.4% 13.3% 9.4% ROE (after tax) 7.0% 9.4% 5.1% 19.1% 6.9% Net interest margin (of total assets) 2.9% 3.1% 3.0% 3.3% 2.9% Cost to income ratio** 60.1% 59.8% 56.1% 52.8% 59.0% After tax profit, ISK m 3,044 4,603 2,538 9,507 3,510 Earnings from regular operations, ISK m*** 3,505 3,874 3,208 4,508 3, CAPITAL Total equity, ISK m 170, , , , ,627 Tier 1 capital ratio 22.8% 24.9% 27.8% 27.1% 28.1% Total capital ratio 23.1% 25.2% 27.8% 28.9% 29.7% Leverage ratio 15.5% 16.0% 17.7% 18.3% 18.7% BALANCE SHEET Total assets, ISK m 1,028,808 1,047,554 1,068,263 1,029,617 1,020,775 Risk weighted assets, ISK m 730, , , , ,592 Loans to customers, ISK m 703, , , , ,079 Total loans, ISK m 738, , , , ,890 Total deposits, ISK m 578, , , , ,768 Total deposit / loan ratio 78.4% 84.9% 78.4% 79.4% 81.3% *Return from regular operations on normalized CET1 of 15%, adjusted for risk free interest on excess capital **Calculated as (Administrative expenses + Contribution to the Depositors and Investors Guarantee Fund - One off items) / (Total operating income one off items) ***Earnings from regular operations is defined as earnings excluding one-off items e.g. bank tax, fair value gain deriving from changes in classification of assets, costs associated with one-off costs, and net earnings from discontinued operations 9
10 2. Income Statement
11 Income statement Strong recurring revenues with stable growth in NII and NFCI contributing 97% of total operating income ISK m 1Q17 1Q16 4Q Net interest income 7,397 7,539 (142) 8,149 (751) 31,802 Net fee and commission income 3,270 3, ,831 (562) 13,723 Net financial income (592) 37 (25) 6,096 Net foreign exchange gain (loss) Other operating income (17) Total operating income 11,040 11,450 (410) 12,077 (1,037) 52,716 Salaries and related expenses (3,659) (3,939) 280 (4,061) 402 (14,789) Other operating expenses (2,759) (2,578) (182) (3,331) 572 (12,332) Administrative expenses (6,418) (6,517) 98 (7,392) 974 (27,121) Depositors'and Investors' Guarantee Fund (253) (261) 8 (252) (0) (1,063) Bank Tax (720) (691) (29) (691) (29) (2,843) Total operating expenses (7,391) (7,469) 77 (8,335) 944 (31,027) Profit before net loan impairment 3,649 3,981 (332) 3,742 (94) 21,689 Net loan impairment 240 (320) (244) 735 Profit before tax 3,889 3, ,226 (337) 22,424 Income tax expense (1,130) (866) (264) (1,353) 223 (5,205) Profit for the period from continuing operations 2,759 2,795 (36) 2,874 (115) 17,219 Profit from discontinued ops. net of income tax (430) 1,730 (1,445) 2,939 Profit for the period 3,044 3,510 (466) 4,603 (1,559) 20,158 HIGHLIGHTS Stable and strong recurring revenues Net interest income totalled ISK 7.4bn, a decrease of 2% from the previous year due to lower interest rate environment The net interest margin was 2.9%, at comparable levels to 1Q16 but expected to be slightly below 3.0% in the near to medium term NFCI was up 4% over the year Continued focus on cost control The cost-to-income ratio was 60.1% and administrative expenses (excluding one-off extraordinary expenses) decreased by ISK 0.1bn year-on-year in 1Q17 Total salaries were ISK 3.7bn in 1Q17, a 7% decrease between years Positive impairments Positive impairments are a result of a favourable economic environment Consolidation effort Consolidation efforts continued adding front-end costs that are expected to be offset by future savings, this includes the four head office locations to be fully consolidated at new HQ in 2017 and merger of two largest branches. 11
12 Earnings from regular operations Excludes one off items and ROE is adjusted to normalised CET1 of 15% HIGHLIGHTS Kirkjusandur (old HQ building) One-off costs have greatly reduced and will have less impact on regular earnings in 2017 ROE 15% CET1 (regular operations) 1Q17 ROE on normalised equity from regular operations is below 4Q16 results due to: Operating income is ISK 1bn below the previous quarter, which is somewhat offset by a reduction in administrative expenses by ISK 1bn Income from discontinued operations was down ISK 1.4bn from 4Q16 when more assets were sold RESILIENT ROE FROM REGULAR OPERATIONS ISKm 1Q17 1Q16 4Q Reported after tax profit 3,044 3,510 (466) 4,603 (1,559) 20,158 One-off revenue (6,186) One-off costs* (385) 1,706 Bank tax ,843 Profit (loss) from discontinued ops (285) (715) 430 (1,730) 1,445 (2,939) Tax impact of adjustments (9) (8) (1) (109) 100 (444) Earnings from regular operations** 3,505 3,510 (5) 3,874 (369) 15,138 ROE 15% CET1 (regular operations)*** 10.6% 9.4% 11.7% 10.7% ROA from regular operations (after tax) 1.3% 1.4% 1.5% 1.5% Net interest margin adj. 15% CET1 2.6% 2.5% 2.6% 2.6% Cost / income ratio adj. 15% CET1 61.3% 62.2% 66.0% 55.2% EARNINGS FROM REG.OPERATIONS (ISK m) 3,510 4,508 3,208 3,874 3,505 ROE REG. OPERATIONS CET1 15% % 9.4% 13.3% 8.4% 11.7% 10.6% 1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 * One-off costs include the impact of depreciation, maintenance expenses and pre-paid rent associated with Íslandsbanki s branches and previous headquarters ** Earnings from regular operations is defined as earnings excluding one-off items e.g. fair value gain deriving from changes in accounting treatment, Bank tax, one off costs and net earnings from discontinued operations. *** Return from regular operations and corresponding ratios on normalized CET1 of 15%, adjusted for risk free interest on excess capital 12
13 Operating income Stable core earnings with net fee and commission income (NFCI) picking up with a 4% rise over the year INCOME GROWTH STRONG RECURRING REVENUES TOTAL OPERATING INCOME Excluding one-off income (ISK m) NET INTEREST INCOME (NII) (ISK m) NET FEE AND COMMISSION INCOME (ISK m) 11,450 12,525 10,478 12,077 11,040 7,539 8,356 7,758 8,149 7, % 3,831 3,515 3,144 3,233 3,270 1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 NET INTEREST MARGIN (NIM) (%) OTHER INCOME* (ISK m) 6, ,186 Other income Borgun one-off Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 * Dark grey column represents the sale of Borgun s share in Visa Europe which was recognized for ISK 6.2bn and is considered one-off 13
14 Administrative expenses Costs rising due to one-off items and salary expenses increase due to contractual wage agreements EFFICIENCY COST STRUCTURE IMPROVING OVERALL COST INCOME RATIO* (%) ADMINISTRATIVE EXPENSES** (ISK m) BRANCH NETWORK (#, Byr branches due to merger in dark grey) Real change in administrative expenses: -2.8% Q16 2Q16 3Q16 4Q16 1Q Feb17 PERIOD END FTE NUMBERS*** (#, Parent company) -3.7% ADMIN.EXPENSE vs COST INDEX**** (ISK bn, excluding one-off cost, parent company) 25.8 Admin exp. - cost index Admin exp. Actual Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q Q17 * The cost-to-income ratio excludes Bank tax and one-off cost and revenue items. ** Excluding write down of goodwill and bank tax *** FTE numbers exclude summer employees. **** Administrative expense - cost index is calculated as 40% inflation and 60% salary index excluding one-off items. 14
15 3. Assets
16 Assets 2.3% loan growth since year-end 2016 ISKm Δ Cash and balances with CB 210, ,453-65,016 Bonds and debt instruments 35,678 31,256 4,423 Shares and equity instruments 12,128 10,626 1,502 Derivatives 2,322 1, Loans to credit institutions 35,142 17,645 17,497 Loans to customers 703, ,840 15,607 Investment in associates Property and equipment 6,376 6, Intangible assets 3,024 2, Other assets 14,298 7,064 7,234 Non-current assets held for sale 5,251 6,384-1,133 Liquid assets The three line items, Cash and balances with CB, Bonds and debt instruments, and Loans to credit institutions, amount to about ISK 281bn, whereby ISK 263bn are considered to be liquid assets Loans to customers New lending amounted to ISK 46bn since year-end 2016 The loan book has grown by 2.3% since year-end, despite ISK 32.1bn loans being fully repaid Other assets Increased by ISK 7.2bn which is a direct result of unsettled transactions; the date of settling fluctuates month by month causing the difference between quarters Non-current assets held for sale Contracted by ISK1.1bn since year-end 2016; with the divestment of assets within the parent company (ISK 1.0bn) and assets in held for sale companies (ISK 0.1bn) Total assets 1,028,808 1,047,554-18,746 16
17 Diversified loan portfolio Loan portfolio grew by 2.3% in first quarter 2017, largely reflecting economic activity in Iceland LOANS TO CUSTOMERS ISK bn, by sector, consolidated LOANS TO CUSTOMERS ISK bn, by currency, consolidated FX 17% 40% 40% 12% 15% 15% 9% 9% 12% 13% 7% 7% 9% 12% Individuals Seafood Real estate Commerce and services Industrial and transportation Other Tourism Non-CPI 46% ISK 703bn CPI 37% Standard sectors Including tourism sector The growth is mainly due to diverse new lending to new and existing customers. The growth is balanced across lending units and especially strong in car lending to individuals and companies Tourism continues to be growing sector in Iceland, but the Bank's loans to the tourism industry have been stable in the first quarter Outstanding loans to the tourism industry are 12% of the loan portfolio, most are in the real estate (hotels), commerce & service (car rentals, restaurants, tour operators) and industrial & transportation sectors (airport services) 17
18 Non-performing loans NPL ratio continues to decrease but at a lower pace as expected when lower levels are reached NON-PERFORMING LOANS Impaired loans and past due (>90 days) loans to loan to customers PERFORMANCE OF LOANS TO CUSTOMERS Impaired, past due, and neither past due nor impaired loans 8.0% 7.0% 6.0% 7.4% 100% 98% 96% 5.0% 94% 92% 4.0% 3.5% 90% 3.0% 2.0% 2.2% 1.8% 1.6% 88% 86% 1.0% 84% 0% % The Bank s loan quality indicators have improved Neither past due nor impaired > 90 days past due Impaired 4-90 days past due The ratio of non-performing loans decreased from 1.8% to 1.6% in the first quarter The observed default frequency is significantly lower than the long-term average This reflects favourable economic conditions, prudence in lending operations and a successful restructuring of the loan portfolio More information on credit quality is available in the Bank s Pillar 3 Report 18
19 LTV distribution of loan portfolio Loans generally well covered by stable collateral, majority in residential and commercial real estate LTV DISTRIBUTION BY UNDERLYING ASSET CLASS ISK bn, by type of underlying asset, as of CONTINUOUS LTV DISTRIBUTION OF MORTGAGES TO INDIVIDUALS ISK bn, as of average LTV 69% (67% )* Other collateral Vehicles & equipment Cash & securites Vessels Commercial real estate Residential real estate Most of the Bank s collateral is in the form of residential and commercial real estate The second most important collateral type is vessels, mostly fishing vessels Real estate prices have increased rapidly over the last couple of years The Bank continues to monitor risks of possible overheating in the Icelandic housing market and has reviewed its valuation standards for mortgage lending The LTV distribution is calculated from tax value of properties which lags the current market value See the Bank s Pillar 3 Report for more detail on loan portfolio * The average LTV can be calculated in many different ways and therefore the definition is important for comparison to other banks. The weight is Íslandsbanki s total amount outstanding on the property and the LTV used is the maximum LTV of all Íslandsbanki s loans of the property. The calculation is based on tax value. 19
20 4. Liabilities, Liquidity & Capitalisation
21 Liabilities End of capital controls reduce deposits from customers ISK m Δ Deposits from CB and credit inst. 11,253 4,922 6,331 Deposits from customers 567, ,187-26,701 Derivatives and short positions 5,041 4, Debt issued and other borrowings 223, ,468 10,859 Tax liabilities 10,062 8,473 1,589 Other liabilities 40,606 43,456-2,851 Non-current liabilities held for sale Total liabilities 858, ,629-10,586 Total equity 170, ,925-8,160 Total liabilities and equity 1,028,808 1,047,554-18,746 Deposits Customer deposits decreased by ISK 26.7bn in 1Q17; majority of these were from foreign financial institutions and domestic mutual funds The deposit to loan ratio decreased to 78.4% Customer term deposits now 39% of total customer deposits Debt issued and other borrowings Includes covered bonds, commercial paper and bond issued in ISK to the Central Bank secured on a pool of mortgages, highlights include: Covered bond issuance totalled ISK 8.5bn in 1Q17 (4Q16: 7.8bn) The outstanding debt in relation to the GMTN programme at 31 March 2017 totalled ISK 127bn Equity At end of March 2017, the total capital ratio was 23.1%, compared to 25.2% at year-end 2016, marginally above the Bank s short- to medium-term target of 23% The CET1 ratio was 22.8% at end of March 2017 compared to 24.9% at year-end 2016 In March 2017, ISK 10bn in dividends were paid out, based on the 2016 net income Leverage The leverage ratio was 15.5% at the end of the period 21
22 Deposits remain the main source of funding Stable core deposits DEPOSIT DEVELOPMENT AND DEPOSIT RATIO ISK bn, consolidated DEPOSIT CONCENTRATION ISK bn, consolidated % 90% 80% 70% 60% % % 59% 64% % % % / / / / / % 30% 20% 10% 0% 19% 18% 19% 19% 18% 20% 24% 18% 19% 15% 13% 15% 5% 7% 3% 4% 6% 2% 12/ / / / / /2017 Retail and SME Financial inst. in disolution Foreign enitites Corp., sovgn., CB's and PSE Domestic financial entities Deposit/loan ratio (r. axis) Off-shore deposits Largest depositors (1 10) Largest depositors (11 100) Other Stable core deposit base Deposits remain the main funding source for the Bank and the deposit to loan ratio remains high The off-shore deposits decreased by ISK 20bn in Q following the agreement with the Central Bank The decrease in the deposit to loan ratio is mainly due to the aforementioned decrease in deposits and an increase in loans Concentration in deposits has decreased At the end of the first quarter 2017,15% of the Bank s deposits belonged to the 10 largest depositors (excluding off-shore deposits). The ratio remains the same as at year-end
23 Funding Steady funding progress and good market access domestically and internationally FUNDING SOURCES ISK bn MATURITY PROFILE OF LONG-TERM DEBT , ISK bn 6.1% % 2.8% % % /31/2017 Deposits Covered bonds Other borrowing Subordinated loans >2021 FX ISK Repayment of long-term debt as a % of balance sheet Domestic funding Íslandsbanki is the largest issuer of covered bonds in the domestic market Total nominal outstanding covered bonds at Q was ISK 72.8bn (EUR 603m) CPI-linked issuance ISK 54.5bn Non-indexed issuance ISK 18.4bn Total issuance in Q amounted to ISK 8.5bn which was in line with the funding plan of the year Only bank in Iceland with two international credit ratings S&P: BBB/A-2 with positive outlook (Oct 16) Fitch: BBB/F3 with stable outlook (Jan 17) 23
24 Sound management of liquidity Liquid assets of ISK 283bn exceed internal and external requirements NET STABLE FUNDING RATIO (NFSR) LIQUIDITY COVERAGE RATIO ALL CURRENCIES 180% 160% 140% 120% 100% 80% 60% 126% 120% 112% 107% 141% 154% 120% 117% 144% 142% 123% 121% 250% 200% 150% 100% 50% 130% 151% 143% 173% 187% 181% 40% 12/ / /2016 NSFR all currencies (group level) NSFR foreign currencies (group level) FX NSFR - minimum 0% 12/ / /2016 Liquidity coverage ratio (group level) LCR - minimum LIQUIDITY COVERAGE RATIO FOREIGN CURRENCIES All liquidity measures are above regulatory requirements FX liquid assets: - FX Government bonds have a minimum requirement of AA rating - FX cash placed with highly rated correspondent banks The Icelandic regulatory requirements for the NSFR currently only apply to foreign currency denominated assets and liabilities The liquidity ratios for all currencies have remained stable throughout 1Q17 while the ratio for foreign currencies increased significantly due to new swap agreements 700% 600% 500% 400% 300% 200% 100% 617% 442% 467% 368% 331% 0% 12/ / /2016 Liquidity coverage ratio (group level) 400% LCR - minimum 24
25 Sound capital position The capital ratio remains well above target CAPITAL RATIOS % 29.7% 28.1% 28.9% 27.1% 18.7% 18.3% RISK WEIGHTED ASSETS (RWA) ISK bn 27.8% 27.8% 17.70% 25.2% 24.9% 23.1% 22.8% 16.0% 15.5% 3/31/2016 6/30/2016 9/30/ /31/2016 3/31/2017 Total capital ratio Tier 1 ratio Leverage ratio /31/2016 6/30/2016 9/30/ /31/2016 3/31/2017 Capital ratios Total capital base was ISK 169bn at , compared to ISK 177bn at YE2016, where the decrease is mainly due to a dividend payment of ISK 10bn The leverage ratio was 15.5% compared to 16.0% at YE2016 Risk weighted assets (RWA) RWA was ISK 730bn at , compared to ISK 704bn at YE2016, whereby the increase is mainly due to a rise in the loan portfolio and the implementation of the CRD IV regulation in March The ratio of RWA of total assets increased from 67.2% to 71.0% Capital target The Bank maintains a short-term total capital ratio target of 23% due to some remaining uncertainty regarding the lifting of capital controls and due to the potential impact of the IFRS9 implementation The long-term capital target assumes the Bank maintains a management buffer of about %, on top of the capital requirement according to SREP results, to cover FX fluctuations, and other volatility in earnings and RWA Based on last year s SREP results, this translates to a long-term target total capital ratio of around 20% and a minimum CET1 ratio of around 15% Dividends The Bank s current long-term dividend policy assumes that 40-50% of the Bank s after-tax profit is paid out in dividends With the ISK 10bn dividend payment to the Icelandic government decided at the AGM in March, the Bank continues its capital optimisation process and expects to cautiously manage its capital ratios towards the long-term target over the next 2 3 years 25
26 Recent upgrades by both Fitch and S&P Fitch upgrade in January 2017 to BBB/F3 and S&P in October 2016 to BBB/A-2 with positive outlook FITCH BBB/F3 STABLE OUTLOOK Press Release 27 January 2017 S&P BBB/A-2 POSITIVE OUTLOOK Press release 25 October 2016 ÍSLANDSBANKI S&P FITCH The upgrade reflects the continuous strengthening of the Icelandic operating environment following extended robust economic growth and an improved external position. Fitch recently revised the Outlook on Iceland's rating to Positive (see "Fitch Revises Outlook on Iceland to Positive; Affirms at 'BBB+", dated 17 January 2017). Iceland has taken significant steps in reducing its external vulnerabilities and removing capital controls. The upgrade also reflects the successful rebuilding by Islandsbanki of a solid balance sheet in the wake of Glitnir's collapse in 2008, including successfully restructuring a large share of its loan book and managing down legacy funding and trapped deposits in an orderly fashion. Islandsbanki's ratings are underpinned by the bank's leading Icelandic universal banking franchise, with domestic market shares of about 30% in lending and deposits, continuously improving asset quality, a stable liquidity position and high reported capital ratios.[ ] The bank's concentration in a small market is a rating constraint, as its size makes it more vulnerable to domestic and international shocks. Operating conditions for Icelandic banks are improving, in our view, with falling private-sector leverage and improved access to foreign debt capital markets. We expect to see a continued stabilization of Islandsbanki's credit risk from the strong economic performance in Iceland and lower private-sector debt. The positive outlook reflects positive trends in the Icelandic banking sector and the potential that improved clarity of future capital and ownership could lead to an upgrade in the coming two years. Islandsbanki's capital levels are the highest among Icelandic peers, however, we see uncertainty as to future levels due to preparation for a possible sale or IPO. The improved anchor for the Icelandic banking sector and the bank's capital metrics result in a twonotch improvement in our assessment of Islandsbanki's SACP to 'bbb+' from 'bbb-'. [..], we apply a one-notch negative adjustment to Islandsbanki's 'bbb+' stand-alone credit profile (SACP) [ ], given our expectation that banks might look to optimize their capital bases, given their very high leverage ratios versus international peers', and to have more attractive returns on equity for potential investors Long-term BBB BBB Short-term A-2 F3 Outlook Positive Stable Rating action Oct 2016 Jan 17 ICELANDIC SOVEREIGN S&P FITCH MOODY S Long-term A BBB+ A3 Short-term A-1 F2 P-2 Outlook Stable Positive Stable Rating action Mar 2017 Jan 2017 Sept 2016 Ratings reports and press releases can be found on the IR website: islandsbanki.is/ir 26
27 5. Financial targets and key points
28 Financial targets Medium and long term strategies structured around achieving key financial targets TARGET 1Q Guidance ROE REGULAR 9-11% 10.6% 10.7% 13.2% OPERATIONS 1 COST / INCOME RATIO 2 <55.0% 60.1% 56.9% 56.2% As the Bank retains a large pool of liquid assets, interest rate level in Iceland can have a substantial impact on ROE levels The bank tax, excluded thus far from target returns, will have an impact on profitability if kept at current high levels Target ROE from regular operations in the range of 8-10% in 2017 This is a medium to long term target, C/I ratios can be expected to be higher in the near term Headcount and non-headcount related cost control programmes in place CET1 >15% LT 22.8% 24.9% 28.3% Based on the regulatory SREP requirement with bp management buffer TOTAL CAPITAL RATIO > 20.0% LT > 23.0 ST 23.1% 25.5% 30.1% Current target of >23% for the short term and >20% for the long term Short term target kept at 23% due to some remaining uncertainty regarding the full effect from lifting of capital controls and IFRS9 implementation DIVIDEND PAYOUT RATIO 40-50% 50% 3 50% 40% Dividend pay-out ability will be impacted if the bank tax will be kept at current high levels 1. Return from regular operations on normalized CET1 of 15%, adjusted for risk free interest on excess capital. Results based on CET1 14%. Earnings from regular operations is defined as earnings excluding one-off items e.g. net loan impairment before collective impairment, fair value gain deriving from changes in accounting treatment, Bank tax, one off costs and net earnings from discontinued operations 2. Calculated as (Administrative expenses + Contribution to the Depositors and Investors Guarantee Fund One off items) / Total operating income 3. The AGM decided that dividends be paid in 2017 in the amount of ISK 10bn on 2016 profits 28
29 Key points Delivering responsible growth driven by the vision to be #1 for service GDP 7.2% 2016* Stable operating environment following full liberalisation of capital controls for individuals and businesses resulting in Sovereign upgrades M:A3/F:BBB+/SP:A Proven business strategy of being #1 for service renders high satisfaction scores, strong recurring revenues, and resilient ROE Solid balance sheet, successful restructuring and all holdings in nonrelated business divested - asset quality continues to improve with NPLs 1.6% Net profit 3.0bn ROE (Regular operations) 10.6% Capital Ratio 23.1% Loan growth 2.3% NPLs 1.6% 4 Sound capital and liquidity ratios that compare very well with peers capital optimisation process continued with 10bn dividend in March Good market access to international funding markets - benchmark EUR 500m issue performing well in aftermarket, lowest coupon since 2008 and largest in size at time of issuance 6 Fitch upgrade to BBB/F3 stable outlook in Jan17 and S&P upgrade to BBB/A-2 on positive outlook in Oct16 BBB ratings Liquid assets LCR NFSR Leverage ratio 263bn 181% 121% 15.5% Based on 1Q17 financials and forecasts by Íslandsbanki Research 29
30 Thank you
12 November M2015 Financial Results
12 November 2015 9M2015 Financial Results Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available
More information22 August Q2014 Financial Results
22 August 2014 2Q2014 Financial Results Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available
More information23 February FY2015 Financial Results
23 February 2016 FY2015 Financial Results Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available
More information22 May Q2014 Financial Results
22 May 2014 1Q2014 Financial Results Table of Contents 1Q14 I. Overview II. III. IV. Income Statement Assets & Restructuring Liabilities, Liquidity & Capitalisation I. Overview 1Q14 A strong bank with
More information25 August H2015 Financial Results
25 August 2015 1H2015 Financial Results Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available
More information20 November Q2014 Financial Results
20 November 2014 3Q2014 Financial Results Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available
More informationFY 2012 Financial Results. 28 February 2013
FY 20 Financial Results 28 February 2013 1 Table of Contents I. Income Statement II. III. Assets & Restructuring Liabilities, Liquidity & Capitalisation 2 Highlights during 20 Many significant milestones
More informationÍslandsbanki hf. CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS 1Q18. 1Q18 financial highlights. Key figures and ratios
Íslandsbanki hf. CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS 1Q18 1Q18 financial highlights Profit after tax was ISK 2.1bn (1Q17: ISK 3.0bn) generating a 4.8% return on equity (1Q17: 7.0%). Earnings
More information1H12 Financial Results. 30 August 2012
1H12 Financial Results 30 August 2012 1 Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available
More informationÍslandsbanki Factbook
1Q18 Íslandsbanki Factbook @islandsbanki 440 4000 Supplementary information for market participants (Unaudited) íslandsbanki.is Contents Page Investor relations information 3 Overview Highlights 4 Key
More information2017 Financial Results. 14 February 2018
217 Financial Results 14 February 218 Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company data available
More informationÍslandsbanki hf. CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1H18. First half 2018 financial highlights. Second quarter 2018 financial highlights
Íslandsbanki hf. CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1H18 First half 2018 financial highlights Profit after tax was ISK 7.1bn (1H17: ISK 8.0bn) generating an 8.2% annualised return on equity (1H17:
More informationÍslandsbanki hf. 1H 2018 Financial Results
Íslandsbanki hf. 1H 218 Financial Results 2 August 218 Table of Contents 1. 1H218 highlights 2. Income statement 3. Balance sheet 4. Financial targets and highlights 5. Annex Icelandic economy update 1.
More informationÍslandsbanki hf. 1Q 2018 Financial Results
Íslandsbanki hf. 1Q 218 Financial Results 9 May 218 Table of Contents 1. First quarter highlights 2. Income statement 3. Balance sheet 4. Financial targets and key points 5. Annex Icelandic economy update
More informationÍslandsbanki CONSOLIDATED ANNUAL FINANCIAL STATEMENTS 2015
Íslandsbanki CONSOLIDATED ANNUAL FINANCIAL STATEMENTS 2015 HIGHLIGHTS Profit after tax was ISK 20.6bn in FY15 compared to ISK 22.7bn in FY14. The difference is mainly due to irregular items and the appreciating
More information9M 2018 Financial Results
Íslandsbanki 9M 218 Financial Results islandsbanki.is 9M 218 Financial Results Table of Contents 1. 9M 218 highlights 2. Income statement 3. Balance sheet 4. Financial targets and highlights 5. Annex Icelandic
More information2018 Financial Results
islandsbanki.is 218 Financial Results Table of Contents 1. 218 highlights 2. Income statement 3. Balance sheet 4. Financial targets and next steps 5. Annex Icelandic economy update 2 1. 218 highlights
More informationThird quarter results 2018 Investor presentation 31 October 2018
Third quarter results 2018 Investor presentation 31 October 2018 Q3 2018 Highlights during the quarter Earnings before tax from regular operations were stable from Q2 The impairment relating to the credit
More informationFourth quarter results 2018 Investor presentation 13 February 2019
Fourth quarter results 2018 Investor presentation 13 February 2019 Q4 2018 Highlights during the quarter Positive core banking trends compared with Q4 2017 Impairments and difficult equity and bond markets
More informationFinancial Statements 30 June Investor presentation 23 August 2017
Financial Statements 30 June 2017 Investor presentation 23 August 2017 H1 2017 highlights 1 2 First step in the sale of Arion Bank, largest equity portfolio investment by foreign parties in Icelandic history
More informationARION BANK INVESTOR PRESENTATION 1H 2017
ARION BANK INVESTOR PRESENTATION 1H 2017 Overview 1 Strong Economy 2 Leading Universal Banking Franchise in Iceland 3 Significant Improvement in Asset Quality and Positive Outlook 4 Strong Capital Position
More informationThe figures presented do not constitute any form of commitment by BCP in regard to future earnings
Disclaimer The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ( IFRS ) of BCP Group for the purposes of the preparation of the consolidated
More informationYapı Kredi 2017 Earnings Presentation
Yapı Kredi 2017 Earnings Presentation 6 February 2018 Strong results leading to above guidance performance 3.6 bln TL Net Income +33% y/y 1 Ongoing strategy supporting net profit 13.6% ROATE 2 +170 bps
More informationInvestor Relations. Q results. analyst & investor call presentation 8 November 2017
Investor Relations Q3 217 results analyst & investor call presentation 8 November 217 Highlights at Q3 Net profit up 11% at EUR 673m reflecting lower costs and low impairments Mortgage, commercial and
More informationCondensed Consolidated Interim Financial Statements
Íslandsbanki Condensed Consolidated Interim Financial Statements First quarter 2018 Unaudited @islandsbanki 440 4000 islandsbanki.is Contents Highlights... Directors' Report... Consolidated Interim Income
More informationBanks. Islandsbanki hf. Iceland. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Ratings
Iceland Full Rating Report Ratings Foreign Currency Long-Term IDR Short-Term IDR Viability Rating BBB F3 bbb Support Rating 5 Support Rating Floor NF Sovereign Risk Long-Term Foreign-Currency IDR A- Long-Term
More informationCondensed Consolidated Interim Financial Statements
Íslandsbanki Condensed Consolidated Interim Financial Statements First half 2018 @islandsbanki 440 4000 islandsbanki.is Contents Highlights... Directors' Report... Report on Review of Condensed Consolidated
More informationING Bank. Credit update. Amsterdam 12 February
ING Bank Credit update Amsterdam 12 February 2013 www.ing.com Key points ING advanced further into end phase of restructuring State support further reduced and IABF unwound Further progress on divestment
More information31 January 2018 PORTUGAL. January December 2017
31 January 2018 PORTUGAL January December 2017 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains statements that constitute forward-looking statements within the meaning
More information4Q14 and FY 2014 Financial Results. January 26, 2015
4Q14 and FY 2014 Financial Results January 26, 2015 Forward-looking statements This document contains forward-looking statements within the Private Securities Litigation Reform Act of 1995. Statements
More informationHalf-Yearly Financial Results 2018
Half-Yearly Financial Results 2018 For the six months ended 30 June 2018 AIB Group plc Important information and forward looking statement This presentation should be considered with AIB s Annual Financial
More informationQuarterly results presentation
Quarterly results presentation 1Q 2017 28 April 2017 1 Disclaimer This document was originally prepared in Spanish. The English version published here is for information purposes only. In the event of
More informationEARNINGS PRESENTATION
EARNINGS PRESENTATION FULL YEAR 2015 FEBRUARY 2016 Disclaimer The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ( IFRS ) of BCP Group
More informationDiscover Iceland 2012 Birna Einarsdóttir, CEO of Íslandsbanki. August 2012
Discover Iceland 2012 Birna Einarsdóttir, CEO of Íslandsbanki August 2012 1 It has been a busy 4 years since 2008 We have met every challenge and implemented several strategic initiatives along the way
More informationTHE COMMERCIAL BANK (P.S.Q.C.)
THE COMMERCIAL BANK (P.S.Q.C.) Financial Results For the full year ended 31 December 2017 Forward Looking Statements This presentation and subsequent discussion may contain certain forward-looking statements
More informationFinancial Ambition 2017 ING Investor Day Patrick Flynn CFO, Member Executive Board ING Group. Amsterdam - 31 March 2014
Financial Ambition 2017 ING Investor Day Patrick Flynn CFO, Member Executive Board ING Group Amsterdam - 31 March 2014 www.ing.com We entered the final phase to become a pure Bank 2009-2011 2012-2013 2014-2017
More informationPublic Sector Covered Bond Update
Public Sector Covered Bond Update January 2017 Agenda 1. Corporate profile 2. Q3 2016 financials 3. Business segments 4. Public sector covered bonds 2 BAWAG P.S.K. corporate profile Company overview One
More informationÍslandsbanki Pillar 3 R ep or t 2014 PILLAR 3 REPORT 2014 Íslandsbanki Service Center:
PILLAR 3 REPORT 2014 RISK AND CAPITAL MANAGEMENT PILLAR 3 REPORT March 2015 Pillar 3 Report 1 Introduction 8 2 Risk Management 10 3 Capital Management 16 4 Credit Risk 22 5 Market Risk 40 6 Liquidity
More informationBRD - GROUP R E S U LT S 3 R D Q U AR T E R AN D F I R S T 9 M O N T H S N O V E M B E R
BRD - GROUP R E S U LT S 3 R D Q U AR T E R AN D F I R S T 9 M O N T H S 2 0 1 7 0 6 N O V E M B E R 2 0 1 7 DISCLAIMER The consolidated and separate financial position and income statement for the period
More information26 th April 2017 PORTUGAL. January March 2017
26 th April 2017 PORTUGAL January March 2017 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the US Private Securities
More informationBASEL II PILLAR 3 DISCLOSURES APRIL 2014
RISK REPORT 2013 RISK REPORT BASEL II PILLAR 3 DISCLOSURES APRIL 2014 ÍSLANDSBANKI OFFERS UNIVERSAL BANKING SERVICES Íslandsbanki, with roots tracing back to 1875, is a universal bank in Iceland. The Bank
More informationING Challengers & Growth Markets
ING Challengers & Growth Markets Goldman Sachs European Financials Conference Aris Bogdaneris, Head of Challengers & Growth Markets Paris 9 June 2016 Key points Think Forward strategy at work in Challengers
More informationKEY BUSINESS INDICATORS AND FINANCIAL INFORMATION
02.2 KEY BUSINESS INDICATORS AND FINANCIAL INFORMATION AT YEAR-END 2017, BANKIA INCREASED ITS PROFIT AND MAINTAINED ITS DIVIDEND PER SHARE, AFTER THE MERGER WITH BMN. During 2017 Bankia strengthened its
More informationBankinter Results Presentation 1Q April 2018 E Q U I P O D I R E C T I V O - A B R 1 8
Bankinter Results Presentation 1Q2018 26 April 2018 E Q U I P O D I R E C T I V O - A B R 1 8 RESULTS Regulatory framework 2 Bankinter presents its financial statements in accordance with the regulations
More informationQ Results Presentation. 18 April 2018
Q1 218 Results Presentation 18 April 218 2 Important Information Disclaimer The material in this presentation is general background information about the activities of Emirates NBD Bank PJSC (Emirates
More informationNew Standards update on initiatives
New Standards update on initiatives Elisabeth Toftmann Klintholm Chief IR Officer Nordea Large Cap Seminar Stockholm, 28 May 2013 Vision Recognised as the most trusted financial partner Customer satisfaction
More informationBAWAG GROUP REPORTS RECORD PROFIT BEFORE TAX OF 517 MILLION IN 2017
BAWAG GROUP REPORTS RECORD PROFIT BEFORE TAX OF 517 MILLION IN 2017 Profit before tax of 517 million, +12% vs. prior year Return on tangible equity (@12% CET1) of 17.9% Net interest income of 791 million,
More informationEARNINGS PRESENTATION
EARNINGS PRESENTATION 9M 2015 NOVEMBER 2015 Disclaimer The information in this presentation has been prepared under the scope of the International Financial Reporting Standards ( IFRS ) of BCP Group for
More informationCAIXA ECONÓMICA MONTEPIO GERAL
CAIXA ECONÓMICA MONTEPIO GERAL 2017 CONSOLIDATED RESULTS Lisbon, 8 February 2018 (Year-on-year changes, unless when stated otherwise) Unaudited financial information This document is a free translation
More informationFinancial Division Research, Strategic Planning and Investor Relations May Portugal. Q1'18 Earnings Presentation
Financial Division Research, Strategic Planning and Investor Relations May 2018 Portugal Q1'18 Earnings Presentation Disclaimer Santander Totta SGPS, S.A. ( Santander Totta ) cautions that this presentation
More informationREBUILDING RESILIENCE 1H Financial update. September 2011
REBUILDING RESILIENCE 1H Financial update September 2011 Forward Looking Statements Important information All information contained in this presentation should be regarded as preliminary and based on company
More informationCORPORATE PRESENTATION November 2017
CORPORATE PRESENTATION November 2017 Disclaimer This document is not an offer of securities for sale in the United States, Canada, Australia, Japan or any other jurisdiction. Securities may not be offered
More informationABN AMRO. Goldman Sachs Annual European Financials Conference. Paris, 8 June Kees van Dijkhuizen, CFO
Kees van Dijkhuizen, CFO ABN AMRO Paris, 8 June 2016 Goldman Sachs Annual European Financials Conference Strong and balanced financial profile with focus on the Netherlands Key financials and metrics Q1
More informationQuarterly Results Presentation
Quarterly Results Presentation 1Q 2018 27 April 2018 1 Disclaimer This document was originally prepared in Spanish. The English version published here is for information purposes only. In the event of
More informationPreliminary Group Financial Results for the year ended 31 December 2017
Announcement Preliminary Group Financial Results for the year ended 31 December 2017 Nicosia, 27 February 2018 This announcement contains inside information for the purposes of Article 7 of the Market
More informationManagement Discussion and Analysis
Management Discussion and Analysis For the second quarter and first half ended June 30, 2018 The Siam Commercial Bank Public Company Limited The Siam Commercial Bank Public Company Limited 9 Ratchadapisek
More informationHalf Year Results for the Six Months to 31 January 2019
Close Brothers Group plc T +44 (0)20 7655 3100 10 Crown Place E enquiries@closebrothers.com London EC2A 4FT W www.closebrothers.com Registered in England No. 520241 Half Year Results for the Six Months
More information2017 Full Year Results. 24 th February2018
2017 Full Year Results 24 th February2018 Disclaimer This document, its content, its annexes and/or amendments(the Document ) has been made up by Kutxabank, S.A.( Kutxabank ) for information purposes only
More informationING Bank. Credit update. Amsterdam 6 November
ING Bank Credit update Amsterdam 6 November 2013 www.ing.com Key points ING advanced further into end phase of restructuring ING Group s stake in ING U.S. has been further reduced to 57% Divestment Insurance/IIM
More informationProfit Announcement. For the full year ended 30 June 2017
Profit Announcement For the full year ended 30 June 2017 Commonwealth Bank of Australia ACN 123 123 124 9 August 2017 ASX Appendix 4E Results for announcement to the market (1) Report for the year ended
More informationFinancial Statements 31 March Investor presentation 11 May 2017
Financial Statements 31 March 2017 Investor presentation 11 May 2017 Q1 2017 highlights 1 2 3 First step in the sale of Arion Bank, largest equity portfolio investment by foreign parties in Icelandic history
More information9M 2015 Results. Hreiðar Bjarnason. Steinþór Pálsson CFO CEO
9M 215 Results Steinþór Pálsson CEO Hreiðar Bjarnason CFO Highlights Operations» The Bank s after-tax profit for the first nine months of 215 amounted to ISK 24.4 bn, as compared with ISK 2 bn for the
More informationSwedbank year-end report 2017
Swedbank year-end report 217 Birgitte Bonnesen (CEO), Anders Karlsson (CFO), Helo Meigas (CRO) Swedish Banking Solid mortgage volume growth SEKm Q4 17 Q3 17 QoQ Net interest income 3 861 3 812 49 Net commission
More informationAllied Irish Banks, p.l.c. Annual Financial Results
1 Important information and forward looking statement This presentation should be considered with AIB s Annual Financial Report 2015, Interim Management Statement November 2015 and all other relevant market
More informationFinancial Statements 31 March Investor presentation 2 May 2018
Financial Statements 31 March 2018 Investor presentation 2 May 2018 Q1 2018 Highlights Mortgages and corporate loans continue to grow at a healthy pace with good asset quality Large liquidity buffer and
More informationAnnouncement. Group Financial Results for the year ended 31 December Nicosia, 27 March 2018
Announcement Group Financial Results for the year ended 31 December 2017 Nicosia, 27 March 2018 This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation
More information24 April Portugal. Q1'18 Earnings Presentation
24 April 2018 Portugal Q1'18 Earnings Presentation Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains statements that constitute forward-looking statements within the
More informationAnnual results presentation. 29 January 2018
Annual results presentation 2017 29 January 2018 1 Disclaimer This document was originally prepared in Spanish. The English version published here is for information purposes only. In the event of any
More informationHighlights of Handelsbanken s Annual Report
PRESS RELEASE 7 February 2018 Highlights of Handelsbanken s Annual Report JANUARY DECEMBER Summary January December, compared with January December Operating profit rose by 2% to SEK 21,025m (20,633);
More informationNEWS RELEASE. R&I Affirms Ratings: Sumitomo Mitsui Financial Group. Rating and Investment Information, Inc. (R&I) has announced the following:
Oct 27, 2017 R&I Affirms Ratings: Sumitomo Mitsui Financial Group Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE 8316 Sumitomo Mitsui Financial Group,
More informationKBC Group. 2Q and 1H 2018 results Press presentation. Johan Thijs, KBC Group CEO Rik Scheerlinck, KBC Group CFO
KBC Group 2Q and 1H 2018 results Press presentation Johan Thijs, KBC Group CEO Rik Scheerlinck, KBC Group CFO 1 More detailed analyst presentation available at www.kbc.com Important information for investors
More informationGroup Results for the nine-month period ended 30 September 2016
COMMENTARY Group Results for the nine-month period ended 28 November Building a stronger bank, by making further progress in our strategic priorities 9M financial performance summary Profit before provisions
More informationInvestor Presentation DBS Group Holdings Ltd November 2017
Investor Presentation DBS Group Holdings Ltd November 2017 Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed
More informationMorgan Stanley European Financials Conference, London 27 March Jan Erik Back CFO SEB
Morgan Stanley European Financials Conference, London 27 March 212 Jan Erik Back CFO SEB In the new world, what are SEB s priorities? Relationship banking as the key franchise driver Response to the new
More informationFinancial Report January June BBVA Bancomer
Financial Report January June 2018 Financial Report January June 2018 Index Relevant Information... 3 Management and Discussion Analysis... 4 Commercial Activity... 4 Performing Loans... 4 Asset quality...
More informationNational Bank of Greece
National Bank of Greece Q2.2014 Results August 28 th, 2014 Q2.2014 Results: Highlights National Bank of Greece Results Result Highlights CET1 ratio increases 16.2% post 2.5bn capital increase Group PAT
More informationOTP Bank Plc First Quarter Stock Exchange Report. (English translation of the original report submitted to the Budapest Stock Exchange)
OTP Bank Plc. 2007 First Quarter Stock Exchange Report (English translation of the original report submitted to the Budapest Stock Exchange) Budapest, May 15, 2007 OTP BANK PLC S STOCK EXCHANGE PRELIMINARY
More informationBank of Ireland Presentation October As at 1 Oct 2014
Bank of Ireland Presentation October 2014 As at 1 Oct 2014 1 Forward-Looking statement This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange
More informationResults first half 2018
Results first half 2018 Utrecht, the Netherlands, 23 August 2018 Investor presentation Maurice Oostendorp, CEO Annemiek van Melick, CFO Key points first-half 2018 Sustained commercial growth: Further growth
More informationR E S U LT S 1 ST Q U A R T E R M A Y
BRD - GROUP R E S U LT S 1 ST Q U A R T E R 2 0 1 8 M A Y 2 0 1 8 DISCLAIMER The consolidated and separate financial position and income statement for the period ended March 31, 2018 were examined by the
More informationNOVO BANCO GROUP ACTIVITY AND RESULTS. 1 st Half 2018
Announcement Lisbon, 23 August 2018 NOVO BANCO GROUP ACTIVITY AND RESULTS 1 st Half 2018 (Unaudited financial information) NOVO BANCO 1H2018 Results of - 231.2 million show 20% improvement compared with
More informationABU DHABI COMMERCIAL BANK PJSC REPORTS NINE MONTH 2018 NET PROFIT OF AED BILLION THIRD QUARTER 2018 NET PROFIT OF AED 1.
Abu Dhabi Commercial Bank Sheikh Zayed Street P. O. Box: 939, Abu Dhabi http://www.adcb.com ABU DHABI COMMERCIAL BANK PJSC REPORTS NINE MONTH 2018 NET PROFIT OF AED 3.483 BILLION THIRD QUARTER 2018 NET
More informationUnited Overseas Bank Limited
United Overseas Bank Limited July 2007 This material that follows is a presentation of general background information about United Overseas Bank Limited s ( UOB or the Bank ) activities current at the
More informationJyske Bank. Danske Bank Danish Banking Seminar 14 March 2017
Jyske Bank Danske Bank Danish Banking Seminar 14 March 217 216 highlights A strong finish in Q4 contributes to delivering a net profit of DKK 3,116m, equal to ROE 1.3% in 216 Continued growth in new home
More informationYapı Kredi 1Q18 Earnings Presentation
Yapı Kredi 1Q18 Earnings Presentation 3 May 2018 Boost in Profitability... 1.2 bln TL Net Income +24% y/y All time high net profit 17.1% ROATE 1 +126 bps y/y Further improvement in ROATE 36% Cost/Income
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION Fourth Quarter 2018 Conference call December 5, 2018 at 11:00 am lbcfg.ca1 Caution Regarding Forward-Looking Statements In this document and in other documents filed with Canadian
More informationICICI Group: Performance & Strategy. November 2015
ICICI Group: Performance & Strategy November 2015 Certain statements in these slides are forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty
More informationBank of America Merrill Lynch 28 September, Jan Erik Back CFO
Bank of America Merrill Lynch 28 September, 2016 Jan Erik Back CFO 1 Well diversified business in a strong economic environment Operates principally in economically robust AAA rated European countries
More informationFixed Income Investor Presentation. 1 st Quarter 2019
Fixed Income Investor Presentation 1 st Quarter 2019 Building full-service banking relationships with business owners across Canada Focused Balance Growth strategy to deliver high-quality balance sheet
More information24 April Mexico. Q1'18 Earnings Presentation
24 April 2018 Mexico Q1'18 Earnings Presentation Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains statements that constitute forward-looking statements within the
More informationDRAFT. Attica Bank. Q Financial Results. Together we are stronger.
DRAFT Attica Bank Q3 2018 Financial Results Together we are stronger. www.atticabank.gr 1 Table of Contents MACROECONOMIC REVIEW HIGHLIGHTS FINANCIAL PERFORMANCE ASSET QUALITY FUNDING APPENDIX GLOSSARY
More information26 th April 2017 MEXICO. January March 2017
26 th April 2017 MEXICO January March 2017 Disclaimer IMPORTANT INFORMATION Banco Santander, S.A. ( Santander ) Warns that this presentation contains forward-looking statements within the meaning of the
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION CLSA ASEAN CORPORATE ACCESS FORUM 2013 14 th March 2013 Agenda Page 1. Review of Result 2012 3-19 2. Future Positioning 21-23 IMPORTANT DISCLAIMER: Information contained in this document
More informationSwedbank s second quarter 2018 results
Swedbank s second quarter 218 results Anders Karlsson (CFO), Helo Meigas (CRO) Group financial highlights TOTAL INCOME SEK 11.8bn 12 8 4 Total income, SEKbn Strong loan volume growth Higher commission
More informationOTP Group 2008 Results and 2009 Guidance
OTP Group Conference call presentation 13 February, 29 Presented by: Dr. László Urbán, CFO HUF 219 billion adjusted after tax profit in 28, in line with modified profit plans Financial highlights of OTP
More informationEquity story. December 2017
Equity story December 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E Operating in a robust Norwegian economy Positive GDP growth and low unemployment rates Norwegian GDP
More informationH Results Lilja B. Einarsdóttir Hreiðar Bjarnason
Lilja B. Einarsdóttir CEO Hreiðar Bjarnason CFO DISCLAIMER This presentation is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or
More informationALIOR BANK S.A. Q3 17 RESULTS PRESENTATION. 9 November 2017
ALIOR BANK S.A. Q3 17 RESULTS PRESENTATION 9 November 2017 AGENDA Key Highlights Strategic KPIs BPH Core integration costs and merger synergies Additional information on the strategy implementation plan
More informationBAWAG P.S.K. REPORTS STRONG NET PROFIT OF EUR 380 MILLION FOR Q
BAWAG P.S.K. REPORTS STRONG NET PROFIT OF EUR 380 MILLION FOR Q1-3 Net profit of EUR 380 million, +19% versus prior year Return on tangible equity of 19.0%, +1.4pts Operating income of EUR 743 million,
More informationTMB Bank Plc. Building the Best Transactional Bank. Make THE Difference. Day with Executive Management
TMB Bank Plc. Building the Best Transactional Bank Day with Executive Management November 1, 215 Make THE Difference AGENDA 3Q15 Financial Performance 9M15 Financial Performance Looking Forward [2] Executive
More information