MeritaNordbanken Unidanmark January March 2000

Transcription

1 MeritaNordbanken Unidanmark January March 2000

2 Merger progress report Merger accepted by 97.1 per cent of Unidanmark shareholders Strong first quarter pro forma results for new group 2

3 Merger effected Shareholders representing 97.1 per cent of the Unidanmark A/S shares have accepted the share exchange offer from Nordic Baltic Holding (NBH) AB (publ) All other conditions fulfilled New Board of Directors and New Group Management operative Over 50 key management positions filled All major integration projects started NBH listed in Stockholm, Helsinki and Copenhagen 3

4 The largest financial group in the Nordic region Market capitalisation of Nordic banking groups, April 2000 NBH Handelsbanken SEB FöreningsSparbanken Danske Bank Den norske Bank Christiania Bank RealDanmark bneur 4

5 Strong first quarter 2000 for the new group Operating profit EUR 729 million (DKK 5.4 billion/sek 6.2 billion) Return on equity 19.2 % Strong growth within Retail and Asset Management 5

6 Pro forma financial information Jan March 2000 Jan-March Full year Earnings per share, EUR Shareholders equity per share, EUR Shares outstanding after full conversion

7 Legal structure Shareholders Nordic Baltic Holding * (NBH) AB (publ) MeritaNordbanken Abp * Tryg-Baltica A/S * Unibank Merita Bank Nordbanken Tryg-Baltica Insurance Vesta * Preparing to adopt a new name. 7

8 Group structure Group Staffs & Service Units Group Management Corporate & Institutional Banking Investment Banking Asset Management Retail Banking Life Insurance & Pensions Non-life Insurance Retail Banking Denmark Retail Banking Finland Retail Banking Sweden Retail Banking Baltic & Poland 8

9 Share price development 160 Dec 31, 1997= DJ Euro Stoxx Bank Nordic Baltic Holding 9

10 10 January March 2000

11 Unidanmark Including Vesta in 1Q00 1Q99 1Q00 Profit before tax, EURm ROE, % 11,9 20,2 Earnings per share, DKK 12 19

12 Unidanmark Including Vesta in 1Q00 EURm 1Q99 2Q99 3Q99 4Q99 1Q00 Core earnings, bank Core earnings, insurance Core earnings, Unidanmark A/S Core earnings Expenses and depreciation (329) (344) (324) (339) (374) Profit on core activities Investment portfolio income (9) Associated and group undertakings (1) (0) Profit on ordinary activities

13 Banking Operating profit before tax EURm 1Q99 2Q99 3Q99 4Q99 1Q00 Excluding investment portfolio income: Net interest income Other income Provisions for bad and doubtful debts (30) (4) (14) (20) (14) Core earnings Expenses and depreciation (250) 1 (269) (253) (265) (258) Profit on core banking activities Return on investment portfolio 19 9 (6) Revaluation of shares in ass. and affiliates (0) Operating profit before tax ) Excluding restructuring costs

14 Insurance Operating profit before tax EURm 1Q99 2Q99 3Q99 4Q99 1Q00 1Q00 1 Premium income, non-life Regular premiums, life Single premiums, life Premium income, total Profit on investment activities Claims incurred (140) (134) (136) (176) (305) (156) Benefits paid (103) (94) (93) (135) (133) (118) Change in other provisions (110) (278) (131) (878) (694) (604) Core earnings Expenses and depreciation (69) (72) (71) (72) (112) (70) Profit on core activities (30) 23 Investment portfolio income (2) 28 (4) Operating profit before tax ) Excluding Vesta and extra provisions for the December 1999 hurricane

15 Insurance Premium income, including Vesta EURm Q99 2Q99 3Q99 4Q99 1Q00 Premium, non life Regular premiums, life Single premiums, life

16 Unidanmark Expenses and depreciation EURm Q99 2Q99 3Q99 4Q99 1Q00 Expenses and dep. excl. Vesta Vesta

17 Unidanmark Return on investment portfolio EURm (20) 1Q99 2Q99 3Q99 4Q99 1Q00

18 Business areas Core earnings before provisions for bad and doubtful debt EURm 50 0 Life Insurance Non-Life Insurance Investment Banking Asset Management Markets Corporate Banking Retail Banking 1Q99 1Q00

19 Capital under administration Breakdown by asset class Investment Management 60 4Q98 4Q99 1Q00 EURbn Q94 4Q95 4Q96 4Q97 4Q98 4Q99 1Q00 Danish bonds 57% 40% 33% International bonds 2% 2% 9% Danish equities 12% 18% 11% International equities 26% 39% 43% Cash and cash equivalents 3% 1% 4%

20 Online investment Number Antal kunder of customers Share of retail Andel customer s af retail-aktiehandler stock trading Periode Periode

21 MeritaNordbanken January March 2000

22 Steps towards a leading Nordic banking group Merger with Unidanmark Extension and adjustment of cash offer for Christiania Bank og Kreditkasse shares Completion of the new structure a single-owner company Acquisitions and expansion continue in Baltic countries and Poland Concentration on core business; sale of Aleksia shares 22

23 Result Jan March, Q1 Q1 Operating profit, meur (489*) Return on equity, % Earnings per share, EUR * Including capital gain from sale of Pohjola shares, 114 meur.

24 Income statement Quarterly meur Q1 Q 4 Q 3 Q 2 Q1 Net interest income Net commission income Net result from financial operations * Other operating income Total operating income Personnel expenses Other expenses Total expenses Profit before loan losses Loan losses, net Profit from companies accounted for under the equity method Operating profit * 24 * Excluding capital gain from sale of Pohjola shares, 114 meur.

25 Net interest and commission income meur Net interest income Net commission income Q1 Q2 Q3 Q4 Q

26 Expenses meur Other expenses Personnel expenses Q1 Q2 Q3 Q4 Q

27 Loan loss level % Full year 1998 Q1 Q2 Q3 Q4 Full year Q

28 Operating profit by business area meur Q Q2 Q3 Q4 Q R etail C orporate Markets A sset Management and Life Insurance 28

29 Asset Management and Life Insurance Assets under management bneur Unit-linked life insurance Life insurance (excl. unit-linked) Institutional portfolio management 5 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Mutual funds (excl. unit-linked) 29

30 Key figures result Return on equity Cost/income ratio * % % Q Q Q Q * Before loan losses.

31 Internet bank Number of customers Million customers Dec Dec Dec Dec March

32 MeritaNordbanken Unidanmark The largest financial banking group in the Nordic region