Q3 Investor presentation

Transcription

1 Q3 Investor presentation RESULTS DNB GROUP THIRD QUARTER Rune Bjerke (CEO) Bjørn Erik Næss (CFO)

2 Third quarter Pre-tax operating profit before impairment in NOK billion 7.6 (6.8) Cost/income ratio in per cent 40.4 (43.4) Return on equity in per cent 15.0 (14.4) Earnings per share 3.49 (3.00) Common equity Tier 1 capital ratio in per cent (transitional rules) 12.6 (11.0) 1) Figures in parentheses refer to 3Q13 1) Including 50 per cent of profit for the period 2 22/10/

3 Quarterly profit figures Pre-tax operating profit before impairment NOK million Pre-tax operating profit before impairment excl. basis swaps NOK million Profit for the period NOK million Profit for the period excl. basis swaps NOK million /10/

4 Return on equity and cost/income ratio Return on equity Return on equity excl. basis swaps Cost/income ratio Cost/income ratio excl. basis swaps /10/

5 Development in loans and deposits NOK billion 1,307 1,307 1,333 1,312 1,369 1,388 1,340 1, Sept. 31 Dec. 31 March 30 June 30 Sept. 31 Dec. 31 March June 30 Sept. Loans at end of period Loans adjusted for exchange rate movements Deposits at end of period Deposits adjusted for exchange rate movements Deposits adjusted for short-term money market investments 5 22/10/

6 Development in average interest rate spreads Lending spread Combined spread - weighted average (0.13) (0.27) (0.30) (0.24) (0.29) (0.30) (0.29) (0.27) (0.17) Deposit spread 3Q12 4Q12 1Q13 2Q /10/

7 Development in commissions and fees year to date NOK million + 5% growth 5,617 5,765 6,135 6, ) Jan.-Sept. 09 Jan.-Sept. 10 Jan.-Sept. 11 Jan.-Sept. 12 Jan.-Sept. 13 Jan.-Sept. 14 Sale of insurance products Asset management and custodial services Real estate broking Money transfer and banking services Corporate finance, credit and securities broking etc. Net commissions and fees 1) The numbers for is exclusive Svensk Fastighetsförmedling AB with NOK 75 million

8 Exposure (EaD) Robust portfolio in oil and energy This oil price drop has been expected and planned for 80 Oil & Gas Less than 10% of EAD linked to oil and offshore related product and services 60 Offshore DNB is doing cash flow based lending to customers Oilfield services Relevant portfolio is stress tested at prices below USD 60 per barrel DNB s risk classification 1) EaD = Exposure at event of Default 8

9 Income statement January - September Amounts in NOK million 3Q14 2Q14 1Q14 4Q13 3Q13 Net interest income Net commissions and fees Net gains on financial instruments at fair value Net financial and risk result, DNB Livsforsikring Net insurance result, DNB Skadeforsikring Other operating income Net other operating income, total Total income Operating expenses Restructuring costs and non-recurring effects (212) Expenses relating to debt-financed structured products Impairment losses for goodwill and intangible assets Pre-tax operating profit before impairment Net gains on fixed and intangible assets 13 (3) (3) Impairment of loans and guarantees Pre-tax operating profit Tax expense Profit from operations held for sale, after taxes (8) (11) (19) 9 (7) (39) (5) Profit for the period

10 Impairment of loans and guarantees Amounts in NOK million 3Q14 2Q14 1Q14 4Q13 3Q13 Individual impairment: Personal customers - Mortgage loans 33 (5) (16) Consumer finance Small and medium-sized enterprises Large corporates and international customers - Nordic Corporates Division (3) 97 (56) International Corporates Divison 86 (17) Shipping, Offshore and Logistics Division (116) (271) Energy Division 5 (2) 24 (17) Baltics, Russia and Poland Other units (3) Total individual impairment Collective impairment: January - September DNB excl. Baltics, Russia and Poland (79) 71 (227) (171) (174) (235) 158 Baltics, Russia and Poland (5) (19) (25) (29) (25) (49) (90) Total collective impairment of loans (84) 52 (252) (200) (199) (284) 67 Impairment of loans and guarantees /10/

11 Net non-performing and net doubtful loans and guarantees 1) NOK billion Dec. 31 Dec. 31 Dec. 31 Dec. 31 March 30 June 31 Dec. 31 March 30 June Baltics and Poland 1) Includes non-performing commitments and commitments subject to individual impairment. Accumulated individual impairment is deducted. DNB Group excl. Baltics and Poland As a percentage of net loans As a percentage of net loans excl. Baltics and Poland 11 22/10/

12 Common equity Tier 1 capital ratio, CRD IV from 3 rd quarter 1) 11.0 Transitional rules ) 4.3 Leverage ratio Dec. 31 March 30 June 31 Dec. 31 March 30 June 12.5 Estimate full IRB Estimate applying average weights used by Swedish banks 3) Dec. 31 March 30 June 31 Dec. 31 March 30 June 1) Ren kjernekapital inkluderer 50 prosent av periodens resultat i alle kvartaler. Årstallene er etter faktisk utdeling 2) 13,0 prosent forutsatt 75 prosent av periodens resultat 3) Gjennomsnittlige vekter som de svenske bankene på lån til foretak og lån med pant i fast eiendom

13 Q&A WELCOME BACK AT OUR CAPITAL MARKETS DAY IN LONDON 27 NOVEMBER