FINANCIAL RESULTS 2015
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- Gary Copeland
- 5 years ago
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1 FINANCIAL RESULTS 2015 Plan executed, sound growth, attractive dividend Warsaw,
2 Disclaimer This presentation (the Presentation ) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna ( Bank ) for the clients, shareholders and financial analysts. This presentation should not be treated as an offer or invitation to purchase any securities or financial instruments or as an advice or recommendation in respect to such securities or financial instruments. The presented data are only general information and does not refer to the offered by the Bank products or services. In order to take advantage of the services and products of the Bank, one should be thoroughly familiar with the characteristics of the particular service or product, its rules, risk and legal and tax consequences of the use of particular service or product. The strategy presented in this presentation contains goals which are the ambition of the Management Board and do not constitute any financial results forecast. Rights for the Presentation as a whole are entitled to the Bank. Presentation is a subject to the protection provided by the law, in particular: the Act dated on February 4th, 1994 on Copyright and Related Rights (consolidated text in Journal. Laws of 2006, No. 90, item. 631, as amended); the Act dated on July 27th, 2001 on the Databases protection(journal of Laws No. 128, item. 1402, as amended); the Act dated on April 16, 1993 on Combating Unfair Competition (consolidated text in Journal of Laws of 2003, No. 153, item 1503, as amended) and the Act dated on June 30, 2000 on Industrial Property Law (consolidated text in Journal. Laws of 2003, No. 119, item as amended). This presentation may include forward looking statements, Bank s outlook for the future, future plans and strategies or anticipated events that are not historical facts. Since these statements are based on assumptions, expectations, projections and provisional data about future events, the content is inherently uncertain. Factors that could cause or contribute to differences in current expectations include, but are not limited to: (i) general economic conditions, among which the economic conditions of the business areas and the markets in which Bank and its subsidiaries operate, (ii) the performance of financial markets (iii) changes in laws or regulations and (iv) general competitive conditions locally, regionally, nationally and/or internationally. The Bank does not undertake to publish any updates, modifications or revisions of the information, data or statements contained herein should there be any change in the strategy or intentions of the Bank, or should facts or events occur that affect the Bank s strategy or intentions, unless such reporting obligations arises under applicable laws and regulations. Bank, nor any of its representatives shall not be responsible for any loss or damage it may arise from the use of this Presentation or of any information contained herein or otherwise arising in connection to this Presentation. This presentation is not for the distribution, in or into countries where the public dissemination of the information contained herein may be restricted or prohibited by law. 1
3 2015 highlights Net profit adj. at 2.5 bln PLN, in line with single digit guidance excluding Q4 extraordinary contribution to BGF, reported at 2.3 bln PLN Double digit key loans growth, both in retail (+11.9% y/y) and corporate (+11.3% y/y), allowing further improvement of market position Further enhancement of operational efficiency (expenses -2.0% y/y) and improvement of cost of risk to 44bp Increased capital strengths, key competitive advantage for 2016 Consistent execution of growth strategy enabling dividend proposal of 8.70 PLN, ~6% yield, ~100% pay-out ratio, while keeping Core Tier 1 close to 18% 2
4 Quarterly financial highlights mln PLN Q1 15 Q2 15 Q3 15 Q4 15 YoY QoQ Key retail loans % 3.1% Key corporate loans % 0.6% Operating income % 3.5% Operating costs % -1.2% Gross operating profit % 7.6% Provisions % -7.5% Net profit reported % -28.2% Net profit adj % 6.4% Note: Net profit adjusted exclude impact of Borrowers Support Fund and Deposits Guarantee Fund (SK Bank bankruptcy) 3
5 Net profit PLN mln +4.0% -15.6% -7.8% +6.4% Q 15 2Q 15 3Q 15 Q Borrowers Support Fund and Deposits Guarantee Fund (SK Bank) burdens Single digit net profit drop by -7.8% y/y, excluding Q4 extraordinary contribution to BGF and Borrowers Support Fund, in line with guidance ROE 9.7% delivered with Core Tier I 17.7% - dynamic excluding Borrowers Support Fund and Deposits Guarantee Fund (SK Bank) 4
6 Gross operating profit mln PLN -3.7% -5.4% +1.0% +7.6% Q 15 2Q 15 3Q 15 4Q Reported gross operating profit at mln PLN, as positive results of loans growth and costs optimisation partially offset impact of interchange rate cut and lower lombard rate 5 - dynamic excluding interchange and lombard rate impact
7 Operating income mln PLN -2.2% -3.9% -0.4% +3.5% Q 15 2Q 15 3Q 15 4Q Operating income at mln PLN, almost flat adjusting for regulatory changes impact, supported by strong fourth quarter 6 - dynamic excluding interchange and lombard rate impact
8 Net interest income and net interest margin mln PLN -6.6% NIM -0.38pp ,15% 2,77% ,52% 1,75% +1.2% 0.00pp ,73% 2,73% 3Q 15 4Q 15 3Q 15 4Q 15 NII at mln PLN, supported by good performance in Q4 and volume growth FY NIM level in line with start of the year guideline, thanks also to stabilization of NIM in Q4 7-3M WIBOR avg
9 Retail loans Total retail loans (mln PLN) Key retail loans (mln PLN) +11.9% +3.1% +9.5% +2.9% Dec 14 Mar 15 Jun 15 Sep 15 Dec Other loans (mln PLN) -4.4% +1.8% Dec 14 Mar 15 Jun 15 Sep 15 Dec Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Double digit growth in key retail loans +11.9% y/y, supported by strong Q4 dynamic 8
10 New key retail lending mln PLN +9.8% +12.1% Q 15 4Q Consumer loans PLN mortgage loans Strong growth +12.1% y/y in new key retail loans, supported by both consumer loans and mortgages 9
11 Corporate loans Total corporate loans (mln PLN) Key corporate loans (mln PLN) +11.3% +0.6% +3.0% -4.0% Dec 14 Mar 15 Jun 15 Sep 15 Dec Other loans (mln PLN) -7.4% -10.0% Dec 14 Mar 15 Jun 15 Sep 15 Dec Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Key corporate loans up by +11.3% y/y with Q4 performance in line with the market trend Further intensification of selective approach in other loans 10 Key areas: MID, SME, public sector, leasing, factoring, Agromania
12 Savings Retail savings (mln PLN) Corporate deposits (mln PLN) +14.2% +5.3% -7.7% -5.1% Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Retail deposits MF Strong quarterly growth in retail deposits, +5.3% q/q, supporting yearly growth of total deposits and strategic re-balance vs corporate 11
13 Net fees and commissions mln PLN -0.8% -1.9% +2.3% Q 15 4Q Other (incl. brokerage) Lending Cards Mutual funds Fees crossing 2 bln PLN thanks to volume growth almost offsetting impact of interchange rate cut 12 - dynamic excluding interchange rate impact
14 Operating costs mln PLN Cost -1.2% % BGF Cost incl. BFG 3Q 15 4Q % +2.0% SK Bank & MLSF Personnel costs Non-personnel costs Depreciation Further improvement of operational efficiency driving -2.0% y/y expenses dynamic Extraordinary charge in Q4 for bankruptcy of cooperative SK Bank and Borrowers Support Fund in addition to already increased contribution to BGF 13
15 Assets quality Loans (mln PLN) 6.8% 6.8% 6.7% % 6.3% Cost of risk Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 NPL Performing NPL ratio 0.56% 0.49% 0.49% 0.44% Provision coverage ratio Q 15 4Q % 69.8% 70.8% 70.8% 73.3% Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Further improvement of cost of risk to 44bp, increase in coverage ratio to 73.3% 14
16 2016 outlook Key macro assumptions Key trends F GDP growth y/y 3.6% 3.7% Base rate eop 1.50% 1.25% 3M Wibor avg. 1.75% 1.58% BGF charge 23.9 bp 24.6 bp Banking tax bp Strong GDP growth driven by consumption and investments, supported also by fiscal loosening Potential further cut in interest rates Introduction of banking tax since February Note: Internal macroeconomic scenario 15
17 2016 market trends and Pekao approach Pekao approach 2016F y/y Market Pekao Retail loans 3.3% Core corporate loans 3.5% Retail deposits 5.7% Core corporate deposits 3.3% Mutual Funds 5.0% Further progressing in discontinuity in household financing Implementation of new capabilities in CRM and alternative channel development to improve client intensity ratio Further reinforcing of corporate network coverage and enlargement customer base with dedicated combined SME/MID team Further improvements in payment systems and acquiring business leveraging on top class know how Exploiting potential in capital markets with unique integrated full-fledged service Reinforcing operational efficiency by process redesign and network optimization Note: Internal macroeconomic scenario 16 Better than market
18 Conclusions Plan executed in line with the guidance Sound growth in all strategic areas, both in lending and deposits Excellent operational efficiency while investing in innovative solutions Strong capital position, sustainable growth strategy execution allowing proposal of another attractive dividend, leaving full capacity for organic and selective external growth 17
19 AGENDA Appendix 18
20 Polish economy outlook F 2016F GDP, % y/y Consumption, % y/y Investment, % y/y Unemployment, % eop CPI, % avg M Wibor, % avg Reference rate, % eop 2, Exchange rate EUR, eop Exchange rate USD, eop Public sector balance, % GDP Note: Internal macroeconomic scenario 19
21 Polish banking sector outlook F 2016F (2) Loans, % y/y Retail, % y/y Mortgage loans PLN Consumer loans (1) Corporate, % y/y SME loans (3) 4.1 Savings, % y/y (4) 3.8 Deposits, % y/y Retail, % y/y Corporate, % y/y Mutual Funds, % y/y (5) (1) all non-mortgage retail loans (2) iinternal scenario (3) estimate (4) growth was boosted by strong increase (+55%) in non-public mutual funds (most of that increase took place in December); excluding those funds growth in savings was equal to 7% (5) growth was boosted by strong increase (+55%) in non-public mutual funds (most of that increase took place in December); excluding those funds growth in mutual funds was equal to 4.2%
22 21 Polish economy trends Key parameters (1) GDP (% YoY) FIXED INVESTMENTS (% YoY) 1,9 1,5 7,7 7,3 6,9 6,9 8 3,7 5,5 4,9 1,9 2,7 2,1 4,2 3,6 4 4,8 4,8 4,9 0,9 0,1 5 2,3 3,3 0 0,5 5,3 6 1,8 2,6 3,4 3,4 3,3 3,3 3,7 3,3 3,5 3,8 4 5,0 5,3 5,4 7,8 10,4 9,6 6,7 2-0,7-4,7-2,9 24,0 22,6 0,7 0,1 2,5-0,1-3,2-4,9-2,5-3,5-0,2 0,3 11,9 9,3 9,59,511,5 6,1 4,6 4,8 0-9,3 19,2 15,9 13,014,5 0, Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q13 2Q13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q GDP Pr Consumption contribution Net export contribution Investment contribution TRADE BALANCE ACCOUNT (bln EUR) PRIVATE CONSUMPTION (% YoY) 8,2 6,3 4,9 5, ,4 2,6 3,6 3,2 6 5,8 1,7 2,7 2,6 3,1 3,7 3,6 0,8 2,4 2,1 0,2 0 0,2 3,3-0,5 0,7 0,7 2,3 3 2,42,8 3,13,1 3,1 3,2-3,3-4,1-3,8-5,2-5,9-4,6-6,5-1,6-2,1-2,0-2,3-3,1-3,5-2,5-4,1-3,3-3,4-2,8-2,2-1,2 0,5-1,9-1,1 0,3-0,1-0,8-0,4-1,2 0,2-0,9 1,7 1,5 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q Source: Central Statistical Office; March 2007 December 2015
23 22 Polish economy trends Key parameters (2) CORPORATE EMPLOYMENT (ths. eop) ,8 5,0 5, ,2 4,5 4,7 4, , ,9 2, ,6 1, , Q 06 2Q 07 4Q 07 2Q 08 4Q 08 2Q 09 4Q 09 2Q 10 4Q10F ,7-2,3-2,1-1,0 UNEMPLOYMENT (%) Source: Central Statistical Office; March 2007 December AVERAGE CORPORATE WAGES (% YoY) 5,4 7,8 8,99,8 11,8 10,1 12,0 7,8 6,3 3,5 3,43,6 11,0 2,7 3,8 3,3 4,3 4,35,25,3 3,8 5,4 4,6 2,3 2,6 2,0 2,23,03,0 4,1 4,1 3,5 3,43,9 3,1 3,64,1 RETAIL SALES (real terms, % YoY) 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15F Avg. Corporate Wages CPI 17,4 14,0 12,8 16,1 12,1 11,8 4,8 1,0 1,0 8,4 3,6 4,7 1,1 0,3 2,9 7,3 6,0 8,8 7,1 6,98,4 2,7 1,9-2,00,01,5 3,9 4,2 5,5 5,1 2,6 3,74,2 3,5 2,8 3,0 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 9,4 8,9 12,3 11,6 11,2 10,9 9,5 14,3 11,1 10,610,9 12,1 11,7 11,5 13,0 12,4 11,9 11,8 13,3 12,5 13,3 13,4 12,3 12,4 11,5 14,3 13,2 13,013,4 13,5 12,0 11,4 11,5 10,2 9,7 10,1 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q
24 23 Polish economy trends Key parameters (3) EXCHANGE RATES INFLATION, INTEREST RATES 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q10 1Q 11 2,2 2,0 2,0 2,4 3,7 3,0 2,2 3,8 3,3 3,6 2,9 3,5 4,7 4,0 4,3 3,2 3,5 3,7 3,5 3,5 3,5 3,5 3,5 3,5 4,1 5,0 4,2 4,2 4,5 4,8 5,0 5,8 6,0 6,0 4,2 4,3 4,1 3,9 3,8 4,0 4,4 4,7 5,9 5,1 5,7 6,2 6,7 6,6 2Q 11 3,8 4,2 3Q 11 4,5 4,6 4,7 4Q 11 1Q 12 4,1 4,5 4,5 4,6 4,8 5,0 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15-0,3 0,5 1,3-0,7-1,5-0,9-0,7-0,5 0,3 0,6 0,7 1,1 1,5 2,0 1,5 1,5 1,5 2,9 2,8 2,5 2,5 3,3 2,5 2,5 2,5 1,73 1,72 1,72 2,1 1,9 3,9 4,3 2,3 4,0 4,1 2,7 2,7 2,7 2,7 2,7 3,4 4,5 4,8 4,8 4,1 4,9 5,1 4,9 Source: NBP CPI REF. RATE 3M WIBOR
25 24 Banking sector trends Key parameters - yoy (4) HOUSEHOLDS AND CORPORATE LENDING (% YoY) HOUSEHOLDS AND CORPORATE DEPOSITS (% YoY) Households Corporate Households Corporate Q 01 4Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 TOTAL SECTOR LENDING (% YoY) TOTAL SECTOR DEPOSITS (% YoY) Q 01 2Q 02 4Q 02 2Q 03 4Q 03 2Q 04 4Q 04 2Q 05 4Q 05 2Q 06 4Q 06 2Q 07 4Q 07 2Q 08 4Q 08 2Q 09 4Q 09 2Q 10 4Q 10 2Q 11 4Q 11 2Q 12 4Q 12 2Q 13 4Q 13 2Q 14 4Q 14 2Q 15 4Q 15 4Q 01 2Q 02 4Q 02 2Q 03 4Q 03 2Q 04 4Q 04 2Q 05 4Q 05 2Q 06 4Q 06 2Q 07 4Q 07 2Q 08 4Q 08 2Q 09 4Q 09 2Q 10 4Q 10 2Q 11 4Q 11 2Q 12 4Q 12 2Q 13 4Q 13 2Q 14 4Q 14 2Q 15 4Q 15 4Q 01 4Q 02 4Q 03 4Q 04 4Q 05 4Q 06 4Q 07 4Q 08 4Q 09 4Q 10 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 Source: NBP; December 2001 December 2015
26 Banking sector trends Key parameters - YTD (5) HOUSEHOLDS LENDING (% YTD) HOUSEHOLDS DEPOSITS (% YTD) 50% 45% 40% 35% % 30% 25% % 25% 20% 15% 20% 15% 10% 10% 5% 0% 5% 0% -5% XII' I II III IV V VI VII VIII IX X XI XII -5% XII' I II III IV V VI VII VIII IX X XI XII CORPORATE LENDING (% YTD) CORPORATE DEPOSITS (% YTD) 35% 30% 25% 20% % 12% 7% % 2% 10% 5% 0% -3% -8% -5% I II III IV V VI VII VIII IX X XI XII -13% XII' I II III IV V VI VII VIII IX X XI XII Source: NBP; January 2007 December
27 16,9% 17,2% 18,0% 17,8% 18,2% 17,8% 18,2% 17,8% 17,9% 17,3% 17,3% 16,1% 15,6% 13,9% 12,8% 13,0% 14,7% 14,4% 14,2% 12,3% 12,2% 12,3% 3,1% 3,4% 3,4% 3,3% 3,1% 1,8% 1,9% 2,0% 2,1% 2,2% 2,3% 2,5% 2,6% 2,7% 2,8% 2,9% 3,0% 3,0% 3,1% 3,1% 3,2% 3,2% 12,3% 12,7% 12,7% 12,4% 12,5% 13,4% 12,4% 12,9% 12,6% 12,5% 12,2% 12,2% 12,3% 13,0% 13,2% 13,3% 9,6% 9,1% 9,6% 9,4% 8,8% 13,1% 13,0% 12,7% 12,4% 13,9% 14,1% 14,3% 9,9% 11,2% 13,3% 11,8% 8,4% 9,0%9,3% 9,7% 9,5% 8,8% 8,2% 8,7% 8,2% 7,5% 7,7% 7,5% 7,6% 9,4% 9,7% 9,8% 9,8% 7,5% 9,2% 9,6% 9,9% 6,6% 8,1% Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Nov 15 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun Banking sector trends Non-performing loans (6) HOUSEHOLDS NPL RATIO CORPORATE NPL RATIO Source: NBP SME Corporate 1,5% 1,6% 9,1% 10,0%11,3%13,1%14,8%15,8% 1,4% 1,5% 1,2% 1,3% Sep 14 Mar 15 Sep 15 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Mortgage Cash 4,5% 4,9% 6,0%6,6% 6,7%7,2% 7,2% 7,4% 7,2% 7,3% 7,2% 7,5% 7,3% 7,5% 7,4% 7,5% 7,2% 7,1% 7,1% 7,0% 7,0% 6,9% 6,5% 6,8% 6,6% 6,5% 6,4% Mar 09 Jun 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Nov 15 Total retail 8,4% 10,1% 9,6% 11,5% 11,2%12,2% 12,2% 12,4% 11,5% 10,9% 10,7% 10,5% 10,4% 11,1% 11,3% 11,7% 11,8% 11,8% 11,5% 11,5% 11,4% 10,7% 11,2% 11,3% 10,9% 10,6% 10,3% Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Nov 15 Total corporate
28 27 Selected data
29 Consolidated income statement mln PLN 4Q 14 3Q 15 4Q 15 Q/Q% Y/Y% 12M M 2015 Y/Y % Net interest income (1) ,1% 0,1% ,6% Net fee and commission ,8% 0,9% ,9% Operating income ,5% -3,7% ,9% Operating costs (2) ,2% -1,4% ,0% OPERATING PROFIT ,6% -5,6% ,4% Provisions ,5% -11,0% ,5% Guarantee funds charges ,2% 102,5% ,3% Extraordinary contribution to BGF (SK Bank) and Borrowers Support Fund PROFIT BEFORE INCOME TAX ,9% -38,1% ,7% Income tax ,9% -44,2% ,3% GROUP NET INCOME (3) ,2% -36,6% ,6% Cost/Income Ratio (%) (4) 44,1% 47,3% 45,2% - 2,1 1,1 44,7% 45,6% 0,9 Cost of Risk (%) 0,53% 0,49% 0,44% - 0,0-0,1 0,56% 0,49% - 0,1 ROE (%) 11,6% 10,8% 7,6% - 3,2-4,0 11,5% 9,7% - 1,8 CAR (%) - Basel 3 17,3% 17,7% 17,7% - 0,4 17,3% 17,7% 0,4 NIM (%) 2,9% 2,7% 2,7% 0,0-0,2 3,1% 2,8% - 0,4 L/D (%) 88,8% 93,5% 92,6% - 0,9 3,8 88,8% 92,6% 3,8 (1) NII and dividends and other income from equity investments 28 (2) Costs excl. guarantee funds charges (3) Net profit attributable to equity holders of the Bank (4) Operating cost excluding guarantee funds charges
30 Activity by segments mln PLN Retail Banking Private Banking Corporate&Investment Banking Assets&Liabilities Management & Others Group 12M 14 12M 15 Y/Y % 12M 14 12M 15 Y/Y % 12M 14 12M 15 Y/Y % 12M 14 12M 15 Y/Y % 12M 14 12M 15 Y/Y % Net interest income (1) % % % % % Non-interest income % % % % % Operating income % % % % % Operating costs (2) % % % 0,1-2,6-4015% % OPERATING PROFIT % % % % % Net write-downs/provision % % % % % Guarantee funds charges % % % % PROFIT BEFORE INCOME TAX % 6,2 5,7-7% % % ,7% (1) Total net interest income, dividends and other income from equity investments 29 (2) Operating cost excluding guarantee funds charges
31 The structure of the Group net profit mln PLN cumulative Group's share in capital % 12M 14 12M 15 Y/Y % Bank Pekao S.A. Banking - Poland 2 662, ,4-14,0% Entities - consolidated under full method 143,2 195,0 36% of which: (*) Pekao Leasing Sp. z o.o. Leasing 36% 54,6 53,9-1% Centralny Dom Maklerski Pekao S.A. Brokerage 100% 42,4 44,2 4% Pekao Bank Hipoteczny S.A. Mortgage Bank 100% 10,0 5,0-50% Pekao Pioneer PTE S.A. Pension Fund 65% 15,4 2,9-81% Pekao Faktoring Sp. z o.o. Factoring 100% 8,2 9,3 13% Pekao Investment Banking S.A. Brokerage 100% --- 6,8 Centrum Bankowości Bezpośredniej Sp. z o.o. Call Centre 100% 2,4 2,7 13% Pekao Financial Services Sp. z o.o. Servicing MF/PF 100% 7,2 8,0 11% Centrum Kart S.A. Cards 100% 2,6 0,6-77% Pekao Fundusz Kapitałowy Sp. z o.o. Business consulting 100% 0,3 0,2-33% Pekao Property S.A. Real estate development 100% -0,9-0,2 Entities - valued under the equity method 63,3 52,1-18% Pioneer Pekao Investment Management S.A. Mutual Funds 49% 51,8 44,6-14% Krajowa Izba Rozliczeniowa S.A. Clearing Services 5,74% 10,0 5,5-45% Dom Inwestycyjny Xelion Sp. z o.o. Financial Advisory 50% 1,5 2,0 33% Exclusions and consolidation adjustments -154,1-245,0 59% Group Net Profit (**) 2 714, ,5-15,6% 30 (*) Entities in liquidation, sold or indirect ownership not presented (**) Group net profit attributable to equity holders of the Bank (reported) NOTE: Data as reported
32 Consolidated income statement F&C breakdown mln PLN 4Q 14 3Q 15 4Q 15 Q/Q% Y/Y% 12M M 2015 Y/Y % Lending incl. DCM ,5% -10,3% ,0% Cards ,2% 10,8% ,2% Mutual Funds ,6% -8,5% ,9% Brokerage ,5% 73,1% ,3% Payments ,9% -0,9% ,8% Other ,7% 1,7% ,3% Net fee and commission ,8% 0,9% ,9% 31
33 Consolidated income statement Cost breakdown mln PLN 4Q 14 3Q 15 4Q 15 Q/Q% Y/Y% 12M M 2015 Y/Y % Payroll costs ,6% 0,5% ,2% Other administrative expenses (1) ,0% -6,4% ,1% Depreciation ,6% 4,2% ,5% Operating costs (1) ,2% -1,4% ,0% Guarantee funds charges (BGF) ,2% 102,5% ,3% Operating costs +BGF ,1% 2,8% ,0% Extraordinary contribution to BGF (SK Bank) and Borrowers Support Fund Operating costs + BGF+ other contributions ,6% 33,7% ,6% (1) Operating cost excluding guarantee funds charges 32
34 Consolidated balance sheet mln PLN Dec 14 Sep 15 Dec 15 Q/Q % Y/Y % Cash and amounts due from Central Bank % -15% Loans and advances to banks % 2% Loans and advances to customers* % 6% Investment securities % -14% Assets held for sale % 22% Intangible assets % 2% Tangible fixed assets % -5% TOTAL ASSETS ,2% 0,7% Amounts due to the Central Bank % -6% Amounts due to other banks % 11% Financial liabilities held for trading % 3% Amounts due to customers % 3% Debt securities issued % -25% Total liabilities ,7% 1,2% Total Shareholders' equity ,5% -2,6% (*) Including loans and advances from customers and receivables from finance leases 33
35 Customers financing mln PLN Dec 14 Sep 15 Dec 15 Q/Q % Y/Y % Loans* ,1% 5,7% retail % 10% corporate % 2% Non quoted securities ,0% 18,6% Reverse repo transactions ,4% -17,8% Other % 54% Nominal value adjustment % 128% Impairment losses % 1% Net loans and advances % 6% Securities issues by non monetary entities** ,8% -0,8% TOTAL CUSTOMERS FINANCING*** % 6% (*) Including debt securities eligible for rediscounting at Central Bank, net investments in financial leases to customers 34 (**) Securities issued by non monetary entities including local governments (***) Total customers financing includes Loans and advances at nominal value and Securities issued by non monetary entities
36 Selected data Bank Dec 14 Sep 15 Dec 15 Q/Q % Y/Y % Outlets ,7% -5,7% ATM's ,5% -3,6% Employees ,7% -3,1% No of PLN current accounts (ths)* ,7% 1,9% No of mortgage loan accounts (ths)** ,8% 7,6% No of clients holding a consumer loan accounts (ths)*** ,0% -3,0% Number of individuals with an access to electronic banking Pekao24 (ths) ,5% 9,0% Number of individuals with an access to mobile banking (ths) ,1% 70,3% Number of business clients (SME) with an access to electronic banking systems (ths) ,9% 2,9% Group Dec 14 Sep 15 Dec 15 Q/Q % Y/Y % Employees**** ,8% -2,3% Outlets**** ,7% -5,7% ATM's**** ,5% -3,6% Number of MF accounts (ths)***** ,4% -6,3% Number of Brokerage accounts (ths)****** ,2% -1,9% (*) Number of accounts including pre-paid card accounts 35 (**) Retail clients accounts (***) Pożyczka Ekspresowa (Express Loan) (****) Credit Union (SKOK) Kopernik included since Dec 2014 (****) Pioneer Pekao Investment Management S.A. (*****) Including: Dom Maklerski Pekao (Dom Maklerski), subsidiarycentralny Dom Maklerski Pekao S.A. (CDM), and associated entity Dom Inwestycyjny Xelion Sp. z o.o. (Xelion)
37 Loans exposure - sectors SECTOR DESCRIPTION* Wholesale and retail trade; repair of motor vehicles and motorcycles 12,9% 14,2% 15,2% Public administration and defence; compulsory social security 13,0% 11,9% 10,9% Real estate activities 12,6% 10,4% 10,5% Electricity, gas, steam and air conditioning supply 8,8% 9,0% 8,6% Finanace and Insurance activity 5,9% 9,6% 7,8% Transportation and storage 6,3% 6,8% 7,2% Construction 5,8% 5,1% 6,3% Mining and quarrying 3,0% 3,9% 4,4% Manufacture of metals, metal products and machinery 3,8% 3,8% 4,0% Manufacture of beverages and food products 3,4% 3,1% 3,8% Manufacture of chemicals, pharmaceuticals and refined petroleum products 3,8% 2,8% 2,9% Information and communication 4,3% 5,0% 2,7% Manufacture of rubber, plastic and non-metalic products 2,3% 1,9% 2,1% Other manufacturing 5,4% 4,5% 5,2% Other sectors 8,7% 8,0% 8,4% Total 100% 100% 100% Note: Based on the annual Group data including current exposure and commitment 36
38 Mutual funds Mutual funds volumes (mln PLN ) +1.4% -1.1% Mutual funds - assets structure (PPIM SA) % 17% 68% Dec 14 Sep 15 Dec 15 Third party funds distributed by the Group PPIM SA Market share (%) 18,5% 17,9% 17,9% Eguity funds Balance funds Money and bonds funds Dec 14 Sep 15 Dec 15 Note: Market share funds distributed by Pekao Group, compared with the market of retail investment funds available for individuals 37
39 Key lending products Stock PLN mortgage loans volumes (mln PLN) Consumer loans volumes (mln PLN) +12.1% +11.2% +3.1% +2.8% Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 38
40 Ratings of Bank Pekao S.A FITCH RATINGS BANK PEKAO S.A. POLAND Long-term rating (IDR) A- A- Short-term rating F2 F2 Viability rating a- Support rating 2 Outlook Stable Stable STANDARD AND POOR'S BANK PEKAO S.A. POLAND Long-term rating BBB+ A- Short-term rating A-2 A-2 Stand-alone Outlook Negative* Positive*** MOODY'S INVESTORS SERVICE LTD bbb+ BANK PEKAO S.A. (unsolicited rating) POLAND Long-term foreign-currency deposit rating A2 A2 Short-term deposit rating Prime-1 Prime-1 BCA Outlook Stable Stable/ Negative** baa1 39 Notes: Bank Pekao S.A. s Viability rating at a- from Fitch Ratings, Stand-alone one at bbb+ from S&P and BCA at baa1 from Moody s are the highest individual ratings assigned by these rating agencies to banks rated in Poland (**) Stable for the economy and Negative for the banking sector in Poland (*) On January 19, Rating agency S&P Ratings Services reviewed and confirmed the ratings of Bank Pekao SA at unchanged levels. The negative Outlook indicates rating agency view of a one-in-three probability that implementation of EU Bank Recovery and Resolution "BRRD" in Poland could lead to an increased bail-in risk. (***) On January 15, S&P Ratings Services downgraded the ratings Poland to the following levels: LTR in FX- to BBB+, LTR and STR in LC to A- and A-2 accordingly.outlook for both the local and foreign currency ratings changed to Negative.
41 Investor relations team s contact and calendar CONTACT DETAILS Q&A related to the presentation: Dariusz Choryło Executive Director ph.: dariusz.chorylo@pekao.com.pl Wioletta Reimer Director of IR Office ph.: wioletta.reimer@pekao.com.pl 9 February April May July August 2016 FINANCIAL CALENDAR Annual Report 2015 and Webcasting Start of Blackout Period First Quarter Report and Webcasting Start of Blackout Period Semi-annual Report and Webcasting Dorota Faszczewska-Ward ph.: dorota.faszczewska-ward@pekao.com.pl Iwona Milewska ph.: iwona.milewska@pekao.com.pl Krzysztof Szlichciński ph.: krzysztof.szlichcinski@pekao.com.pl 27 October November 2016 Start of Blackout Period Third Quarter Report and Webcasting 40 Visit us at: Blackout Period two weeks period before publication of financial statements. During this period we do not organise meetings with investors and analysts
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