Quarterly financial report
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1 Quarterly financial report Second quarter
2 Introduction 3 Key figures 6 Profit & loss account 7 Balance sheet 14 Results by business unit 21 Other aspects 29 Stock performance 30 Annex Disclaimer Banco Sabadell cautions that this presentation may contain forward looking statements or estimates relating to the business performance and results of the Banco Sabadell Group. While these forward looking statements represent our judgment and future expectations concerning the development of our business, a certain number of risks, uncertainties and other important factors may cause actual results to differ materially from our expectations or estimates. This document may contain unaudited or summarized information; accordingly, recipients are invited to consult the public information held with the Spanish Securities and Exchange Commission (CNMV). Second quarter,
3 Introduction Macroeconomic environment Economic background The second quarter saw further deterioration in the inflation-growth relationship, as the developed world in general recorded economic slowdown, with problems in the real estate sector and inflationary pressures. In the United States the property sector still shows no sign of stabilising, consumer confidence has dropped below the levels seen in the recession of the 1990s and both the Consumer Price Index (CPI) and inflation expectations have risen considerably. In the euro area, economic growth shows increasing signs of weakness, following the good investment-driven GDP performance seen in the first quarter. In this respect, business confidence indicators (PMI) have deteriorated, recording the lowest level of the last few years in June. And in the case of prices, the harmonised index of consumer prices (HICP) closed the quarter at 4% year-on-year, its highest level since In the United Kingdom the economic situation has worsened in recent months, especially in the property market, and inflation has risen above the price stability target set by the Bank of England. In Japan, consumer indicators have been weak in recent months. The CPI remained in positive territory in May, for the eighth consecutive month. GDP USA vs. Euro area (%) Fixed income markets On the fixed income markets, all eyes were on inflation in the second quarter and the main central banks harshened their tone in light of the growing inflation risks. In the United States the Federal Reserve cut its benchmark rate by a quarter of a percentage point, down to 2%, at its April meeting, but it has made no further rate cuts since then, considering that the risks of a decline in growth have decreased whilst inflationary risks have increased. On the money markets, the credit facilities provided by the Fed are still being widely used, especially by the deposit institutions. In Europe the ECB held its benchmark rate unchanged at 4% in the second quarter, but the focus remained firmly on inflation as the central bank believes that medium term, price stability risks have increased. In fact the ECB prepared the market for a possible rate rise, which was finally made in July. In connection with the money markets, the ECB insists that it continues to keep a close eye on liquidity conditions. Official interest rate USA vs. Euro area (%) /99 9/99 5/00 1/01 9/01 6/02 2/03 10/03 6/04 2/05 11/05 7/06 3/07 11/07 8/ Euro area official interest rate US official interest rate /92 5/93 9/94 2/96 6/97 11/98 US GDP 3/00 8/01 12/02 Euro area GDP 4/04 9/05 1/07 6/08 Government bond markets closed the quarter on a clearly negative note on both sides of the Atlantic. In the United States 10-year bond yields closed at 3.97%, versus 3.41% at end-march, and in the euro area German 10-year bond yields closed at 4.62%, versus 3.9% at the end of the first quarter. Rising prices, growing inflation expectations and a consequent harshening of tone on the part of the main central banks were the main cause of this performance, ahead of factors connected with the worsening economic situation, with the possibility of the United States going into recession, and declining financial stability. Second quarter,
4 10-year bond yields USA vs. Germany (%) /99 11/99 9/00 7/01 Currency markets 5/02 2/03 US 10-yr bond 12/03 10/04 8/05 German 10-yr bond The dollar remained relatively stable against the euro throughout the second quarter, following the sharp depreciation seen in the first quarter of the year. In fact it closed 2Q08 at USD1.57/EUR, reflecting the impact of the change in discourse of the Federal Reserve regarding monetary policy and the manifest anxiety of the US authorities regarding the inflationary effects of a weak dollar, both of which served to offset the persistent signs of weakness in the US economy. In contrast to previous quarters, the yen depreciated against the dollar in 2Q08, to close at JPY106.19/USD versus JPY99.86/USD at end- March. Exchange rate USD vs. EUR and JPY (%) USD/EUR exchange rate ene/99 oct/99 ago/00 jun/01 Emerging markets abr/02 feb/03 USD / EUR dic/03 oct/04 JPY / USD In Mexico, GDP recorded 3.7% year-on-year growth in the first quarter, once corrected for the Easter effect, versus 4.2% in 4Q07. The central bank raised its inflation forecasts for 2008 and It also raised its benchmark rate to 7.75%, admitting in the accompanying statement that recent inflation trends are a cause for concern and that the inflation risk balance has worsened. However the jul/05 may/06 6/06 mar/07 4/07 ene/08 2/ JPY/USD exchange rate central bank also indicated that there are no demand-side pressures and that inflation expectations remain under control. The government reached an agreement with the Confederation of Industry (CCI) to freeze a series of food prices until year-end and aims to eliminate import duties on cereals. It also presented a proposal in the Senate for reform of the energy industry, proposing to change PEMEX s regulatory framework and allow foreign and private companies to refine, produce and transport crude oil. In Brazil, both Standard & Poor s and Fitch raised their foreign currency sovereign credit ratings to investment grade. Economic growth in the country remains strong, driven by domestic demand, and inflation rebounded in May up to 5.6% in annual terms. Against this backdrop, the central bank raised its benchmark rate to 12.25% and the government approved a package of tax cuts through 2011 devised to encourage exports of products other than raw materials and high added value products which have been hit by the appreciation of the real. Lastly in Argentina, GDP rose by 8.4% in annual terms in 1Q08, versus 9.1% in 4Q07, the Economy Minister resigned after barely four months in office and Standard & Poor s downgraded the outlook on the country s sovereign debt from stable to negative. Equity markets Most stock markets closed the second quarter with losses, in a scenario of rising inflation expectations. Market attention was also centred on corporate earnings releases, news flow in the financial sector and the rising oil price. The price of Brent rose by 39.41%, to reach a new all-time high of USD140 per barrel, and this despite the OPEC announcement that it was to increase output and the rise in the price of oil in China. In the United States the Standard & Poor s 500 fell by 2.78% in euro terms, whilst the NASDAQ rose by 1.08% also in euro terms. First-quarter corporate earnings underperformed market expectations, with profits down 15.7% versus the 10% decline initially expected. In Europe the Dow Jones STOXX 50 closed the quarter down 3.7%. First-quarter results also underperformed expectations and substantial earnings downgrades were made for the full year. Several banks reported further losses due to subprime exposure and some, such as Royal Bank of Scotland, Barclays and Fortis, announced capital increases. In Spain the Ibex-35 closed the quarter down 9.22%, with the market focus on the banking sector when 1Q earnings were released, in light of the credit squeeze and growth in non-performing loans (NPLs). On a more positive note Repsol, together with Petrobras and British Gas, discovered a new oil field in Brazil. In Latin America, the Brazilian index rose by 17.23% in euro terms in the quarter, whilst the Mexican index fell by 1.41% also in euro terms. In Japan, the NIKKEI 300 closed the quarter with gains of 3.18% in euro terms Second quarter,
5 Key developments in the quarter Bases of presentation The consolidated Group balance sheet and profit and loss account closed as of 30 June 2008, together with the heading breakdowns provided in this report, are all presented in accordance with the format established in Circular 1/2008 of the Spanish Securities and Exchange Commission (CNMV). The consolidated group financial statements as of 30 June 2008 also include the accounting reclassifications resulting from the agreement announced on 10 July 2008 whereby Banco Sabadell and Zurich entered into a strategic alliance for development of the life and non-life insurance business, marketing of pension schemes and management of pension funds in Spain. Specifically, and for the purposes of the profit and loss account, the net results up to 30 June 2008 corresponding to the insurance and pension companies affected are reported (50/50 in each case) under equity-accounted companies and discontinued transactions. For purposes of comparison with the profit and loss account closed as of 30 June 2008, the FY-2007 profit and loss account has been adapted to the format established in CNMV Circular 1/2008. In addition, and also for purposes of comparison, the FY-2007 profit and loss account has been amended to include the accounting reclassifications deriving from the aforesaid agreement between Banco Sabadell and Zurich. A reconciliation between the original consolidated balance sheet closed as of 31 December 2007 and the balance sheet closed as of the same date adapted to CNMV Circular 1/2008 is included at Annex, together with a reconciliation between the original consolidated profit and loss account closed as of 31 December 2007 and the profit and loss account closed as of the same date adapted to CNMV Circular 1/2008. This latter also includes reclassification as discontinued transactions of the results of the Group s insurance and pension subsidiaries. Key figures As of 30 June 2008, Banco Sabadell s consolidated results continue to record a favourable trend, with attributable net profit up 2.2% on 1H07 at Euros million. Selective growth in loans and advances and strong growth in customer deposits are the two key features of activity in what has been a difficult period for the whole of the financial sector, but in which Banco Sabadell has continued to make headway in its operating efficiency and returns targets and has continued to improve its sound liquidity position. The volatility and uncertainty that characterise the present economic situation and their negative impact on the banking business have failed to prevent Banco Sabadell from presenting a consolidated balance sheet that records steady progress at all key levels at the half-year stage. As of 30 June 2008, gross loans and advances amounted to Euros 65, million, an increase of Euros 4, million (+7.3%) on the 2Q07 close, concentrated in particular on mortgage loans and specialist corporate financing products. Customer deposits grew at an even higher rate. As of end- June 2008, customer deposits (excluding repos) amounted to Euros 33, million, an increase in year-on-year terms of Euros 6, million (+22.9%). This growth was concentrated especially in fixed-term deposits, which record a total of Euros 18, million, up 72.2% on the 1H07 figure (Euros 10,910.62). The consolidated profit and loss account for the first half of the year records net attributable Group profit of Euros million (+2.2%), chiefly on the back of: a) an 11.0% increase in net interest income; b) strict control of operating expenses, which have risen by just 0.9% year-on-year thanks to the operating efficiency measures introduced at the start of 2008; and c) the increased contribution of affiliates to Group results (both financial and private equity companies). As of 30 June 2008 the cost/income ratio was 41.93% (versus 47.00% at end-december 2007); return on equity (ROE) stood at 20.17%. The NPL/Gross loans ratio stood at 0.85%, evolving in line with expectations in light of the present economic scenario, and the coverage ratio at %. 36 new branches in the last 12M At the end of 1H08, Banco Sabadell had a network of 1,256 branches, 36 more than at the end of 1H07. In the last six months it has opened 12 new branches, distributed between the Valencia region, the Balearic Islands and Catalonia. Internal credit rating models valid for Basel ll Banco Sabadell is one of the seven Spanish financial institutions to have been authorised by the Bank of Spain to use its own internal credit risk models to calculate regulatory capital, in accordance with the new Basel II framework. This authorization implies recognition and confirmation of the risk control and management systems which Banco Sabadell started to develop in the mid-1990s and which have enabled it to maintain excellent credit quality since then, regularly posting NPL levels below average in the Spanish financial system. Euros 1,250 million MBS issue On 29 April Banco Sabadell completed the placement of a Euros 1,250 million mortgage-backed securities issue directed at Spanish and international institutional investors. This was the first fixed-term issue made in Spain since November The issue, which forms part of Banco Sabadell s non-participatory stock programme registered with the CNMV, was heavily oversubscribed (three times the issue amount) by international investors, especially from Germany, Austria, Finland and Denmark. Second quarter,
6 Agreement with Suomen Hypoteekkiyhdistys Banco Sabadell and Suomen Hypoteekkiyhdistys ( Hypo ), the Finnish mortgage company, have signed a cooperation agreement to promote reciprocal provision of banking services in Spain and Finland. Under this agreement Solbank, Banco Sabadell s brand and network specialising in serving European customers resident in Spain, will grow its overall business volume and market share among Finnish customers. This agreement forms part of Banco Sabadell s strategy to create alliances in target countries and complements the cooperation agreements already existing with HSBC Bank in the United Kingdom and Hypovereinsbank in Germany. Second quarter,
7 Key figures Change (%) YoY Balance sheet ( '000) Total assets 74,596,863 76,776,002 80,526, Gross loans and advances to customers 60,911,635 63,219,330 65,361, On-balance sheet funds 62,566,978 65,620,880 66,030, Of which: Customer deposits (ex-repos) 27,048,478 30,651,756 33,245, Mutual funds 17,653,073 15,548,492 12,301, Pension funds 3,406,143 3,502,159 3,100, Funds under management 85,716,433 86,578,086 83,003, Shareholders' equity 4,325,823 4,501,383 4,654, Profit and loss account ( '000) Net interest income 639,961 1,316, , Gross operating income 1,079,152 2,161,816 1,113, Net operating income 485, , , Profit before tax 534, , , Attributable net profit 419, , , Ratios (%) ROA ROE Cost / income (ex amortisation) (1) Core capital (2) Tier I (2) BIS ratio (2) Risk management Non-performing loans ( '000) 270, , ,839 Provisions for NPLs ( '000) 1,224,348 1,307,765 1,358,617 NPLs / Gross loans (%) Coverage ratio (%) Balance sheet provisions as % of gross loans Share data (period end) Number of shareholders 77,968 80,669 82,511 Number of shares 1,224,013,680 1,224,013,680 1,224,013,680 Share price ( ) Market capitalisation ( '000) 9,975,711 9,069,941 6,572,953 Earnings per share annualised (EPS) ( ) Price /earnings ratio (P/E) (times) Book value per share ( ) Price /Book value (times) Other data Domestic branches 1,196 1,225 1,232 Employees 10,310 10,234 10,178 ATMs 1,446 1,474 1,462 (1) Personnel and other general administrative expenses / gross operating margin. (2) As of , ratio calculated according to Basel II criteria, with Bank of Spain approved models (5.75% with Basilea I) and saving limited by 90% floor. Second quarter,
8 Profit & loss account Profit & loss account (*) Change (%) ( '000) 1H07 1H08 YoY Interest and related income 1,693,927 2,108, Interest and related charges -1,053,966-1,398, Net interest income 639, , Dividend income 7,626 1, Income from equity method 27,014 32, Net fees and commissions 321, , Results from financial transactions (net) 42,157 40, Foreign exchange (net) 26,363 24, Other operating income/expense 14,471 14, Gross operating income 1,079,152 1,113, Personnel expenses -313, , Other general expenses -149, , Amortization & depreciation -59,900-65, Provisions for NPLs (net) -71, , Other provisions and impairments (net) , Net operating income 485, , Impairment losses on other assets (net) -4, Results from assets other than non-current held for sale 53,002 23, Negative goodwill Results from non-current assets and held for sale group Profit before tax 534, , Income tax -121, , Profit after tax 412, , Net result from discontinued transactions 9,531 10, Consolidated net profit 421, , Minority interest 2,528 1, Attributable net profit 419, , Pro memoria: Average total assets 71,398,686 78,757,888 Earnings per share ( ) Second quarter,
9 Quarterly profit & loss account Change (%) ( '000) 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 YoY Interest and related income 811, , ,412 1,033,469 1,034,879 1,073, Interest and related charges -498, , , , , , Net interest income 313, , , , , , Dividend income 679 6, ,199 1, Income from equity method 10,339 16,675 12,738 12,465 13,499 18, Net fees and commissions 163, , , , , , Results from financial transactions (net) 23,732 18,425 34,552 18,324 27,014 13, Foreign exchange (net) 14,623 11,740 14,476 15,503 10,417 14, Other operating income/expense 7,236 7, ,994 6, Gross operating income 533, , , , , , Personnel expenses -153, , , , , , Other general expenses -74,170-75,593-76,895-94,438-72,222-78, Amortization & depreciation -29,250-30,650-38,022-30,422-31,793-33, Provisions for NPLs (net) -13,686-57,687-26,722-84,870-43,769-61, Other provisions and impairments (net) ,818-6,062 2,872 18, Net operating income 262, , , , , , Impairment losses on other assets (net) -4, ,423-12, Results from assets other than non-current held for sale 3,179 49,823 27,696 60,027 20,086 3, Negative goodwill Results from non-current assets and held for sale group , Profit before tax 261, , , , , , Income tax -58,491-63,231-75,645 14,133-55,703-46, Profit after tax 203, , , , , , Net result from discontinued transactions 4,600 4,931 4,616 5,695 5,569 5, Consolidated net profit 207, , , , , , Minority interest 320 2,208 1,146 1, Attributable net profit 207, , , , , , Pro memoria: Average total assets 70,804,807 71,986,038 74,237,537 75,556,977 77,645,228 79,870,549 Earnings per share ( ) Second quarter,
10 Net interest income Average return st Quarter 2nd Quarter 3rd Quarter 4th Quarter ( '000) Avge.balance Rate % Income Avge.balance Rate % Income Avge.balance Rate % Income Avge.balance Rate % Income Cash and balance with central banks & financial 5,133, ,660 4,129, ,146 4,210, ,513 3,825, ,805 Loans to customers 54,764, ,034 57,510, ,810 60,142, ,074 60,937, ,968 Fixed-income securities 4,930, ,208 4,317, ,386 4,257, ,142 4,525, ,738 Subtotal 64,828, ,902 65,957, ,342 68,609, ,729 69,287, ,511 Equity securities 968, , , ,283, Tang. & intang. assets 1,629, ,675, ,708, ,687, Other assets 3,378, ,790 3,479, ,893 2,922, ,683 3,298, ,958 Total 70,804, ,692 71,986, ,235 74,237, ,412 75,556, ,033, st Quarter 2nd Quarter 3rd Quarter 4th Quarter ( '000) Avge.balance Rate % Income Avge.balance Rate % Income Avge.balance Rate % Income Avge.balance Rate % Income Cash and balance with central banks & financial 4,143, ,522 4,042, ,454 Loans to customers 62,041, ,699 63,524, ,876 Fixed-income securities 4,357, ,132 4,871, ,017 Subtotal 70,542, ,007,353 72,439, ,054,347 Equity securities 1,167, ,248, Tang. & intang. assets 1,700, ,736, Other assets 4,234, ,526 4,445, ,539 Total 77,645, ,034,879 79,870, ,073,886 Average cost of funds st Quarter 2nd Quarter 3rd Quarter 4th Quarter ( '000) Avge.balance Rate % Expense Avge.balance Rate % Expense Avge.balance Rate % Expense Avge.balance Rate % Expense Financial institutions 4,758, ,707 4,541, ,104 4,350, ,731 3,768, ,824 Customer deposits 26,177, ,073 27,002, ,557 26,823, ,191 29,134, ,181 Capital markets 27,061, ,067 27,833, ,048 30,098, ,395 30,712, ,038 Repos 3,399, ,603 2,893, ,171 2,730, ,796 2,390, ,537 Subtotal 61,397, ,450 62,272, ,880 64,003, ,113 66,006, ,580 Other liabilities 5,222, ,148 5,282, ,488 5,672, ,787 5,035, ,700 Shareholders' equity 4,184, ,431, ,562, ,515, Total 70,804, ,598 71,986, ,368 74,237, ,900 75,556, , st Quarter 2nd Quarter 3rd Quarter 4th Quarter ( '000) Avge.balance Rate % Expense Avge.balance Rate % Expense Avge.balance Rate % Expense Avge.balance Rate % Expense Financial institutions 3,645, ,477 3,848, ,276 Customer deposits 32,072, ,954 33,302, ,401 Capital markets 28,881, ,044 28,478, ,249 Repos 2,403, ,567 3,336, ,667 Subtotal 67,003, ,042 68,965, ,593 Other liabilities 6,175, ,695 6,413, ,249 Shareholders' equity 4,465, ,491, Total 77,645, ,737 79,870, ,842 Second quarter,
11 Customer spread (%) Net interest income as % of ATA (%) 5.32% 4.11% 5.47% 4.45% 5.72% 4.81% 5.93% 4.78% 6.06% 4.83% 2.94% 2.94% 2.93% 2.06% 1.93% 1.89% 2.80% 2.84% 2.02% 2.10% 2.38% 2.53% 2.79% 3.13% 3.22% 1.82% 1.81% 1.77% 1.80% 1.83% Customer loan yield Customer deposit cost Wholesale funding costs Combined customer spread (*) Customer spread Net interest income as % of ATA 2Q07 3Q07 4Q07 1Q08 2Q08 Net interest income amounted to Euros million in 2Q08, an increase of Euros 15.9 million on the previous quarter. This growth is primarily due to the Euros 25.7 million increase in customer spread, taking it to 2.84%, on the back of loan repricing resulting from the rise in the Euribor and applied spreads. Average wholesale funding costs rose by 5 basis points, up to 4.83%, but wholesale funding costs overall fell by Euros 0.8 million versus the previous quarter owing to the decline in average volume. This decline was due, in turn, to the growth in customer deposits which represent lower cost funding. Average customer loan volumes rose by Euros 1,482.8 million in the quarter, ahead of the 1Q increase, with most growth concentrated in mortgage loans and credits. The impact on results of this increase in loan volumes amounted to Euros 22.1 million, whilst the impact of repricing loans and advances amounted to Euros 20.1 million. The average yield on customer loans was 6.06%, up 13 basis points on the previous quarter. Average customer deposit volumes also rose in the quarter, by Euros 1,229.9 million, due to the large number of campaigns conducted, reflecting an increase in cost of Euros 9.7 million. The average cost of customer deposits was 3.22%, up 9 basis points on the average cost in 1Q08 due to continued growth in fixed-term deposits, implying an increase in cost of Euros 6.7 million versus the previous quarter. Customer-based funding has continued to increase and now represents 41.7% of the total. 2Q07 3Q07 4Q07 1Q08 2Q08 (*) Customer loan yield (customer funds cost + wholesale funding cost) Wholesale funding costs were down Euros 0.8 million in comparison with the previous quarter. The volume of wholesale funding also decreased, by Euros million, thus representing 35.7% of the total as of end-june, with a reduction in cost of Euros 5.5 million. We highlight the Euros 1,500 million and Euros 1,000 million unsecured debentures maturities in March and June, respectively, and the Euros 1,250 million mortgage-backed securities issue in May. Overall, however, the repricing of the different issues caused by the rise in the Euribor led to an increase in cost of Euros 4.7 million. As a result of financing based more on customer funds and less on wholesale funds, the combined customer spread rose from 2.02% in 1Q08 to 2.10% in the second quarter. The fixed-income portfolio spread stood at 0.53% at the end of 2Q, in line with the level recorded in the first quarter. As the financial markets eased somewhat, following the tensions seen at the beginning of the year, the credit institution spread improved by 5 basis points. In consequence, as of 30 June 2008, net interest income as a percentage of average total assets amounted to 1.83%, 3 basis points ahead of the 1Q figure. In year-on-year terms, net interest income records growth of Euros 36.2 million (+11.1%). The main reason for this increase is the 14.4% growth in customer spread (Euros 87.2 million), offset to a great extent by the 20.1% increase (Euros 57.2 million) in wholesale funding costs. Second quarter,
12 Fees Change (%) Change (%) ( '000) 2Q07 1Q08 2Q08 2Q07 1Q08 Asset transactions 21,782 23,630 30, Guarantees 17,296 17,472 18, Transferred to other entities Lending commissions 38,483 40,430 48, Cards 15,142 15,682 13, Payment orders 10,993 9,919 10, Securities 13,594 10,119 7, Demand accounts 8,662 8,395 14, Other transactions 15,468 10,551 14, Commissions for services 63,859 54,666 61, Mutual funds 43,770 35,268 31, Pension funds and insurance brokerage 12,065 8,415 9, Mutual and pension fund and insurance commissions 55,835 43,683 40, Total 158, , , Net fees amounted to Euros million in the second quarter, up 8.7% (Euros million) on 1Q08. Fees from risk transactions recorded the most growth in the quarter, up 20.0%, although commissions for services or service fees and marketing fees also rose significantly (+12.5% and +11.2%, respectively). By contrast, mutual fund fees fell by 10.9%, in line with the general scenario of economic uncertainty. The 20.0% quarterly increase in fees from risk transactions is mainly due to the growth in fees linked to loan transactions, especially factoring operations and other specialist corporate financing products. Commissions for services or service fees rose by 12.5% overall, despite the negative impact of the stock market crisis on securities fees which fell by 23.8% in the quarter. Excluding these fees, which are highly volatile, the Group s service fees rose by 20.8% on 1Q08. Mutual fund fees fell by 10.9% (Euros 3.84 million) in the quarter. As indicated above, the volume of mutual fund assets managed and sold by the Group has decreased as a result of the international financial crisis that began in the second half of Total asset volume managed and sold as of 30 June 2008 amounts to Euros 12, million, versus Euros 13, million at the end of the first quarter (-8.6%). Fees from the sale of pension funds and insurance rose by 11.2% overall versus the previous quarter, affected by the present economic and financial uncertainty which also had a negative impact on pension schemes (down 5.4% by volume in the quarter). In comparison with 2Q07, net fees are down 4.6%, chiefly due to the significant impact the uncertain economic situation has had on securities and mutual fund fees. Securities fees are down 43.3%, due to the decrease in the number of transactions made (down 26.7%) and in transaction volume (down almost 40%). Mutual fund fees are down 28.2% in year-on-year terms, as asset volumes managed and sold have fallen by 30.3%. Excluding securities and mutual fund fees, net fees in 2Q08 are up 10.8% (Euros million) on 2Q07. This confirms the sound base of the Group s recurrent fees which are to a great extent quite insensitive to financial market developments. Second quarter,
13 Operating expenses Change (%) Change (%) ( '000) 2Q07 1Q08 2Q08 2Q07 1Q08 Personnel expenses -159, , , IT -14,602-10,013-12, Communications -5,580-6,247-5, Advertising -5,834-5,239-8, Premises -16,882-17,690-16, Stationery and office supplies -2,581-2,969-2, Taxes other than income tax -9,812-10,953-11, Others -20,302-19,111-21, Other general expenses -75,593-72,222-78, Total -235, , , Operating expenses in the second quarter (Euros million) reflect continued strict control of personnel and administrative expenses made possible by the introduction of operating efficiency improvements. The following graphs record the quarterly performance of operating (personnel and general) expenses, broken down between recurrent and non-recurrent items. Personnel expenses ( mn) Other general administrative expenses ( mn) Q07 3Q07 4Q07 1Q08 2Q08 Recurrent Non-recurrent 2Q07 3Q07 4Q07 1Q08 2Q08 Recurrent Non-recurrent The increase in personnel expenses versus the first quarter of the year is a result of the Euros 7.2 million paid in severance payments in the quarter to staff who did not match the new business profile. In year-on-year terms, recurrent personnel expenses were flat in 2Q08, as the operating improvements achieved absorbed the salary increases made. In the case of administrative expenses, in 2Q08 the progress made in operating efficiency improvements enabled the Group to undertake commercial promotions and sports sponsorship deals, as well as continued IT improvements. In year-on-year terms, administrative expenses rose below inflation (3.5%) in 2Q08, thanks to the progress made in optimisation and cost containment measures which will continue throughout the year.. Second quarter,
14 Provisions for NPLs Change (%) Change (%) ( '000) 2Q07 1Q08 2Q08 2Q07 1Q08 Generic provisions -56,446-20,161-3, Specific provisions -5,042-28,265-39, Others 3,801 4,657-17, Total -57,687-43,769-61, At the end of the second quarter, provisions for NPLs amounted to Euros 61.0 million. Generic provisions totalled Euros 3.8 million, down 81.2% on 1Q08 in light of the lower growth recorded in the quarter in loans and advances (down Euros 517 million) and the 1 basis point reduction in average alpha as a result of the efforts made to improve the quality of loans and advances. Specific provisions in the quarter totalled Euros 39.4 million, in line with expectations considering the present economic situation and the recent rebound in NPLs. A total of Euros 20.1 million was written off directly against results in 2Q08. Results from assets other than noncurrent held for sale Change (%) Change (%) ( '000) 2Q07 1Q08 2Q08 2Q07 1Q08 Revenues 50,395 20,639 6, Losses , Total 49,823 20,086 3, The Other gains and Other losses headings record the results from sales of affiliates and of property, plant and equipment. In 2Q08 the majority of these results fell into the latter heading; we highlight the capital gains obtained from the sale of two former office premises in the north of Spain. The key item recorded in 1Q08 was the capital gain of Euros million obtained from contribution of the stakes held in Explotación Eólica La Pedrera, Parc Eòlic Coll de Som and Parc Eòlic l Arram for subscription of part of the capital increase of Fersa Energías Renovables. In 2Q07 the results from assets other than non-current held for sale were exceptionally high due to two one-off operations: the sale of Exelbank, representing a capital gain of Euros million; and property sales, including the sale of a property in Madrid which represented a gain of Euros 9.79 million. Second quarter,
15 Balance sheet Change (%) ( '000) YoY Cash and balance with Central Banks 918,655 1,220, , Trading and derivatives portfolios and other financial assets 926,685 1,035, , Available-for-sale financial assets 4,297,317 5,420,592 4,578, Loans and advances 65,413,819 66,163,819 68,684, Balances with financial institutions 5,634,302 4,164,457 4,593, Loans to customers 59,779,517 61,999,362 64,091, Investments in associated companies 306, , , Property, plant and equipment 1,013, ,465 1,008, Intangible assets 727, , , Other assets 993, ,054 3,558, Total assets 74,596,863 76,776,002 80,526, Trading and derivatives portfolios and other financial liabilities 966, , , Financial liabilities at amortised cost 64,807,256 67,434,369 70,854, Central banks 317, , , Credit institutions 3,803,553 3,528,357 6,062, Customer deposits 29,953,477 33,350,687 35,234, Capital markets 27,110,532 27,039,762 25,240, Subordinated liabilities 2,534,930 2,211,978 2,225, Other financial liabilities 1,087, ,440 1,557, Liabilities from non operating assets and available for sales group ,285, Liabilities under insurance contracts 2,968,039 3,018,453 90, Provisions 456, , , Other liabilities 828, , , Subtotal liabilities 70,027,772 72,171,498 76,060, Shareholders' equity 4,325,823 4,501,383 4,654, Valuation adjustments 223,256 81, , Minority interest 20,012 21,250 18, Equity 4,569,091 4,604,504 4,466, Total liabilities and equity 74,596,863 76,776,002 80,526, Contingent risks 7,754,937 7,575,190 7,655, Contingent liabilities 22,160,457 23,291,982 23,226, Total memorandum accounts 29,915,394 30,867,172 30,882, (1) Includes liabilities for insurance contracts associated with Banco Sabadell s insurance group subsidiaries. Second quarter,
16 Loans and advances Change (%) ( '000) YoY Loans to customers 60,534,118 62,895,634 64,589, Mortgage loans & credits 26,901,503 28,815,335 30,364, Other secured loans & credits 4,895,162 4,981,963 4,854, Commercial loans 3,848,020 3,579,153 3,423, Other loans 7,964,222 7,713,254 8,396, Other credits 10,231,495 10,531,338 10,256, Leasing 3,486,008 3,591,491 3,665, Factoring 1,320,433 1,793,136 1,428, Confirming 819, ,474 1,072, Overdrafts and sundry accounts 1,027, ,015 1,128, Reverse repos 41,002 54, Non-performing loans 259, , , Accruals 118, , Gross loans and advances to customers 60,911,635 63,219,330 65,361, NPL and country-risk provisions -1,132,118-1,219,968-1,270, Loans to customers 59,779,517 61,999,362 64,091, Pro memoria: total securitisation 5,096,132 5,898,276 7,682, Of which: mortgage backed 2,992,376 3,280,729 4,316, Other securitised assets 2,103,756 2,617,547 3,365, Of which: securitised after ,694,746 5,558,048 7,401, Of which: mortgage backed 2,651,638 2,981,089 4,062, Other securitised assets 2,043,108 2,576,959 3,339, Customer loans as of 30/06/2007 (%) Customer loans as of 30/06/2008 (%) Other secured loans & credits 8% Commercial loans 6% Other loans 13% Reverse repos 0% Other credits 17% Other secured loans & credits 8% Commercial loans 5% Other loans 13% Reverse repos 0% Other credits 16% Overdrafts and sundry accounts 2% Leasing 6% Overdrafts and sundry accounts 2% Leasing 6% Mortgage loans & credits 44% Factoring and confirming 4% Mortgage loans & credits 46% Factoring and confirming 4% Second quarter,
17 Gross loans and advances to customers ( mn) Gross loans and advances to customers by economic sectors as of 30/06/2008 (%) Services & other 36% 60,912 61,855 63,219 64,392 65,362 Agriculture & fisheries 1% Mortgage loans to individuals 21% 2Q07 3Q07 4Q07 1Q08 2Q08 Property developers 14% Construction 5% Other credit to individuals 4% Industry 19% At the close of the second quarter, gross loans and advances to customers totalled Euros 65, million, an increase of Euros 4, million on the 2Q07 close, representing year-on-year growth of 7.3%. The growth was general across the majority of loans and advances. Mortgage loans recorded a particularly strong performance, gaining Euros 3, million (+12.9%); specialist corporate financing products also reported higher volumes. Specifically, confirming advances grew by 30.9% in yearon-year terms and factoring operations by 8.2%. Analysis of loans and advances by quarters shows a consolidated sustained growth trend, in all cases within a framework of selective growth parameters designed to reinforce the bank s sound liquidity position. Loans and advances record an increase of Euros 2, million (+3.4%) on the 2007 close; in the second quarter they rose by Euros million (+1.5%). Second quarter,
18 Credit risk management Change (%) ( '000) YoY Opening balance (1st January) 250, , , Increase due to new loan defaults 148, , , Recoveries on loans previously written off -97, , , Write-offs -31,033-60,239-63, Total bad and doubtful debts 270, , , Gross loans and advances to customers 60,911,635 63,219,330 65,361, Contingent risks 7,754,937 7,575,190 7,655, Total risks 68,666,572 70,794,520 73,017, Specific provisions 83, , , Generic provisions 1,140,807 1,170,619 1,191, Total provisions for NPLs 1,224,348 1,307,765 1,358, NPLs / Gross loans (%) Coverage ratio (%) NPLs/Gross loans and coverage ratios (%) Q07 3Q07 4Q07 1Q08 2Q The NPLs/Gross loans ratio rose by 23 basis points in the second quarter; this is below the average industry increase and in line with expectations in light of the current economic slowdown. 55% of all doubtful debt balances are secured by means of mortgages, and the other 45% by means of various kinds of personal guarantees or warranties. Of these latter, 85% correspond to exposure to companies for which, in light of its focus on corporate clients, the Group has a highly specialized recovery platform. NPLs / Gross loans (%) Coverage ratio (%) Second quarter,
19 Customer funds under management Change (%) ( '000) YoY Customer deposits 29,953,477 33,350,687 35,234, Current accounts 14,121,823 13,095,918 12,607, Savings accounts 2,016,036 1,861,113 1,853, Fixed-term deposits 10,910,619 15,694,725 18,783, Repos 2,666,746 2,493,544 1,785, Accruals 121, , , Derivative hedging adjustments 116,550 94,984 5, Debt and other tradable securities 27,110,532 27,039,762 25,240, Subordinated liabilities 2,534,930 2,211,978 2,225, Liabilities under insurance contracts (1) 2,968,039 3,018,453 3,330, On-balance sheet funds 62,566,978 65,620,880 66,030, Pro memoria: Customer deposits (ex-repos) 27,048,478 30,651,756 33,245, Mutual funds 17,653,073 15,548,492 12,301, Equity funds 1,926,923 1,425, , Balanced funds 1,968,350 1,489, , Fixed-income funds 3,916,119 3,628,342 3,425, Guaranteed return funds 3,000,490 2,845,384 2,581, Real estate funds 890, ,807 1,036, Hedge funds 0 0 3, Dedicated investment companies 2,587,396 2,208,415 1,914, Third-party funds 3,363,597 3,032,626 1,854, Pension funds 3,406,143 3,502,159 3,100, Individual 2,159,272 2,268,461 1,925, Company 1,215,733 1,195,745 1,138, Group 31,138 37,953 36, Managed accounts 2,090,239 1,906,555 1,570, Funds under management 85,716,433 86,578,086 83,003, (1) In the balance sheet as of 30 June 2008, the majority of this balance is recorded under the heading Liabilities associated with non-current assets held for sale. Customer funds as of 30/06/2007 (%) Customer funds as of 30/06/2008 (%) Savings accounts 7% Fixed-term deposits 37% Fixed-term deposits 54% Savings accounts 5% Current accounts 47% Repos 9% Current accounts 36% Repos 5% Second quarter,
20 Customer deposits (ex-repos) ( mn) 27,048 27,422 30,652 31,838 33,245 2Q07 3Q07 4Q07 1Q08 2Q08 As of end-june 2008, customer deposits (ex repos) amounted to Euros 33, million, a year-on-year increase of Euros 6, million (+22.9%). This growth in customer deposits is higher than that recorded by gross loans and advances (which increased by Euros 4, million year-on-year); this places the bank in a comfortable position regarding funding of new loans and advances and reinforces the Group s already sound liquidity position. Fixed-term deposits recorded the most growth, amounting to Euros 18, million at end-june 2008, an increase of 72.2% year-on-year. The relative weight of these deposits as a percentage of the total is also rising: fixedterm deposits represented 56.5% of total customer deposits ex-repos at end-june 2008, versus 40.3% at end- June Debt and other tradable securities are down 6.9% in comparison with end-june Key issues and maturities in the last 12 months: in 2Q08, a Euros 1,250 million mortgage-backed securities issue and maturity of Euros 1,000 million in Banco Sabadell unsecured debentures; in 1Q08, maturity of Euros 1,500 million in Banco Sabadell unsecured debentures; in 4Q07, a Euros 400 million mortgage-backed securities issue and maturities of Euros 1,250 million in unsecured debentures and of Euros 450 million in commercial paper; in 3Q07, a Euros 400 million unsecured debentures issue; and in 2Q07, a USD2,000 million bond issue in the United States, a Euros 1,000 million issue corresponding to the GC FTPYME Sabadell 6 FTA securitization fund, a Euros 750 million unsecured debentures issue and maturity of Euros 1,000 million also in unsecured debentures. The Group s on-balance sheet funds totalled Euros 66, million at the end of the quarter, up 5.5% yearon-year. Total funds under management closed the first half of the year at Euros 83, million, 3.2% down on the 1H07 figure (Euros 85, million). This is due to the lower asset balances held in mutual funds (-30.3%) and pension funds (-9.0%) as a consequence of the difficulties experienced on the global financial markets and stock markets since 2H07. Equity Change (%) ( '000) YoY Shareholders' equity 4,325,823 4,501,383 4,654, Issued capital 153, , , Reserves 3,751,294 3,753,530 4,182, Other equity instruments 2, Less: treasury shares 0-29, , Attributable net profit 419, , , Less: dividends and payments 0-158, Valuation adjustments 223,256 81, , Minority interest 20,012 21,250 18, Equity 4,569,091 4,604,504 4,466, Second quarter,
21 BIS ratio Change (%) BIS II (*) ( '000) YoY Issued capital 153, , , ,002 Reserves 4,000,521 4,157,521 4,296, ,296,747 Minority interest 18,727 19,793 18, ,203 Deductions -589, , , ,288 Core capital 3,582,650 3,734,537 3,822, ,822,664 Core capital (%) Preference shares 750, , , ,000 Valuation adjustments , ,226 Deductions ,369 Primary capital 4,332,650 4,484,537 4,379, ,164,069 Tier I (%) Generic provisions 706, , , ,999 Subordinated debt 1,660,000 1,630,000 1,330, ,330,000 Valuation adjustments 231,196 91, Deductions -166, , , ,369 Secondary capital 2,431,317 2,263,420 1,874, ,423,630 Tier II (%) Total capital 6,763,967 6,747,957 6,253, ,587,699 Minimum capital requirement 4,770,717 4,968,512 5,322, ,790,679 Capital surplus 1,993,250 1,779, , ,020 BIS ratio (%) Risk weighted assets (RWA) 58,733,468 61,351,915 65,830, ,883,488 (*) Calculated according to Basel II criteria, with Bank of Spain approved models and saving limited by 90% floor. Credit ratings Agency Date Long term Short term Individual Support Outlook Strength Fitch A+ F1 A/B 3 Positive Standard & Poor's (1) A+ A1 Stable Moody's Aa3 Prime 1 Stable B- (1) Copyright by Standard & Poor s, A division of the McGraw-Hill Companies, Inc. Reproduced with permission of Standard & Poor s. Credit ratings are a measure of a company s solvency for certain debt issues or for access to credit. They also provide an overall measure of the solvency of state-owned or private companies, official agencies, public administrations and even sovereign states. Debt ratings indicate the likelihood that debt will be repaid in the periods referred to in the issue; they do not constitute a recommendation to buy, sell or hold securities as they make no reference to market price or to their suitability for specific investors. The ratings may be revised, suspended or withdrawn by the rating agencies at any time. On 26 January 2007, Standard & Poor s raised its longterm rating on Banco Sabadell from A to A+. This rating was confirmed on 12 March On 16 April 2007, Moody s raised its long-term rating on Banco Sabadell from A1, a rating that it had held since 1993, to Aa3. Lastly, on 23 April 2007, Fitch raised its outlook on Banco Sabadell from stable to positive, ratifying its A+ and F1 short-term ratings. Second quarter,
22 Results by business units This section discusses performance by the Group s individual business units. The information presented here is based on the individual financial statements of each Group company, after the corresponding consolidation eliminations and adjustments and with analytical accounting of revenues and expenses in cases in which a business is spread over more than one legal entity, to enable customer revenues and costs to be assigned to specific units. Each business unit is treated as an independent business and transfer prices are charged in cases in which one business unit distributes products, services or systems for another. The ultimate impact on Group profit and loss account is zero. Each business bears its own direct costs, on the basis of general and analytical accounting, as well as the indirect costs of the corporate units. Moreover, capital is assigned so that each business has capital equivalent to the regulatory minimum required to reach the Group s target ratios on the basis of its assets at risk. The following table shows the key figures for each individual business unit: Profit ROE Cost / income Employees Domestic before tax ratio branches ( '000) Commercial banking 222, % 54.0% 6,805 1,114 SME banking 216, % 19.7% 1, Banco Urquijo 25, % 33.6% Asset management 18, % 29.0% Profit ROE Cost / income Employees Domestic before tax ratio branches ( '000) Commercial banking 241, % 48.9% 6,700 1,152 SME banking 264, % 18.8% 1, Banco Urquijo 18, % 51.3% Asset management 13, % 37.7% Second quarter,
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