24 April Spain. Q1'18 Earnings Presentation
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1 24 April 2018 Spain Q1'18 Earnings Presentation
2 Disclaimer Banco Santander, S.A. ("Santander") cautions that this presentation contains statements that constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of Forward-looking statements may be identified by words such as expect, project, anticipate, should, intend, probability, risk, VaR, RORAC, RoRWA, TNAV, target, goal, objective, estimate, future and similar expressions. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance and our shareholder remuneration policy. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, industry, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. Numerous factors, including those reflected in the Annual Report on Form 20-F filed with the Securities and Exchange Commission of the United States of America (the SEC ) under Key Information-Risk Factors - and in the Documento de Registro de Acciones filed with the Spanish Securities Market Commission (the CNMV ) under Factores de Riesgo - could affect the future results of Santander and could result in other results deviating materially from those anticipated in the forward-looking statements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. No investment activity should be undertaken on the basis of the information contained in this presentation. In making this presentation available, Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act Note: Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the included businesses and local applicable accounting principles of our public subsidiaries in such geographies. Accordingly, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries. In addition to the financial information prepared under International Financial Reporting Standards ( IFRS ), this presentation includes certain alternative performance measures as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es) as well as Non-IFRS measures. The APMs and Non-IFRS Measures are performance measures that have been calculated using the financial information from the Santander Group but that are not defined or detailed in the applicable financial information framework and therefore have neither been audited nor are capable of being completely audited. These APMs and Non-IFRS Measures are been used to allow for a better understanding of the financial performance of the Santander Group but should be considered only as additional information and in no case as a replacement of the financial information prepared under IFRS. Moreover, the way the Santander Group defines and calculates these APMs and Non-IFRS Measures may differ to the way these are calculated by other companies that use similar measures, and therefore they may not be comparable. Please refer to the quarterly financial Report for further details of the APMs and Non-IFRS Measures used, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFR, see Section 26 of the Documento de Registro de Acciones for Banco Santander filed with the CNMV on July 4, 2017 (available on the Web page of the CNMV - and at Banco Santander - and Item 3A of the Annual Report on Form 20-F for the year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission on March 31, 2017 (the Form 20-F ). For a discussion of the accounting principles used in translation of foreign currency-denominated assets and liabilities to euros, see note 2(a) to our consolidated financial statements on Form 20-F and to our consolidated financial statements available on the CNMV s website ( and on Banco Santander s website ( 2
3 Index 1. Macroeconomic environment and financial system 2. Strategy and business 3. Results 4. Appendix 3
4 Macroeconomic environment and financial system 01
5 Macroeconomic environment The expansionary cycle in the Spanish economy is expected to continue in the coming years, with interest rate rises not anticipated before 2019 Annual GDP Growth (real, %) Interest rates (official rate, %) (e) 2019 (e) 2020 (e) (e) 2020 (e) Annual inflation rate (%) Unemployment rate (%) (e) 2019 (e) 2020 (e) (e) 2019 (e) 2020 (e) Source: Santander Research Department 5
6 Macroeconomic environment backed by employment creation, higher consumption and real estate and investment recovery Annual GDP Growth (real, %) Contribution to GDP growth (% YoY) Spain Eurozone (e) Investment (excl. construction) (% GDP) (e)2019 (e) Net external demand Domestic demand GDP y-o-y data Housing: sales and permits (thousands of units) Q17 4Q17 Source: Santander Research Department New building permits Sales
7 Macroeconomic environment banking system volumes Loans to Households & Non-Financial entities are decreasing at a slower pace than 2016 In savings, the flow from deposits to mutual funds continues Loans to customers (EUR bn) Savings (EUR bn) YTD EUR bn Mutual Funds YTD +2.3% 1,410 1,381 1, % 1,517 1,476 1, % 1,196 1,174 1, % 989 1, % Dec-16 Dec-17 Feb-18 Dec-16 Dec-17 Feb-18 Households & nonfinancial entities in Spain Non-monetary financial institutions EMU Public sector in Spain Other non-resident sectors in Spain Source: ECB and Bank of Spain. Other Monetary Financial Institutions. 7
8 Strategy and business 02
9 Our Franchise The financial group includes retail networks, global businesses and specialised entities STRATEGIC PRIORITIES KEY DATA Q1 18 YoY Var. Gross loans 1 216, % Seamlessly integrate Banco Popular Customer funds 1 313,399 Attributable profit % +26% RoTE % -155 bp Profitable, loyalty-based growth Efficiency ratio 55.5% +364 bp Loans market share bp Bank of choice for SMEs and corporates Deposits market share bp Loyal customers % Digital transformation to improve the customer experience Digital customers Branches 4,481 Employees 32, % +56% +42% (1) EUR mn (2) Underlying RoTE (3) Other non-resident sector in Spain as of Feb 2018 (last available) (4) Millions. 9
10 Commercial strategy and business transformation Secure our leadership in Spain, by combining the best of both banks and the digital transformation to reinforce customer loyalty and experience Commercial offer Businesses International Payments 1 First conjoint commercial offer for self-employed and micro-smes: 1l2l3 Profesional Advantages of 1l2l3 world, >800 dedicated relationship managers and digital services Spread of specialised business network (international business, factoring, confirming and renting) across Popular network. Launch of a new international payments service using blockchain-based technology with same day money transfers Insurance 1 Launch of new commercial campaign for Protection Insurance +16% YoY Insurance premium growth Only bank in Spain to offer a full digital and mobile experience in insurance (1) Applicable only at Santander Mobile payments 1 Secure our leadership in mobile payments, being the only bank to offer mobile payments with credit cards of all segments: individuals, SMEs and Corporates +27% YoY Credit card turnover ATMs Recovery of ATMs and credit cards business of Banco Popular Access to the widest ATM network (>7,500) to all the group customers: Santander, Popular, Pastor and Openbank 10
11 Customers Reinforcement of customer loyalty and experience, through the digital transformation Loyal individuals (k) 1, % 2,008 First quarter with positive production rates in Santander in key transactional products: credit card turnover +27% YoY, SEOs +10% YoY and protection insurances premiums +16% YoY. Mar-17 Mar-18 Progressive development of the 1l2l3 strategy with focus on self-employed and micro-smes. Loyal companies (k) Mar-17 Mar-18 Digital customers (k) 2, % +44% 4,074 Development of high value-added offering in international business, such as factoring, confirming and leasing. Development of collaboration revenues business across the retail network. New business management model certified by AENOR. Santander Spain is the only entity to offer Apple Pay for all credit cards across segments and a full digital and mobile customer experience in insurance. Remarkable increase in mobile customers. Mar-17 Mar-18 Contact centre named best-in-class in service quality for 3rd consecutive year. 11
12 Total loans performance Loans driven by higher volumes in SMEs, compensated by outflows in GCB and institutions Total gross loans (EUR bn 1 ) Q1 18 YoY(%) QoQ(%) Institutions Individual customers of which: - Housing mortgages Companies Corporate Gross loans (excl Reverse repos) 0 Reverse repos (2) Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Provisions (8) Net loans (1) Excluding reverse repos (2) Outflows in Popular s volumes due to Blackstone agreement 12
13 Total funding performance Mutual funds remained stable QoQ. The drop in deposits was mainly due to GCB and expensive institutional clients linked to Popular s business Total funding (EUR bn) Q1 18 YoY(%) QoQ(%) Demand deposits Time deposits Repos & Other Pension funds Mutual funds Deposits excl. Repos Mutual funds Customer funds Demand + Time deposit Pension funds Repos Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Total customer funds
14 Results 03
15 Net interest income NII decreased QoQ impacted by lower volumes and ALCO portfolio sales in GCB. Slight improvement in business spreads YoY despite mortgage repricing Net interest income (EUR mn) Yield on loans (%) 1,126 1,068 1, Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Cost of deposits (%) NIM 1 (%) Official interest rate 2 (%) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 (1) Group criteria (2) Quarter average 15
16 Fee income Lower fee income QoQ due to positive one-offs in Q4 17 Net fees (EUR mn) Q1 18 Q1 17 YoY(%) QoQ(%) Fees from services Mutual and pension funds Insurance Securities and Others Total fee income Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 16
17 Gross income Total revenue increased YoY and QoQ. Gains on financial transactions impacted by exceptionally high results in Q1 17. Gross income (EUR mn) Q1 18 Q1 17 YoY(%) QoQ(%) 1,539 1,475 2,011 1,835 2,063 Net interest income 1, Net fees Subtotal 1,710 1, Gains (losses) on financial transactions Other Total 2,063 1, Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Note: Contribution to the SRF recorded in Q2 17. Contribution to the DGF in Q
18 Operating expenses Costs increased YoY mainly due to Popular Spain integration, with optimisation measures not yet fully feeding through to synergies Operating expenses (EUR mn) Q1 18 Q1 17 YoY(%) QoQ(%) ,161 1,188 1,145 General expenses 1, Personnel Other Amortisations Total 1, Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Efficiency ratio 55.5% 51.8% Branches 4,481 2,881 Employees 32,611 22,900 18
19 Net operating income after loan-loss provisions (LLPs) Higher LLPs QoQ driven by seasonal factors in activity. Cost of credit decreased in the quarter LLPs and cost of credit (EUR mn, %) Cost of credit Q1 18 Q1 17 YoY(%) QoQ(%) Net operating income Loan-loss provisions (207) (163) Net LLPs Net operat. income after provisions Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Coverage ratio 51.1% 49.1% NPL ratio 6.27% 5.22% 19
20 Attributable profit Attributable profit increased YoY. Positive trends in commercial revenue with an improvement in the cost of credit. Costs reflect the incorporation of less efficient business Underlying attributable profit (EUR mn) Q1 18 Q1 17 YoY(%) QoQ(%) PBT Tax on profit (153) (146) Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Consolidated profit Non-recurring 1 n.s. n.s. Attributable profit Attributable profit (EUR mn) Effective tax rate 25.2% 28.5% Note: Contribution to the SRF recorded in Q2 17. Contribution to the DGF in Q
21 Concluding remarks Growing attributable profit with Popular integration on track as scheduled Market Environment & Financial System The expansionary cycle in the Spanish economy is expected to continue in the coming years, with interest rates rises not anticipated before GDP growth backed by employment creation, higher consumption, export growth, real estate and investment recovery and buoyant tourism. Strategy & Business Secure our leadership in Spain, by combining the best of both banks and the digital transformation to reinforce our customer loyalty and experience. Leadership in Private Banking, GCB, mobile payments and best-in-class contact centre. Excellent SME franchise from Popular and with opportunity to grow in high value-added products and collaboration revenue. Loans driven by higher volumes in SMEs, compensated by outflows in GCB and institutions. Results NII decreased QoQ impacted by lower volumes and ALCO portfolio sales in GCB. Optimisation measures not yet fully feeding through to synergies. Higher LLPs QoQ driven by seasonal factors in activity. Cost of credit decreased in the quarter. 21
22 Appendix 04
23 Appendix Balance sheet Change EUR million 31-Mar Mar-17 Amount % Customer loans 219, ,060 66, Cash, central banks and credit institutions 99,825 64,609 35, Debt securities 70,970 57,207 13, o/w: available for sale 50,709 39,551 11, Other financial assets 33,794 34,822 (1,028) (3.0) Other assets 21,074 8,889 12, Total assets 444, , , Customer deposits 248, ,633 70, Central banks and credit institutions 103,655 66,905 36, Other financial liabilities 40,846 40, Other liabilities 10,205 3,457 6, Total liabilities 428, , , Total equity 16,322 11,054 5, Other managed and marketed customer funds 90,545 67,624 22, Mutual funds 65,084 49,725 15, Pension funds 14,881 10,396 4, Managed portfolios 10,581 7,504 3,
24 Appendix Income statement Change EUR million Q1'18 Q1'17 Amount % Net interest income 1, Net fees Gains (losses) on financial transactions (24) (10.5) Other operating income Gross income 2,063 1, Operating expenses (1,145) (798) (347) 43.5 General administrative expenses (1,042) (752) (291) 38.7 Personnel (587) (399) (188) 47.1 Other general administrative expenses (455) (352) (103) 29.1 Depreciation and amortisation (103) (46) (56) Net operating income Net loan-loss provisions (207) (163) (44) 26.8 Other income (104) (64) (39) 61.5 Underlying profit before taxes Tax on profit (153) (146) (7) 4.7 Underlying profit from continuing operations Net profit from discontinued operations - Underlying consolidated profit Minority interests 0 6 (5) (99.0) Underlying attributable profit to the Group Net capital gains and provisions - Attributable profit to the Group
25 Appendix Income statement EUR million Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Net interest income ,126 1,068 1,037 Net fees Gains (losses) on financial transactions 230 (42) Other operating income (31) 148 Gross income 1,539 1,475 2,011 1,835 2,063 Operating expenses (798) (893) (1,161) (1,188) (1,145) General administrative expenses (752) (843) (1,070) (1,107) (1,042) Personnel (399) (440) (559) (578) (587) Other general administrative expenses (352) (403) (511) (528) (455) Depreciation and amortisation (46) (50) (91) (82) (103) Net operating income Net loan-loss provisions (163) (144) (120) (175) (207) Other income (64) (64) (62) (25) (104) Underlying profit before taxes Tax on profit (146) (107) (179) (114) (153) Underlying profit from continuing operations Net profit from discontinued operations Underlying consolidated profit Minority interests Underlying attributable profit to the Group Net capital gains and provisions (300) Attributable profit to the Group
26 Thank you. Our purpose is to help people and business prosper. Our culture is based on believing that everything we do should be:
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