Bankia Overview. XVII European Financial Conference. June Q April 2013
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1 Bankia Overview XVII European Financial Conference 1Q 2013 April 2013
2 Recapitalization Process Completed Last year milestones May July Sept Nov Dec Apr 28 May Appointment of new MANGEMENT TEAMand new BOARD OF DIRECTORS Results of OLIVER WYMAN stress tests Transfer of RE assets and loans to SAREB Signing of the MoU between the Government of Spain and the EU APPROVAL OF THE RECAPITALIZATION PLAN Total capital needs of 15.5bn in Bankia BankiaCapital Increase Prospectus filed within the CNMV 2of20
3 Recapitalization Process Bankia s recapitalization Capital Increase Capital Needs Capital Increase 2012 Book Value Capital Increase PF Book Value 2012 Post Recap Exchange of hybrids Trad. Income 15.5 Rights Issue of20
4 Capital Increase Shareholders structure Economics 100% Total Amount ( m) 15,572 Subscription price ( ) Number of new shares (m) ,497 Shareholder s structure post Capital Increase Total number of shares (m) 11,517 % new shares / total 99.83% BFA 68.4% ~ ~ Freefloat 31.6% 4of20
5 Bankia: Our fundamentals 1 HIGH FRANCHISE VALUE 4 th largest bank in Spain Nationwide franchise (> 7.5 MM clients) IT systems fully integrated 2 CLEAN BALANCE SHEET Developer risk reduced (3.4% of portfolio) High coverage of total credit portfolios: 8.1% Investments marked to market 3 SOLVENCY & LIQUIDITY EBA core tier 1 ratio 10.1% (post capital increase) Self-sustainable model of capital and liquidity generation >90% of total Group maturities covered 4 PROFITABILITY & EFFICIENCY Profit Before Tax generation: 191 million in Bankia1Q 13 Operating costs reduction: down 10.7% on 4Q 2012 Growth in PPP generated mainly by reduction in cost base 5of20
6 Our fundamentals: High franchise value 1 Our Key Strengths: Customer base and Organizational Strengths Broad customer base > 7.5 million customers, with a close relationship > 260,000 SMEs and > 290,000 self-employed Strong presence in original home territories Leader financial institution in its home regions, with ~15% market share High market share ~9% share of customer deposits 4 th largest bank in Spain Organizational strengths EXTERNAL INTERNAL LARGE CUSTOMER BASE RELATIONSHIP WITH OUR CUSTOMERS New Management Team CHAIRMAN / EXECUTIVE Mr. José Ignacio Goirigolzarri Former CEO of BBVA and previously, responsible for Retail Banking at BBVA. GENERAL MANAGER OF CHAIRMAN S OFFICE Mr. José Sevilla Former CRO BBVA New Management team Advanced IT systems (1) Source for market shares: Bankia, Bancode España, Dec 2012 and Jan of20 GENERAL MANGER OF PEOPLE, ORGANISATION AND TECHNOLOGY Mr. Antonio Ortega Former General Manager of Human Resources and Quality at BBVA
7 Our fundamentals: A Cleaned Balance Sheet 2 Asset quality Real Estate Exposure Bankia Group data. bn Credit Portfolio 2013 Net Assets Transferred to Sareb(Dec. 2012) Net Credit to Developers Foreclosed Assets Pre-SAREB Transferred Pre-SAREB 3.1 Transferred Gross customer loans 142.6bn Developers down from 17% in 2011 to 3% of the credit portfolio >70% of RE assets on the balance sheet are finished houses Net customer loans 131.1bn 7of20
8 Our fundamentals: A Cleaned Balance Sheet 2 Asset quality NPL & Coverage Level Coverage Ratios NPL & Coverage Level Dec 2012 Mar 2013 High COVERAGE RATIOS over total NPLs 61.9% over Restructured Loans 25% Gross Total Risks NPL Provisions over gross customer loans NPL ratio 13.0% 13.1% Real Estate Corporates 46.7% 15.0% NPL ratio coverage 61.8% 61.9% Individuals 3.2% Coverage over total portfolio 8.1% NPL and NPL coveragestablein thefirst quarter 2013 Coverage ex RE 6.7% 8of20
9 Our fundamentals: Solvency and Liquidity 3 Main liquidity indicators - Bankia Commercial gap Continued reduction in the Commercial gap in the following context: Transfer of deposits to investment funds seeking higher returns Acceleration of branch closures Change in policy on deposit interest rates 2Q Q Q Q 2013 Bankia Group data. bn LTD stable around 120% Commercial gap: Net credit mediation loans retail commercial paper strict customer deposits LTD ratio: (Net credit / (retail commercial paper + strict customer deposits + ICO/EIB deposits + single-certificate covered bonds)) 9of20
10 Our fundamentals: Solvency and Liquidity 3 Capital Generation Bankia Group EBA CORE TIER 1 DEC 2012 Prof. RWAs MAR % + 8 bps + 39 bps 10.1% 0.5% Generated organically 4.7% 4.7% Capital increase (1) Actual December % 4.9 % Self-sustaining capital generation by: Profit generation RWA reduction 10of20
11 Our fundamentals: Profitability 4 Proforma (1) 1Q results Bankia Group data. bn Net interest income Gross income Operating expenses Pre-provision profit Provisions and other expenses Profit before tax Mar (494) 463 (272) 191 Income statement getting back to normality Profit generation Cost reduction NPLs stabilisation (1) Pro forma income statement excludes 89 million interest expense for the quarter from the subordinated loan granted by BFA to Bankia, to be cancelled after the capital increase. 11of20
12 Our fundamentals: Profitability 4 12M EURIBOR Pressure on Net Interest Margin Loan yield and customer deposits Bankia Group data. % 1,74 2,13 2,11 2,05 1,67 1,28 0,90 0,60 0,57 2,99% 3,03% 3,26% 3,44% 3,49% 3,41% 3,13% 2,99% 2,72% 2,06% 1,96% 1,97% 1,90% 1,95% 1,95% 1,86% 1,70% 1,69% 1Q11 pro forma 2Q11 pro forma 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 EURIBOR 12M (quarterly avge.) 1T 1Q T 2Q T 3Q T 4Q T 1Q T 2Q T 20124T 3Q T 4Q Q13 pro pro forma forma Rendimiento Loan yield créditos Coste of depósitos depositsde clientes Although further reductions for loan yield are expected,reflecting the last section of the Euriborcurve, this effect will be offset by: Wider spreads on new loan production Lower interest rates on deposits Repurchases and maturities of wholesale issues Lower funding costs on regained access to markets Stability in Net Interest Margin 12of20
13 Our fundamentals: Profitability 4 Pricing and business policies focused on margin and fee management Spreads on new production Bankia Group data. bps Loans and advances to customers Customer deposits +32 bps +66 bps -9 bps -46 bps Q Q Q Q13 Non-developer SMEs and corporates Third-party mortgages Sight deposits Time deposits NEW PRODUCTION Wider LOAN SPREADS Lower DEPOSIT INTEREST RATES IMPROVEMENT IN SPREADS 13of20
14 Our fundamentals: Profitability 4 Asset Mix rebalancing BankiaGroup data, bn, % Projected evolution of the Credit Portfolio 145bn 125bn 10% 4% Change in mix without aggressive growth strategy: 60% 30% 58% 38% Natural Maturities of the Mortgage portfolio will be the main source of change in the mix. >80% of new production in 2012 was related to SMEs 14of20
15 Our fundamentals: Profitability 4 Strengthening our Competitive Positioning OUR KEY STRENGTH: LARGE CUSTOMER BASE OUR OBJECTIVE: RELATIONSHIP WITH OUR CUSTOMERS RETAIL 1 Compared to a market share of 10% Market share SMEs Compared to an average customer investment share of 26% Share Pension funds 4.9% Commercial effects 11% Mutual funds 4.6% Leasing, Factoring, Reverse factoring 10% Consumer finance 4.6% Foreign trade activities 7% Credit cards 5.6% Services: Payroll 16% 1 Source: Bancode Españaand Bankia, as of September of20
16 Our fundamentals: Efficiency 4 Network reorganization Branches according to Plan ~3,100-38% ~1,900 Accelerated Plan Bankia Group data. units 1, Dec e 1Q13 2Q13 1Q14 Branch closures envisaged in Strategic Plan to be accelerated Madrid and Valencia networks (60% of total) fully restructured by, ahead of planned All planned closures are expected to have been completed by 1Q 2014 Closures Bankia network after reorganisation Low contribution of closed branches Branch network 1,143 1,888 (*) Pre-provision profit Maintaining our presence throughout the national territory Contribution to PPP (*) 9% 91% 16of20
17 Our fundamentals: Efficiency 4 ~20,500 Workforce % Workforce and Operating Expenses ~14, Bankia Group data. units and bn Operating expenses evolution % y/y -15.9% 494 Dec e Q Q Q 2013 Operating costs * Restructuring costs already provided for in bn -26% 1.7bn Workforce agreement reached in February 2013 Dec 2012 *Includes depreciation and amortization Objective efficiency ratio: 40-45% 2015e 17of20
18 Our fundamentals: Efficiency 4 Improvement of our efficiency Bankia Group data. bnand % Cost reduction is the main lever for growth in Pre Provision Profit Gross Margin Total expenses Pre Provision Profit Cost of Risk e ~60 bps Target ROE >10.5% 18of20
19 Conclusions Our goal Return to be a solid and sustainable financial institution, among the best in Spanish commercial banking Our strategy Focus on our customers: individuals, SMEs and businesses in original home territories Solid and sustainable franchise Solvent Profitable Efficient Core Capital >14.5%* ROE >10.5% Cost Income 40% 45% *It does not envisage dividend payments, although it is expected that the Bank will resume its shareholder s policy remuneration in of20
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