Interim financial figures 2014

Transcription

1 Interim financial figures 2014 Press conference 21 August 2014

2 Interim financial figures 2014 Rinus Minderhoud, Chairman of the Executive Board

3 Interim financial figures 2014 analysis Bert Bruggink, CFO

4 Balance sheet In billions of euros 30-Jun Dec Jun Dec-13 Cash and cash Due to equivalents customers Loans to customers Debt securities in issue Financial assets Due to other banks Due from other Derivative financial instruments banks and other trade liabilities Derivative financial instruments Other liabilities Other assets Equity Total assets Total liabilities

5 Lending Private sector loan portfolio in billions of euros 440-1% -0% +2% Dec-13 Private individuals TIS Food and agri 30-Jun-14 Loan portfolio EUR 433 billion; -0.3% Slight growth at Wholesale, Rural & Retail, De Lage Landen and Obvion FGH Bank virtually stable and decrease at local Rabobanks

6 Funding (1) Amounts due to customers and liquidity ratios Amounts due to customers in billions of euros 330-2% 0% Dec-13 Savings Other 30-Jun-14 Amounts due to customers EUR 323 billion; -1% Private savings EUR 148 billion; -2% Loan-to-deposit ratio 1.36 (1.35) Net stable funding ratio; NSFR 119% (114%) Liquidity coverage ratio; LCR 161% (126%)

7 Funding (2) Liquidity position at comfortable level In billions of euros 30-Jun Dec-13 Change Domestic retail banking Wholesale and international retail banking Other group entities Amounts due to customers Wholesale funding Liquidity position

8 Equity In billions of euros Equity at 31-Dec Net profit +1.1 Distributions on certificates, hybrid capital and other non-controlling interests -0.6 Retained earnings +0.5 Issuance of Rabobank Certificates +0.1 Redemption of Capital Securities -0.2 Equity at 30-Jun

9 Capital (1) Strategy 25% 20% 15% 10% 5% In percentages of RWA 3.2% 3.5% 4.8% 3.1% 2.5% 2.3% 2.8% 2.8% 2.8% 10.7% 9.7% 9.8% 4.5% 3.5% 2.0% 12.0% Target capital ratio >20%; 2014 H1: 19.7% Target CET1 ratio 14%; 2014 H1: 12.6% 0% 31 December (CRD IV) CET1 excluding certificates Additional tier 1 Tier (CRD IV) Rabobank Certificates Target 2016

10 Capital (2) Improved capital position Transition to new pension scheme Rabobank Member Certificates converted into Rabobank Certificates Increased amount of tier 2 capital Sale of subsidiaries Stricter regulatory requirements - CRD IV

11 Development of capital ratios Improvement of ratios in first half of Capital ratios in percentages (CRD IV) (CRD IV) Common equity tier 1 ratio Tier 1 ratio Capital ratio

12 Financial results Rabobank Group In millions of euros 30-Jun Jun-13 change Interest 4,522 4,453 +2% Commission 931 1,046-11% Other results % Total income 6,398 6,455-1% Total operating expenses 3,946 4,240-7% Value adjustments 1,188 1,106 +7% Taxation and resolution levy Net profit from continued operations 1,080 1,012 +7% Net profit from discontinued operations - 98 Net profit 1,080 1,110-3%

13 Net profit by business segment In millions of euros 30-Jun Jun-13 change Domestic retail banking % Wholesale and international retail banking % Leasing % Real estate Other Rabobank Group 1,080 1,110-3% Resolution levy Profit excluding resolution levy 1,294 1, %

14 Operating expenses Operating expenses down 7% compared to 2013 H In millions of euros 2010-I 2010-II 2011-I 2011-II 2012-I 2012-II 2013-I 2013-II 2014-I Efficiency ratio improved by 4.0 percentage points to 61.7% Further decrease of number of staff at local Rabobanks

15 Net interest income Net interest income up 2% compared to 2013 H In millions of euros 2010-I 2010-II 2011-I 2011-II 2012-I 2012-II 2013-I 2013-II 2014-I Improvement of net interest income at domestic retail banking

16 Bad debt costs Above long-term average In basis points of average lending I Bad debt costs 10-year rolling average Bad debt costs 54 (full-year 2013: 59) bp; long-term average 32 bp Increase in bad debt costs mainly in real estate segment

17 Residential mortgages in the Netherlands 48% of lending; 5% of value adjustments 31-Dec Jun-14 Residential mortgages in billions of euros Value adjustments in millions of euros Residential mortgages EUR (209.1) billion Decrease due to additional repayments 20.6% (20.3%) of portfolio financed with National Mortgage Guarantee NHG Loan-to-value 79.4% (80.7%) Bad debt costs 5 (6) basis points 30-Jun Jun-14 56

18 Commercial real estate in the Netherlands Write-downs versus value adjustments In millions of euros I Value adjustments Write-downs

19 Domestic retail banking Net profit EUR 341 million; -45% Net profit in millions of euros 30-Jun Result of domestic retail banking impacted mainly by resolution levy 30-Jun EUR 183 million levy Excluding this levy 15% decrease rather than 45% 31-Dec-13 In billions of euros Loan portfolio EUR billion; -1% 30-Jun Amounts due to customers EUR billion; -1% Amounts due to customers Loan portfolio

20 Wholesale and international retail Net profit EUR 389 million; -21% Net profit in millions of euros 30-Jun Value adjustments down De-risking 30-Jun Lower gross result and higher taxation 31-Dec-13 In billions of euros Loan portfolio EUR 89.9 billion; +2% Share of food and agri in portfolio 57% (56%) 30-Jun-14 Amounts due to customers Loan portfolio Amounts due to customers EUR billion; -1%

21 Leasing Net profit EUR 223 million; -4% Net profit in millions of euros 30-Jun Net interest income down slightly 30-Jun Lower level of value adjustments 31-Dec-13 Lease portfolio in billions of euros 30.2 Lease portfolio EUR 31.3 billion; +4% 30-Jun Share of food and agri in portfolio 32% (30%)

22 Real estate Net loss EUR 90 million 30-Jun Jun-14 Result of Rabo Real Estate Group in millions of euros High level of value adjustments in current year Last year also included impairments on land positions and revaluations of land operations 31-Dec-13 In billions of euros Number of houses sold 2,562; +46% 30-Jun Loan portfolio EUR 19.6 billion; +1% Loan portfolio

23 Thank you for your attention 23

24 Interim financial figures 2014