BayernLB Group earnings as at 30 September Operating business remains on track at the end of the first nine months 17.
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1 BayernLB Group earnings as at 30 September 2014 Operating business remains on track at the end of the first nine months 17. November 2014
2 Agenda 1 Overview 3 Page 2 Financial performance 6 3 Capital 16 4 Outlook 19 5 Appendix: detailed charts 21 BayernLB Group earnings as at 30 September November 2014 Page 2
3 Overview First nine months of 2014 at a glance BayernLB posts profit before taxes of EUR 561 m for first nine months of 2014 Earnings in core business a solid EUR 502 m despite tough market conditions Sale of MKB to Hungarian government successfully closed; almost no impact from sale on CET 1 ratio: 14.0% ECB confirms capital base is very solid good results in AQR and stress test Outlook: Entire ABS portfolio sold in October and EUR 1.1 bn repaid to the Free State of Bavaria; guarantee agreement terminated Lawsuit filed against special law in Austria BayernLB Group earnings as at 30 September November 2014 Page 3
4 Overview Key figures Profit before taxes marked by stable net interest income, higher net commission income, lower risk provisions and decreased administrative expenses 9 m 2013 figure boosted by gain of EUR 351 m on the sale of the stake in GBW AG All items adjusted for MKB (except balance sheet items for the previous year); Sale of MKB resulted in a loss of EUR -1,071 m posted in gains or losses on discontinued operations Profit before taxes in EUR m Jan 30 Sep % Jan 30 Sep 2014 Gains or losses on discontinued operations (MKB) in EUR m 1 Jan 30 Sep Jan 30 Sep ,071 Profit after taxes in EUR m Jan 30 Sep Jan 30 Sep Jan 30 Sep 2013 CIR in % Pp Jan 30 Sep 2014 Total assets in EUR bn Risk positions in EUR bn CET 1 ratio in % RoE in % -4.2% -3.0 Pp Dec Sep Dec 2013 (KWG) 30 Sep 2014 (CRR / CRD IV) 31 Dec 2013 (KWG) 30 Sep 2014 (CRR / CRD IV) 1 Jan 30 Sep Jan 30 Sep 2014 Earnings adjusted for GBW AG shares BayernLB Group earnings as at 30 September November 2014 Page 4
5 Agenda 1 Overview 3 Page 2 Financial performance 6 3 Capital 16 4 Outlook 19 5 Appendix: detailed charts 21 BayernLB Group earnings as at 30 September November 2014 Page 5
6 Financial performance Solid earnings in core business despite persistent low interest rates and weak capital expenditures Core business (EUR m) Non-core business (EUR m) 1 Jan 30 Sept 2014 All items adjusted for MKB Total income 1,488 1, Administrative expenses Profit before taxes Risk positions 68,893 14,631 83,524 BayernLB Group earnings as at 30 September November 2014 Page 6
7 Financial performance Net interest income and net commission income higher Item Earnings EUR m / % Comments Net interest income 1, % 1,251 Net interest income slightly higher despite ongoing targeted downsizing of business volumes 1 Jan 30 Sep Jan 30 Sep 2014 Net commission income % 168 Net commission income rose by EUR 15 m; primarily in the lending business 1 Jan 30 Sep Jan 30 Sep 2014 BayernLB Group earnings as at 30 September November 2014 Page 7
8 Financial performance Risk provisions moderate due to good portfolio quality Good portfolio quality overall and net writebacks on provisions at Banque LBLux on the transfer of its Corporate Banking portfolio to the Restructuring Unit led to risk provisions of EUR -84 m, less than the year-before period (9m 2013: EUR -115 m) DKB's risk provisions of EUR -97 million below previous year's amount (9 m 2013: EUR -107 m) Non-performing loan ratio at around 3.4% Risk provisions in EUR m Breakdown by Group unit in EUR m 1 Jan 30 Sep Jan 30 Sep % BayernLB DKB LBLux BayernLB Group earnings as at 30 September November 2014 Page 8
9 Financial performance Volatility in gains or losses on fair value measurement item decreases again Gains or losses on fair value measurement decreased from EUR 223 m to EUR 186 m Mark-to-market valuations of cross currency swaps and own credit spread, which have been highly volatile in past periods, nearly offset each other in the first nine months of 2014 with a balance of EUR 1m (9 m 2013: EUR -44 m). Fair value adjustments weighed on results by EUR 61 m in contrast to a positive contribution from writebacks of EUR 53 m in the year-before period in EUR m -16.6% ABS securities (trading book) Currency-related transactions Other fair value gains Fair Value-Adjustments Strategic liquidity reserve Own Credit Spread Cross Currency Swaps Jan 30 Sep Jan 30 Sep 2014 BayernLB Group earnings as at 30 September November 2014 Page 9
10 Financial performance Administrative expenses reduced despite of high regulatory costs Administrative expenses 1 in EUR m -6.0% Administrative expenses cut 6% to EUR 825 m The cost-cutting programme initiated at the end of 2013 is beginning to have an impact Around three quarters of the 440 job cuts planned have already been contractually agreed or are in final stage of negotiation IT costs reduced 1 Jan 30 Sep Jan 30 Sep 2014 But: additional expenses for audit and consultancy services, notably in connection with the ECB's comprehensive assessment 1) Group not including MKB BayernLB Group earnings as at 30 September November 2014 Page 10
11 Financial performance Overview of segment earnings Core units Non-Core Unit Corporates, Mittelstand & Financial Institutions Real Estate & Savings Banks/ Association DKB Markets Central Areas & Others RU LBLux Others Consolidation Profit before taxes in EUR m 1 Jan 30 Sep Jan 30 Sep ) ) ) Credit value adjustments of EUR -77m for the derivatives business weighed heavily on segment earnings; Good customer business: Earnings of EUR 183m, of which EUR 135m were posted in the customer business areas 2) Includes a one-time gain of EUR 351m on the disposal of GBW AG -163 BayernLB Group earnings as at 30 September November 2014 Page 11
12 Financial performance Net commission income rises in business customer segment, DKB second-largest internet bank in Germany Business area Comments Corporates, Mittelstand & Financial Institutions Profit before taxes EUR 210 m (9m 2013: EUR 235 m) Net interest income in line with year-before period despite weak loan demand and competitive pressure Net commission income significantly higher, especially in the lending business Decline in administrative expenses boosted by cost-cutting measures Customer relationships deepened by financing companies' entire value added chains Fulfilled leading roles in major syndicated loans and DCM transactions Profit before taxes EUR 114 m (9m 2013: EUR 122 m) Total income on par with year-before period despite low interest rates Administrative expenses rose due to non-stop growth and increasing regulatory red tape Lending volume grew to EUR 57.5 bn; customer deposits, a strategically important component of funding, climbed nearly 8.6% to EUR 47.4 bn Second-largest internet bank in Germany with 250,000 new customers (currently more than 3 million total customers) BayernLB Group earnings as at 30 September November 2014 Page 12
13 Financial performance Real estate benefits from commission income, debt capital markets business performs well Business area Comments Real Estate & Savings Banks / Association Profit before taxes climbed to EUR 198 m due particularly to successful real estate business (9m 2013: EUR 157 m) Earnings in the Real Estate division nearly double to EUR 127 m (9m 2013: EUR 71 m) due to higher net interest income, rise in net commission income and writebacks of risk provisions Business with savings banks and public sector stable with profit before taxes of EUR 24 m (9m 2013: EUR 24 m) Pre-tax earnings at BayernLabo, which lends to municipal governments and provides development loans, decreased to EUR 42 m (9m 2013: EUR 58 m) due to weaker net interest income and higher administrative expenses for IT capital outlays Markets Profit before taxes of EUR -63 m (9m 2013: EUR 18 m). Credit value adjustments of EUR -77 m for the derivatives business weighed heavily on segment earnings Debt Capital Markets business continues to perform well with corporate bonds and Schuldschein notes BayernLB Group earnings as at 30 September November 2014 Page 13
14 Financial performance Non-Core Unit: Wind down of non-core activities well on schedule Business area Comments Non Core Unit (NCU) Profit before taxes of EUR 33 m down from EUR 348 m in the year before period. 9 m 2013 results included a one-time gain of EUR 351 m from the disposal of GBW AG Credit and securities portfolios in the RU reduced by a further EUR 3.5 bn in the first half of the year through scheduled and early repayments and sales Total volume in the RU as at 30 September EUR 21 bn, of which EUR 6.5 bn ABS portfolio sold in October MKB MKB successfully sold, transaction closed on 29 September 2014 Impact on consolidated income under IFRS: A deconsolidation loss of EUR -1,071 m recognised under gains or losses on discontinued operations Only a minor impact on the CET 1 ratio BayernLB Group earnings as at 30 September November 2014 Page 14
15 Agenda 1 Overview 3 Page 2 Financial performance 6 3 Capital 16 4 Outlook 19 5 Appendix: detailed charts 21 BayernLB Group earnings as at 30 September November 2014 Page 15
16 Capital Very solid capital base acts as foundation for growth in the core business Common Equity Tier 1 ratio (CET 1 ratio) 14.0% "Fully loaded" incl. silent partner contribution by the Free State of Bavaria, the CET 1 ratio is 12.8% The ratios as at 30 September include the full impact of the sale of MKB For strictly supervisory purposes, a capital charge of approx. EUR 637 m against CET 1 capital or EUR 1,061 m against fully loaded CET 1 capital had to be taken as from 1 April due to unrepaid loans of Hypo Alpe Adria CRR/CRD IV IFRS Risk positions in EUR bn CET 1 capital/ratio in EUR bn/% CET 1 fully loaded capital/ratio in EUR bn/% Core business Non-core business % 14.0% % 12.8% % Jun Sep Jun Sep Jun Sep 2014 BayernLB Group earnings as at 30 September November 2014 Page 16
17 Capital Good results in bank stress test ECB confirms good core capital ratio (CET 1): 13.2% as starting basis after AQR 12.4% in baseline scenario 9.4% in adverse scenario BayernLB's leverage ratio was also good at 4.3% AQR writedowns due to the quality and long-term value of assets were charge mainly against the Hungarian subsidiary MKB which has since been sold; without MKB the outcome would have thus been much better Rankings of German banks CET 1 ratio - starting basis after AQR (minimum 8%) CET 1 ratio - adverse scenario (minimum 5.5%) Leverage Ratio CET 1 ratio % % CET 1 ratio % % CET 1 ratio % % German Banks 25 German Banks 25 German Banks BayernLB Group earnings as at 30 September November 2014 Page 17
18 Agenda 1 Overview 3 Page 2 Financial performance 6 3 Capital 16 4 Outlook 19 5 Appendix: detailed charts 21 BayernLB Group earnings as at 30 September November 2014 Page 18
19 Outlook: 2014 will be a year of transition Low interest rate environment, stiff competition and geopolitical risks: earnings in the German banking market will remain under pressure Nevertheless, we expect earnings in our core business to continue performing well Consolidated net income in 2014 will be negative as expected due to the extraordinary charge from the sale of MKB As a result of the sale of the ABS portfolio, the Umbrella guarantee agreement ended and state aid was repaid; expenses related to these transactions will lead to a net annual loss under German GAAP (HGB) Capital base remains solid after sale of MKB and ABS portfolio BayernLB Group earnings as at 30 September November 2014 Page 19
20 Agenda 1 Overview 3 Page 2 Financial performance 6 3 Capital 16 4 Outlook 19 5 Appendix: detailed charts 21 BayernLB Group earnings as at 30 September November 2014 Page 20
21 Appendix Year-on-year earnings comparison in EUR m 1 Jan - 30 Sep Jan - 30 Sep 2013 Change in %/pp Net interest income 1,251 1, Risk provisions in the credit business Net interest income after risk provisions 1,167 1, Net commission income Gains or losses on fair value measurement Gains or losses on hedge accounting Gains or losses on financial investments Income from interests in companies measured at equity Administrative expenses Expenses for bank levies Other income and expenses Gains or losses on restructuring Earnings before taxes Income taxes Gains or losses on continuing operations Gains or losses on discontinued operations -1, >100.0 Profit after taxes Cost/income ratio (CIR) 55.5% 45.3% 10.2 Pp 1) Return on equity (RoE) 5.2% 8.2% -3.0 Pp 2) 1) CIR = administrative expenses/net interest income + net commission income + gains or losses on fair value measurement + gains or losses on hedge accounting + gains or losses on financial investments + gains or losses on interests in companies valued at equity + other income and expenses 2) Profit before taxes/average reported equity. Up to and including 2012, excludes the share of earnings and equity from BayernLabo which is a non-competitive business. BayernLB Group earnings as at 30 September November 2014 Page 21
22 Appendix Quarterly earnings comparison in EUR m Q Q Q Net interest income Risk provisions in the credit business Net interest income after risk provisions Net commission income Gains or losses on fair value measurement Gains or losses on hedge accounting Gains or losses on financial investments Income from interests in companies measured at equity Administrative expenses Expenses for bank levies Other income and expenses Gains or losses on restructuring Earnings before taxes Income taxes Gains or losses on continuing operations Gains or losses on discontinued operations Profit after taxes BayernLB Group earnings as at 30 September November 2014 Page 22
23 Appendix Segment Overview in EUR m 1 Jan - 30 Sep 2014 Corporates, Mittelstand & Financial Institutions Real Estate & Savings Banks/ Association DKB Markets Central Areas & Others Non-Core Unit Consolidation Group Net interest income ,251 Risk provisions in the credit business Net commission income Gains or losses on fair value measurement Gains or losses on hedge accounting Gains or losses on financial investments Income from interests in companies measured at equity Administrative expenses Expenses for bank levies Other income and expenses Gains or losses on restructuring Earnings before taxes Return on equity (RoE) (%) Cost/income ratio (CIR) (%) > BayernLB Group earnings as at 30 September November 2014 Page 23
24 Appendix Balance sheet overview in EUR bn 30 Sep Dec 2013 Change in % Loans and advances to banks Loans and advances to customers Assets held for trading Financial investments including interests in companies valued at equity Total assets Liabilities to banks Liabilities to customers Securitised liabilities Liabilities held for trading Equity Subordinated capital BayernLB Group earnings as at 30 September November 2014 Page 24
25 Disclaimer The information in this presentation constitutes neither an offer nor an invitation to subscribe to or purchase securities or a recommendation to buy. It is solely intended for informational purposes and does not serve as a basis for any kind of obligation, contractual or otherwise. Rounding differences may occur in the presentation. BayernLB Group earnings as at 30 September November 2014 Page 25
26 BayernLB Investor BayernLB Relations Rating & Investor Relations Telephone: +49 (0)89/2171/ Telephone: +49 (0)89/2171/ Rating & Investor Relations September October Page Page 26 26
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