INVESTORS REPORT FOURTH QUARTER, 2017
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1 INVESTORS REPORT FOURTH QUARTER, of 26
2 COSTA RICA: ECONOMIC ACTIVITY IMAE (1) (QoQ variation annualized, %) Balance of Payments (last year, million USD) 7.0 4, ,000 2, , , , IV-2016 I-2017 II-2017 III-2017 IV-2017 Total Ex ZF -3,000 I-2017 II-2017 III-2017 IV-2017 Current account Goods an services Financial account FDI (1) IMAE stands for Índice Mensual de Actividad Económica, it is a gauge of economic activity computed by the Central Bank 2 of 26
3 COSTA RICA: INFLATION AND UNEMPLOYMENT Consumer Price index (CPI) Unemployment IV-2016 I-2017 II-2017 III-2017 IV-2017 QoQ (annualized) YoY III-2016 IV-2016 I-2017 II-2017 III-2017 Source: Banco Central de Costa Rica e Instituto Nacional de Estadística y Censos (INEC) 3 of 26
4 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Juntos somos COSTA RICA: FISCAL PERFORMANCE Central government: revenues and expenditures ( last year, million CRC) Central Government Deficit / GDP (%) 50,000,000 40,000,000 30,000,000 20,000,000 10,000, Dec-16 Central Government Debt/ GDP (%) 6.2 Dec-17-10,000, ,000, CG revenues CG expenditures Result 0.0 Dec-16 Internal Debt Dec-17 External Debt Source: Costa Rica Ministry of Finance 4 of 26
5 COSTA RICA: INTEREST AND EXCHANGE RATES Tasa básica pasiva Average exchange rate USDCRC (Monex) Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Source: Banco Central de Costa Rica Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 5 of 26
6 BANK SYSTEM: CREDIT (GROSS) Quarterly growth (4Q 2017) Year growth (4Q 2017) System 1.6 System 8.4 Private banks 2.9 Private banks 9.5 Government banks (exbncr) 0.0 Government banks (exbncr) -4.7 Special purpose 1.2 Special purpose 13.7 Cooperatives and mutuals 1.6 Cooperatives and mutuals 11.4 Other 4.2 Other 23.8 BNCR 0.5 BNCR of 26
7 BANK SYSTEM: DEPOSITS Quarterly growth (4Q 2017) Year growth (4Q 2017) System 2.3 System 8.3 Private banks 2.6 Private banks 10.3 Government banks (exbncr) -0.6 Government banks (exbncr) -2.3 Special purpose 9.6 Special purpose 22.7 Cooperatives and mutuals 1.7 Cooperatives and mutuals 8.9 Other 3.0 Other 16.8 BNCR 2.4 BNCR of 26
8 CORPORATE GOVERNANCE Governance Structure Independent Board of Directors Board of Directors Chairman Ana Isabel Solano Vice-chairman Víctor Hugo Carranza Salazar Secretary Luis Pal Hagedüs Directors Xinia Herrera Durán Olman Briceño Fallas Jorge Mendez Zamora Jeannette Ruiz Delgado Internal and external independent auditors 100% independent Appointed by the Counsel of Ministers. 7-year term. Every 4 years, 3 or 4 members change. Chief Executive Officer Juan Carlos Corrales Salas Officers and Support Committees 8 of 26
9 CORPORATE GOVERNANCE (CONT.) BANCO NACIONAL DE COSTA RICA Assets (Dec-17) BN Valores (Brokerage) BN Vital (Pensions) BN SFl (Mutual funds) BN Seguros (Insurance brokerage) BN Vital; 0.1 BN SAFI; 0.1 BN Seguros; 0.0 BICSA; 12.6 Equity (Dec-17) BN Valores; 0.7 BNCR; 86.5 BICSA; 16.0 BN Vital; 0.8 BN SAFI; 0.9 BN Seguros; 0.3 BNCR owns a 49% stake in BICSA BN Valores; 1.9 Total assets and equity of BNCR Group amount CRC BNCR; ,155,531 million and equity CRC 664,474 million (excluding BICSA) 9 of 26
10 BNCR: INVESTMENT HIGHLIGHTS (4Q 2017) Profitability Net income CRC 3,379 million 54.2% QoQ 63.2% YoY ROAE 2.16% 261 b.p. QoQ 412 YoY ROAA 0.19% 23 b.p. QoQ 40 b.p. YoY Credit Loan portfolio CRC 4,493,106 million 0.52% QoQ 9.15% YoY Provisions CRC 41,252 million % QoQ % YoY Cost of risk (1) 3.69% b.p. QoQ b.p. YoY NII and NIM Net Financial income CRC 24,032 million 48.86% QoQ 52.98% YoY NIM 4.75% 43 b.p. QoQ 2 b.p. YoY Net NIM (2) 1.80% 172 b.p. QoQ 238 b.p. YoY Efficiency Efficiency ratio (3) 64.32% 420 b.p. QoQ 58 b.p. YoY Capital ISP (4) 12.70% 11 b.p. QoQ 114 p.b. YoY (1) Cost of risk: annualized provisions for loan loses on average gross loans. (2) After allowances for impairment and recovery of assets and decrease in allowances (3) Administrative expenditure on gross operational income. (4) Regulatory Capital Adequacy Ratio 10 of 26
11 BNCR (STAND-ALONE): BALANCE SHEET BREAKDOWN Assets (million CRC) Liabilities and Equity (million CRC) 6,214,296 6,984,996 7,052,927 6,214,296 6,984,996 7,052, IV-2016 III-2017 IV-2017 Cash and due frombanks Investments Loan portfolio Others assets IV-2016 III-2017 IV-2017 Equity Others Obligations with entities Dep. público Foreign currency; 39.8 Foreign currency; 39.6 CRC; 60.2 CRC; of 26
12 BNCR (STAND-ALONE): LOAN PORFOLIO Loan portfolio gross (million CRC) 4,600,000 4,400,000 4,200,000 4,116,451 4,207,916 4,397,471 4,469,930 4,493,106 4,000,000 3,800,000 IV-2016 I-2017 II-2017 III-2017 IV-2017 Portfolio composition (%) Loan portfolio by currency (%) IV-2016 I-2017 II-2017 III-2017 IV-2017 IV-2016 I-2017 II-2017 III-2017 IV-2017 Corporate Retail Enterprises Development CRC Foreign currency 12 of 26
13 BNCR (STAND-ALONE): LOAN PORTFOLIO Contribution to portfolio growth QoQ (million CRC) 4,469,930 17,548 22,172 83,797 64,248 13,184 4,933 4,493,106 III-2017 Consumer Mortgages Corporate Enterprises Development Exchange rate IV-2017 Contribution to portfolio growth YoY (million CRC) 4,116, , ,906 48,435 23,985 51,070 37,843 4,493,106 IV-2016 Consumer Mortgages Corporate Enterprises Development Exchange rate IV of 26
14 BNCR (STAND-ALONE): LOAN PORTFOLIO BY SEGMENT IV III IV Corporate Enterprises Development Mortgages Consumer Credit cards Loans million CRC As of the end of 4Q Q Q 2017 % Part. 4Q 2017 % nominal change QoQ YoY % real change QoQ YoY Corporate 1,262,644 1,249,876 1,331, Development Enterprises SME Consumer Mortgages Credit cards Consumer 525, ,419 1,192, , , , ,618 1,327, , , , ,420 1,304, , ,259 Total 4,116,451 4,469,930 4,493, of 26
15 BNCR (STAND-ALONE): LOAN PORTFOLIO BY SEGMENT Corporate Enterprises Development Mortgages Consumer Credit cards IV-2016 IV-2017 IV-2016 IV-2017 IV-2016 IV-2017 IV-2016 IV-2017 IV-2016 IV-2017 IV-2016 IV-2017 CRC USD CRC USD CRC USD CRC USD CRC USD CRC USD Loans Million CRC Local currency (million CRC) 4Q Q Q 2017 QoQ (%) YoY (%) Foreign currency (million CRC) 4Q Q Q 2017 QoQ (%) YoY (%) Corporate 484, , , , , , Development Enterprises SME Consumer Mortgages Credit cards Consumer 178, , ,614 98, , , ,483 1,114,545 95, , , ,403 1,099, , , Total 2,570,488 2,992,820 2,956, ,545,963 1,477,110 1,536, , , ,184 19,246 60, , , ,044 23,322 51, , , ,305 20,999 45, of 26
16 BNCR (STAND-ALONE): ASSET QUALITY NPLs 1 percentage of the loan portfolio (gross) II-2016 III-2016 IV-2016 I-2017 II-2017 III-2017 IV-2017 Coverage ratio II-2016 III-2016 IV-2016 I-2017 II-2017 III-2017 IV-2017 (1) NPL: credits more delay 90 days (2) Allowances for loan impairments over NPLs 16 of 26
17 BNCR (STAND-ALONE): LOAN-TO-DEPOSIT RATIO II-2016 III-2016 IV-2016 I-2017 II-2017 III-2017 IV-2017 Total CRC USD 17 of 26
18 BNCR (STAND-ALONE): FUNDING STRUCTURE By product By currency 5,457,497 5,912,863 5,977,066 5,457,497 5,912,863 5,977, IV-2016 III-2017 IV-2017 Obligations with public FCD Bonds and subord. Obligations Demand obligations with entities Term obligations with entities IV-2016 III-2017 IV-2017 CRC USD CRC Foreign currency Obligations with public Obligations with public Demand obligations with entities Demand obligations with entities 38.0 FCD Term obligations with entities Bonds and subord. Obligations 94.1 FCD Term obligations with entities Bonds and subord. Obligations of 26
19 BNCR (STAND-ALONE): DEPOSIT BREAKDOWN Structure of deposits Deposits and average cost (CRC) 4,083,789 4,555, ,677, IV-2016 III-2017 IV ,600,000 1,200, , , , ,934 1,277,573 Current account Savings deposits Term obligations with the public 61,973 Other deposits 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Current account Savings deposits Term obligations with the public Other Deposits and average cost (other) 30.2 IV-2016 III-2017 IV-2017 CRC 33.8 USD ,200 1, Current account 808 1,123 Savings deposits Term obligations with the public 43 Other deposits 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 19 of 26
20 BNCR: OUTSTANDING DEBT Security Issue date Maturity Initial term (years) Currency Issued amount (million) Outstanding amount Interest rate BNCRC2F 05-feb feb años CRC 10,000 MM 8, % BNCRC4A 05-set set años CRC 20,000 MM 20, % BNCR4A 12-jul jul años CRC 20,000 MM 20, % Subordinated 27-may nov años USD 100 MM 100 MM Libor6m+5.00% Subordinated 2-nov oct años USD 30 MM 30 MM Libor6m+5.25% RegS / 144A 1-nov nov años USD 500 MM 500 MM RegS / 144A 25-abr abr años USD 500 MM 500 MM RegS / 144A 1-nov nov años USD 500 MM 500 MM 6.25 Long term obligations MM de USD % Local International Total 20 of 26
21 CREDIT RATINGS Local International BNCR Last Long term debt Corporative bonds Mortgage bonds Long term deposits Fitch Nov-17 Fitch AA+ AA+ AA+ BNCR Fitch Moody s Last Nov-17 Feb-17 Outlook Est Neg Stand alone rating foreign currency BB Ba3 Short term debt Fitch Short term deposits F1+ Certificates of deposits F1+ 21 of 26
22 Savings deposits Term obligations with the public Current account Juntos somos MARKET SHARE Credit Deposits BNCR Other Corporatives and mutuals Special purpose Goverment banks (exbncr) Private banks BNCR Other Corporatives and mutuals Special purpose 17.0 Goverment banks (exbncr) 22.2 Private banks BNCR Other Corporatives and mutuals Special purpose Goverment banks (exbncr) Private banks BNCR Other Corporatives and mutuals 9.8 Special purpose 16.7 Goverment banks (exbncr) Private banks 22 of 26
23 FINANCIAL PERFORMANCE Financial income (million CRC) NIM +4.8% -1.3% +6.2% 58,441 57,684 61, , , , ,395-60,864-61,678 IV-2016 III-2017 IV-2017 Financial income Financial expense Fee income (million CRC) +91.9% +13.8% +68.7% 8,378 9,532 16,078 27,579 25,679 30,653-25,211-21,713-20,544 IV-2016 III-2017 IV-2017 NIM Net NIM Operational expenditure (million CRC) +2.4% -1.2% +3.6% 47,679 47,124 48,826 8,291 6,710 7,980 30,548 30,626 29,908 IV-2016 III-2017 IV-2017 Commissions Net FX income Other income IV-2016 III-2017 IV-2017 Personal Operating Infraestructure Depreciation 23 of 26
24 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Juntos somos Sep-17 Oct-17 Nov-17 Dec-17 CAPITALIZATION Minimun Sugef: 10% Razón Sugef Razón Tier I ISP composition (Dec-16) ISP composition (Dec-17) Tier I Ordinary capital Legal reserve Revaluations Earnings from previous periods Result of the period FINADE Subordinated debt Deductions Regulatory capital Ordinary capital Legal reserve Revaluations Earnings from previous periods Result of the period FINADE Subordinated debt Deductions Regulatory capital 24 of 26
25 EFFICIENCY Efficiency ratio Administrative expenditure (YoY growth, %) III-2016 IV-2016 I-2017 II-2017 III-2017 IV-2017 Administrative expenditure Inflation 64.9 Administrative expenditure breakdown (million CRC) ,893 30,548 30,623 30,672 30,626 29,908 III-2016 IV-2016 I-2017 II-2017 III-2017 IV-2017 II-2016 III-2016 IV-2016 I-2017 II-2017 III-2017 IV-2017 Personal Operational Infrastructure Depreciation 25 of 26
26 BRANCHES AND PAYROLL Branches (1) Payroll (1) ,499 5,502 5, ,474 5,464 5,452 5,435 5,456 5,440 5,442 III 2015 IV II 2016 III 2016 IV 2016 I 2017 II 2017 III 2017 IV 2017 III 2015 IV 2015 I 2016 II 2016 III 2016 IV 2016 I 2017 II 2107 III 2017 IV 2017 (1) Includes all BNCR Group 26 of 26
INVESTORS REPORT THIRD QUARTER, 2017
INVESTORS REPORT THIRD QUARTER, 2017 1 of 26 COSTA RICA: ECONOMIC ACTIVITY IMAE (1) (QoQ variation annualized, %) 8,0 Balance of Payments (last year, million USD) 4,000 7,0 6,77 3,000 6,0 5,83 2,000 5,0
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