Investor Call Presentation
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- Kory Stevenson
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1 Investor Call Presentation 9-Months 2013 Results 5 NOVEMBER 2013
2 Forward looking statements This presentation contains or incorporates by reference forward-looking statements regarding the belief or current expectations of Diamond Bank, the Directors and other members of its senior management about the Group s businesses and the transactions described in this presentation. Generally, words such as could, will, expect, intend, anticipate, believe, plan, seek or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company and/or its Group and are difficult to predict, that may cause actual results to differ materially from any future results or developments expressed or implied from the forward-looking statements. Such risks and uncertainties include, but are not limited to, regulatory developments, competitive conditions, technological developments and general economic conditions. The Bank assumes no responsibility to update any of the forward looking statements contained in this presentation. Any forward-looking statement contained in this presentation based on past or current trends and/or activities of Diamond Bank should not be taken as a representation that such trends or activities will continue in the future. No statement in this presentation is intended to be a profit forecast or to imply that the earnings of the Company for the current year or future years will necessarily match or exceed the historical or published earnings of the Company. Each forward-looking statement speaks only as of the date of the particular statement. Diamond Bank expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Diamond Bank s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. 2
3 Outline Executive Summary (by Dr. Alex Otti, GMD) Strategy & Business Update (by Dr. Alex Otti, GMD) 9-Months 2013 Financial Performance (by Abdulrahman Yinusa, CFO) Concluding Remarks (by Dr. Alex Otti, GMD) 3
4 Executive Summary The global economic output remained weak and prone to external shocks following the slow down in economies of emerging markets and the recent political squabbles over budget deficit limits in one of the world s biggest economies. Despite these challenges, the Nigerian economy remained strong and continues to record appreciable growth in volume of foreign direct investments, especially driven by the reforms in the power sector. Our commitment to Retail and SME banking has continued to produce sustainable results as we introduce more banking products and services to the un-banked and under-banked segments of the population as well as empower and provide more women with economic opportunities. Notwithstanding the effect of the 50% CRR charge for Public Sector funds and the attendant increase in cost of deposits, we are confident that our projections for the full year 2013 will be achieved, albeit at the lower end of the profitability guidance. 4
5 Operating Environment The World economic output remains weak following the declining growth in emerging economies and rising domestic vulnerabilities in advanced economies. The clarifications provided by the US Fed over its Quantitative Easing policy brought substantial relief to the financial markets globally and initiated a reversal of the trend in capital outflows from emerging markets. Notwithstanding the Federal Reserve s recent decision to maintain its asset purchases, the prospect of reduced monetary accommodation in the United States may yet cause additional market adjustments as there are indications the pace of bond purchases will be reduced from the 1 st quarter of next year Despite the challenges in the global economy, the domestic economy has remained resilient following strong GDP growth rate of 6.18% in Q backed by the non-oil sector and single digit inflation rate of 8.0% in September (8.2% in August). However, elevated fiscal expansions portend an upside risk to the singledigit inflation targeting. 5
6 Operating Environment (contd.) The Central Bank of Nigeria (CBN) re-introduced the Retail Dutch Auction System (RDAS) in its latest move to reduce demand pressure and support the naira. The re-introduction of RDAS is expected to ensure transparency in Nigeria s Foreign Exchange Market, thereby curbing round tripping and currency speculation. Following the implementation of the 50% CRR charge on Public Sector funds, the interest rate on deposits has continued to increase as Banks jostle to defend their market share. It is expected that these activities will impact negatively on the performance of Banks in the last quarter of Although these activities will impact on our performance in Q4 2013, we do not expect the impact to be very significant and therefore have retained the lower limit of our PBT projection of circa N30 billion for
7 Overview Geographical Coverage Nigeria present in all key financial centres and every state of the Federation (250 locations); DPFC West Africa Benin (19 branches),togo (3 branches), Senegal (3 branches), Cote D Ivoire (2 branches) Staff United Strength Kingdom Diamond Bank UK 4,158 Up from 3,324 (Dec. 2012) Channels Direct Sales Force (over 1,400 staff) ATMs, Contact Centre Internet Banking, Mobile Phone Banking Key Strength Fitch: BBB+, GCR: A- Strong retail market focus Innovative banking products and services Robust business systems High external values / professionalism 7 Partnerships Agent Banking Model Working with Women s World Banking (WWB) to develop viable and sustainable savings proposition with special focus on market women (BETA product) SME Working with EFInA, VISA, WWB and Roland Berger to provide the un(der)banked the opportunity to gain access to financial services Long Term Funding close relationship with most Export Credit Agencies and Development Financial Institutions / International Financial Institutions Credit Rating Listing Nigerian Stock Exchange LSE Professional Securities Market
8 Q Group Performance Summary P & L (N Bn) 9-Months Months 2012 %Growth Gross Earnings Operating Income Profit Before Tax Balance Sheet 9-Months 2013 FY 2012 %Growth Total Assets 1,377 1, Loans to customers Comments Gross earnings recorded 19% year-onyear growth to N131 billion, driven by the growth in balance sheet and other transactional activities. Customer deposits continued to drive balance sheet growth reflecting increase in customer acquisition and improvement in share of customers wallet. Our efforts towards injection of Tier 2 capital has been put on hold following the persisting pricing turbulence in international debt market. While this process is on hold, we will evaluate other capital raising options available to Management. Deposits 1,
9 Forecast for 2013 Profitability Impact on P&L N Bn Deposits (N Bn) Operating Profit and PBT (N Bn) Operating Profit 50 Provision for Losses Direct Provision (Circa) ~ (20) Profit/(Loss) Before Tax est Operating Profit PBT ROAE Q est. > 20% 22.7% 22.4% Comments The Group achieved ROE of 22.4% in the 9-Months period ended 30 th September Following our consistent Q-on-Q positive performance, and despite the recent regulatory challenges, we are committed to delivering ROE of above 20% by year-end % 9
10 Outline Executive Summary (by Dr. Alex Otti, GMD) Strategy & Business Update (by Dr. Alex Otti, GMD) 9-Months 2013 Financial Performance (by Abdulrahman Yinusa, CFO) Concluding Remarks (by Dr. Alex Otti, GMD) 10
11 Business Segments Business Lines Retail Banking Business Banking Corporate Banking Subsidiaries Description Retail banking provides consumer loans, mortgage loans, credit card and other facilities; handles deposits for individuals and legal entities, encompassing the mass affluent segment, retail mass markets and Micro, Small & Medium scale Enterprise (MSME) businesses Business banking is focused on providing client solutions and beneficial business relationships with medium and fairly large enterprises. The Corporate Banking is positioned to provide leading financial services capabilities to large local and multinational corporate clients in the various strategic sectors of the economy Expertise in financing strategies to empower our clients ambition as we work closely with them This comprise: Diamond Bank Benin, Diamond Bank Togo, Diamond Bank Senegal, Diamond Bank Cote d Ivoire, Diamond Bank UK, and Diamond Pension Fund Custodian Limited (DPFC) Deposits N343.1bn (2012*: N305.3bn) N505.5bn (2012*: N429.0bn) N112.1bn (2012*: N88.8bn) N101.2bn (2012*: N87.1bn) Risk Assets (Gross) N71.6bn (2012*: N70.4bn) N253.7bn (2012*: N226.1bn) N297.3bn (2012*: N250.6bn) N92.8bn (2012*: N63.6bn) NPLs, 4.3% (NGN 31bn) NGN7.9bn (11.0%) NGN12.1bn (4.8%) NGN6.8bn (2.3%) NGN4.2bn (4.5%) * 31 st Dec
12 Retail Banking Actual Dec Actual Dec Actual Jun Actual Sep Liability Balances NGN177bn NGN305bn NGN334bn NGN343bn Risk Asset Balances NGN27bn NGN70bn NGN75bn NGN72bn Number of Accounts Approx. 1.5mn Approx. 2.1mn Approx. 2.8mn Approx. 3.1mn Monthly Recurring Fee Income Circa NGN455mn Circa NGN1bn Circa NGN1.2bn Circa NGN1.2bn Share of Bank Capital Income Circa 30% Circa 40% Circa 40% Circa 42% Number of Customers (million) Number of ATMs Number of Online Customers 48% % % 869, , ,907 Dec Jun Sep Dec Jun Sep Dec Jun Sep. 2013
13 Retail Banking Quarterly Trend in Deposits & Fees Retail Deposits (N Bn) Sep 2013 (Dec 2012) 28% 3% Time deposits 14% (15%) N268bn N305bn N316bn N334bn N343bn 12% 15% 15% 16% 14% 88% 85% 85% 84% 86% 24% Sep Dec Mar Jun Sep Savings & Current A/C 86% (85%) Low Cost Deposits Fixed Deposits Total Retail Deposits N343bn (Dec 2012: N305bn) Retail Quarterly Fee Revenue (N Bn) Comments % % 3.7 Continue to push our low-cost deposit mobilization initiatives across the group through our Retail banking proposition. Channels effectiveness and availability is a major factor accounting for the increase in customers utilization of the platforms Sep Dec Mar Jun Sep
14 Retail Banking Retail Banking Loan Portfolio 13% 16% 18% 21% 22% 56% 53% 54% 51% 51% 12% 11% 4% 4% 11% 10% 10% 4% 6% 5% 15% 16% 13% 12% 12% Sep. 12 Dec. 12 Mar. 13 Jun. 13 Sep. 13 Personal Loan Auto Loan & Lease Mortgages MSME Credit Card Critical target markets include: MSMEs (with annual turnover of < N500 million) Individuals and Sole Proprietors Mass Market More Efficient Balance Sheet Strategic Partnerships Service Delivery Retail Banking Growth Strategy Strategy remains customer acquisition, retention and engagement across our different Retail Banking proposition segments. Continue to drive low-cost deposits through cost effective channels and infrastructure (mobile, internet banking and ATM channels). Reach out to the under-banked and underserved population through: Full roll out of the BETA proposition in partnership with WWB where services are provided by BETA agents at the door steps / business stall / shops of targeted customers, especially women. Launched a new proposition in partnership with MTN - Diamond Y ello Account, targeted at the youth & mass market. Self Service Segmentation of delivery channels that increase share of mind and customer wallet to drive customer transactions. New Segments Launched the school banking proposition to capture the entire value chain of the educational sector. 14
15 Business Banking Current Position Business Banking Growth Strategy Currently delivering electronic banking products, collection & dealership management schemes, and offering door-to-door trade finance support for international trade Critical target markets include: Mid-sized corporates Tertiary institutions State governments Total business banking assets of NGN254bn 36% of total loan portfolio, while deposits of NGN506bn account for 48% of total deposits (Sept. 30, 2013) Public Sector 34% (33%) Middle Market 66% (67%) Strategic Partnerships Export Businesses SMEs Cash Management Services Unique strategic partnerships with IFC and GroFin, to support the growth of small and medium scale enterprises Strengthen foray in leveraging the expanding trade network and pre/post export funding windows Continue to provide Diamond Trade Tracker and Logistics Support Services Build scale through flexible access to credits and markets provision of on-lending facilities and guarantees Provision of solutions to optimize our clients value chain and reduce operational risk including: conversion from cash to card payment systems though extensive POS deployment; collection and dealership management schemes and door to door trade finance support for international trade Deposits N506bn (Dec 2012: N429bn) 15
16 Corporate Banking Corporate Banking Loan Portfolio Corporate Banking Growth Strategy 53% 56% 62% 60% 11% 16% 17% 18% 36% 28% 21% 22% Dec Dec Jun Sep Institutional banking Infrastructure & Transport Energy Business Corporate Banking Deposits More Efficient Balance Sheet Strategic Partnerships Distributor Schemes Awards Continue to service the top names in the Bank s focus industries Oil & Gas, Telecommunications, Construction and Manufacturing Leverage e-payment and cash management services as effective tools in driving deposit collection strategy Working with DFIs and multilateral organizations to provide funding for major deals such as long-term asset financing Deliver proposals to identified clients on distributorship schemes to achieve increased account activities and volumes Received the World Finance Group award for the best Oil & Gas Investment in 2013 (2 nd year running) 23% 31% 40% 32% 42% 36% 22% 22% 33% 27% 41% 47% 38% 35% 31% Sep Dec Mar Jun Sep Institutional banking Infrastructure & Transport Energy Business 16
17 Outline Executive Summary (by Dr. Alex Otti, GMD) Strategy & Business Update (by Dr. Alex Otti, GMD) 9-Months 2013 Financial Performance (by Abdulrahman Yinusa, CFO) Concluding Remarks (by Dr. Alex Otti, GMD) 17
18 Financial Highlights Strong Balance Sheet Growth (Dec to Sep. 2013) Assets +17% Loans (net) +17% Deposits +17% Revenue Mix Efficiency and Profitability Capital and Liquidity Strong net interest margin of 8.6% - one of the best in the industry 19% growth in gross earnings to N131 billion (Sep. 2012: N110 billion) Low cost of funds 3.4% driven by the continuous growth in retail deposits ROAE of 22.4% (Dec. 2012: 22.7%) ROAA of 2.1% (Dec. 2012: 2.0%) EPS of 185k (Sep. 2012: 167k) Profit before tax (PBT) up 10% to N25.6 billion (Sep. 2012: N23.2 billion) Capital ratios 17.1% risk adjusted capital ratio in Q against 15% statutory limit Liquidity ratios of 36.7% (Dec. 2012: 42.3%, June 2013: 48.2%). Liquidity was adversely impacted by the new CRR on government funds. Asset Quality Improving NPL 4.3% in Q3 2013; 4.7% in Dec Coverage ratio 108.4% in Q from 88.9% in Dec
19 Group Statement of Comprehensive Income (Q3 2013) 9-M 2013 Actual N' billion 9-M 2012 Actual N' billion YoY % Δ Comments Gross Earnings Interest Income Interest Expense (28.0) (16.0) (75) Net Interest Income Impairment Charge (16.7) (23.4) 28.6 Net interest income (after impairment charge) Other Income (net) Operating Income Operating Expenses (60.5) (46.8) (29.3) Profit Before Tax Profit After Tax Other comprehensive income 0.1 (0.3) Total comprehensive income Gross earnings up 19% or N21 billion to N131 billion (YoY) on the back of 21% increase in interest income Net interest income up 10% YoY to 79 billion driven by increase in risk assets Impairment charge down 29% YoY on the back of improved quality of loan book Total operating income rose by 23% to N86 billion in Q from N70 billion in Q on the back of improved earnings Operating expense up 29% YoY to N61bn driven by increase in business activities, branch expansion and staff increase and remuneration review. PBT up 10% YoY to N26billion in Q from N23bn in Q3 2012
20 Group Profit Drivers Strong Revenue Generation Interest Income Net Fee and Commission Income Loans to banks 7% (8%) Sep 2013 (Sep 2012) Loans and advances to customers 72% (79%) Service fees & charges 37% (34%) Sep 2013 (Sep 2012) Bonds and guarantees issuance fees 16% (15%) Others 19% (16%) Investment securities 21% (13%) Letter of credit commission 10% (10%) Commission on turnover 18% (25%) Revenue Mix (YoY : +19%) N109.5bn N130.7bn Comments Gross earnings up 19.4% to N130.7 billion YoY. Interest income accounting for 81.8% of gross earnings (80.6% in 2012) while 18.2% was derived from non-interest income (19.4% in 2012) Revenue growth was driven by sustained risk assets volume and fee generating transactions. Sep Sep Int Income Non int. Income 20 However, this was partially offset by the impact of margin compression
21 Group Profit Drivers Moderate Operating Expenses Expense Summary (YoY: +36%) +29%) Cost to Income Ratio (excludes provisions) N Billion N46.8bn N60.5bn % 58.9% Sep Sep Employee benefit expenses Operating expenses Dec Sep Impairment Charge (YoY: -29%) Comments N Billion Non-Interest Expenses increased 29% year-on-year to N60.5 billion, due mainly to investment in new branches, increase in statutory costs and work force. Staff strength increased to 4,158 in Sep 2013 from 3,289 in Sep Impairments continued on a downward trajectory, falling 29% (YoY) to N16.7 billion in Sep 2013 from N23.4 billion in Sep 2012 Sep Sep
22 Group Statement of Financial Position 9-M 2013 Actual N' billion FY 2012 Actual N' billion % Δ 9-M 2012 Actual N' billion YoY % Δ Cash & Balances with Central Banks Loans & Advances to Banks (28.5) 115 (13) Loans & Advances to Customers Investments Pledged Assets Other Assets Fixed Assets & Intangibles (0.6) Deferred Tax Asset (31.3) 14.1 (59.6) Total Assets 1, , , Deposits from Banks Deposits from Customers 1, Derivative Liability Other Liabilities (18.2) Borrowings (4.2) 51.9 (7.7) Long Term debt (25.8) Equity Total Equity & Liabilities 1, , , Comments Net loan book of N682 billion, up 17% from December 2012 (N585 billion) primarily reflecting growth in volume of business Deposit base continues to soar above the N1 Trillion mark at N1.06 trillion, up 17% from December 2012 (N910 billion) Total assets up 17% to N1.4 trillion from N1.2 trillion as at December 2012 Effect of new CRR Policy led to increased Cash & Balances sterilized at the CBN by 49% in Q from N132bn in Dec 2012 or by over 100% compared to N96bn in Q
23 Group Risk Management Metrics 9 Months M 2013 N billion H N billion Q N billion FY 2012 N billion 9-M 2012 N billion H N billion Q N billion Gross Risk Assets NPL Provisions NPL Ratio 4.3% 4.1% 4.6% 4.7% 5.2% 7.6% 8.0% NPL Coverage Ratio 108.4% 103.1% 112.1% 88.9% 128.3% 92.5% 87.4% Comments NPL ratio stood at 4.3% in Q This is an improvement compared to 4.6% recorded in Q and 4.7% in Dec Coverage Ratio improved to 108.4% in Q from 88.9% in FY
24 Group Key Performance Metrics 9 Months M 2013 H Q FY M 2012 H Q Net Interest Margin (NIM) 8.6% 8.8% 8.8% 9.9% 10.6% 10.9% 11.0% Cost of Risk 3.4% 3.1% 2.1% 3.3% 6.3% 4.2% 4.7% Cost of Funds 3.4% 3.5% 3.6% 2.9% 2.8% 2.8% 2.7% Loan-to-Deposit Ratio 67.4% 64.0% 63.2% 67.1% 74.4% 80.0% 72.7% Capital Adequacy Ratio (CAR) 17.1% 16.5% 16.3% 17.3% 14.9% 13.1% 12.4% Liquidity Ratio 36.7% 48.2% 46.9% 42.3% 34.1% 39.6% 46.1% Cost to Income Ratio 58.9% 59.1% 60.7% 60.6% 50.1% 53.3% 51.9% Earnings per share 185k 175k 174k 153k 167k 138k 141k ROE 22.4% 22.1% 22.5% 22.7% 25.1% 23.0% 23.1% Comments The Group Net Interest Margin (NIM) decreased to 8.6% in Q from 8.8% in H due to impact of 50% CRR charge on public sector funds. 24
25 Group Balance Sheet Structure Total Assets (N Bn) Sep 2013 (Dec 2012) Balance Sheet Trend (N Bn) 1,377 1, , , ,377 1, Total assets Liquid Assets Risk Assets Investments Pledged Assets Fixed Assets Other Assets Dec Mar Sep Total Assets Deposits Loans & Advances Total Liabilities (N Bn) Sep 2013 (Dec 2012) Comments 1,178 1, , Total assets stood at N1.4 trillion as at Q3 2013, up N200 billion or 17%, from N1.2 trillion at the end of Dec Growth in balance sheet driven by growth in deposits (N1.1 Trillion as at Sept. 2013, from M910 billion in Dec. 2012). Net Risk Assets up by N97 billion or 17% to N681 billion (Dec. 2012: N585 billion) Total Liabilities Dep. From Deposits Banks from Customers Borrowings Other Liabilities Tier 2 Capital Equity 25
26 Group Funding Mix & Deposits Composition Funding Structure Deposit Mix by Type 27% 22% 24% 25% 70% 76% 77% 77% 24% 49% 21% 17% 17% 57% 59% 57% 18% 11% 9% 9% Q Equity Tier 2 Capital Borrowings Other Liabilities Deposits Dep. From Banks Q Demand Savings Time Deposit Mix by Business Segment Sustaining Stable Low-Cost Funding Base Q % 48% 32% 11% 10% 10% 46% 34% 27% 22% 24% 25% 73% 78% 76% 75% Q Retail Business Corporate Subsidiaries Demand & Savings Deposits Time Deposits 26
27 Group Loan Growth Gross Risk Assets Gross (N Bn) Loans Non Performing Loans & Provisions (N Bn) Jun Sep Dec Mar Jun Sep Sep Dec Mar Jun Sep.2013 Non Performing Loans Provisions Loan to Deposit (N Bn) 74.4% Comments Loans and advances (gross) went up by 24% to N715 billion year-onyear, and up 17% year-to-date (Dec 2012: N611 billion). 67.1% 67.4% The growth in loan portfolio is driven by our growing customer relationships especially in the business and corporate banking segments 63.2% 63.2% Loan to deposit ratio stood at 67% as at 30 th Sept 2013 from a high of 74% in Sept 2012 Sep Dec Mar Jun Sep
28 Group Lending Gross Loan Breakdown (Dec 2012) Jun2013 Gross Loan Breakdown Sep 2013 (N611bn) N652bn N715bn 20% 9% 12% 25% 9% 6% 5% 5% 3% 2% 2% 2% Oil & Gas (26%) 25% General Comm (20%)20% Manufacturing (13%) 9% Others (8%) 12% Real Est & Const (7%) 9% Power & Energy (6%) 6% Government (6%) 5% ICT (4%) 5% Consumer Credit (3%) 3% Transportation (3%) 2% 21% 9% 13% 25% 9% 6% 5% 5% 3% 2% 2% 2% Oil & Gas 25% General Comm 21% Manufacturing 9% Others 13% Real Est & Const 9% Power & Energy 6% Government 5% ICT 5% Consumer Credit 3% Transportation 2% Agriculture (2%) 2% Agriculture 2% Mortgage (2%) 2% Mortgage 2% 28
29 Group NPL Analysis NPL by Sector (Dec. 2009) NPL by Sector (Sep 2013) NPL by Category General Comm 39% N41.4bn N30.0bn N28.7bn N28.9bn N26.7bn N31.0bn Oil & Gas 28% Consumer Credit 9% 18% 22% 25% 28% 22% 12% N31Bn Others 1% Agriculture 8% 74% 58% 52% 52% 57% 73% Real Estate & Constr. 4% Manufacturing 10% Power 1% 8% 20% 23% 20% 21% 15% Jun Sep Dec Mar Jun Sep Substandard Doubtful Lost NPL by Sector (Dec 2012) 29 N28.7Bn General Commerce 34% Oil & Gas 27% Consumer Credit 12% Communication 9% Others 8% Agriculture 4% Real Estate & Constr. 3% Manufacturing 3% Power 0% Comments General Commerce and Oil & Gas accounted for about 67% of total NPLs The Group has managed its credit risk more effectively through its improved risk management practices as demonstrated by < 5% NPL ratio.
30 Group Asset Quality NPL Ratio Coverage Ratio 7.6% 92.5% 128.3% 88.9% 112.1% 103.1% 108.4% 5.2% 4.7% 4.6% 4.1% 4.3% Jun Sep Dec Mar Jun Sep Jun Sep Dec Mar Jun Sep Cost of Risk Comments 6.3% Non-performing loans (NPL) ratios increased slightly to 4.3% in Q3 from 4.1% in H due to interest accruals and prudent classification of sticky accounts. 4.2% 3.3% 2.1% 3.1% 3.4% Cost of risk to remain within sub 5% in Coverage ratio improved to 108% in Sep 2013 from 89% in Dec Jun Sep Dec Mar Jun Sep
31 Group Net Interest Margin Strong Net Interest Margin (NIM) Yield on Earning Assets 10.6% 9.9% 8.8% 8.8% 8.6% 14.7% 14.6% 13.8% 13.4% 13.4% 12.0% Sep Dec Mar Jun Sep Jun Sep Dec Mar Jun Sep Low Cost of Funds Comments 2.8% 2.9% 3.6% 3.5% 3.4% Reduction in NIM by 20 bps due to the impact of CRR on public sector funds as additional funds were sterilized thereby constraining earnings. Despite the impact of the new CRR policy, the bank will continue to protect its margin by leveraging on its Retail Banking strategy to maintain cost of funds below industry average. Cost of funds stood at 3.4% in Q from 3.5% in H Sep Dec Mar Jun Sep
32 Bank Capital and Liquidity Capital Adequacy (CAR) 16.2% 17.5% 16.3% 16.5% 17.1% 15% 15% 15% 15% 15% Comments Liquidity ratio of 36.7% in Q from 48.2% in H on the back of higher mandatory cash reserve requirement for public sector funds The deposit liabilities funded over 77% of the group s total assets Capital adequacy has improved due to the capitalization of H profit. Sep Dec Mar Jun Sep Actual CAR Stat. Minimum Requirement Liquidity 34.1% 42.3% 46.9% 48.2% 36.7% 30% 30% 30% 30% 30% Sep Dec Mar Jun Sep Liquidity Stat. Minimum Requirement 32
33 Outline Executive Summary (by Dr. Alex Otti, GMD) Strategy & Business Update (by Dr. Alex Otti, GMD) 9-Months 2013 Financial Performance (by Abdulrahman Yinusa, CFO) Concluding Remarks (by Dr. Alex Otti, GMD) 33
34 Concluding Remarks The bank continued to deliver positive and sustainable returns as evidenced by the quarteron-quarter profitability since the beginning of the 2012 financial year to date. Following the introduction of our Agent Banking Model BETA Product, specifically targeted at the unbanked and under-banked population, we have launched our youth and school banking proposition as yet another master stroke in the retail space to enable us capture a greater proportion of the growing population. We are also partnering with the largest Telco to further deepen our Retail Banking offerings to their mobile subscriber base. Our Tier 2 capital raising programme continued to be challenged by the persisting pricing volatility in the International debt market. We will continue to monitor the market situation while considering other capital options as already approved by the Shareholders at the last AGM. Finally, notwithstanding the recent regulatory constraints, we have retained the lower limit of our PBT projection for 2013 of circa N30bn as PBT guidance for 2013 financial year. 34
35 35 Thank You
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