26 October 2016 MEXICO. January September 2016
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1 26 October 2016 MEXICO January September 2016
2 Disclaimer IMPORTANT INFORMATION Banco Santander, S.A. ( Santander ) Warns that this presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning the development of our business, and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, debtors or counterparties. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America (the SEC ), could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including where relevant any fuller disclosure document published by. Any person at any time acquiring securities must do so only on the basis of such person s own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation. In making this presentation available, Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Santander or in any other securities or investments whatsoever. No offering of Securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933 as amended, of an exemption there from. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act Note: statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, historical share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. Note: The results information contained in this presentation has been prepared according to Spanish accounting criteria and regulations in a manner applicable to all subsidiaries of the Santander group ad, as a result, it may differ from the ones discloses locally by Santander Mexico. Note: The Information contained in this presentation shall not be used or considered under any circumstances as a petition for sale or buy in the terms of the Ley del Mercado de Valores. (Mexican Securities Market Law regulation). 2
3 Agenda Macro-economic environment and financial system Strategy and business Results Appendix
4 Macro-economic environment Economic growth has slowed reflecting increased global uncertainties Annual GDP Growth (%, real) Central Bank monetary policy (%, end of year) * 2.3* * 5.25* (e) 2017 (e) (e) 2017 (e) Inflation (%, annual change) Average exchange rate (MxP/USD) (e) 2017 (e) Source: INEGI, BANXICO, Santander * Revised from previous quarter (e) 2017 (e) 4
5 06/10/ /10/ /10/ /11/ /11/ /12/ /12/ /01/ /01/ /02/ /02/ /02/ /03/ /03/ /04/ /04/ /05/ /05/ /05/ /06/ /06/ /07/ /07/ /08/ /08/ /08/ /09/ /09/ /10/2016 Macro-economic environment The US election affected FX volatility and local monetary conditions. Domestic demand remains strong despite adverse global conditions FX (MxP/USD) Banxico s Interest Rate (%) % 4.50% 4.00% 3.50% 3.00% 2.50% Sep-16 Aug-16 Jul-16 Jun-16 May-16 Apr-16 Mar-16 Feb-16 Jan-16 Dec-15 Nov-15 Oct-15 Auto Sales (YoY growth, %) Private Consumption(YoY growth, %) 30.0% 20.0% 25.0% 20.0% 15.0% 10.0% 5.0% 15.0% 0.0% 10.0% 5.0% 0.0% -5.0% -10.0% jan-15 feb-15 mar-15 abr-15 may-15 jun-15 jul-15 ago-15 sep-15 oct-15 nov-15 dic-15 jan-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 jan-15 feb-15 mar-15 abr-15 may-15 jun-15 jul-15 ago-15 sep-15 oct-15 nov-15 dic-15 jan-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 Private Consumption Imported Goods Domestic Goods 5 Source: INEGI, AMIA, BANXICO
6 Financial system: Loan and deposit growth Slight deceleration in system loan and deposit growth Total loans ( bn currency-neutral) YoY (%) 16.6% 14.8% 13.9% 15.2% 13.5% Consumer loans remain stable S'15 D'15 M'16 J'16 Aug'16 Total deposits ( bn currency-neutral) YoY (%) % % 12.3% 15.0% % System deposits with a YoY deceleration in demand and term products S'15 D'15 M'16 J'16 Aug'16 6 Source: CNBV Banks as of Aug 2016 (last available)
7 Agenda Macro-economic environment and financial system Strategy and business Results Appendix
8 Our Franchise Santander México: one of the leading financial groups in the country Business and Results currency-neutral 9M 16 Var. YoY Gross Loans ( bn) % Deposits ( bn) % Consolidated profit ( MM) % Attributable profit ( MM) % Network and Customers Total customers (MM) 9M % Branches (#) 1, % ATMs (#) 6, % Market Share 1 Aug 16 Loans 14.4% Deposits 13.6% Source: CNBV Banks (1) As of Aug 2016 (last available) 8
9 Strategy Focus on innovation and operational transformation Goals Be the market leader in profitability and growth Strategic priorities STRENGTHEN POSITION IN RETAIL Retain existing customers Become their primary bank Acquire new highpotential customers CONSOLIDATE KEY MARKETS SMEs and mid-market Corporate banking Mortgages Enablers OPERATING MODEL Technology and infrastructure Talent, quality and processes Marketing and branding 9
10 Customers: KPIs follow up Retail Payroll (k) +12% 2,969 3,319 Sep'15 Sep'16 Over 700,000 Santander Plus clients to-date. 50% new customers. Drives client attraction, transactionality, loyalty and digitalization (launched May 16) Leverage unique position in corporate sector, mainly middle-market and SMEs which drive bulk of employment Maximize recent regulatory changes that enable payroll portability SMEs Loan Portfolio (2) (MXN MM) +11% 60,378 66,843 Further develop new SME II segment (from 50 to 200 million pesos of annual sales) Sep'15 Sep'16 Credit Card Accounts (k) 2, % 2,770 Attract new clients and increase engagement efforts +300,000 (1) Aeromexico co-branded card customers (launched Feb 16) Sep'15 Sep'16 Digital Customers (k) % 1,179 Improve on-boarding processes to new channels Implement new multichannel on-boarding strategy Add new functionality to digital platform Launched upgraded mobile banking app Sep'15 Sep'16 10 (1) As to date (2) SMEs commercial loan portfolio
11 Total loans performance 13.8% YoY loan growth maintaining aim of maximizing RWA returns Total gross loans ( bn currency-neutral) Sep 16 YoY (%) QoQ (%) 13.8% 4.7% S 15 D'15 M'16 J'16 S'16 Total Individual Mortgage Consumer credit Credit Cards Total Corporates SMEs (1) Middle Market Corporates Government Total Loans Source: Mexican GAAP criteria (excludes cross border loans) (1) SMEs commercial loan portfolio 11
12 Total customer funds performance Deposit base increased 10% YoY driving mix enhancement Total deposits ( bn currency-neutral) 10.0% -0.2% Sep 16 YoY (%) QoQ (%) Demand Time Total deposits S 15 D'15 M'16 J'16 S'16 Mutual funds distributed Total Customer funds Source: Mexican GAAP criteria (excludes derivatives positions) 12
13 Agenda Macro-economic environment and financial system Strategy and business Results Appendix
14 (1) Average exchange rate as of September 2016 (9M 16) (2) TIIE quarter average Net interest income and spreads Higher interest rates and solid loan growth and demand deposit increase boost 9M 16 NII 14.7% YoY Net Interest Income ( MM currency-neutral 1 ) Loan spreads (%) Retail Banking Total Loans 3Q15 4Q15 1Q16 2Q16 3Q16 Deposit spreads (%) 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Retail Banking TIIE (%) Total Deposits 2.0 3Q15 4Q15 1Q16 2Q16 3Q16 14
15 Net fees Cash management & mutual funds drive 4.2% 9M 16 net fee growth Net fees ( MM currency-neutral 1 ) Q'15 4Q'15 1Q'16 2Q'16 3Q'16 9M 16 9M 15 YoY(% QoQ(%) Insurance Cash Management Credit Cards Mutual Funds Financial Advisory Capital Markets & Securities Total (1) Average exchange rate as of September 2016 (9M 16)
16 Gross income Gross operating income up 13.4% YoY in 9M 16; resilient sequential growth Gross income ( MM currency-neutral 1 ) M 16 9M 15 YoY(%) QoQ(%) Net Interest Income 1,770 1, Net Fees Subtotal 2,302 2, Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Other Gross income 2,375 2, (1) Average exchange rate as of September 2016 (9M 16) (2) Other includes Gains (losses) on financial transactions and Other operating income
17 Operating expenses Higher profitability drives efficiency improvement; offsets commercial initiative costs Operating expenses ( MM currency-neutral 1 ) M 16 9M 15 YoY(%) QoQ(%) General admin. expenses Depreciation and amortization Operating expenses Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Efficiency ratio (with amortizations) 40.0% 42.0% Number of branches 1,387 1,354 Number of employees 16,828 17, (1) Average exchange rate as of September 2016 (9M 16)
18 Net operating income after loan-loss provisions (LLPs) Asset quality focus drives improvement in NPLs with stable cost of credit LLPs and Cost of credit ( MM currency-neutral 1 ; %) Cost of credit Net LLPs 2.9% 2.9% 3.0% 3.0% 2.9% M 16 9M 15 YoY(%) QoQ(%) Net Operating Income 1,425 1, LLPs Net op. income after LLPs Q'15 4Q'15 1Q'16 2Q'16 3Q'16 NPL ratio 3.0% 3.5% NPL Coverage ratio 101.9% 93.0% 18 (1) Average exchange rate as of September 2016 (9M 16)
19 Attributable profit Profitable growth strategy drives 19.0% YoY expansion in accumulated attributable profit Attributable profit ( MM currency-neutral 1 ) M 16 9M 15 YoY(%) QoQ(%) Profit before taxes Tax on profit Net income Q'15 4Q'15 1Q'16 2Q'16 3Q'16 Attributable profit Effective tax rate 22.2% 21.7% 19 (1) Average exchange rate as of September 2016 (9M 16)
20 Conclusions Market Environment & Financial System Uncertainty around the US election, together with a deterioration of Mexico s external accounts mainly due to the oil industry, have increased market volatility The volatility will remain affecting financial variables during 4Q16, thus causing monetary authorities to keep a tight stance in order to reduce secondary effects on prices from FX volatility Economic growth has been affected by a deceleration of manufacturing industry, although private consumption remains strong despite a decline in consumer confidence Strategy & Business Implementing strategic initiatives across the company to become a client centric bank and the leader in profitability in Mexico. Strengthening our position in retail banking and consolidating leadership position in key products and markets, while realizing the potential of our investment and corporate banking business (launched Santander Plus and Aeromexico co-branded credit card) Three-year strategic plan focuses on upgrading technology and infrastructure, talent, quality, processes and branding Increased focus on profitability of RWA Total loans up 13.8% while aiming to maximize RWA returns Results Solid NII performance supported by net fees and trading gains drives 13.4% YoY increase in gross operating income Strong focus on asset quality reflected in YoY improvement in NPL ratio with stable cost of credit Higher profitability drives efficiency improvement offsetting costs to support commercial initiatives 20
21 Agenda Macro-economic environment and financial system Strategy and business Results Appendix
22 Balance sheet EUR million. Currency-neutral* Variation 30-sep sep-15 Amount % Customer loans ** 27,757 24,615 3, Financial assets held for trading (w/o loans) 12,749 16,104 (3,355) (20.8) Available-for-sale financial assets 6,595 4,311 2, Central banks and credit institutions ** 8,485 5,901 2, Tangible and intangible assets Other assets 5,708 5,849 (141) (2.4) Total assets/liabilities & shareholders' equity 61,653 57,097 4, Customer deposits ** 25,982 23,168 2, Debt securities issued ** 5,229 4, Liabilities under insurance contracts Central banks and credit institutions ** 9,820 10,295 (476) (4.6) Other liabilities 16,571 14,666 1, Stockholders' equity *** 4,052 4,404 (353) (8.0) Off-balance-sheet funds 10,937 10, Mutual funds 10,937 10, Pension funds Managed portfolios Customer funds under management 42,147 37,885 4, * End of period exchange rate 30-Sep-16 ** Includes all stock of concept classified in the balance sheet *** Capital + reserves + retained profit + valuation adjustments 22
23 Income statement EUR million. Currency-neutral* Variation 9M16 9M15 Amount % Net interest income 1,770 1, Net fees Gains (losses) on financial transactions Other operating income** (23) (46) 23 (49.5) Gross income 2,375 2, Operating expenses (950) (879) (71) 8.1 General administrative expenses (868) (804) (64) 7.9 Personnel (450) (427) (22) 5.3 Other general administrative expenses (418) (377) (41) 11.0 Depreciation and amortisation (82) (74) (7) 9.7 Net operating income 1,425 1, Net loan-loss provisions (629) (562) (67) 11.9 Other income (22) 5 (28) Profit before taxes Tax on profit (172) (143) (29) 20.0 Profit from continuing operations Net profit from discontinued operations Consolidated profit Minority interests Attributable profit to the Group * Average exchange rate 9M16 ** Including dividends, income from equity-accounted method and other operating income/expenses 23
24 Quarterly income statements EUR million. Currency-neutral* 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Net interest income Net fees Gains (losses) on financial transactions Other operating income** (12) (11) (23) (16) (9) (5) (9) Gross income Operating expenses (293) (293) (293) (301) (314) (318) (318) General administrative expenses (268) (267) (270) (278) (285) (289) (294) Personnel (138) (144) (146) (142) (148) (159) (142) Other general administrative expenses (130) (123) (124) (135) (137) (130) (152) Depreciation and amortisation (25) (26) (23) (23) (29) (29) (24) Net operating income Net loan-loss provisions (174) (186) (202) (193) (216) (214) (199) Other income 6 (2) 1 (9) (6) (11) (5) Profit before taxes Tax on profit (49) (51) (43) (60) (54) (52) (66) Profit from continuing operations Net profit from discontinued operations Consolidated profit Minority interests Attributable profit to the Group * Average exchange rate 9M16 ** Including dividends, income from equity-accounted method and other operating income/expenses 24
25 Thank you Nuestra Our purpose misión to es help contribuir people al and progreso de las businesses personas prosper. y de las empresas. Nuestra Our culture cultura is based basa on the en la belief creencia that de que everything todo lo we que do hacemos should debe ser
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