OTP Bank First Half 2003 Performance Presented by: Dr. Zoltán Spéder CFO September 2003
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1 OTP Bank First Half 2 Performance Presented by: Dr. Zoltán Spéder CFO September 2
2 Forward looking statements This presentation contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of OTP Bank. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. OTP Bank 1H 2 results
3 Macro assessment (tax cut) 24 (no tax cut) Real GDP growth 3.3% 2.7% 2.6% 2.2% Inflation (average) 5.% 4.7% 6.7% 6.7% Nominal wage increase 16.% 8.% 5.% Consumption 7.8% 6.% 1.8% 1.% Household consumption 8.8% 6.4% 1.9% 1.% Investment growth 5.9% 3.% 3.2% 3.2% ESA95 Balance HUF -1,574 bn HUF -1,4 bn HUF -897 bn HUF -897 bn as a % of GDP -8.4% -5.4% -4.5% -4.5% Current Account Balance EUR -2.8 bn EUR -4.5 bn EUR -4.7 bn EUR -4.7 bn as a % of GDP -4.4% -5.2% -4.6% -4.6% 1yr T-bill yield (average) 9.% 8.6% 8.6% OTP Bank 1H 2 results
4 Interest rate environment 2 1.% 9.5% 9.% 8.5% 8.% 7.5% 7.% 6.5% 6.% 5.5% 5.% 4.5% 4.% 2-Jan Jan 27-Feb 27-Mar 24-Apr 22-May 19-Jun 17-Jul 14-Aug 11-Sep M3 M6 Y1 Y3 Y5 Y1 Y15 2w repo OTP Bank 1H 2 results
5 EUR/HUF environment % -1% % -3% -4% -5% -6% -7% -8% -9% -1% -11% -12% -13% -14% Jan 6- Feb 13- Mar 17- Apr 27- May 2- Jul 6- Aug -15% rate bottom of band from center (Rh) OTP Bank 1H 2 results
6 Evolution of banking system 18, 9% 16, 14, 16,6 65.1% 65.3% 65.1% 64.% 64.5% 14,9 63.9% 65.2% 8% 7% 12, 13,75 6% 1, 8, 8,54 1,87 11, % 32.2% 36.7% 5% 4% 6, 6, % 24.7% 24.6% 26.3% 3% 4, 2% 2, 1% 4,488 5,577 6,571 7,373 8,427 9,521 1, Total banking assets GDP Toal assets as % of GDP Loan/GDP Source: NBH, NSB, OTP Note> GDP data for 31 March 2 is annualized % OTP Bank 1H 2 results
7 Loan growth in 2* (Y-on-Y) 45% 4% 35% Corporate 42.% 36.8% 34.7% 3% 26.6% 25% 29.8% 22.6%22.% 2.2% 18.6% 2% 14.1% 19.7% 13.3% 15% 1% 14.7% 11.9%11.3% 11.3% 5% 9.6% 7.2% 5.8% 7.5% % 7% 6% 5% 4% 3% Municipality 25.4%31.3%35.5%35.6% 29.3% 2% 7.7% 11.8%12.2% 25.5% 1% 14.9% % 7.1% 3.4% 4.8% 27.4% 47.5% 38.2% 41.5% 58.3% 5.4% 44.5% Bank system OTP Bank system OTP Retail Total loans 8% 63.4% 67.6%72.2% 71.% 7% 71.3% 6% 45.3% 47.8% 52.2% 49.1% 46.1% 46.9% 5% 54.8% 4% 43.3% 41.7% 3% 37.2% 3.2% 2% 27.7% 23.2% 22.4% 1% % -3.2% -1% 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % 39.2% 4.9% 45.5% 29.6% 3.5% 31.7% 23.3% 25.3% 24.% 19.7% 23.7% 25.3% 19.8% 19.4% 21.4% 18.8% 21.4% 11.5% 15.6% 13.9% Bank system OTP *Based on new NBH specification used since 1 January 2. Source for sector data: NBH OTP Bank 1H 2 results Bank system OTP
8 Macro: Selected components of RFA 4, 3,6 3, CAGR (Rh-scale) 8% 7% 3,2 67.2% 6% 2,8 5% 2,4 31.2% 3.5% 4% 2, 3% 1,6 16.3% 1,639 11% 14.2% 2% 1, ,9 -.3% Cash HUF Cash FX Bank dep HUF 3.3% Bank dep FX Non eq. securities -11.2% BSE shares Mutual funds Life ins. Reserves Pension fund assets 1% % -1% -2% OTP Bank 1H 2 results
9 Market share total assets 14, 3% 12, 1, 8, 6, 25.% 24.%24.% 23.3% 22.8%22.9% 22.8% 22.7% 22.1% 22.3%22.3% 23.2% 22.7% 22.1% 22.5% 2.7% 15.5%16.6%16.6%17.3%18.1% 16.3% 15.9%15.8% 15.6%15.3% 15.7% 14.5% 14.6% 15.% 15.% 14.% 25% 2% 15% 4, 2, 1,754 1,768 1,865 1,813 1,865 1,931 1,945 1,969 2,4 2,127 2,164 2,185 2,258 2,39 2,534 2,522 5% 1% % Bank sector OTP Bank Market share-total assets Market share-total loans OTP Bank 1H 2 results
10 Balance sheet, interest income 3, Assets, liabilities +15.4% 2,5 Loans, deposits +12.2% 2,5 2, 1,5 1, 5 13% 12% 11% 1% 9% 8% 7% 6% 5% 4% 3% 921 1H assets 1,8 1H liabilities assets 2, 2 liabilities 997 1H assets 2,5 1H liabilities customer treasury non interest earning/yielding 11.9% 11.2%11.1%11.2%11.2%11.%11.%1.9% 9.7% 9.5% 9.6% 9.7% 8.5% 8.5% 6.8% 6.5% 6.3% 6.2% 5.7% 5.6% 5.6% 5.5% 4.7% 4.5% 4.5% 4.5% 3.9% 3.5% 4.8% 4.54% 4.78% 5.4% 5.8% 4.6% 4.94% 5.6% 4.6% 4.63% 4.7% 4.7% 4.31% 4.59% 1Q 1H 9M 12M Yields, spread 1Q 1H Asset yield Spread 9M 12M 1Q 1H 9M 12M Liability yield Margin 1Q 1H 2, % 1,5 1, ,4 1, , H loans 1H 2 loans 2 1H loans 1H deposits deposits deposits retail corporate municipal other Net interest income H inc. 1H exp. 1H NII 2H inc. 2H exp. 2H NII 1H inc. 1H exp. 1H NII OTP Bank 1H 2 results
11 Non interest income Non interest income components +59.1% H 2H 1H Non int. income/total income Other Property transactions Forex trading Securities trading Net fees & commissions Fee and commission income % H 2H 1H account management loans Deposits Retail current acc. Securities. Card business Other Non int. income/average total assets 45% 4% 35% 3% 25% 2% 15% 1% 5% % 41.1% 42.7% 35.% 1H 2H 1H 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% 3.33% 3.43% 2.51% 1H 2H 1H non interest / total income non interest income/ total assets (annualized) OTP Bank 1H 2 results
12 Non interest expenses Non interest expenses Cost/income ratio % H 2H 1H personnel depreciation operational 6% 58% 56% 54% 52% 5% 48% 46% bp 58.% 56.7% 5.4% 1H 2H 1H cost income ratio Non int. expenses/total assets 2.5% 2.2% 2.1% 2.1% 2.% 1.9% 1.5% 1.5% 1.5% 1.%.5%.5%.5%.5%.% 1H 2H 1H personnel depreciation operational annualized Cost rationalization 9,4 14% 9, 12% 1.% 9.8% 9.2% 12.1% 8,6 1% 8,2 9.7% 8% 7,8 5.3% 8,77 6% 7,4 5.4% 8,293 8,497 4% 4.1% 8,137 7, 2% 9,6 8,435 8,188 8,569 6,6 % Average employment Year end employment Inflation Growth in non-interest expenses OTP Bank 1H 2 results
13 Provisioning/loan losses HUF mn Provision structure Provisions/Operating income 8, 6, +49.% 21% 18% 15% 17.4% 2.1% 16.9% 4, 2, 5,376 3,435 3,67 1H 2H 1H loan loss HAR mandatory+other general risk 12% 9% 6% 3% % 1H 2H 1H provisions&loan losses / operating income Provision/Total receivables Provisions/Average total assets 1.2% 1.%.8%.82% 1.5%.72%.8%.7%.6%.5%.52%.71%.67%.6%.4%.4%.3%.2%.2%.1%.% 1H 2H 1H loan loss provisions / receivables (annualized).% 1H 2H 1H total provision / average total assets (annualized) OTP Bank 1H 2 results
14 Loan quality Qualified receivables as % of total receivables Qualified receivables as % of customer receivables 6% 8% 5% 4% 2.% 1.% 2.1% 1.4% 1.4% 1.6% 1.6% 1.2% 1.5% 6% 1.4% 2.7% 2.4% 2.2% 2.7% 1.6% 1.8% 1.7% 1.7% 3% 4% 2% 2% 1% % 3.7% 3.4% 2.4% 2.6% 2.6% 3.% 2.7% 3.2% 3.1% % 5.% 4.5% 3.4% 3.4% 3.3% 3.8% 3.4% 3.9% 3.7% Problem To be monitored Problem To be monitored OTP Bank 1H 2 results
15 Loan quality Qualified loans Provisions, coverage % 6% % 48.6%48.% 4.4%4.3%4.1% 37.8% 37.3% 5% 4% % 2% 1% 5 1 To be monitored Below average Doubtful Bad Qualified Provision Coverage % OTP Bank 1H 2 results
16 Retail deposits Volumes, market share Retail current account deposits 1,4 1,2591,255 1,279 1,2 4.8% 1,77 1,981,1131, % , 44% 42% 4% % 39.4%39.4% 39.1%39.2% 37.6%37.5% 37.2% 36.9% 36.2%36.2% 35.8% 36.% 35.4% 35.7% 35.6% 38% 36% 34% 1 sight term Yields, spread HUF HUF market share FX FX market share 32% 3% 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% % 17.6% 13.2% 15.9% 11.4% 4.4% 4.5% 4.7% 15.1% 15.1% 14.9% 1.5% 11.4% 3.7% 12.% 2.9% 2Q 3Q 4Q 1Q 2Q asset yield liability yield spread OTP Bank 1H 2 results
17 Retail loans %46.7% 49.% 42.7% % 44.3% % % % 24.3% 21.% 21.9% 21.8% 25% 21.1%21.2%2.9% 19.8%18.4% Housing Housing market share Volumes, market share Consumer 17.1% Consumer market share 65% 55% 45% 15% Old Mortgage bank Housing loans Subsidized housing loans Jan- Feb- Apr- May Approval Disboursement Transfer to MB 34 Jul- OTP Bank 1H 2 results
18 Distribution technology Bank cards ATMs 2,, 1,25 1,228 51% 1,75, 1,5, 1,25, 1,2 1,15 1,112 1,127 1,151 1,168 1,183 48% 45% 42% 1,, 75, 1,1 1,72 1,83 1,91 39% 1,5 5, 36% 25, 1, 33% 95 3% Cirrus maestro EC/MC Visa FX Other corp. Othr HUF ATM Market share (est) POS terminals users 2,2 7% 19,4 65% 24, 18,6 17,8 6% 2, 17, 55% 16, 16,2 15,4 5% 12, 14,6 13,8 45% 4% 8, 13, 12,2 35% 4, 11,4 POS Market share (est.) 3% OTP Bank 1H 2 results
19 Corporate business Corporate loans Corporate deposits % % % 13.5% % 4 13.% % 12.5% % 12.8% 11.9% % 12.5% % 12.% % % 16.% 15.% 14.% 13.% 12.% 11.% Corporate SME Entrepreneurs Non-profit market share Yields, spread 1% 8.62% 8.43% 8.69% 8% 6.86% 6.8% 5.71% 5.27% 5.57% 6% 3.8% 3.9% 4% 2% 2.91% 3.16% 3.12% 3.6% 2.91% % 2Q 3Q 4Q 1Q 2Q HUF deposits FX deposits market share % 34.2% 36.1% 33.2% 32.4% Loan quality 6% 5% 4% 3% 2% 1% % asset yield liability yield spread total rec. qualified provision Coverage OTP Bank 1H 2 results
20 Municipality business Municipal loans Municipal deposits % 63.3% 58.8% 55.4% 55.6% 68% 66% 64% 62% 6% 58% 56% 54% 52% % 73.8% % % 6.4% 85% 8% 75% 7% 65% 6% 55% 5% loans market share deposits market share Yields, spread Loan quality 12% 1% 8% 6% 4% 2% % 1.6% 8.8% 9.4% 8.5% 6.7% 4.8% 4.9% 4.8% 4.5% 5.8% 2.9% 4.1% 4.5% 4.% 3.8% 2Q 3Q 4Q 1Q 2Q asset yield liability yield spread % 55.4% % % 1.% % 8% 7% 6% 5% 4% 3% 2% 1% total rec. qualified provision Coverage % OTP Bank 1H 2 results
21 Equity, CAR % 8.2% 8.6% 8.7% 9.5% Equity, gearing equity gearing 9.9% 9.7% 9.5% 9.3% 9.1% 8.9% 8.7% 8.5% 8.3% 8.1% 7.9% 7.7% 7.5% HUF % 16% 12% 8% 4% % % % % 784.8% 852.8% 11.5% 11.3% 12.6% 14.% 14.9% Book value per share Capital adequacy Tier 1 Tier 2 OTP Bank 1H 2 results
22 Efficiency, productivity HUF mn 3 9, HUF mn 12 8,9 29 8, ,9 8,8 11 8,8 8,752 8, ,566 8,789 8, ,6 8,7 8,6 8, ,5 8, ,7 8,6 8, ,4 8,3 7 8, ,4 25 8,2 8, ,3 8,2 24 8, 4 2Q 3Q 4Q 1Q 2Q 8,1 Total assets/employee Employees average employees PAT/employee OTP Bank 1H 2 results
23 Performance indicators Non-interest vs. total income Cost income ratio 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % 44.3% 42.7% 35.3% 36.7% 38.6% 1H2 9M 2 2 1Q 2 1H2 7% 6% 5% 4% 3% 2% 1% % 57.8% 56.7% 57.2% 48.1% 5.4% 1H2 9M 2 2 1Q 2 1H2 Provisioning vs. operating income Provisioning vs. customer receivables 21% 19% 17% 15% 17.4% 18.4% 18.9% 16.9% 1.2% 1.%.8%.82%.93%.95% 1.%.72% 13% 12.%.6% 11% 9% 7%.4%.2% 5% 1H2 9M 2 2 3M2 1H2.% 1H 2 9M 2 2 3M2 1H2 OTP Bank 1H 2 results
24 Bank ROA, ROE ROAE annualized ROAA annualized 4% 3.3% 35% 3.1% 3% 2.9% 25% 2.7% 2% 2.5% 2.3% 15% 2.1% 1% 1.9% 5% 1.7% % 2 1H 2 1H ROAE nominal ROAE real Strategic target (real, min.) 1.5% 2 1H 2 1H ROAA Strategic target OTP Bank 1H 2 results
25 Consolidated subsidiaries HUF million rounded 1H2 1H2 1H/1H Merkantil Bank Ltd. 1,2 1, % Merkantil Car Ltd % Merkantil Bérlet Ltd % OTP Building Society Ltd % OTP Mortgage Bank 315 3, % OTP Banka Slovensko a. s. (84) % OTP-Garancia Insurance Ltd. 85 1,2 28.2% OTP Fund Management Ltd. 1,621 2, % HIF Ltd % OTP Real Estate Ltd % OTP Factoring Management Ltd % OTP Factoring Ltd % Bank Center No I. Ltd % OTP Fund Servicing and Consulting Ltd % OTP Mérleg Ltd. (53) 53 2.% Other subsidiaries % Pre-tax profits of subsidiaries 7,223 1, % Consolidated pre-tax profits 31,319 5, % Subsidiaries' proportion 23.1% 2.2% -2.8% OTP Bank 1H 2 results
26 Results of selected subsidiaries Results before consolidation for 1H 2 HUF million Merkantil Bank Ltd. Merkantil- Car Ltd. Merkantil Bérlet Ltd. OTP Building Society Ltd. OTP Mortgage Bank Ltd. OTP Banka Slovensko a.s. OTP- Garancia Insurance Ltd. OTP Fund Managemen t Ltd. HIF Ltd. OTP Real Estate Ltd. OTP Factoring Ltd. Total interest income 4,541 4,57 1,876 23, 4, Total interest expense 1,351 1, ,199 2, Net interest income 3,189 2,829 1,235 11,831 2, Net fees & commissions , , ,76 2, Non interest income , , ,14 2, ,89 1,241 Share of non interest income in total income -18.9% -44.4% 1.% -31.1% -13.3% 29.% 1.% 1.% 29.7% 1.% 99.8% Total income 2,683 1,959 1, ,137 3,5 29,14 2, ,89 1,244 Operating costs 1, , ,627 3,192 27, , Cost/Income ratio 53.4% 28.1% 95.% 64.8% 31.7% 15.5% 96.2% 15.7% 77.7% 69.4% 48.1% Operating income 1,249 1, , ,113 2, Provisions and loan losses Income before income taxes 1, , ,2 2, Taxes After tax profits , , OTP Bank 1H 2 results
27 Consolidated indicators After tax profits H 2H 1H HUF Undiluted EPS H 2H 1H ROAA (annualized) ROAE (annualized) 3.1% 2.6% 2.2% 1.7% 2.14% 2.2% 2.18% 2.9% 2.9% 35% 3% 25% 2% 33.3% 32.2% 28.7% 26.7% 27.1% 27.9% 26.2% 21.7% 2.8% 2.9% 1.3% 15%.9% 1%.4% 5%.% 1H 9M 2 1Q 1H % 1H 9M 2 1Q 1H OTP Bank 1H 2 results Nominal Real
28 2 Bank targets Balance sheet Year end HUF mn 2 2 Change Target Balance sheet total 2,39,12 2,586, % 2,522,64 Loans 951,747 1,82, % 997,6 Retail 329,829 31,127-6.% 39,368 - Housing 212,39 173, % 186,775 - Consumer 117, , % 122,593 Corporate 558,59 7, % 621,15 Municipal 63,328 69, % 66,533 Loan to asset ratio 39.8% 41.9% 5.1% 39.5% Shareholders equity 25, , % 238,438 OTP Bank 1H 2 results
29 2 Bank targets Profit generation HUF billion 2 Target Change 1H 2 Interest income % 95.1 Interest expenses % 38.4 Net interest income % 56.7 Net fee and commission income % 4. Total income % 99. Personnel expenses % 18.8 Total non-interest expenses % 49.9 Operating profit % 49.1 Risk expenses % 8.3 Pre-tax profit % 48.1 After tax profit % 4.3 OTP Bank 1H 2 results
30 2 Bank targets BSC indicators 2 2 Target Change 1H 2 Net interest margin 4.7% 4.45% -.25% 4.59% Non interest income/total income 38.6% 44.3% 5.7% 42.7% Cost income ratio 57.2% 56.6% -.6% 5.4% ROAA 2.9% 2.31%.22% 3.28% ROAE 25.9% 25.4% -.5% 36.3% Real ROE 2.6% 2.4% -.2% 32.% Dividend payout ratio (per share) HUF 6 HUF 6 n. m. OTP Bank 1H 2 results
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