PRESENTATION INTERNATIONAL FINANCIAL INSTITUTIONS SEPTEMBER 2017 21 Nov. 2017 Version
Contents 01 02 03 04 05 06 Section 1 ABank Overview Section 2 Ownership Section 3 Business Strategy Section 4 Financial Overview Section 5 Turkish Macroeconomy and Banking Sector and Regulatory Environment Section 6 Balance Sheet and Income Statement Görsel değişecek (Pınar Altınok) 2
01 Section 1 ABank Overview 3
Brief History of ABank ABank was incorporated as a joint stock company November 1991 Share trading started on the Istanbul Stock Exchange July 1995 The Commercial Bank (CB) acquired 70.84% of ABank s shares July 2013 The Commercial Bank (CB) initiated squeezeout process of 0.75% shares July 2014 In 2015 «Transformation Project» strategy kicked off and transformation started Squeeze-out process of 0.75% shares finalized and Commercial Bank (CB) shares reached 75% July 2015 1991 1992 1995 1996 2013 2014 2015 2016 2017 ABank commenced operations February 1992 Source: ABank Investor Relations ABank began to The Commercial Bank operate under the (CB) acquired majority ownership of additional equity the Anadolu Group interest of 3.40% 1996 September 2013 On 19 December 2016 The Commercial Bank has acquired the remaining 25% shares from Anadolu Endüstri Holding A.Ş. and ABank became 100% subsidiary of the CB. Implementation of New Business Strategy 4
Key Figures Key Figures As of 30 Sep 2017 - - - - - - - - - - - - - - - - - - - - - Total Assets TL 19.0 bn - - - - - - - - - - - - - - - - - - - Total Deposits TL 9.5 bn - - - - - - - - - - - - - - - - - - - - - Cash Loans and Leasing Receivables TL 13.2 bn - - - - - - - - - - - - - - - - - - - - - Net Profit / (Loss) TL 87.8 mio - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Shareholders Equity TL 1.7 bn - - - - - - - - - - - - - - - - - - - CAR 17.95% - - - - - - - - - - - - - - - - - - - Source: Based on consolidated financial statements as of 30 September 2017 in accordance with BRSA regulations Note: As of 30 Sep 2017: 1 USD = 3,5521 TL 5
Ratings ABank s Ratings From Moody s ABank s Ratings From Fitch Moody s LT Rating ST Outlook Fitch LT Rating ST Outlook Foreign Currency Deposit Ba2 NP Negative Local Currency Deposit Ba1 NP Negative National Aa1.tr TR-1 Negative Foreign Currency IDR BBB- F3 Stable Local Currency IDR BBB- F3 Stable National (LT) AAA (tur) Stable Ratings of The Commercial Bank (P.S.Q.C.) Foreign Currency Rating Agency Outlook LT ST Moody s A2 P-1 Negative S&P BBB+ A-2 Negative Fitch A F1 Negative Both Fitch and Moody s emphasize The Commercial Bank (P.S.Q.C.) s strong support potential to ABank. Source: ABank Investor Relations; ABank and The Commercial Bank PSQC Rating Reports sourced from Moody s, S&P and Fitch 6
02 Section 2 Ownership 7
ABank - Ownership The Commercial Bank acquired 70.84% on 18 July 2013 and an additional equity interest of 3.40% in September 2013. On 2 July 2014 CB has initiated squeeze out process to procure the remaining publicly held shares of 0.75% in ABank. The process has been completed in July 2015 and CB ownership reached 75%. 100% The Commercial Bank (P.S.Q.C.) Ownership On 19 December 2016 The Commercial Bank has acquired the remaining 25% shares from Anadolu Endüstri Holding A.Ş. and ABank became 100% subsidiary of the CB. 8
The Commercial Bank (P.S.Q.C.) Key Facts Highlights Key Figures as of 30 Sep 2017 Qatar s first private bank founded in 1975, and one of the largest conventional bank in terms of total assets. Proven strength in Retail Banking and a leading credit card provider. Leading corporate and trade finance bank in Qatar. Major issuer of Guarantees for large projects in Qatar. Wide distribution network with 29 full service branches and 174 ATMs. Presence in Turkey, UAE and Oman through Alternatifbank, National Bank of Oman and United Arab Bank. Diversified funding and large investor base through GDR and EMTN programme listings in London, as well as Swiss Franc bond issuance in Switzerland. Systemic importance to the Qatari banking sector given the Bank s scale. Relationships with majority of large Corporates in Qatar and strong market shares across all sectors. Recognized for high quality corporate banking services; including trade finance, structured finance, cash management, origination & syndications, investment banking services and treasury solutions. Strong credit ratings; Moody s: A2, Fitch: A, S&P: BBB+ - - - - - - - - - - - - - - - - - - - Total Assets $ 35 Bn - - - - - - - - - - - - - - - - - - - Total Loans $ 22 Bn - - - - - - - - - - - - - - - - - - - Net Profit $ 69 mio - - - - - - - - - - - - - - - - - - - CAR 16 % - - - - - - - - - - - - - - - - - - - Total Deposits $ 19.5 Bn - - - - - - - - - - - - - - - - - - - Total Equity $ 5.6 Bn - - - - - - - - - - - - - - - - - - - ROAE 1.7% - - - - - - - - - - - - - - - - - - - 9
The Alliance Strategy With the recognition of the need to diversify the revenues and growth opportunities in the region, and to develop profitable business strategies, CB formed an Alliance among its partner banks that will allow a mutually beneficial exchange of product knowledge and services, as well as human capital, which in return, will increase shareholder value and achieve profitability for the Alliance.. UNITED ARAB BANK NATIONAL BANK OF OMAN CB ABank Ownership 100% # Branches 53 UAB Ownership 40% # Branches 22 Turkey Qatar UAE Oman # Branches 29 NBO Ownership 34.9% # Branches 66 The Commercial Bank ownership: 40% Founded in 1975. UAE wide network of 22 branches. Rated Baa2 by Moody s. 4 out of 9 board members are nominated by CB The Commercial Bank ownership: 34.9% Founded in 1973. 66 branches in Oman, one in Egypt and two in the UAE. Rated Baa2 by Moody s. 4 out of 11 board members are nominated by CB United Arab Bank Key Figures 30 Sep 2017 National Bank of Oman Key Figures 30 Sep 2017 - - - - - - - - - - - - - - - - - - - - - Total Assets $ 5.6 bn - - - - - - - - - - - - -- - - - - - Total Loans $ 3.4 bn - - - - - - - - - -- - - - - - - - - Total Deposits $ 3.8 bn - - - - - - - - -- - - - - - - - - - Shareholder s Equity $ 595 mio - - - - - - - - - -- - - - - - - - - Net Profit $ 13 mio - - - - - - - -- - - - - - - - - - - ROAE 2.1 % - - - - - - - - - - - - - - - - - - - - - Total Assets $ 8.9bn - - - - - - - - - - - - - - - - - - Total Loans $ 7 bn - - - - - - - - - - - - - - - - - - Total Deposits $ 6.4 bn - - - - - - - - - - - - - - - - - - Shareholder s Equity $ 1.1 bn -- - - - - - - - - - - - - - - - - - Net Profit $ 82.6mio - - - - - - - - - - - - - - - - - - - - ROE 9.54% 10
03 Section 3 Business Strategy 11
Business Segments Corporate Banking Commercial Banking Retail Banking Companies with over TL 150 million annual turnover. Objective to become the prime counterpart of the subject customer. Maximum use of CB and Alliance Banks synergies. Trade finance is one of the major areas of focus under Corporate Banking. Companies with up to TL 150 million turnover, with particular focus between TL 40 million TL 150 million turnover. Cross-sell opportunities and diversified income generation capabilities to be pursued. Major focus on mass affluent and affluent individual / professional customers and micro enterprises. Deposit collection, salary payments and extending loans through alternative distribution channels. Exclusive Banking to target customers of Alliance Banks. 12
Branch Network An efficient network of 53 branches covering major industrialized regions of Turkey, where more than 85% of the GDP is generated. Well equipped branches servicing customers in all business segments. 7 Branches are specially designated as Corporate Branches. Corporate Branches ISTANBUL Buyaka, Güneşli, İstanbul and Kozyatağı Tekirdağ (1) Manisa (1) İzmir (3) Aydın (1) Istanbul (24) Kocaeli (3) Samsun (1) Adapazarı Bursa (2) (1) Ankara (5) Muğla (1) Denizli (1) Eskişehir (1) Antalya (1) Konya (1) Mersin (1) Kayseri (1) Adana (1) Gaziantep (2) Trabzon (1) ANKARA Orta Anadolu Branch IZMIR Ege Branch GAZİANTEP Gaziantep Branch 13
Financial Subsidiaries - ALease Summary Key Financials Established in 1997 and became a wholly owned subsidiary of ABank in November 2013 Mid-sized leasing company, with a market share of 3.0% as of June 2017 in lease portfolio basis among 26 firms ALease s activity is also supervised by ABank through common risk, audit and asset and liabilities management committees ALease benefits from the Bank s distribution network (37% of ALease s sales were realized by ABank s branches), technology and other operational functions ALease has 3 branches located in Ankara, İzmir and Adana and diversifies its delivery channels via vendors and direct marketing ALease s Ratings from Fitch TL mio Sep 16 Sep 17 % Change Net Lease Receivables 1,102.4 1,479.1 34.2% Total Assets 1,231.9 1,607.8 30.5% Borrowings 1,060.6 1,392.5 31.3% Total Equity 129.9 151.0 16.3% Interest Income,net 30.4 32.6 7.4% Income Before Tax 20.4 18.3-10.1% Net Income for the period 16.9 15.5-8.5% Foreign Currency Long-Term Short- Term Support Rating Turkish Lira Long-Term Short- Term National BBB- F3 2 BBB- F3 (Stable) (Stable) Source: Company information, included in BRSA Consolidated Financial Statements AAA(tur) (Stable) 14
Financial Subsidiaries AInvest (AMenkul) Summary Key Financials Established in 1997 and is a wholly owned subsidiary of ABank. AInvest provides boutique investment banking services to its clients as well as Corporate Finance, Investment Advisory and Discretionary Portfolio Management services. TL mio Sep-16 Sep-17 Total Assets 20,8 71,2 Commission Income, net 1,3 1,9 Interest Income, net 1,7 2,1 Net Income for the period (0,5) 1,1 Source: Company information, included in BRSA Consolidated Financial Statements 15
04 Section 4 ABank Financial Overview 16
Key Financials Total Assets (TL mio) Cash Loans (TL mio)* 14.065 25% 17.591 18.988 8% 10.101 14% 11.501 15% 13.186 2015 Dec 2016 Dec 2017 Sep Net Profit (TL mio) 88 75 2015 Dec 2016 Dec 2017 Sep (*) Including leasing receivables Deposits (TL mio) 8.798 9.511 8% 6.238 41% -13 2015 Sep 2016 Sep 2017 Sep 2015 Dec 2016 Dec 2017 Sep Source: Based on consolidated financial statements as of 30 September 2017 in accordance with BRSA regulations
Key Financials Balance Sheet Performance Ratios TL mio Dec-15 Dec-16 Sep-17 Total Assets 14,065 17,591 18,988 Cash Loans & Leasing Rec** 10,101 11,501 13,186 Deposits 6,238 8,798 9,511 Shareholders' Equity 1,015 1,265 1,679 Subordinated Loan 768 1,505 1,279 Dec-15 Dec-16 Sep-17 ROAE 7.0% 2.7% 8.0% ROAA 0.5% 0.2% 0.6% NPL Ratio 4.9% 5.0% 3.9% Coverage Ratio 54.4% 61.4% 61.3% Loan to Deposits Ratio 145.1% 116.3% 124.2% * Loan to deposit ratio: Leasing receivables excluded Capital Dec-15 Dec-16 Sep-17 CAR 14.2% 17.0% 18.0% Tier 1 ratio 8.7% 7.1% 9.9% Shareholders' Equity (TL m) 1,015 1,265 1,679 Source: Based on consolidated financial statements as of 30 September 2017 in accordance with BRSA regulations 18
Balance Sheet Composition Asset Composition Liabilities Composition Cash Securities Loans & Leasing Rec Other Deposits Money Markets Funds Borrowed Equity Other 3% 3% 3% 73% 67% 71% 6% 14% 14% 18% 17% 13% 2015 Dec 2016 Dec 2017 Sep 10% 17% 17% 7% 7% 9% 36% 22% 21% 3% 3% 4% 44% 50% 50% 2015 Dec 2016 Dec 2017 Sep Other assets include: tangible and intangible assets, assets for tax and other assets. Other liabilities include: other liabilities, provisions and miscellaneous payables Source: Based on consolidated financial statements as of 30 September 2017 in accordance with BRSA regulations 19
Capitalization Summary TL 210 million capital injection in December 2016. USD 75 million AT1 Loan in July 2017. * Shareholders equity increased to TL 1.679 million as of 30 Sep 2017. Total capital adequacy ratio of 17.95% as of 30 September 2017, well above regulatory minimum. Risk Weighted Assets (TL mio) Credit Risk Market Risk Operational Risk 939 51 925 959 153 149 10.778 14.066 14.305 Shareholders Equity (TL mio) 1,679 1.015 1.265 2015 Dec 2016 Dec 2017 Sep Capital Adequacy Ratio 16,98% 17,95% 14,16% 2015 Dec 2016 Dec 2017 Sep 2015 Dec 2016 Dec 2017 Sep Source: Based on consolidated financial statements as of 30 September 2017 in accordance with BRSA regulations * USD 75 million tranche of the USD 125 million subordinated loan which has originally been received in June 2015 has been converted to AT1 on 31 July 2017. 20
Loan Portfolio Composition (Q3 2017) Tourism and Hotels; 2,2% Mining; 2,1% Other; 8,6% Construction; 18,0% Food; 2,9% Other Manufacturing; 3,0% Textile; 3,7% Logistic; 4,1% Metal Industry; 4,6% Banking; 5,5% Energy; 5,7% Services; 7,3% Non-Banking; 8,9% Retail Trading; 12,1% Wholesale Trading; 11,2% Breakdown of «Other» 8,6% Plastic and Rubber 1,6% Chemical Products 1,3% Agriculture 1,1% Electrical Equipment 1,1% Automotive 1,0% Machinery 0,8% Forest Products and Paper 0,6% Communication 0,5% Health and Social Services 0,4% Education 0,1% The loan portfolio is well diversified across industry sectors. We pay particular attention to more effective utilisation of capital, and maintaining a high level of asset quality within the context of Basel III compliance Source: ABank Investor Relations; ABank BRSA Consolidated Financial Statements as of 30 September 2017 21
ABank Funding Sources Q3 2017 Funding Structure 29% Deposits; 57,2% Syndicated & Bilateral Loans; 11,2% Loans from the DFIs; 3,3% MM - Repos - Local Bonds; 4,7% Senior Eurobond; 5,3% Subordianted & AT1 Bonds & Loans; 9,1% Other *; 9,2% * Other include ALease s funds borrowed as well as ABank s other sources of funds apart from those indicated on the pie-chart Loan name Tenor Outstanding as of Q3 2017 (USD mio) Bilateral Loans 6m - 1 yr 235 Syndicated Loan 1 yr 228 LT Bilateral Loans 1-3 yrs 60 Loans from the DFIs 1-10 yrs 157 Eurobond (Senior) 5 yrs 250 Subordinated Instr. 10 yrs 350 AT1 Loan Perpetual 75 Share of Funds From International Markets as of Q3 2017 TOTAL 1.355 AT1 Loan Conversion in July 2017 USD 75m Basel III compliant Subordinated Loan in June 2015 USD 125m Basel III compliant Tier 2 Eurobond issuance in April 2016 USD 300m Syndicated Loan facility renewed in July 2017 with the support of 17 banks USD 228m ABank s funding strategy aims to lengthen the maturity profile, diversify the resources and reduce costs Source: ABank Investor Relations; ABank BRSA Consolidated Financial Statements as of 30 September 2017 22
ABank s Succesful Tier 2 Eurobond Issuance Transaction Highlights In April 2016, Alternatifbank A.Ş. ( ABank ) issued a US$300m 10NC5 RegS Only Subordinated Basel III Compliant Tier 2 offering The transaction was preceded by a comprehensive roadshow during which ABank s senior management met accounts across the Middle East, Asia, UK and Switzerland The deal received broad appetite from over 160 international investors and was closed with 4.2 times oversubscription stemming from a high investor demand. The momentum in the order book enabled ABank to achieve an attractive coupon pricing and deal was closed at considerably inside of IPTs of 10% area. Breakdown of Investor Base Fund Managers 47% Insurance / Pension 3% Transaction Banks / Private Banks 50% Middle East 16% Asia 14% Rest of Europe 17% Other 2% UK 27% Switzerland 24% Initial demand reaching USD 500 million shortly after the opening of the books and total order book exceeding USD 1.3 billion just before closing displayed the intensity of investor interest. The pricing has been revised in three steps leading to an overall tightening of around 100bp. On the back of strong investor appetite, final pricing has reached at 9% (MS + 783) with coupon materialized at 8.75%. The transaction highlights the investor interest in Turkish capital market transactions as well as in ABank as an important subsidiary of The Commercial Bank PSQC. This is ABank s second issuance in the Eurobond market, following the inaugural USD 250mn 5yr senior unsecured CB-guaranteed transaction in July 2014. Issuer: Alternatifbank A.Ş. Issue Ratings: Ba2 / BBB- (Moody's / Fitch) Format: Reg S Only Regulatory Treatment: Basel III Tier 2 Capital Maturity: 10NC5 due April 2026 Size: USD 300mn Coupon: 8.750% Reoffer Yield: 9.000% Reoffer M/S Spread: 783.3bp Reoffer Price: 99.01% Min. Denoms.: USD 200,000 x USD 1,000 Listing: Irish Stock Exchange Bookrunners: BAML /Citi /Commerzbank 23
05 Section 5 Turkish Macroeconomy and Banking Sector 24
Macroeconomic Indicators Key Highlights GDP of Turkey (Current Prices, TL tn) Stable economic growth with 4.8% CAGR over the last decade The fastest growing economy among OECD countries during 2004 2015 with an average annual real GDP growth rate of 5.5% More than six-fold decrease in Public Net Debt Stock as a percentage of GDP since 2004 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,6 0,7 0,8 0,9 1,0 1,0 1,2 1,4 1,6 1,8 2,0 2,3 2,6 3,0 CBRT expects inflation to decline to 9.8% level by the end of 2017. Turkey Inflation (%) Public Net Debt Stock / GDP (%) 20 15 10 5 CPI PPI 55% 45% 35% 25% 15% 5% 49% 42% 34% 29%28% 33% 27% 21% 15% 11% 9% 7% 8% 9% 0 2010 2011 2012 2013 2014 2015 2016 2017 Sound macroeconomic and prudent fiscal policies combined with vigorous economic reforms have enabled Turkey to present remarkable growth performance over the last decade Source: Turkish Statistical Institute (TUIK), OECD, Undersecreteriat of Treasury, ABank Economist 25
Growing Banking Industry With International Players 40.9% 99.9% 72.5% 100% 19.4% Source: BAT website www.tbb.org.tr; Bloomberg Top 15 Turkish Banks Total Assets as of Sep 2017 (TL mn) % share in Banking Sector Total Assets 1 Ziraat Bankası 408,187 13.37% 2 Türkiye İş Bankası 346,439 11.34% 3 Garanti Bankası 311,042 10.19% 4 Akbank 293,065 9.60% 5 Türkiye Halk Bankası 279,726 9.16% 6 Yapı ve Kredi Bankası 272,366 8.92% 7 Vakıflar Bankası 246,815 8.08% 8 Finansbank 119,987 3.93% 9 Denizbank 115,156 3.77% 10 TEB 81,029 2.65% 11 ING Bank 50,105 1.64% 12 Odea Bank 36,354 1.19% 13 Şekerbank 28,147 0.92% 14 HSBC Bank 24,626 0.81% 15 Fibabanka 18,670 0.61% 49.9% 99.9% 82.2% 100% 26
Turkish Regulatory Environment Turkish banks are already prepared to meet the new capital requirements of Basel III. Regulatory capital requirements are as follows: Capitalization Capital Adequacy Ratios 2015 2016 2017 2018 2019 Total Capital Ratio 8.00% 8.63% 9.25% 9.88% 10.50% Tier 1 Ratio 6.00% 6.63% 7.25% 7.88% 8.50% Tangible Common Equity Ratio 4.50% 5.13% 5.75% 6.38% 7.00% Capital Conservation Buffer 0.00% 0.63% 1.25% 1.88% 2.50% Regulation on Systemically Important Financial Institutions (SIFI) has been implemented gradually starting from March 2016 to 2019, and Bank s classification has been determined by BRSA. Leverage ratio was set at 3% minimum and is being reported for informative purposes since the beginning of 2014. Lending Exposure Limits Single obligor exposure limit : < 25 % of total equity Related party exposure limit : < 20 % of total equity Liquidity Total liquidity coverage ratio is set 80% for 2017 and will be increased by 10% annually until 2019 reaching 100%. Net Stable Funding Ratio (NSFR), one of the Basel III liquidity requirements, has not been regulated in Turkey yet. Source: Banking Regulation and Supervision Agency (BRSA) 27
Turkish Regulatory Environment The Reserve Requirement Ratios for liabilities other than deposits/participation funds has been revised as follows: Maturities up to (and including) 1 year : 24% Turkish Central Bank s Reserve Requirement Ratios Maturities up to (and including) 2 years: 19% Maturities up to (and including) 3 years: 14% Maturities up to (and including) 5 years: 6% Maturities longer than 5 years: 4% IFRS 9 ABank will be IFRS 9 compliant as of January 2018. Source: Central Bank Of The Republic Of Turkey 28
06 Section 6 Balance Sheet & Income Statement 29
Balance Sheet Assets (TL 000) Dec-16 Sep-17 Change (%) Liabilities (TL 000) Dec-16 Sep-17 Change (%) CASH AND BALANCES WITH CENTRAL BANK 1,970,188 2,074,804 5.31% DEPOSITS 8,797,987 9,511,321 8.11% FINANCIAL ASSETS AT FAIR VALUE THROUGH PL 61,950 155,656 151.26% DERIVATIVE FINANCIAL LIABILITIES HELD FOR TRADING 70,444 91,867 30.41% BANKS 584,935 280,971-51.97% FUNDS BORROWED 3,939,977 3,925,594-0.37% MONEY MARKETS PLACEMENTS 350,081 150,050-57.14% MONEY MARKET FUNDS 526,415 780,500 48.27% FINANCIAL ASSETS AVAILABLE-FOR-SALE (Net) 2,330,039 1,577,767-32.29% MARKETABLE SECURITIES ISSUED (Net) 1,041,580 1,138,167 9.27% LOANS 10,488,849 11,916,968 13.62% MISCELLANEOUS PAYABLES 210,461 353,048 67.75% Loans 10,255,342 11,707,345 14.16% OTHER LIABILITIES 92,909 93,563 0.70% Non Performing Loans 604,787 541,619-10.44% DERIVATIVE FINANCIAL LIABILITIES FOR HEDGING PURPOSES 404 0-100.00% Specific Provisions (-) 371,280 331,996-10.58% PROVISIONS 114,471 106,223-7.21% LEASE RECEIVABLES (Net) 1,245,595 1,479,134 18.75% TAX LIABILITY 22,230 24,788 11.51% TANGIBLE ASSETS (Net) 36,674 38,962 6.24% PAYABLES FOR AHRS AND DISCONTINUED OPERATIONS 4,300 5,103 18.67% INTANGIBLE ASSETS (Net) 86,837 91,053 4.86% SUBORDINATED LOANS 1,504,693 1,278,995-15.00% TAX ASSET 64,458 31,219-51.57% LIABILITIES 16,325,871 17,309,169 6.02% OTHER ASSETS 371,557 357,934-3.67% SHAREHOLDERS' EQUITY 1,265,292 1,679,196 32.71% TOTAL ASSETS 17,591,163 18,988,365 7.94% TOTAL LIABILITIES 17,591,163 18,988,365 7.94% Source: ABank Investor Relations; ABank BRSA Consolidated Financial Statements as of 30 September 2017 30
Income Statement Consolidated Income Statement (TL 000) Sep-16 Sep-17 Interest Income 845,201 1,064,389 Interest Expense (541,706) (681,611) Net Interest Income 303,495 382,778 Net Fee and Commission Income 21,470 42,278 Trading Income / Loss (Net) 16,418 (13,943) Other Operating Income 146,109 60,719 Total Operating Income 487,492 471,832 Provision for loan losses and other receivables (189,367) (137,385) Other Operating Expenses (316,388) (228,631) Net Operating Income (18,263) 105,816 Income Tax 5,601 (17,982) NET INCOME (12,662) 87,834 Source: ABank Investor Relations; ABank BRSA Consolidated Financial Statements as of 30 September 2017 31