BayernLB Group Investor Presentation Munich, April 2018
Contents Earnings in 3 Outlook for 2018 20 High portfolio quality 22 Funding, liquidity and Pfandbriefs 31 Detailed charts 35 2 Rating & Investor Relations BayernLB Group Investor Presentation
Earnings in 3 Rating & Investor Relations BayernLB Group Investor Presentation
Very solid capital base: CET1 ratio (fully loaded) up significantly to 15.3 % Consolidated profit grows more than +24 % to EUR 677 m and net interest income increased by around +13 % EUR 1,659 m Administrative expenses down slightly despite higher regulatory costs and investment in digitalisation (-1.8 % / EUR 1,258 m) Bank plans to distribute EUR 50 m to owners High portfolio quality resulted in low risk provisions of EUR -94 m; NPL ratio of 1.5 % is a new best Cost/income ratio remained in the target range at 59.9 % 4 Investor Call Consolidated Earnings
Earnings remain stable and continue to perform well in the current tough market environment Profit before taxes EUR million Consolidated profit EUR million 646 708 652 495 545 677 2015 2016 2015 2016 CIR in % RoE in % 53.6 59.3 59.9 6.7 8.1 7.4 2015 2016 2015 2016 5 Investor Call Consolidated Earnings
Capital ratio performs very well despite repayment of state aid CET1 capital (fully loaded) EUR billion Total assets EUR billion 8.3 8.6 9.4 215.7 212.1 214.5 2015 2016 2015 2016 CET1 capital ratio (fully loaded) in % Leverage ratio in % 12.0 13.2 15.3 3.6 3.8 4.0 2015 2016 2015 2016 6 Investor Call Consolidated Earnings
Good growth in net interest income Net interest income EUR million Net commission income EUR million 1,612 1,475 1,659 289 296 263 2015 2016 2015 2016 Despite the tough environment, combined net interest income at BayernLB and DKB rose 12.5 % due to slightly higher business volume and lower interest expenses Net commission income down slightly year on year Lower income from the credit card business at DKB 7 Investor Call Consolidated Earnings
Administrative expenses fell and risk provisions were low due to good portfolio quality Administrative expenses EUR million Risk provisions EUR million -1,168-1,280-1,258-264 -87-94 2015 2016 2015 2016 Administrative expenses down 1.8 % Major regulatory projects continued to drive administrative expenses Tight cost discipline completely offset the increase Risk provisions low once again due to good portfolio quality Releases of risk provisions and recoveries on written down loan exposures also contributed NPL ratio fell further from 1.6 % to 1.5 % 8 Investor Call Consolidated Earnings
Gains or losses on fair value measurement and hedge accounting Gains or losses on fair value measurement EUR million Gains or losses on hedge accounting EUR million 142 205-24 -80-142 -56 2015 2016 2015 2016 Stable client-driven business with Financial Markets products Additional gains on fair value adjustments and swap positions of DKB Includes the mark-to-market value of underlying transactions and their hedges. The differences in value balance out over the terms of the instruments and are therefore only temporary There were opposite effects, particularly in gains or losses on fair value measurement 9 Investor Call Consolidated Earnings
Gains or losses on financial investments and Other income and expenses Gains or losses on financial investments EUR million Other income and expenses EUR million 286 274 71 51 91 23 2015 2016 2015 2016 Year-before period boosted by sales of shareholdings, in particular the sale of the Visa and Deutsche Factoring Bank In, primarily gains or losses on sales of securities Income and expenses from the non-banking activities of subsidiaries, income from releasing provisions, a positive net interest position from tax refunds and additional tax payments at BayernLB 10 Investor Call Consolidated Earnings
Stable earnings overall thanks to the well diversified business model Profit before taxes 2015- EUR million Profit before taxes 2015-, by segment EUR million Corporates & Mittelstand Real Estate & Savings Banks/Association DKB Financial Markets Central Areas & Others Non-Core Unit 2015 646-347 282 212 336 145 19 2016 708-80 203 209 353 23 652-44 175 272 94 156 11 Investor Call Consolidated Earnings
Corporates & Mittelstand segment EUR million 2016 Net interest income 287 304 Risk provisions in the credit business -164 8 Net commission income 102 114 Other earnings components 22 70 Administrative expenses -291-293 Profit/loss before taxes -44 203 Risk-weighted assets (RWA) 19,370 21,783 CIR in % 60.0 70.8 RoE in % 8.0 Profit before taxes fell, mainly due to the creation of risk provisions Gross earnings declined to EUR 411 m (FY 2016: EUR 488 m), partly because of one-off income from the sale of a stake included in the previous year, low interest rates and low demand for capital market products Credit volumes in the Mittelstand division were higher year on year Administrative expenses remained stable despite higher costs for regulatory projects The segment has made a positive start to 2018-1.8 2016 2016 12 Investor Call Consolidated Earnings
Real Estate & Savings Banks/Association segment EUR million 2016 Net interest income 230 236 Risk provisions in the credit business 23 24 Net commission income 144 131 Other earnings components 34 61 Administrative expenses -255-242 Profit/loss before taxes 175 209 Risk-weighted assets (RWA) 7,739 7,141 CIR in % 56.5 2016 62.6 RoE in % 25.3 2016 19.1 Net interest and net commission income grew to EUR 374 m (FY 2016: EUR 367 m) as new business performed well Earnings contribution from risk provisions of EUR 23 m (FY 2016: EUR 24 m) was once again positive Gains or losses on fair value measurement fell year-on-year to EUR 47 m (FY 2016: EUR 65 m) mainly due to measurement gains on derivatives transactions to hedge against interest rate risk at BayernLabo in the previous year Profit before taxes at Real I.S. rose to EUR 8 m (FY 2016: EUR 6 m) Profit before taxes at BayernLabo stable at EUR 45 m (FY 2016: EUR 77 m boosted by measurement gains) 13 Investor Call Consolidated Earnings
DKB segment EUR million 2016 Net interest income 935 794 Risk provisions in the credit business -127-129 Net commission income -6 24 Other earnings components -54 114 Administrative expenses -477-450 Profit/loss before taxes 272 353 Risk-weighted assets (RWA) 24,536 24,603 CIR in % 46.8 2016 52.2 RoE in % 12.3 2016 9.1 Net interest and net commission income climbed to EUR 929 m (FY 2016: EUR 818 m) due to good performance Other income and expenses in the year before was boosted significantly by proceeds of EUR 132 m from the sale of the stake in Visa Europe Ltd. Administrative expenses increased to EUR -477 m (FY 2016: EUR -450 m), largely as a result of implementing new regulatory requirements Number of retail customers increased further to 3.7 m Profit before taxes at Bayern Card Services: EUR 7 m (FY 2016: EUR 11 m); year-before period boosted by sale of a shareholding 14 Investor Call Consolidated Earnings
Financial Markets segment EUR million 2016 Net interest income 142 40 Risk provisions in the credit business 0-1 Net commission income 27 29 Other earnings components 121 130 Administrative expenses -196-176 Profit/loss before taxes 94 23 Risk-weighted assets (RWA) 6,508 8,024 CIR in % RoE in % 88.1 10.2 67.6 2.2 Contribution to earnings from much higher net interest income of EUR 142 m (FY 2016: EUR 40 m) due to optimised management in the current low interest environment Earnings benefited from measurement gains in existing business, e.g. on fair value adjustments to derivatives amounting to EUR 64 m (FY 2016: EUR -13 m) Administrative expenses increased to EUR -196 m (FY 2016: EUR -176 m), as a result of implementing regulatory projects Profit before taxes at BayernInvest stable at EUR 6 m (FY 2016: EUR 7 m) 2016 2016 15 Investor Call Consolidated Earnings
Central Areas and Others segment EUR million 2016 Net interest income 64 101 Risk provisions in the credit business 175 12 Net commission income -4-2 Other earnings components -41-71 Administrative expenses -38-119 Profit/loss before taxes 156-80 Risk-weighted assets (RWA) 3,268 3,655 CIR in % RoE in % Earnings from remaining non-core business surged to EUR 190 m (FY 2016: EUR 18 m) due to releases and recoveries on written down receivables amounting to EUR 175 m (FY 2016: EUR 12 m) The high expenses for the bank levy and deposit guarantee scheme of EUR 64 m (FY 2016: EUR 60 m) continued to weigh on other income and expenses The high administrative expenses in the previous year were inflated by high provisions and legal costs >100.0 49.9 10.3 2016-5.4 2016 16 Investor Call Consolidated Earnings
Annual net income (German Commercial Code - HGB), repayment of state aid, hybrid instruments, dividends State aid repayment Profit participation certificates Capital contributions of silent partners Distribution Last tranche repaid to the Free State of Bavaria Servicing of interest due for Servicing of interest due for to the owners EUR 1 bn EUR 23 m EUR 53 m EUR 50 m HGB annual net income was EUR 363 m 17
CET1 ratio fully loaded of 15.3 % well above SREP minimum ratios National, system-relevant buffer Countercyclical buffer Capital conservation buffer 15.30 % CET1 ratio fully loaded Buffer 626 bp 9.04 % 0.66 % 1.88 % 0.00 % 2.00 % 4.50 % 2018 CET1 SREP Requirement Pillar 2 Requirement Pillar 1 Requirement 10.00 % 1.00 % 0.00 % 2.50 % 2.00 % 4.50 % Estimate of 2019 CET1 SREP Requirement BayernLB s fully loaded CET1 ratio of 15.3 % on 31 Dec was well above the current SREP minimum ratio of 9.04 % The capital requirements are recalibrated as part of the annual SREP The minimum CET1 ratio set by CRR (Pillar 1 requirement) is 4.5 % On top of that is an individual premium (Pillar 2 requirement) of 2.00 % for 2018 Additional mandatory capital buffers: Capital conservation buffer for 2018: 1.88 % Countercyclical buffer for 2018: approx. 0 % Buffer for national, systemically important institutions for 2018: 0.66 % 18 Investor Call Consolidated Earnings
CET1 ratio fully loaded also stable under IFRS 9 CET 1-Quote (fully loaded) in % 15.3 % 0.0 % Effect from IFRS 9 15.3 % 01/2018 IFRS 9 pro forma The first-time application of IFRS 9 on 1 January 2018 will result in reporting and measurement differences compared to previous accounting under IAS 39. They must be recognised on first-time recognition directly under equity (retained earnings). From the first-time application of IFRS 9, the BayernLB Group is expecting an effect (excluding deferred taxes) on reported equity of between EUR -170 m and EUR -190 m. This is largely due to changes in risk provisions due to the new provisions on impairments. Since the reduction in reported equity and that of the supervisory shortfall almost offset each other, the CET1 ratio (fully loaded) remains unchanged. 19 Investor Call Consolidated Earnings
Outlook for 2018 20 Rating & Investor Relations BayernLB Group Investor Presentation
Outlook for 2018 Profit before taxes expected to be in the mid-triple-digit million range again After the compulsory part, it is time for freestyle Fine-tuning on the earnings side Our ambitions We will consolidate our position as one of the strongest regional banks in Europe 21
High portfolio quality 22 Rating & Investor Relations BayernLB Group Investor Presentation
Growing credit portfolio with excellent quality Gross credit volume EUR billion 257.7 266.4 Growing credit portfolio Core business with target customers expanded despite tough market environment. 2016 NPL ratio in % / not including HETA 1.1 1.0 Rising quality Risk provisions were low once again at EUR -94 m (FY 2016: EUR -87 m) thanks to good portfolio quality. NPL ratio (not including HETA) fell again from 1.1 % to 1.0 %. 2016 23 Rating & Investor Relations BayernLB Group Investor Presentation
Business increased in the Countries, Commercial Real Estate and Retail sub-portfolios Gross credit volume by region % as at 31 December CIS (EUR 0.9 bn, <1 %) Supranational organisations (EUR 1.8 bn, <1 %) Asia / Australia / Oceania (EUR 1.4 bn, <1 %) Eastern Europe North America Western Europe 5 % 1 % 11 % Middle East (EUR 1.4 bn, <1 %) Latin America / Caribbean (EUR 0.7 bn, <1 %) Africa (EUR 0.3 bn, <1 %) 80 % Germany Gross credit volume by sub-portfolio % as at 31 December Commercial Real Estate Corporates 18 % 26 % Retail 12 % 19 % 25 % 0 % Countries / Public Sector / Non-Profit Organisations Other (EUR 228 m, <1 %) Financial Institutions Germany + EUR 13.2 bn North America - EUR 1.8 bn Western Europe - EUR 1.1 bn Countries/Public Sec./Non-Profit Orgs + EUR 11.6 bn Commercial Real Estate + EUR 0.9 bn Retail + EUR 0.8 bn Financial Institutions - EUR 2.6 bn 24 Rating & Investor Relations BayernLB Group Investor Presentation
Improved portfolio quality Gross credit volume by rating category EUR billion / % as at 31 December 31 December 2016: Total EUR 257.7 bn 31 December 2016: Total EUR 266.4 bn 85 % Investmentgrade 149 164 67 61 28 27 9 8 2 2 1 2 3 2 MR 0-7 MR 8-11 MR 12-14 MR 15-18 MR 19-21 MR 22-24 Core MR 22-24 Non-core Investment grade Non-Investment grade Default categories 25 Rating & Investor Relations BayernLB Group Investor Presentation
High granularity Net credit volume EUR billion / % per 31 December 31 December 2016: Total EUR 189.4 bn 31 December : Total EUR 198.1 bn 80 % up to EUR 500 m 9 22 5 0 15 17 > EUR 2.5 bn > EUR 1 bn > EUR 500 m > EUR 250 m > EUR 100 m > EUR 50 m to EUR 2.5 bn to EUR 1 bn to EUR 500 m to EUR 250 m to EUR 100 m Surge in the largest size category due to increase in funds held at central banks 26 24 34 34 21 20 48 48 > EUR 5 m to EUR 50 m Lower volume in the size categories EUR 0.5 bn to EUR 2.5 bn as a result of the decline in volume in the Countries/Public Sector/Non-Profit Organisations and Financial Institutions sub-portfolios 31 32 up to EUR 5 m 26 Rating & Investor Relations BayernLB Group Investor Presentation
Corporates & Mittelstand Gross credit volume by region EUR billion 2016 61.6 61.1 Western Europe 5.0 4.7 North America 1.7 1.3 1.3 1.3 1.0 0.7 Middle East Eastern Europe CIS 1.2 0.8 Other regions Highlights Still the largest sub-portfolio at 26 % Germany: 73 %, Western Europe: 87 % Investment grade share: 72 % High granularity, share of customers with gross credit volume of up to EUR 100 m: 69 % Outlook Diversify by expanding internationally in countries that are either covered by foreign branches or in which the Bank has many years of experience: northern, western and southern Europe, the Americas, as well as selectively in eastern Europe, the Middle East and Asia Expand the Mittelstand portfolio in the Germanspeaking countries Switzerland and Austria 27 Rating & Investor Relations BayernLB Group Investor Presentation
Project and aircraft financing Project financing Highlights Gross business volume : EUR 15.5 bn 2/3 in Germany 4/5 renewable energy, of which approx. EUR 10 bn under the German Renewable Energy Act (EEG) Granular portfolio: Ø 8 Mio. EUR Ø residual term: 12 years Investment grade share just under 60 % Outlook Focus on renewable energy and infrastructure projects in Europe and North America Increase cooperation with institutional investors Regain foreign target customers following conclusion of the EU proceedings Aircraft financing BayernLB re-enters commercial aircraft financing: The aviation industry is a non-substitutable, global transport sector with long-term growth of 4.7 % p.a. until 2035 The Bank will gradually build up a commercial credit portfolio with a focus on high value aircraft and aircraft engines in mint condition, state-of-the-art technology and a broad customer/operator base Re-entering commercial aircraft financing opens up profitable business opportunities with a balanced risk/earnings profile and cross-selling potential 28 Rating & Investor Relations BayernLB Group Investor Presentation
Commercial real estate finance Gross credit volume by asset category / unit EUR billion BayernLB 29.8 5.2 22.1 2.5 Residential DKB 7.6 Office BayernLabo 5.7 3.4 2.3 Managed real estate 4.0 Retail Highlights Granular portfolio with 90 % share in Germany ticket size of new transactions at BayernLB has fallen slightly from EUR 35 m to EUR 30 m Residential asset category includes around EUR 18 bn of low-risk business due to local authority/ government relationship or guarantees and housing associations 83 % investment grade share 77 % of the current cash flow generating gross exposure (GEX) has a debt service capacity of > 8 % p.a. Average NPL ratio of 2.2 % Outlook Gradually grow business activities in Germany and abroad while maintaining a conservative risk policy Broaden focus abroad to support international customers from Munich, London, Paris, Milan and New York Strengthen market position in syndicated loans 29 Rating & Investor Relations BayernLB Group Investor Presentation
Private residential construction term loans Gross credit volume by unit EUR billion DKB 16.4 11.7 0.9 3.9 BayernLB BayernLabo 15.2 11.0 0.6 3.6 14.7 10.8 0.4 3.5 Distribution in Germany Granular portfolio with focus on Bavaria, mainly due to BayernLabo 1.6 0.5 0.8 0.7 0.6 1.0 0.6 0,6 5.3 0.6 0.7 1.0 0.8 2015 2016 Volume (EUR bn) Highlights DKB-Portfolio Ø ticket size: EUR 132,000 Ø nominal interest rate: 3.47% Outlook for DKB Largely stabilise credit volume by 2019. High redemptions offset by new business 30 Rating & Investor Relations BayernLB Group Investor Presentation
Funding, liquidity and Pfandbriefs 31 Rating & Investor Relations BayernLB Group Investor Presentation
Comfortable liquidity levels Funding strategy Balanced funding mix of secured and unsecured bonds with a focus on euro Diversified funding sources, particularly via the savings banks, institutional investors, retail customers and the international debt issuance programme High retail funding via the savings banks (B custody accounts, : approx. EUR 1.4 bn) The Bank ensures access to capital markets by regularly issuing benchmark secured bonds Liquidity Coverage Ratio (LCR): 159 % Capital market funding EUR bn / BayernLB core Bank not including BayernLabo Secured 5.5 3.0 2.5 2015 Unsecured Issued 6.0 2.8 3.2 2016 5.7 2.2 3.5 Planned up to 8.5 5.0 3.5 2018e 32 Rating & Investor Relations BayernLB Group Investor Presentation
Investor-friendly structure on the liabilities side Liabilities structure EUR bn Liabilities to banks Liabilities to customers Securitised liabilities 215 2 42 14 11 92 54 Balance sheet 2 29 Other liabilities Subordinated capital Equity 15 23 Of which Pfandbriefs 35 12 7 4 5 2 1 1 Of which unsecured debt instruments under section 46f of the German Banking Act (KWG) Of which structured debt instruments under section 46f of the German Banking Act (KWG) Funding via Pfandbriefs BayernLB uses a total of four funding programmes based on the German Pfandbrief Act (PfandBG) as a low-cost, long-term source of funding, two each at BayernLB and DKB Broad base of unsecured liabilities BayernLB has an investor-friendly structure on the liabilities side with sufficient unsecured bonds in relation to total assets. The Bank actively monitors and plans the proportion of unsecured bonds in accordance with Moody s Loss Given Failure analysis 33 Rating & Investor Relations BayernLB Group Investor Presentation
BayernLB Pfandbriefs Mortgage Pfandbriefs Cover mainly includes commercial real estate, primarily residential, office and retail with a focus on Germany. High overcollateralisation provides latitude for issuing mortgage Pfandbriefs across all maturities Public Pfandbriefe The majority of the cover (>90 %) consists of German municipal finance and receivables guaranteed by German states with a focus on Bavaria. Tap issues and jumbolinos are issued on a regular basis to maintain a liquid Pfandbrief curve Key figures Outstanding volume EUR 3.4 bn Moody s rating Aaa Over-Collateralisation 122 % Cover pool Germany EUR 4.4 bn Cover pool international EUR 1.4 bn Key figures Outstanding volume EUR 16.2 bn Moody s rating Aaa/AAA Over-Collateralisation 39 % Cover pool Germany EUR 21.4 bn Cover pool international EUR 1.4 bn 34 Rating & Investor Relations BayernLB Group Investor Presentation
Detailed charts 35 Rating & Investor Relations BayernLB Group Investor Presentation
Year-on-year earnings comparison EUR million 2016 Change in % Net interest income 1,659 1,475 12.5 Risk provisions in the credit business -94-87 8.2 Net interest income after risk provisions 1,565 1,388 12.7 Net commission income 263 296-11.1 Gains or losses on fair value measurement 205 142 43.9 Gains or losses on hedge accounting -142-80 77.2 Gains or losses on financial investments 23 274-91.4 Administrative expenses -1,258-1,280-1.8 Expenses for bank levy and deposit guarantee scheme -98-88 12.1 Other income and expenses 91 51 77.0 Gains or losses on restructuring 2 4-36.2 Profit/loss before taxes 652 708-7.9 Income taxes 27-158 - Profit/loss after taxes 679 550 23.5 Profit/loss attributable to non-controlling interests -2-5 -67.3 Consolidated profit/loss 677 545 24.4 36 Investor Call Consolidated Earnings
Quarterly earnings comparison EUR million Q4 Q3 Q2 Q1 Net interest income 409 405 415 430 Risk provisions in the credit business -189 6-5 95 Net interest income after risk provisions 219 410 410 525 Net commission income 66 56 69 71 Gains or losses on fair value measurement 9 53 72 71 Gains or losses on hedge accounting -11-38 -46-47 Gains or losses on financial investments 5 2 10 7 Administrative expenses -305-341 -289-323 Expenses for bank levy and deposit guarantee scheme -4-10 -5-79 Other income and expenses 120-4 -31 6 Gains or losses on restructuring -1-1 5-1 Profit/loss before taxes 98 127 196 230 Income taxes 146-23 -52-44 Profit/loss after taxes 244 105 144 186 Profit/loss attributable to non-controlling interests 0-1 0 0 Consolidated profit/loss 244 104 144 186 37 Investor Call Consolidated Earnings
Segment overview EUR million Corporates & Mittelstand Real Estate & Savings Banks/ Association DKB Financial Markets Central Area & Other Net interest income 287 230 935 142 64 1,659 Risk provisions in the credit business -164 23-127 0 175-94 Net interest income after risk provisions 123 253 808 142 239 1,565 Net commission income 102 144-6 27-4 263 Gains or losses on fair value measurement 30 47 91 104-68 205 Group Gains or losses on hedge accounting 0-2 -124-7 -8-142 Gains or losses on financial investments -1 3 20 2 0 23 Administrative expenses -291-255 -477-196 -38-1,258 Expenses for bank levy and deposit guarantee scheme 0 0-35 0-64 -98 Other income and expenses -7-13 -3 22 93 91 Gains or losses on restructuring 0 0-3 0 6 2 Profit/loss before taxes -44 175 272 94 156 652 Return on equity (RoE) (%) -1.8 19.1 9.1 10.2-7.4 Cost/income ratio (CIR) (%) 70.8 62.6 52.2 67.6-59.9 38 Investor Call Consolidated Earnings
Segment overview 2016 EUR million Corporates & Mittelstand Real Estate & Savings Banks/ Association DKB Financial Markets Central Area & Other Net interest income 304 236 794 40 101 1,475 Risk provisions in the credit business 8 24-129 -1 12-87 Net interest income after risk provisions 312 259 665 39 112 1,388 Net commission income 114 131 24 29-2 296 Gains or losses on fair value measurement 44 65 51 40-57 142 Group Gains or losses on hedge accounting 0 2-86 6-1 -80 Gains or losses on financial investments 29 0 161 65 21 274 Administrative expenses -293-242 -450-176 -119-1,280 Expenses for bank levy and deposit guarantee scheme 0 0-27 0-60 -88 Other income and expenses -2-4 19 20 19 51 Gains or losses on restructuring 0-1 -3 0 8 4 Profit/loss before taxes 203 209 353 23-80 708 Return on equity (RoE) (%) 8.0 25.3 12.3 2.2-8.1 Cost/income ratio (CIR) (%) 60.0 56.5 46.8 88.1-59.3 39 Investor Call Consolidated Earnings
Balance sheet overview EUR billion 2016 Change in % Loans and advances to banks 37.8 28.8 31.2 Loans and advances to customers 134.7 134.8-0.1 Assets held for trading 12.0 16.9-29.3 Financial investments 23.4 26.7-12.5 Total assets 214.5 212.1 1.1 Liabilities to banks 54.4 54.2 0.4 Liabilities to customers 91.9 86.8 5.9 Securitised liabilities 41.8 39.6 5.6 Liabilities held for trading 7.7 11.0-30.0 Subordinated capital 1.9 3.1-38.2 Equity 10.8 11.0-1.9 40 Investor Call Consolidated Earnings
Key capital figures fully loaded 2016 CET1 capital (EUR bn) 9.4 8.6 CET1 ratio (%) 15.3 13.2 Total capital (EUR bn) 10.3 10.4 Total capital ratio (%) 16.8 15.9 RWA (EUR bn) 61.4 65.2 Leverage ratio (%) 4.0 3.8 LCR (%) 159 136 41 Investor Call Consolidated Earnings
Contact Volker Karioth Senior Manager volker.karioth@bayernlb.de +49 89 2171 23441 Ariane Boldt Manager ariane.boldt@bayernlb.de +49 89 2171 22291 42 Rating & Investor Relations BayernLB Group Investor Presentation
Disclaimer The information in this presentation constitutes neither an offer nor an invitation to subscribe to or purchase securities or a recommendation to buy. It is solely intended for informational purposes and does not serve as a basis for any kind of obligation, contractual or otherwise. Rounding differences may occur in the presentation. 43 Rating & Investor Relations BayernLB Group Investor Presentation
44 The Bavarian bank for the German economy.