H IFRS Results. August 2014

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1 H 4 IFRS Results August 4

2 Important Notice By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent that you are a person who is permitted under applicable law and regulation to receive information of the kind contained in this presentation. This presentation has been prepared by MDM Bank ( MDM ). MDM has obtained the information in this presentation from sources it believes to be reliable. Although MDM has taken all reasonable care to ensure that the information herein is accurate and correct, MDM makes no representation or warranty, express or implied, as to the accuracy, correctness or completeness of such information. Furthermore, MDM makes no representation or warranty, express or implied, that its future operating, financial or other results will be consistent with results implied, directly or indirectly, by such information or with MDM s past operating, financial or other results. Any information herein is as of the date of this presentation and may change without notice. MDM undertakes no obligation to update the information in this presentation. In addition, information in this presentation may be condensed or incomplete, and this presentation may not contain all material information in respect of MDM. Certain numbers in this presentation may be based on non-audited financial statements. MDM makes no representation, direct or implied, that these figures are true and correct, and you should not rely on such numbers as having been audited or otherwise independently verified. Certain numbers may be presented differently once audited, and MDM takes no responsibility and accepts no liability for such changes and accepts no responsibility for providing the final audited financial statements to you once the audit has been completed. This presentation may also contain forward-looking statements that relate to, among other things, MDM s plans, objectives, goals, strategies, future operations and performance. Such forward-looking statements may be characterized by words such as anticipates, estimates, expects, projects, believes, intends, plans, may, will and should and similar expressions but are not the exclusive means of identifying such statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause MDM s operating, financial or other results to be materially different from the operating, financial or other results expressed or implied by such statements. Although MDM believes the basis for such forward-looking statements to be fair and reasonable, MDM makes no representation or warranty, express or implied, as to the fairness or reasonableness of such forward-looking statements. Furthermore, MDM Bank makes no representation or warranty, express or implied, that the operating, financial or other results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. MDM undertakes no obligation to update the forward-looking statements in this presentation. This presentation is for informational purposes only, is not intended for potential investors and does not constitute, or form part of, and should not be construed as, an offer to sell or issue, or invitation to purchase or subscribe for or the solicitation of an offer to buy, acquire or subscribe for, any securities of MDM or any of its subsidiaries, joint ventures or affiliates in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its presentation or distribution, should form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision whatsoever and it does not constitute a recommendation regarding the securities of MDM. Nothing in this presentation constitutes an offer of securities for sale in any jurisdiction where it is unlawful to do so. Neither the presentation nor any part or copy of it may be published, transmitted or distributed, directly or indirectly, in or into the United States, its territories or possessions or to any U.S. person as such terms are defined in Regulation S under the United States Securities Act of 933, as amended (the Securities Act ), except to Qualified Institutional Buyers as defined in Rule 44A under the Securities Act. Any failure to comply with this restriction may constitute a violation of United States securities laws. By attending the meeting where the presentation is made, or by reading the presentation slides, you represent and warrant that you are either () a Qualified Institutional Buyer or () a non-u.s. person located outside the United States and to the extent you purchase any Securities in MDM you will be doing so pursuant to Rule 44A or Regulation S under the Securities Act. This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. By attending this presentation you (i) acknowledge that you will be solely responsible for your own assessment of the market and the market position of MDM and of the risks and merits of any investment in MDM s shares and securities, and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of MDM s business and (ii) agree to be bound by the foregoing terms.

3 Key financial highlights Key achievements to date Strong and high quality capital position maintained Highest Tier ratio under Basel I amongst the Bank s peer group at 3.% as at 3 June 4 CBR total regulatory capital ratio of.% as at July 4, in line with peers Robust funding and liquidity position maintained despite volatile market environment Stable / resilient customer funding base: total customer funding in H 4 increased by circa % compared to YE3 Low dependence on market funding maintained: loan / deposit ratio of 87% as at end H 4 Strong liquidity position: liquid assets stood at 33% of total assets as at end H 4 Stable net interest margin in H 4, despite challenging operating environment: 4.5% in H 4, compared to 4.% in H 3 Significant improvement in underlying H 4 financial performance: RUB mln H 4 H 3 Delta Profit before tax Recurring profit before tax (excluding trading and other income) ,353 Net profit whilst some remaining challenges are being addressed NPL management remains a key focus of management attention, particularly in the context of a deteriorating macroeconomic and operating environment: NPLs marginally lower in Q 4: NPL ratio decreased by 5bps (circa RUB bln decrease in NPL portfolio) to.% as at end H 4, with a comfortable provision coverage ratio of 5% Active work on NPL / impaired loan portfolio continues in earnest In H 4, the Bank delivered a commendable financial performance, despite a challenging macro environment: net profit of RUB 738 mln in H 4 compared to a breakeven result (RUB 5 mln) in H 3 3

4 High quality capital base Basel I Tier and Total CAR vs. Peers (IFRS) CBR Regulatory Capital Ratios vs. Peers %.8% 3.% 4.5% 4.6% 3.8% 4.%.8% 3.6% 4.5% 4.4%.%.9%.% 9.6% 3.% 4.6% 8.5% 5 5.3% 9.9% 9.6%.% 9.% 3.% 7.9%.%.9% 7.4% 6.5%.6% MDM H 4 Vbank BSPB NB USIB PSB Tier Tier Vbank MDM BSPB USIB NB PSB Core Tier (N.) Total Capital (N.) Based on latest available consolidated financial statements of relevant peer banks; data for all peer banks as at Q 4, except Uralsib and Vozrozhdenie as at YE 3 Based on CBR data as at.7.4 MDM Bank maintains a comfortable capital cushion and remains ahead of its peer group in terms of IFRS Basel I Tier capital adequacy 88% of the Bank s total capital is Tier capital The Bank s CBR regulatory capital position remains in line with its peers The CBR s new Basel III capital rules (mandatory compliance with which began in February 4) have had minimal impact on the Bank s capital adequacy ratios Key: MDM MDM Bank; Vbank Vozrozhdenie Bank; NB Nomos Bank; PSB Promsvyazbank; BSPB Bank Saint Petersburg; USIB Uralsib Bank 4

5 Total loan portfolio Net Loan Portfolio Segmentation Total Net Portfolio RUB8.7 bln RUB7.7 bln RUB8. bln Total Net Portfolio RUB56. bln RUB4. bln Total Net Portfolio RUB6. bln Balance sheet adjustment based on conservative assessment of legacy problem assets Reduction in lending New lending H 4 Following a reduction in the Bank s loan portfolio in 3 primarily attributable to balance sheet restructuring, the Bank s total net loan portfolio demonstrated modest growth in H 4 (circa 3%): Corporate loan growth: RUB 3. bln SME loan growth: RUB.5 bln Retail loan growth: RUB.4 bln 5

6 Corporate loan portfolio Top Exposures Average Corporate Loan Size 75 RUB mln 8-6.5% % YE YE YE 3 H 4 YE YE YE 3 H 4 Top exposures Top - exposures With a view to optimising risk adjusted profitability, in -3 the Bank pursued a policy of reducing corporate portfolio concentration and increasing profitability, resulting in the decrease / closure of a number of larger corporate exposures, increasing granularity of the loan book. However, in the current challenging macro environment, the Bank has refocused its business development towards the higher end of its corporate client portfolio, deemed to be more resilient in current conditions Nonetheless, loan concentration remains below levels and top exposures as a share of Tier capital remain significantly below the industry average of circa 3% 34% excluding the Irish Funds (linked to the Balance Sheet Support Transaction) 6% including the Irish Funds Excluding the Irish Funds Source: Moody s Investor Services Report 3 Survey of Russian and CIS Banks Single-Client and Related Party Concentrations 6

7 NPL management remains a priority of Management Evolution of NPLs, Provisions and Provision Coverage 6% 75% 74% 44% 5% % 8.3% 8.4% 5.4% 3.7%.7%.% 4.5%.9% % YE YE YE 3 Q 4 H 4 Provisions NPLs Provisions/Gross Loans NPLs/Gross Loans Coverage Ratio The Bank s NPLs were provisioned on a conservative basis as at YE 3, anticipating that a number of legacy problem loans still current as at the year end would become delinquent (>9 days overdue) in the course of Q 4 In Q 4, NPLs marginally decreased (by circa RUB bln) Work continues in earnest on: Straight cash recoveries; and Longer term solutions, including improvements in the value / quality of security and negotiating improved terms on restructurings 7

8 Deposit-based model: limited reliance on market funding (/) Evolution of Funding Breakdown Loan / Deposit Ratio % % 5% 3% % 6% 7% 8% % 3% 3% 34% 3% 75% 78% 8% 76% 5 98% 9% 86% 87% 4% 47% 5% 46% 5 YE YE YE 3 H 4 YE YE YE 3 H 4 Retail Accounts Corporate Accounts Net Loans and Advances to Customers Customer Accounts Due to Banks Debt Securities in Issue Overwhelming majority of the Bank s funding needs are secured through customer deposits Strong net loan to deposit ratio: 87% as at end H 4, despite the increased market volatility since November 3 The Bank has deliberately maintained a limited reliance on market funding, providing a level of insulation against current market volatility 8

9 Deposit-based model: proven resilience (/) 5 5 Evolution of Customer Funding Term Deposits by Segment Figures based on management account data YE YE YE 3 H 4 YE Q 3 H 3 Q3 3 YE 3 Q 4 H 4 Retail Customers Corporate Customers Mass Retail Deposits VIP Deposits Corporate/SME Deposits Despite a volatile market environment, MDM Bank s overall customer funding base has demonstrated modest growth (circa %) compared to YE 3. The core mass retail deposit segment has remained stable over the past 8 months, growing circa % compared to YE and circa 5% compared to YE 3 The Bank has no material funding from its controlling shareholder As at end H 4, circa 39% of total deposits had a maturity of one year or more From to 6 months; 8.7% Deposit Maturity Profile, H 4 Less than month;.% More than 3 years;.% From to 3 years; 39.% From 6 to months;.8% Corporate customers also includes state organizations Figures based on Management account data and may not fully reconcile with IFRS data 9

10 Stable NIM and recurring income Evolution of Operating Income and NIM Recurring Operating Income H 4 vs. H % 4.% 4.% 4.% 4.3% 4.5% Q 3 Q 3 Q3 3 Q4 3 Q 4 Q 4 Net Interest Income Net Commission Income - - H 3 H 4 Net Interest Income Net Commission Income Other Operating Income Net Trading Gains/Losses Net Interest Margin (cum) Total Operating Income H 4 vs. H 3 Stable net interest margin in H 4, despite a challenging operating environment (moderate NIM contraction in Q vs. Q 4 primarily driven by CBR key refinancing rate increases from March 4) Stable recurring operating income (+3.%) vs. H 3, while overall operating income decreased by circa 8% vs. H 3 primarily driven by Q trading losses on the Bank s securities portfolio and FX losses resulting from market volatility and ruble devaluation 3% growth in fee & commission income in H 4 vs. H 3, primarily due to increased insurance, FX and cash transaction commissions 4 H 3 H 4 Net Interest Income Net Commission Income Other Operating Income Net Trading Gains / Losses

11 Ongoing focus on operational efficiency and cost control Evolution of Operating Expenses and Cost / Income Ratio Operating Expenses H 4 vs. H 3 67%.4 64%.8 66% 63% 6%. 58% 6% 74% 6% 78% % 67% % Q 3 Q 3 Q3 3 Q4 3 Q 4 Q 4 Н 3 H 4 Other OpEx Staff Costs Cost / income ratio (quarterly) Adjusted cost / income ratio (quarterly) Staff Costs Other OpEx Continued discipline in cost control, with operating expenses effectively remaining flat in H 4 vs. H 3 The increase in the cost / income ratio in Q 4 is primarily driven by trading losses incurred due to market volatility (Q 4 net trading losses of RUB 385 mln vs. RUB 35 mln net trading gains in Q 3) Targeted spending increases have been budgeted for 4 in key areas such as IT in order to further support operational efficiency and performance CIR is adjusted to allocate semi-annual staff bonus payments, which are booked entirely in Q and Q4, evenly across the respective quarters

12 Balance sheet summary Balance Sheet Summary (IFRS), RUB mln H 4 YE 3 Change H 4 / YE 3 Assets Cash and cash equivalents 4,9 38,3 5.% Due from banks 8,4 5, % Available-for-sale financial assets 35,888 3,73 9.3% Loans and advances to customers 59,974 56,47.5% Corporate 4,35,37.9% Retail 46,88 45,683.9% SME 9,536 8,993 6.% Investment property 9,844 9, % Other,6 8,74 6.9% Total Assets 84,43 67,699 6.% Liabilities Due to banks 5,4 39,67 3.3% Total customer accounts 84,73 8,54.% Retail,53,36 -.7% Corporate 73,57 68,64 7.9% Debt securities in issue 5,667 6,35-7.6% Other 5,37 5,47 -.8% Total Liabilities 47,5 3, % Total equity 36,6 35,963.8% Key ratios Liquid assets / Total assets 33.% 3.%. pp Net loans / Deposits 86.9% 86.4%.5 pp NPL ratio.%.9%.3 pp Provision coverage ratio 5.8% 73.9% -3. pp CBR total regulatory capital ratio.%.9%. pp Tier Capital ratio (Basel ) 3.% 3.4% -.4 pp Total Capital ratio (Basel ) 4.8% 5.3% -.5 pp The Bank has pursued a policy of cautious growth in the context of a challenging macro and operating environment Source: Based on IFRS Consolidated Financial Statements Incl. mandatory cash balances with CBR

13 Income statement summary Income Statement Summary (IFRS), RUB mln H 4 H 3 Change H 4/H 3 Net interest income 5,3 5,33 -.4% Gains less losses from trading, available-for-sale financial assets and foreign exchange, net % Net fee and commission income,95,76 3.% Other income, net % Total operating income 7,34 8,44-8.7% Operating expenses (5,3) (5,44).% Staff costs (3,3) (3,34) 5.6% Administrative and other operating costs (,99) (,) -5.7% Net operating income before impairment losses,4,8-7.% Loan impairment losses (,7) (,375) -5.7% Other impairment losses 6 (99) nm (Loss)/gain from investment property (4) (83) -83.% Loss on fair value adjustments for financial instruments - (3) nm Net operating profit / (loss) after loan and other impairment / revaluation losses 97 nm Profit / (loss) after tax and before other comprehensive income nm Key ratios Net interest margin (NIM) 4.5% 4.%.5 pp Cost / income ratio (CIR) 7% 65% 7. pp Cost of risk.%.3% -. pp Source: Based on IFRS Consolidated Financial Statements Trading / FX results Weak peformance primarily driven by Q losses on the securities portfolio and FX losses resulting from market volatility and ruble devaluation (Q 4 net trading losses of RUB 385 mln vs. RUB 35 mln of net gains in Q 3) Net fee & commission income 3% growth in net fee & commission income primarily driven by an increase in insurance, FX and cash transaction commissions Staff costs Growth in staff costs primarily attributable to one-off redundancy payments Impairment losses Significant decrease in impairment provisions and revaluation losses following completion of the balance sheet restructuring in 3 In H 4, the Bank delivered a commendable financial performance, despite a challenging macro environment: net profit of RUB 738 mln in H 4 compared to a breakeven result (RUB 5 mln) in H 3 Cost to Income ratio excludes (loss)/gain from investment property Total comprehensive income for H 4 amounted to RUB658 mln (total comprehensive loss for H 3: RUB77 mln) 3

14 Appendices

15 Maintaining diversification Gross Loan Portfolio by Sector, 3 June 4 Healthcare: % Transport: % Oil and gas: % Other: 3% Food and agriculture: % Ore: 3% Chemicals: 3% Individuals: 7% Construction: 6% Manufacturing: 6% Wholesale trade: 7% Retail trade: 6% Real estate: % Finance: % Disciplined approach to sector diversification: no single corporate sector accounts for more than 6% of the Bank s lending book Exposure to higher risk sectors maintained at modest levels: Real estate and construction at % and 6% respectively (peer group average circa % total) % exposure to agriculture 5

16 Contact: MDM Bank 33/ Kotelnicheskaya Embankment Moscow 57 Russia

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