NACF Credit & Banking Business June 2009
|
|
- Barry Horn
- 8 years ago
- Views:
Transcription
1 NACF Credit & Banking Business June
2 Agenda Businesses of NACF Competitive Market Position of Credit & Banking Business Solid Financial Performance Strong Relationship with the Government Rating Upgrade on Improving Credit Profile 2
3 Business and Ownership Structure NACF is 100% owned by the member cooperatives, which in turn effectively comprise most of the farmers in Korea NACF Business Divisions Ownership Structure of NACF Education and Support Member Farmers 2.4MM Agriculture Marketing and Supply Livestock Marketing and Supply Regional Livestock Cooperatives 120 Regional Agricultural Cooperatives 994 Commodity Cooperatives 82 Mutual Credit Insurance NACF Credit and Banking Services Source: Company data, Mar
4 Highlights : 1 Competitive Market Position Superior Size, Brand Name Rating Upgrade on Improving Credit Profile Financial Track Record Policy Bank Role 4
5 NACF s Competitive Market Position NACF maintains one of the widest distribution networks among Korean financial institutions with 1,123 branches in its national branch network Moreover, as a central bank and regulator for the member cooperatives, NACF benefits from 5,426 branches on a combined basis No. of NACF Branches Nationwide Relative Strength of NACF Network Seoul (179) Daegu (41) NACF + Member Coop 5,426 Incheon (42) Gyeonggi (209) Kangwon-do (63) Ulsan (28) NACF Kookmin 1,123 1,223 Daejeon (29) Chungnam (65) Jeonbuk (50) Chungbuk (49) Gyeongbuk (81) Shinhan Woori 1, Jeonnam (66) Gyeongnam (92) Hana 654 Kwangju (27) Cheju (19) Pusan (64) SCKFB 363 Source: Company data, Dec. 31, 2008 Source: Financial Statistics Information System, Dec. 31,
6 NACF s Competitive Market Position NACF is one of the largest financial institutions in Korea in terms of assets and deposits Total Assets Total Deposits (KRW Tn) (KRW Tn) NACF (1) 260 NACF (1) 164 NACF (2) 183 NACF (2) 123 Kookmin 262 Kookmin 159 Woori 228 Woori 139 Shinhan 214 Shinhan Source: Financial Statistics Information System, Dec. 31, 2008 Source: Financial Statistics Information System, Dec. 31, 2008 Notes 1. NACF including credit & banking, insurance and mutual credit businesses 2. Credit & banking business only 6
7 Highlights: 2 Competitive Market Position Rating Upgrade on Improving Credit Profile Financial Track Record - Sound Asset Quality, Strong Capital Basetor Policy Bank Role 7
8 Impressive Financial Track Record Significance of Credit & Banking Business Credit & banking business is the core profit generator for NACF Registered and regulated as a commercial bank under the Bank Act of Korea Provides a full range of credit & banking services to farmers, keepers of livestock and the general public Designated as a Specialized Bank by the government Acts as a central bank and regulator to its member cooperatives Asset Breakdown Operating Revenue Breakdown AMS 1.9% Insurance 10.7% Education 1.3% Administration 0.9% LMS 0.2% Mutual Credit 6.2% AMS 8.6% LMS 0.9% Crop Insurance 0.2% Mutual Credit 16.2% Insurance 24.8% C&B 59.3% C&B 68.8% Source: Company filings, Dec. 31, 2008 Source: Company filings, Dec. 31,
9 Impressive Financial Track Record NACF maintains a diversified loan portfolio, with stable NPL ratio and provisioning coverage Loan Maturity Profile NPL Ratio Due after 5 yrs 16.1% Due in 3 mth or less 21.5% (%) 2% 1.38% 1.14% Due in 1-5 yrs 29.7% Source: Company filings, June 30, 2008 Due in 3-6 mth 12.5% Due in 6-12 mth 20.2% 0.81% 0.68% 0% Source: Company filings, Dec. 31, 2008 Loan Portfolio Provisioning Ratio Public & Others 5.4% Member Co-ops 13.3% Financial Institutions 3.3% Households 41.9% (%) 250% 200% 150% 100% 154.0% 205.2% 237.2% 142.7% Corporates 36.2% 50% 0% Source: Company filings, Dec. 31, 2008 Source: Company filings, Dec. 31,
10 Impressive Financial Track Record NACF s strong profitability and capital adequacy are evidenced by our operating revenue, net income and capital adequacy ratios Operating Revenue Net Income (KRW Tn) (KRW Bn) Capital Adequacy Profitability 50 1, , ,200 1, Source: Company filings, Dec. 31, 2008 Source: Company filings, Dec.31, 2008 Tier 1 Capital Ratio BIS Ratio (%) (%) 9% 13% 12.34% 8% 7.89% 7.87% 11.81% 11.83% 12% 7.26% 6.78% 11.12% 7% 11% 6% 10% 5% 9% Source: Company filings, Dec. 31, 2008 Source: Company filings, Dec. 31,
11 Impressive Financial Track Record NACF s ROAA and ROAE, along with equity, have demonstrated stable growth NIM has been stable despite continued asset growth Net Interest Margin ROAA (%) (%) 3.0% 2.0% 2.7% 2.5% 2.3% 2.0% 1.0% 0.7% 0.8% 0.9% 1.0% 0.5% 0.2% 0.0% 0.0% Source: Company filings, Dec. 31, 2008 Source: Company filings, Dec. 31, 2008 ROAE Equity (%) 20% 15% 10% 5% 12.6% 13.0% 13.8% 3.2% (KRW Bn) 12,000 10,000 8,000 6,000 4,000 7,671 9,279 10,094 10,028 0% Q ,000 Source: Company filings, Dec. 31, 2008 Source: Company filings, June. 30,
12 Recent Market Volatility Will Not Change NACF s Outlook NACF s strong outlook has not changed on the back of the conservative balance sheet and strong liquidity profile, despite current market conditions NACF is Well Positioned Across the Three Main Areas of Impact Financial Assets Total CDO investment: US$309MM (before write-off) Total write-off of CDO exposure: US$155MM Remaining Balance of CDO exposure: US$159MM (as of 31 Dec 08) Counterparties Approximately 98% of exposures to Korea No US ABCP conduits Only KRW ABCP (KRW2.6Tn) No concern of potential liability to provide liquidity LBO commitment: US$180MM (0.09% of total assets) Liquidity and Funding Large retail deposit base Diversified funding sources Funding Sources 70.0% 4.5% 7.2% 12.1% 6.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Customer Deposit Borrow ings from Financial Institutions Government Funding Bonds Others Source: Company data 12
13 Financial Statement (whole NACF) Key Financials KRW Bn Total Assets 202, , , ,377 Total Liabilities 194, , , ,349 Total Shareholders Equity 7,671 9,279 10,094 10,028 Income Before Income Taxes 963 1,135 1, Net Income 804 1,053 1, Source: Company filings 13
14 Highlights: 3 Competitive Market Position Rating Upgrade on Improving Credit Profile Financial Track Record Policy Bank Role - Policy arm with Committed Financial and non-financial Support from the Government 14
15 Strong Relationship with Government The government has a track record of providing direct and indirect financial support to NACF The Agricultural Cooperative Law states potential ongoing government support. Policy Loan Guarantee Government Support to NACF Direct or indirect guarantee to NACF for agricultural policy loans which represent around 11.5% of NACF s loan book Funding Authority to issue agricultural debentures with government guarantee subject to National Assembly approval Expense Subsidy The Agricultural Cooperative Law (Article 9) requires the government to subsidize the expenses of NACF The voluntary winding-up of NACF is constitutionally prohibited and no appropriate alternative organization would be available Track Record of Government Support During the acquisition of National Livestock Cooperative Federation ( NLCF ); The MAF(currently known as MIFAFF) waived NACF s debt repayment of KRW274.8Bn in 2000 from the Livestock Development Fund The government injected a KRW 87 Bn to compensate for the pre-merger deficit of NLCF. The government also purchased KRW96.2Bn preferred shares to support NACF s BIS ratio. 15
16 Strong Relationship with Government Annual Trend of Government s Ongoing Financial Support (KRW Bn) Policy Loans Breakdown KRWBn (%) 2,100 1,800 1,500 1,200 1,316 1,639 1,914 1,873 30,000 20, ,830 15, , , ,000 10,183 9,708 9,088 9,124 5,647 5,559 5,732 7,188 0 NACF Government NACF % Policy Loans Percentage In 2008, the Government contributed KRW 1,873.3Bn for various uses, including construction of a rice processing complex compensate losses incurred on reduced prices on fertiliser sales establish an agro-producer marketing chain subsidies for reduced interest rates charged by NACF in respect of policy loans to the agricultural sector Total KRW 144,723 Bn 88.7% Policy Loans 11.3% Policy Loans KRW16,312 Bn Others 16
17 Strong Relationship with Government Agricultural Credit Guarantee Fund Funds for Possible Policy Loan Loss Purpose The ACGF aims to contribute to the balanced growth of the rural economy by stimulating the financing of funds needed for agriculture and forestry, by guaranteeing the credit of persons involved in agriculture and forestry with modest collateral Sources of Funds The sources of funds for ACGF shall be contributions from the government and municipalities, contributions from financial institutions (1), contributions from agricultural and marine organizations and profits from the management of funds Administration Tasks related to the administration of ACGF will be managed by the NACF, including fund management, credit guarantee, credit systems Purpose The sources of funds for FPPL shall be contributions from the cooperative entities (2), profits from the management of funds and other external contributions and income Source of Funds The sources of funds for FPPL shall be contributions from the cooperative entities (2), profits from the management of funds and other external contributions and income Supervision The FPPL is under the supervision of the Minister of Agriculture and Forestry Agricultural Credit Guarantee Fund KRWBn Government NACF Funds for Possible Policy Loan Loss KRWBn NACF Notes 1. Regional NACF member cooperatives, regional National Livestock Cooperatives Federation (NLCF) member cooperatives, other cooperatives and NACF 2. NACF, National Federation of Fisheries Cooperatives (NFFC), National Forestry Cooperatives Federation (NFCF) 17
18 Key Investment Highlights: 4 Competitive Market Position Rating Upgrade on Improving Credit Profile - Rating upgrade by Moody s to A1 in Jul Assigned A+ by Fitch in Jul 2007, equivalent to sovereign rating Financial Track Record Policy Bank Role 18
19 Rating Upgrades NACF maintains a solid credit ratings, which are in line with sovereign ratings Fitch assigned A+ to NACF in Jul 2007, equivalent to sovereign rating Improving Credit Profile Improving asset quality and capitalization Strong nation-wide network Good funding base Continued direct and indirect government support NACF Rating History Rating Agency Current Previous S&P 3/21/2007 A A- Moody's 2/9/2009 A2 A1 7/25/2007 A1 A2 Fitch 7/5/2007 A+ NR Ratings by Moody s Ratings by S&P Ratings by Fitch A1 A2 A3 Baa3 Baa2 Baa A+ A A- BBB+ BBB BBB- A+ A A- BBB+ BBB BBB Note 1. Joint Default Analysis 19
20 Thank You 20
Tanner Investor Information 1Q 2014
Tanner Investor Information 1Q 2014 Tanner at a Glance Business Description Key Highlights (1Q 14) Tanner Servicios Financieros S.A. ( Tanner ) is a leading Chilean non banking financial institution, offering
More informationThe 22nd Conference of Asian Credit Supplementation Institution Confederation November 9 13, 2009 Taipei, Taiwan (R.O.C.)
Questionnaire on Credit Supplementation System & the 22nd ACSIC Conference s Theme Please send this form via email by July 15, 2009 to: The Secretariat The 22nd ACSIC Conference Small & Medium Enterprise
More informationYE08 Consolidated Financial Results. February 13, 2009
YE08 Consolidated Financial Results February 13, 2009 1 We support our strategy with strong risk management Proven risk management track record and the highest credit ratings given to a bank in Turkey
More information2005 New York Broker dealer. Diversification of portfolio. 2007 Expansion of Investment Bank, payroll loan and credit cards. Shareholder base 2
OVERVIEW - History 1 1991 Beginning of operations as a multiple bank 2002 Nassau Branch 2005 New York Broker dealer 2009 Beginning of strategic partnership with 2015 Promotiva S.A. (payroll loans origination
More informationPohjola Group. 31 March 2008
Pohjola Group 31 March 2008 Group business structure Strategy Interim report 31 March 2008 Pohjola Group Banking and Investment Services Non-life Insurance Acquisition synergies Prospects for 2008 Dividend
More informationPlease see below for the current credit ratings of Santander UK:
Santander UK Santander UK is regulated on a standalone basis by the United Kingdom Financial Services Authority. The bank is UK focused with more than 95% of assets UK based. In the UK, the bank has a
More informationBank of Ghana Monetary Policy Report. Financial Stability Report
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
More informationFinansbank Q2 15 Corporate Presentation
Finansbank Q2 15 Corporate Presentation 0 Agenda Turkish Banking Landscape & Finansbank Loan-based Balance Sheet Delivering High Quality Earnings Solid Financial Performance Appendix 1 Structurally attractive
More informationInvestor Presentation The Helaba Group. Frankfurt / Main, November 2015
Investor Presentation The Helaba Group Frankfurt / Main, November 2015 Agenda 2 1 Helaba Profile 2 S Group Strategy 3 Business Development & Asset Quality 4 Funding Helaba: Universal bank with strong regional
More informationMetsä Board Debt investor presentation Q2/2015. 6 August 2015
Metsä Board Debt investor presentation Q2/2015 Strong financing situation continues EUR million 1000 750 Net debt Gross debt EUR 671 million and net debt EUR 389 million at the end of Q2/2015 (EUR 319
More information4finance investor presentation for 3 month 2016 results. 2 June, 2016
4finance investor presentation for 3 month 2016 results 2 June, 2016 0 meur meur Highlights of First Quarter 2016 Solid results delivered Revenue up 30% to EUR 90.3 million Regulatory changes implemented
More informationBank Credit Risk Indicators
Bank Credit Risk Indicators Fitch Solutions offers the most comprehensive suite of bank credit risk indicators available in the market to help you monitor your exposure to bank credit and counterparty
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More information33/81/ 139 240/196/ 128/128/ 128 70/133/ 210 245/218/ 101 1st Quarter 157/190/ 2013 231 249/231/ 157 218/231/ 246
1 st Quarter 2013 1 Disclaimer This presentation may include references and statements, planned synergies, estimates, projections of results, and future strategy for Banco do Brasil, it s Associated and
More informationCommercial paper collateralized by a pool of loans, leases, receivables, or structured credit products. Asset-backed commercial paper (ABCP)
GLOSSARY Asset-backed commercial paper (ABCP) Asset-backed security (ABS) Asset-backed securities index (ABX) Basel II Call (put) option Carry trade Collateralized debt obligation (CDO) Collateralized
More informationFinancial Institutions
Turkey Credit Analysis Ratings Foreign Currency Long Term IDR Short Term IDR Local Currency Long Term IDR Short Term IDR Current Ratings BB B BBB F3 National Long term AAA(tur) Support Rating 3 Sovereign
More informationBanco Santander Chile: Solid results in 2Q14. Sound outlook for 2015
0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationFixed Income Investor Presentation. July 2012
Fixed Income Investor Presentation July 2012 Cautionary Note on Forward Looking Statements Today s presentation may include forward-looking statements. These statements represent the Firm s belief regarding
More informationSEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013
SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB
More informationHow To Understand The Turkish Economy
BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government
More informationE.SUN FHC Financial Review of 1Q 2015
E.SUN FHC Financial Review of 1Q 2015 May 2015 Disclaimer This Presentation is provided by E.SUN Financial Holding Co., Ltd. ( E.SUN FHC ). E.SUN makes no guarantee or warranties as to the accuracy or
More information2014 Annual Results Announcement
214 Annual Results Announcement Hong Kong 27 March 215 Disclaimer This document may contain time-sensitive information which is only current as of the date of publication. In addition, this document may
More informationPohjola Bank plc s Interim Report 1 January 31 March 2012
Pohjola Bank plc s Interim Report 1 January 31 March 2012 Contents Interim Report Q1/12 Pohjola Group 3 Banking 8 Non-life Insurance 13 Asset Management 21 Group Functions 24 Outlook 27 Background Material
More informationCOMMERCIAL INTERNATIONAL BANK ( CIB ) REPORTS RECORD FULL-YEAR 2015 CONSOLIDATED REVENUE OF EGP 10.2 BILLION AND RECORD NET INCOME OF EGP 4
News Release 10 February 2016 Commercial International Bank (Egypt) SAE Nile Tower, 21/23 Charles de Gaulle Street, Giza 11511, Egypt www.cibeg.com EGX Symbol: COMI COMMERCIAL INTERNATIONAL BANK ( CIB
More informationDevelopment of mortgage lending in Russia
Development of mortgage lending in Russia Development of Russian mortgage market: 2007-2012 Mortgage origination, bln. (RUB/$) Mortgage share of residential market turnover 1000 900 800 700 600 500 400
More informationThe Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG
The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch
More informationSecure Trust Bank PLC. 2015 INTERIM RESULTS 21st July 2015
Secure Trust Bank PLC 2015 INTERIM RESULTS 21st July 2015 Introduction & business review PAUL LYNAM Chief Executive Officer Strategy continues to deliver Maximise shareholder value: To maximise shareholder
More informationAchmea Bank update Strategy for growth. 26 May 2016 Ronald Buwalda Leiden
Achmea Bank update Strategy for growth 26 May 2016 Ronald Buwalda Leiden Key messages A solid pillar of the retirement services strategy and a good investment opportunity Achmea Bank is strategically anchored
More informationSydbank s Interim Report Q1 2015
SYDBANK INTERIM REPORT Q1 2015 Sydbank s Interim Report Q1 2015 Historically high income good start to the year CEO Karen Frøsig comments on the interim financial statements: - We have had a good start
More informationArshil Jamal President and Chief Operating Officer Canada Life Capital Corporation
Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains
More informationSnapshot of Chinese Non-Life Insurance Sector & Overview of Fitch s rating methodology
Snapshot of Chinese Non-Life Insurance Sector & Overview of Fitch s rating methodology Wan Siew Wai, Senior Director - Insurance 26 27 January 2012 Agenda Credit Snapshot of Chinese Non-Life Insurers Overview
More informationOAKTREE HIGH YIELD BOND FUND
OAKTREE HIGH YIELD BOND FUND Institutional Class OHYIX Advisor Class OHYDX Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks.
More information2 nd Quarter, 2012 Results ANALYST MEETING, 27 JULY, 2012
2 nd Quarter, 2012 Results ANALYST MEETING, 27 JULY, 2012 Agenda Page 1. Review of Result 2Q12 3-19 2. Future Positioning 21-25 3. 2012 Targets 27 IMPORTANT DISCLAIMER: Information contained in this document
More informationimplementing management vision looking forward five years
Results for the interim period of the year ending March 31, The Asahi Bank, Ltd. 1. Strong earnings base : Net operating profit exceeded forecast issued at the beginning of the period Sharp focus on domestic
More informationInvestor Presentation. February 2015
Investor Presentation February 2015 Table of contents (1) Introduction (2) The Factoring Industry (3) Lider Factoring Business Overview (4) Lider Factoring Risk Management and Asset Quality (5) Lider Faktoring
More informationISBANK EARNINGS PRESENTATION 2016 Q1
ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still
More information2013 Annual Results. D. Francisco Gómez Martín CEO. Madrid, January 31 st, 2014
2013 Annual Results D. Francisco Gómez Martín CEO Madrid, January 31 st, 2014 Disclaimer This presentation has been prepared by Banco Popular Español solely for purposes of information. It may contain
More informationSecond Quarter 2015 Trading Update. 28 September 2015
Second Quarter 2015 Trading Update 28 September 2015 Disclaimer This communication and the information contained herein has been approved by the Board of Directors of Eurobank Ergasias S.A. ( Eurobank
More informationFirst Industries Fund
First Industries Fund First Industries is one of 19 programs in the June 2004 economic stimulus package. It provides $100 million for agriculture, and $50 million for tourism. Final guidelines were approved
More informationAppendix. Debt Position and Debt Management
Appendix Debt Position and Debt Management BUDGET '97 BUILDING ALBERTA TOGETHER Table of Contents Debt Position and Debt Management... 349 The Consolidated Balance Sheet and Net Debt... 350 Liabilities...
More informationObjectives and key requirements of this Prudential Standard
Prudential Standard LPS 001 Definitions Objectives and key requirements of this Prudential Standard This Prudential Standard defines key terms referred to in other Prudential Standards applicable to life
More informationBANCO SANTANDER CHILE ANNOUNCES RESULTS FOR THE FOURTH QUARTER 2002
Banco Santander Chile CONTACTS: Raimundo Monge Robert Moreno Desirée Soulodre Banco Santander Chile Banco Santander Chile Banco Santander Chile 562-320-8505 562-320-8284 562-647-6474 BANCO SANTANDER CHILE
More informationFixed-income opportunity: Short duration high yield
March 2014 Insights from: An income solution for a low or rising interest-rate environment Generating income is a key objective for many investors, and one that is increasingly difficult to achieve in
More informationPROVINCIAL COMPANIES REGULATION
Province of Alberta INSURANCE ACT PROVINCIAL COMPANIES REGULATION Alberta Regulation 124/2001 With amendments up to and including Alberta Regulation 79/2011 Office Consolidation Published by Alberta Queen
More informationINDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)
INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED
More informationAllianz an opportunity
Jay Ralph, Member of the Board of Management Allianz an opportunity Commerzbank German Investment Seminar New York, January 2011 Agenda 1 Allianz at a glance 2 Business operations in the US 3 Summary and
More informationBusiness and Financial Highlights Nine Months Ended December 31, 2014. Shinsei Bank, Limited January 2015
Business and Financial Highlights Nine Months Ended December 31, 214 Shinsei Bank, Limited January 215 Table of Contents Q3 FY214 Results: Key Points ------------------------------------------ Q3 FY214
More informationCOMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL
INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.
More informationPresentation. 4Q2010 BRSA Results
Investor Presentation 4Q2010 BRSA Results 1 TSKB @ a Glance Ownership TSKB Credit Ratings (Dec 2010) İş Bank; 50.1% Free Float 41.6% Fitch LTFC Moody s LTFC BB+ Ba3 Corporate Governance Rating Vakıf Bank;
More informationChina International Capital Corporation (UK) Limited Pillar 3 Disclosure
1. Overview Pillar 3 Disclosure March 2014 China International Capital Corporation (UK) Limited Pillar 3 Disclosure The European Union s Capital Requirements Directive ( CRD ) came into effect on 1 January
More informationAbout Komplett Bank ASA. Outlook. Developments to date
Interim report 4th quarter 2015 About Komplett Bank ASA Komplett Bank ASA started banking operations on 21 March 2014 when the company received its banking licence from the Norwegian authorities. Komplett
More informationCITIZENS PROPERTY INSURANCE CORPORATION. INVESTMENT POLICY for. Claims Paying Fund (Taxable)
CITIZENS PROPERTY INSURANCE CORPORATION INVESTMENT POLICY for Claims Paying Fund (Taxable) INTRODUCTION Citizens is a government entity whose purpose is to provide property and casualty insurance for those
More informationThe Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015
The Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015 Subject to Board Approval Posting date: January 29, 2016 Contents NORTHERN TRUST OVERVIEW AND SCOPE OF APPPLICATION.
More informationBBVA Colombia. Working for a better future for people
BBVA Colombia Working for a better future for people 2013 The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Stock Exchange) is not a certification of the registered securities
More informationBasel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc.
Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Introduction Basel II is an international framework on capital that applies to deposit taking institutions in many countries, including Canada.
More informationCredit Opinion: SkandiaBanken AB
Credit Opinion: SkandiaBanken AB Global Credit Research - 30 Jan 2015 Sweden Ratings Category Moody's Rating Outlook Stable Bank Deposits A3/P-2 Bank Financial Strength C- Baseline Credit Assessment baa1
More informationOverview Q1 2009 YTD 09 YTD 08 -35 37. Core income in DKK million. Cost and expenses in DKK million 399 343
Q1 29 Satisfactory growth in earnings before impairment - impairment of loans and advances and contributions to sectortargeted solutions slice pre-tax profits to DKK 49 million 29 April 29 Overview Q1
More informationWe also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA.
Moody s Investors Service Ltd CREDIT OPINION MORTGAGE AND LAND BANK OF LATVIA Summary Rating Rationale In accordance with Moody s rating methodology for government-related issuers (GRIs), we assign A2/Prime-1
More informationHow To Rate A Bank In Australia
Page 1 of 5 Fitch Upgrades NZ's Heartland Bank, Affirms Five Other FIs Ratings Endorsement Policy 28 Oct 2014 12:56 AM (EDT) Fitch Ratings-Sydney-28 October 2014: Fitch Ratings has upgraded Heartland Bank
More informationChina Merchants Bank Co., Ltd. 2013 Annual Results Announcement
China Merchants Bank Co., Ltd. 2013 Annual Results Announcement Forward-Looking Statement Disclaimer This presentation and subsequent discussions may contain forward-looking statements that involve risks
More informationNomura Securities Co., Ltd. Non-consolidated Balance Sheets
ASSETS Non-consolidated Balance Sheets Nomura Securities Co., Ltd. (Millions of yen) March 31, 2014 March 31, 2015 Increase/(Decrease) Current Assets 12,488,887 13,949,399 1,460,512 Cash and time deposits
More informationFITCH AFFIRMS NORWEGIAN SAVINGS BANKS
FITCH AFFIRMS NORWEGIAN SAVINGS BANKS Fitch Ratings-London-04 November 2015: Fitch Ratings has affirmed SpareBank 1 Nord-Norge's (SNN) Long-term Issuer Default Rating (IDR) at 'A', SpareBank 1 SMN's (SMN),
More informationMML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations
MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations General Management s Discussion and Analysis of Financial Condition and
More information9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle
9. Short-Term Liquidity Analysis. Operating Cash Conversion Cycle 9.1 Current Assets and 9.1.1 Cash A firm should maintain as little cash as possible, because cash is a nonproductive asset. It earns no
More informationAgenda. CEO s review Veli-Matti Mattila, CEO. Financial review Jari Kinnunen, CFO
Agenda CEO s review Veli-Matti Mattila, CEO Financial review Jari Kinnunen, CFO CEO s review Q1 2013 financial and operational highlights Segment review Strategy execution Outlook for 2013 3 Q1 2013 highlights
More informationDisclosure 17 OffV (Credit Risk Mitigation Techniques)
Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of
More information1Q15 CONFERENCE CALL
1Q15 CONFERENCE CALL Highlights Recurring Net Income R$ 100.5 million -7.2% (1Q15/4Q14) 42.4% (1Q15/1Q14) Net Income of R$ 105.1 million in the quarter, growth of 12.2% compared to 4Q14 and 57.8% higher
More informationSEMINAR ON CREDIT RISK MANAGEMENT AND SME BUSINESS RENATO MAINO. Turin, June 12, 2003. Agenda
SEMINAR ON CREDIT RISK MANAGEMENT AND SME BUSINESS RENATO MAINO Head of Risk assessment and management Turin, June 12, 2003 2 Agenda Italian market: the peculiarity of Italian SMEs in rating models estimation
More informationSun Life Financial reports first quarter results
Sun Life Financial reports first quarter results Note to Editors: All figures shown in Canadian dollars unless otherwise noted. TORONTO (May 7, 2009) Sun Life Financial Inc. (TSX/NYSE: SLF) reported a
More informationHow To Make Money From A Bank Loan
NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME
More informationBanks. Kuveyt Turk Katilim Bankasi A.S. Turkey Full Rating Report. Rating Rationale. What Could Trigger an Upgrade? Profile
Turkey Full Rating Report Ratings Foreign Currency Long Term IDR Short Term IDR Local Currency Long Term IDR Short Term IDR National Long Term Rating BBB F3 BBB F3 Individual Rating D Support Rating 2
More informationInvestor Update Fourth Quarter 2015
Investor Update Fourth Quarter 2015 Caution re: Forward-looking Statements This presentation provides management with the opportunity to discuss the financial performance and condition of Home Capital
More informationSecuring flexible financing
Securing flexible financing Markus Coenen Head of Group Finance, RWE AG RWE Credit Day London, 9 October 2012 2012 in financial terms so far H1 2012 operating performance: EBITDA +9%, operating result
More informationH1 2014 IFRS Results. August 2014
H 4 IFRS Results August 4 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
More informationIndiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Unaudited Financial Results Q1 FY 2014-15 July 24, 2014
Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Unaudited Financial Results Q1 FY 2014-15 July 24, 2014 Safe Harbour Statement This document contains certain forward-looking statements
More informationALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative
More informationBBVA Cédulas Territoriales
BBVA Cédulas Territoriales Investor presentation July 2007 Disclaimer This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or
More informationSydbank s Interim Report Q1-Q3 2014
SYDBANK INTERIM REPORT Q1-Q3 2014 Sydbank s Interim Report Q1-Q3 2014 Sydbank s plan to increase profitability is generating results CEO Karen Frøsig comments on the interim financial statements: - Q3
More informationGjensidige Bank ASA Investor Presentation 2013. 19. March 2013
Gjensidige Bank ASA Investor Presentation 2013 19. March 2013 Agenda Gjensidige Bank in Brief (Hans Harèn - GB CEO) p. 3-6 Gjensidige Group capital position (Linn Soltvedt - Investor Relations Officer)
More informationEarnings Release First Quarter 2016
Earnings Release First Quarter 2016 Conference Call Presentation May 11 th, 2016 For additional information, please read carefully the notice at the end of this presentation. Earnings Release First Quarter
More informationFinancial Results as at 31 March 2004
Financial Results as at 31 March 2004 (International Financial Reporting Standards) Prague - 30 April 2004 CONTENT Business Performance Financial Performance Loan Portfolio Development Appendix Financial
More informationGroup Financial Review
Management Discussion and Analysis of Financial Statements. Fifth consecutive year of record performance for the Group. Simplified Income Statement RM Million +/- RM Million % Net interest income 2,065.9
More informationRevenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects
Press release For business desks 7 November 2013 Commerzbank: operating profit of EUR 103 m in third quarter Revenues before loan loss provisions almost stable at EUR 2.3 bn despite seasonal effects Annual
More information4finance investor presentation for 9 month 2015 results. 10 November, 2015
4finance investor presentation for 9 month 2015 results 10 November, 2015 0 meur meur Highlights Strong performance across the business Loan issuance up 33% Revenue up 39%, growth in all countries Net
More informationAHML s role in housing market development and providing housing to low-income families in Russia. N.Yu. Koltsova, AHML Deputy CEO
AHML s role in housing market development and providing housing to low-income families in Russia N.Yu. Koltsova, AHML Deputy CEO 1 2013 Jan 09 Mar 09 May 09 Jul 09 Sep 09 Nov 09 Jan 10 Mar 10 May 10 Jul
More informationBALANCE SHEET HIGHLIGHTS
Home Capital Reports Q1 Earnings: Diluted Earnings per Share of $0.92; adjusted diluted earnings per share of $0.96 Dividend of $0.24 per common share. Toronto, May 4, 2016 - Home Capital today reported
More informationDISCLOSURE REQUIRED BY BUREAU OF MONETARY AFFAIRS
DISCLOSURE REQUIRED BY BUREAU OF MONETARY AFFAIRS Disclosures regulated in directives No. 89760330, No. 89764532 and No. 0936000140 issued by the Ministry of Finance were as follows: 1. Balance Sheet and
More informationScotiabank Financials Summit. September 5, 2013
Scotiabank Financials Summit September 5, 2013 1 1 Disclaimer This presentation provides management with the opportunity to discuss the financial performance and condition of Home Capital Group Inc. and
More informationFINANCIAL SYSTEM IN KOREA
FINANCIAL SYSTEM IN KOREA December 2008 Copies of this script are no longer published in printed form, and its contents are only available on the B.O.K s website. (Information; 82-2-759-4520, Fax 82-2-759-4786)
More informationWe endeavor to maximize returns.
We endeavor to maximize returns. Ayşegül Özel Yapı Kredi Bankası Private Banking Portfolio Manager Erdoğan Yücel Yapı Kredi Emeklilik Sales Manager FInance 4 th largest private bank (asset size) Leader
More informationStrategic and Operational Overview May 11, 2016
Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,
More informationAn Alternative Way to Diversify an Income Strategy
Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed
More informationSUMMARY Belfius Financing Company (LU) NOK Step Up 2 due 7 April 2020
SUMMARY Belfius Financing Company (LU) NOK Step Up 2 due 7 April 2020 The following summary is established in accordance with Articles 24 and 28 of the Belgian Law of 16 June 2006 on the public offer of
More informationQ3 2014 IFRS Results. November 2014
Q3 4 IFRS Results November 4 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
More informationRating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3)
Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3) Global Credit Research - 13 Sep 2012 New York, September 13, 2012 -- Moody's Investors Service assigned first
More informationAn index of credit default swaps referencing 20 bonds collateralized by subprime mortgages.
ABX Asset-backed commercial paper (ABCP) Asset-backed security (ABS) Assets under management (AUM) Call (put) option Capital-to-risk-weighted assets ratio Carry trade Cash securitization CAT (catastrophe)
More informationInvestor Conference Call
Investor Conference Call Fiscal Year 2015 Third Quarter February 28, 2015 April 17, 2015 at 10:00 am ET 2 Forward-Looking Statements This presentation contains forward-looking statements, which are based
More informationIssue for the ERCOT Board of Directors
Date: November 19, 2013 To: Board of Directors From: Mark Ruane, Vice President Credit & Enterprise Risk Subject: Letter of Credit Concentration Limits Issue for the ERCOT Board of Directors ERCOT Board
More informationSociedade Lusa de Negócios
Sociedade Lusa de Negócios Group structure: Ownership Structure: The BPN Group is 100%-owned by SLN Sociedade Lusa de Negócios -SGPS, S.A., the Group s holding company. SLN is owned, directly and/or indirectly,
More information