Annual Earnings Report

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1 Annual Earnings Report December rd February 2013

2 CONTENTS Page Introduction 2 1. Relevant data 3 2. Highlights of the period 4 3. Global economic environment 7 4. Analysis of results 8 5. Balance sheet Funding structure and liquidity Risk management Solvency Bankia share Rating Main events during the period 23 Annex 27 1

3 THE TURNAROUND YEAR Accelerated execution of Group Restructuring Plan Capitalisation process completed in Branch restructuring completed two years ahead of schedule. Strong advances in non-strategic asset disposal plan: approximately 120 equity investments sold during the year, generating more than 870 million euros of cash proceeds at the Bankia Group. Solid revenue generation by the core business and improvement in efficiency The Bankia Group achieved profit after tax of 509 million euros (608 million euros on a pro-forma basis). Sustained growth of core banking business revenue: net interest income and fee and commission income increased for the third quarter in a row, bringing cumulative growth since the first quarter to 14.8%. Operating expenses were down 16.9% year-on-year, a reduction of nearly 400 million euros. Cost of risk stabilised and high credit portfolio coverage ratios Provision coverage of credit portfolios remains high: developers 42.7%, corporates and SMEs 16.2% and individuals 3.5%. Against a background of rising NPLs across the industry, Bankia s NPLs scarcely changed. Excluding the effect of applying the Banco de España s recommendations on reclassification of refinanced loans, NPLs fell by around 1,200 million euros. The recurring cost of risk for the year stands at 74 bps. Liquidity and solvency parameters improve and market confidence grows Commercial gap and LTD ratio improve, the latter down 5 percentage points over the year as a whole, to 115.4%. Strict customer deposits stabilised in the fourth quarter of the year. Solvency ratios show a very positive trend: EBA core tier 1 at 11.71%, with organic capital generation of more than 200 bps. Significant rise in share price since May and first issue of senior debt, 3.5x oversubscribed, with an international demand of 85%. 2

4 1. RELEVANT DATA KEY DATA Dec-13 Dec-12 Change Balance sheet ( million) Total assets 251, ,310 (10.9%) Loans and advances to customers (net) 119, ,177 (11.2%) Loans and advances to customers (gross) 129, ,784 (11.0%) Loans and advances to the resident private sector (gross) 100, ,605 (8.8%) Secured loans and advances (gross) 78,330 84,684 (7.5%) On-balance-sheet customer funds 136, ,880 (16.6%) Customer deposits and clearing houses 108, ,904 (2.1%) Borrowings, marketable securities 28,139 37,335 (24.6%) Subordinated liabilities 0 15,641 n.a Total managed customer funds 157, ,471 (11.7%) Business volume 276, ,648 (11.5%) Core capital BIS II 10,556 5, % Capital adequacy (%) BIS II core capital 11.88% 5.16% p.p. Solvency ratio (BIS II ratio) 11.97% 9.81% p.p. Core Tier I EBA 11.71% 4.94% p.p. Risk management ( million and %) Total risk 136, ,542 (10.4%) Non performing loans 20,022 19, % NPL provisions 11,312 12,242 (7.6%) NPL ratio 14.7% 13.0% +1.7 p.p. NPL coverage ratio 56.5% 61.8% (5.3) p.p. Results ( million) Dec-13 Dec-12 Change Net interest income (1) 2,567 3,198 (19.7%) Gross income (1) 3,772 4,119 (8.4%) Operating income before provisions (1) 1,867 1, % Key ratios (%) Efficiency (1) 50.5% 55.7% (5.2) p.p. R.O.A. (Profit after tax / Average total assets) (2) 0.23% n.a. n.a. R.O.E. (Profit attributable to the group / Equity at the end of the period) (2) 5.61% n.a. n.a. Dec-13 Dec-12 Change Bankia share (3) Number of shares in issue (million) 11,517 1,994 n.a Closing price (end of year) n.a Market capitalisation ( million) 14, n.a Earnings per share 0.07 (10.14) n.a. Additional information Number of employees (4) 15,392 20,005 (23.1%) (1) Excluding the financial cost attributable to the subordinated loan granted by BFA to Bankia (2) Calculated using pro forma profit (i.e. excluding the financial cost attributable to the subordinated loan granted by BFA and reclasifying results of Aseval as continuing operations) (3) In December 2013 the share price is after the capitalisation process, therefore is not comparable with December 2012 (4) Number of employees used in financial activities in Spain and abroad 3

5 2. HIGHLIGHTS OF THE YEAR Following the major balance sheet clean-up carried out in the previous year, 2013 was a crucial year for the financial stabilisation of the Bankia Group. The milestones of the Bankia Group s progress last year include completion of the capitalisation process, which was one of the pillars of the Restructuring Plan; significant progress in the restructuring process; and improvements in the business s main management parameters. By achieving these milestones, the Bankia Group has positioned itself as a solvent, profitable, well capitalised bank with high levels of provisions and liquid assets. From this solid starting point, the Group is able to face 2014 with its management focused on the business, the main goal being to strengthen the Group s competitive position and increase its profitability. The achievements of 2013 are summed up in the following highlights: 2.1 Accelerated execution of the Restructuring Plan The capitalisation process and exchange of hybrid instruments ended in May, making the Bankia Group one of the most solvent institutions in Spain. The arbitration process over the repurchase of hybrid instruments is nearly complete. Bankia received more than 183,000 arbitration applications, most of which have already been, or are in the process of being, analysed by the independent expert (KPMG). By 31 December 2013 the Consumer Arbitration Board had already issued 75,566 favourable decisions to Bankia customers. Another 32,416 arbitration agreements had been brought before the Arbitration Board for it to issue further resolutions. And an additional 17,182 applications were waiting for the customers to sign the agreements, so that they could be sent to the Arbitration Board. June However, the Bank decided to accelerate the branch closures, so as restore stability to the business and the franchise as quickly as possible. As a result, the branch restructuring ended in November 2013, nine months after it began and two years ahead of the initial forecast stated in the Restructuring Plan. As a preliminary step, the IT integration of the seven institutions that merged to form the Bank was completed in March This allowed the Bankia Group to have all its customers operating under a single platform, bringing the integration to a satisfactory conclusion. With respect to workforce reduction, the signing in February 2013 of an agreement with the employees representatives on certain workforce reduction measures and changes in employment conditions assured an orderly management of the restructuring process. In compliance with its undertaking to dispose of non-strategic assets, in 2013 the Bankia Group concluded around 120 asset sales, making considerable strides towards the disposals target specified in the Restructuring Plan. Over the year as a whole the Bankia Group generated nearly 300 million euros of income from asset disposals, which translated into a liquidity contribution of more than 870 million euros for the Bankia Group in One of Bankia s goals was to reduce its branch network by 38% to around 1,900 branches by 4

6 2.2 Solid core business revenue and improved efficiency In 2013 the Bankia Group significantly reduced the cost of its funding sources. This cost reduction, combined with the gradual stabilisation of fee and commission income, helped consolidate a positive change of trend in the business s most recurring revenue in the second half of After the series of falls recorded since June 2012 due to the interest rate environment and the low level of market activity, net interest income and fee and commission income started to grow again from the second quarter of the year. The fourth quarter of 2013 saw the fastest growth of net interest and fee and commission income (up 7.0% overall quarteron-quarter), confirming the trend noted in the previous two quarters. Thanks to the acceleration of the branch restructuring plan and the gradual implementation of the workforce reduction measures, the Bankia Group s operating expenses were reduced by 16.9% in 2013 compared to As a result, by year-end 2013 operating costs were down 400 million euros, out of the target of 600 million euros envisaged in the Strategic Plan for Banco de España regarding refinanced loans. However, without the effect of reclassifying these loans as non-performing, the Group s NPLs would have declined by around 1,200 million euros compared to the previous year, a decline which should be seen in the context of a year in which NPLs continued to rise across the industry. At year-end 2013 the NPL ratio stood at 14.65%, compared to 12.99% in However, more than one percentage point of this increase in the NPL ratio is attributable to the above-mentioned reclassification of refinanced loans, while the rest is explained by a decline in credit volumes. The NPL coverage ratio, meanwhile, was 56.50%. As with the NPL ratio, the year-toyear comparison of the coverage ratio is affected by the reclassification of refinanced loans, which accounts for almost three percentage points of the fall in the ratio in Provision coverage of the total portfolio of refinanced loans at year-end 2013 was 22.4% At the end of 2013 the Bankia Group s cost of credit risk stood at 74 basis points. The improvement in the management parameters of the core business and the cost reductions have started to show a positive impact on profitability, translating into profit after tax of 608 million euros on a pro-forma basis in 2013, despite the low interest rate environment and the low level of market activity throughout much of The Group has thus started to advance towards the value generation envisaged in the Restructuring Plan. 2.3 Cost of risk stabilised and high credit portfolio coverage ratios The Bankia Group ended 2013 with a total of 20,022 million euros of non-performing loans (NPLs), slightly more than in 2012, as a result of having applied the recommendations of the 5

7 2.4 Liquidity and solvency parameters improve and market confidence grows In 2013 the Bankia Group significantly improved its funding structure. On the one hand, gradual balance sheet deleveraging and the stabilisation of strict retail deposits helped reduce the commercial gap by almost 8,200 million euros, improving the Group s main liquidity ratios. Specifically, the loan-to-deposit (LTD) ratio reached 115.4% at the end of December 2013, down five percentage points year-on-year, when it stood at 120.4%. On the other hand, the Group stepped up its activities in the private repo market, both with clearing houses and with other banks, thus reducing the level of ECB funding. All this, together with the cash generated during the year through asset disposals, allowed the Bankia Group to meet its debt maturities in 2013 without decreasing its liquid assets, while at the same time improving its balance sheet funding structure. At the end of 2013 customer deposits accounted for 53% of funding, compared to 49% in December The trend in the Bankia Group s solvency ratios in 2013 was very positive. The capitalisation and hybrids management process, which culminated in May, together with organic capital generation through profit, the decrease in risk-weighted assets associated with balance sheet deleveraging and the divestments, contributed positively to the trend in the Group s main solvency indicators. At the end of December 2013 the EBA core tier 1 ratio stood at 11.7%, allowing the Bankia Group to post a surplus of 2,413 million euros over and above the regulatory minimum of 9%. Meanwhile, the improvement in the main management parameters, the stabilisation of funding and the Group s advances towards a value generation process have had a positive impact on the markets. The Bankia share ended 2013 at a price of euros, up 156% since the Bankia capitalisation was completed and the new shares started to trade on the market on 28 May. Investor confidence was also apparent in the wholesale funding markets. A good example of this was the strong demand for the senior debt issued by the Bankia Group in January 2014, the first since the Group was created, which closed 3.5 times oversubscribed and with 85% of international demand. 6

8 3. GLOBAL ECONOMIC ENVIRONMENT After two years of intense financial turbulence, in 2013 the world economy suffered fewer upheavals. The most extreme scenarios became less likely and, from the second quarter onward, world growth picked up, reaching rates close to the long-term average, thanks to a recovery in the developed countries, so that 2013 ended with the brightest outlook for the last three years. Highlights include the acceleration of the United States economy and the recovery of the EMU, which has overcome the recession and is starting to leave the sovereign crisis behind. This improvement was assisted by the easing of the ECB s monetary policy, with two 0.25 p.p. cuts in the benchmark rate (the last in November), bringing the rate to 0.25%. Also, market fragmentation decreased and risk premiums on peripheral bonds fell substantially (-1.75 p.p. for the 10-year Spanish maturities), a trend that has been accentuated in early In fact, unlike 2011 and 2012, the main driver of global instability in 2013 did not come from the EMU but from the US, due to increased uncertainty over economic policy: on the budget front, due to the temporary closure of the administration and the blocking of the increase in the debt ceiling; and on the monetary front, by the Fed s announcement that it might start to taper its stimulus programme (a decision taken at its December meeting). These two negative shocks had hardly any significant impact on the US economy itself, nor on the other main developed economies; but they did affect the emerging economies, which suffered capital outflows, substantial currency and asset depreciation and a downward revision of growth forecasts. In Spain, the improvement was consolidated over the course of 2013, thanks to both external and internal factors. On the one hand, the recovery drew strength from the financial markets return to normal and an improved international context. On the other, significant progress was made in cleaning up the banking system, correcting imbalances, improving competitiveness and implementing structural reforms. All this boosted the confidence of economic agents. The labour market stabilised and there was even some job creation in the last part of the year, for the first time since the economic crisis began (quarterly growth of +0.5% in 4Q13). In the second half of the year, after nine quarters of falls, GDP finally returned to growth, although over 2013 as a whole it was down 1.2%, a slightly smaller drop than in 2012 (- 1.6%). Regarding the banking sector, the year ended with the successful completion of the European financial sector assistance programme, as confirmed by the conclusions of the latest review by the EC, the ECB and the IMF. The recapitalisation of financial institutions has been completed, with less state aid disbursed than initially estimated, and bank s restructurings are now at a very advanced stage. The clean-up process has continued to strengthen banks balance sheets. Milestones achieved during the year include the transfer of the remaining distressed assets to SAREB and the increase in provisioning for refinanced loans. As a result, the banking sector ended the year strengthened and showed signs of improvement and restored confidence, putting it in a favourable position for the forthcoming comprehensive assessment by the ECB. Further steps were taken towards an effective banking union, with the creation of a single supervisory mechanism, which will come into operation in the third quarter of 2014, and the agreements on the single resolution mechanism and a harmonised deposit guarantee framework. 7

9 4. ANALYSIS OF RESULTS In 2013 the Bankia Group once again generated profits, having completed the clean-up of its balance sheet in 2012, with heavy provisioning and write-downs. All this has been achieved in a difficult economic context, marked by historically low interest rates and sluggish activity. In the year just ended the Bankia Group significantly reduced the cost of its funding sources. This cost reduction, combined with a stabilisation of fee and commission income, helped consolidate a positive change of trend in the business s most recurring revenue. As a result, net interest and fee and commission income started to rise again from the second quarter of the year, following the falls recorded since June Added to this was the contribution of net trading income during the year, which supplemented the revenue from the core business in an economic scenario that remained challenging throughout In this context the Bankia Group focused its efforts on accelerating the reduction of operating expenses. This led to a significant improvement in the efficiency ratio and a rise in pre-provision operating profit, which was up 2.3%, despite the complicated macroeconomic environment. In 2013, thanks to the improvements in the management parameters mentioned previously and lower provisioning than in 2012, the Bankia Group posted profit after tax of 608 million euros on a proforma basis (excluding the cost of the subordinated loan from BFA, cancelled in May), in line with projections, thus starting along the road to value generation, as envisaged in both the Restructuring Plan and the Strategic Plan. To make the 2013 results more comparable with those for 2012, the figures shown in the following table, up to profit after tax, do not include the finance costs arising from the subordinated loan granted by BFA to Bankia in September 2012, which was cancelled after the capital increase in May Also, the results of Aseval are reclassified as continuing operations in The Bankia Group s income statement for 2013 before these adjustments is included in the Annex to this report. A B Change A-B ( million) 4Q 2013 (1) 3Q 2013 (1) 2Q 2013 (1) 1Q 2013 (1) 12M 2013 (1) 12M 2012 (1) Amount % Net interest income ,567 3,198 (631) (19.7%) Dividends (30) (77.7%) Share of profit/(loss) of companies accounted for using the equity method 9 7 (2) (32) n.a. n.a. Total net fees and commissions (57) (5.8%) Gains/(losses) on financial assets and liabilities % Exchange differences (5) (19) (49.6%) Other operating income/(expense) (77) (31) (49) (45) (202) (464) 262 (56.4%) Gross income ,772 4,119 (346) (8.4%) Administrative expenses (418) (423) (442) (446) (1,729) (2,017) 288 (14.3%) Staff costs (253) (268) (288) (308) (1,117) (1,353) 237 (17.5%) General expenses (166) (155) (154) (139) (613) (664) 51 (7.7%) Depreciation and amortisation (41) (41) (46) (48) (175) (276) 100 (36.3%) Operating income before provisions ,867 1, % Provisions (net) (227) (180) (1,832) n.a. n.a. Impairment losses on financial assets (net) (235) (269) (509) (235) (1,249) (18,932) n.a. n.a. Operating profit/(loss) (9) 228 (27) (18,938) n.a. n.a. Impairment losses on non-financial assets (7) 2 (10) (3) (18) (782) n.a. n.a. Other gains and other losses (37) (1) 250 (51) 160 (2,361) n.a. n.a. Profit/(loss) before tax (52) (22,080) n.a. n.a. Corporate income tax 208 (68) (56) (57) 28 2,982 n.a. n.a. Profit/(loss) after tax (19,098) n.a. n.a. Recurring Efficiency Ratio (1)(2) 52.6% 54.2% 60.1% 62.1% 57.1% 61.4% (4.4) p.p. (1) Excluding the finalcial cost attributable to the subordinated loan granted by BFA (142 million in 2013 and 109 million in 2012) and reclasifying results of Aseval as continuing operations (2) Operating expenses / Gross income (excluding gains/losses on financial assets and liabilities and exchange differences) 8

10 4.1 NET INTEREST INCOME In 2013 the Bankia Group focused its management efforts on reducing its cost of funds and managing its funding sources more profitably, so as to offset the impact of the low interest rate environment and the decline in lending on net interest income. The impact of effective liability management is reflected mainly in the decrease in the cost of customer deposits, the main source of funding of the loan portfolio, which fell 41 bps compared to the fourth quarter of 2012, primarily due to the sharp drop in the contractual cost of retail term deposits. On the other hand, thanks to improvements in its funding structure and liability management capacity, the Group was able to continue to reduce the cost of wholesale funding (down 78 bps compared to the fourth quarter of 2012), mainly through maturities and repurchases of the most costly issues. The reduction in the cost of wholesale and retail funding eased the pressure on the net interest spread caused by the repricing of mortgage loans. Nevertheless, the drop in interest rates in 2012 has already carried through to the mortgage portfolio as a whole, thus helping to stabilise the decline in the yield on loans over the year. This stabilisation, combined with the reduction of the Group s funding costs, had an effect on net interest income, which from the second quarter of the year started on a path of recovery that was confirmed in subsequent quarters. The year s strongest growth was achieved in the fourth quarter, in which the Group recorded pro forma net interest income of 690 million euros (excluding the cost of the subordinated loan from BFA, cancelled in May), an increase of 7.3% compared to the previous quarter. At year-end 2013 the Group s net interest income on a pro-forma basis was 2,567 million euros, down 19.7% year-on-year. As already mentioned, this decline was due to strong private sector deleveraging (households and businesses) and downward repricing of the mortgage portfolio due to the fall in interest rates the previous year (mainly the 12-month Euribor), which has not yet been offset by the decline in the cost of retail funding. Nevertheless, bearing in mind the structure and the maturities schedule of customer funds, it is possible to predict a further fall in retail funding costs in the coming months, which, together with management of the spreads on new lending, will bring further improvements in net interest income. BREAKDOWN OF NET INTEREST INCOME 4Q Q Q Q Q Q Q Q 2012 QUARTERLY DATA ( million) Net interest income including the financial cost of the subordinated loan from BFA Financial cost of the subordinated loan from BFA Net interest income excluding the financial cost of the subordinated loan BREAKDOWN OF CUSTOMER INTEREST MARGIN - QUARTERLY DATA (%) Loan yield 2.49% 2.46% 2.63% 2.69% 2.99% 3.13% 3.41% 3.49% Cost of deposits 1.54% 1.67% 1.70% 1.86% 1.95% 1.95% 1.69% 1.90% Gross interest margin 0.95% 0.79% 0.93% 0.83% 1.04% 1.18% 1.72% 1.59% 9

11 4.2 GROSS INCOME The Bankia Group s gross income in 2013 was 3,772 million euros, 346 million euros less than in 2012 (down 8.4%). As already explained, this decrease was heavily influenced by the economic slowdown and the historically low interest rates, although the core banking business already started to show improvements from the second quarter of the year, thanks to the gradual recovery of net interest and fee and commission income. Trading income served to supplement core business revenue in the complex economic context in which the Bankia Group operated during GROSS INCOME ( million) - QUARTERLY DATA 4Q Q Q 2013 (1) 1Q 2013 (1) Net interest income Total net fees and commissions Core banking business Dividends Share of profit/(loss) of companies acc. for 9 7 (2) 15 using the equity method Gains/(losses) on financial assets and liabilities Exchange differences (5) Other operating income/(expense) (77) (31) (49) (45) Gross income (1) Excluding the finalcial cost attributable to the subordinated loan granted by BFA to Bankia GROSS INCOME ( million) - CUMULATIVE 12M 2013 (1) 12M 2012 (1) Change % Net interest income 2,567 3,198 (19.7%) Total net fees and commissions (5.8%) Core banking business 3,502 4,190 (16.4%) Dividends 9 38 (77.7%) Share of profit/(loss) of companies acc. for 29 (32) n.a. using the equity method Gains/(losses) on financial assets and liabilities % Exchange differences (49.6%) Other operating income/(expense) (202) (464) (56.4%) Gross income 3,772 4,119 (8.4%) (1) Excluding the finalcial cost attributable to the subordinated loan granted by BFA to Bankia The main contributions to this growth came from a recovery in income from payment service charges and the strong performance of net fee and commission income from investment and pension fund sales and from the management of portfolios of defaulted loans, above all in the third quarter of the year. BREAKDOWN OF FEES 4Q Q Q Q 2013 Traditional banking activities Contingent risks and commitments Payment services Marketing of products Total recurring fees Other fees and commissions Fees and commissions received Fees and commissions paid Total net fees and commission income Net fee and commission income for the year as a whole was 935 million euros, down 5.8% on the same period of 2012, reflecting the slowdown in banking activity and consequent fall in business volume in the markets from the second half of 2012 and the major branch restructuring that was carried out. These two factors affected both the recurring fee and commission income and other fees and commissions income, consisting mainly of the income generated by the underwriting, placement and purchase of securities, which is closely linked to the decline in the volume of corporate transactions in the capital markets. This decline was partly offset, however, by the growth in fees and commissions on sales of non-banking financial products, mainly investment funds and insurance. Fee and commission income Similarly to what has happened with net interest income, the fall in net fee and commission income in the second half of 2012 and the first quarter of 2013 was halted during the course of 2013, so that by the third quarter the volume of net fee and commission income started on a path of recovery, which was consolidated in the last part of the year, leading to two consecutive quarters of net fee and commission income growth for the Group. BREAKDOWN OF FEES 12M M 2012 Var % Traditional banking activities (9.4%) Contingent risks and commitments (19.6%) Payment services (6.5%) Marketing of products % Total recurring fees (4.9%) Other fees and commissions (13.0%) Fees and commissions received 1,071 1,155 (7.3%) Fees and commissions paid (16.8%) Total net fees and commission income (5.8%) 10

12 Trading income In 2013, as in 2012, the Group obtained a significant volume of trading income, totalling 415 million euros at year-end. This represents an increase of 68 million euros (+19.4%) compared to the previous year and is the result of active asset-liability management by the Group, aimed at seizing market opportunities. Thus, of the total of 415 million euros of gains recorded in 2013, approximately 220 million euros were gains on the repurchase of own securities, mainly mortgage covered bonds and securitisation bonds, which were repurchased within the framework of tender offers made in March and July with a view to strengthening the Group s capital, providing liquidity to the holders of the securities and reducing the most costly wholesale funding in an environment of low interest rates. Meanwhile, fixed income portfolio turnover and hedging derivative transactions with customers brought gains of 82 and 49 million euros, respectively. Contribution of the industrial portfolio Over the year as a whole, dividends contributed 9 million euros to the Group s income statement, compared to 38 million euros in 2012, mainly from held-for-trading equity securities. The most significant change compared to the previous year, however, was in the contribution from equityaccounted companies, which generated gains of 29 million euros in the first half of 2013, compared to a loss of 32 million euros in This improvement is a result of the reclassification of practically all the investments in jointly controlled entities and associates (mainly real estate companies, which the previous year generated losses) to Non-current assets held for sale. On the other hand, since May 2013 the Bankia Group s equity-accounted earnings include only the interest in the results of Mapfre Caja Madrid Vida, S.A., as in May the results of Aseval were reclassified to Income from discontinued operations. Other operating income and expenses Other operating income and expenses shows a net expense of 202 million euros in 2013, down 262 million euros compared to the previous year. This decrease is attributable mainly to the reduced contribution to the Deposit Guarantee Fund, following the regulatory changes introduced in 2012, mainly Royal Decree-Law 24/2012, which abolished the higher scale of charges for high-interest deposit accounts. This item also includes other operating expenses associated with foreclosures and the maintenance of property for own use and foreclosed properties, the amount of which varied over the year and was somewhat higher in the fourth quarter of 2013 than in previous quarters. Operating expenses One of the commitments assumed by the Bankia Group in the Strategic Plan for the period was to improve efficiency in the Bank s organisational structure, which entailed a significant reduction in number of branches and in headcount. In 2013 the Bank decided to accelerate the branch restructuring to restore stability to the franchise as quickly as possible. As a result, the branch closures were completed in November 2013, nine months after they started and two years ahead of the original plan. In February 2013 Bankia and the employees representatives signed an agreement on a series of workforce reduction measures and changes in employment conditions, which has allowed the restructuring to be conducted in an orderly manner. 11

13 As a result the major progress made in the branch and workforce restructuring, in 2013 the Group s operating expenses fell by 16.9% compared to the previous year, with the reductions concentrated mainly in staff costs, which were down 17.5%, and depreciation and amortisation expense, down 36.3%. All this has resulted in an operating expense reduction of 400 million euros, out of the 600 million envisaged in the Strategic Plan for This positive trend in expenses has significantly improved the efficiency ratio excluding net trading income and exchange differences. At the end of 2013 the ratio stood at 57.1%, down 4.3 percentage points on Between the fourth quarter of 2012 and the fourth quarter of 2013, the efficiency ratio improved by 10.7 percentage points. 4.3 PRE-PROVISION PROFIT As a result of the gradual recovery of core business revenue starting in the second quarter of the year and the reduction of operating expenses, the Bankia Group s pre-provision operating income in 2013 was 1,867 million euros, up 2.3% on 2012, despite the 19.7% contraction in net interest income. This growth is particularly noteworthy given the unfavourable environment in which the Group conducted its business last year, with low volumes of activity in the markets and high pressure on margins due to the interest rate environment. In the current economic context, which is showing the first signs of recovery, the gradual recovery of core business revenue is set to continue. Together with the continued effort to reduce costs, this will be a key factor in consolidating profit generation and strengthening the Bankia Group s competitive positioning in

14 4.4 PROVISIONING Given that the Bankia Group recorded all the provisions required under the Restructuring Plan already in 2012 with a view to cleaning up its credit portfolios and marking-to-market its industrial and financial investment portfolio, provisioning and write-downs in 2013 returned to normal levels compared to the previous year. Thus, the provisions made by the Group during the year totalled 1,733 million euros, which include provisions for impaired financial assets, non-financial assets and non-current assets held for sale, as well as other net provisions. Provisions for impaired financial assets amounted to 1,249 million euros, putting the Bankia Group s cost of risk at year-end 2013 at 74 basis points. Provisions totalling 285 million euros were recorded for impairment of foreclosed assets. During the year the Group allocated 198 million euros to other provisions and impairment on non-financial assets. These amounts include a provision of 230 million in December to cover contingencies arising from litigation in progress associated with the exchange of the Group s hybrid instruments. Bankia and BFA have signed an agreement under which any amount arising from the costs related to the execution of arbitration decisions in which Bankia is ordered to pay in excess of the amount of the abovementioned provision will be borne by BFA. 4.5 OTHER GAINS AND LOSSES In 2013 the Bankia Group obtained significant gains on sales of equity investments, most of them within the framework of the Group s non-strategic asset disposal plan. In the year as a whole the Bankia Group generated gains of nearly 300 million euros on disposals, with around 120 sales completed by December. One of the most notable disposals was the sale of 12.09% of IAG in June, on which the Group obtained a net gain of 167 million euros These gains are recognised in Other gains and other losses, which also includes the impairment losses on real estate assets. In general, the Group has devoted the gains to strengthen the balance sheet through nonrecurring provisions and write-downs. On the other hand, as mentioned earlier, Aseval was reclassified as a discontinued operation. Accordingly, as from May, Aseval s results are reported in the income statement under Consolidated profit or loss from discontinued operations (whereas previously they were included under Share of profit or loss of entities accounted for using the equity method). Aseval s cumulative profit at December 2013 (117 million euros after tax) includes 57 million euros of extraordinary profit. 4.6 PROFIT AFTER TAX Pursuant to Royal Decree-Law 14/2013 of 29 December, the Group conducted a review of its stock of tax assets. As a result, the corporate income tax line item in the Group s income statement includes a monetisable tax asset in the amount of 230 million euros, which was recognised after said review. As a result of all the above, in 2013 the Bankia Group obtained a profit after tax of 509 million euros. On a pro-forma basis, that is to say, eliminating the effect of the finance cost of the subordinated loan from BFA cancelled in May and reclassifying the results of Aseval as continuing operations, so as to make the 2013 results more comparable with those for 2012, the Group s profit after tax totalled 608 million euros. 13

15 5. BALANCE SHEET Change ( million) Dec-13 Dec-12 mn % Cash and balances at central banks 3,449 4,570 (1,121) (24.5%) Financial assets held for trading 22,244 35,772 (13,528) (37.8%) Of which: loans and advances to customers 3 40 (37) (93.2%) Available-for-sale financial assets 40,704 39,686 1, % Debt securities 40,704 39,686 1, % Equity instruments 0 0 n.a. n.a. Loans and receivables 129, ,341 (14,423) (10.0%) Bank deposits 9,219 7,988 1, % Loans and advances to customers 119, ,137 (15,022) (11.2%) Rest 1,584 2,215 (632) (28.5%) Held-to-maturity investments 26,980 29,159 (2,180) (7.5%) Hedging derivatives 4,260 6,174 (1,915) (31.0%) Non-current assets held for sale 12,000 9,506 2, % Equity investments (150) (50.0%) Tangible and intangible assets 2,006 1, % Other assets, prepayments and accrued income, and tax assets 9,761 10,882 (1,121) (10.3%) TOTAL ASSETS 251, ,310 (30,838) (10.9%) Financial liabilities held for trading 20,218 33,655 (13,437) (39.9%) Financial liabilities at amortised cost 207, ,723 (35,846) (14.7%) Deposits from central banks 43,406 51,955 (8,549) (16.5%) Deposits from credit institutions 26,218 26, % Customer deposits and funding via clearing houses 108, ,904 (2,361) (2.1%) Debt securities in issue 28,139 37,335 (9,196) (24.6%) Subordinated liabilities 0 15,641 (15,641) (100.0%) Other financial liabilities 1,571 1,808 (237) (13.1%) Hedging derivatives 1,897 2,790 (893) (32.0%) Liabilities under insurance contracts (25) (9.4%) Provisions 1,706 2,869 (1,163) (40.5%) Other liabilities, accruals and deferred income, and tax liabilities 7,951 5,067 2, % TOTAL LIABILITIES 239, ,366 (48,479) (16.8%) Minority interests (40) (48) % Valuation adjustments 742 (804) n.a. n.a. Equity 10,883 (5,204) n.a. n.a. TOTAL EQUITY 11,585 (6,056) n.a. n.a. TOTAL EQUITY AND LIABILITIES 251, ,310 (30,838) (10.9%) 14

16 5.1. BALANCE SHEET EVOLUTION In 2013 the Bankia Group focused its management on the road map set out in the Restructuring Plan, moving forward with the deleveraging process and strengthening its solvency and liquidity position. The most important milestone in 2013 was the completion of the capitalisation process, with the two capital increases carried out in May, which allowed the Bankia Group to end the year with positive equity of 10,883 million euros. The Group reports total assets of 251,472 million euros and a business volume (made up of net loans and advances to customers and on- and off-balance-sheet managed customer funds) of 276,631 million euros, down 11.5% compared to December 2012 due to the decline in lending, the cancellation of subordinated liabilities following the capital increase in May, and wholesale debt maturities. Off-balance-sheet assets performed particularly strongly. Their growth offset the decline in retail deposits, linked mainly to the acceleration of branch closures LOANS AND ADVANCES TO CUSTOMERS Gross loans and advances to customers at the end of December stood at 129,818 million euros, down 11.0% on December This decline is attributable to deleveraging by businesses and households, which in Spain continued throughout Lending to the resident private sector, which is the main component of loans and advances, showed the sharpest decline in the period, falling by 9,772 million euros gross. By type of security, loans to the resident sector with collateral, which include the great majority of home loans to households, were down 6,354 million euros (-7.5%), while personal guarantee loans fell 2,470 million euros (-15.5%). Despite this, the Bankia Group s market share in the resident sector increased by 34 bps in 2013 to 9.56% (Banco de España data as of November). Loans to the Spanish public sector fell by 3,578 million euros, mainly as a result of the conversion of a government-guaranteed syndicated loan arranged with the Fondo para la Financiación de Pago a Proveedores into a bond. The Group s strategy is centred on reinforcing the shift in the mix of its loan portfolio towards a larger proportion of loans to corporates and SMEs and thus towards an improvement in spreads. In line with this objective, in 2013 the Group extended new loans totalling approximately 15,000 million euros, 80% of which went to finance businesses, lifting the Group s market share in the SME and corporates segment by 42 bps to 5.97%. BREAKDOWN OF CUSTOMER LOANS Change ( million) Dec-13 Dec-12 mn % Spanish public sector 5,400 8,978 (3,578) (39.9%) Other resident sectors 100, ,605 (9,772) (8.8%) Secured loans and advences 78,330 84,684 (6,354) (7.5%) Personal guarantee loans 13,445 15,915 (2,470) (15.5%) Business loans and other credit facilities 9,058 10,006 (948) (9.5%) Non-residents 3,993 5,678 (1,685) (29.7%) Repo transactions % Other financial assets 577 1,654 (1,077) (65.1%) Other valuation adjustments (6) 43 n.a. n.a. Non-performing assets 18,995 18, % Gross loans and advances to customers 129, ,784 (15,965) (11.0%) Loan loss reserve (10,700) (11,607) 907 (7.8%) NET LOANS AND ADVANCES TO CUSTOMERS 119, ,177 (15,059) (11.2%) *Net Loans include credit of financial assets held for trading 15

17 5.3. CUSTOMER FUNDS As regards managed customer funds, in 2013 the Bankia Group significantly increased both its activity in the private repo market and the volume of retail funds managed off-balance-sheet. Repo transactions with clearing counterparties (CCPs), both resident and non-resident, totalled 7,702 million euros overall, an increase of 5,122 million euros, allowing the Bankia Group to reduce part of the funding obtained from the ECB. Retail funds managed off-balance-sheet increased significantly compared to 2012, by 6,239 million euros, partly due to the consolidation of Aseval (approximately 2,700 million euros) but also as a result of organic growth. The decrease in the balances of resident sector current accounts, savings accounts and other retail term deposits in 2013 is therefore attributable not only to the acceleration of the branch closure process but also to the channelling of savings by our customers towards off-balance-sheet investment products, which offer higher returns. Thus, in the fourth quarter of the year the combined amount of strict retail deposits and funds managed offbalance-sheet rose by 763 million euros compared to the previous quarter. Public sector deposits posted a decline of 2,507 million euros in The decline in total on-balance-sheet customer funds in 2013 is explained mainly by the cancellation of the Bankia Group s subordinated liabilities, which at the end of 2012 included convertible bonds and a subordinated loan subscribed by BFA. These balances were cancelled following the capital increase in May. The rest of the change is due to the maturity of singlecertificate mortgage covered bonds in the amount of 1,368 million euros and the decline in issues of wholesale debt securities, which were down 9,196 million euros compared to December 2012, mainly due to maturities and repurchases of mortgage covered bonds, securitisation bonds and commercial paper. At the end of December 2013, on-balance-sheet customer funds stood at 136,682 million euros. BREAKDOWN OF RETAIL CUSTOMER FUNDS Change ( million) Dec-13 Dec-12 mn % Spanish public sector 4,305 6,812 (2,507) (36.8%) Repo transactions 1,617 4,002 (2,384) (59.6%) Other resident sectors 101, ,648 (87) (0.1%) Current accounts 11,541 12,040 (499) (4.1%) Savings accounts 23,646 23,687 (42) (0.2%) Term deposits and other 66,374 65, % Repo transactions 6,225 1,537 4, % Singular mortgage securities 9,190 10,558 (1,368) (13.0%) Rest 50,959 53,825 (2,865) (5.3%) Non-residents 2,677 2, % Repo transactions 1,477 1, % Funding via clearing houses and customer deposits 108, ,904 (2,361) (2.1%) Debentures and other marketable securities 28,139 37,335 (9,196) (24.6%) Subordinated loans 0 15,641 (15,641) n.a. TOTAL ON-BALANCE-SHEET CUSTOMER FUNDS 136, ,880 (27,198) (16.6%) Mutual funds 8,216 6,460 1, % Pension funds 6,269 3,785 2, % Insurance 6,346 4,346 2, % Off-balance-sheet customer funds 20,831 14,592 6, % TOTAL CUSTOMER FUNDS 157, ,471 (20,958) (11.7%) 16

18 Strict customer deposits Customer deposits calculated in strict terms, that is to say, excluding repo transactions and single-certificate mortgage covered bonds, remained stable in the last quarter of the year, ending the year at 90,034 million euros, on a par with the figure reported at the end of September. The reinvestment by our customers of part of their deposits into higher-yielding products, mainly investment funds and pension plans, which in 2013 is reflected in the growth of off-balance-sheet customer funds administered by the Group, which are up 6,239 million euros compared to In relation to 2012, strict customer deposits were down 5,299 million euros (-5.6%), mainly due to the following factors: The acceleration of the branch network restructuring and branch closures carried out in the year, which, as explained previously, ended two years ahead of schedule and resulted in a 38% decrease in the number of branches compared to December The decrease in lending volumes and the consequent reduction in the need for funding for the credit portfolios. As the decline in loans and receivables was greater than the decline in funding through retail deposits, the Group was able to improve its commercial gap. As regards the distribution of the main components of strict customer deposits, the biggest declines were in term deposits and retail commercial paper. A B C Change A-B Change A-C ( million) dec-13 sept-13 dec-12 Amount % Amount % Spanish public sector 2,688 3,093 2,811 (405) (13.1%) (122) (4.4%) Other resident sectors 86,147 86,065 89, % (3,406) (3.8%) Demand accounts 11,541 11,518 12, % (499) (4.1%) Savings accounts 23,646 23,104 23, % (42) (0.2%) Term deposits 50,959 51,443 53,825 (484) (0.9%) (2,865) (5.3%) Commercial paper 0 0 1, (1,569) (100.0%) Non residents 1,200 1,234 1,402 (35) (2.8%) (202) (14.4%) Total retail customer deposits including commercial paper 90,034 90,392 95,334 (357) (0.4%) (5,299) (5.6%) Off-balance-sheet customer funds (1) 20,831 19,710 14,592 1, % 6, % (1) Off-balance-sheet customer funds include Mutual funds, Pension funds and Insurance. 17

19 6. FUNDING STRUCTURE AND LIQUIDITY Liquidity and liability structure were a management priority for the Group in 2013 and this focus translated into a significant improvement in the Group's liability structure last year. Steady deleveraging of the balance sheet and stabilisation of retail deposits contributed to narrowing the customer funding gap (commercial gap) by nearly 8,200 million euros for the year (-24.6%). This healthy gap performance boosted the Group's main liquidity ratios. Specifically, the loan-to-deposit (LTD) ratio reached 115.4% at the end of December 2013, down 5 percentage points from December Furthermore, the Group increased its bilateral repo activity through clearing houses by somewhat more than 9,000 million euros since December 2013, allowing it to reduce its reliance on ECB by 8,700 million euros for the year. As a result, customer deposits acquired greater weight in the balance sheet funding mix and at year-end accounted for 53% of the Group's liabilities structure (not including the subordinated liabilities subscribed by BFA and cancelled during the May capitalisation process) versus 49% in December 2012, a 4 percentage point gain for the year. The liquidity generated by management of the commercial gap (8,200 million euros) and disinvestments allowed the Bankia Group to meet maturities and wholesale debt repurchases for the year (approximately 6,500 million euros), with no significant reduction in liquid assets. The Bankia Group is comfortably positioned to face its maturities profile and will be able to meet its wholesale maturities as a result of the aforementioned improvement in the commercial gap and the liquidity generated by the disposal of non-strategic assets. In addition, its liquid assets are sufficient to cover more than 87% of outstanding wholesale maturities, the biggest part of which (approximately 85%) is in the form of mortgage covered bonds that can be rolled over. In this regard, the strong market demand for Bankia's recent senior debt issue (January 2014) of 1,000 million euros, which was 3.5 times oversubscribed and included over 250 orders and 85% international demand, confirms the recovery of investor confidence in Bankia's capacity to generate value, heralding the opening of wholesale markets as alternative funding sources for the Group. 18

20 7. RISK MANAGEMENT 7.1 ASSET QUALITY Following the balance sheet clean-up carried out last year, the Group has improved the risk profile of its balance sheet significantly, having reduced loans for real estate development and construction to 3% of total gross loans at December This improvement in the composition of the loan book has enabled the Group to start focusing its business on the retail and corporate segments. Provision coverage of the credit portfolios reached notably high levels at the close of the year: coverage of the developer loans remaining on the balance sheet was 42.7%, while the corporate and retail portfolios had coverage ratios of 16.2% and 3.5%, respectively. The provision coverage of the portfolio as a whole stood at 8.2%. A key development in managing the quality of the loan portfolio in 2013 was implementation of the Banco de España s recommendations on the reclassification of refinanced loans. Pursuant to that guidance, in 2013 the Group reclassified as doubtful risks a total of 1,404 million euros in refinanced loans, which were classified as doubtful for subjective reasons. At December 2013 the Bankia Group had a portfolio of refinanced loans of 24,879 million euros, with provision coverage of 22.4%. Some 48% of those loans were already classified as doubtful at year-end. The improvement in the portfolio risk profile and the satisfactory levels of provision coverage lay the foundations for one of the main objectives set out in the Group s Strategic Plan: to limit the risk premium in future financial years. million and % December 2013 Restructured loans Exposure % of total Coverage % Performing 8, % - - Substandard 4, % % Non-performing 11, % 4, % Total 24, % 5, % 7.2 NON-PERFORMING LOANS AND LOAN LOSS COVERAGE The year ended with total doubtful assets of 20,022 million euros, close to the figure for 2012 despite the aforementioned reclassification of refinanced loans as doubtful. NPL's and coverage dec 2013 dec 2012 Var % million and % Non-performing loans ,0% Total risk-bearing loans (10,4%) Total NPL ratio 14,65% 12,99% + 1,66 p.p. Total provisions (7,6%) Generic (68,4%) Specific (5,1%) Country risk ,8% NPL coverage ratio 56,50% 61,77% (5,27) p.p. Nevertheless, the NPL ratio total ended 2013 at 14.65%, 1.66 percentage points higher than The decline in loans outstanding and increase in doubtful assets due to the reclassification are the factors that explain the increase in the non-performing loans rate in The coverage ratio for the Group's doubtful assets, in turn, moved to 56.50% at the end of December Stripping out the effect of the reclassification or refinanced loans, the Group's doubtful loans declined by approximately 1,200 million euros in 2013, with an NPL ratio and NPL coverage ratio of 13.62% and 59.22% respectively. During the year, gross additions to non-performing assets totalled 6,866 million euros. That amount, which includes refinanced loans reclassified as doubtful assets, was offset in part by the recoveries made, in large part due to the Group's proactive and anticipatory approach to credit risk management, aimed at curbing the inflow of new doubtful assets and boosting the provisioning levels. NPL's - Variation ( million) NPL's as at December Gross additions Recoveries (5.688) = Net additions Written off (975) NPL's as at December

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