Investor Relations January 2015 TURKISH BANKING SECTOR AND GARANTI BANK
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1 Investor Relations January 2015 TURKISH BANKING SECTOR AND GARANTI BANK
2 Agenda 1 Turkish Economy 2 Turkish Banking Sector: An attractive investment opportunity 3 Garanti Overview and Key Investment Highlights 4 Garanti s Position In the Sector and Key Financial Indicators 2
3 Turkish Economy (I/II) Slowdown Expected After the Slight Recovery in 2013 GDP Growth 5.3% 9.4% 8.4% 9.2% 8.8% 6.9% 4.7% 2.1% 0.7% 4.1% 3.1% 3.4% -4.8% F 2015F Inflationary Pressures Continue Avg. GDP growth * 5.0% over vs. LATAM * : 3.9% EU * : 1.2% EM Europe * : 4.0% Benchmark 27.2% 22.3% Bond Rate Real Interest Inflation (CPI) 18.4% 9.3% 14.0% 7.7% 21.2% 16.6% 16.5% 11.0% 8.9% 10.0% 7.1% 9.7% 10.1% 10.4% 6.2% 8.4% 6.5% 6.4% 6.2% Source: Turkish Statistical Institute, Undersecretariat of Treasury F:Garanti Forecast * Source: IMF s World Economic Outlook Report dated October Ranking as of YE % 8.2% 10.0% 8.0% 7.3% F > Multiple policy tools aimed at financial stability (i.e interest rate corridor, reserve requirements, macro-prudential measures, etc) 3
4 Turkish Economy (II/II) Government Indebtedness EU Defined Government Debt Stock 77.9% 74.0% 67.7% 59.6% Maastricht criteria 60% 52.7% 46.5% 39.9% 40.0% 46.1% 42.3% 39.1% 36.2% 36.2% 33.1% 31.8% Government indebtedness far below Maastricht Criteria MTP 2015 MTP Current Account Deficit Current Account Balance/GDP F 2015F -2.5% -3.6% -4.5% -2.0% Improving Current Account Deficit -6.0% -5.8% -5.4% -6.2% -9.7% -6.2% -7.9% -5.8% -5.1% Source: Turkish Statistical Institute, Undersecretariat of Treasury F:Garanti Forecast 4
5 Agenda 1 Turkish Economy 2 Turkish Banking Sector: An attractive investment opportunity 3 Garanti Overview and Key Investment Highlights 4 Garanti s Position In the Sector and Key Financial Indicators 5
6 Real GDP Growth (Rebased) Investor Relations / Turkish Banking Sector and Garanti Bank 1 Underpenetrated market with strong growth potential High and sustainable Real GDP growth EU EM Europe LATAM TURKEY 2 nd largest banking system in CEE 2 with an asset size of US$769bn M14 CAGR: 14% Well-regulated and strictly monitored Penetration Ratios 4 311% 102% 110% 105% 58% 56% 63% 39% 13% Assets / GDP Customer Deposits / GDP Loans / GDP Turkey Turkey - 3Q14 Euro Area - 3Q Significant long-term growth potential backed by attractive demographics & underpenetrated market 58% of the 77mn population < age of 35 5 Loans/GDP: 63% vs. 105% in EU ROAE: ~13% 3 1 Source: IMF, World Economic Outlook Database, October Country groups are per IMF database. 2 Source: EBF Facts&Figures 2014, ranking per total assets. CEE countries include Russia 3 BRSA Monthly data for commercial banks as of September Source: ECB, TurkStat, BRSA for commercial banks 5 Source: TurkStat 31 December 2013 Address Based Population Registration System (ABPRS) 6
7 2 Highly liquid Deposit-heavy funding structure Deposits fund 55% of assets 1 Comfortable level of Loans/Deposits at 112% 1 Comfortable liquidity levels Liquidity Adequacy Ratios 2 well-above required levels Total Liquidity Ratio -- Monthly: 129% (Legal limit 100%) FC Liquidity Ratio -- Monthly: 137% (Legal limit 80%) Banking Sector External Debt Roll-over Ratio(%) 2 Continuous access to international funding sources 1 BRSA monthly data for commercial banks, as of September CBRT Financial Stability Report May Liquidity Ratios are as of April
8 3 well-capitalized and underleveraged High solvency CAR 1 (2Q14) 16.7% 16.3% 15.7% 15.5% 12.8% Basel III CAR 2 : 15.3% (9M 2014) Tier-I capital: 84% of total capital Eurozone Turkey Poland Brazil Russia RWA/Assets 47% 84% 63% 81% 100% Low leverage Leverage 1 (2Q14) 7.5x 8.2x 9.7x 10.0x 12.0x 12.4x Turkey Russia Brazil Poland South Africa Eurozone High ROAEs 2 : ~13% (9M 2014) despite the low leverage 1 Source: Latest data from the IMF-FSI database. Most of figures are based on 2Q14 figures 2 BRSA monthly data as of September 2014, commercial banks only 8
9 4 Standing out for its asset quality Non-performing loans/total gross loans 1 Sustained sound asset quality NPL ratio % 10.0% 8.0% 6.0% 4.0% 2.0% EU % CEEMEA 9.8% LATAM 2.8% TURKEY 2.7% No exposure to any toxic assets or problematic sovereign assets NPL Ratio 3 : 2.9% in Turkey High cash 75% 3 Established & prudent underwriting procedures 0.0% Q14 1 Source: Latest data from the IMF-FSI database, most of which are based on 2Q14 figures 2 Source: Latest data from the IMF-FSI database. Represents country averages most of which are based on 2Q14 figures 3 BRSA monthly data as of September 2014, commercial banks only 9
10 Agenda 1 Turkish Economy 2 Turkish Banking Sector: An attractive investment opportunity 3 Garanti Overview and Key Investment Highlights 4 Garanti s Position In the Sector and Key Financial Indicators 10
11 Garanti: Pre-eminent banking franchise Total Assets US$ bn 9M14 Net Income US$ 1.3 bn ROAE 16.1% & NPL ratio 2.8% CAR 13.7% Branch network 1,002 * # of customers ~13mn * Market capitalization US$ 17 bn * 2 nd largest private bank; by asset size Robust balance sheet; highly liquid, well-capitalized & low risk #1 in ordinary banking income proven track record on capacity to generate sustainable banking income Strong capitalization, low leverage (8x) Sound asset quality consistenly well better than sector average Focused on relationship banking with broad geographical coverage and wide multi-channel distribution network Customer centric approach, sophisticated segmentation & advanced IT Most valuable company in the BIST *As of Dec 22, 2014 Note: All figures are per BRSA Consolidated data 11
12 Single point of contact for all financial needs Commercial Asset Contribution: 5.2% Consumer Payment Systems Asset Contribution: 2.3% Asset Contribution: 0.4% Asset Contribution: 2.8% Asset Contribution: 1.0% Corporate Digital Banking Asset Contribution: 1.6% Asset Contribution: 0.0% SME Asset Contribution: 0.0% Note: Asset contributions are calculated based on BRSA Consolidated Financials as of September 30,
13 Visionary investments shaped today s innovative business model Technology Delivery Channels Human Resources Process Technology Risk Management People Sustainable Banking 13
14 1 Visionary investments in technology since 1990 s Integral part in decision making supporting process efficiencies and continuously driving the Bank forward IT Vision Investing in Technology Full In-House Development Custom-Fit Solutions Driver (Integral Part of Management) Innovative products and services Advanced CRM applications and segmentation Paperless banking environment A single source of data & common understanding Top down fast decision making and strong communication 14
15 2a Investments in delivery channels: Extensive branch network 100 % Geographical Coverage in 3Q14 vs. 49% in 2002 Number of Branches x ,002 %58 of branch openings since 2005 outside of Istanbul, Ankara and Izmir Dec.14 * Represents net branch opening figures as of 30 September
16 2b Investments in delivery channels: Omni- channel convenience Seamless experience across all channels Introduced ATMs Established Call Center Cep Şubesi: Turkey s First Full Fledged Mobile Banking CepBank World s First SMS based mobile Money transfer service Customer answering & product offer through social media A new banking experience Launched Internet Banking Native mobile banking applications igaranti received the highest score in global benchmark * Leading Bank Internet: 23% market share in financial transactions volume Mobile: 31% market share in mobile financial transactions volume First Bank to provide applications in all major operating platforms (ios, android, windows, blackberry); to start answering customers on Twitter and Facebook; to launch a mobile-first service targeting Gen-Y customers in the country. Share of Digital 85% of all financial transactions through digital channels (vs. 77% in 2007) * per Forrester s «2014 Global Mobile Banking Functionality Benchmark Scores» Note: Internet and Mobile Banking market shares are as of 3Q14 16
17 3 Investments in human capital High quality employee base & proven management team > Training hours per employee: 43 hours per annum vs. Fortune 500 corporations average of 31,5 hrs >The first Gold IIP certificate in Turkey in 2012 Garanti Leadership Academy > 85% of our Bank s directors graduated from these programs > Ambassadors of our common culture of management > Best Talent Management in Turkey Suggestion and Idea Platforms > Önersen (Yousuggest) > Atölye (Workshop) 17
18 4 Investments in Risk Management Systems Solid asset quality Consumer Banking: Centralised Process Credit Bureau Central Bank Loan Application Scoring System Loan Offices Credit Decision o Loan to Value: Mortgages Max:75%; Auto Loans Max: 70% up to TL50K; and 50% for the portion above; o Central Processing System started 10 years ago, based on Experian software o Scorecards and decision engine upgraded in January 2013 Business Banking: Decentralized Process Company Evaluation Report Credit Proposal Regional Loan Offices HQ Loan Department Credit Decision o 25 regional loan offices * o Weekly Credit Committee meetings o All credit lines automatically expire one year after approval Regional Loan Offices * including one regional office in Cyprus 18
19 5a Investments in Sustainability Our strategic priorities Performance Management > Advise our corporate clients to help them make their businesses more sustainable > Extend E&S risk framework and management systems across the bank, local and international subsidiaries Corporate Clients > Strengthen the financial capacity of Turkish women by providing them financial education and access to our products and services > Support financial planning and health of our retail clients > Develop innovative sustainable financial products linked to material issues for society and Garanti Retail Clients Impact Business Financial Systems Communities Individuals Stakeholders > Develop and implement a financial education program > Engage with stakeholders and build partnership > Support philanthropic programmes with a focus on material issues for society HR: Enhance employees knowledge and life style Environmental Footprint: Enhance operational efficiency Governance: Enhance integration of sustainability within the Bank 19
20 5b Investments in Sustainability Key Achievements Sustainable Finance Environmental Impact of Operations ~35% share in Turkey s installed wind power capacity Total amount of loans disbursed to women entrepreneurs to date: 2.1 billion TL Management Training for Women Entrepreneurs: 497 certificates in 2013 Performance Management Received EBRD Sustainability Award in Environmental and Social Performance in projects evaluated in depth in line with the ESIAP* in 2013 Supported 4 subsidiaries to develop their ESG and Human Rights Policies Launched a new Corporate product for Clients financing of solar power projects under 1 MW for SMEs 36 disabled-friendly branches, 98 orthopedically and 26 visually disabled friendly ATMs 600+ service points certified to ISO Recognized as the Turkey - Carbon Disclosure Leader by CDP in 2014 First Turkish bank to receive GRI G4 approval with its Sustainability Report in 2014 Received limited assurance for its 2013 Scope 1 and Scope 2 GHG emissions 3.8% reduction in energy consumption per employee (MWh/FTE) in % increase in amount of waste recycled in 2013 Stakeholders Communities and Stakeholders *Environmental and Social Impact Assessment Process **Environmental and Social Risk Assessment No Limits in Teaching: reached 85,095 teachers across 79 cities by the end of ,679 students received basketball trainings in 2013 Number of SALT visitors: 729,747 (Entrance free of charge) Board member of Business Council in Turkey, founder of Sustainable Finance WG Qualified for the Borsa Istanbul Sustainability Index in 2014 Organized an ESRA** training to 15 banks jointly with UNEP-FI in 2013 Organized the Sustainable Finance Forum in 2013 and
21 Agenda 1 Turkish Economy 2 Turkish Banking Sector: An attractive investment opportunity 3 Garanti Overview and Key Investment Highlights 4 Garanti s Position In the Sector and Key Financial Indicators 21
22 Increasingly customer-driven asset composition Investor Relations / Turkish Banking Sector and Garanti Bank Asset Composition Fixed and Other Assets Affiliates and Investments Performing Cash Loans %11 %4 %31 %8 %0 %58 Shift from securities & non-ieas to high margin loan products while strategically managing the securities portfolio as a hedge for volatility Securities %39 %19 Cash and Banks %15 % M14 TL (% in total) 33% 56% FC (% in total) 67% 44% Customer driven assets / Assets 58% up from 31% at YE
23 Lending strategy: Selective & profitability focused Investor Relations / Turkish Banking Sector and Garanti Bank Performing Cash Loan Breakdown (TL billion) Consumer (exc. credit cards) Credit Cards 5% 12% CAGR 26% % 10% Increasing weight of «retail lending» to 35% at Sept 14 from 17% at YE 2002 Business Banking 83% 65% M14 TL (% in total) 21% 59% FC (% in total) 79% 41% Preserved focus on business banking loans with «SME loans 1» constitute ~35% of business banking loans 1 Based on BRSA definition 23
24 Risk-return balance as top priority NPL Ratio 1 Sector Garanti 15.9% 10.8% 6.0% 4.6% 5.2% 3.4% 2.8% 2.8% 4.2% 4.1% 4.3% 2.2% 2.3% 2.2% M14 Risk-return balance as top priority > Long established & proven risk management > Selective growth focus Coverage Ratio > Prudent provisioning & strong collections performance Garanti 32% 48% 67% 64% 81% 81% 81% Sector 2 64% 89% 90% 88% 84% 75% 75% 1 Garanti figures are based on bank-only financials for fair comparison with sector. Consolidated NPL ratio as of 1H14 was 2.7% vs. 5.4% in 2002 Sector figures are per BRSA weekly data, commercial banks only 2 Sector coverage ratio is based on TBA data 24
25 Strong Liquidity: Well diversified and actively managed funding mix Composition of Liabilities and Equity Bonds Issued Funds Borrowed Repos % 5% % 15% 6% Deposit heavy - Focused on sustainable and lower cost mass deposits Time Deposits Demand Deposits SHE Other 51% Customer Deposits (TL billion,%) 13% 18% 11% 8% 5% 10% CAGR: 17% 39% M Sustained high weight of demand deposits Per bank-only 23% vs. Sector s 18% 1 Utilization of alternative funding sources + Issuances under GMTN program -- Sector leader in GMTN issuances + Bond Issuances + Syndications & Securitizations 88.8 Time Demand M14 1 Sector figures are per BRSA weekly data, commercial banks only 25
26 Reinforce sound solvency Capital Adequacy Ratio M % Per Basel III standard approach 15.3% 15.0% 15.0% 14.7% 13.9% 13.6% Isbank Garanti YKB Akbank Vakıf Halk Capital Generative Growth Strategy Tier-I ratio: 14.0%; Highest among peers Leverage: 8x 26
27 Highest sustainable income generation capacity Investor Relations / Turkish Banking Sector and Garanti Bank Ordinary Banking Income 1 % Market share #1 in Ordinary Banking Income Significant market share gains since 2006 Garanti 9M % % Peer I 9M % 13.2% Continuously growing and highly diversified fee sources support sustainable revenues Peer II 9M % % Payment Systems 39.6% Net F&C TL2.3bn as of Sept 14 Cash Loans 22.5% Non-cash loans 8.3% Peer III 9M14 8.8% % Other 10.9% Asset Mgt 1.6% Brokerage 2.8% Money Transfer 9.3% Insurance 5.0% 1 Ordinary Banking Income defined as; net interest income adjusted with provisions for loans and securities, net FX and trading gains + net fees and commissions Source: BRSA bank-only financials for fair comparison. Sector figure is based on BRSA monthly data. 27
28 Achieved pioneer position Impressive track record & attractive platform for future growth Market Share and Rankings 1 (2000-9M14) Investor Relations / Turkish Banking Sector and Garanti Bank 9M Assets Loans Consumer Loans (exc. CCs) Consumer Mortgage # POS Customer Deposits Customer Demand Deposits Net F&C Ordinary Banking Income #1 12.6% 13.6% 18.0% 15.6% 14.2% #2 12.3% 12.3% 11.1% 13.5% #3 10.4% 13.2% 12.2% 12.2% 15.5% 12.1% 14.9% 6.4% 11.4% #4 6.6% 12.7% 9.8% #5 8.5% 4.4% Healthy market share gains in key profitable products Robust Profitability Burgeoning & broad customer base 1 Rankings among private banks as of September
29 Disclaimer Statement Türkiye Garanti Bankasi A.Ş. (the TGB ) has prepared this presentation document (the Document ) thereto for the sole purposes of providing information which include forward looking projections and statements relating to the TGB (the Information ). No representation or warranty is made by TGB for the accuracy or completeness of the Information contained herein. The Information is subject to change without any notice. Neither the Document nor the Information can construe any investment advise, or an offer to buy or sell TGB shares. This Document and/or the Information cannot be copied, disclosed or distributed to any person other than the person to whom the Document and/or Information delivered or sent by TGB or who required a copy of the same from the TGB. TGB expressly disclaims any and all liability for any statements including any forward looking projections and statements, expressed, implied, contained herein, or for any omissions from Information or any other written or oral communication transmitted or made available. Investor Relations Levent Nispetiye Mah. Aytar Cad. No:2 Beşiktaş Istanbul Turkey investorrelations@garanti.com.tr Tel: +90 (212) Fax: +90 (212) Internet: /garantibankasi
Investor Relations March 2015 TURKISH BANKING SECTOR AND GARANTI BANK
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