2011 Annual Results Presentation. 10 February Louis von Zeuner, Deputy Group Chief Executive, speaker

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1 Thank you Dawie Annual Results Presentation Louis von Zeuner, Deputy Group Chief Executive, speaker notes Slide: Balanced Set of Results Our retail results were strong, as headline earnings increased 33%. This reflects our strategy of getting closer to our large existing customer base, leveraging our extensive distribution network and further enhancing our digital and mobile capabilities. We also benefited from our continued focus on risk and cost management. Excluding impairments, which fell 17%, our pre-provision profit grew 9%. Operating expenses increased by only 5%, despite further investment in our branch and ATM networks, and digital capabilities. Solid net interest income growth funding and improved pricing. 10 February 2012 was due to a change in loan mix, less reliance on wholesale Our return on risk-weighted assets improved to a pleasing 2.6%. Slide: Strong performance across products We increased the profitability of our core lending products by focussing on our own customers, which improved the quality of our new business. Earnings from our secured lending rebounded strongly to drive Retail s growth, while returns in our unsecured loans remain very attractive. Lower mortgage advances reduced our total book, although our unsecured portfolio showed reasonable growth, in line with our balance sheet optimization strategy. Our credit loss ratio improved to 123 basis points, with all products contributing to the decline. Card s strong returns reflect 9% higher advances and strong growth of 14% in our merchant numbers. This merchant growth came from cross-selling to our business and corporate clients. Absa Card accounted for 28% of Barclaycard s international revenue. Tight cost management allowed us to invest further in innovative digital, mobile and electronic payment solutions. Slide: Deepening relationship with existing customers Our strategy is to focus on our 11.6 million customers, increasing primary account relationships. Ninety percent of our new loans were extended to existing customers, which improved our credit quality.

2 Our lower mortgage advances is the result of our view of the challenging position of the consumer and house prices staying low for longer. To ensure we serve our own customers better, we have re-engaged the mortgage originators in 4Q under more favourable terms than before. This will assist to improve the retention of our existing customers. Our extensive distribution network remains a key enabler to serve our customer base and we introduced or improved several innovations. We expanded our entry market reach, launched In- Store Banking merchants and rolled-out our remote opening capabilities. Our Rewards programme launched a Bank Earn component to increase the value customers receive from their cross product holdings with us. Our Reward customers grew 139%, now approaching Slide: Non-interest income reflects change in customer behaviour We experienced modest growth in non-interest income as overall transaction volumes increased by 4%. This reflects customers migrating from traditional banking channels to electronic banking solutions. Our branch and ATM cash based transaction volumes declined, reflecting this change in customer behaviour. We experienced strong growth across electronic payment channels, as a result of our strategy to migrate customers away from cash. To further support the economics of our electronic payment streams we increased our merchant base to over 44,000. Our efforts in the branch network will focus on customer advice and sales. Slide: Quality of advances portfolio continues to improve As already indicated, our credit loss ratio continued to improve to 123 basis points, from 148 in The improved quality of the overall advances portfolio is reflected in the following: Legal portfolios reduced to below 2010 levels Our debt review portfolio declined sharply from R7.0 billion to R3.4bn NPLs fell 10% in 2011 Early cycle delinquencies improved notably, and The number of payers in our legal book increased Our NPL coverage declined as our legal portfolios dropped and our loss given default improved. The lower LGD is supported by the higher recoveries on our legal portfolio. The benefits from our strategy to focus on existing customers are also evident in the quality of the advances portfolio. Slide: Returning to Growth Business Bank s headline earnings grew 5%, after declining for the previous two years due to a tough operating environment. The improved performance shows delivery on our strategy, particularly our focus on growing our transactional banking capabilities and deposits. Page 2 of 7

3 Costs were well contained at 5%, as we consolidated our back office and client support structures. Our credit loss ratio improved noticeably to 72 basis points. Business Bank s returns declined slightly, after an increase in its risk-weighted assets in the third quarter of 2010, due to a change in the treatment of non-performing advances and uncommitted facilities. Slide: Solid underlying earnings Excluding the non-core equity portfolio, underlying earnings increased a solid 11%. We grew deposits 13% through focussing on our clients cash flow needs and also introducing new investment offerings. With lower interest rates, however, our deposit margin narrowed slightly. We continued to diversify our lending, reducing our concentration risk in commercial property finance, while growing commodity & trade and term loans. With substantial run-off, our loans decreased 4%, although we saw healthy growth in commercial asset finance, specialised finance, working capital and trade solution balances in the fourth quarter. While the quality of our advances improved in line with expectations, our new business margins improved by 22 basis points versus the back book. Slide: Transactional strategy successful Our strategy focussed on growing transactional revenues from our enhanced electronic banking platform. We also reduced pricing leakage and increased cross selling to our existing clients. We saw 21% growth in cash revenue, as we enhanced our cash value proposition introducing innovative product functionality. Electronic banking fees grew 12%, also reflecting new product functionality and increasing accessibility of our electronic banking. We reduced our property equity portfolio 64%, which dampened our non-interest revenue growth. This is in line with our strategy to reduce its volatile returns and focus on our core client-driven transactional business. As part of building a more robust Corporate offering within Absa Capital, client utilisation and transaction volumes in Trade and Forex improved. Slide: Leveraging our large customer base With our strong existing customer base of over 500 thousand, our strategy remains to retain and to grow our primary banking clients. These clients regularly use their current accounts and our electronic banking offering. Most of our debt products are sold to these clients. Within our primary clients, credit quality improved, reducing impairments 24% as arrears declined across all segments. NPLs decreased to less than 4% and are back at pre-2009 levels. Page 3 of 7

4 We continue to be the market leader in the Public Sector with a 33% market share in deposits and strong growth in advances. Our Agri advances grew 14% year-on-year and we remain the leader in the agricultural industry. As the graph shows, deposits represent a strong opportunity for us to convert non-primary clients into primary clients, using our extensive product offerings. Slide: Do the basics brilliantly Our combined Retail and Business Bank operating model provides us with an opportunity to eliminate duplication, find broader cross-sell opportunities and improve our overall selling and servicing capabilities. We will build on our strong position in key products, including trade, notify me, fleet and credit cards, CashSend for Business and also transactional banking products. We will sharpen, simplify and improve our current offerings, both across our traditional branch based business and electronic and digital offerings. Collaborating with AbCap and Bancassurance will allow for best practice excellence across our entire business. Slide: Stable performance in uncertain markets Absa Capital delivered a satisfactory performance in 2011 given the difficult environment, especially in the second half of the year. Revenue was up marginally from the prior year and headline earnings were down by 10% as a result of higher costs. Core cost growth was managed to below inflation. The 9% increase in costs can largely be attributed to introducing deeper compensation deferrals in prior years. The small decrease in our returns in spite of the fall in headline earnings is evidence that the quality of our earnings has improved. Capital management has been a key focus area in advance of the expected Basel regulatory changes. Slide: Diversified revenue base A strong client franchise performance assisted the Markets business in difficult second half trading conditions. Investment Banking fee recovery was significant, however targeted risk reduction resulted in lower margin revenues. Absa Wealth saw strong growth as a result of higher margins and increased fee earning activities. This aligned with our strategy of acquiring more assets under advisement and increasing our cross-selling of Absa Capital and Barclays Wealth products. Page 4 of 7

5 Private Equity produced a stable performance, with positive realisations and revaluations. Our portfolio reduced a further 11% to R5.4bn, as we continue to manage down the risk in this business. Slide: Resilient Markets revenue underpinned by strong client franchise The Markets business in South Africa was underpinned by strong client franchise revenue, which rose 17%. This resulted in a resilient performance in difficult market conditions, which included volatile and illiquid markets in the second half. Fixed Income in particular was affected by these market conditions and the unchanged monetary policy cycle. Key initiatives such as FX and Prime Services delivered pleasing results, although Cash Equities did not produce the revenue anticipated in Africa in-country revenues were adversely impacted by FX margin compression as well as increasing local interest rates resulting in lower treasury revenue. Slide: Increased client contribution improved quality of earnings Our client-focused strategy is reflected in our daily Markets revenue profile. The tighter clustering in the top graph indicates lower volatility of daily earnings, while the further skewing to the right indicates a greater percentage of days with positive earnings with no material negative outliers. This reflects the continuing move towards client flow business. Our average VaR utilisation continued to decline in Slide: Investment Banking client franchise grew strongly Investment Banking revenue dropped 20%, with divergent performances from our fee and margin businesses. The Investment Banking fee business grew revenues 44% as we concluded several landmark transactions. Our Integrated Corporate and Investment Banking coverage strategy and close collaboration with the wider group were key drivers of growth. Fee income generated outside South Africa made a meaningful contribution to our numbers. Our strategy of reducing structured on-balance sheet financing reduced our margin income and average Investment Banking loans and advances. The quality of our margin income has improved as a result. Slide: Integrated Corporate & Investment Bank in 2012 In 2011, our corporate coverage integration was completed, allowing us to strengthen client relationships. In 2012, we will see the implementation of the integrated Corporate and Investment Banking structure, where clients will be managed across a fully integrated product value chain, including Markets, Financing, Advisory and Transactional Product. Page 5 of 7

6 We will continue to leverage the Barclays Capital global platform to deliver the benefits of our fully global, fully local operating model to our clients. We will deliver this across multiple jurisdictions in Africa as part of or One Bank in Africa strategy. Capital and liquidity optimisation remain a key focus in light of ongoing regulatory change. We will continue to look for efficiencies in the cost structure and opportunities to leverage the infrastructure platform we have built across the broader Corporate, Investment Bank and Wealth cluster. Slide: Earnings from operations up 21% AFS delivered strong operational earnings growth of 21%. The main drivers included net revenue growth of 14%, modest growth in claims and an improvement in the cost efficiency ratio to 25.2%. Operating costs increased 12% and was impacted by our Africa expansion program. The 21% operational earnings growth was partly offset by investment returns on shareholder funds declining by 40%, resulting in headline earnings growth of 7%. The RoE of this business remained attractive at 32% and the ROEV of the Life business was 37%. Slide: Well diversified revenue streams As can be seen on the graph, the strong operational earnings growth of AFS is attributable to good performances from our SA Life and Short-Term insurance businesses, with operating earnings growing 28% and 26% respectively. I will focus on these and the investment business in a moment, but will first share some thoughts on our other businesses. Our employee benefits earnings decreased R10 million, as we restructured the business. Absa Trust s earnings were flat in spite of the negative impact of cash shortfalls and the property market on estates. Despite lower earnings, these businesses delivered a RoE of 40%. A highlight of 2011 was the successful launch of our Bancassurance vision into the rest of Africa, starting off with our Life business in Botswana, followed by an acquisition in Mozambique. Both are performing in line with our business plan. In distribution, we focused on assisting our financial advisors to pass regulatory exams at the expense of sale activities. This approach paid dividends and close to 90% of our advisors passed these exams in Slide: Absa Life maintained growth momentum Turning to our life business, gross premiums increased 22%, with double digit growth in all product lines. Operational earnings grew 28%, however, lower returns on shareholders funds resulted in headline earnings growth of 11%. The embedded value of new business decreased to R369 million from R465 million in Page 6 of 7

7 Lower new mortgage and vehicle loan volumes and changes to the remuneration model for outsourced call centres contributed to this decline. Focus on the quality of the book, particularly, new business, resulted in a material decline in policy lapses. Its return on embedded value for the year was 37% down, from 40% the previous year. Although satisfactory, the lower return reflects our lower value of new business and reduced investment returns on shareholders funds. Slide: Absa Investments grew external AUM mandates to R168 billion We have established a strong brand over the past 5 years, through consistently delivering good investment performances. We grew our equity assets under management 42%. Significant institutional fund outflows from our money market fund and our decision to exit our dividend income fund saw these funds decline. Our total assets under management increased by 3%. Margins improved slightly, mainly due to a higher proportion of equity funds. Slide: Short term Insurance grew operational earnings 26% The operating earnings of Short-term Insurance increased 26%. Gross premiums grew 10%. The claims ratio improved by 1% to 67% whilst our focus on efficiency reduced operating expenditure by 1%. As a result, our underwriting margin improved to 6.5% from 5.2%. The underwriting profit of all product lines improved. Crop insurance s R31 million underwriting profit was pleasing considering its loss in the first half. Slide: Capturing growth opportunities We intend rolling out Bancassurance operations in additional countries where either Barclays or Absa have a presence, with a focus on Zambia and Kenya near-term. AFS has 1000 financial advisors and we will change our distribution model in 2012, moving to a tied or limited open architecture model. This is in response to global regulatory trends, but will also enhance the customer experience, facilitate compliance with the regulatory environment and improve the consistency and quality of advice. We will continue to roll-out and improve our existing digital channels, but with an even stronger focus on straight through processing. In summary, 2012 will see focus on the customer and distribution channels, as well as process efficiency and expansion into new markets. Page 7 of 7

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