Gjensidige Bank. Investor Presentation Q May 2015

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1 Gjensidige Bank Investor Presentation Q May 2015

2 Content Gjensidige and Gjensidige Bank in brief Financial performance Funding overview Appendix

3 Gjensidige Bank in Brief KEY FINANCIALS 1 st QUARTER 2015 The Bank was established in 2007 Online bank that mainly targets the Norwegian private market. Offers daytoday banking services, mortgages, savings products and car and consumer financing. Distribution via the call centre, mobile, tablet, group portal, and the group s 20 financial offices. As of March 2015, GB employed 144 FTEs Approximately 110,000 customers (as of March 2015) Credit Rating from Standard & Poor's Gjensidige Bank A (stable) Covered Bond Program AAA (stable) CET 1 RATIO 13.1 per cent PRETAX ROE 1) 15.5 per cent CUSTOMER ASSETS 29.3 billion CUSTOMER DEPOSITS 16.7 billion 1) PreTax ROE for the period

4 Ownership Structure 100% owned by Gjensidige Forsikring ASA 100% ownership 100% ownership 4

5 Financials targets and outcome TARGET FULL YEAR 2014 YTD ) PreTax Earnings & ROE Support the Groups target for return on equity NOK 254 m 13.2 % NOK 78 m 15.5 % C/I Ratio YoY Improvement 54 % 48 % YoY Customer Footings Growth 1) Above average market growth Assets 14% Deposits 12% Assets 19% Deposits 7% Capital Adequacy Ratio >13.5 % 15.7 % (CET1 13.9%) 14.8 % (CET1 13.1%) Standard & Poor's Rating >A (Covered Bond Program AAA) A (Covered Bond Program AAA) A (Covered Bond Program AAA) 1) Customer Footings = Total of Customer Assets & Customer Deposits 2) PreTax ROE for the period

6 Strong growth in customer footings 1) Customer Assets (NOKbn) Customer Deposits (NOKbn) CAGR % CAGR % ! YoY Growth 19% ! YoY Growth 7% Q1'15 LTV 62% for the Mortgage portfolio 89% of the portfolio is secured lending primarily sourced from members of Tekna, NITO & YS 1) Customer Footings = Total of Customer Assets & Customer Deposits Q1'15 Deposit above 2 million NOK 3 billion or 18% Deposit to Loan Ratio 57% 6

7 Gjensidige Bank is Strongly Capitalized per Capital Adequacy NOKbn Equity T2 Capital Capital Adequacy Ratio CET1 Ratio per cent CET 1 Ratio 13.1 per cent YTD profit of 57 MNOK not included in the capital adequacy YTD profit will increase CET 1 ratios by 0.4% Total Capital NOK 2.25 billion Equity 2.0 BNOK Subordinated debt T2 250 MNOK Risk Weights: Mortgage book 35% Unsecured loans 75% Q1' Equity / Total Asset Ratio of 6.6% Leverage Ratio 5.9% (CRD V) Strong and committed owner to support bank s growth ambitions. 7

8 Earnings Performance MNOK PreTax Earnings PreTax ROE per cent Full Year 2014 PreTax Earnings of NOK 254 m, NOK 63 m or 33% higher than Q MNOK, 16 MNOK or 26% higher than prior year. Key Drivers vs. PrYr: Income NOK 64 m or 11% Expenses NOK (17) m or (5%) Losses NOK 15 m or 23% 30 (20) (70) (120) (85) (76) 33 Acquisition of Citibank Norwegian consumer finance portfolio PreTax Return on Equity 13.2% Q % 8

9 Quarterly Earnings and Returns Development Sustainable earnings growth PreTax Earnings (MNOK) PreTax ROE % Fixed Asset WO (Change in Evry Agreement) FY % FY % FY % FY % 9

10 Total Income Full Year Income up by 64 million or 11% vs. Prior Year Total Income (MNOK) 2014 Total Income by Type NII Fees Other Income Financial Instruments 11% % Net Interest Income 93% 663 million Other Income 3% Financial Instruments 0% Fees 4% 10

11 Development in NII & Interest Rate Spreads Average interest rate spreads % Net Interest Income (MNOK) Lending NIM 1) Deposit Repricing & NIBOR (1.2) (1.3) (1.4) (1.4) (1.2) (1.1) (1.1) (0.9) Deposit Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 11 Lending & Deposit Spread Definition: Average customer interest rate against 3month moving average for 3month NIBOR. 1) NIM = Total net interest income % average total asset

12 Total Expenses Full Year Expenses of 358 MNOK 5% higher vs. Prior Year Total Expenses (MNOK) C/I Ratio % Q1' & 2014 Expense growth primarily driven by the car finance investment and volume growth! 12

13 Provisioning & Losses Full Year Loss & Provisions of 52 MNOK 23% lower vs. Prior Year Provisions & Losses (MNOK) Loss Rates % 109 Acquisition of Citibank Norwegian consumer finance portfolio NPL RATIO 1.1% or 300 million TOTAL LOAN LOSS RESERVE 355 million LOAN LOSS RESERVES TO IMPAIRED LOANS 118% Loss & Provisions impacted by the accounting standard change from US GAAP to IFRS 13

14 Loans and funding structure per Balance sheet 31.2 Bn Liquidity Indicators & Funding Maturity Commercial 0.4% Cash & Other Net Bond Portfolio Other Money Market Funding 39 % 12.1 bn Deposit / Loan Ratio L1 AVG Funding Maturity Net Household Lending 93% 29.0 bn Assets Customer Deposit 54% 16.7 bn Equity Equity & Liabilities Deposit / Loan Ratio & Liquidity Indicator 1 % Q1' Average maturity funding (years) 14

15 High Quality Liquidity Reserve per Liquidity Portfolio by Asset Type Liquidity Portfolio Distribution Treasury Bills 19% Bank Deposits 11% 71% Money Market Fund 0% 3.3 billion Covered Bond (GBB) 40% Covered Bond 30% 16% 1% 0% 11% AAA AA Not rated MM Fund Bank 15

16 Development in Liquidity Reserve per Total Liquidity Buffer Liquidity Reserve (BNOK) % of Total Assets Large liquidity buffer amounting to 3.3 billion and representing 11% of total assets Covers debt payments the next 31 months. Liquidity Portfolio BNOK Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1' % of Total Assets Liquidity reserve placements are managed through: Investment mandate NOK limits per counterpart 3.5 year average maturity limit on covered bond portfolio 16

17 Money Market Funding & Maturity Profile per Development in Market Liabilities 11.9 BNOK Covered Senior T2 Maturity Profile (MNOK) Senior Bond Covered Bond T2 3% 3% 2% 2% 17% 17% 25% 26% 25% 25% 26% 27% 22% 22%! Average Maturity 4.1 Years 83% 83% 75% 74% 75% 75% 72% 70% 75% 76% , , , ,400 2,000 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'

18 Appendix

19 Gjensidige Bank Group Full Year 2014 and Q1 15 Financials Million NOK Q1 14 Q1 15 B/(W) B/(W) % Full Year 2013 Full Year 2014 B/(W) B/(W) % Net Interest Income % % Total Income % % Expenses (3) (4%) (17) (5%) Provisioning & Losses (1) (6%) % PreTax Earnings % % Customer Assets 24,552 29,320 4,769 19% 24,194 27,547 3,353 14% Customer Deposits 15,672 16,696 1,024 7% 14,938 16,703 1,765 12% Net Interest Margin 1) 2.2% 2.4% 15 bps 2.4% 2.2% (25 bps) PreTax ROE 13.5% 15.5% 197 bps 12.0% 13.2% 119 bps Cost / Income Ratio 52% 48% 397 bps 57% 54% 298 bps 1) Net interest margin = net interest income/average total assets 19

20 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Bank ASA and Gjensidige Bank Boligkreditt AS ( the Company ). Such information is confidential and is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. While the Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. These materials contain statements about future events and expectations that are forwardlooking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company s financial position, business strategy, plans and objectives of management for future operations is a forwardlooking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forwardlooking statements. Such forwardlooking statements are based on numerous assumptions regarding the Company s present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forwardlooking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, any selling equity holder, any member of the underwriting syndicate, or any of their respective affiliates, advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in an offering circular or prospectus published in relation to such an offering. 20

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