Gjensidige Bank Boligkreditt AS. August, 2010

Transcription

1 Gjensidige Bank Boligkreditt AS August, 2010

2 Contents Gjensidige Insurance Group Organization International rating Key figures Strategy Gjensidige Bank ASA Gjensidige Bank Group developments and status Gjensidige Bank Boligkreditt AS - a strategic initiative of Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Organization Key figures Loan portfolio 2 August, 2010

3 Gjensidige Forsikring Group Structural chart 3 August, 2010

4 Gjensidige Forsikring Group Rating Gjensidige has an A rating with stable outlook from Standard & Poor's The most recent rating report is dated October 26th, August, 2010

5 Gjensidige Forsikring Group Results development 5 August, 2010

6 Support products Gjensidige Forsikring Group Strategy and current footprint Health services Banking Pension and savings General insurance Core business Geographic expansion - scale Gjensidige Bank is a strategic support area for Gjensidige Forsikring Group Supports the core insurance business in Norway Contributes to higher customer retention Has achieved profitability in H Fully funded Benefits of being part of Gjensidige Forsikring Group Strong brand Established distribution network Established customer relationships with excellent opportunities for cross-selling Norway Nordic countries Baltics 6 August, 2010

7 Gjensidige Bank Group Gjensidige Bank is an Internet bank that primarily targets the private market in Norway Launched in 2007 The bank has offices in Oslo and Førde Distribution is achieved through: the Group portal gjensidige.no the Group's 22 advisory offices the Bank's own customer centre Cooperation agreement with Sparebanken Sogn og Fjordane on purchase of banking and administrative services. 7 August, 2010

8 Gjensidige Bank Group Results development 8 August, 2010

9 Gjensidige Bank Group Total assets 9 August, 2010

10 Gjensidige Bank Group Loans as at 30 June, 2010 Loans Gross lending H1 2010: NOK 13.1 billion Mortgage loans primarily secured on residential: NOK 10.3 billion Unsecured consumer loans: NOK 2.8 billion Maximum loan of NOK 200,000 Average loan of NOK 100,000 Citibank's Norwegian activities related to consumer loans was taken over by Gjensidige Bank in December 2009 Successful integration and a profitable portfolio Following the acquisition, Gjensidige Bank is one of the biggest consumer finance providers in Norway 10 August, 2010

11 Gjensidige Bank Group Balance sheet/capital adequacy Core capital adequacy as at 30 June, 2010: 15.3 per cent One of the bank's objectives is to have a core capital adequacy of at least 12%. Text Figures in NOK 1, June, Dec, Dec, 2008 Core capital 1,219,820 1,146, ,878 Minimum requirement equity and subordinated loan capital Excess equity and subordinated loan capital 639, , , , , ,177 Core capital adequacy 15.3% 17.8% 18.7% Customer deposits 7,156,986 6,550,441 6,131,371 Gross lending 13,051,033 11,575,604 6,711, August, 2010

12 Gjensidige Bank Boligkreditt AS a strategic initiative of Gjensidige Bank ASA The rationale for establishing the company was to issue covered bonds (OMF) to obtain competitive and long-term financing for Gjensidige Bank Group through: participation in the OMF swap facility (Ministry of Finance) sale of OMF bonds in the financial market 12 August, 2010

13 Gjensidige Bank Boligkreditt AS Organisation The Board of Directors Bjørn Walle (Executive Vice President Commercial, Gjensidige Forsikring ASA) Erik Ranberg (Chief Investment Officer, Gjensidige Forsikring ASA) Gro Tønder (Chief Procurement Officer, Gjensidige Forsikring ASA) Solbjørg Lie (Director of Internal Audit, NAV) Managing director Jørgen Ringdal (Executive Vice President of Group Support and General Services, Gjensidige Forsikring ASA) Investigator The Financial Supervisory Authority has appointed KPMG as investigator Auditor KPMG 13 August, 2010

14 Gjensidige Bank Boligkreditt AS Gjensidige Bank Boligkreditt AS received a license from the Financial Supervisory Authority in June 2009 Buys mortgages from Gjensidige Bank Services such as customer and loan management as well as day-to-day management and administrative services are provided by Gjensidige Bank ASA & Gjensidige Forsikring ASA Banking and administrative services are purchased from Sparebanken Sogn og Fjordane Offered four loans for sale (OMF - covered bonds) with a total face value of NOK 1.5 billion NOK 400 million of these have been sold in the market outside Gjensidige Bank Group At present, one loan is listed on the Oslo Alternative Bond Market (ABM) 14 August, 2010

15 Gjensidige Bank Boligkreditt AS Income statement Figures in NOK 1000 H FY 2009 Net interest/credit commission income 5,440 4,104 Commission income 9 Total income 5,450 4,104 Operating expenses 1,785 1,936 Profit before loss 3,665 2,168 Write-downs on loans 523 1,231 Profit before tax expense 3, Balance sheet Figures in NOK June, Dec, 2009 Loans to/claims from customers 2,667,084 1,681,632 Liabilities opened for the issue of securities 1,500,000 1,500,000 Short selling credit and long-term credit line from Gjensidige Bank ASA 1,148, ,650 Equity 132,957 80,695 Capital adequacy 12.0% 11.9% 15 August, 2010

16 Gjensidige Bank Boligkreditt AS Key figures 30 June, 2010 Key figures Gross loans to/claims from customers NOK million 2,667 Issued covered bonds NOK million 1,500 Average loan-to-value ratio Percent 42.5 Loans to customers Number 2,546 Residences/homes Number 2,638 Weighted average remaining life Month 165 Delinquencies Volume 0 Loans with fixed interest rates Volume 0 Maximum loan 75% of market value All loans are secured by mortgages on homes in Norway 16 August, 2010

17 Gjensidige Bank Boligkreditt AS Loan-to-value (Indexed) 35 % 30 % 25 % 20 % 15 % 10 % 5 % 0 % 0-40% 40-50% 50-60% 60-75% 75%-> 17 August, 2010

18 Gjensidige Bank Boligkreditt AS Loans geographical spread 30 June, 2010 Geographical spread Figures in NOK 1000 Loans Percent Akershus 768, % Oslo 628, % Østlandet 418, % Vestlandet 440, % Midt-Norge 226, % Nord-Norge 110, % Sørlandet 73, % Total gross loans 2,667, % 18 August, 2010