OTP Bank Preliminary Performance Based on HAR
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- Shavonne Malone
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1 2 Preliminary Performance Based on HAR Presented by: Dr. Zoltán Spéder CFO March 25
2 Forward looking statements This presentation contains certain forward-looking statements with respect to the financial condition, results of operations, and businesses of. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. 2 preliminary results 2
3 Macro environment
4 Interest rate environment from 2 14% 13% 12% 11% 1-1 bp rate cut to defend HUF 16&17 January 2 2 bp rate increase 19 June 2 3 bp rate increase 28 November bp rate decrease 23 March and 6 April 2 5 bp rate cut 4 May, 17 Aug, 19 Oct & 23 Nov, 21 Dec 2 5 bp rate decrease 25 Jan and 75 bp decrease 22 Feb 25 1% 9% 1 bp rate increase 11 June 2 8% 7% 6% 5% wider repo band 4% 2- Jan- 2- Mar- straightening of yield curve 2- May- 2- Jul- inverse yield curve 3M rate + 3 bp Y15 rate +127 bp 2- Sep- 2- Nov- 2- Jan- 2- Mar- 2- May- 2- Jul- 2- Sep- 2- Nov- 2- Jan Mar- 5 M3 M6 Y1 Y3 Y5 Y1 Y15 2w repo 2 preliminary results 4
5 EUR/HUF environment % % % % % Moving of center of band (devaluation) 8.5% 7.5% % Jan- 2-Mar- 2-May- 2-Jul Sep- 2-Nov- 2-Jan- 2-Mar- 2-May- 2-Jul- 2-Sep- 2-Nov- 2-Jan % HUF/Euro rate bottom of band NBH base rate 2 preliminary results 5
6 Evolution of banking system 22,5 Intermediation started to grow due to mortgage lending and wage increases 1% 2, 2,245 9% 17,5 73.% 18, % 8% 15, 65.1% 65.3% 65.1% 64.7% 64.% 14,85 16,74 7% 12,5 64.1% 64.8% 6% 1, 7,5 6,893 8,54 1,87 11,394 13, % 32.4% 36.3% 42.5% 49.4% 5% 4% 5, 22.6% 24.7% 24.6% 26.5% 3% 2,5 2% 4,488 5,577 6,571 7,373 8,427 9,521 1,841 13,561 15, P Total banking assets GDP Toal assets as % of GDP Loan/GDP Source: NBH, NSB, 1% 2 preliminary results 6
7 Loan growth* (Y-on-Y) 45% 42% 4% 37% 35% 35% 3% 26% 24% 25% 2% 2% 17% 18% 17% 14% 15% 13% 2% 15% 19% 1% 7% 13% 12% 14% 11% 11% 1% 1% 5% 7% 6% 8% 14% % 14% 12% Dec- 1 shift from FX to HUF Mar- 2 Jun- 2 transfer of mortgage loans to mortgage bank Sep- 2 Dec- 2 97% Corporate Mar- Jun- system 116% 18% shift from HUF to FX Retail Sep- Dec- Mar- Jun- Sep- Dec- 1% 89% 86% 82% 8% 63% 68% 72% 71% 63% 64% 67% 61% 46% 47% 52% 55% 6% 71% 43% 48% 5% 44% 36% 55% 34% 4% 24% 28% 42% 7% 12% 2% 28% 2% 22% % 17% % Dec- Mar- Jun- Sep- Dec- Mar- Jun- -3% Sep- Dec- Mar- Jun- Sep- Dec- -2% -4% % -4% system + MB -2% 8% 2 preliminary results 7 % -1% 27% 3% 1% 12% *Based on new NBH specification used since 1 January 2. Source for sector data: NBH 7% 6% 5% 4% 2% % Dec- 1 Dec- 1 Mar- 2 Jun- 2 Sep- 2 58% 5% 48% 38% 42% 45% 46% 32% 34% 35% 28% 36% 36% 34% 25% 31% 29% 3% 31% 25% 26% 26% 25% Mar- 2 Jun- 2 Sep- 2 Dec- 2 Dec- 2 Mar- 18% Mar- Municipality transfer of mortgage loans to system mortgage Total loans 6% bank 52% 49% 5% 47% 48% 5% 43% 45% 41% 42% 45% 41% 41% 4% 32% 34% 28% 3% 23% 31% 3% 21% 2% 25% 24% 19% 21% 19% 21% 14% 14% 24% 19% 24% 12% 21% 16% 17% 17% 1% 14% Jun- Jun- Sep- Sep- Dec- Dec- Mar- Mar- Jun- Jun- system + MB Sep- Sep- 2% Dec- Dec-
8 Personal financial assets & liabilities Retail Loans Outstanding (.) vs. Real Wage Index Selected components of RFA 2, ,5 31-Dec-97 3-Sep- CA GR (Rh-scale) 7% Housing Loans 12 4, 58.4% 6% Consumer loans 2, Real wages 199= ,5 5% 11 3, 4% 1,5 15 2,5 27.3% 3% 1 1, 95 2, 14.3% 15.6% 16.2% 17.1% 2% 1,5 1% , -.8% 1.2% -6.8% % 8 5-1% F Cash HUF Cash FX dep HUF dep FX Non eq. securities BSE shares Mutual funds Life ins. Reserves Pension fund assets -2% 2 preliminary results 8
9 Macro assessment 2 2F 25F Real GDP growth 3.% 3.9% ** 3.5% Household consumption 6.5% 2.9% 2.% Public consumption 5.4% -1.5% -2.% Investment growth 3.% 14.4% 7.2% Final consumption 7.3% 2.4% 1.6% Exports 7.6% 15.6% 11.5% Imports 1.4% 17.6% 1.% Budged deficit (cash flow based) HUF -1,64 bn HUF -1,284 bn HUF -1,182 bn as a % of GDP -5.7% -6.3% -4.8% Budged deficit (ESA) HUF -1,159 bn HUF -1,17 bn HUF -1,182 bn as a % of GDP -6.2% -5.8% -5.4% Current Account Balance* EUR -6.6 bn EUR -7.5 bn EUR -7.9 bn as a % of GDP -9.% -9.3% -9.1% Nominal wage increase 14.3% 6.5% 7.5% Inflation (Dec. over Dec.) 5.7% 5.5% 4.5% Inflation (average) 4.7% 6.8% 4.2% NBH base rate (year end) 12.5% 9.5% 8.% 1yr T-bill yield (average) 8.% 1.7% 8.2% 1yr T-bill yield (year end) 11.2% 8.6% 7.9% EUR/HUF (average) EUR/HUF (year end) *Reinvested earnings calculated as FDI **Preliminary GDR growth estimate of the NCSO is 4.% Prepared by Research Center in November 2 based on sources from NCSO, NBH 2 preliminary results 9
10 Consolidated HAR results and performance
11 Market shares * Market share total assets Market share total loans 16, 3% 2,5 2, 25% Total loans 2% 14, 28% 1,5 15% Group total loans 12, 26% 1, 5 1% 5% Market share-total loans 1, 8, 24% 22% % 31-Dec-3-Jun-31-Dec-3-Jun-31-Dec-3-Jun-31-Dec Group Market share-total loans 6, 4, 2% 18% 3, 2,5 Market share total deposits 35% 3% Tot al deposits 2, 16% 2, 1,5 25% 2% Group total deposits 14% 31-Dec-3-Jun-31-Dec-3-Jun-31-Dec-3-Jun-31-Dec sector Group Group Market share-total assets Market share-t ot al asset s 1, 15% 5 1% 5% 31-Dec-3-Jun-31-Dec-3-Jun-31-Dec-3-Jun-31-Dec Market sharet otal deposit s Group Market share-t ot al deposits 2 preliminary results 11 *Hungarian members of the Group in the Hungarian bank system
12 Consolidated balance sheet, interest income HAR Consolidated assets, liabilities Loans 4, 3, 2, 1, +19.5% CAGR: +9.3% 2,14 2,698 2,911 2,512 2,26 1, P 2P assets liabilities asset s liabilit ies assets liabilities customer treasury non interest earning/yielding 3, 2,5 2, 1,5 1, 5 1, CAGR: 39.4% 2, , % 2, , Retail Corporate Municipal 3.7% 36.% 6.3% Net interest income +52.1% +69.8% +41.9% , 2,5 2, Deposits +7.9% CAGR: +9.3% 2, , , % 18.5% inc exp NII inc. exp NII inc. exp. 2P NII 2 preliminary results 12 1,5 1, 5 2, Retail Corporate Municipal 75.1%
13 Consolidated non interest income, expense HAR Non interest incomes Non interest expenses CAGR: 9.1% P +13.6% Other Insurance incom e Property transactions Forex trading Securities trading Net fees & commissions CAGR: 15.% % P personnel depreciation insurance expenses operational Non interest income / Total income Cost income ratio 6% 5% 4% 5.6% 42.8% 37.4% 8% 6% 68.5% 62.% 55.7% 3% 4% 2% 1% 2% % P % 12M 2 12M 12M P 2 preliminary results 13
14 Consolidated loans, deposits Foreign: 1,6 1,4 1,2 1, Foreign: 2,4 2, 1,6 1, % 1.3% 15.3% 22.% 1.2% 14.2% Corporate Municipality Retail Corporate Municipality Retail 31 December 2 Loans Deposits 3 September % 14.% 16.3% 21.3% 15.5% 15.9% 2,19 2, ,738 1, Corporate Municipality Retail Corporate Municipality Retail Ro DSK OBS Mortg. HIF Merkantil Car Merkantil Building Soc. Faktoring Ro DSK OBS Merkantil Car Merkantil Building Soc. 31 December 2 3 September 2 2 preliminary results 14
15 Quality of consolidated loans HAR Consolidated qualified loans Provisions, coverage % Qualified receivables as % of total receivables % 23.2% 27.6% 25.% 25.1% 4% 35% 3% 25% Dec- 31-Mar- 3-Jun- 3-Sep- 31-Dec- Watch Below average Doubtful Bad 16% 12% 8% 14.9% 15.1% 1.% 1.1% 12.9% 13.4% 13.% 8.4% 9.1% 8.9% Dec- 31-Mar- 3-Jun- 3-Sep- 31-Dec- Qualified Provision Coverage 2% 15% 1% 5% % 4% % 5.% 5.% 4.6% 4.4% 4.1% 31-Dec- 31-Mar- 3-Jun- 3-Sep- 31-Dec- NPL Watch 2 preliminary results 15
16 Consolidated provisions, loan quality HAR Provisions +36.3% % 15% 12% 9% Qualified/total receivables 2.8% 4.7% 2.4% Bad Doubtful 8 4 6% 3% 7.6% 1.% 8.9% Below average 12M 2 12M 12M P % Watch Provisions/avg. total receivables Provisions/avg. total assets 1.5% 1.2% 1.2%.6%.5%.51%.43%.48%.9%.8%.81%.4%.3%.6%.2%.3%.1%.% 12M 2 12M 12M P.% 12M 2 12M 12M P 2 preliminary results 16
17 Consolidated retail business HAR 1,5 1,2 9 Consolidated retail loans 6% 5% 4% Consolidated retail loans Retail loans group market share * Group retail loans on Dec 31, , 49% 26.7, 2% Building Society Merkantil Group Mortgage 6 3 2,1 1,8 1,5 1, Dec- 43.8% 31-Mar- 31-Mar- 3-Jun- 3-Sep-31-Dec- 42.9% 42.6% 42.4% 3-Jun- 3-Sep- 31-Dec- 3% 2% 1% Consolidated retail deposits 45% 44% 43% 42% 41% 4% 39% 38% Housing loans group market share * Consumer loans group market share * Consolidated retail deposits Group market share * 149.5, 1% 7.9, 1% 61.8, 3% 37.6, 2% 371.3, 24%.5, % 12.8, 1% 282.9, 13% 57, 3% 5.5, % 21.8, 14%.3, % Group retail deposits on Dec 31, 2 1,737.75, 78% OBS DSK Faktoring Ro Building Society Merkantil Merkantil Car OBS DSK Ro 2 preliminary results 17 *Hungarian members of the Group in the Hungarian bank system
18 Mortgage Loans at Group Cumulative Monthly Feb- 2 Apr- 2 Jun-2 Aug Oct Dec- 2 Feb Apr Jun preliminary results Aug- 4.4 Oct- Dec- Feb- Apr Jun- Aug- Oct- Mortgage Parent bank Granted amount (Rh scale) 12 mo moving average volume (MB) Dec
19 Mortgage selected data All data as of December 31, 2 Distribution of mortgage portfolio by size Average: HUF4.34 mn Distribution of mortgage portfolio by purpose Distribution of portfolio by maturity Average: 18 years 18.9% 2.8% 2.9% 12.3% 21.5% 41.6% up to HUF 3 m HUF 3-5 m HUF 5-1 m HUF 1-15 m HUF 15-2 m over HUF 2 m 12.3% 56.4% 21.5% 9.8% Home building Purchase of new home Purchase of used home Home improvement 41.2% 25.2% 3.7%.5% 12.5% 16.8% 1-5 years 5-1 years 1-15 years 15-2 years 2-25 years Over 25 years Mortgage bond maturity distribution Average: 5.9 years Loan to value ratio Average: 48.4% Market share by mortgage bonds 4.1% 46.4% 4.9% 1.3% 7.4% -1 Yr 1-5 Yrs 5-1 Yrs 1-15 Yrs 15-2 Yrs.6% 18.6% 9.% under 3% 1.4% 3-4% 41-5% 51-6% 17.5% 61-7% over 7% HUF366.3 bn, 3% HUF64.5 bn, 5% HUF789.5 bn, 65% MB FHB HVB 34.% 2 preliminary results 19
20 Representative margin on mortgage loans Validity before 16 June 2 after 16 June 2 after 22 December 2 Rate paid by customer 6% (4+2%) max. 5% (3+2%) max. 8%2 (max. GBBY * % - GBBY *.6) Liability side subsidy 1% (CMB coupon + 2% but max. 1%) Total bank interest income 16% max. 14.% max. 9.% (GBBY * 1.5) 5.16% (GBBY*.6) 13.46% (max GBBY * %) GBBY 1 8.6% 8.6% 8.6% CMB spread over GBBY 1 1 bp. 1 bp. 1 bp. Coupon of CMB 8% 8% 8% Funding cost (Yield of CMB) 9.6% (8.6% + 1%) 9.6% (8.6% + 1%) 9.6% (8.6% + 1%) Margin (asset side, CMB funded) Loan volume at M 31 Dec 2 6.4% 4.43% 3.86% 5%+.5*GBBY-Spread 4%+.1*GBBY-Spread HUF523.6 bn HUF198.2 bn HUF48.4 bn 1 GBBY = Government Bond Benchmark Yield based on CMB maturity 2 for new lending varies monthly 2 preliminary results 2
21 Consolidated corporate business HAR 1, % 16% 12% 8% 4% % 31-Dec-31-Mar-3-Jun-3-Sep-31-Dec- 5 Consolidated corporate loans Consolidated corporate deposits 25% Consolidated corp loans Group market share * 11.8, 1% 63.1, 6% 114.8, 11% 36.3, 3% 41.8, 8% Group corporate loans on Dec 31, , 3% 16.7, 2% 2.9, % 86.6, 77% Group corporate deposits on Dec 31, 2 Merkantil Group OBS DSK HIF Faktoring Ro 4 3 2% 15% Consolidated corp deposits 58.6, 11%.1, % Building Society Merkantil 2 1% 2.3, % Merkantil Car 1 5% Group market share * 2.4, % OBS 31-Mar- 3-Jun- 3-Sep- 31-Dec- % 421.1, 78% DSK Ro 2 preliminary results 21 *Hungarian members of the Group in the Hungarian bank system
22 Consolidated municipal business HAR Consolidated municipal loans Group municipal loans on Dec 31, %.2, %.4, % 8 57% Consolidated municipal loans 1.1, 1% Building Society 6 55% % 51% Group market share *.1, % OBS DSK 31-Dec- 31-Mar- 3-Jun- 3-Sep-31-Dec- 49% Consolidated municipal deposits 94.6, 99% Group municipal deposits on Dec 31, 2 Faktoring 2 75% % 67% 63% 59% Consolidated municipal deposits Group market share * 6.6, 4% 19.4, 1% OBS DSK 31-Mar- 3-Jun- 3-Sep- 31-Dec- 55% 159.7, 86% 2 preliminary results 22 *Hungarian members of the Group in the Hungarian bank system
23 Consolidated market shares * (1) (at December 31, 2) Total assets Housing and mortgage loans Total deposits 74.2% Group, 25.8%.5% 46.5% 1.2% Group, 53.5% system 69.2%.5% Group 3.8% Total loans Corporate loans Total retail deposits Group, 21.4% Group, 12.7% 57.6%.2% 78.6%.3% 87.3%.6% Group, 42.4% Total retail loans Municipal loans Corporate deposits Group, 45.1% Group, 53.4% Group, 13.8% 54.9% -1.6% 46.6% 86.2% 2 preliminary results 23 Direction and size of change from Sep 3, 2.5% *Hungarian members of the Group in the Hungarian bank system 1.2%
24 Consolidated market shares * (2) (at December 31, 2) 29.5% Municipal deposits Group, 7.5%.1% 8.% Car loans (at Sep 3, 2) Group, 2.% n.c. 9.7% Insurance Group, 9.3%.2% 59.2% Investment funds Group, 4.8% 1.4% 74.% Private pension funds (at March 31, 2) Group, 26.%.8% 89.% Life insurance Group, 11.%.8% Building society deposits Group, 45.9% Voluntary pension funds (at March 31, 2) Group, 11.8% Non -life insurance Group, 8.1% 54.1%.2% 88.3%.3% 91.9%.1% 2 preliminary results 24 Direction and size of change from Sep 3, 2 *Hungarian members of the Group in the Hungarian bank system
25 Market shares of subsidiaries (intheirowncountry) (at December 31, 2) Mortgage by loan volume DSK by deposits a Slovensko by deposits MB, 61.2% DSK, 15.% OBS, 2.6% Others, 38.8% 2.1% 85.%.9% 97.4%.1% Mortgage by bonds issued DSK by loans a Slovensko by loans OBS, 5.% Others, 35.3% MB, 64.7% 1.6% 84.3% DSK, 15.7%.4% 95.%.2% 2 preliminary results 25 Direction and size of change from Sep 3, 2
26 Profits of consolidated subsidiaries in HUF million 4Q 2 3Q 2 4Q 2 Change Q-o-Q Change Y-o-Y 2 2P Change Y-o-Y Merkantil Ltd % -3.1% 2,646 3, % Merkantil-Car Ltd % -53.5% 1,452 1,458.4% Merkantil Bérlet Ltd % 18.8% % NIMO 22 Ltd. (38) % -15.3% (37) 6 - Merkantil Group 1,212 1, % -17.9% 4,22 4, % Building Society Ltd. (12) % % Mortgage Ltd. 2,57 3,646 4, % 69.5% 8,548 13, % a Slovensko a. s. (1) (111) 227 (632) % 469.4% (27) (58) - DSK EAD 1,587 2,653 2,653.% 67.2% 1,587 11,2 - DSK subsidiaries (14) (51) (48) -5.9% 242.9% (14) (165) - DSK Group (2) 1,573 2,62 2,65.1% 65.6% 1,573 1, % Ro S.A Garancia Insurance Ltd. 1,4 1,144 1, % 21.7% 2,6 4,5 53.8% Fund Management Ltd. 1, ,5 52.7% -14.% 4,338 3, % HIF Ltd % -4.% % Real Estate Ltd % 12.6% 1,347 1,8-25.2% Factoring Ltd % -84.% 1, % Factoring Management Ltd. 25 (2) 18-1.% -28.% % Factoring Group % -18.3% 1, % Center No. l. Ltd % -6.3% % Fund Servicing and Consulting Ltd % -8.% % Mérleg Ltd. (12) (6) 4.% (36) % Inga Ltd. s % % Concordia Info Ltd % % Card Manufacturing Ltd. (14) Other subsidiaries 157 Subsidiaries total 8,95 1,83 1, % 22.1% 25,2 39, % Consolidated pre-tax profits 19,373 43,952 3,785-3.% 58.9% 12, , % Subsidiaries' proportion 46.% 22.9% 35.3% 12.4% -1.6% 24.5% 26.1% 1.6% HAR (1) Pre-tax profits of OBS according to Slovakian GAAP for 2 reached HUF522 million and HUF81 in 2. (2) Pre-tax profits of DSK Group, consisting of DSK, POK DSK-Rodina, DSK Trans Security EOOD and DSK Tours EOOD were for 2 according to Bulgarian GAAP HUF1,997 million. 2 preliminary results 26
27 Equity, CAR HAR Equity, gearing HUF Book value per share % 11.% 1.7% 11.4% 11.% 1.6% 1,5 1,3 1,1 9 Consolidated 1,241 1,165 1,9 1, ,335 1,391 1,138 1, % 1.2% % 9.5% 9.6% 9.8% 3 31-Dec- 31-Mar- 3-Jun- 3-Sep- 31-Dec- capital adequacy % 9.1% % 9.3% 9.% % 16% 12% 8% 1.1% Tier 1 Tier 2 1.1% 1.%.8%.7% Dec- 31-Mar- equity gearing 3-Jun- 3-Sep- 31-Dec- Consolidated equity Consolidated gearing 8.2% 4% % 9.4% 31-Dec- 1.4% 11.1% 11.2% 1.5% 31-Mar- 3-Jun- 3-Sep- 31-Dec- 2 preliminary results 27
28 Efficiency, productivity HAR HUF mn HUF mn ,5 16, 14, , 16, 3 13, 12 14, ,5 1, ,768 16,77 16,997 17,15 17,74 12, 15 7,98 7,888 8,24 8,12 7,777 8, , 1 7, , 5 5,5 17,86 17,4 16,95 17,35 16, Dec- 31-Mar- 3-Jun- 3-Sep- 31-Dec- 4, 4 8,669 7,891 7,956 8,72 7, M 1H 9M 2 6, Employees (period end) Group Employees (period end) assets/employee Cons. assets/employee Average employees Group Average employees PAT/employee; annualized Cons PAT/employee; annualized 2 preliminary results 28
29 Performance indicators HAR Non-interest vs. total income Cost income ratio 46% 44% 42% 4% 38% 36% 34% 44.% 42.8% 42.% 42.8% 43.1% 43.3% 37.2% 37.2% 36.8% 37.4% 2 3M2 1H2 9M2 2 Consolidated 65% 6% 55% 5% 45% 4% 54.1% 62.% 4.7% 5.6% 52.7% 42.8% 42.2% 51.9% 47.9% 55.7% 2 3M2 1H2 9M2 2 Consolidated Provisioning vs. operating income Provisioning vs. customer receivables 15% 14.2% 1.2% 13% 11% 9% 11.4% 11.7% 11.% 11.1% 11.1% 1.3% 1.3% 1.3% 9.8% 1.%.8%.6%.4%.99%.64%.9%.78%.75%.77%.78%.69%.67%.64% 7%.2% 5% 2 3M2 1H2 9M2 2 Consolidated.% 2 3M2 1H2 9M2 2 Consolidated 2 preliminary results 29
30 ROA, ROE HAR ROAE annualized ROAA annualized 45% 41.7% 39.6% 39.6% 4.4% 4% 39.1% 38.1% 35.7% 36.3% 35% 3.6% 3.6% 3% 25% 2% 34.6% 33.4% 31.3% 15% 28.9% 25.9% 4.5% 4.% 3.5% 3.71% 4.24% 4.15% 3.63% 3.61% 3.57% 3.53% 3.28% 1% 3.% 5% 2.78% 2.66% % 25.9% 32.8% 32.% 32.6% 29.5% 2 1Q 1H 9M 2 2.5% 2 1Q 1H 9M 2 nominal real Consolidated nominal Cons. real only Consolidated 2 preliminary results 3
31 Group at a glance (IFRS) (as at or for the year ending 31 December 2) HUF billion Total Assets Loans Deposits Equity Net interest income NII after provisions Non interest income Non interest expenses Pre-tax profits 3,54.2 1, , Merkantil Mortgage Building Society a Slovensko DSK Group Ro S.A Garancia Insurance Fund Management Merkantil-Car Merkantil Bérlet Factoring Fund Servicing and Consulting HIF Real Estate Other subsidiaries Group members 2,12.9 1, Consolidated 4, ,56.8 2, Aggregated 5,67.1 2,691. 2, Foreign Foreign share in consolidated 16.4% 17.4% 17.2% 18.2% 12.% 1.5% 9.9% 11.5% 9.9% 2 preliminary results 31
32 DSK in 2: aggressive growth IFRS BGN millions 2,19 Total assets Net revenues * +35% +3% 3,221 3, % , % f Operating costs +17% % f Operating profit (no restructuring and tax) % % f * Includes currency revaluation adjustments but does not include provisions f 2 preliminary results 32
33 Acquisition activity HUF/IFRS SK OBS BG DSK Market share by total assets 2.61% 14% PL Total assets Total equity After tax profit ROA ROE Customers Branches Year of acquisition bn 15. bn 51.7 mn.31% 3.4% 28, bn 54.3 bn mn 2.58% 2.6% 6 mn SL CZ CR HU 22 SK RO Ukraine Moldova HUF/IFRS RO CR Bosnia 2 Robank Nova a* SMN Market share by total assets < 1% 4.1% Total assets 44.5 bn 1.2 bn BG Total equity 7.6 bn 78.5 mn 2 ROA.2%.97% ROE.12% 13.9% After tax profit 7.2 mn 11 mn Customers 35, 323, Branches Effected Year of acquisition 2 25 *Data for the year 2 Planned/targeted 2 preliminary results 33
34 Management s 25 HAR projections
35 25 HAR projections Consolidated with Nova banka Balance sheet related growth rates Growth rate Growth rate 25 25/ /2 Total assets 3, % 5, % Total loans 1, % 3, % Corporate loans % 1, % Retail loans % 2, % Mortgage loans % 1, % Domestic 1, % Foreign % Consumer loans % % Domestic % Foreign % Municipality loans % % Total deposits 2, % 3, % Corporate % % Retail 1, % 2, % Municipality % % P&L related growth rates Net interest income % % Non interest income % % Net fees and commissions % % Fees and commissions received % % Fees and commissions paid % % Insurance fee income % Total income % % Cost base with goodwill % % Goodwill % % Personnel expenses % % Insurance expenses % Depreciation % % Other expenses % % Provisions for loan losses** % % Dividend (received) % Profits before taxes (incl dividend received) % % Net extra banking tax General corporate profit tax % % Profits after taxes (incl dividend received) % % Profit related performance indicators Net interest margin 5.6% -25 bp 6.27% -43 bp Cost/income ratio 44.5% -336 bp 54.1% -156 bp Effective tax rate 2.9% +467 bp 2.9% +387 bp ROE 32.9% -283 bp 31.9% -44 bp ROA 3.6% -1 bp 2.93% -35 bp 2 preliminary results 35
36 DSK 2/25 financial targets Financial indicators (BGN millions) 2 2 Preliminary 2 / 2 % 25 Planned 25P/ 2 % Balance sheet Total assets 2,396 3, , Total loans 1,217 2, ,7 43 Retail 994 1, , Total deposits 2,1 2, , Retail 2,74 2, , Total equity P&L related Net interest income Net non-interest income* Total revenues Operating cost Gross operating income Net provisions/write downs , Operating profit before restr. costs, taxes Restructuring cost, investment, taxes 2.6 n.m Pre-tax profits Selected ratios Net interest income/average earning assets 6.4% 7.2% % -.5 Net non-interest income/total revenues 15.7% 17.8% % 3.6 Cost income (operating costs/total revenues) 62.5% 49.7% % -7.3 ROAA 2.9% 2.58% %.1 ROAE 16.5% 2.6% % preliminary results 36
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