Company: Otkritie Bank Conference Title: 1H 2015 Results Presenters: Sergey Kovtun, Marianna Naumenko Date: Monday 31 st August 2015

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1 Company: Otkritie Bank Conference Title: 1H 2015 Results Presenters: Sergey Kovtun, Marianna Naumenko Date: Monday 31 st August 2015 Good day and welcome to Bank Otkritie Financial Corporation First Half Year 2015 Results Conference Call. Today s conference is being recorded. At this time I would like to turn to turn the conference over to Marianna Naumenko. Please go ahead ma am. Marianna Naumenko: Good evening ladies and gentlemen. We are very glad to welcome you to Bank Otkritie Financial Corporation s First Half 2015 IFRS Results Presentation. As usual we will start with key events of the first half 2015 and then guide you through the presentation. We will answer your questions after the presentation. At this time I will give the floor to Sergey Kovtun, our Chief Financial Officer. Sergey Kovtun: Good evening ladies and gentlemen. We are happy to see you on our regular Investor Relations call related to the presentation of our results. Today we ll speak about our results for the first half of the year I will start with net profit. Net profit of our bank increased by almost 34% comprising RUB 8.3 billion comparing with RUB 6.2 billion result of the first half Return on equity amounted to 14.8% comparing with the 6.2% for the year Total assets of the banking group increased by almost 20% and reached RUB 3.1 trillion. In the first half of the year 2015 net loan portfolio increased by almost 31% comprising RUB 2.3 trillion. Investment in securities remain more or less stable comprising about 12% of the group s total assets. Customer accounts and promissory notes issued to the clients increased by almost 20% during the first half of this year and reached RUB 1.3 trillion. The loan to deposit ratio including promissory notes stood at 102.5%. Other sources of funding remained stable. Subordinated debt amounted to almost RUB 90 billion comprising 3.1% of the total group liabilities. Total operating income of the group increased by 37% year-on-year and amounted to RUB 50.5 billion. Net interest income amounted to almost RUB 24 billion. Net interest margin stood at 3.7% which is a slight decline from last year. Net fee and commission income amounted to RUB 5.4 billion. Operating expenses remain stable, increasing only by 1.2% if we compare with pro- Page 1 31 August 2015

2 forma results. Pro-forma results are calculated for 2014 assuming that the consolidation of Bank Petrocommerce happened on 1 st January In real life we started to consolidate the financials of the Bank Petrocommerce starting from the end of the first quarter this year. In order to compare 2015 results with 2014 we prepared the pro-forma financials, assuming that we started this consolidation on 1 st January of the year The cost income ratio stood at 42.6%. The cost of risk amounted to 3.2%. Non-performing loans comprised 3.8%, demonstrating increase from the last year when this ratio reached 2.6%. This is a reflection of overall macroeconomic situation in Russia. In the first half of this year the group earned about RUB 20 billion in trading income including income on operations with securities amounting to RUB 14.3 billion. This is a non-realised gain. As we mentioned during last year calls, when we faced losses on securities, we always repeated that the loss on operations with securities include unrealized portfolio revaluation results, which will recover as soon as the markets will go up. The markets went up during the first half of this year, and we recovered almost all losses on operations with securities we had in the year The total capital adequacy ratio amounted to 17.5%, the Tier 1 ratio amounted to 11.6%. The total equity of the bank amounted to RUB 200 billion. This was a kind of executive summary of what we reached during the first half of this year. Now I will give the floor to Marianna and she will guide you through the slides. Thank you. Marianna Naumenko: Thank you Sergey. Let s start with the first slide: operating performance of the group. The revenue which OFCB Group earned during the first six months of 2015 reached RUB 50.5 billion. The key growth of revenue is coming from net interest income and trading income. Operating expenses for the first half of 2015 reached RUB 21.5 billion demonstrating 16.8% growth year-on-year. This growth would reach 1.2% if we compare annualised 2015 results with 2014 pro forma financial results, assuming that consolidation of Bank Petrocommerce took place on January 1 st Cost of risk stood at 3.2%, which is higher than the 2.4% reported for the year 2014 and this increase is in line with the macroeconomic situation in Russia. Return on equity attributable to equity holders of the parent is notably higher and reached 14.8% versus 6.2% reported for Page 2 31 August 2015

3 On the next slide we present the results of the corporate business segment. The corporate loan portfolio remained flat and reached RUB billion. Good growth results demonstrated corporate customer deposits which increased by 16.5% and the main growth is coming from term deposits. Profitability of the corporate segment is good for the first half Fees and commission income increased during first half 2015 and the main growth is coming from the fees earned on settlements. Let s go to the next slide, the retail business of Otkritie Financial Corporation Bank. The group didn t grow its retail portfolio during the six months of 2015 focusing mostly on deposit attraction. You can see the slight decline in the retail loan portfolio by 2.4% and retail portfolio stood at RUB billion as at June 30, On the contrary retail deposits increased by 35% to RUB billion. Profitability of retail segment is negative during the first half of 2015 in line with the macroeconomic situation in the country. Net fees and commission of the retail segment dropped mostly due to decline in insurance broker commission, since the group practically did not issue new loans in the first half Let s turn to the next slide, small business. During six months of 2015 the group didn t grow its small business loan portfolio and focused mostly on transactional business development which resulted in a deposit growth of the small business segment by 7.3%. The deposits of small business clients reached RUB 46.8 billion dominated by current accounts which stood at 71% of the total deposits of small business segment and are the cheap funding source for the group. The small business segment remained marginally profitable in the first half 2015 which proves the adequate quality of the loan portfolio generated by the small business segment. Net fees and commission income of the small business segment slightly declined and the main result came from settlements which still remain stable on an annualised basis comparing with the 2014 result. Let s go to the next slide, net interest margin and net interest income. Net interest income declined in the first half 2015 and stood at almost RUB 24 billion which is lower than the amount reported for 2014 in line with increasing cost of funding and macroeconomic situation. The net interest margin stood at 3.7% for the first half of Page 3 31 August 2015

4 On the next slide we show the funding structure of the group which remained pretty well diversified and well balanced with customer accounts and promissory notes issued reaching 44.4% of the total liabilities or RUB 1.3 trillion. Total customer accounts and promissory notes issued increased by almost 20% during six months As you can see we have pretty comfortable bonds and subordinated debt repayments schedule. On the contractual maturity of customer accounts we would note that the share of long term funding declined during first half if 2015 in line with the overall situation on the market, when the long term funding is hardly available. On the next slide we show asset quality. The volume of non-performing loans reached RUB 99.3 billion or 3.8% of the gross loan portfolio. The increase occurred in line with the macroeconomic situation. The increased level of non-performing loans is pretty well covered, with the coverage ratio amounting to 72.5%. For the first half of 2015 the cost of risk ratio as I already mentioned increased to 3.2%. We are providing information on NPLs by segment and I would like to point out that in the corporate segment, the main segment of the group, NPLs stay at 2.5%, which is still one of the lowest indicators on the market. On the next slide we show the loan portfolio diversification. You can see that the corporate business and small business loan portfolios are pretty well diversified. In the retail business segment we still have a split for three sub-segments and the mortgage portfolio share is increasing. Basically no major changes in loan concentrations which remain on a stable level. On the next slide we show the capital adequacy and risk weighted assets dynamic. As Sergey noted our total capital adequacy ratio reached 17.5% as at June 30, The volume of riskweighted assets declined in the first half of 2015 due to increase in volumes of operations with minimum risk levels. This is all for the presentation and now we would like to open the floor to your questions please. Thank you. If you would like to ask a question at this time, please press the star or asterisk key followed by the digit 1 on your telephone. Please ensure that the mute function on your Page 4 31 August 2015

5 telephone is switched off to allow your signal to reach our equipment. If you find that your question has already been answered you may remove yourself by pressing *2. Again that s *1 to ask a question. We will pause for just a moment to allow everybody to signal. Again please press *1 to ask a question. At this time we have not got any questions. As a reminder, to ask a question please press *1. We now have a question from Alexander Bulgakov at Raiffeisen Bank. Please go ahead, your line is open. Alexander Bulgakov: Hello, good afternoon and thank you for the presentation. I have a very generic question about potential plans of the company on international debt capital markets. Could you please comment upon this? Thank you. Sergey Kovtun: We always say that we are constantly looking for opportunities to attract funding on international markets in order to maintain good historical track on these markets. The probability of actual transaction pretty much depends on the terms offered on such deals. So far we reiterated that funding on international markets remain too expensive for our bank so we will wait for kind of new levels of the yields for the Russian market. Thank you. Alexander Bulgakov: Thank you very much. Thank you. As a reminder to ask a question please press *1 on your telephone. We now have another question from Susan Wisialko at GMO. Please go ahead. Susan Wisialko: Thank you very much for the call, we appreciate your time. A general question please: the loan portfolio is up 31% while at the same net interest income is down 27%. Could you give us a little bit of colour please on the new demand, where it s coming from and the types of interest rates you are able to get? Thank you. Sergey Kovtun: I would say that the Russian banks faced increasing funding costs during the first half of the year. It was to some extent reflected in the increase of pricing levels for the loans, but I think that the banks were limited in this increase in order not to bankrupt the lenders, your borrowers. You always should match the interest rate you could charge for the loan with the Page 5 31 August 2015

6 capability of the borrower to pay this interest from the operations. So it means that the cost of funding increased more on liabilities side of the bank. That was reflected in the decrease of the margin for the year. Susan Wisialko: That makes sense. Thank you very much. Are you able to mitigate any of this at all with potentially either increased collateral or other types of protection so you can structure them? Sergey Kovtun: Yes. We are very cautious with granting new loans during this first half of the year So either the loans were provided to the first class clients, or, you are absolutely right, we always look for additional liquid collateral now to mitigate the risk of the unfavourable development of the business of the client. Susan Wisialko: Thank you. Sergey Kovtun: Thank you. Thank you. We do not appear to have any further questions at this time. I will pass it over to the speakers to see if you have any further comments to make. Marianna Naumenko: Ladies and gentlemen, we would like to thank all of you for your participation in the call and wish you a very good evening on this Monday. Thank you very much, goodbye. This concludes today s conference call. Thank you for your participation ladies and gentlemen, you may now disconnect. Page 6 31 August 2015

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