Gjensidige Bank ASA Investor Presentation March 2013
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1 Gjensidige Bank ASA Investor Presentation March 2013
2 Agenda Gjensidige Bank in Brief (Hans Harèn - GB CEO) p. 3-6 Gjensidige Group capital position (Linn Soltvedt - Investor Relations Officer) p. 7 Financial performance (Teemu Alaviitala - CFO) p Funding (Tor Egil Nedrebø - Treasury Director) p Gjensidige Bank Boligkreditt AS (Jan Kåre Raae - GBB CEO) p Supplementary information p
3 Gjensidige Bank in Brief Gjensidige Bank is wholly-owned by Gjensidige Forsikring ASA. Gjensidige Bank ASA was launched in Gjensidige Bank Boligkreditt AS (funding via Covered Bond) was established in the spring of As of December 2012, GB employed 134 FTEs The Bank targets customers in the private and the agricultural market. The bank offers traditional banking products such as current accounts, savings products and secured and unsecured loans. Online Bank products are distributed via the call centre, mobile, tablet, group portal, and the group s 20 financial offices. Approximately 96,000 customers (as of December 2012) 3
4 Ownership Structure 100% ownership 100% ownership 4
5 Financials targets and outcome Pre-Tax Earnings & ROE FULL YEAR 2012 NOK 113 m 8.7 % TARGET Support the Groups target for return on equity Cost / Income Ratio 63 % YoY Improvement Customer Footings 1) 28.9 billion (Assets 17.3bn & Deposits 11.6bn) Above average market growth Core Tier 1 Capital Ratio 13.6 % >12 % S&P Rating BBB+ (Covered Bond Program AA+) >BBB+ (Covered Bond Program >AA+) 5 1) Customer Footings = Total of Customer Assets & Customer Deposits
6 Strong growth in customer footings 1) Customer Assets (NOKbn) Secured vs. Unsecured 14,1 6% 15,0 15% 17,3 16 % Secured Lending Unsecured Lending 84 % Customer Deposits (NOKbn) Deposit to Loan Ratio 9,1 7% 9,8 18% 11, ) Customer Footings = Total of Customer Assets & Customer Deposits
7 NOKbn Gjensidige Forsikring Group Capital Position per * Before buffer 7
8 NOKbn per cent Gjensidige Bank is Strongly Capitalized per Capital Adequacy 1,60 1,50 1,40 1,30 1,20 1,10 1,00 0,90 Total Equity Core T1 Ratio 16,1 15,0 13,6 1,29 1,27 1, Leverage Ratio (Equity / Total Assets) 6,8 6,8 5,9 5,8 7,3 17,0 15,0 13,0 11,0 9,0 7,0 5,0 Core Tier 1 capital ratio as of end of 2012 was 13.6 per cent, well above the regulatory requirements. The target is >12% Total Equity NOK 1.3 billion Risk Weights: Mortgage book 35% Unsecured loans 75% Leverage ratio is best among most banks and significantly higher than the 3 per cent required by Basel III BANK 1 BANK 2 BANK 3 BANK 4 GB 8
9 MNOK Full Year Earnings Performance Pre-Tax Earnings 5,2 67 Pre-Tax ROE 8, ,0 8,0 7,0 6,0 5,0 4,0 per cent Full Year Pre-Tax Earnings of NOK 113 m, NOK 46 m or 69% higher than Main Drivers vs. PrYr: Income NOK18 m or 4% Expenses NOK 2 m or 1% Losses NOK 26 m or 27% ,6 33 3,0 2,0 Full Year Pre-Tax Return on Equity 8.7% 1, ,0 Record earnings in Q4 12 NOK 38 m or 11% ROE 9
10 MNOK per cent Quarterly Earnings Development Sustainable earnings growth Pre-Tax Earnings Pre-Tax ROE , , ,0 6,0 4,0 10 2,0 5 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12-10
11 Total Income Total Income (MNOK) 470 4% 488 Full year 2012 income of NOK 488 m rose 4% or NOK 18 m YoY 445 6% Net Interest Margin % Net Interest Income and Fees & Commissions represent 96% of total income. 2,9 2,7 2,5 Net interest margin reduction is mainly a result of an increased share of secured loans Net interest margin = net interest income/average total assets 11
12 MNOK per cent Net Interest Income Development 15% growth from Q4 11 to Q , , Normalized for One time items 114 2,8 2,7 2, ,5 2,4 2, ,2 95 2,1 90 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 2,0 12
13 Total Expenses Total Expenses (MNOK) 302 2% 309 1% 306 Despite the strong customer assets growth of 15 % expenses declined by 1% YoY to NOK 306 m C/I Ratio % Expenses excluding marketing & advertising investments declined by 5% YoY Continues improvement in efficiency
14 Provisioning & Losses Provisioning & Losses (MNOK) % Loss Rates % 27% 0,8 0,6 0,4 Full Year Provisioning & Losses of NOK 68 m, NOK 26 m or 27% lower than Improvement is primarily driven by improved customer repayments. Significant YoY improvement in loss rates Unsecured lending portfolio acquired from Citibank in 2009 is a main contributed in the provisioning & losses. NPL Coverage Ratio 79 %
15 Loans and funding structure per Bn Cash & Other Net Bond Portfolio 18.5 Bn Total assets as of Dec 12 NOK 18.5 billion. Money Market Funding 29 % Structurally sound balance sheet. Deposits as the main source of funding. Household Lending 92% Deposit from the general Public 63 % Increased share of money market funding expected. Assets Equity Equity & Liabilities 15
16 MNOK Maturity Profile per Swap Senior bond Covered bond 1,675 Funding NOK 5.4 billion Average maturity 3 years 1, ,000 NOK 1.0 billion Issues in 2013 NOK 500 million 5,5 year (2018) covered bonds issued in January NOK 500 million 3 year (2016) senior bond issued in February
17 High quality liquidity reserve Placements NOK 1.3 billion (excluding Gjensidige Bank Boligkreditt bonds) 46 % 7 % 47 % Total Liquidity reserve NOK 2.2 billion including NOK 0.9 billion Gjensidige Bank Boligkreditt covered bonds on the bank s book. Covers debt payments the next 20 months. NOK limit per counterparty set in cooperation with parent company. Bank Deposits Treasury Bills Covered Bond 17
18 Key Message STRONG EARNINGS & RETURNS DEVELOPMENT DOUBLE DIGIT CUSTOMER FOOTINGS 1) GROWTH GOOD EXPENSE DEVELOPMENT & IMPROVED LOSS AND PROVISIONING LEVEL STANDARD & POOR'S RATING BBB+ & COVERED BOND PROGRAM AA+ 18 1) Customer Footings = Total of Customer Assets & Customer Deposits
19 Gjensidige Bank Boligkreditt AS Investor Presentation March 2013
20 Gjensidige Bank Boligkreditt AS in Brief The company was established in Its purpose is to raise funds for Gjensidige Bank Group. Gjensidige Forsikring ASA Covered bond rating AA+ by Standard & Poor`s. GB Mortgage Bank is a wholly-owned subsidiary of Gjensidige Bank ASA and, operationally, an integrated part of the parent company. Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS (Covered Bonds) 20
21 Operating Model & Roles Gjensidige Bank ASA - Loan origination - Servicing - Accounting - IT - Administrative, legal issues, etc - Risk Mgmt, debt collection - Product development - Service production - Funding provider - Capital markets - Support function - Loan selection Gjensidige Bank Boligkreditt AS - Lending criteria - Pool management and analysis - Investor reporting - Bond issuing INVESTORS Loans are sold to GBB Issues under the program 21
22 Characteristics of the Cover Pool Cover Pool MNOK 7,908 3,762 Substitute assets MNOK Gross loans to/claims from customers MNOK 7,187 3,546 Issued covered bonds MNOK 5,500 3,300 Weighted average loan-to-value ratio (LTV) Per cent Loans to customers Number 5,630 3,071 Weighted average remaining life Month Loans in default (> 90 days) MNOK 0 0 Loans with floating interest rate Per cent All loans are secured by mortgages on homes in Norway with a concentration in Oslo and Akershus 22
23 Geographical distributions Geographical distribution Per cent Akershus % 4 % Oslo % 23 % Akershus Western Norway 20.4 Eastern Norway (Outside Oslo/Akershus) % Oslo Western Norway Eastern Norway Middle Norway 9.6 Northern Norway 4.2 Southern Norway % 23 % Middle Norway Northern Norway Southern Norway Total
24 Loan-to-value Conservative and high quality Cover Pool 34 % 22 % 18 % 24 % 1 % 0-40% 40-50% 50-60% 60-75% 75-90% * 65 percent of loans are within 60 percent loan to value ratio 24
25 Full Year 2012 and 4 th Quarter Financials Income statement (Figures in NOK 1000) Q Full Year 2012 Full Year 2011 Net interest/credit commission income 18,287 47,556 16,547 Net other operating income 1,068 2, Total income 19,355 50,283 17,053 Operating expenses 2,132 7,765 4,274 Profit before loss 17,222 42,518 12,780 Write-downs and losses 3,505 4,688 1,075 Profit before tax expense 13,718 37,830 11,705 Balance sheet (Figures in NOK 1000) Loans to and claims from customers 7,187,263 3,546,432 Liabilities opened for the issue of securities 5,482,866 3,291,769 Financing from Gjensidige Bank 2,070, ,371 Equity 333, ,394 Capital adequacy 11.4 % 16.5 % 25
26 Gjensidige Bank Boligkreditt AS 5.5 bn Issued Covered Bonds NOK thousand ISIN NUMBER CURRENCY RATE ISSUED MATURITY EXT. MATURITY FACE VALUE BOOK VALUE NO NOK Floating , ,000 NO NOK Floating , ,910 NO NOK Floating , ,820 NO NOK Floating , ,800 NO NOK Floating , ,000 NO NOK Floating , ,214 NO NOK Floating ,000 98,610 NO NOK Floating , ,000 NO NOK Floating , ,721 NO NOK Floating , ,000 NO NOK Floating , ,580 NO NOK Floating , ,500 NO NOK Floating , ,920 NO NOK Floating ,000 99,942 NO NOK Floating , ,400 NO NOK Floating , ,146 Amortisation 4,310 Total liabilities through the issuance of securities 5,500,000 5,492,873 Own Bonds 10,000 10,010 Amortisation own bonds 3 Total debt incurred through the issue of securities excluding own securities 5,490,000 5,482,866 The bonds are listed on the Oslo Alternative Bond Market (ABM) 26
27 Gjensidige Bank Boligkreditt AS High Quality Cover Pool Cover Pool (NOK Thousand) 1Q Q Q Q Q Q Q Q Q Q Q Q 2012 Residential mortgages 1) 1,613,698 2,664,524 2,383,117 2,353,434 2,139,887 2,913,435 3,158,617 3,545,040 4,162,580 4,569,828 6,434,299 7,175,301 Substitute assets 78, ,556 89,452 70,177 81, , , , , , , ,185 - Bank deposit Gjensidige Bank ASA 78,827 65,497 65,260 45,839 57, , , , , , , ,218 - Bank deposit other banks 52,059 24,192 24,338 24,484 24,642 24,821 24,805 24,954 22,100 - Treasury bills 2) 296, ,153 - Covered bonds 49,951 49,952 90,602 90,814 TOTAL 1,692,525 2,782,080 2,472,569 2,423,611 2,221,465 3,039,357 3,325,394 3,762,402 4,368,225 4,848,655 6,985,848 7,908,485 Overcollateralization 12.8 % 85.5 % 64.8 % 34.6 % 23.4 % 12.6 % 23.2 % 14.0 % 15.0 % 12.8 % 45.5 % 43.8 % 1) Quarterly evaluation from Eiendomsverdi 2) Treasury bills are government securities, with an original maturity of less than one year 27
28 Supplementary information 19. March 2013
29 Gjensidige Bank Group Full Year 2012 and 4 th Quarter Financials million NOK Q4 11 Q4 12 B/(W) B/(W) % B/(W) B/(W) % Net Interest Income % % Total Income % % Expenses (9) (12%) % Provisioning & Losses % % Pre-Tax Earnings % % Customer Assets 15,019 17,324 2,305 15% 15,019 17,324 2,305 15% Customer Deposits 9,776 11,580 1,805 18% 9,776 11,580 1,805 18% Net Interest Margin 2.9% 2.9% 4 bps 3.0% 2.8% (16 bps) Pre-Tax ROE 4.5% 11.3% 673 bps 5.2% 8.7% 343 bps Cost / Income Ratio 66% 62% 399 bps 66% 63% 293 bps 29
30 Gjensidige Bank ASA Organization CEO Hans Haren Business Planning & Analysis Accounting & Treasury Risk Management Fraud & Internal Controls and Legal CFO Teemu Alaviitala Compliance Øyvind Stavseng Jenssen HR Ida Anker Risk Management Jurgita Petkeviciute Marketing & Sales Retail Bank Ole Bjørn Harang Marketing & Sales Consumer Finance Alexander von Hirsch Product Stig Heide Credit Risk Rajeev Prabhu Technology Lene Steinum Operations & Customer Service Nina Mydske Treasury & Branch Manager Tor Egil Nedrebø Marketing Outbound Sales Web Coordination Distribution Marketing & Sales Secured Lending Unsecured Lending Deposits Cards Agriculture Products Insurance Business MIS Customer Program Collections Underwriting Credit Mgmt & MIS Scoring & Reporting Policy Management IT Development IT Operations Datawarehouse Dev Information Security COB Operations Depot Customer Service Treasury Branch Manager for the Førde office 30
31 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 forward-looking 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 forward-looking 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 forward-looking statements. Such forward-looking 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 forward-looking 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. 31
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