How To Perform Well In 2015

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1 2015 Earnings March 3, 2016

2 Highlights 2015 Delivering strong results all 2015 goals outperformed Financial & business highlights Net profit of 418m, up 26% vpy RoE of 16.2% Increasing net interest income and margins NII up 7% and NIM up 15bps to 2.06% vpy Continued focus on efficiency cost-income ratio down 4.9pts to 46.7% vpy Solid risk profile risk costs down 44% to 46m Total asset originations of 4.9b customer loans up 14% driven by organic and inorganic growth CET1 ratio of 13.1% 1) (post dividend) on a fully loaded basis up 100bps vpy easybank rated #1 direct bank in Austria total accounts up 10% to 556,000 vpy BAWAG P.S.K. named Bank of the Year 2015 in Austria by The Banker magazine Dividend distribution of 325m proposed Performance vs. targets 2015 Targets Performance Net profit > 400m 418m Return on equity >14% 16.2% Net cost-out 5-10% 2) 10.0% Cost-income ratio <50% 46.7% NPL ratio <2.5% 2.1% CET1 ratio (FF) 12% 13.1% Total capital ratio (FF) 16% 16.0% Leverage ratio (FF) >6% 6.2% Liquidity coverage ratio >100% 137% FF Fully fledged 1) Year-end 2015 capital ratios (i.e. CET1 ratio of 13.1% and total capital ratio of 16.0%, both on a fully loaded basis) fully reflect a potential dividend distribution of 325m 2) Based on core operating expenses 20m provisioned in Q4 15 to address further cost-out opportunities 2

3 Performance scorecard Strong results across all key indicators RoE NIM Cost-income 14.9% +1.3pts 16.2% 1.91% +0.15pts 2.06% 51.6% (4.9pts) 46.7% Leverage (FF) CET1 (FF) 1) NPL 5.5% +0.7pts 6.2% 12.1% +1.0pt 13.1% 2.8% (0.7pts) 2.1% 1) Year-end 2015 capital ratios fully reflect a potential dividend distribution of 325m 3

4 Business segments Retail Banking & Small Business Corporate Lending & Investments Treasury Services & Markets millions Profit before tax millions Profit before tax millions Profit before tax +23% % (7%) V V V Core rev (2.1%) Opex (364) (321) (11.8%) Risk costs (42) (34) (18.8%) C/I ratio 64.7% 58.6% (6.1pts) Assets 9,579 12, % Retail net asset growth of 34% vpy Consumer lending originations of 480m market share up 120bps to 10.2% easybank balance sheet up 12% to 3.2b Finalized acquisition of former Volksbanken leasing business in October Closed acquisition of a high-quality residential loan portfolio in Western Europe in December Core rev % Opex (81) (84) 3.8% Risk costs (35) (6) (81.7%) C/I ratio 31.3% 30.0% (1.3pts) Assets 13,885 13,188 (5.0%) International business originations 3.5b in 2015 Strong credit profile across international assets Focus on stronger Western European countries (i.e. Germany, UK, France) and the United States CEE loan exposure further managed down Muted loan demand in Austria focusing on risk-adjusted returns and repricing Core rev % Opex (22) (19) (12.0%) Risk costs 0 0 C/I ratio 27.9% 26.9% (1.0pts) Assets 5,755 4,526 (21.4%) Continued focus on high credit quality, shorter duration and strong liquidity positions 98% investment grade portfolio (100% investment grade issuer ratings) No exposure to HETA no direct exposure to China, Russia, Hungary or South Eastern Europe CLO portfolio entirely sold in Q3 15 4

5 Financial performance Strong 2015 results across the Bank Income statement millions 2015 Chg. (%) Q4 15 Chg. (%) Net interest income Net commission income (6) 41.1 (6) Core revenues (1) Other revenues Operating income Operating expense (459.3) (4) (124.9) (7) Regulatory charges (35.2) 43 (17.8) >100 Risk costs (45.8) (44) (11.2) (57) Net profit Key ratios 2015 Chg. (pts) Q4 15 Chg. (pts) Return on equity 16.2% % 2.9 Return on tangible equity 16.9% % 2.9 Balance sheet millions 2015 Chg. (%) Dec 15 Chg. (%) Total assets 35, ,515 3 Customer loans and receivables 24, , Customer deposits 21, ,695 3 Own issues 4,505 (26) 4,505 (26) IFRS equity 2, , Risk-weighted assets 16,259 (3) 16,259 (3) Highlights Net profit up 26% vpy emphasis on high quality of earnings Core revenues up 4% vpy to 908m, with NII up 7% vpy to 722m Total operating expenses down 4% vpy continued focus on efficiency driving operational excellence Risk costs down 44% reflects low-risk balance sheet and repositioning of customer business Regulatory charges continued to increase (up 43%) bank levy, deposit guarantee scheme, bank resolution fund Customer loans increased by 2.9b, or 14% vpy new originations of 4.5b in Retail and International Business Customer deposits up 3% LCR at 137% Continued favorable trend across key financial metrics RoE and RoTE +1pt, RoRWA +1pt, Cost-income -5pts vpy 5

6 Core revenues Core revenue growth driven by customer loans and lower funding costs Core revenues millions NII NCI NIM 2.11% 2.07% 2.15% 2.11% 2.14% Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Summary Total year net interest income (NII) growth 7% driven by core product growth, pricing initiatives and lower funding costs Focus on consumer and international lending while re-pricing or exiting non-core assets Reduced funding costs blended deposit rate down to 0.32% versus 0.50% year-on-year Continued focus on balance sheet efficiency Total year net commission income (NCI) down 6% Impact of NCI mainly driven by sale of captive asset manager BAWAG P.S.K. INVEST and prior year 1-offs (down 10m vpy) Strong fund sales of 1.2b (up 4% vpy) Payments fee income stable despite significant pricing pressure 6

7 Operating expenses Restructuring investments paying off Operating expenses millions OPEX One-offs Cost-income ratio 54.2% 45.0% 46.4% Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Active FTEs 47.9% 47.4% ,836 2,696 2,619 2,565 2,622 Summary Significant progress in fixing structural cost imbalances... benefits materializing from prior years restructuring program Operating expenses down 4% vpy and core operating expenses down 10% vpy driven by sustainable long-term measures 20m provisioned in Q4 15 for further cost-out opportunities Cost-income ratio of 46.7% down 4.9pts vpy Continued focus on operating efficiency given overall market dynamics low growth, low interest rates and shifting customer behavior away from physical to digital networks Significant investments made 35m invested in 2015 overall investments > 150m in retail franchise and IT infrastructure in recent years 7

8 Risk costs Proactive risk management to maintain conservative risk profile Risk costs Summary millions 0.40% Risk costs Risk costs / Loans and receivables Risk costs materially down due to de-risking activities and improved credit quality across core business segments % 0.20% 0.16% 0.17% Historic balance sheet clean-up efforts behind us no material impairments in NPL ratio improved to 2.1%... coverage ratio at 59.3% Continued focus on proactive risk management Proactively reducing CEE loan exposure represents less than 0.5% of total assets Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 NPL ratio 2.8% 2.8% 2.3% 2.2% 2.1% 8

9 Capital Safe & secure, more capital efficient, lower risk and lower leverage Capital ratios (FF) Capital ratios (transitional) B/S Leverage CET1 Total capital CET1 Total capital 15.8% +0.2pts 16.0% 16.1% 16.7% +0.6pts 14.4x (1.5x) 12.1% +1.0pt 13.1% +0.9pts 12.9% 13.8% 12.9x Dec '14 Dec '15 Bank managed on a fully-loaded basis very strong capital base Capital ratios significantly above target levels and regulatory requirements Year-end 2015 capital ratios fully reflect a potential dividend distribution of 325m Dec '14 Dec '15 SREP requirement ) : 8.75% % systemic risk buffer SREP ratio as of 1 Jan 2019 (based on 2016 data): 8.75% + 1.0% = 9.75% Transitional CET1 ratio 410bps above SREP requirement as of Dec 2015 Dec '14 Dec '15 Running a low leverage business model % equity / total assets Continued deleveraging of non-core assets/liabilities coupled with organic equity accretion Regulatory leverage ratio (FF) of 6.2% 1) Based on Promontoria Sacher Holding N.V., the regulated parent company 9

10 Bank transformation & Outlook 10

11 Bank transformation 2012 to 2015 Significantly increased quality of earnings and capital while reducing cost base and de-risking balance sheet Key measures Efficiency is key to win Reduced total operating expenses by over 30% Cost discipline part of Bank s DNA Core revenue growth Core revenues up 15% driven by Retail and Int. Business NIM expansion through disciplined core product growth & liability optimization NIM 2.06% (+61bps vs. 2012) De-risking balance sheet Reduced risk cost ratio from 50bps to 17bps by focusing on core businesses in developed markets (2/3 Austria and 1/3 Western Europe and United States) Proactively exited non-core assets proprietary trading, legacy structured credit book, CEE exposure and lowyielding assets Rebuilding capital base Redeemed all non-sustainable transitional capital instruments ( 1.5b since 2012) Maintaining a conservative RWA density at 45-50% CET1 ratio more than doubled since ) 2012 figure is a proxy for fully loaded as CRR rules were not in place at year-end ) Year-end 2015 capital ratios fully reflect a potential dividend distribution of 325m Key financial metrics billions Customer loans Securities Non-earnings assets 55% 13% 21% 70% Total assets % Profit before tax Net profit RoE RoTE Net interest margin Risk cost ratio Cost-income ratio CET1 ratio (FF) Leverage ratio (FF) B/S leverage ratio 12% CET1 12% CET1 17% Chg. 107m 448m >100% 107m 418m >100% 6.5% 16.2% 9.7pts 7.3% 16.9% 9.6pts 1.45% 2.06% 0.61pts 0.50% 0.17% (0.33pts) 70% 47% (23pts) 6.1% 1) 13.1% 2) 7.0pts <3% 6.2% 2) >3.2pts 22x 13x (9x) 4.1% 18.0% 13.9pts 5.8% 18.8% 13.0pts 11

12 Strategic initiatives driving continued profitable growth Strategic topics Our approach A Digital transformation Transform internal culture, continuing to drive simplification and efficiency Implement big data and predictive analysis to improve customer experience Accelerate reconfiguration of branch network to reflect changing customer behavior B Potential acquisitions Pursue unique opportunities in distressed market environment BAWAG P.S.K. will play an active and constructive role in banking consolidation Capitalize on strong performance to increase customer base and take market share C Fintech investments Invest up to 100m in partnerships, acquisitions and collaborations Focus on early stage financial technology companies Become dynamic digital leader in the European market embracing new technologies D easybank growth Build out asset origination capabilities both in consumer loans and consumer auto leasing Leverage existing digital platform to drive cross-border retail expansion into Western markets Intensify existing and enter into new strategic partnerships to drive customer acquisition 12

13 2016 Targets 2015 Targets Performance Net profit > 400m 418m Return on equity >14% 16.2% Cost-income ratio <50% 46.7% NPL ratio <2.5% 2.1% CET1 ratio (FF) 12% 13.1% Total capital ratio (FF) 16% 16.0% Leverage ratio (FF) >6% 6.2% Liquidity coverage ratio >100% 137% 2016 Targets Net profit > 450m Return on equity >14% Return on tangible equity >15% Cost-income ratio <45% CET1 ratio (FF) >12% Leverage ratio (FF) >5% Outperformed all 2015 targets expecting to continue successful path going forward 13

14 IMPORTANT DISCLAIMER: This presentation is prepared solely for the purpose of providing general information about BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft, Georg-Coch-Platz 2, 1018 Wien ( BAWAG P.S.K. ). The information does not constitute investment or other advice or any solicitation to participate in investment business. This presentation does not constitute an offer or recommendation to purchase any securities or other investments or financial products. In respect of any information provided past performances do not permit reliable conclusion to be drawn as to the future performances. BAWAG P.S.K. does not make any representation, express or implied, as to the accuracy, reliability or completeness of the information contained in this presentation. BAWAG P.S.K. disclaims all warranties, both express and implied, with regard to the information contained in this presentation. Actual results may vary from forecasts and variations may be materially positive or negative. In no event shall BAWAG P.S.K. be liable for any loss, damages, costs or other expenses of any kind (including, but not limited to, direct, indirect, consequential or special loss or loss of profit) arising out of or in connection with any use of, or any action taken in reliance on, any information contained in this presentation. BAWAG P.S.K. assumes no obligation for updating the provided information in this presentation. The content in this presentation are not to be relied upon as a substitute for professional advice. This presentation shall not be forwarded to any third party. 14

15 Annex Definitions B/S leverage Total assets / IFRS equity Common Equity Tier 1 capital (CET1) Based on IFRS CRR regulatory figures (BAWAG P.S.K. Group) excluding any transitional capital (fully loaded) Common Equity Tier 1 ratio Common Equity Tier 1 capital (CET1) / risk-weighted assets Cost-income ratio (C/I ratio) Operating expenses (OPEX) / operating income IFRS equity Equity attributable to the owners of the parent; excluding participation capital and minorities Net interest margin (NIM) Net interest income (NII) / average total assets NPL ratio Non-performing loans (NPLs) / loans and receivables (incl. provisions); loans are not included in NPLs if no economic loss is expected 1) Regulatory leverage ratio Common Equity Tier 1 capital (CET1) / total exposure (calculation according to CRR, based on Promontoria Sacher Holding N.V. Group) Return on equity (RoE) Net profit / average IFRS equity Return on risk-weighted assets (RoRWA) Net profit / average risk-weighted assets Return on tangible equity (RoTE) Net profit / average IFRS tangible equity Risk costs / loans and receivables Provisions and loan-loss provisions, impairment losses and operational risk (total risk costs) / average loans and receivables (including provisions) Risk-weighted assets (RWA) Based on IFRS CRR regulatory figures (BAWAG P.S.K. Group, fully loaded) RWA density RWA / total assets Total capital Based on IFRS CRR regulatory figures (BAWAG P.S.K. Group) excluding any transitional capital (fully loaded) Total capital ratio Total capital / risk-weighted assets 1) For prior reporting dates please refer to the definitions in the respective annual and quarterly reports 15

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