Bank Zachodni WBK Group Results 2013 30th January, 2014
Bank Zachodni WBK S.A. ("BZ WBK") cautions that this presentation contains forward-looking statements. These forward-looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors that we have indicated in our past and future filings and reports could adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date on which they are made and are based on the knowledge, information available and views taken on the date on which they are made; such knowledge, information and views may change at any time. BZ WBK does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including, where relevant any fuller disclosure document published by BZ WBK. Any person at any time acquiring securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, BZ WBK gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in BZ WBK or in any other securities or investments whatsoever. Neither this presentation nor any of the information contained therein constitutes an offer to sell or the solicitation of an offer to buy any securities. Note: Statements as to historical performance or financial accretion are not intended to mean that future performance, share price or future earnings (including earnings per share) for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast. 2
Table of Contents Market Environment Merger Update & YTD 13 Highlights Group performance - Business - Results 3
Table of Contents Market Environment Merger Update & YTD 13 Highlights Group performance - Business - Results 4
Macroeconomic Scenario GDP (real annual growth %) Interest Rate NBP Reference Rate (%) End of period 4,5 1,9 1,5 3,1 3,3 4,50 4,25 2,50 3,00 4,00 2011 2012 2013(e) 2014(e) 2015(e) 2011 2012 2013 2014(e) 2015(e) Inflation (CPI %) Exchange Rate PLN/EUR End of period 4,3 3,7 4,42 0,9 1,4 2,4 4,09 4,15 4,00 3,85 2011 2012 2013 2014(e) 2015(e) 2011 2012 2013 2014(e) 2015(e) 5 Source: National Bank of Poland, Central Statistical Office, Santander Research
Macroeconomic Environment Investments and Consumption C/A Balance and Foreign Trade Turnover %YoY 8,5 7,7 Current account balance (EURbn) Export (%YoY) Fixed Import (%YoY) investment 3,7 12,1 11,3 13,6 2,6 3,0 5,9 4,8 1,8 12,2 0,8 8,9 11,0 0,7 2,3-0,4-1,0 Private -5,3-4,8 consumption -0,8-0,5-14,2-18,5 2011 2012 2013(e) 2014(e) 2015(e) 2011 2012 2013(e) 2014(e) 2015(e) Unemployment Rate Fiscal Policy Indicators* 6 12 11 10 9 8 % Labour Force Survey Unemployment (seasonally adjusted) by Eurostat Source: National Bank of Poland, Central Statistical Office, Eurostat, Santander Research 10,2 2009-11-01 2010-11-01 2011-11-01 2012-11-01 2013-11-01 % of GDP General government debt General government balance 56,4 55,6-5,0-3,9-4,4 57,5 50,4 50,8 4,4-3,0 2011 2012 2013(e) 2014(e) 2015(e) * 2014 imacted by reform of pension system
Financial System: Credit Evolution Credit Growth PLN billion Total Loans 908 901 904 872 882 1,2% 3,6% Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Loans to Households (Mortgage Credit) PLN billion 344 345 345 337 333 1,1% 3,8% Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 PLN billion Loans to Corporations 263 263 257 258 259 1,4% 0,8% Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Loans to Households (Consumer Credit) PLN billion 137 138 4,8% 132 131 133-4,9% Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Source: National Bank of Poland Volume Y-o-Y Variation % 7
Financial System: Deposit Evolution Deposit Growth Total Deposits Corporate Deposits PLN billion 798 810 815 818 846 6,1% PLN billion 188 181 189 189 206 9,9% 4,7% -7,6% Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Household Deposits Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Mutual Funds PLN billion 7,7% 515 532 530 531 544 5,6% PLN billion 146 156 166 173 189 27,6% 29,6% Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Dec.12 Mar. 13 Jun. 13 Sept. 13 Dec. 13 8 Source: National Bank of Poland Volume Y-o-Y Variation %
Table of Contents Market Environment Merger Update & YTD 13 Highlights Group performance - Business - Results 9
Merger with Kredyt Bank Merger Plan ahead of Target Legal merger on 4th January, 2013 / Integration commenced Revised organisational structures in place Process harmonisation & increased productivity Rebranding of all branches supported by marketing campaign Continuous focus on meeting Revenue & Cost Synergies Customer Data migrated to BZ WBK IT platform / Full integration Ongoing in 2014 End-2014 10
Final step of integration - KB Client & Product Migration Step 1 Legal Merger 4 Jan 2013 Step 2 Brand Migration Sep 2013 Jan 2014 Apr 2014 Jul 2014 Step 3 Clients / Products Migration October 2014 Brand Migration Clients and Products Migration to single IT system Joint, comprehensive product offer Joint sales network rebranding of 320 branches Aligned service in branches Unified branch operating model and resulting back office process changes Change of colors of e- banking services, one internet website Completed Migration assumptions and design Concept and approach to migration Products mapping and gaps identification Comprehensive migration plan Completed Preparation of Clients for migration Preparation of migration to target e-banking system Ongoing communication about upcoming changes through multiple channels IT architecture and tools development and testing Designing and implementing target IT architecture Development of tools required for migration Conducting multiple migration tests to assure flawless clients migration Detailed design and dress rehearsals of the migration weekend Migration of Corporate Clients 11
BZ WBK + KB Merger Benefits Fully Phased Pre-Tax Synergies: PLN 465mn Phase In Fully Phased Pre-Tax Synergies (PLN mn) Cost Synergies: PLN 340mn before tax (ca. 36% of 2011 KB s cost base ) Revenue Synergies: ca. PLN 125mn before tax (ca. 2% of 2011 aggregated revenue base) 125 465 Cost Synergies (PLN mn) c. 175 c. 220 c. 340 136 340 Year 1 Year 2 Year 3 BZ WBK s ambition is to achieve higher than planned synergies 204 Integration Expenses Planned integration costs estimated to amount to ca. PLN 432mn before tax. Planned capital expenditure of ca. PLN163mn before tax HR OPEX Cost Synergies Revenue Synergies Total 12
Cost Synergies ahead of Plan Y-o-Y Operational Cost Reduction (excl. Other & Integration costs) * PLN m -221mn / -8% 2,784 2,712 230 209-149mn / -6% 2,563 219 2011 Costs excluding once off accounting policy change of PLN 89m 1 133 1 104 1 039 1 421 1 400 1 305 2011 2012 2013 Staff Costs Administration Costs Amortisation 2013 savings of PLN 221m vs 2011 in excess of targeted annual savings of PLN 175m at time of merger 2014 annualised cost savings from 2012 & 2013 cost synergies estimated at PLN 285m for 2014 13 * 2011, 2012 on like for like basis
Table of Contents Market Environment Merger Update & YTD 13 Highlights Group performance - Business - Results 14
Key Highlights Business Development Qtr 4 Net Interest Margin at 3.54% F&C influenced by Loan, FX & Insurance Fees PLN 9m of ALM gains in Qtr 4 vs PLN 107m recognized in Qtr 3 & PLN 288m in Q s 1 to 3 Revised bancassurance model Balance Sheet Development Increase in Retail and SME activity in Qtr 1 Q-o-Q loan balance influenced by closed CHF Mortgage book, reducing Property book exposure and Polish Zloty appreciation. Strong growth in deposit funding in preparation for credit growth Sustained Profit Generation Net profit: PLN 1.98bn Underlying operating income: PLN 3.1bn Underlying costs: PLN 2.6bn (excl. integration costs) 2013 Cost to income ratio at 42.7% (excl. integration costs) Capital Strength and Liquidity * Total Capital Ratio at 13.9%* Core Tier 1 Ratio at 11.4% Loan to Deposit ratio at 86.7% 3 Year Bond Issuance in Qtr 4 PLN 500m 15 *According to local criteria
Key Facts BZ WBK as at 31.12.2013 Total 830 Gdańsk 56 9 41 9 Pomorskie 18 8 Zachodnio- Warmińsko- Pomorskie Mazurskie Szczecin 43 5 20 2 Kujawsko- Mazowieckie Podlaskie Poznań Pomorskie 126 16 28 1 111 16 Łódź Warsaw Lubuskie Wielkopolskie Lublin Wroclaw 47 10 26 3 Dolnośląskie Łódzkie Opolskie 15 9 118 7 Częstochowa Lubelskie 23 1 80 7 Świętokrzyskie BZ WBK Partner as at 31.12.2013 Total 113 Śląskie Kraków 20 5 Podkarpackie 58 5 Małopolskie BZ WBK Features Branches 830 Agencies 113 ATMs 1 385 Employees ( FTE s) 12.6** Corporate Banking Centres 12 Balance Sheet 31.12.2013 P & L 31.12.2013 Assets PLN 106 089 m Loans PLN 68 132 m Deposits PLN 78 543 m Income PLN 6 090 m Costs PLN (2 862) m PBT PLN 2 515 m ROE* 15.6* % 16 *ROE excl. integration costs and one-off income from revised bancassurance model ** As at 31.12.2013 AVIVA JVs were consolidated (additional 62 FTE s)
Business: Portfolio Evolution Performing Loan Portfolio +1% Y-o-Y PLN m 73.0% -2.4% 31.12.13 31.12.12 Y-o-Y Variation Q-o-Q Variation Mortgage 25 295 8 081 213,0% -1,0% Other personal 8 746 5 628 55,4% -1,4% 71 497 73 359 73 354 71 622 Total personal 34 041 13 709 148,3% -1,1% 41 412 Business 37 581 27 703 35,7% -3,5% Total gross loans 71 622 41 412 73,0% -2,4% Dec.12 Mar.13 Jun.13 Sep.13 Dec. 13 Comments Year on Year performing loans (like for like basis): Mortgage Loans +2% / Cash Loans +8% SME +1% / Corporate & GBM Loans +2% Total Performing Loans +1% PLN loans comprise 65% of total loan portfolio Qtr 4 Total Performing Loans 2.4% due to reduction in Business Loans (mainly Property) and Mortgage repayments 17 Merged Bank
Business: Deposits + Funds Evolution Active Management of Deposits PLN m 66.8% 3.1% 31.12.13 31.12.12 Y-o-Y Variation Q-o-Q Variation 77 110 74 596 76 188 78 543 Demand 24 194 13 737 76,1% 6,4% 47 077 18 441 28 636 30 168 29 504 31 052 30 544 46 942 45 092 45 136 47 999 Savings 15 083 6 085 147,9% -2,3% Time Deposits 39 266 27 255 44,1% 3,3% Customer Deposits 78 543 47 077 66,8% 3,1% Dec. 12 Mar. 13 Jun.13 S ep. 13 Dec. 2013 Ret ail Business Comments 9.2% 10 649 10 737 11 464 11 498 11 627 Dec.12 Mar.13 Jun.13 Sep.13 Dec. 13 Mutual Funds Year on Year performance (on a like for like) basis: Total Deposits +1% Retail Deposits +3% Business Deposits -3% Mutual Funds +9% L/D ratio on the level of 86.7% at year-end. 18 Merged Bank
Business: Market Share Market Share (%) Market Share (%) December 2013 June 2013 December 2012 Loans Total Loans 7.36 7.56 4.29 - Cash Loans 6.11 6.61 4.36 Deposits Total Deposits 8.39 8.06 5.25 - Personal Deposits 9.04 8.64 5.62 - Business Deposits 7.50 7.26 4.75 19
Table of Contents Market Environment Merger Update & YTD 13 Highlights Group performance - Business - Results 20
Results: Net Interest Income Net Interest Income +5.4% Y-o-Y PLN m NIM by Q, % 42.4% -0.3% 4,40 3,26 3,40 3,59 3,54 592 750 800 864 862 4Q12 1Q13 2Q13 3Q13 4Q 2013 Comments 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 Net Interest Income +5.4% Year on Year (on a like for like basis) NII gains made in Qtr s 1 to 3 retained in Qtr 4 NIM % includes Swap income on hedged funding Close management of funding costs Continued focus on product mix and margins 21 Merged Bank
Results: Net Fees Qtrly Fee growth driven by increased loan and insurance fees PLN m 31.12.2013 31.12.2012 Y-o-Y Variation Q-o-Q Variation 365 28.4% 3.0% 432 443 445 459 ebusiness & payments 455 346 31,4% -0,2% Investment banking 1 322 255 26,3% 1,3% Current accounts & money transfer 304 244 24,2% -1,3% FX fees 297 233 26,9% 1,4% Loan fees 211 139 52,0% 3,8% 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 Insurance fees 106 108-2,2% 13,9% Other 2 83 59 40,1% 38,9% Comments Net Fee Income + 3.0% Q-o-Q / + 6% vs. Q1 Y-o-Y Net Fees 3.2% (like for like) 2014 fee income will supported by merger plan and increase productivity Total 1 778 1 384 28,5% 3,0% 1. Brokerage fees, distribution and management fees 2. Includes off-balance sheet guarantees commissions, issue arrangement fees, credit card fees, structured product fees and other 22 Merged Bank
Results: Total Income Qtr 4 Total Income increase due to bancassurance transaction PLN m 47.2% 31.12.2013 31.12.2012 Y-o-Y Variation Q-o-Q Variation Net Interest Income 3 277 2 301 42,4% -0,3% 181 365 592 22.6% 419 58 170 167 144 75 432 443 445 459 750 800 864 862 Fees 1 779 1 385 28,4% 3,0% Subtotal 5 056 3 686 37,2% 0,8% Gain/Loss on financial transactions + Others Gain arising from revised bancassurance model 615 450 36,7% -55,9% 419 Total Income 6 090 4 136 47,2% 22,6% 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Dividend income One-off income from revised bancassurance model Gain/Loss fnancial transaction+ Others Fees Net Interest Income Comments Total Income (like for like basis) flat Y-o-Y (excl. bancassurance transaction) Investment book repositioned post-merger leading to total gains of ca. PLN 298m in 2013 of which PLN 288m reflected in Q s 1 to 3 One-off income from revised bancassurance model of PLN 419m (PLN 335m after tax) reflected in Qtr 4 results 23 Merged Bank
Results: Administrative Expenses and Amortization Underlying costs under control PLN m 11 34 177 245 46.0% 15.0% 2 10 57 57 54 265 326 252 17 51 7 388 345 348 330 352 31.12.2013 31.12.2012 Y-o-Y Variation Q-o-Q Variation Staff costs 1 305 947 37,8% 3,0% Administrative Expenses 1 039 668 55,5% 32,0% Amortization 219 138 59,0% -4,1% Other costs 35 26 34,4% 137,7% Underlying costs 2 598 1 779 46,0% 15,0% Integration costs 264 38 599,5% 197,6% Total 2 862 1 817 57,5% 25,7% 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 24 Staff Costs Administrative Expenses Amortisation Other Costs 14 27 Merged Bank 89 38 112 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Integration costs Comments Underlying costs -5.7% Y-o-Y (on a like for like basis) Merged bank FTE s lower by 2k vs. Dec 2011 Cost savings achieved ahead of integration plan Integration costs higher in Q4 and in line with assumptions Q-o-Q cost increase driven by marketing (+ 33m), IT, consulting (+11m), stationery (+5m) & Regulatory (+15m).
Results: Net Operating Income Underlying Operating Income +6.3% Y-o-Y PLN m 670 672 711 39.2% 836-20.2% underlying 1 007 31.12.2013 31.12.2012 Y-o-Y Variation Q-o-Q Variation Net Interest Income + Fees 5 056 3 686 37,2% 0,8% Gain on financial transactions + Others 615 450 36,7% -55,9% Adm. Expenses + Amortization + Other (2 598) (1 779) 46,0% 15,0% costs Underlying operating income 3 073 2 357 30,4% -20,2% Gain arising from revised bancassurance 419 model Integration costs (264) (38) 594,7% 192,1% Net operating income 3 228 2 319 39,2% 20,2% 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Operating surplus Comments Net underlying operating income +6.3% Y-o-Y Q-o-Q underlying operating income lower by 20.2% due to lower gains on ALM book and higher (non-recurring) Qtr 4 operating costs 25 Merged Bank
Results: Provisions and Loan Quality PLN m Provision Charge at 1% Provisions & Annualised Total Credit Loss Ratio NPL (%) 1,23% 1,11% 1,09% 1,00% 1,01% 5,4% 7,6% 8,2% 7,9% 7,9% 160 196 197 159 177 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 Coverage Ratio (%) Provisions Annualised total credit loss ratio NPL s Sales 53,5% 57,9% 51,3% 54,5% 53,8% NPL Loans totaling PLN 694m sold during 2013 Positive after tax impact of PLN 3.5m 4Q12 1Q13 2Q13 3Q13 4Q13 26 Merged Bank
Results: Net Profit Net Underlying Profit + 3.9% Y-o-Y PLN m 31.12.2013 31.12.2012 Y-o-Y Variation Q-o-Q Variation 50 429 395 441 568 335 406 Profit before Taxes 2 515 1 837 36,9% 21,6% Taxes (500) (374) 33,6% 22,5% Net Profit 2 015 1 463 21,3% 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Dividend income from AVIVA Group One-off income from revised bancassurance model (net of tax) Net Profit adjusted by intregration costs (net of tax 19%) Net profit excluding integration costs and bancassurance transaction* 1 893 1 432 32,2% -24,9% Attributable profit 1 982 1 434 38,3% 21,3% Comments Net profit excluding integration costs and income from the revised bancassurance model +3.9% Y-o-Y (like for like basis). Excellent results despite the challenging business and interest rate environment. Very good cost management through ongoing efficiency measures, the execution of the merger plan and the implementation of a number of corporate changes. Risk charge below management expectations pre-merger. 27 * Net integration costs (tax rate 19%)
Results: Key Indicators Merged Bank C/I % Solvency Ratio % ROE % -5.7 p.p. -0.4 p.p. +4.5 p.p. quarterly 50,2% 14,3% 16,6% 44,5% 13,9% 12,1% 1Q 2013 4Q 2013 2013 C/I at 42.7% (including integration costs 47.0%) 31.03.13 31.12.13 Core Tier 1 Ratio at 11.4% 31.03.13 31.12.13 ** ROE at 18.8% (including integration costs 16.6%) 2013 C/I at 45.8% (excluding integration costs and the gain arising from revised bancassurance model) ** ROE at 15.6% (excluding integration costs and the gain arising from revised bancassurance model) 28 **YTD ROE
Conclusions: 2013 Activity Uniform brand, product and service offering for customers Active management of deposit base and funding costs Results Close management of Net Interest Income in lower interest rate environment Solid fee generation, increasing Q-o-Q Costs under tight control, Integration costs in line with merger assumptions Credit quality improving Headcount reduction: -2k vs. end-2011 Investment book re-positioning post merger Commercial Activity Introduction of the attractive 1 2 3 account for customers Implementation of standardized offer of term deposits for individual clients Successful national marketing campaign for the merged bank and for new products Corporate Actions Revised BZ WBK / Aviva Bancassurance model Asset Management sale process Closing expected in H1, 2014 Acquisition of 60% of Santander Consumer Bank Closing expected in Qtr 2, 2014 29
ANNEXES BZ WBK Group P&L Account BZ WBK Group Balance Sheet BZ WBK Group Net Interest Margin Evolution 30
BZ WBK Group Profit & Loss Account for the period ( in PLN k): 4Q 2013 3Q 2013 2Q 2013 1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012 Interest income 1 240 318 1 256 948 1 329 375 1 388 562 993 963 983 491 946 170 943 861 Interest expense (378 476) (392 628) (529 368) (638 171) (402 146) (402 997) (374 328) (386 937) Net interest income 861 842 864 320 800 007 750 391 591 817 580 494 571 842 556 924 Fee and commission income 543 924 527 242 518 411 499 845 422 443 400 582 391 954 381 059 Fee and commission expense (85 421) (82 078) (75 210) (68 157) (57 806) (51 667) (50 639) (50 940) Net fee and commission income 458 503 445 164 443 201 431 688 364 637 348 915 341 315 330 119 Dividend income 665 553 57 520 - (1 766) 3 795 53 718 1 Net trading income and revaluation 49 752 53 247 28 770 54 345 39 071 31 169 54 071 40 034 Gains (losses) from other financial securities 9 376 107 486 90 996 89 736 131 586 21 432 24 382 2 652 Net gains/(losses) on subordinated entities 419 011 (319) - - - 400 - - Other operating income 16 338 9 907 24 294 23 006 10 810 6 099 16 396 16 367 Impairment losses on loans and advances (177 241) (159 150) (196 872) (196 038) (160 431) (120 530) (140 026) (80 806) Operating expenses incl.: (808 198) (643 089) (733 795) (676 996) (466 265) (446 440) (446 747) (457 742) Bank's staff, operating expenses and management costs (740 401) (582 658) (674 246) (610 308) (421 379) (407 989) (406 640) (417 104) Depreciation/amortisation (51 349) (53 563) (57 420) (56 989) (33 556) (34 102) (33 417) (36 865) Other operating expenses (16 448) (6 868) (2 129) (9 699) (11 330) (4 349) (6 690) (3 773) Operating profit 830 048 678 119 514 121 476 132 509 459 425 334 474 951 407 549 Share in net profits (loss) of entities accounted for by the equity method 2 674 6 746 6 533 344 7 556 5 954 3 075 3 161 Profit before tax 832 722 684 865 520 654 476 476 517 015 431 288 478 026 410 710 Corporate income tax (171 017) (139 601) (94 075) (95 413) (107 256) (88 519) (89 822) (88 807) Consolidated profit for the period 661 705 545 264 426 579 381 063 409 759 342 769 388 204 321 903 of which: attributable to owners of BZ WBK S.A. 651 846 537 379 419 487 373 616 404 519 334 738 380 440 314 150 attributable to non-controlling interests 9 859 7 885 7 092 7 447 5 240 8 031 7 764 7 753 31
BZ WBK Group Balance Sheet 4Q 2013 3Q 2013 2Q 2013 1Q 2013 4Q 2012 ASSETS Cash and balances with central banks 5 149 686 5 767 930 2 498 203 5 093 574 4 157 274 Loans and advances to banks 2 212 704 2 991 521 1 583 215 1 256 493 1 458 128 Financial assets held for trading & hedging 2 666 857 2 760 309 3 207 985 3 203 227 1 085 268 Loans and advances to customers 68 132 143 69 687 638 69 810 428 67 852 228 39 867 554 Investment securities 22 090 764 20 554 714 19 936 248 21 529 590 11 716 133 Investments in associates and joint ventures 63 444 124 258 117 512 116 029 115 685 Intangible assets 506 792 337 880 342 941 366 700 127 338 Goodwill 2 542 325 1 688 516 1 688 516 1 688 516 - Property, plant & equipment 632 642 601 466 610 003 641 804 479 811 Current income tax assets - - - - - Net deferred tax assets 476 430 684 473 765 499 661 496 258 037 Assets classified as held for sale 3 503 3 503 2 644 5 709 - Investment property 14 166 14 198 15 855 15 891 - Other assets 1 597 580 748 859 769 855 1 085 337 753 949 Total assets 106 089 036 105 965 265 101 348 904 103 516 594 60 019 177 LIABILITIES, Deposits from central bank - - - - Deposits from banks 6 278 797 11 342 679 8 016 541 7 056 609 1 351 050 Financial liabilities held for trading & hedging 1 644 686 1 670 357 2 172 286 2 521 721 1 050 781 Deposits from customers 78 542 982 76 188 012 74 596 252 77 109 560 47 077 094 Debt securities in issue 500 645 - - - - Subordinated liabilities 1 384 719 1 409 577 1 436 145 1 400 942 409 110 Current income tax liabilities 100 983 140 590 150 495 202 121 154 916 Other liabilities 3 153 281 1 466 919 1 727 909 1 407 612 998 512 Total liabilities 91 606 093 92 218 134 88 099 628 89 698 565 51 041 463 Equity Equity attributable to owners of BZ WBK S.A. 13 872 088 13 671 776 13 181 818 13 717 216 8 884 367 Share capital 935 451 935 451 935 451 935 451 746 376 Other reserve funds 10 115 745 10 794 920 10 789 877 10 114 901 5 704 680 Revaluation reserve 708 907 481 266 533 730 782 743 872 400 Retained earnings 129 657 129 657 129 657 1 510 505 127 064 Profit of the current period 1 982 328 1 330 482 793 103 373 616 1 433 847 Non-controlling interest in equity 610 855 75 355 67 458 100 813 93 347 Total equity 14 482 943 13 747 131 13 249 276 13 818 029 8 977 714 Total equity and liabilities 106 089 036 105 965 265 101 348 904 103 516 594 60 019 177 32
BZ WBK Group - Net Interest Margin Evolution NIM by Q, % 4,27 4,32 4,34 4,40 4,05 4,17 4,14 4,22 3,26 3,41 3,59 3,54 3,23 3,40 3,58 3,51 1Q12 2Q12 3Q 12 4Q12 1Q13 2Q13 3Q13 4Q 2013 Incl. swap points Excl. swap points 33 Merged Bank
Contact: Eamonn Crowley Chief Financial Officer eamonn.crowley@bzwbk.pl Agnieszka Dowżycka Investor Relations Director agnieszka.dowzycka@bzwbk.pl Tel. +48 61 856 45 21 34