2012 2Q - Türk Ekonomi Bankası earnings_aug_2.pdf · 2012 2Q . 2Q Highlights •Significant...
Transcript of 2012 2Q - Türk Ekonomi Bankası earnings_aug_2.pdf · 2012 2Q . 2Q Highlights •Significant...
TEB
2012 2Q
2Q Highlights
• Significant growth above sector averages in both loans and deposits
• Improvement in the L/D ratio amounting to 20 percentage points y-on-y
• Focus on core banking, share of loans and deposits ≈70%
• Comfortable CAR, ready for Basel II
• Normalisation in COR due to soft landing in the economy, stil very comfortable at 0.9%
Balance Sheet
•Very satisfactory improvement in the overall efficiency; improved income generation vs succesfully controlled costs
•Higher volumes and improved margins contributing to higher NII
•Fees and commissions income on the rise, %58 higher y-on-y
•Opex under control, 2 % y-on-y increase
•Quarterly C/I ratio down to 62% from 84% a year ago,
Income Statement
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Assets Growth
Asset Composition Liability Composition
Balance Sheet composition reflects the commitment to core banking
Source: TEB, BRSA Consolidated Financials
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Assest grow 6%
quarterly, loans
8% and deposits
6% as well
10% 13% 13% 13% 13%
17% 16% 14% 13% 12%
67% 65% 69% 70% 71%
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
Liquid Assets Marketable Securities Loans
38,7
45
42,3
62
40,4
54
40,5
17
43,1
52
16% 9%
-5% 0% 7%
30.06.2011 30.09.11 31.12.11 31.03.12 30.06.12
Total Assets Variance
49% 54%
60% 61% 61%
33% 29%
24% 21% 22%
6% 7% 7% 6% 5%
11% 10% 11% 11% 11%
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
Deposit Funds Borrowed
Other Liabilities Shareholders Equity
Balanced growth among the business lines and in retail composition
Loan Composition (Q o Q, bank only)
Source: TEB, BRSA Bank- Only Financials
Breakdown of retail loans (bank-only)
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37% 47% 46% 46%
8%
8% 8% 8%
39% 30% 31% 31%
16% 15% 16% 16%
2010 2011 2011 1Q 2011 2Q
Credit Cards
Consumer
Vehicle
Housing
Corporate; 28%
SME; 44%
Retail; 28%
2012 1Q
Corporate
SME
Retail
Corporate; 27%
SME; 45%
Retail; 28%
2012 2Q
LoB Cross Sel
Corporate 5.5X
SME 4.5X
Retail 3.8X
Private 4.8X
81
%
78
%
79
%
80
%
80
%
19
%
22
%
21
%
20
%
20
%
24,227 25,649 25,652 26,357
28,347
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12TL Loans FX Loans Total Loans
1.10% 0.90%
1.75%
2.25%
4.66%
3.00% 2.80%
2.28%
4.90%
3.70% 3.60% 3.50%
5.18%
3.58%
2.70% 2.63% TEB
Sector Average
Increasing share of retail carrying the NPL ratio to sector averages
Source: TEB, BRSA Bank-Only Financials
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Non-Performing Loans as a % of Total Loans
Coverage: 68%
Balanced distribution among industries
Source: TEB, BRSA Bank-Only Financials
Other 10.91%
Textile 7.19%
Metal 7.85%
Consumer 22.73% Construction 8.52%
Food, Beverage & Tobacco 7.46%
Wholesale/Retail 6.22%
Tourism 5.65%
Chemicals 3.82%
Misc. Services 5.94%
Transportation Veh. 2.67%
Agriculture 3.52% Machinery
3.40% Mining 2.25%
Elect. & optical appliances 1.88
Growth in deposits amounting up to 40% on a y-on-y basis
Time/Demand Deposit Composition
Source: TEB, BRSA Bank Only Financials
TL/FX Deposit Composition
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Loans/ Deposits ratio
135%
119%
112%
111%
113%
30.06.11 30.09.11 31.12.11 31.03.12 30.06.2012
Corporate; 29%
SME; 18%
Retail; 36%
Private; 16%
2011 1Q
Corporate
SME
Retail
Private
Corporate; 24%
SME; 19%
Retail; 39%
Private; 18%
2011 2Q
68
%
66
%
64
%
66
%
65
%
32
%
34
%
36
%
34
%
35
%
17,937
21,594 22,887 23,721
25,135
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
TL Deposit FX Deposit Total Deposit
19
%
17
%
18
%
15
%
15
%
81
%
83
%
82
%
85
%
85
%
3,441
3,777 4,026
3,548 3,703
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
Demand Deposit Time Deposit Demand Deposit
Comfortable capitalization ratio, ready for Basel II
Source: TEB BRSA Bank-only and Consolidated Financials
Year 2005 2006 06/2007 11/2007 2008 2009 2010 2011**
Dividend Paid* 9.415 18.743 207.017
% 16,28% 32,42% 18,81%
Bonus Issue - - 23.500 445.000 - - -
% - - 30,71% 445% - - -
Rights Issue - 18.700 - 210.000 345.000 - -
% - 32,35% - 210% 45,69% - -
Previous Paid-in
Capital 57.800 57.800 76.500 100.000 755.000 1,100,00.00 1,100,00.00 1,100,00.00
Current Paid-in Capital 57.800 76.500 100.000 755.000 1,100,00.00 1,100,00.00 1,100,00.00 2,204,390.00
Capital Increases and Dividend Payments
*The year indicates the date of payment
(Thousand TL)
** Paid in capital increased due to the merger with Fortis Bank Turkey, shares issued were exchanged with Fortis shares at the excahnge rate of 1.0518
Capital Adequacy Ratio
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13.00% 13.30%
16.47% 16.95%
13.64% 13.98% 13.99% 13.88%
14.30% 14.88%
17.65% 17.70%
14.43% 14.23% 14.23%
14.21%
Consolidated Bank-Only
Ouarterly NIM improvement counter balances the normalization in the COR
Source: TEB, BRSA Bank-Only Financials
Net interest income / Average Interest
Earning Assets
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0.4%
0.5% 0.6%
0.6%
0.7%
0.4%
0.7% 0.6%
0.6%
0.9%
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
Cost of Risk (cumulative) Cost of Risk (quarterly)
4.6%
4.7% 4.9%
5.3%
5.4%
4.6%
4.8%
5.2% 5.3%
5.6%
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
Net interest Margin (cumulative) Net interest Margin (quarterly)
C/I ratio on the declining trend implying better efficiency
Cost / Income Ratio Cost/Income Ratio (restructuring costs not included)
Restructuring costs:
56.7 millon was booked in 2010
67.8 million was booked in 2011
5.1 million was booked in 2012 1Q
6.3 million was booked in 2012 2Q
Total : 135.9 million TL
Source: TEB, BRSA Bank-Only Financials
10
74%
77% 74%
66% 64%
80% 82%
67% 66%
61%
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
Cost / income Ratio (cumulative)
79% 81% 78%
67% 65%
84% 84%
70% 67%
62%
30.06.11 30.09.11 31.12.11 31.03.12 30.06.12
Cost / income Ratio (cumulative) Cost / income Ratio(quarterly)
Summary Balance Sheet- BRSA, Consolidated
Source: TEB, BRSA Consolidated Financials
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(Million TL) 30.06.2011 31.12.2011 30.06.2012
Liquid Assets 4,013 5,148 5,779
Marketable Securities 6,745 5,674 5,062
Loans 26,111 27,782 30,631
Other Assets 1,876 1,850 1,680
Total Assets 38,745 40,454 43,152
Deposit 19,132 24,097 26,438
Funds Borrowed 8,543 7,450 8,000
Repo 3,733 1,105 453
Bonds Issued 0 249 400
Subordinated Debt 511 712 790
Other Liabilities 2,438 2,410 2,358
Shareholders Equity 4,388 4,431 4,713
Total Liabilities 38,745 40,454 43,152
Summary Income Statement –BRSA, Consolidated, Quarterly
Source: TEB, BRSA Consolidated Financials
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(Million TL) 30.06.11 31.03.12 30.06.12
Net Interest Income 357.3 434.3 480.4
Gains/Loss From Derivatives and FX position -15.3 -29.6 -29.2
Securities Trading Gain/ Loss 8.6 -0.7 5.2
Net Fee&Commissions 97.5 126.7 138.9
Other Income 20.9 16.9 42.8
Net Banking Income 469.1 547.5 638.2
Loan Provision Expense -24.7 -37.1 -77.4
Net Operating Income 444.4 510.4 560.8
Dividend Income
Other Operating Expense -382.7 -363.7 -390.8
Tax Provisions -19.1 -36.0 -41.3
Net Profit 42.6 110.7 128.6
A Major Player of the Turkish Financial Services Market
TEB Investment 6th largest brokerage &
investment house of
Turkey with 3.6% market
share as of 2Q 2012
TEB Asset Management
8th largest asset
management company
with 4.5% market share
as of 2Q 2012
TEB Leasing
3rd largest leasing
company in Turkey with
10.2% market share as
of 2Q 2012
TEB Factoring
3rd largest factoring
company in Turkey with
9 % market share as of
1Q 2012
TEB Cetelem
3rd largest consumer
finance company in
Turkey with 5.4%market
share as of 2Q 2012
1,219 M loans provided
as of 1Q 2012
TEB Kosovo Operative since January
2008, with 22 branches, as
of 2Q 2012
Loans: €201M
Deposits: € 209M
TEB Arval Operative since
October 2007, 5%
market share as of 2Q
2012
TEB
Full range of banking services
TEB N.V. “Turkish specialist” in
the EU market, total
asset size is EUR 733
mio as of 2Q 2012
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BNPP Cardif Insurance
A major global player for personal insurance
Turkish operations fully owned by BNP ParibasCardif (S&P AA rated),100% subsidiary of BNP Paribas
%3 market share in Turkey in protection insurance & pension
TEB in numbers
As of 30/06/2012
Number of Clients: 4 million
Number of Branches: 510
Total Staff: 9173
Cities where the combined bank has branches
14
Van
Konya
Nevşehir
Kırşehir
Sinop Bartın
Çankırı
Bilecik
Tokat
Bitlis
Hakkari Şırnak
Siirt
Karaman
Balıkesir
Afyon
Uş ak
Aydın
İzmir
Edirne
Kırklareli
İstanbul Tekirdağ
Çanakkale
İzmit
Yalova
Zonguldak
Kastamonu
Samsun
Ankara Kırıkkale
Aksaray
Isparta
Burdur
Antalya
Mersin
Niğde
Yozgat
Amasya Ordu
Adana
Hatay
G.Antep
K.Maraş
Malatya
Adıyaman
G.Hane
Muğla
Düzce
Osmaniye
Kilis
Sakarya
Bayburt
Kıbrıs
Denizli Aydın
Uşak Manisa
Bingöl Tunceli
Van
Muş
Ş.Urfa
Elazığ
Diyarbakır
Mardin
Batman
Erzincan
Giresun Trabzon
Rize
Eskişehir
Bursa
Kütahya
Bolu
Sivas
Çorum
Kayseri
Karabük Ardahan
Ağrı
Iğdır
Artvin
Kars
Erzurum
TEB is present in 60 cities out of 81
Ratings of TEB
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FITCH Rating Outlook
Short Term LC F3
Long Term LC BBB Stable
Short Term FC F3
Long Term FC BBB- Stable
Individual bb+
National AAA (tur) Stable
Support 2
MOODY'S Rating Outlook
Banking Financial Strength Rating D+ Negative
Long Term FC Bank Deposits Ba2/NP Stable
Long Term LC Bank Deposits Baa3/P-3 Stable
Disclaimer
The information and opinions obtained in this document have been
compiled or arrived at by TEB from sources believed to be reliable,
but no representation or warranty is made as to their accuracy,
completeness or correctness. All opinions and estimates contained
in this document constitute TEB’s judgement as of the date of this
document and are subject to change without notice. This document
is published for the assistance of the recipients, but is not to be
relied upon as authoritative or taken in subtitution for the exercise of
judgement by any recipient. TEB does not accept any liability for any
direct or consequential loss arising from any use of this document or
its contents. This document is strictly confidential and may not be
reproduced, distributed or published for any purpose.
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