Abu Dhabi Commercial Bank PJSC - ADCBq3/9m 2015 earnings presentation . october 2015 . this...

Abu Dhabi Commercial Bank PJSC Q3/9M 2015 Earnings presentation

October 2015

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Disclaimer

2 | Q3/9M 2015 Earnings presentation

9M'15 Key financial highlights

Total assets (AED)

Total equity (AED)

ROAE *

ROAA *

Net profit (AED) CAR

* Annualised, for ROE/ROAA calculations, net profit attributable to equity shareholders is considered, i.e., net profit after deducting minority interest and coupon on Tier 1 capital notes

ADCB overview (30 September 2015)


Change %

AED mn Sep’15 Dec’14 Sep’14 YTD YoY

Net loans 150,653 140,562 135,887 7 11

Investment securities 22,332 21,652 21,800 3 2

Total assets 215,329 204,019 198,425 6 9

Deposits from customers 130,009 126,011 121,516 3 7

Borrowings 34,321 30,320 30,321 13 13

Shareholders' equity* 27,512 26,408 25,607 4 7

Ratios (%) Change bps

Sep’15 Dec’14 Sep’14 YTD YoY

CAR (Capital adequacy ratio) 19.68 21.03 21.25 (135) (157)

Tier I ratio 16.14 17.01 16.90 (87) (76)

Advances to stable resources 92.9 88.5 93.2 440 (30)

Total assets reached AED 215 bn as at 30 September 2015. At AED 151 bn, net loans were up 7% year to date and 11% year on year

Total customer deposits increased 3% year to date and 7% year on year to AED 130 bn. CASA¹ (Current and savings account) deposits comprised 48% of total deposits as at 30 September 2015

Advances to stable resources was 92.9% and loan to deposit ratio was 115.88% compared to 88.5% and 111.55% respectively as at 31 December 2014

Capital adequacy ratio was 19.68% and Tier I ratio was16.14% compared to 21.03% and 17.01% respectively as at 31 December 2014. Decline in CAR was mainly on account of dividend payments of AED 2.1 bn in Q1’15 and a change in asset mix

Investment securities portfolio totaled AED 22 bn, with 98% of the portfolio invested in available for sale investments in fixed income securities

¹ Includes Islamic CASA (Current account deposits and savings deposits)

* Attributable to equity holders of the Bank

As at 30 September 2015

Balance sheet highlights: Healthy loan and deposit growth, strong capital ratios and high liquidity levels


Return on average equity (ROAE %)*

Return on average assets (ROAA %)*

Earnings per share (EPS – AED)

Net profit (AED bn)

*Annualised, for ROE/ROAA calculations, net profit attributable to equity shareholders is considered, i.e., net profit after deducting minority interest and coupon on Tier 1 capital notes

Income statement highlights: Consistent financial performance

AED mn 9M'15 9M'14 Change % Q3'15 Q3'14 Change %

Total net interest and Islamic financing income 4,729 4,193 13 1,545 1,400 10

Non - interest income 1,515 1,452 4 466 470 (1)

Operating income 6,245 5,645 11 2,011 1,870 8

Operating expenses (2,112) (1,854) 14 (740) (648) 14

Operating profit before impairment allowances 4,133 3,791 9 1,271 1,221 4

Impairment allowances (391) (608) (36) (66) (201) (67)

Overseas income tax expense (6) (3) NA (1) (2) NA

Net profit for the period 3,736 3,179 18 1,204 1,018 18

Net profit attributable to equity shareholders 3,734 3,028 23 1,203 1,017 18

9M’15 vs. 9M’14 highlights

Net profit was AED 3,736 mn up 18% and net profit attributable to equity shareholders was AED 3,734 mn, up 23% year on year

Operating income was AED 6,245 mn, up 11% year on year, with total net interest income up 13% year on year at AED 4,729 mn, on account of higher volumes and improved margins

Non-interest income was AED 1,515 mn, up 4% year on year, mainly driven by higher fees and commission up 17% year on year at AED 1,052 mn

Impairment allowances were 36% lower year on year at AED 391 mn

Return on average equity of 21.0% compared to 18.2% for 9M’14

9M'15 9M'14

0.55

0.70

9M'15 9M'14

3.179

3.736

9M'15 9M'14

18.2

21.0

9M'15 9M'14

1.99

2.30


Consumer Banking

45%

Wholesale Banking

30%

Treasury and Investments

21%

Property

Management 4%

70% 77%

71% 74% 91% 84%

33% 30%

30%

23%

29%

26% 9% 16%

67% 70%

75% 76% 77%

25% 24% 23%

73% 75% 75% 74%

27% 25% 25% 26%

Non interest income (%) Net interest income (%)

Operating income: Delivering double digit growth year on year

Q1 Q2 Q4 Q3

9M’14 5,645

2014 2015

9M’15 6,245

Operating income (AED mn)

9M’15 % contribution

to operating income

Operating income by business segment (AED mn)

1,431

1,884 1,522

1,329

248 229

2,444 2,803

Consumer Banking Wholesale Banking Treasury & Investments Property Management

Net interest income (%) Non interest income (%)

Figures may not add up due to rounding differences

Q1 Q2 Q3

1,901 1,874 1,870 1,885

2,192 2,041 2,011


9M’14 9M’15 9M’14 9M’15 9M’14 9M’15 9M’14 9M’15

285 304 306 347 375 343 335 25*

78 82 73 123

70 68 61 80 81 73**

54 86 63

Net fees and commission income Net trading income Other operating income

Q1 Q2 Q4 Q3

2014 2015

Q1 Q2 Q3

1,380 1,412 1,400 1,392

1,641

1,543 1,545 3.35% 3.30% 3.20% 3.12%

3.60% 3.34% 3.18%

4.22% 4.13% 3.97% 3.90%

4.37% 4.16% 3.98%

Net interest margin (%) Yield on interest earning assets (%)

55%

31% 14%

Retail Banking fees Corporate Banking fees Others¹

55%

31%

14%

9M'14

4.11%

3.28%

9M‘15

4.17%

3.37%

Q1 Q2 Q3 Q1 Q2 Q4 Q3

2014 2015

9M’14 4,193

9M’15 4,729

9M’14 1,302

9M’15 1,515

Margins maintained, fee income continues to be a key driver of growth

+18%

9M’14 AED 1,131 mn

9M’15 AED 1,336 mn

NIMs & Yields

Non- interest income (AED mn)

Net interest income (AED mn)

Fee income breakdown (Gross)

NIMs and yields maintained in 9M’15 due to higher asset growth towards higher yielding loans, supplemented with improved recoveries and interest in suspense reversals

* 9M’14 trading income excludes funds deconsolidation * * Includes AED 22 mn from revaluation of investment properties

371 462 470 493

551 498

¹ Others include brokerage, fees from trust and other fiduciary activities and other fees

Figures may not add up due to rounding differences

466


Q2 Q1 Q2 Q4 Q3 Q1 Q3

2014 2015

0.97%

0.90%

0.84% 0.84% 0.85% 0.89% 0.88%

366 317 373 408 443 371 451

222 223 236 260 219 261

248 37 41 39

40 38 39 40

Staff costs General administration expenses Depreciation & amortisation

360 358

337 345 351

379 389

Growing revenues while continuing to manage expenses

33.8% 9M’15

32.8% 9M’14

Operating expenses (AED mn)

9M’14 0.90% 9M’15

0.87%

625 581 648

709 700 672

Interest expense* (AED mn)

9M’14 1,854

9M’14 1,056

9M’15 2,112

9M’15 1,118

within our target range

CASA deposits: 48% of total customer deposits (30 September 2015)

Cost to income ratio (%)

Cost of funds (%)

* Includes Islamic profit distribution Figures may not add up due to rounding differences

Q1 Q2 Q4 Q3

2014 2015

Q1 Q2 Q3

740

Q1 Q2 Q4 Q3

2014 2015

Q1 Q2 Q3


2014 2015

Q1 Q2 Q4 Q3 Q1 Q2 Q3

Dec’14 Gross loans = AED 147,340 mn

Dec’14 Net loans = AED 140,562 mn

Net loans increased 7% to AED 150,653 mn over 31 December 2014, comprised 70% of total assets (Dec’14: 69%)

Diversified and healthy loan growth, Wholesale Banking loans (gross) were up 5% and Consumer Banking loans (gross) were up 8% year to date

90% of gross loans within UAE in line with the Bank’s UAE centric strategy

55% of loan book (gross) in Abu Dhabi and 29% in Dubai

Personal loans comprised 25% of total gross loans (Dec’14: 23%), and year to date increased by AED 4.5 bn to AED 39 bn

Wholesale Banking loans comprised 56% and Consumer Banking loans comprised 44% of total loans (net)

Year to date, net Islamic financing assets increased 22% to AED 13,478 mn

Net loans and advances

70% of Total assets

Highlights

¹ Agriculture, energy, transport, manufacturing, services and others

* Investments include: investment securities, trading securities, investment properties and investments in associates

% contribution to net loans and advance by business segment

Sep’15 Gross loans = AED 157,081 mn

Sep’15 Net loans = AED 150,653 mn

Total assets = AED 215,329 mn

Sep’15 Dec’14

44% 44%

Consumer Banking* Wholesale Banking

Gross loans by economic sector

Composition of assets

Sep’15 Dec’14

56% 56%

Composition of total assets and loan book: Diversified and healthy loan growth

*Consumer banking includes retail and high net worth individuals and their businesses

Figures may not add up due to rounding differences 9 | Q3/9M 2015 Earnings presentation

Deposits and balances due from banks 5%

Investments* 11%

Derivative financial instruments 2%

Fixed, intangible and other assets 3%

Cash and balances with CB 7%

Reverse Repo placements 2%

Personal 23%

Others1 7%

Real estate investment & hospitality 33%

Financial institutions 14%

Government & PSE 21%

Trading 2%

Personal 25%

Others1 7%

Real estate investment & hospitality 32%

Financial institutions 13%

Government & PSE 20%

Trading 3%

Dec’14 Customer deposits = AED 126,011 mn

% contribution to total deposits by business segment

Customer deposits

69% of total liabilities

Sep’15 Total liabilities = AED 187,813 mn

Composition of liabilities

¹ CASA includes current account deposits, saving deposits and margin deposits ² Time deposits include long-term government deposits and Murabaha deposits

Highlights

Customer deposits increased 3% to AED 130,009 mn over 31 December 2014, comprised 69% of total liabilities (Dec’14: 71%)

CASA customer deposits increased by AED 6.2 bn over 31 December 2014, comprising 48% of total customer deposits, compared to 45% as at 31 December 2014 and 39% as at 31 December 2013

Consumer Banking deposits comprised 31%, Wholesale Banking deposits comprised 39% and Treasury comprised 30% of total customer deposits

Year to date, total Islamic deposits grew 4% to AED 9,778 mn

Consumer Banking*

Wholesale Banking

Treasury

Sep’15 Customer deposits = AED 130,009 mn

CASA1

48%

Time deposits2

52%

Sep’15 Dec’14

39% 37%

Sep’15 Dec’14

30% 34%

Sep’15 Dec’14

31% 29%

Composition of total liabilities and customer deposits: Strong CASA contribution

Euro commercial paper

4%

Due to banks 2%

Other liabilities 4%

Derivative financial instruments 3%

Borrowings 18%

*Consumer banking includes retail and high net worth individuals and their businesses

CASA1

45%

Time deposits2

55%


Customer deposit breakdown

3,521 3,742

37 551

2,751 1,465

4,202

670 646

3,354

2,745

11,101

1,834 5,039 446

2015 2016 2017 2018 2019 and beyond

Repo Sukuk MTN/GMTN Sub debt Loans CD ECP

As at 30 September 2015 (AED mn)

¹ Does not Include fair value adjustment on short, medium and long term borrowings being hedged Interbank lending: Deposits and balances due from banks + reverse repo placements with Banks + Certificate of deposits with UAE Central Bank – Due to banks

Source of funds AED mn

GMTN/EMTN¹ 18,516

Subordinated debt 4,202

Euro commercial paper 7,263

Others (Repo) 5,485

Islamic sukuk notes 1,834

Bilateral loans 4,036

Syndication loan 730

Certificate of deposit issued 37

Total 42,103

6,105

4,210

15,303

7,219

9,267


Diversified sources of funding by markets, tenors, currencies and products

Net lender of

AED 14 bn* in the interbank markets


Maturity profile Wholesale funding split

Wholesale funding and maturity profile

* Includes AED 4 bn of certificate of deposits with UAE Central Bank and AED 2.5 bn of reverse repo placements with Banks as at 30 September 2015


25.2% 23.7%

Dec'14 Sep'15

111.55

115.88

Dec'14 Sep'15

15,455

13,930

Dec'14 Sep'15

21.03%

19.68%

18.2%

Dec'14 Sep'15

137 151

4 6 12

13

Dec'14 Sep'15

Credit risk Market risk Operational risk

Liquidity ratio* (%)

Loan to deposit ratio (%)

Capital adequacy ratio (%) Tier I and core tier I ratios (%)

Tier 1 ratio Perpetual notes ratio Core Tier I ratio

Liquid assets include cash and balances with Central Banks, deposits and balances due from banks, reverse repo placements, trading securities, and liquid investments

Liquidity ratio: liquid assets/total assets

Highlights

Risk weighted assets (AED bn) Strong liquidity

As at 30 September 2015, the Bank’s capital adequacy ratio (Basel II) was 19.68% and Tier I ratio was 16.14% compared to 21.03% and 17.01% respectively as at 31 December 2014. Decline in CAR was mainly on account of dividend payments of AED 2.1 bn in Q1’15 and a change in asset mix

The capital adequacy ratio minimum requirement stipulated by the UAE Central Bank is 12% and Tier I minimum requirement is 8%

As at 30 September 2015, the Bank’s liquidity ratio was 23.7% compared to 25.2% as at 31 December 2014 and loan to deposit ratio 115.88% from 111.55% as at 31 December 2014

Net lender of AED 14 bn in the interbank markets as at 30 September 2015 (includes AED 4 bn of certificate of deposits with UAE Central Bank and AED 2.5 bn reverse repo placements)

Interbank lending (AED mn)

CAR: At industry leading levels, stable liquidity and funding profile

Industry average* ADCB

170 153

* Source: UAE Central Bank


2.61% 2.36%

14.40% 13.78%

17.01% 16.14%

Dec'14 Sep'15

2,388

5,945

3,604

2,311 2,258 2,327

1,057 955

425 109 24 22 37

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2029

A+ to A- 34%

AAA to AA- 27%

BBB+ to B- 31%

Unrated 8%

Investment securities portfolio increased to AED 22,332 mn as at 30 September 2015, providing further liquidity for the Bank

98% of the total portfolio was invested in bonds issued by government, corporate, public sector, banks and financial institutions

Average life of the investment securities portfolio is 2.5 years

56% invested in the UAE and other GCC countries

Non Government Portfolio – (74% of total) of which: – Rated A- or better: 66% – Rated Investment grade (i.e. BBB+ to BBB-): 23% – Rated below IG (BB+ and below including unrated): 11% 26% of the portfolio is invested in Government securities 11% is invested in local public sector bonds which are rated below A-

98% Invested in bonds

Government Securities 26%

Others* 4%

Bonds Public sector 27%

Bonds Banks and FI 43%

Investment securities: 98% of total portfolio invested in bonds

By issuer

* Include corporate bonds, equity instruments and mutual funds

Highlights

Maturity profile of investment securities portfolio (AED mn)

Investments By region

56% Invested in

the UAE and GCC

Portfolio summary:

Total investment securities: Credit ratings as at 30 September 2015 (Standard & Poor’s)

Other GCC Countries 10%

Europe 11%

Rest of the world 9%

Asia 17%

Domestic 46%

USA 7%

13 | Q3/9M 2015 Earnings presentation Figures may not add up due to rounding differences

3,857*

3,397* 2,921 3,031

Dec'14 Sep'15

4,611

4,810

Dec'14 Sep'15

137.1%

130.5%

Dec'14 Sep'15

3.1% 3.1%

Dec'14 Sep'15

NPL and provision coverage ratios (%)

NPL ratio Provision coverage ratio

Disciplined and conservative risk management, cost of risk for 9M’15 was 31 bps compared to 48 bps in December 2014

Charges for impairment allowances on loans and advances, net of recoveries amounted to AED 400 mn in 9M’15, compared to AED 624 mn in 9M’14, 36% lower year on year

As at 30 September 2015, NPL ratio was 3.1% and provision coverage ratio was 130.5%

Non-performing loans were at AED 4,810 mn compared to AED 4,611 mn as at 31 December 2014

Collective impairment allowance balance was AED 3,031 mn and 2.01% of credit risk weighted assets and individual impairment allowance balance was AED 3,397 mn as at 30 September 2015

■ NPLs Individual impairment Collective impairment

Highlights

NPLs and impairment allowances (AED mn)

Dubai World exposure classified to performing status in 2011 as the client is performing in accordance with the new restructured terms * Includes provision for Dubai World exposure

Improving trend in asset quality

2010

2011

2012

2013

2014

Sep’15

Cost of risk: Total provisions charged (net of recoveries) including investments/average loans & advances and investments

Cost of risk


2.61%

1.73%

1.20% 0.90%

0.48% 0.31%

Summary


“A Better Way: Ambition + Discipline”, follow a corporate strategy based on measured growth and discipline, focused on our core businesses and core geography

Delivering sustainable growth with a return on average equity of 21.0% for 9M’15, strong underlying performance across all our businesses, generated a net profit of AED 3.736 bn for 9M’15, an increase of 18% year on year

Diversified and healthy loan growth, Wholesale Banking loans (gross) up 5% and Consumer Banking loans (gross) up 8% year to date

In an extremely competitive environment, maintained margins as a result of a change in asset mix towards higher yielding assets, supplemented with improved recoveries and interest in suspense reversals

Strong CASA deposit contribution, comprised 48% of total customer deposits as at 30 September 2015

Net fee income continued to be a key driver of growth, up 17% year on year at AED 1.052 bn for 9M’15

Improving trend in asset quality with a provision coverage of 130.5%, NPL ratio of 3.1% as at 30 September 2015 and cost of risk of 31 bps for 9M’15

CAR of 19.68% and Tier I of 16.14% continue to be at industry leading levels

2015 Awards

“Best Corporate Governance Award 2015”

World Finance

“Best for Cash Management in the UAE”

Euromoney Award

“Best Trade Finance Provider in the UAE”

Euromoney Award

“Best Cash Management”

Banker Middle East

“Best Trade Finance Offering”

Banker Middle East

“Best Customer Service - Corporate Banking”

Banker Middle East

“Best Trade Finance Bank in UAE”

Global Finance

“Best Supply Chain Finance Provider Award- Middle East”

Global Finance

“Best Bank for Cash Management in the Middle East”

Global Finance

“Best Fund over 3 years, Equity, UAE” for Al Nokhitha Fund

Thomson Reuters Lipper Fund Awards 2015

“Best Brand Building Initiative in the Middle East Award”

The Asian Banker

“Best local Bank in UAE”

GTR MENA’s Leaders in Trade Awards

“UAE Domestic Trade Finance Bank of the Year”

Asian Banking and Finance’s Wholesale Banking Awards

“UAE Trade Finance Firm of the Year”

Finance Monthly’s Global Awards

“Best Affinity Credit Card in the Middle East & Asia/Oceania 2015”

Annual Freddie Awards

“Bank of the Year”

Gulf Business Industry Awards 2015

“Business Leader of the Year” Ala’a Eraiqat, CEO of ADCB Group

Gulf Business Industry Awards 2015


Balance sheet


AED mn Sep’15 Dec’14 Change %

Cash and balances with central banks 14,753 15,092 (2)

Deposits and balances due from banks 10,851 13,189 (18)

Reverse-repo placements 4,325 2,830 53

Trading securities 262 200 31

Derivative financial instruments 4,655 4,289 9

Investment securities 22,332 21,652 3

Loans and advances, net 150,653 140,562 7

Investment in associate 196 196 0

Investment properties 625 616 2

Other assets 5,838 4,552 28

Property and equipment, net 821 806 2

Intangible assets 19 36 (47)

Total assets 215,329 204,019 6

Liabilities

Due to banks 3,395 4,089 (17)

Derivative financial instruments 5,152 5,000 3

Deposits from customers 130,009 126,011 3

Euro commercial paper 7,263 6,375 14

Borrowings 34,321 30,320 13

Other liabilities 7,673 5,805 32

Total liabilities 187,813 177,601 6

Equity attributable to equity holders of the Bank 27,512 26,408 4

Non-controlling interests 4 10 (60)

Total liabilities and shareholder's equity 215,329 204,019 6

AED mn 9M’15 9M’14 Change %

Interest income and income from Islamic financing 5,848 5,248 11

Interest expense and profit distribution (1,118) (1,056) 6

Net interest and Islamic financing income 4,729 4,193 13

Net fees and commission income 1,052 896 17

Net trading income 261 334 (22)

Other operating income 202 222 (9)

Operating income 6,245 5,645 11

Operating expenses (2,112) (1,854) 14

Operating profit before impairment allowances & taxation 4,133 3,791 9

Impairment allowances (391) (608) (36)

Overseas income tax expense (6) (3) NM

Net profit for the period 3,736 3,179 18

Attributed to:

Equity holders of the Parent 3,734 3,028 23

Non-controlling interests 2 151 (99)

Net Profit 3,736 3,179 18

Income statement

18 | Q3/9M 2015 Earnings presentation Figures may not add up due to rounding differences

ADCB Investor Relations Sheikh Zayed Street P. O. Box: 939, Abu Dhabi Email: [email protected] Tel: +971 2 696 2084 Fax: +971 2 610 9845 Internet: www.adcb.com/investors

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