“la Caixa” Group

Transcription

“la Caixa” Group

Institutional Presentation
First Half 2010
Disclaimer
The purpose of this presentation is purely informative. In particular, regarding the data provided by third parties, neither Caja de Ahorros y
Pensiones de Barcelona (“la Caixa”) as an entity, nor any of its administrators, directors or employees, is obliged, either explicitly or
implicitly, to vouch for the fact that these contents are exact, accurate, comprehensive or complete, nor to keep them updated, nor to correct
them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in any medium, “la
Caixa” may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in the case
of any deviation between such a version and this one, assumes no liability for any discrepancy.
This document has at no time been submitted to the Comisión Nacional del Mercado de Valores (CNMV – the Spanish Stock Markets
regulatory body) for approval or scrutiny. In all cases its contents are regulated by the Spanish law applicable at time of writing, and it is not
addressed to any person or legal entity located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing
norms or legal requisites as required in other jurisdictions.
This presentation on no account should be construed as a service of financial analysis or advice, nor does it aim to offer any kind of financial
product or service. In particular, it is expressly remarked here that no information herein contained should be taken as a guarantee of future
performance or results.
Without prejudice to legal requirements, or to any limitations imposed by “la Caixa” that may be applicable, permission is hereby expressly
refused for any type of use or exploitation of the contents of this presentation, and for any use of the signs, trademarks and logotypes which
it contains. This prohibition extends to any kind of reproduction, distribution, transmission to third parties, public communication or
conversion into any other medium, for commercial purposes, without the previous express permission of “la Caixa” and/or other respective
proprietary title holders. Any failure to observe this restriction may constitute a legal infraction which may be sanctioned by the prevailing
laws in such cases.
In so far as it relates to results from investments, this financial information from the “la Caixa” Group for 1H10 has been prepared mainly on
the basis of estimates.
2
Page
Contents
1. Executive Summary
4
2. Governing Bodies
7
3. Banking Business: Great commercial strength
9
4. Equity Portfolio: Active management
21
5. Geographic diversification. Internationalization
24
6. Financial performance: Quality of profits
27
7. Risk management
34
8. Financial Strengths
39
9. Welfare Projects
43
10.Closing Summary
45
3
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
4
1 (i) Executive Summary
”la Caixa” Group 1H10
•
Third ranking financial group in Spain in business and profits with more than 100 years of history.
•
Market share on products and services around 10% and growing.
•
Number one savings bank in Spain and Europe.
•
Profit attributable to the Group 1H10: 902 million €. Total assets worth 282,035 million €.
•
Specialized management model to provide service to 10.5 million customers. Families & companies: core business.
•
Great commercial activity of the 27,288 employees: Business volume 423,717 million €.
•
Leader in main banking products and services: loans, deposits, credit cards, payroll deposits, pension plans…
•
Multi-channel management: leader in number of branches (5,232), ATMs (7,913), on-line and mobile banking.
•
Trust, excellence in service to customers, and efficient management.
•
Under Criteria CaixaCorp’s management, a listed company (IBEX 35).
•
High quality investments in the services and financial sectors.
•
Active management of value, risk and liquidity.
•
Market value of the listed investments portfolio 30/06/2010: 16,493 million € with unrealized gains of 933 million €.
•
Diversified and good quality loan portfolio. Strong guarantees and high coverage.
•
NPL ratio: 3.46%. Coverage ratio: 64% (129% including mortgage guarantee).
•
Generic provision: 1,835 million € (100% parameter of risk α)
High financial
strength
•
Very high liquidity level of 17,425 million € (6.2% total assets) immediately accessible.
•
Excellent capital ratios (Core Capital 8.6%) and very good ratings (Aa2\AA-\A+).
Social commitment
•
Budget Welfare Projects for 2010: 500 million €.
•
Social, environment and science, cultural and education and research programmes.
•
Develop the Triple Bottom Line: Financial, Social and Sustainable.
A strong
institution in
Spain
Leader in retail banking
in Spain with great
commercial activity
Active management of
the largest investment
portfolio in Spain
Strict risk management
Strategy
Data for 1H10
•
Financial Bottom Line: efficient, profitable, safe and solvent growth.
•
Social Bottom Line: creating value for the society.
•
Sustainable Bottom Line: Socially responsible conduct, Ethics and Corporate Reputation.
5
1 (ii) Executive Summary
1H10: Financial strengths with great commercial activity
•
•
High level of commercial activity and quality of recurring profits.
Strict risk management with high coverage and excellent level of liquidity and solvency.
million euros
1H10
Gross income (total income)
12 months change
3,697
(1.4%)
(1,702)
(4.0%)
Great quality of income:
Operating Costs
- Capacity to generate recurring income
- Cost containment
- Prudence in booking allowances
Net operating income
1,995
1.0%
Impairment losses on financial assets
(868)
16.4%
902
(7.5%)
Recurring cost-to-income ratio
42.4%
(0.5)
Recurring ROE
10.5%
(3.1)
Profit attributed to the Group
Improved efficiency and high
profitability
2010 Change
Absolute
Sustained and balanced growth
Strict risk management and
control of NPLs and high
coverage
Total assets
282,035
10,162
3.7%
Customer loans (gross)
182,672
4,646
2.6%
Total customer funds
241,045
3,246
1.4%
3,46%
0.04
64%
2
129%
2
Asset quality
NPL ratio
Allowance coverage
Allowance coverage with mortgage guarantee
Liquidity (≈ 100% immediately accessible)
Financial Strengths
%
17,425
(6.2% of Assets)
Solvency - BIS II
Core Capital
Tier I
Total Tier
8.6%
9.8%
11.6%
6
Data for 1H10
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
7
2 (i) Governing bodies
“la Caixa” Governing bodies: duties and composition
“la Caixa”
•
Governing bodies: duties and composition
•
13%


Financial institution that promotes social
and welfare goals; it is privately
managed and independent of any other
company or institution.
No shareholders. The government,
administration,
representation
and
control of “la Caixa” are in the hands of
the General Assembly, the Board of
Directors and the Control Committee.

It is the institution’s highest
governing and decision making body

160 members

The
governing
bodies
represent
Depositors, Founding and CommunityInterest institutions, Local authorities and
Employees.
Management team is exclusively made
up of financial experts.
58
34
48
The Board of Directors:

3
It decides upon the steps
required to carry out the aims
and objectives
8
4
6
21 members
The Control Committee:
 It
oversees
the
correct
management of the business by
the Board of Directors

Data for 1H10
21%
30%


36%
20
The General Assembly:
1
3
2
9 members
3
Deposit Holders
Local Government Corporations
Founder and Community Interest Entities
Employees
8
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
9
3 (i) Banking Business: Great commercial strength
A different and unique business model: basis for the success of “la Caixa” strategy
•
Management model:
Values

Trust

Social commitment

Excellence in service

Principles
Action





Organizational
Proactivity
Good treatment
Community-oriented aims
Innovation
Efficiency




Challenge-based management
New competences and habits
Self-assessment
Integrated management

Management model


Customer oriented
Personalized treatment


Risk management
Multi-channel management


Close to the territory
Flexibility and adaptability

Personal and professional growth of the employees
10
3 (ii) Banking Business: Great commercial strength
A different and unique business model: basis for the success of “la Caixa” strategy
Challenge-driven management
based on “la Caixa” Corporate Values
New abilities and new commercial habits
Commercial Plans
Qualitative and quantitative commitments set by the commercial network
To improve efficiency and commercial management
Commercial Plan for the year established by the branches
Proactivity
To boost knowledge, experience and action
Self-assessment
Ongoing improvements in professional practices
Global Management: Business Unit
To gain customer funds, investments and liquidity. Risk and profitability management
Safe, efficient, profitable and solvent growth
11
3 (iii) Banking Business: Great commercial strength
A different and unique business model: customer oriented strategy
GROWTH
MANAGEMENT
MODEL:
CHALLENGES
SOLVENCY
EXCELLENCE
AND QUALITY
CUSTOMER
oriented
RISK
MANAGEMENT
EFFICIENCY
INNOVATION
PROFITABILITY
12
3 (iv) Banking Business: Great commercial strength
Business model: Great customer base
•
Successful specialized business model that allows banking growth in Spain
•
Families and SMEs  Core business
Wealth
Banking
10
Strategic Plan
2007-2010:
Consolidation retail
banking
&
development
complementary
business segments
Corporate
Banking
200
Private
Banking
Business
Banking
0.5
10
Personal
Banking
SME
Banking
0.1
1
10.5 million
customers
Retail Banking
Individuals
(Assets managed range, million €)
Companies
(Turnover range, million €)
13
Data for 1H10
3 (v) Banking Business: Great commercial strength
Sustained increase of the banking business
•
Balanced business growth in an environment of slow down  Increase of market shares and
consolidation of recurring income generation.
+3,246

+1.4%
+ 7,892
+1.9%
415,825
2009

241,045
237,799
Million euros
423,717
1H10
Customer funds
+ 4,646
182,672

178,026
+2.6%
2009
2009
1H10
Loans
1H10
Business volume
14
Data for 1H10
3 (vi) Banking Business: Great commercial strength
Leadership on market shares
•
“la Caixa” consolidates its leadership position in the main financial products
Market Shares and ranking position
1st
Credit Cards (million)
Share
9.8
Bankcard turnover
17.4%
Retailers bankcard turnover (POS)
21.0%
Payroll deposits
15.3%
Pension deposits
12.9%
Demand deposits
11.4%
Mortgage loans
10.2%
Savings Insurance
14.0%
National electronic clearing system
12.9%
Branches
11.9%
ATMs
13.0%
Internet Banking
29.9%
Mobile Banking
49.0%
2nd
Loans
Pension plans
Commercial loans
Loans resident private sector
Long term deposits
3rd
Factoring and Confirming
Deposits
Investment funds
Share
9.7%
15.8%
8.8%
10.0%
9.7%
Share
12.4%
9.3%
9.8%
Shares as of 2010 last information available
15
3 (vii) Banking Business: Great commercial strength
Leadership and sustained growth on market shares
•
Intense commercial activity of “la Caixa”  successful business model based on retail and SME banking,
managed and specialized by segments, allowing a sustained growth on market shares.
Main market shares evolution
20.3%
20.4%
14.1%
14.4%
12.6%
12.8%
12.3%
11.6%
9.8%
9.0%
12.5%
11.6%
9.9%
9.1%
7.2%
7.3%
5.5%
5.6%
2006
2007
21.0%
14.8%
14.7%
12.6%
21.6%
9.6%
8.1%
Penetration
individual
customers
+319
b.p.
+121
b.p.
15.8%
Payroll
deposits
15.1%
12.8%
15.3%
12.9%
12.9%
Pension
deposits
National elect.
clearing system
12.4%
10.0%
10.0%
Factoring
and confirming
11,6%
10.1%
10.0%
9.8%
8.5%
Deposits (*)
Loans (*)
Investment
funds
6.9%
+130
b.p.
Pension Plans
15.6%
12.7%
11.7%
10.0%
15,8%
as 1st Bank
+55
b.p.
“la Caixa”:
market
LEADER
+136
b.p.
+522
b.p.
+11
b.p.
+99
b.p.
+425
b.p.
(*) resident private sector
2008
2010 – last available data
Penetration individual costumers last avaible data from 2009
2009
2010
16
3 (viii) Banking Business: Great commercial strength
Geographic distribution of the branch network
•
Wide capillarity of the branch network: in order to offer proximity to the client
•
Specialized branch network: to focus the commercial activity
Red network
Retail
universal
Centros especializados
Specialized
branches
Banca corporativa
Corporate
& institutions
5.422
5,103
116
96
66
80
Bancabanking
Private
privada
28
32
Oficinas internacionales
International
Branches
78
49
197
183
28
55
92
2
4
Banca empresa
Business
Oficinas
Total
Spainen Espa
ñ
a
Market
share
11.9%
1,656
276
246
729
5.518
5,219
465
85
130
12
13
131
Total
Total
branches
oficinas
658
5,232
5.530
155
4
2
17
Data for 1H10
3 (ix) Banking Business: Great commercial strength
Multi-channel management: Efficiency and innovation
•
An innovative strategy tailored to customers’ needs: in order to maximize branch sales activities.
•
All channels (branches, ATMs, Internet, mobile phone, etc.) complement each other and operate
efficiently with ongoing commitment to technological innovation.
Leader in Self – Service systems
Internet Banking (Thousand Customers)
Operating Customers
(Thousands)
1H10
share %
6,271
29.9%
Operations by distribution
channel
Branches
11%
Automatic
3,122
ATMs
7,913
13.0%
Mobile banking (Thousand Customers)
1,676
49.0%
33%
13%
ATMs
41%
Internet
“la Caixa”: LEADER
in multi-channel
management
2.0 million operations (+4%)
January- June 2010
56% total operations through Internet and ATMs
18
3 (x) Banking Business: Great commercial strength
Insurance business
•
•
•
Leader in savings and health insurance
Customers
Insurance group that provides service to more than 3.5 million costumers.
•
Privileged position on life, individual and collective insurance.
•
Increasing presence in non life insurance.
3.3
3.5
Acquisition of Adeslas (June 2010), leader in medical insurance in Spain with 3.2
million customers
1H09
Assets under management
1H10
Technical Provisions
32,055
29,329
1H09
17,078
1H10
1H09
18,332
1H10
Information in million. Without considering Adeslas
19
Data for 1H10
3 (xi) Banking Business: Great commercial strength
Brand reputation and excellence in service
Excellence in service
Excellent Brand reputation
•
Financial brand with the highest reputation
in 2009: ethics, corporate responsibility
and perception of brand
• 223,457 surveys to customers:
Average customer satisfaction “score” 8.4, (8.9 given
by customers with a manager) (scale from 1 to 10)
Data for December 2009
Monitor Empresarial de Reputación
Corporativa
• Institution with the lowest complaints ratio per
business volume.
(Bank of Spain)
The best company to work for
• “la Caixa” is the best financial institution in the ranking 2010 of the best
companies to work for by Merco Personas (and the second one in Spain)
20
Contents
2. Governing Bodies
8. Welfare Projects
9. Closing Summary
21
4 (i) Equity Portfolio: Active management
Equity portfolio – Managed by Criteria CaixaCorp
•
Active management of the equity portfolio through Criteria
•
Selective investments in strategic sectors and realizing capital gains through divestments
Description of the equity portfolio
GAV : 21,275 million €
79.45%
Other
Listed on IBEX 35
Services
Gas Natural
Abertis
Repsol
Telefónica
BME
Financial
Finance
(39%)
Listed
Listed
35.7%
24.6%
11.8%
5.0%
5.0%
GF Inbursa
The Bank of East Asia
Erste Group Bank
Banco BPI
Boursorama
20.0%
14.9%
10.1%
30.1%
20.8%
unlisted
Unlisted
Agbar
24.0%
Mediterranea Beach & 100.0%
Golf Resort
Port Aventura
50.0%
Entertainment
SegurCaixaHolding
GDS-Correduria
CaixaRenting
Finconsum
InverCaixa
GestiCaixa
8%
17%
International
Banking
18%
16%
20%
11%
10%
Services
(61%)
100% (*)
67%
100%
100%
100%
100%
Listed portfolio “la Caixa” Group 30 June 2010:
16,493 million € with 933 of unrealized capital gains
(% directly and indirectly owned by Criteria CaixaCorp)
(*) VidaCaixa (100%), Segurcaixa (100%) and Adeslas (99.8%.)
22
4 (ii) Equity Portfolio : Active management
Equity portfolio – Managed by Criteria CaixaCorp
•
Equity portfolio: Active management of value, risk and liquidity
AN INSTINCT FOR INVESTMENT
IN ...
... HOW?
• Business that are comprehensible,
• Prudently
• well managed,
• with careful monitoring
• with a good track record
• waiting for opportunities
• … and diversified
• … with solid professional motives
+
MANAGEMENT
• Presence on the board
• Capturing synergies in financial businesses
• Active investment management
• Attractive dividends policy
23
Contents
2. Governing Bodies
8. Welfare Projects
9. Closing Summary
24
5 (i) Geographic diversification. Internationalization
Service to customers and diversification
•
Boost the strategy of international growth, to assist our costumers and diversify the business
•
Exposure to emerging markets with high growth perspectives
International banking branches and investments
International banking investments:
Exposure to emerging markets with high growth perspectives
Sixth financial institution in Mexico by assets.
20.0%
Poland
Rumania
14.9%
First independent private bank in Hong Kong,
and among the foreign banks best positioned
in China.
Morocco
10.1%
Second banking group in Austria and one of
the main banks in Central and Eastern
Europe with 17,3 million costumers.
Full branches
30.1%
Third private financial group by business
volume
in
Portugal,
universal
and
multispecialized.
20.8%
 Internet Banking, leader online broker and
distributor of savings products in Europe.
Rep offices
Investments
2010:
New rep offices in Dubai
and New Delhi
25
Data for 1H10
5 (ii) Geographic diversification. Internationalization
Diversification of income and risks
•
Criteria: A geographically diversified equity portfolio
Utilities portfolio: Leading Spanish blue-chips with a significant international presence
Diversification of income(*):
 Gas Natural
Rest of the world
5%
 Abertis
 Agbar
Latin America
23%
 Repsol YPF
 Telefónica
Spain
57%
Europe
15%
(*)
Revenue source weighted by Criteria’s GAV contribution
26
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
27
6 (i) Financial performance: Quality of profits
Quality of profits
January - June
(million euros)
Financial income
Financial expenses
Net interest income
Dividends
Income accounted for by the equity method
Net fees
Gains & losses on financial assets & other operating products &
expenses
Gross Income
Personnel costs
2010
Change %
2009
3,486
(1,740)
5,073
(3,054)
(31.3)
(43.0)
1,746
2,019
(13.5)
378
542
679
320
412
650
18.1
31.6
4.6
352
347
1.3
3,697
3,748
(1.4)
(1,073)
(1,087)
(1.3)
(398)
(440)
(9.5)
(1,471)
(1,527)
(3.7)
(231)
(246)
(6.0)
Total operating costs
(1,702)
(1,773)
(4.0)
Net operating Income
1,995
1,975
1.0
Allowances for insolvency and others
Profit/loss on disposal of assets and others
Pre-tax income
Income tax and minority interests
(868)
(49)
1,078
(176)
(746)
(13)
1,216
(241)
16.4
(11.3)
(27.0)
902
975
(7.5)
0
0
General expenses
Administration costs
Amortizations
Recurring profit
Extraordinary net income
Extraordinary income
Extraordinary allowances
Total profit attributable to the Group
233
(233)
249
(249)
902
975
(7.5)
28
Data for 1H10
6 (ii) Financial performance: Quality of profits
Sustained growth of income
•
Great capacity to generate recurring income with good management of margins
million euros
Fees
Net Interest Income
- 13.5%

+4.6%
679
650
1,746

2,019
Banking
+5.8%
Insurance and
pension plans
+22.4%
+24.4%
-14.6%
Investment Funds
Securities
1H09
1H09
1H10
1H10
 Fall in interest rates reflected in mortgage repayments
 Volume containment
 Active management of margins
 Increase number of transactions
 Adequate management and quality of
service
29
Data for 1H10
6 (iii) Financial performance: Quality of profits
Net operating income growth and improvement in efficiency
•
Sustained generation of recurring income and strict policy of cost reduction  Net operating income increases by
1% up to 1,995 million euros.
million euros
Gross Income
- 51
-1.4%
3,697
3,748
Cost-to-income ratio (in %)

Personnel and general expenses / Gross
income
+20
1,975
1H09

+1.0%
1,995
45.2
42.9
1H10
Operating Costs
42.9
-71
-4.0%
1,773
1,702

Amortizations
-0.5
-6.0%
General
-9.5%
1H09
42.4
1H10
2008
1H09
2009
1H10
(variation 12 months)
Personnel
-1.3%
1H09
1H10
30
Data for 1H10
6 (iv) Financial performance: Quality of profits
Quality of profits
•
Great capacity to generate recurring profits which allow to record a significant amount of
allowances to increase balance sheet strength
•
No use made of the generic provision which remains at 1,835 MM€ (100% parameter of risk α)
million euros
change vs.
1H10 1H09
Allowances for credit losses and others
Profits/losses on the disposal of assets and others
Income tax and minority interests
1,995
Allowances for credit losses and others
1.0%
+122
+16.4% 868
(868) 16.4%
(49)
746
(176)
Recurring profit attributable to the Group
902

Million euros
 Prudent effort
 Generic provision remains at
1,835 MM€ (100% parameter
of risk α)
(7.5%)
Profit attributable to the Group
902 M€
1H09
1H10
31
Data for 1H10
6 (v) Financial performance: Quality of profits
Extraordinary net income
•
Extraordinary net income: as a consequence of the financial flexibility and they allow to reinforce the
strength of the balance sheet
January - June
(million euros, net of taxes and minority interests)
2010
Recurring profit attributable to the Group
902
Extraordinary profit
233
Gains Agbar/Adeslas operation and other portfolio sales
Extraordinary writedowns
(233)
Prudential allowances for real state and credit risk
among other risks
Profit attributable to the Group
902
2009
975
Change
%
(7.5)
• Active management equity
portfolio
Capacity to realize net
capital gains
• Increasing the strength of
balance sheet through
allowances
975
Million euros
Recurring
Allowances
868
Extraordinary
allowances
333 (233 net)
TOTAL
ALLOWANCES 1,201
(7.5)
32
Data for 1H10
6 (vi) Financial performance: Quality of profits
Analytical balance sheet
(million euros)
Cash, Central Bks, credit inst. and debt sec.
Customer loans and credits
Assets under insurance contracts
Equity Securities
Other accounts
Total assets
Liabilities
Credit institutions
Customer Funds
Provisions
Other accounts
Total Equity
Own Funds
of which: Group income
Valuation adjustments
Minority interests
Total Liabilities and Equity
June
December
2010
2009
Change
Absolute
569
3,613
(70)
(975)
7,025
%
34,247
177,254
21,191
19,022
30,321
33,678
173,641
21,261
19,997
23,296
282,035
271,873
10,162
3.7
260,798
250,470
10,328
4.1
28,123
206,199
2,964
23,512
22,521
205,631
2,925
19,393
5,602
568
39
4,119
24.9
0.3
1.3
21.2
0.0
21,237
21,403
(166)
(0.8)
17,055
16,696
359
2.2
902
1,510
1,088
3,094
1,612
3,095
(524)
(1)
(32.5)
(0.0)
0.0
282,035
271,873
10,162
1.7
2.1
(0.3)
(4.9)
30.2
3.7
33
Data for 1H10
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
34
7 (i) Risk management
Diversified loan portfolio with good collateral
•
The focus on families and SMEs allows to have a diversified loan portfolio and with good collateral
with adequate collateral
Diversified Risk
Mortgage
guarantee
Individuals
67%
51%
39%
10%
7%
Others
•
88.6% mortgage loans with LTV < 80%
•
89.2% of the mortgage loans portfolio
to finance first residences
Businesses
33%
Other
guaranties
Average LTV 48%
35
Data for 1H10
7 (ii) Risk management
Strict monitoring of NPL
•
Strict risk management that allows to contain the NPL ratio (-0.03 improvement on second quarter 2010)
•
“la Caixa” significantly better than the sector
Non-performing loans and NPL ratio
NPL ratio
3.53%
3.40%
3.42%
3.38%
3.49%
3.46%
“la Caixa”
6,345
6,367
6,577
6,321
6,427
6,529
3.46%
Sector average
5.50%
Non performing
(May)
loans
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
million euros
36
Data for 1H10
7 (iii) Risk management
Total coverage of business risks
•
Conservative criteria on allowances and adequate provisions
•
No use of generic provision during 2010
Provisions and coverage ratio
Coverage
ratio with
mortgage
guarantees
127%
127%
126%
129%
60%
62%
62%
64%
117%
60%
Coverage
Ratio
127%
51%
3,240
Specific
provisions
2,363 MM€
3,790
3,917
3,914
3,987
4,198
Generic
provisions

1,835 MM€
(100% parameter
of risk α)
Specific and
generic
provisions
1Q09
Cost of risk
Total provisions
30 june 2010
2Q09
3Q09
1.24% 1.02%
0.97%
4Q09
1Q10
1.01% 1.00%
2Q10
Total provisions
4,198 MM€
0.96%
million euros
37
Data for 1H10
7 (iv) Risk management
Strict monitoring of NPL
•
Strict monitoring of NPL.
Non-performing loans. Quarterly inflows and outflows
Million euros
Inflows
Active and
anticipated
management
Outflows
4,500
4,054
4,000
3,124
3,500
3,000
2,500
-2,277
1,989
2,121 -2,167
2,000
2,060 -1,852
1,500
Active
management of
outflows
-806
-717
1,000
500
1H08
% recoveries
2H08
30%
Sustained
decrease of
inflows
1H09
2H09
72%
1H10
90%
38
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
39
8 (i) Financial Strengths
Secure growth: Liquidity
•
Excellent liquidity position (17,425 million Euros): Guarantees the growth of the business, fulfilling our
customer needs for credit.
million euros
Excellent levels of liquidity…
Total Liquidity
with a good financing structure…
Wholesale
funding (18%)
17,425
6.2%
Group
Assets
Customer
liabilities
(69%)
Bank deposits
(13%)
Wholesale market actions
Maturities 1H10:
2,510
Issues 2010:
2,400
Mortgage covered bonds 1,400
Public sector CB
1,000
Maturities 2010:
200
1H10
≈ 100% Immediately accessible
Data for 1H10
… providing stability…
No pressure in 2010
40
8 (ii) Financial Strengths
Solvency: secure and guarantee for the future
•
•
The Group maintains very high solvency levels, with a Core Capital of 8.6%.
Regulatory capital surplus 5,830 million euros
Core Capital:
Self-financing through profit growth
CORE CAPITAL EVOLUTION
8.7%
+30 b.p.
SOLVENCY RATIOS – Basel II June 2010
9.0 %
1H10
8.6 %
-40 b.p.
Self-financing
Ratio
8.6%
13,886
-0.1
Tier 1
9.8%
15,752
-0.6
11.6%
18,732
+0.6
8%
12,902
Minimum Requirement
Capital surplus
Risk-Weighted Assets (RWA)
2009
Change 2010
Core Capital
BIS Ratio
Profit and RWA’s
growth
Million €
5,830
161,275
+2.5%
Impact Agbar /
Adeslas operation
(*)
Subtotal
1H10
(*) In June 2010 partial sale of Agbar and aquisition of Adeslas
Data as of 1H10
41
8 (iii) Financial Strengths
Very good ratings
•
Very good ratings of “la Caixa”
Confirmed June 2010
Confirmed september 2010
Confirmed June 2009
•
LONG TERM
SHORT TERM
Outlook
AA-
A-1+
negative
A+
F1
stable
Aa2
P1
negative
The agencies highlight the commercial and financial strength of “la Caixa”
•Robust Spanish retail banking franchise;
•Good liquidity and solvency;
•Strong management and successful strategy;
•Contained risk profile;
•Good evolution of the banking business.
42
As offor
September
2010
Data
1H10
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
43
9 (i) Welfare Projects
Efficient and flexible management of the resources for the Welfare Projects
•
2010 Welfare Projects budget: 500 million euros.
Programs
Million euros
%
Main programs
New line of affordable housing
Social
356
71.2 (oriented to families)
Poverty. Caixa for childhood.
Labor support. “Incorpora”.
Help for life (terminally ill patients).
Environment
and Science
62
12.4 Conservation of Natural Spaces
Cultural
55
11.0 New CaixaForum
Education
and Research
27
5.4
500
Scholarships (graduate studies, biomedical studies)
44
Contents
2. Governing Bodies
7. Risk management
9. Welfare Projects
10.Closing Summary
45
10 (i) Closing Summary
•
In a difficult environment “la Caixa” continues to show:
High level of commercial activity: quality of service
and increase in market shares
Multi-channel and specialization:
service to all costumers
Great capacity to generate recurring profits
Great commercial activity
increasing of market shares
Severe policy of cost containment
Strict risk management
Capacity to generate extraordinary profits: active
management of the portfolio and conservative
allowances
Consolidation of financial
strengths: liquidity and solvency
Financial Strength and solid balance sheet
46
10 (ii) Closing Summary
“la Caixa" Group
A reference Institution
Leadership in retail banking in Spain
Soundness, trust and good
management practices to ensure
Best equity portfolio
success in the future
Sound risk profile
Social Commitment
47

“la Caixa” Group

Transcription

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