28 March 2012 scarica la presentazione Morgan

GRUPPO CARIGE
Morgan Stanley
European Financials Conference
London, 28 March 2012
Agenda
Carige Group at a glance
FY11 results
Strategic Plan 2011-2014
2
Banca Carige Group
~50,000 small
shareholders
Fondazione CR
Genova e Imperia
BPCE SA
49.43% *
Floating
12.73% *
37.84% *
Banca Carige SpA
Cassa di Risparmio di Genova e Imperia
Banking
Insurance
Finance
• Banca Carige
• Carige Vita Nuova (life)
• Carige AM SGR
• CR Savona
• Carige Ass
Ass.ni
ni (non life)
• Creditis (Consumer
Trustee
• Centro Fiduciario
credit)
• CR Carrara
• BM Lucca
• B. Cesare Ponti
5,974
EMPLOYEES
Main Companies Only
1.9 M CUSTOMERS
(1.2 M BANKING; 0.7M ASSURANCE)
*Holding calculated on the basis of ordinary shares
677 BRANCHES &
431 INSURANCE OUTLETS
+387 m
from the conversion
of the Convertible
Bond (March 2012)
EQUITY
2.6 € BILLION
Data as at 31 December 2011
3
A more and more diversified network
The network today
4
1/1
8
265
76/82 46/ 41
56/28
29/ 20
France
254/ 16
1
677
275
5/14
85/25
137
2/9
14
39/38
32
1989
9/27
New
openings
Branch
networks
Dec. 2011
7
1
11/22
24
63/47
Banking branches
Insurance outlets
100%
96%
% of Branches
in
Northern Italy
% of
Branches
B
h
in Liguria
69%
38%
677
431
Operational data as at 31 December 2011
4
Agenda
Carige Group at a glance
FY11 results
Strategic Plan 2011-2014
5
Growth of total deposits…
€b
DIRECT DEPOSITS
7.0%
28.4
26.6
TOTAL DEPOSITS
2.6%
50.7
10.9
14.3%
12.5
15.7
1.9%
16.0
31/12/10
31/12/11
Short term
52.0
M/L term
INDIRECT DEPOSITS
-2,2%
23,6
24,1
31/12/10
10 3
10.3
-7
7.9%
9%
95
9.5
9.9
0.4%
10.0
3.8
6.8%
4.1
31/12/11
31/12/10
31/12/10
AUM Ins. Companies
31/12/11
AUM
31/12/11
AUC
6
… through retail issues …
€m
RETAIL BONDS: MATURITIES AND ISSUES
Overall maturities 2011: 1.4 mld
Budget 2011 new issues: 1.7 mld
Repurchase: 0.7 mld
Issues 2011: 2.4 mld
Overall maturities 2012: 0.8 mld
Budget 2012 new issues: 2,1 mld
Of which
392 Banco Posta
401
358
304
273
263
249
250
169
174
167
79
Mar
Apr
39
May
Jun
145
Aug
32
Sep
Oct
92
Dec
91
53
29
Nov
157
122
25
8
Jan
Feb
2011
(1) As at 16 March 2012
(1)
91
22
Jul
157
89 87
80
77
42
Feb
165
138
134
Jan
216
208
187
Mar
Apr
May
Jun
44
33
Jul
Aug
Sep
43
Oct
Nov
Dec
2012
Maturities
Issues
7
… that represent most part of funding …
€m
MATURITIES BREAKDOWN
FUNDING: € 34.4 b
3,571
Banks
17.2%
Covered Bonds
6.2%
Customers
67 5%
67.5%
LTRO
3.8%
RETAIL
1,930
Securitisation
0 6%
0.6%
Subordinated T1
bonds
0.5%
EMTN
8.0%
INSTITUTIONAL
1,859
,6
1,622
COVERED BONDS
750
586
564
497
40
171
4
154
20
-
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2030 2040
8
… and finance loans to diversified borrowers …
€m
Loans breakdown by segment
Other
16.9%
LOANS TO CUSTOMERS
83% financed
by retail
funding
vs
63%(1)System
y
average
Private &
Affluent
2 2%
2.2%
Public
Entities
4.6%
Small
Business
i
8.8%
SME
35.8%
8.5%
Large
Corporate
9.8%
27.5
2.7
25.4
Loans breakdown by area
1.6
18.9
5.4%
19 9
19.9
6.5
17.6%
7.6
31/12/10
31/12/11
Short term
(1) Source: ABI
Mass
Market
21.9%
Centre
18.6%
(2)
South &
Islands
5.6%
Liguria
39.7%
M/L term
North
36.1%
(2) by customers’ residence
9
… with low risk levels …
€m
GROSS IMPAIRED LOANS TO CUSTOMERS
20 3%
20.3%
19.9%
2,519.5
2,095.1
701.3
0 3
579.1
1,818.1
1,516.0
31/12/10
Net
Impaired loans
NPL
Watchlist
Rescheduled
Past due
2,519
1 349
1,349
761
130
279
Of which
NPL:
+21,5%
31/12/11
Adj.
Ch. (net)
701
610
81
3
8
Ch. (gross)
1,818
739
681
127
272
27.8%
45 2%
45.2%
10.6%
2.5%
2 8%
2.8%
54,2%
before writeoffs and
considering
collaterals
71,2%
before writeoffs and
considering
collaterals
10
... Lower than the System’s.
IMPAIRED LOANS AND NPL/EQUITY
IMPAIRED LOANS/LOANS
9.2%
8.2%
8.3%
6.3%
6.1%
6.8%
31/12/10
Gross
23.2%
19.3%
14 3%
14.3%
31/12/09
57.0%
48 6%
48.6%
45.6%
31/12/11
Net
31/12/09
31/12/10
Impaired loans/Equity
System
5.4%
NPL/LOANS
3.6%
2.0%
(1)
(source: ABI)
4.9%
4.4%
2.8%
Net NPL/Equity
NPL INFLOWS/LOANS(2)
1.80
1.50
1.20
2.4%
31/12/11
0.90
February
1.55
2009
0.24
2010
0.25
1.46
2011
0.18
1.19
2012
0.14
0 60
0.60
0.30
-
31/12/09
31/12/10
Gross
31/12/11
Net
(1) Net of the AFS reserve established against the revaluation of the equity
investment in the Bank of Italy; net of the negative government securities
AFS reserve
Jan Feb Mar Apr May Jun
2009
Jul Aug Sep Oct Nov Dec
2010
2011
(2) Cumulated NPL inflows / Loans net of NPL as at 1st
Jan
11
Conservative portfolio strategy
€m
SECURITIES PORTFOLIO
Shares and Other
6%
17.5%
9.4
8.0
31/12/10
BY TYPE
Corporate
C
t b
bonds
d
20%
Obbligazioni
governative/
sovranazionali
73%
31/12/11
BY ACCOUNTING VALUATION
HFT
1%
BY COUNTRY
Rest of PIGS
Europe 2%
5%
L&R
8%
Other
1%
AFS
91%
Italy
92%
Data do not include the stake in Bank of Italy and the notional value underlying customers’ index linked policies
12
Growth of revenues ...
€m
GROSS OPERATING INCOME
7.1%
5 8%
5.8%
326 0
326.0
1,067.9
1,081.1
1,144.1
2010
2010 PF
2011
2010
2011
Banking
922.4
992.0
7.5%
Insurance
145 5
145.5
152 1
152.1
4 6%
4.6%
263.9
277.8
276.5
1Q11
2Q11
3Q11
4Q11
2010 PF = LFL basis - figures are normalized by annualizing the 2010 contribution of MPS branches acquired on 31/5/2010
13
… from interest and other items…
€m
NET INTEREST INCOME
Spread effect:
- 14.2
14 2 m
Volumes
effect:
+72.5 m
8.3%
7.0%
705.6
713.9
2010
2010 PF
763.9
197.9
193.9
187.4
184.7
2011
1Q11
2Q11
3Q11
OTHER REVENUES
4Q11
128.1
4.9%
93.0
3.6%
362.3
367.2
380.2
2010
2010 PF
2011
82.6
76 5
76.5
1Q11
2Q11
3Q11
4Q11
2010 PF = LFL basis - figures are normalized by annualizing the 2010 contribution of MPS branches acquired on 31/5/2010
14
… in spite of spread reduction…
Change
4Q11/4Q10
-18 bps
SPREAD (%)
2 13
2.13
4Q10
1.99
1.92
1.91
1.95
1Q11
2Q11
3Q11
4Q11
15
… and steady commissions...
€m
77.5
NET COMMISSIONS
1.0%
75.9
75.3
-0.6%
297.3
302.2
300.3
2010
2010 PF
2011
FINANCE
71.6
1Q11
2Q11
3Q11
4Q11
47.7
(1)
24.1%
77.9
62.8
22.0
7.2
1.1
2010
1Q11
2011
2Q11
3Q11
4Q11
(1) Dividends, profits/losses on trading, plus/minus from evaluation, profits/losses from sales/repurchases (items 70, 80, 90, 100 b-c-d e 110).
OTHER REVENUES
(2)
-11.4%
2.2
2.9
1.9
0.1
2010
(2) Profits/losses from loan sales/repurchases (item 100 a).
2011
1Q11
-0.6
-0.5
2Q11
3Q11
4Q11
2010 PF = LFL basis - figures are normalized by annualizing the 2010 contribution of MPS branches acquired on 31/5/2010
16
… along with steady cost of risk …
€m
VALUE ADJUSTMENTS
Change % - Loan Adj.
33.0
3.3%
116.3
137.8
2.1
114 2
114.2
118 0
118.0
2010
2011
Loan adj.
28 7
28.7
27.2
1Q11
2Q11
29.2
(1)
19.8
3Q11
4Q11
AFS securities impairment
(1) Net of the impairment on Greek securities in the insurance companies’ portfolio (38 m).
m)
The amount is registered both in item 130 (cost) and in item 170 (revenues)
COST OF RISK
10.70%
0.49%
31/12/09
10.27%
0.47%
31/12/10
Loan Adj./Gross operating income
10.31%
11.93%
10.86%
9.78%
8.95%
0 43%
0.43%
0.11%
0.10%
1Q11
2Q11
0.12%
0.11%
31/12/11
Loan Adj./Loans
3Q11
Loan Adj./Gross operating income
4Q11
Loan Adj./Loans
17
… and operating cost under control…
€m
OPERATING COSTS
4.6%
3.3%
640.1
648.3
669.8
178.5
170.6
160.9
159 8
159.8
2010
C/I
59.9%
2010 PF
60.0%
2011
1Q11
2Q11
3Q11
4Q11
58.5%
2010 PF = LFL basis - figures are normalized by annualizing the 2010 contribution of MPS branches acquired on 31/5/2010
18
… in all the items
€m
STAFF COSTS
112.0
2.9%
99.2
102.1
90.3
1.6%
392.4
397.3
403.6
2010
2010 PF
2011
1Q11
2Q11
3Q11
4Q11
OVERHEAD COSTS
-1.2%
56.6
-2.7%
2 7%
208.1
211.4
205.7
2010
2010 PF
2011
48.4
1Q11
50.7
50.0
2Q11
3Q11
4Q11
OTHER COSTS(1)
27.6%
44.0
56.2
11.9
2010
2011
1Q11
(1) Net of non recurrent items
16.5
2Q11
10.9
3Q11
16.9
4Q11
2010 PF = LFL basis - figures are normalized by annualizing the 2010 contribution of MPS branches acquired on 31/5/2010
19
Growth of consolidated net profit
€m
CONSOLIDATED NET PROFIT
Change % - Net profit
5.3%
279.5
261.7
92.8
84.4
98.2
(1)
38.2
1Q11
2Q11
48.0
2011
NET PROFIT
Adj .ROE
37.0
61.8
63.5
2010
(1)
60.7
186.7
177.2
Adj. Equity
58.8
GROSS PROFIT
3,101.1
3,191.4
5.7%
5.9%
3Q11
4Q11
(1) Net of the AFS reserve established against the revaluation of the equity investment in the Bank of Italy; net of the negative government
securities AFS reserve
20
The steady parent company’s profit…
€m
PARENT COMPANY NET PROFIT
Change
g % - Net Profit
-1.7%
237 4
237.4
227 6
227.6
82.7
74.5
178.9
175.8
(1)
42.8
37.3
55.2
49.0
43.1
2Q11
Q
3Q11
Q
4Q11
Q
28.5
2010
2011
NET PROFIT
Q
1Q11
GROSS PROFIT
(1) LFL basis – exluding Banca Cesare Ponti
Adj. Equity
Adj .ROE
(2)
(2)
3,184.4
3,249.1
5.6%
5.4%
(2) Net of the AFS reserve established against the revaluation of the equity investment in the Bank of Italy; net of the negative government
securities AFS reserve
21
… allows steady dividend distribution …
NET PROFIT
175 8 M
175.8
DIVIDEND PER SHARE
0.07 per ordinary share
0.0875 per saving share
TOTAL DIVIDENDS(1)
152.5 M (+18.3%)
PAY OUT RATIO
86.7%
(1) The early redemption of the "Banca Carige 4.75% 20102015 convertible
tibl bond”
b d” att € 1,1128
1 1128 share
h
price
i leads
l d to
t the
th
issue of approx. 387 million ordinary shares eligible for
dividend
22
... To shareholders that support the Group’s growth
€
Dividend per ordinary share
per azione ordinaria
0 080 0.080
0 080 0
0.080
080
0.075 0.075 0.080
0.070 0.070
0.070 0.070 0.072 0.072 0.072 0.072 0.072
0.047 0.050
0.035
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
€m
Dividends and capital increases
(1995-2011)
24
2.4
1.6
Dividends distributed
Capital increases
23
Capital ratios benefit of the early redemption of the convertible bond
CORE TIER I (%)
71
7.1
2009
TIER I (%)
6.0
2010
including
g
the conversion
of the
Convertible
Bond
2010-2015
5.0
2009
79
7.9
2009
2011
TOTAL CAPITAL (%)
10.0
7,4%
6,7%
6.7
2010
5.7
2011
LEVERAGE RATIO(1)
10,1%
9.1
2010
8.0
2011
including
the conversion
of the
Convertible
Bond
2010-2015
22.2
2009
including
the conversion
of the
Convertible
Bond
2010-2015
26.1
2010
25,1
32.6
including
the conversion
of the
Convertible
Bond
2010-2015
2011
(1) Assets net of intangible assets / T1 capital
The early redemption of the "Banca Carige 4.75% 2010-2015 convertible bond” at € 1,1128 share price leads to the issue of
approx. 387 million ordinary shares
24
Agenda
Carige Group at a glance
FY11 results
Strategic Plan 2011-2014
25
Mission
Carige Group aims to be a national financial conglomerate equipped to provide banking, financial, insurance and
pension solutions, focused on retail, pursuant to the development of resources and structures
and the enhancement of an integrated inter-channel distribution system
Financial
conglomerate
•
•
Full range of
banking,
financial and
insurance
products and
services;
Control on
profitability
deriving from
product
factories
National
•
•
•
Deeply rooted •
presence in
Liguria,
progressively
extending to
the national
territory on a
multi-local
basis
Aggregating
•
centre for local
entities
Federal model
to enhance
the benefits of
proximity to
the local
communities
People and
technology
Retail
Focus on
households,
handicraft
firms,
shopkeepers,
small and
medium
enterprices,
local bodies
Focus on
simple,
transparent
products
•
•
•
Unitary
•
management of
“key” group
skills
Employees'
Employees
professional/
•
personal
development
ICT as a driver
of innovation
Interchannelling
Branch-based
distribution with
a progressive
development of
inter-channelling
inter
channelling
Specialized
service model
according to
customer base
segment
26
Our strategy: from definition…
STRATEGIC DIRECTIONS
STRATEGIC GOALS
•
 Improvement of cross selling
1
Development of revenues and
commercial offering: “discover”
business areas (territories,
products, customers) that still
have untapped value potential
 Product portfolios evolving towards higher-margin, highercommission products (upselling)
 Lower
o e business
bus ess pe
performance
o a ce variance
a a ce
•
•
•
•
Broader customer base
Rationalisation of operating costs and
processes: constant striving for technical
and operating efficiency
•
•
•
New sales processes to free up resources for commercial activities
Optimisation of liquidity, capital and
cost of risk: efficient allocation of short
resources
•
•
•
•
2
3
4
Higher commercial productivity:
Focus on innovation and skills: not
only on processes and products, but
also on human resources' behaviours
and social skills
Development of inter-channelling
Service model fine-tuning
Review of the pricing policies
Personnel's proactive commercial attitude
Efficient cost base and process management
Focus on retail and institutional deposits
Closing
g of the intermediation circuit
Active capital management in a Basel 3 perspective
Qualitative selection and management of credit
• Widespread use of technology
• Recognition of merit
• Optimal use of skills and abilities (knowledge and know-how)
27
…to implementation
STRATEGIC INITIATIVES
1.
Strengthening of the Liguria network
2.
Reduction of the productivity gap between Liguria and Extra-Liguria operations
3.
Reduction of the productivity variance between branches
4.
Optimisation of the Group's local presence
5.
Development of integrated inter-channelling
6
6.
P i i
Pricing
optimisation
ti i ti
7.
Service model refinement for corporates
8.
g
Proactive credit management
9.
Risk monitoring and management
10. Development of corporate services
11. Private segment enhancement
12. Development of offerings to immigrants
13 Cost & lean management
13.
14. Improved communications
28
2011 – 2014 targets
CARIGE GROUP
2010
2010PF
( )
(1)
2014
CAGR
2010PF-2014
Direct deposits (€ bln)
Indirect deposits (€ bln)
Total deposits (€ bln)
Loans to customers (€ bln)
bl )
26.6
24.1
50.7
25 4
25.4
26.6
24.1
50.7
25 4
25.4
32.9
31.2
64.1
31 1
31.1
5.5%
6.7%
6.1%
5 2%
5.2%
Net profit (€ mln)
Shareholders' equity (€ bln)
Shareholders
177
263
10.1%
35
3.5
179
35
3.5
40
4.0
3 4%
3.4%
59.9%
0 45%
0.45%
6.5%
9.9%
60.0%
0 46%
0.46%
6.6%
10.1%
50.3%
0.50%
8.1%
11.5%
-9.7 pp
+4 bps
+1.5 pp
+1.4 pp
Cost income
Cost of risk
ROE adj. (2)
ROTE (3)
2010
2014
Core Tier 1/Common Equity
6.0%
Total capital ratio
9.1%
8.0%
10.2%
(1) Pro-forma figures are normalized by annualizing the contribution of former MPS branches acquired on 31/5/2010
(2) Shareholders' equity net of the Bank of Italy equity investment revaluation reserve
CAGR=
(3) Shareholders' equity net of goodwill
compound annual average growth rate
29
Disclaimer
This document has been prepared by Banca Carige SpA solely for information purposes and for use
presentation
ese a o o
of the
e Group’s
G oup s strategies
s a eg es and
a d financials.
a c a s The
e information
o
a o contained
co a ed herein
e e has
as not
o
in p
been independently verified. No representation or warranty, express or implied, is made as to, and
no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
information or opinions contained herein. Neither the company, its advisors or representatives shall
have any liability whatsoever for any loss howsoever arising from any use of this document or its
g in connection with this document. The forward-looking
g information
contents or otherwise arising
contained herein has been prepared on the basis of a number of assumptions which may prove to be
incorrect and, accordingly, actual results may vary.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and
no part of it shall form the basis of or be relied upon in connection with any contract or commitment
whatsoever.
The distribution of this presentation in certain jurisdictions may be restricted by law. Recipients of
this presentation should inform themselves about and observe such restrictions.
The information herein may not be reproduced or published in whole or in part, for any purpose, or
distributed to any other party. By accepting this document you agree to be bound by the foregoing
limitations.
*****
Th manager responsible
The
ibl ffor preparing
i
th
the company’s
’ fi
financial
i l reports
t M
Ms. Daria
D i Bagnasco,
B
D
Deputy
t
General Manager (Governance and Control) of Banca CARIGE S.p.A., declares, pursuant to
paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information
contained in this presentation corresponds to the document results, books and accounting records.
Contacts
Giacomo Burro
CFO & Wealth Management Head Office Manager
giacomo.burro@carige.it
Tel: +390105794580
Emilio Chiesi
International Funding
emilio.chiesi@carige.it
Tel: +39 010 579 4568
Alberto Veneziano
Investor Relations
alberto.veneziano@carige.it
Tel: +3901057923374
Investor Relations
i
investor.relations@carige.it
l i
@
i
i
Tel: +390105794877
31