Dec 13 - Davivienda

December 2014
Index
Who we are
Pag. 3
A bank that generates value by growing
Pag. 9
Main indicators
Pag. 21
2
Who we are
3
A company with Shareholders
with long-term vision
Preferred Shares
Composition
Shareholders
2.0% 2.5%
10.6%
18.0%
18.7%
56.0%
21.6%
29.2%
4
Data as of December 2014
41.4%
Part of a holding Group recognized
in the country
Sociedades Bolivar and its subsidiaries
One of the most important economic
conglomerates in the country, with
over 75 years experience,
presence in 7 Latin American
countries. It is present on financial
services, insurances
and construction.
Second company of insurances in
Colombia with Seguros Bolívar
Leader in social housing (VIS) with
Constructora Bolívar
(1) Grupo Bolivar’s presence in Venezuela was sold on September 2013
5
1
The Central America Operation
Davivienda: Latin American Financial Network with presence in 6 countries
Total
1
EEUU
(Miami)
Assets: $0.5 bn
Branch
Honduras
El Salvador
Assets : $2.1 bn
Clients: 287,076
Employees: 1,841
Branches: 57
ATMs: 226
Assets : $0.9 bn
Clients: 325,979
Employees: 1,300
Branches: 65
ATMs: 76
Panamá
Costa Rica
Assets : $1.8 bn
Clients: 168,559
Employees: 879
Branches: 28
ATMs: 134
(1) Consolidation accounts for US$ 0,7 bn
Exchange rate as of December 14: US$ 1 / $2,392.46
Figures in USD as of December 2014
Based in local accounting regulation Fuente: Source:
Source: Superintendence of each country.
Assets: $28.2 bn
Loans: $21.3
bn
1
Net Income: $443 mn
Clients: 7.3 mn
Employees: 16.511
Branches: 738
ATMs: 2.095
Assets: $1.3 bn
Clients: 4,981
Employees: 125
Branches: 5
ATMs: 5
Colombia
Coverage
6
Assets: $22.8 bn
Clients: 6.1 mn
Employees: 12,366
Branches: 583
ATMs: 1,654
The Third Colombian Bank
1
1
More than 6 million of customers on a network of 583 branches,
1
1
1,654 ATMs and presence in 932 cities
Colombia
US$ Million
Dec 2014
% Market Share
Ranking
Var. Dec 14 –
Dec 13
Assets
22,836
12.4%
3
16.5%
Gross Loans 2
17,834
13.8%
2
19.7%
Mortgage 2
4,541
26.1%
1
17.6%
Consumer
4,791
13.7%
2
17.9%
Credit Cards
1,184
16.1%
2
1.0%
8,502
11.0%
3
22.0%
14,117
12.1%
3
17.3%
Bonds
3,065
23.0%
2
14.6%
Equity
2,900
11.2%
3
15.7%
Net income
418
12.6%
4
37.2%
Voluntary Pension
359
6.1%
4
-0.2%
Commercial
Deposits
1. Includes DaviPlata users
2. Includes Securitized Loans (US$ 724 million) and Housing Leasing
3. Figures as of December 2014
Source: Financial Superintendence of Colombia.
Exchange rate as of December 14: US$ 1 / $2,392.46
7
Main International Figures
El Salvador
Costa Rica
Panama
Honduras
1
US$ Million
Dec
2014
Market
Share
Rank.
Dec
2014
Market
Share
Rank.
Dec
2014
Dec
2014
Market
Share
Rank.
Assets
2,095
14%
2
1,751
5%
5
1,277
971
6%
6
Loans
1,545
15%
2
1,090
5%
5
891
731
7%
6
Mortgage
281
12%
3
311
5%
5
16
221
14%
3
Consumer
552
17%
2
156
3%
7
37
166
8%
4
Commercial
712
15%
2
623
6%
5
873
344
5%
6
1,278
13%
2
1,203
5%
5
1,087
676
7%
6
Equity
285
14%
3
178
5%
5
182
104
6%
6
Net income 3
23
13%
3
16
5%
6
13
8
4%
7
Deposits 2
(1) Includes public banks
(2) Includes saving accounts, checking accounts and term deposits.
(3) Net income accumulated
Exchange rate as of December 14: US$ 1 / LPS$ 21,51; US$ 1 / CRC$ 533,31
Source: Financial Superintendence of each country
8
Main International Investment Grade Ratings
Institution
2013
2014
2013
2014
Banco de
Bogota
2013
2014
BBB-
BBB-
BBB
BBB
BBB
BBB+
Stable
Positive*
Stable
Positive
Stable
Stable
Baa3
Baa 3
Baa3
Baa3
Baa3
Baa2
Stable
Stable
Stable
Negative
BBB-
BBB-
BBB-
BBB-
BBB-
BBB-
Stable
Stable
Stable
Stable
Stable
Stable
Davivienda
Bancolombia
Negative Negative
• “Davivienda has restored its capital levels
closer to pre-acquisition levels while gradually
improving its profitability”. Fitch
16
14
13,7
12
10
• “Good asset quality and reserve coverage that
support aggressive capitalization levels”.
Moody’s
8,9
7,4
8
6
11,5
11
7,1
5,9
6,5
4,3
4
2
0
Bancolombia
Banco de Bogotá
Regulatory Capitalization Index
Last Rating Review:
*Fitch Ratings: 20 Jan / 2015 (changed perspective from stable to positive)
Moody’s: 23 Mar / 2015 (maintain rating and perspective in stable)
Standard & Poor’s: 2 Apr / 2014
Tier 1
Source: Standard & Poor’s. March 2014.
RAC projected for 12 to 18 months
9
Davivienda
Projected RAC Index
A Bank that generates value by
growing
10
A Bank with a proven track record of
growth
The Corporation
Financial Regional
Network
The Local Bank
2013 - Corredores Asociados
2012 - HSBC Central America
2007 - Bancafé along with its subsidiaries Fiducafé,
Bancafé International and Bancafé Panamá
2006 - Confinanciera
2005 - Bansuperior along with the
Diners Club franchise
28,201
1997 – Becomes a universal Bank. Acquires Banco
Republica in Venezuela (sold in 2001)
Assets
1972 – Davivienda is incorporated
Annual Growth: 26.3%
12.4%
3.8%
Market Share
Data in US$ million
Source: Financial Superintendence of Colombia
Exchange rate as of Dec 14: US$ 1 / COP$ 2,392.46
11
And continues generating value
Net income has multiplied by 14 in the last 19 years
1
System
418
3,674
TACC Davivienda:
CAGR
Davivienda: 16%
16%
266
TACC
CAGR Sistema:
System: 13%
15
95 96 97 98
(1) Individual figures as of December 2014
Figures in US$ million
Source: Financial Superintendence of Colombia
99 00
01 02
03 04 05 06
12
07
08 09 10
11 12 13 14
Superior growth to its competitors
It is currently ranked 3rd among its competitors with an outstanding
annual growth.
Gross Loans
1
CAGR 2014 / 2006
Banking System: 16%
19%
17%
26%
16%
29,357
17,377
17,110
12,938
7,335
5,038
3,854
2,686
BCOL
BOG
DAV
2006
(1)Includes Leasing and Securitized Loans
CAGR: Compound Annual Growth Rate
Figures in US$ million
Exchange rate as of December 14: US$ 1 / $2,392.46
Source: Financial Superintendence of Colombia. (Individual figures)
2014
13
BBVA
Significant strength in our structure of
products due to key acquisitions
CAGR: 34%
CA
7.7
Commercial
Loans
1.0
11.0
8.7
2.9
1.0
0.03
1.7
1
1.2
2006
2007
5.9
6.3
2011
2012
3.7
2008
CAGR: 18%
2013
2014
CA
4.6
Consumer
Loans
0.5
5.7
1.6
0.5
1.1
2006
CAGR: Compound Annual Growth Rate
Exchange rate as of December 2014: US$ 1 / $2,392.46
Figures in US$ billion
CA includes El Salvador, Costa Rica and Honduras
4.7
2.2
0.3
3.6
1.8
2.3
2007
2008
2011
14
3.9
2012
2013
2014
Nowadays our loans are diversified
2014
2004
15.0%
4.0%
21.5%
Comercial
Consumo
Vivienda
US$ 1,610
US$ 21,283
US$ 1,502
51.7%
26.8%
81.0%
1
Cartera Colombia USD
Cartera Colombia COP
Cartera Internacional
19.7%
7.5%
72.8%
100%
(1) International Loans include Loans from Miami (currently full branch of the bank)
Loans correspond to gross Loans
Figures in US$ million
15
Market share focused on strategical segments and
products
Commercial Loans
Mortgage Loans
29.5%
40.5%
US$ 4,585
US$ 10,958
30%
Consumer Loans
26%
23.4%
US$ 5,702
9.6%
41%
Consolidated figures as of December 2014
Figures in US$ million
16
Tarjetas
de Crédito
Credit Cards
Vehículo
Vehicle
Payroll
libranza
OthersCréditos
Otros
Leasing
Leasing
Residential
Residencial
Social Housing
Vivienda
VIS
A significant growth in funding
sources
23.7
19.7
CAGR: 20.8%
16.6
1.8
2.2
12.7
9.2
10.4
0.6
0.9
2.8
1.1
1.0
1.3
2.9
1.4
3.8
3.8
2009
2010
1.5
1.5
2.8
1.5
2.0
3.2
2.8
6.8
5.5
4.0
2.9
2.5
7.2
8.5
5.4
6.6
2011
2012
2013
2014
Dec 2014
System
Dec 2014
Davivienda
CAGR: Compound Annual Growth Rate
Figures in US$ billion
Exchange rate as of Dec 2014: US$ 1 / $2,392.46
Source: Financial Superintendence of Colombia
1.7
2.3
17
And a sustainable growth on equity
and profits
CAGR: 18%
IPO
1
Follow on
2
Equity
US$ billion
2.0
2.2
2011
2012
2.5
2.9
1.5
2010
Profits
US$ million
2013
2014
CAGR: 16%
242
2010
CAGR: Compound Annual Growth Rate
Exchange rate as of Dec 14: US$ 1 / COP $2,392.46
(1) IPO as of October 2010 for US$ 219 million
(2) Follow on as of November 2011 for US$ 374 million
263
291
2011
2012
18
356
2013
443
2014
Davivienda, Business Strategies
December 2014
Retail
- US$ 10.3 bn in Loans
- 4 million customers
Companies
-US$ 11 bn in
loans
-160
thousand
customers
International
“Davivienda
Multilatina”
- US$ 6.1 bn in
assets
- 787 thousand
customers
Asset Management
- US$ 11.5 bn in assets
under management
-327 thousand
customers
Cifras en USD
DaviPlata
2.2 million customers
19
Wealth Management
The wealth management division has more than USD 11.6 billion in assets
under management and over 327 thousand customers.
On January 2nd 2015 Davivienda Corredores was launched.
Davivienda Corredores has USD 4.6 billion in assets under management and
a portfolio of 125 thousand customers.
An entire Organization at the service of our investor customers
INVESTMENT FUNDS
VOLUNTARY PENSION
FUND
Panamá
INTERNATIONAL INVESTMENTS
20
STOCKS, BONDS, TERM
DEPOSITS
DaviPlata, a new banking network in
Colombia
A new way to manage money from
your mobile.
DaviPlata has more
million
customers
December 2014.
tan
as
2.2
of
Monetary Transactions (1)
50
42
6,300 banking correspondents in
more than 932 municipalities.
2
(1) Figures in million.
21
5
Main Indicators
22
Quality and Coverage (%)
Commercial 1
Total
Mortgages 2
Consumer
Quality: Loans >90 days
Coverage: Allowances / Loans >90 days.
1 Commercial includes microcredit.
2 Mortgages includes leasing for housing.
23
Efficiency Indicators
Fee Ratio(1)
21%
2011
BCOL: 24.4% BOG: 33.3%
BBVA: 14.4%
20%
2012
Efficiency(2)
50.9%
49.0%
2011
2012
21%
22%
NIM(4)
7.9%
BCOL: 6.0% BOG: 4.5%
BBVA: 5.9%
7.8%
7.0%
2013
2014
BCOL: 56.5% BOG: 44.3%
BBVA: 52.9%
53.6%
2013
52.5%
2014
2011
2012
2013
6.8%
2014
Liquidity (3) BCOL: 93.7% BOG: 88.1%
BBVA: 90.6%
84%
2011
83%
2012
(1) Fee ratio = Fees / (Interest Income + Fees)
(2) Efficiency = Operation Expenses without Goodwill / (gross financial margin + Operation Income + other income and expenses, net))
(3) Liquidity = Loans / (Deposits + Bonds + Credits with other entities)
(4) NIM = Financial Margin (12 months) / Average earning Assets
Benchmark corresponds to Individual figures
Source: Financial Superintendente of Colombia
24
84%
2013
86%
2014
Capital Structure
Solvency
9%
4.5%
Dec 13
Mar 14
Sep 14
Dec 14
Minimum Required
Tier I
Tier II
New standard from August 2013, discounts on the primary capital occasional reserves and
investments valuation
25
Mar 15
Profitability Indicators
ROAA
1
1.89%
2011
ROAE
2
1.78%
1.65%
2012
2013
1.76%
2014
Follow on
15.1%
2011
(1) ROAA = Net Income (12 months) / Average Assets
(2) ROAE = Net Income (12 months) / Average Equity
15.1%
13.6%
2013
2012
26
16.6%
2014
Consolidated Balance Sheet
Balance Sheet as of December 2014
(US$ Million)
ASSET S
Dec 13
Sep 14
Dec 14
Dec 14 / Sep 14
Dec 14 / Dec 13
Cash and Interbank Funds
2,089
2,354
2,411
2.4%
15.4%
Investments
3,312
3,056
3,412
11.6%
3.0%
Loans
16,480
18,857
20,457
8.5%
24.1%
Commercial
8,712
9,945
10,997
10.6%
26.2%
Consumer
4,699
5,291
5,702
7.8%
21.3%
Mortgage Loans + Leasing
3,782
4,399
4,585
4.2%
21.2%
Allowances
-713
-778
-826
6.1%
15.9%
Fixed Assets
207
208
216
4.1%
4.4%
Reappraisal
291
311
333
7.0%
14.7%
Other Assets
1,185
1,305
1,372
5.1%
15.8%
T otal Assets
23,563
26,092
28,201
8.1%
19.7%
15,167
17,398
18,218
4.7%
20.1%
Sav ing Accounts
7,052
8,411
8,258
-1.8%
17.1%
Checking Accounts
2,478
2,645
2,946
11.4%
18.9%
Time Deposits
5,460
6,226
6,811
9.4%
24.7%
176
116
203
74.7%
15.1%
Bonds
2,780
2,780
3,212
15.6%
15.5%
Local
1,842
1,935
2,212
14.4%
20.1%
939
845
1,000
18.3%
6.5%
Credits
1,712
2,056
2,280
10.8%
33.2%
Other Liabilities
1,372
1,104
1,576
42.8%
14.8%
T otal Liabilities
21,031
23,338
25,285
8.3%
20.2%
T otal Stockholders' Equity
2,532
2,754
2,916
5.9%
15.2%
T otal Liabilities and Stockholders' Equity
23,563
26,092
28,201
8.1%
19.7%
Liabilities
Deposits
Others
International
EQUIT Y
Exchange rate as of Dec 14: US$ 1 / $2.392,46
27
Consolidated P&L
P&L as of December 2014
(US$ million)
Dec 13
Sep 14
Dec 14
Dec 14 / Sep 14
Dec 14 / Dec 13
Accum Dec 13
Accum Dec 14
Dec 14 / Dec 13
513
546
592
15.4%
8.3%
1,883
2,158
14.6%
449
510
553
23.2%
8.5%
1,731
2,005
15.8%
Commercial
162
184
201
24.7%
9.4%
631
723
14.5%
Consumer
189
203
214
13.0%
5.1%
742
798
7.6%
Mortgage + Leasing
99
123
138
40.2%
12.7%
358
484
35.4%
Mortgages
63
79
92
46.1%
17.0%
232
313
34.9%
Leasing
35
44
46
29.6%
4.9%
125
171
36.3%
Inv estments
63
37
38
-40.3%
3.2%
150
151
0.8%
Interbannks
0
0
1
148.2%
-912.9%
2
2
-35.9%
151
176
196
29.7%
11.3%
597
690
15.5%
Deposits in checking accounts
3
3
4
26.5%
18.6%
9
12
31.2%
Deposits in sav ing accounts
34
41
44
29.0%
8.7%
133
159
19.2%
Deposits in certificates
60
69
77
29.1%
12.5%
227
271
19.7%
Credits with entities
17
19
20
23.2%
7.3%
72
74
2.9%
Bonds
35
40
46
29.4%
14.3%
149
162
8.5%
Repos
2
5
5
115.9%
2.7%
7
12
60.7%
361
370
395
9.5%
6.9%
1,286
1,468
14.2%
Net allowances
56
92
91
61.3%
-1.5%
330
338
2.4%
Net Interest Margin
305
278
304
-0.1%
9.7%
955
1,130
18.2%
Commisions and fees income
126
128
138
9.4%
8.3%
469
521
11.0%
Operating Ex penses
290
278
318
9.6%
14.6%
1,014
1,126
11.1%
5
25
55
971.8%
116.4%
35
78
119.9%
146
153
179
22.7%
17.2%
446
602
35.0%
Other allowances
3
2
0
-91.8%
-89.3%
11
9
-20.6%
Non operativ es
9
-10
-1
-108.9%
-91.7%
21
9
-56.5%
152
141
178
17.3%
26.4%
456
602
32.2%
1
1
1
-13.1%
72.0%
2
3
18.3%
Taxes
42
37
49
15.7%
31.2%
97
156
60.4%
Net Income
108
103
128
18.3%
24.4%
356
443
24.6%
Total Income
Loans
Financial Expenses
Gross Financial Margin
Other income and ex penses, net
Operating Income
Income before taxes and minority interest
Minority Interest
Exchange rate as of Dec 14: US$ 1 / $2.392,46
28
Thanks for your attention!
atencionainversionistas@davivienda.com
+ (57 1) 220 3495