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24th Annual General Meeting Erste Group Bank AG 17 May 2017 Wiener Stadthalle
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Friedrich Rödler Chairman of the supervisory board
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First item on the agenda
Report on the financial year 2016
3
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Report on the financial year 2016 of Erste Group Bank AG (consolidated)
Andreas Treichl CEO Erste Group
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Disclaimer – Cautionary note regarding forward-looking statements
5
• THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THIS INFORMATION OR OPINIONS CONTAINED HEREIN.
• CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON MANAGEMENT’S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS.
• NONE OF ERSTE GROUP OR ANY OF ITS AFFILIATES, ADVISORS OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS DOCUMENT OR ITS CONTENT OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT.
• THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE FOR ANY SHARES AND NEITHER IT NOR ANY PART OF IT SHALL FORM THE BASIS OF OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER.
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Operating environment – Strong economic development in Erste Group‘s markets
Real GDP growth (in %)
Domestic demand contribution to GDP growth (in %)
6
• CEE economies grew faster than the euro zone in 2016 (euro zone GDP grew by 1.8% yoy in 2016) • Domestic demand remained significant growth driver in 2016 • Insignificant contribution of exports to GDP growth in 2016
CZ
2.7 2.3
AT
1.5 1.5
2.9
HR
3.2
HU
3.4
2.0
RO
4.3 4.8
SK
3.1 3.3
HR
3.4 3.1
HU
3.6
0.4
RO
5.9 5.6
SK
2.2 1.5
CZ
2.4
1.6
AT
1.4 1.9
2017 2016
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Operating environment – Solid public finances in Erste Group‘s markets
General government balance (in % of GDP)
Public debt (in % of GDP)
7
• General government balance in all markets except Romania within Maastricht limit • Public debt in most markets below 60% Maastricht limit; Austria, Hungary and Croatia are exceptions,
but with a positive trend
HR
-1.4 -1.6
HU
-2.7 -2.2
RO
-3.5
-2.8
SK
-1.5
-2.2
CZ
-0.6
0.5
AT
-1.2 -1.6
8474
37
52
37
85 8274
39
52
36
81
SK HR RO CZ AT HU
2016 2017
Maastricht limit: -3%
Maastricht limit: 60%
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Business environment – Historic low interest rate environment poses challenges
Austria
8
Czech Republic Romania
Slovakia Hungary Croatia
• ECB cut discount rate to 0% in March 16; maintains expansionary monetary policy stance
• National bank maintains ultra-low interest rates since Nov 2012 at 0.05%
• Central bank cut policy rate to historic low of 1.75% in May 2015
• As part of euro zone ECB rates are applicable in SK
• Base rate was cut to historic low of 0.9% in May 2016
• Central bank maintains discount rate at 3.0% since 2015
2016 2015
0.46%
-0.23%
0.74%
-0.02%
10-year Gov 3m Interbank
2016 2015
0.43%
0.29%
0.67%
0.31%
2016 2015
3.36%
0.65%
3.50%
1.10%
2016 2015
0.58%
-0.23%
0.82%
-0.02%
2015 2016
3.19%
1.06%
3.44%
1.61%
2015 2016
0.73% 0.98%
Source: Bloomberg.
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Business performance: customer loans and deposits – Continued loan growth, strong deposit base, balanced business
Customer loans (net)
Loan/deposit ratio
9
0.1 0.3
RS 0.8 0.7
HR 5.8 6.0
HU 3.2 3.1
SK 10.2 9.3
RO 7.1 7.2
CZ 21.4 19.7
AT/OA 12.1 12.1
AT/SB 39.5 38.0
AT/EBOe 30.6 29.5
Group 130.7 125.9
Other in EUR bn
31/12/16 31/12/15
Customer deposits
117.9% 107.3%
100.8% 111.3%
70.4% 77.9%
89.7% 87.3%
66.8% 75.9% 73.2% 74.6%
297.3% 326.9%
98.8% 100.5%
96.1% 97.4% 94.7% 98.4%
0.0 -0.5
0.7 0.6
5.7 5.4 4.6 4.0
11.4 10.7 10.6 9.4
29.2 26.4
4.1 3.7
39.9 37.9
31.8 30.3
138.0 127.9
in EUR bn Not meaningful
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Business performance: operating revenues and expenses – Pressure on revenues, increase in costs driven by regulatory requirements and IT
Operating revenues Operating expenses
10
4,445
6,772 255 210
2015
1,862
-1.0%
2016
6,703 261 284
1,783
4,375
Other income Net trading result Net fee and commission income Net interest income
445 4,028
2016
3,869
2,245
+4.1%
453
1,236
2,339
2015
1,179
Depreciation and amortisation
Personnel expenses Other administrative expenses
in EUR m in EUR m
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Business performance: operating result and cost/income ratio – Operating result declines year-on-year
Geographic segments
Performance summary
• Declining operating result across all countries, except Serbia
• Pressure on operating performance in:
• Romania due to NPL disposals • Czech Republic due to low interest rate
environment & card fee cap • Savings Banks due to higher operating expenses
11
RS 21
340
469
326
-157 Other -104
145
SK 320 157
RO
334 266
424
AT/EBOe 391 400
Group
751 CZ 713
213 215
2,663 2,903
HU
19
HR
AT/OA
AT/SB
323 52.2% 51.6%
63.1%
70.7% 67.3%
61.6% 60.2%
57.1%
48.5% 50.1%
56.8%
47.6%
53.5% 46.2%
46.6% 57.5%
44.3%
65.2% 66.9%
47.7%
in EUR m
2016 2015
Not meaningful
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Business performance: risk costs – Risk costs fall in all segments
Geographic segments
Performance summary
• Healthy or improving credit risk environment across the board: • Austria, supported by all three subsegments • Romania and Hungary, benefited from releases
of risk provisions • In all other CEE-markets
12
97
79
84
59
85
11
58
71
4
48
70
24
54
29
48RS
Other
HR 167
HU -92 106
SK
RO -62 -16
CZ
729
AT/OA
AT/SB
AT/EBOe
Group 196 0.56%
0.10% 0.20%
0.53%
-2.19%
0.68%
0.36% -0.18%
0.51%
-0.69%
0.21%
0.18% 0.61%
2.37%
0.13%
0.15%
0.72% 2.44%
0.63% 1.78%
in EUR m
2016 2015
Not meaningful
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Business performance: asset quality in 2016 – Strong asset quality improvement across all segments
NPL volume
NPL coverage (exc collateral)
13
41
75
33
56
AT/OA
1,712
686 1,345
AT/SB 2,219
6,678
AT/EBOe
9,314
861 781
1,980
834
475 540
HU
RO
Other
RS
HR 704 1,032
339 655
SK
CZ
928
695
Group
31.3% 13.5%
10.5% 6.8%
11.2% 15.3%
9.7% 18.7%
4.5% 5.6%
11.8% 20.2%
3.2% 4.1% 5.5%
10.5% 4.9% 5.6%
2.5% 2.9%
4.9% 7.1%
in EUR m
2016 2015
NPL ratio
96.7% 99.8% 99.1%
88.4% 72.4%
67.4% 75.0%
59.0% 72.1%
65.7% 85.3%
77.4% 82.8%
72.4% 63.9%
53.2% 58.1% 57.7% 59.3% 62.6%
69.1% 64.5%
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Business performance: other result – Other result improves slightly despite higher banking levies
Other result *
Levies on banking activities
14
• Other result slightly improved yoy as a result of the VISA sale
• Increase in banking levies due to one-off banking tax payment in Austria
-517
2016 2015
-535 -389
-236
2016 2015
in EUR m in EUR m
*) Includes other operating result and gains/losses from financial assets and liabilities not measured at fair value through profit or loss, net.
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Business performance: pre-tax result and taxes on income – Further increase in pre-tax result
Pre-tax result
Taxes on income
15
• Risk costs at historic low lead to further improvement of pre-tax result
• Tax rate is at 21.2% in 2016
2016
1,950
2015
1,639
-414-364
2015 2016
in EUR m in EUR m
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Business performance: net result and dividend – Dividend doubled to EUR 1.0 per share
Net result
Dividend
16
• Highest net profit in corporate history • Payout ratio equates 34.0%
2016
1,265
2015
968
2016
1.0
2015
0.5
in EUR m in EUR
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Business performance: regulatory capital position – Capital build continues at fast pace in 2016, resulting in 13.4% in CET1 ratio
Regulatory capital (EUR bn)
Risk-weighted assets (EUR bn)
17
Capital ratios (in %)
5.4 5.2
2016
18.8
13.6
2015
17.6
12.1
Tier 2 CET1
2.8 10.8
84.7
2016
101.8 3.6
15.1
83.1
2015
98.3
Market risk Op risk Credit RWA
2016
18.5
13.4
13.4
2015
17.9
12.3
12.3
Total capital CET1 Tier 1
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Q1 17 performance summary – Lower net interest income weighs on operating result
Operating revenues
Operating expenses
18
Operating result
443 458
-1.4%
1-3 17
1,615 57 49
1,051
1-3 16
1,637 50 51
1,092
Other income Net trading result Net fee and commission income Net interest income
565 572
334 332
+0.9%
1-3 17
1,018 114
1-3 16
1,009 110
Depreciation and amortisation Other administrative expenses Personnel expenses
in EUR m in EUR m in EUR m
599620-3.4%
1-3 17 1-3 16
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Q1 17 performance summary – Net profit slightly down in Q1 17
Risk costs
Other result
19
Net result
• Risk costs remain at historic low despite increase
• Other result improves mainly due to a lower banking levy in Austria
• Return on tangible equity of 9.8%
6656
+16.7%
1-3 17 1-3 16
-99
-137
1-3 17 1-3 16
in EUR m in EUR m in EUR m
262275-4.6%
1-3 17 1-3 16
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Q1 17 performance summary – Volume growth at excellent asset quality
Customer loans (net)
Customer deposits
20
NPL ratio
• Customer loan growth mainly driven by the Czech Republic
• Continued inflow of customer deposits despite low interest rate environment
• Asset quality remains at excellent level
31/3/17 31/12/16
130,654 132,992
+1.8%
144,707
+4.9%
138,013
31/12/16 31/03/17
in EUR m in EUR m
4.9%
31/03/17
4.9%
31/12/16
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Share price performance – Share price up 21% year-to-date and up 46% year-on-year
21
15
20
25
30
35
in E
UR
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• Real GDP growth of between 1.5-4.5% expected in 2017 in CEE and Austria • Real GDP growth to be driven by solid domestic demand, as real wage growth and declining
unemployment support economic activity in CEE • Solid public finances across CEE
Macro outlook 2017
• ROTE for 2017 targeted at 10%+ (based on average tangible equity in 2017) • Assumptions for 2017: at best flat revenues (assuming 5%+ net loan growth); cost inflation
of 1-2% due to regulatory projects and digitalisation; increase in risk costs, remaining at historically low levels; positive swing in other operating result due to lower Austrian banking tax
Business outlook 2017
• Impact from expansionary monetary central bank policies, inc negative interest rates • Political risks, eg various elections in key EU economies • Geopolitical risks and global economic risks • Consumer protection initiatives
Risk factors for guidance
22
Conclusion – Outlook 2017
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Thank you for your attention!
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Agenda Items
Friedrich Rödler Chairman of the supervisory board
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Second item on the agenda
Appropriation of the profit
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Third item on the agenda
Grant of discharge to the members of the management board
26
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Fourth item on the agenda
Grant of discharge to the members of the supervisory board
27
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Fifth item on the agenda
Resolution on the remuneration of the members of the supervisory board
28
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Sixth item on the agenda
Appointment of an additional auditor
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Seventh item on the agenda
Elections to the supervisory board
30
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Eighth item on the agenda
Acquisition of own shares for the purpose of securities trading
31
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Ninth item on the agenda
Acquisition of own shares for no designated purpose
32
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Tenth item on the agenda
Acquisition of own shares for the purpose of offering these to employees, members of the management board or to a private foundation
33
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Eleventh item on the agenda
Amendments of the articles of association
34
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24th Annual General Meeting Erste Group Bank AG
Q & A
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24th Annual General Meeting Erste Group Bank AG
Resolutions
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Second item on the agenda
Appropriation of the profit
37
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Third item on the agenda
Grant of discharge to the members of the management board
38
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Fourth item on the agenda
Grant of discharge to the members of the supervisory board
39
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Fifth item on the agenda
Resolution on the remuneration of the members of the supervisory board
40
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Sixth item on the agenda
Appointment of an additional auditor
41
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Seventh item on the agenda
Elections to the supervisory board
42
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Eighth item on the agenda
Acquisition of own shares for the purpose of securities trading
43
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Ninth item on the agenda
Acquisition of own shares for no designated purpose
44
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Tenth item on the agenda
Acquisition of own shares for the purpose of offering these to employees, members of the management board or to a private foundation
45
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Eleventh item on the agenda
Amendments of the articles of association
46
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24th Annual General Meeting Erste Group Bank AG
Thank you for your active participation!