Download - Banco Sabadell FY10 Results
Banco SabadellFY10 Results
January 27th, 2011
2
Disclaimer
Banco Sabadell cautions that this presentation may contain forward looking statements with respect to the business. financial condition. results of operations. strategy. plans and objectives of the Banco Sabadell Group. While these forward looking statements represent our judgement and future expectations concerning the development of our business. a certain number of risks. uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include. but are not limited to. (1) general market. Macroeconomic. governmental. political and regulatory trends. (2) movements in local and international securities markets. currency exchange rate. and interest rates. (3) competitive pressures. (4) technical developments. (5) changes in the financial position or credit worthiness of our customers. obligors and counterparts. These risk factors could adversely affect our business and financial performance published in our past and future filings and reports. including those with the Spanish Securities and Exchange Commission (Comisión Nacional del Mercado de Valores).
Banco Sabadell is not nor can it be held responsible for the usage. valuations. opinions. expectations or decisions which might be adopted by third parties following the publication of this information.
Financial information by business areas is presented according to GAAP as well as internal Banco Sabadell group´s criteria as a result of which each division reflects the true nature of its business. These criteria do not follow any particular regulation and can include forecasts and subjective valuations which could represent substantial differences should another methodology be applied.
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.
These slides do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe to any securities nor shall they or any one of them form the basis of or be relied on in connection with any contract or commitment whatsoever.
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1. 2010 in summary
2. FY10 Results
3. Commercial activity, balance sheet and liquidity
4. Risk management
5. Banco Guipuzcoano integration
6. CREA
Index
4
1. 2010 in summary
5
2010 in summary
Capital ratios improvement
Important commercial GAP generation
Comfortable liquidity position, no reliance on ECB
Net interest margin reflects a higher cost of funding
Sustained growth in the number of customers and deposits
Loan growth
Continued improvement in the new NPL entries trend
High coverage of real estate assets
Good cost management and efficient integration of BancoGuipuzcoano
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2. FY10 results
7
FY10 results
2009 Var.2010
Net Interest Income 1,600.6 1,459.1 -8.8%Equity Method & Dividends 86.5 87.1 0.7%Commissions 511.2 516.5 1.0%Trading Income & Forex 297.4 262.7 -11.7%Other Operating Results 9.3 5.9 -36.9%Gross Operating Income 2,505.0 2,331.3 -6.9%Personnel Costs -715.3 -679.7 -5.0%Administrative Costs -321.5 -356.3 10.8%Depreciations -142.7 -159.0 11.4%Pre-provisions Income 1,325.5 1,136.3 -14.3%
Total Provisions & Impairments -837.7 -968.1 15.6%Gains on sale of assets 83.6 296.1 -Profit before taxes 571.3 464.3 -18.7%Taxes and others -48.9 -84.3 72.5%Attributable Net Profit 522.5 380.0 -27.3%
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Well capitalised
Capital ratios evolutionIn %
10.80 11.08 Core capital 2010: 8.20% +54 bp YoY
Tier I capital 2010: 9.36% +26 bp YoY
6.01
0.61
1.163.642.49
1.72
8.206.67 7.66
1.21
1.44
1.70
2007 2008 2009 2010
Core CapitalLower Tier I
Tier II
9.7810.87
9
Net interest margin reflects the higher cost of funding ...
- 8.8 %
Net interest income evolutionEuros in million
1,459.11,600.6
2009 2010
394.6 418.6 402.3 385.2 374.1 391.1 361.2 332.8
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
10
… with impact in the customer spread
Margins evolutionIn percentage
1.80% 1.83% 1.79% 1.85%1.98% 2.06%
1.95%1.86% 1.78% 1.81%
1.65%1.47%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Net interest margin
2.72% 2.52% 2.31% 2.17% 2.05% 1.91%
5.93% 6.06% 6.28% 6.29% 5.56%4.93%
4.21%3.79% 3.53% 3.49% 3.50% 3.65%
3.13% 3.22% 3.47% 3.48%
1.80%2.80% 2.84% 2.81% 2.81% 2.73%
2.83%
2.21%1.70% 1.48% 1.36% 1.44% 1.59% 1.85%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Customer spread Customer loan yield Cost of customer funds
11
The cost of new term deposits has declinedCost of new term depositsIn percentage
9,279 8,378 8,086 7,956
New term depositsEuros in million
Stock of term depositsIn percentage
No incluye Banco Guipuzcoano
2,02% 2,17% 2,07% 2,17%
2,61%2,81% 2,84% 2,94% 2,97% 3,07% 3,28% 3,11%
2,80%
1,25% 1,23% 1,22% 1,21% 1,24% 1,26% 1,31% 1,42% 1,41% 1,43% 1,54% 1,53% 1,51%
d-09 e-10 f -10 m-10 a-10 m-10 j-10 j-10 a-10 s-10 o-10 n-10 d-10
Coste depósitos a plazo nueva entrada Euribor 12M
61%
41% 48% 49%
21%45% 34% 30%
18% 14% 18% 21%
1Q10 2Q10 3Q10 4Q10
1-6 months Up to 12 monthsOver 12 months
19%
50%
31%
1-6 months Up to 12 months Over 12 months
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Commissions show an improvement
Commissions evolutionEuros in million
+ 1.0 %
29.8 34.1 28.6 31.2 31.2 30.7 28.1 32.8
60.6 52.852.1 51.9 54.2 51.8 53.1
60.8
44.4 45.338.1 42.3 43.8 41.6 42.4
45.9
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
123.6 122.8
173.7
219.9217.4
170.1
2009 2010
511.2 516.5
Asset Mgmt1 Services Lending
1 Including mutual funds commissions and pension funds and non-life insurance brokerage
13
Personnel expenses reflect good cost control…
Personnel expenses evolutionEuros in million
158.1 157.2 159.6 153.7 159.9 162.2 162.5 172.6
31.6 23.6 10.6 20.9 1.0 3.22.915.5
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
628.7 657.1
86.6 22.6
2009 2010
715.3 679.7- 5.0 %
Personnel cost control like-for-like (+0,1% YoY)
Recurrent Non-recurrent
14
Administrative costs remain flat like-for-like
Administrative costs evolutionEuros in million
73.7 78.9 80.888.0
76.0 82.0 84.393.5
5.17.6
7.6
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
321.5 336.1
20.3
2009 2010
321.5356.3
Recurrent Sale&Leaseback
+10.8 %
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The transformation plan has achieved its targets for 2010
Cost reduction measures FTEs* administrative by branch
Accumulated reduction -790 FTE
• The new outsourcing centre has already exceed 160,000 monthly transactions, reaching cost optimization and enabling us to free-up capacity in order to take on new network administrative tasks
• Strengthening the self-service channels and focusing on Internet and mobile phone banking
• Internet based transactions are increasing by 14% and the number of Internet/mobile users has increased by 10%
* FTE= Full Time Equivalents
2.252.00 1.95
1.671.37
1.25
2004 2006 2007 2008 2009 2010
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Network optimisation continues
Employees and branches evolution In number
Cost /income ratioIn %
11Q10 Sabadell United Bank acquisition2 4T10 Banco Guipuzcoano acquisition
10,777
1
1.467
2
Cost / income ratio excluding non-recurrent costs 4Q10: 45.2%
Branches Employees Excluding BG
45.5%43.1% 41.9% 43.1% 42.1% 42.3% 43.6%
46.2%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
1,229 1,230 1,223 1,214 1,221 1,223 1,222 1,221
9,668 9,615 9,5599,466
9,8399,746 9,701
9,624
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
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1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Specific 105.9 148.4 168.5 141.0 228.0 212.2 186.1 124.7Extraordinary charge 0.0 0.0 0.0 0.0 0.0 90.0 46.0 66.0New regulation in loans 0.0 0.0 0.0 0.0 0.0 0.0 -120.0 0.0Substandard 41.9 87.5 258.7 3.4 -54.2 -31.2 -61.9 -30.3Metrovacesa 0.0 46.7 43.4 94.3 0.0 0.0 0.0 76.1Real estate assets 0.3 57.0 67.1 57.2 46.0 209.8 160.9 49.9BCP 0.0 0.0 0.0 210.0 0.0 38.5 0.0 16.2Goodwill and others 1.0 -0.3 9.1 53.5 8.9 5.3 12.2 4.2
Subtotal 149.1 339.2 546.8 559.4 228.6 524.6 223.3 306.8
Generic 0.0 -129.4 -315.5 -311.8 -61.2 1.7 -103.2 -152.6
Total prov. and impair. 149.1 209.8 231.3 247.6 167.4 526.3 120.1 154.2
Important effort in provisions during 2010
Total provisions and impairments evolution and breakdown Euros in million
With a provisions coverage ratio of 57%
€ 837.8m € 968.1m
Metrovacesa NAV: € 21.07
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3. Commercial activity, balance sheet and liquidity
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Dec-09 Dec-10 % Var.
Individuals 128,567 200,507 +56%
Companies 24,567 39,611 +61%
Significant success in gaining new customers
Two major campaigns to attract clients
Cuenta Expansión:92,463 new accounts
BS Negocios: 46,585 new accounts
Important growth in the number of customers …
Comparative brand recognition*
BS
* BS compared with the main Spanish financial institutions
0
5
10
15
20
25
S30 S32 S34 S36 S38 S40 S42
20
… maintaining a good level of transactions on the credit side …Mortgages
1.000
2.000
3.000
4.000
5.000
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
2.000
4.000
6.000
8.000
10.000
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
2.000
4.000
6.000
8.000
10.000
500
1.000
1.500
2.000
2.500
Loans
Credit lines Working capital financing*
4Q10 4Q10
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
In number of new contracts* Under CreditGlobal product
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… increasing market shares …
5.10%
6.04%
Dec. 09
Dec. 10
2.74%
2.60%Dec. 09
Dec. 10
5.53%
7.97%
Dec. 09
Dec. 10
+380 bp
+94 bp
ICO Credit
9.33% (incl. BG)
Cards turnover
+14 bp
PoSs turnover
Improved market shares in international trade, an important driver of the Spanish economy recovery
23.33%
21.33%Dec. 09
Dec. 10
+200 bp
Documentary letter of credit, exports
15.73%
15.02%Dec. 09
Dec. 10
Documentary credit of credit, imports
+71 bp
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7.417.457.387.607.397.01
6.38 6.786.95
6.77 6.61 6.11
2005 2006 2007 2008 2009 2010
Banco Sabadell group Market
0 5 10 15 20
BankinterSantander
Caixa GaliciaDeutsche Bank
Banco GuipuzcoanoCajasurBanesto
Barclays BankCajasol
CCMUnicaja
Caja DueroBanco PastorCaja España
Banco ValenciaCGACanarias
CajasturBBVACAM
IbercajaBanco Santander
Banco PopularCaja Madrid
La CaixaCaixa Catalunya
BBKBancaja
Banco Sabadell
… and a leader in quality of service
Most valuedFewest claims
Renewal of the Global Award of European Excellence
2009 2008
Source: Banco de España, Memoria del servicio de reclamaciones del BdE 2009 and 2008
Source: STIGA, “RCB Análisis de Calidad Objetiva en RedesComerciales Bancarias. Avance trimestral de resultados, 4Q10
Four consecutiive years (2007-2010) increasing the difference vs the system
23
Customer funds growing …
* Excluding repos and including preferent shares and mandatory convertible bonds placed in the retail network.
Customer funds evolutionEuros in million
2009 2010 % Var.% Var.
(ex. BG)
On-balance sheet customer funds* 38,131 49,374 29.5% 16.0%Fix-term deposits 22,150 30,092 35.9% 20.7%
Off-balance sheet funds 18,082 18,834 4.2% -1.2%Mutual funds 9,151 8,853 -3.3% -9.9%Pension funds 2,788 3,016 8.2% -4.2%Third party insurance products 5,380 5,727 6.4% 6.1%
Gross loans to customers ex repos 65,013 73,058 12.4% 0.6%
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… with strong cross selling …
€ 685.6 million
Significant effort in customer retention following the deposit campaigns
Cross selling4.7 products per client
Gathered during 4Q10
€ 1,051.2 million
Flexible Deposit
Platinum Deposit
€ 416.0 million18 months deposit
• Mass market• Personal banking 7.6 products per client
25
-2,000-1,000
01,0002,0003,000
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
10,000
15,000
20,000
25,000
30,000
35,000
1Q09 2Q09 3Q094Q09 1Q10 2Q10 3Q10 4Q100
2,500
5,000
7,500
10,000
-0.5
1.2 1.3
3.35.1 5.8
7.4 7.6 6.88.1
9.611.8
1.7
… generating a positive commercial gap quarter after quarter …Commercial gapEuros in million
Funding evolutionEuros in million
Wholesale funding
Sight deposits
Fix-term deposits
Mutual Funds (rhs)
2010:€5,895m*
* Including €204m from the commercial GAP generated by Banco Guipuzcoano in December
Accumulated commercial gap evolutionEuros in billion
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
12.7
26
2.47%
2.59%
2.70% 2.73% 2.69%2.77% 2.74%
2.79% 2.78% 2.78% 2.79% 2.83%2.88%
2.94%
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
… reflected in the deposits market share …
Deposit market share of other resident sectors1 Including Banco Guipuzcoano
Deposits market share evolutionIn %
3.32%1
27
… and having an impact in the loan to deposits ratio
* Repo transactions not included (neither in loans nor in deposits)
Loan to deposit ratio evolution*In %
Wholesale funding / Total assetsIn %
21%
35%
2007 2010
205%
179%
170%
148%
2007 2008 2009 2010
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Liquidity position 2009 5,940
Commercial GAP BS change 5,691Real estate portfolio change -596Issues maturity -3,012New issues 2,832Net short term issues change -3,473Increase of available ECB eligible assets 1,107B. Guipuzcoano liquidity contribution 1,223Other 857
Liquidity position 2010 10,570
In a demanding environment we concluded 2010 with a comfortable liquidity position…
We continue to generate positive commercial gap
We issued €2.832m in the wholesale markets in 2010
Euros in million
29
Liquid assets Dec-2010
*Liquidity position = Treasury + liquid assets (ECB eligible)
Primary liquidity lineEuros in million
ECB facility
Liquidity position*
… which is shown in the zero balance with the ECB at year-end
Euros in million
Liquid assets (nominal amount) 12,675Liquid assets (Market value including ECB haircut) 10,386
0
2,000
4,000
6,000
8,000
10,000
12,000
Dec-20
05
Mar-20
06
Jun-2
006
Sep-20
06
Dec-20
06
Mar-20
07
Jun-2
007
Sep-20
07
Dec-20
07
Mar-20
08
Jun-2
008
Sep-20
08
Dec-20
08
Mar-20
09
Jun-2
009
Sep-20
09
Dec-20
09
Mar-20
10
Jun-2
010
Sep-20
10
Dec-20
10
30
Repo's 7.94% Client Commercial Paper 1.03%
Wholesale 26.44%
Preferred Shares 0.97%
Deposits 63.61%
Covered bonds
58.34%
Securitization 9.41%
Preference shares 0.79%
ECP 10.40%
Subordinated debt 5.97%
Senior debt 15.09%
2.50%
1.58%2.01%
1.01%0.89%1.10%0.75% 0.70% 0.63% 0.76%
1.48%1.28%1.48%
1.83%
2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
BS has a balanced funding structure …Funding structureIn percentage
Wholesale market breakdownIn percentage
Issuing capacity Euros in million
Wholesale funding cost evolutionIn percentage
Wholesale funding cost
Euribor 3m
*
* BS has not used the State guarantee
CH issuing capacity 2,638CT issuing capacity 842State backed guarantees available 5,601
3030
31
1,4422,3072,8804,6884,914
75%78%56%
149%
100%
4Q09 1Q10 2Q10 3Q10 4Q10
Outstanding amount commerciapaper + ECP (excl. BG)% renewal
1,60
963 0
1,60
01,
289
900
1,46
248
080
1,50
00 0
1,00
00 0
250
01,
500
0 01,
875
1,13
70 50
1500
300
200
0 0 1317
010
0
0
500
1,000
1,500
2,000
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
1Q17
3Q17
1Q18
3Q18
… with a comfortable maturity calendar
Wholesale funding maturity calendar Including Banco Guipuzcoano. Euros in million
Maturity by product type Euros in million
Short term funding Euros in million and percentage
Matured
BS BG BS BG BS BG BS BGCovered bonds (CH) 1,800 1,739 1,580 7,220 500Public sector covered bonds (CT)Senior debt 1,047 400 1,732 50 25Asset backed guarantees 400Subordinated, preference and convertible bonds 1,371 125Other mid- and long-term financial instruments 230 92
2011 2012 2013 >2013
32
4. Risk management
33
NPL ratio below the system average …
1%
2%
3%
4%
5%
6%
7%
8%
9%
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 1009
BS NPL ratioSystem NPL ratio
1
1 November data
Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
BS NPL ratio 2.82% 3.19% 3.47% 3.73% 4.09% 4.38% 4.72% 5.01%
System NPL ratio 4.27% 4.60% 4.86% 5.08% 5.33% 5.35% 5.49% 5.68%
34
… with new entries in a downward trend
Entries and recoveriesEuros in million
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Entries 806.7 788.3 709.0 671.8 670.9 647.7 650.7 623.5
Other provisioned loans entries 0.0 35.4 41.0 63.9 349.7 256.4 382.0 362.1
Recoveries -480.1 -532.9 -531.9 -489.4 -578.9 -591.6 -617.3 -728.3
Write-offs -1.7 -25.4 -9.2 -31.2 -183.3 -93.1 -201.3 -30.5
Quarterly change on NPLs 324.8 265.4 208.9 215.1 258.4 219.4 214.1 226.8
NPLs from B. Guipuzcoano 442.8
Total 669.6
35
Total Normal Substan- dard NPL NPL
ratio*Companies 52,999 46,810 2,928 3,260 5.53%
Real Estate development and/or RE construction purposes 10,170 6,451 2,174 1,543 15.31%Construction purposes, not related to real estate development 928 783 1 145 7.16%Other purposes 41,901 39,576 753 1,572 3.34%
Large corporates 14,706 14,091 292 323 1.77%SME, small retailers and self-employed 27,195 25,485 461 1,249 4.36%
Individuals 18,751 18,087 1 661 3.49%1st mortgage guarantee assets 16,396 15,888 1 507 3.09%Other real guarantees assets 474 468 0 5 0.99%Other 1,881 1,732 0 149 7.21%
Subtotal gross loans to customers 71,750 64,897 2,929 3,921 5.01%Other gross loans to customers 1 1,307 22
Total gross loans to customers 73,057
Credit exposure and NPLsaccording by purpose
*Includes off-balance sheet items1Includes caption 4: public entities; caption 8:other assets and deferral adjustments.
Euros in million
36
Total 10,170
No mortgage guarantee 642Mortgage guarantee 9,528
Finished buildings 3,765Housing 3,633Other 132
Buildings under development 1,248Housing 1,133Other 115
Land 3,043Developed land 2,741Rest of land 302
Financing real estate developers with mortgage guarantees 1,472
Breakdown of credit exposure for real estate development and/or RE construction purposes
37
The coverage of real estate assets increases to 31%
Focus on building up a real estate coverage buffer which currently stands at 31%
Coverage evolutionEuros in million
Transactions by type Euros in million
Repossessions Banco Guipuzcoano
Sales
2009 2010
Gross portfolio 1,786 2,880
Total fund 248 888
Net portfolio 1,538 1,992
Coverage 14% 31%
138.3
414.3
92.7 178.5
498.0
-89.7 -96.1-29.8-12.3
1T10 2T10 3T10 4T10
38
26%
31%
Peer Group Banc Sabadell0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Real estate over total loans In %
Coverage of real estate assets In %
Source: Bank of Spain and annual reports
The weight of the real estate portfolio is below the sector average
Sav. banks System BanksBS
5,06%
3,93%
2,93%
2,77%
39
Real estate portfolio breakdown
Breakdown of real estate assets by origin: asset swaps, mortgagerepossessions and others Euros in million
Gross value Coverage (in %)
Net book value
Real estate assets from financing addressed toconstruction and RE development companies 2.571 774 30% 1.797
Finished buildings 594 126 21% 468Housing 379 90 24% 289Other 215 36 17% 179
Buildings in construction 244 61 25% 183Housing 106 34 32% 72Other 138 27 20% 111
Land 1.733 587 34% 1.146Land under development 695 219 32% 476Building land 1.038 368 35% 670Other 0 0 - -
Real estate assets from mortgages for house acquisition 293 104 35% 189Other repossessed real estate assets 16 10 64% 6
Real estate portfolio 2.880 888 31% 1.992
40
Amount % Fund Coverage
Gross loans to customers ex repos 73,058Of which:
NPLs 4,074 5.6% 1,370 33.6%Substandard 3,028 4.1% 511 16.9%
Acquired and repossessed RE assets 2,880 3.9% 888 30.8%Write-offs 680 0.9% 680 100.0%Potentially problematic exposure 10,662 14.6% 3,449 32.3%
Pro memoria:10,662 424 36.3%
Global coverage ratio 4,074 2,305 56.6%
% Coverage including generic provision
Coverage breakdown as per Bank of Spain’s Financial Stability Report
Total lending Euros in million and percentage
41
5. Banco Guipuzcoanointegration
42
Goodwill resulting from the incorporation of Banco Guipuzcoano
626
288
326
12
GuipuzcoanoEquity
Sharesexchanged
Convertiblebonds
exchanged
Initialdifference
(capitalgeneration)
-12
238 226
Initial difference Provisions fromconsolidation
Final Goodwill
Capital generationEuros in million
Goodwill calculationEuros in million
As a result of the consolidation of Banco Guipuzcoano gross provisions of €340m (credit, real estate and others) have been recognized. The impact net of taxes is €238m.
43
2010
Closing
16-25/11
• Implementation of the “squeeze out”
• Corporate governance adjustments in BG
• Change of Control
• Commercial coordination BG/BS
• Boosting commercial platform at BG
• Liquidity management integration
9/4
2011
“Big Bang” IT integration
• Integration IT/OPS
• Network streamlining and commercial approach rest of areas
• New brand implementation
• Merger of commercial management and risk control
• Corporate center plan
• Business integration (real estate, insurance, asset management)
2012
Streamlining of branches
Enero
New reporting lines presented
BG’s integration will be done via “Big Bang” in April
44
Early retirements
Euros in million
IT costs & others
Restructuring costs amount to € 113 million
2010 2011e 2012e TOTAL
TOTAL
12 54 9 75
34 4 38
88 13 11312
45
Cost synergies breakdown
79% of synergies will be achieved by 2011; payback in 24 months
Synergies breakdownEuros in million
Achievement by
Administrativeexpenses
Personnel
2011E 2012E
19 26
24 29
43 55
46
6. CREA (2011-2013)A plan based in 2010 commercial success
47
CREA Plan (2011-2013)
CrecimientoRentabilidad
AmbiciónEficiencia
Growth
Profitability
Efficiency
Ambition
48
Domestic market
+
International business
Net interest margin
management
New clients and market share gains
Cost and efficiency
Sabadell““Profitable growth”
Perfect integration of Banco Guipuzcoano
CREA Plan (2011-2013)Liquidy
Solv
ency
1 2
• Diversification balance sheet / risks
• Development of Project America
• Improvement of positioning of international business
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Increasing individual customers by 1,000,000 and companies by 160,000
Productivity improvement of 33%, increasing customers per branch to 2,400
Increasing market share to 4.9% in individuals and 24% in companies
Annual growth of 5% in loans and 10% in customer funds
Plan CREA (2011-2013)Objectives
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InvitationBanco Sabadell cordially invites you to attend its Investor Day on February 16th. The Management Team will present Banco Sabadell's strategic business plan 2011-2013, Plan CREA.
WHERE: LondonWHEN: 16th February 2011
SPEAKERSJosep Oliu, Chairman and CEOJaume Guardiola, Consejero DelegadoTomás Varela, CFO
Agenda:8.00 a.m. – 8.15 a.m. Registration8.15 a.m. – 9.45 a.m. Management presentations9.45 a.m. – 10.30 a.m. Q&A10.30 a.m. – 11.00 a.m. Closing remarks
Venue: Clothworkers' Hall (map and address of the venue attached)
Please confirm your attendance to the Banco Sabadell Investor Relations department before February 1st.
Ban
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, 16th
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Banco Sabadell Investor Relations. C/Sena 12, Sant Cugat del Vallés, Barcelona (Spain)[email protected] ℡ + (34) 93 728 1200
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