Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Q3 2011
21
Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Q3 2011
Transcript of Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Q3 2011
Gjensidige Bank ASA Gjensidige Bank Boligkreditt AS Q3 2011
II. Performance key figures - Gjensidige Bank group
III Gjensidige Bank Boligkreditt AS
I. Strategy and concept - Gjensidige Bank group
Gjensidige Bank 2 11.11.2011
I. Strategy and Concept Gjensidige Bank group
Gjensidige Bank Group
11.11.2011 4 Gjensidige Bank
Gjensidige Bank Holding AS
Gjensidige Bank ASA
Gjensidige Bank Boligkreditt AS
Gjensidige Forsikring ASA
Online bank for the retail market
• Support product for the core general insurance business in Norway
• Customers meet Gjensidige Bank in the group’s portal on www.gjensidige.no
• Self-service concept with attractive terms
• Differentiated from other players through its association with Gjensidige groups brand name, customer base and distribution network
Gjensidige Bank Concept
11.11.2011 5 Gjensidige Bank
• The Bank differentiates itself from other players in the market through its association with the Gjensidige Group’s brand name, customer base and distribution network
• One of Norway’s 25 largest banks
Strong Brand
• 96,333 customers
• Agreements with the Norwegian Society of Chartered Technical and Scientific Professionals, the Confederation of Vocational Unions and the Norwegian Society of Engineers and Technologists
• Close ties with agricultural sector – a 10-year collaboration agreement with the Norwegian Farmers and Smallholders Union reached in January 2010
• Bank’s products also form part of the Gjensidige Group’s loyalty programme
• Self-service concept with attractive terms, and straightforward procedures that ensure good customer experiences over the Internet
• 21 modern financial services centers established across the country
• All key banking products offered
• Simplify customers’ transactions
• Effective risk management program
• Insourcing services
Wide Customer Base
Efficient Distribution Strategy
Strong Know How
11.11.2011 6 Gjensidige Bank
Gjensidige Bank Key Competitive Strengths
II. Performance Key Figures Gjensidige Bank group
Gjensidige Bank Group Key Figures
11.11.2011 8 Gjensidige Bank
30.09.2011 2010 2009
Tier 1 capital % 14,5 16.1 17.8
Equity MNOK 1,258 1,290 1,212
Loans to customers MNOK 14,751 14,119 11,576
Deposits from customers MNOK 9,251 9,120 6,550
Assets under management MNOK 15,868 15,764 12,733
Profit before tax expense MNOK 52 33 (76)
Return on equity % 5.5 2.7 (7.8)
Registered customers Number 96,333 89,594 75,945
Registered customers who are also insurance customers
Number 46,970 43,764 36,000
Gjensidige Bank Group Funding
11.11.2011 9 Gjensidige Bank
MNOK 30.09.2011
Senior bond debt/Certificate debt 2,750
Covered bond debt (excl. swap arrangement)
1,750
Total liabilities generated by issuance of securities
4,500
Swap arrangement for covered bonds with Norges Bank
513
New issues in 2011 900
Repayments in 2011 1,165
Including swap arrangement with Norges Bank in 2013, and call agreements for covered bond according to loan agreements
Gjensidige Bank Group Third quarter 2011
Cost program progresses according to plan
Positive development compared to prior year
Growth in loan volume
Increased share of mortgage loans
Launch of Fordel Credit card
11.11.2011 10 Gjensidige Bank
Gjensidige Bank Group Progress result/total assets
11.11.2011 11 Gjensidige Bank
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
Q3-2011 Q4-2010 Q4-2009
MN
OK
Total assets
0
10.000
20.000
30.000
40.000
50.000
60.000
Q3-2011 Q3-2010 YTD Q3 2011 YTD Q3 2010
NO
K 1
000
Profit before tax
Gjensidige Bank group Loan portfolio 31.12.2010
11.11.2011 12 Gjensidige Bank
Geographical spread
(Figures in NOK 1000)
Loans Percent
Akershus 2.697.186 19,1 %
Oslo 2.717.703 19,2 %
Østlandet other 3.306.553 23,4 %
Vestlandet 2.887.877 20,5 %
Midt-Norge 1.272.318 9,0 %
Nord-Norge 796.695 5,6 %
Sørlandet 417.088 3,0 %
Abroad 24.065 0,2 %
Total gross loans 14.119.485 100,0 %
Secured loans 11.388.180
Unsecured loans 2.731.305
Akershus
19,10 %
Oslo
19,20 %
Østlandet
23,40 %
Vestlandet
20,50 %
Midt-Norge
9,00 %
Nord-Norge
5,60 %
Sørlandet
3,00 % Abroad
0,20 %
III. Gjensidige Bank Boligkreditt AS
Gjensidige Bank Boligkreditt AS a strategic initiative of Gjensidige Bank ASA
The rationale for establishing the company was to issue covered bonds
(OMF) to obtain competitive and long-term financing for Gjensidige Bank
Group through:
Participation in the OMF swap facility (Ministry of Finance)
Sale of OMF bonds in the financial market
Gjensidige Bank Boligkreditt AS received a license from the Financial Supervisory Authority in June 2009
Buys mortgages from Gjensidige Bank
Services such as customer and loan management as well as day-to-day management and administrative services are provided by Gjensidige Bank ASA & Gjensidige Forsikring ASA
Offered seven loans for sale (OMF - covered bonds) with a total face value of BNOK 2.7
The loans are listed on the Oslo Alternative Bond Market (ABM)
11.11.2011 14 Gjensidige Bank
Gjensidige Bank Boligkreditt AS Key figures
11.11.2011 15 Gjensidige Bank
Key figures 30.09.2011 2010
Gross loans to/claims from customers MNOK 3,163 2,355
Issued covered bonds MNOK 2,700 1,800
Average loan-to-value ratio Percent 47.4 44.6
Average loan volume MNOK 1.1 1.0
Loans to customers Number 2,878 2,296
Residences/homes Number 2,853 2,251
Weighted average remaining life Month 156 141
Delinquencies Volume 0 0
Loans with fixed interest rates Volume 0 0
Maximum loan 75% of market value
All loans are secured by mortgages on homes in Norway
Gjensidige Bank Boligkreditt Third quarter 2011
11.11.2011 16 Gjensidige Bank
Income statement
Figures in NOK 1000
YTD Q3. 2011
2010
Net interest/credit commission income 12,203 14,451
Commission income 324 60
Total income 12,527 14,511
Operating expenses 3,112 4,089
Profit before loss 9,415 10,423
Write-downs on loans 188 322
Profit before tax expense 9,228 10,101
Balance sheet
Figures in NOK 1000
30.09.2011
31.12.2010
Loans to/claims from customers 3,162,570 2,355,007
Liabilities opened for the issue of securities 2,696,001 1,795,888
Short selling credit and long-term credit line from Gjensidige Bank ASA
388,207 480,936
Equity 234,610 137,966
Capital adequacy 17.6% 14.5%
Gjensidige Bank Boligkreditt AS Loan-to-value
11.11.2011 17 Gjensidige Bank
28,5 %
23,1 %
28,3 %
19,5 %
0,6 %
0 %
5 %
10 %
15 %
20 %
25 %
30 %
0-40 % 40-50 % 50-60 % 60-75% Over 75%
Loan-to-value
• 80 percent of loans are within 60 percent loan to value ratio
Gjensidige Bank Boligkreditt AS Loans geographical spread 30.09.2011
11.11.2011 18 Gjensidige Bank
Geographical spread (mortgaged location)
(Figures in NOK 1000)
Percent
Akershus 26,6 %
Oslo 21,0 %
Vestlandet 19,3 %
Østlandet other 15,9 %
Midt-Norge 8,5 %
Nord-Norge 4,7 %
Sørlandet 4,0 %
Total gross loans 100,0
Gjensidige Bank Boligkreditt AS Funding
11.11.2011 19 Gjensidige Bank
MNOK 30.09.2011
Covered bond debt 2,700
New issues in 2011 900
Repayments in 2011 0
Due date according to loan agreements
0 0 0 100 175
675
- - -
1.000 675
75
0
200
400
600
800
1000
1200
2011 2012 2013 2014 2015 2016
Mn
ok
Due date covered bond
Gjensidige Bank own book including Swap Market
11.11.2011 Gjensidige Bank 20
Gjensidige Bank Boligkreditt AS Issued Bonds
NOK thousand
ISIN N UM B ER C UR R EN C Y R A T E ISSUED M A T UR IT Y EXT . M A T UR IT Y F A C E VA LUE
NO0010538481 NOK Variable 16.09.2009 16.09.2014 16.09.2015 250.000
NO0010538499 NOK Variable 16.09.2009 15.04.2015 15.04.2016 250.000
NO0010538507 NOK Variable 16.09.2009 16.11.2015 16.11.2016 500.000
NO0010562085 NOK Variable 29.12.2009 19.09.2013 19.09.2014 500.000
NO0010538481 NOK Variable 17.11.2010 16.09.2014 16.09.2015 300.000
NO0010607385 NOK Variable 08.04.2011 15.04.2014 15.04.2015 300.000
NO0010612278 NOK Variable 30.05.2011 03.06.2014 03.06.2015 300.000
NO0010615644 NOK Variable 24.06.2011 30.06.2015 30.06.2016 300.000
Total liabilities through the issuance of securities 2.700.000
Gjensidige Bank Boligkreditt AS Cover pool
11.11.2011 Gjensidige Bank 21
High quality cover pool
• No mortgage loan defaults over 90 days • Substitute assets: Bank deposit in Gjensidige Bank ASA and other banks
Cover Pool 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011
Residential Mortgages 1.613.698 2.664.524 2.383.117 2.353.434 2.139.887 2.913.435 3.158.617
Subsitute Assets 78.827 117.556 89.452 70.177 81.578 125.922 166.777
Bank Deposit Gjensidige Bank ASA 78.827 65.497 65.260 45.839 57.094 101.280 141.956
Bank Deposits Other banks 52.059 24.192 24.338 24.484 24.642 24.821
Sum 1.692.525 2.782.080 2.472.569 2.423.611 2.221.465 3.039.357 3.325.394
Overcollateralization 12,8 % 85,5 % 64,8 % 34,6 % 23,4 % 12,6 % 23,2 %
