Yap ı Kr e di 1H 2007 E ar nings Pr e se ntation 30 June 2007, BRSA Bank- only Re sults İ stanbul, 3 August 2007 1
1H2007 Ke y Highlights: Po st-me r ge r c atc h up we ll e n r o ute … 401 mln of ne t inc ome ; 7x YoY (1) and 13% QoQ ; R of 23% (+19 ppts up YoY (1) ) � YT L OE e gains in almost all segments of loans and deposits over 1Q07 with the return of commercial � Mar ke t shar focus to the network as a result of se gme nt- foc use d or ganisation put in place owth of 25% YoY (1) , solid fe e &c ommission gr owth of 13% QoQ as a result of renewed � He althy r e ve nue gr commercial focus � CAR at 12.3% including impact of operational risk and issuance of E dinate d loan in June ur o 200 mln subor guar ante e d by UniCr e dit � Cost/ Inc ome down to 60% (2) (-7 ppts YoY (1) ) ( 50% if cost base adjusted for IFRS) atio down to 6.8% (-0.7 ppts vs 1Q) excluding the new regulation impact (6.5% including) with 80.5% � NPL r NPL pr ovisioning c ove r age anc h openings in 2Q07 as a first step of r � 23 ne w br e c e ntly announc e d ac c e le r ate d br anc h ope ning plan ( total # of br anc he s: 638) ova on 13 July will lead to a debt reduction to US$258 mln � E ar ly c olle c tion of US$480 mln fr om Çukur � 91.90% of shar atio announced on 23 July for ing and YK e e xc hange r tr ansfe r r ing YK L e a sing, YK F ac tor S to YKB , 1.6% increase expected in KFS ownership up to 81.8%. Subject to BRSA and Aze r baijan fr om KF CMB approvals, c omple tion of KF S r e str uc tur ing e xpe c te d within 2007 (1) In comparison with 1H 2006 YKB merged bank figures normalized for the financial cost of stake increase and sub-loan as well as some minor accounting policy applications. 2 (2) Adjusted by loan write-off, mainly from Superonline. Unadjusted: 64%
Co ntinue d to build fur the r tr ac k r e c o r d in pr o fitability impr o ve me nt and str ic t c o st manage me nt Ne t Inc ome (mln YT L ) ROE 35% on 33% on tangible 401 tangible e quity e quity +31 ppts 6.7X +19 ppts 25% 23% 213 22% 188 60 4% - 6% -47 1H06N 1H07 2Q06N 1Q07 2Q07 1H06N 1H07 2Q06N 1Q07 2Q07 Cost / Inc ome Ne t Inc ome / Av.RWA +303 bps - 10 ppts +193 bps - 7 ppts 2.41% 2.33% 2.32% 71% 67% 61% (2) 60% (2) 60% 54% (1) 50% (1) 55% (1) 51% (1) 0.40% 51% (1) -0.62% 1H06N 1H07 2Q06N 1Q07 2Q07 1H06N 1H07 2Q06N 1Q07 2Q07 Throughout the presentation, “1H06N” refers to 1H 06 YKB merged bank figures normalized for the financial cost of stake increase and sub-loan as well as some minor accounting policy applications. 3 1H06 figures not adjusted for the effects of corporate tax rate decrease from 30% to 20% due to change in tax legislation. (1) Cost base adjusted by provision expenses of pension fund and Worldcard points for comparison with IFRS guidance ,(2) Loan write-off adjusted, mainly from Superonline
Po sitive mar ke t shar e gains o ve r 1Q07 in almo st all se gme nts o f lo ans and de po sits as a r e sult o f r e tur n o f c o mme r c ial fo c us in the ne two r k T otal L oans (mln YT L ) T L L oans (mln YT L ) 8% 16,539 15,349 3% YoY 15,050 T otal Asse ts (mln YT L ) Mar ke t Shar e s (% ) * 10% 7% 24,035 22,504 22,331 4Q06 1Q07 2Q07 6% YoY 8% F C L oans (mln YT L ) -2% 4Q06 1Q07 6 July 5% 7,495 10.0% 10.2% 9.6% 7,281 L oans 7,156 2% 48,887 3% 47,803 T L 4Q06 1Q07 2Q07 9.9% 9.2% 9.5% 46,744 L oans 4Q06 1Q07 2Q07 F C 11.0% 10.7% 10.8% loans T L De posits (mln YT L ) T otal De posits (mln YT L ) 10.3% 9.2% 9.9% De posits 12% 18,117 8.7% 8.1% 9.1% T L De p. 16,167 15,739 8% YoY 15% 11.3% 12.9% 11.0% F C De p. 2% 4Q06 1Q07 2Q07 31,741 4Q06 1Q07 2Q07 31,127 28,870 F C De posits (mln YT L ) - 9% 10% 14,960 13,624 13,131 4% 4Q06 1Q07 2Q07 4Q06 1Q07 2Q07 (*) Excluding accruals 4
Capital abso r ptio n impac t due to r e c e nt intr o duc tio n o f o pe r atio nal r isk fully c o ve r e d thr o ugh ne w subo r dinate d lo an issuanc e (E ur o 200 mln) in June Sub- loan of €200 mln (3) No major impac t on e quity due 12 months ahe ad of Me r ge r with absor bing ope r ational to May-June 2006 mar ke t Sub- loan of the or iginal plan Koç bank r isk intr oduc e d in June tur moil. De c r e ase in CAR mainly €500 mln (1) 13.0% dr ive n by one -off de fe r r e d tax 12.3% 12.3% e ffe c t due to de c r e ase in T r ansfe r fr om c or por ate tax fr om 30% to 20% . 12.0% T ur kc e ll gain to T ie r 1 11.7% 10.5% Ac quisition 9.3% and ope ning 7.2% 4,737 adjustme nts (2) 2,291 4,150 4,037 3.6% CAR 2,168 3,785 2,385 2,304 1,415 Capital 803 Base (mln YT L ) 4Q06 1Q07 2Q07 3Q05 4Q05 1Q06 2Q06 3Q06 3Q06 Pr e -me r ge r YKB stand alone YKB + KB Post-me r ge r Yap ı Kr Pr o-for ma e di (1) Additional €350 mln sub-loan added to Koçbank’s Tier 2 Capital in April 2006 (2) Excluding deferred tax effect 5 (3) €200 mln sub-loan added to YKB’s Tier 2 capital in June 2007
He althy r e ve nue gr o wth (+25% Yo YN) and c o st c o ntr o l (+8% Yo Y (2) , -1% c o r e no n-HR c o sts ) sustaine d 1H06N 1H06 YoY % 1Q07 1H07 YoY % (mln YT L ) Nor malize d T otal Re ve nue s 1,449 1,361 786 1,701 +17% +25% Net Interest Income 891 803 464 949 +6% +18% Non-Interest Income 558 558 323 752 +35% +35% o/w Fees & Comm. 404 404 211 450 +11% +11% +8% (2) Ope r ating Costs (912) (912) (473) (1,086) +19% +19% T otal Costs HR costs (302) (302) (184) (381) +26% +26% - 2% Non-HR costs (611) (611) (289) (705) +15% +15% (2) Non-HR Core Non-HR (1) (386) (386) (177) (383) -1% -1% Ope r ating Inc ome 537 448 313 615 +15% +37% Provisions (207) (168) (84) (122) -40% -27% Pr e -tax Inc ome 330 280 229 493 +49% +76% Ne t Inc ome 101 60 188 401 +298% +569% (1) Including depreciation and excluding HR related costs (such as management bonuses, 6 ETB, and vacation rights ) and pension fund and bonus point provisions (2) Excluding loan write-off expenses mainly due to Superonline stake sale.
Re ve nue mar ke t shar e fo c us dr iving he althy e ar nings str uc tur e Composition of Re ve nue s (mln YT L ) 1Q2007 Re ve nue Composition YKB vs Pe e r s & Se c tor Ne t F e e s & 25% 1,701 Commissions (mln YT L ) 3% 1,361 13% 239 2% 2% Other Oper. Inc. 10% 12% 10% 211 Trading Inc. 210 210 1% 12% Net Trading Inc. 2% 3% Dividend. Inc. 4% 2% 74% + FX gain/(loss) 8% Other Oper. Inc. 20% Net Fees & 25% 27% Commissions 26% Net Fees & 11% 30% Commissions 2Q06N 4Q06N 1Q07 2Q07 Net Interest 59% 63% 65% Income Net Interest 56% 59% Income 18% 14% YoY YKB Pe e r s Se c tor 1H06N 1H07 � In 1H07, 18% YoY inc r e st inc ome , 11% YoY inc r e ase in ne t inte r e ase in fe e & c ommission (13% QoQ) e ve nue s vs the pe e r age and the se c tor � Highe r shar e of fe e inc ome in total r ave r 7
Inc r e asing shar e o f lo ans, de c r e asing shar e o f se c ur itie s. No n-c o r e asse t dispo sal str ate gy and gr o wth in highe r yie lding asse ts c o ntinue to dr ive shar e o f IEAs up (92%) � Continued de c r e ase in non- Composition Of Asse ts (mln YT L ) T L / F C Br e akdown of Asse ts (mln YT L ) As ; shr inkage of 100 ppts vs IE 2Q06 2% YT D 2% 47,803 � Announced sale of ~230 mln 47,803 46,744 46,744 45,203 5% 45,203 8% 8% YT L (E ur o 134 mln) of non-c or e 42% 40% 13% -2% 1% 13% e al e state on 12 July. Non IE As 9% r 42% F C 10% Othe r IE As Re maining ~ 200 mln YT L of -6% 31% 29% e portfolio e xpe c te d Se c ur itie s (1) 30% 92% non-c or 5% 91% to be dispose d within 2007 58% 60% 58% L oans 51% 48% 50% YT L 8% � YT L IE As c onstitute 57% of total As, driving margins higher IE 2Q06 1Q07 2Q07 2Q06 1Q07 2Q07 e of loans in total assets � Shar e ase d to 50% while shar inc r e of se c ur itie s de c r e ase d to 29% � 68% of total loans constituted 1Q07 2Q06 2006 2Q07 by highe r mar 67% 68% 66% 68% gin YT L loans T L L oans/ L oans 55% 54% 53% 57% T L IE As/ IE As � F urthe r r oom for impr ove me nt 77% atio (75%) 79% 71% 75% in loans/ de posits r L oans/ De posits (1) Securities including derivative accruals. 8
Shar e o f se c ur ite s in to tal asse ts de c r e asing to 29% (-2ppts vs 1Q), 96% o f po r tfo lio inve ste d in HT M in line with stable r e ve nue ge ne r atio n and limite d c apital at r isk Se c ur itie s Composition Se c ur itie s Composition by T ype (mln YT L ) by Curre nc y (mln YT L ) 16% YT D - 6% 14,654 13,754 14,654 13,382 13,382 13,754 Available 3% For Sale 2% 4% 52% 51% - 7% 2% 2% Trading 4% (21% 96% (20% 53% FLOATING) FLOATING) FC (26% 96% 95% 96% FLOATING) 49% 48% 92% 46% 47% (69% Held-to- - 5% YTL (54% (42% maturity FLOATING) FLOATING) FLOATING) 2Q06 1Q07 2Q07 2Q06 1Q07 2Q07 � Strong focus on e ffe c tive r isk manage me nt pose ; options allowed only for client-driven transactions � De r ivative s allowe d only for he dging pur immediately fully hedged X spe c ulative ope n positions allowed ; VaR limits, stop loss, max ope n position monitor � No F e d on a daily basis � Securities de c line d by 16% YT itie s in total assets D due to r e de mptions of shor t te r m bonds; shar e of se c ur shr unk by 2 ppts vs 1Q to 29% 9
Recommend
More recommend
