Analyst Presentation 1H15 Results 28 August 2015
Agenda 1. Key Highlights 2. CIMB Group 1H15 Financials 3. PBT by Segment 3.1 Regional Consumer Banking 3.2 Regional Commercial Banking 3.3 Regional Wholesale Banking 3.4 Group Asset Management & Investments 3.5 Group Funding 4. T18 Updates 5. Other Highlights 6. Final Remarks 2
CIMB Group : 1H15 Results 1. Key Highlights
Key Financial Highlights Operating Income Overhead Expenses Loan Impairment RM ‘mil RM ‘mil RM ‘mil +8.2% Y-o-Y +312.0% Y-o-Y +6.0% Y-o-Y +4.2% Q-o-Q -0.9% Q-o-Q -0.7% Q-o-Q 7,514 1,2 (1,063) 6,945 (4,262) (4,019) 1 2 3,834 3,680 (534) (529) (2,138) (2,124) (258) 1H14 1H15 1Q15 2Q15 1H14 1H15 1Q15 2Q15 1H14 1H15 1Q15 2Q15 BAU BAU BAU Gross Loans 4 Net Profit Deposits RM ‘mil RM ‘bil RM ‘bil +9.6% Y-o-Y +16.5% Y-o-Y -17.7% Y-o-Y -0.7% Q-o-Q +3.6% Q-o-Q +12.1% Q-o-Q 277.3 299.3 297.3 2,016 267.5 1,2,3 1,659 2,3 1 238.0 271.2 877 782 1H14 1H15 1Q15 2Q15 Jun-14 Mar-15 Jun-15 Jun-14 Mar-15 Jun-15 BAU BAU BAU Notes: 1. Excluding IB restructuring cost (RM202 mil) 3. Excluding tax on MSS cost (RM79 mil) 4 2. Excluding MSS cost (RM316 mil) 4. Excluding bad bank
Key Ratios ROE NIM CI -270bps -24bps -120bps -350bps +80bps -4bps 1 2.88% 1,2,3 58.1% 12.2% 57.9% 2,3 1,2 1 9.0% 8.7% 56.7% 8.2% 2.65% 2.64% 2 2.61% 55.4% 1H14 1H15 1Q15 2Q15 1H14 1H15 1Q15 2Q15 1H14 1H15 1Q15 2Q15 BAU BAU BAU BAU BAU BAU LD CASA Loan Loss Charge +40bps +520bps -3bps +55bps +100bps +370bps 35.1% 94.0% 0.79% 0.76% 0.76% 34.7% 90.3% 34.1% 88.8% 0.21% Jun-14 Mar-15 Jun-15 1H14 1H15 1Q15 2Q15 Jun-14 Mar-15 Jun-15 Notes: 1. Excluding IB restructuring cost (RM202 mil) 3. Excluding tax on MSS cost (RM79 mil) 5 2. Excluding MSS cost (RM316 mil)
PBT By Segments 1H15*~ 1H14 Group Funding Group Funding 10% 6% GAMI GAMI Consumer 6% Consumer 5% Banking Banking 30% 41% Wholesale Banking 33% Wholesale Banking Commercial 42% Commercial Banking Banking 13% 14% 1H15*~ PBT Growth by Key Divisions Consumer Commercial Wholesale Group Asset Group Banking Banking Banking Management Funding & Investments * ~ ~ +14.8% +32.6% +15.9% +26.0% -50.9% PPOP Y-o-Y * ~ ~ +15.3% -14.1% -35.6% -6.7% -52.0% PBT Y-o-Y * ~ ~ +13.1% -47.2% +51.5% +95.6% +29.1% PBT Q-o-Q Notes: * Excluding IB restructuring cost (RM202 mil) 6 ~ Excluding MSS (RM316 mil)
PBT By Country 1H15^* 1H14^ Others Others Singapore 5% -1% Singapore 6% Thailand 9% 4% Thailand 4% Indonesia Indonesia 4% 26% Malaysia 65% Malaysia 78% 1H15^* PBT Y-o-Y Growth by Key Countries ^* +1.9% -5.3% 64.6% +40.0% PPOP Y-o-Y ^* * +1.1% -87.4% -18.4% +36.9% PBT Y-o-Y ^* +10.4% +6.7% -11.1% -2.7% PBT Q-o-Q Notes: * Excluding IB restructuring cost (RM202 mil) and MSS cost (RM316 mil) 7 ^ Excluding HQ costs, mainly comprising of funding costs
CIMB Group : 1H15 Results 2. CIMB Group 1H15 Financials
Quarterly Earnings Trend Private Placement 14.1% 14.1% 14.0% 13.0% 10.7% 9.8% 9.0% 8.2% 2.7% 3,797 3,834 3,680 3,538 3,529 3,545 3,485 3,445 3,407 1,431 1,387 1,386 1,375 1,281 1,199 1,179 1,066 1,026 1,051 1,062 1,054 950 890 877 782 386 252 > + ~ ^ 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 Operating income* PBT* Net profit* ROE** Notes: * Amounts denoted in RM ‘mil ** Annualised ~ Excluding gains from sale of CIMB Aviva (RM515 mil), restructuring charges (RM200 mil) and tax impact (RM50 mil) ^ Excluding gains from sale of Karawaci building (RM66 mil), gains from sale of CIMB Insurance Brokers (RM61 mil), IB goodwill impairment (RM128 mil) and DTA reversal (RM51 mil) > Excluding IB restructuring cost (RM202 mil) 9 + Excluding MSS cost (RM316 mil) and tax on MSS (RM79 mil)
Earnings Summary 1H15 2Q15 1Q15 (RM ’mil) 1H14 Y-o-Y Q-o-Q BAU* BAU* BAU* Net interest income 5,118 4,902 4.4% 2,601 2,517 3.3% Non interest income 2,396 2,043 17.3% 1,233 1,163 6.0% Operating income 7,514 6,945 8.2% 3,834 3,680 4.2% Overhead expenses (4,262) (4,019) 6.0% (2,124) (2,138) (0.7%) PPOP 3,252 2,926 11.1% 1,710 1,542 10.9% Loan impairment (1,063) (258) 312.0% (529) (534) (0.9%) Other provisions (6) (27) (77.8%) (10) 4 -ve Share of JV / Associates 42 71 (40.8%) 28 14 100.0% PBT 2,225 2,712 (18.0%) 1,199 1,026 16.9% Net profit 1,659 2,016 (17.7%) 877 782 12.1% EPS (sen) 19.6 24.6 (20.3%) 10.3 9.3 10.8% ROE (Annualised) 8.7% 12.2% -350bps 9.0% 8.2% 80bps PBT (Actual) 1,707 2,712 (37.1%) 883 824 7.2% Net Profit (Actual) 1,220 2,016 (39.5%) 640 580 10.3 10 Notes: * Excluding 1Q15: IB restructuring cost (RM202 mil); 2Q15: MSS cost (RM316 mil) and tax on MSS cost (RM79 mil)
Key Ratios 1H15 2Q15 1Q15 (%) 1H14 Y-o-Y Q-o-Q BAU* BAU* BAU* ROE ^ 8.7 12.2 9.0 8.2 NIM ^** 2.64 2.88 2.61 2.65 Non-interest income / total income 31.9 29.4 32.1 31.6 Cost to income 56.7 57.9 55.4 58.1 Allowance coverage # 86.1 84.1 86.1 91.5 Loan loss charge ^ 0.76 0.21 0.76 0.79 Gross impaired loans ratio 3.3 3.1 3.3 3.2 Net impaired loans ratio (Net of IA and PA) 0.8 0.7 0.8 0.5 Average shareholders’ funds (RM ‘mil) 38,247 32,966 38,783 37,999 ROA ^ 0.77 1.06 0.80 0.73 Book value per share (RM) 4.61 4.28 4.61 4.59 Loan to Deposit (LDR) 94.0 88.8 94.0 90.3 CASA ratio 35.1 34.7 35.1 34.1 Notes: * Excluding 1Q15: IB restructuring cost (RM202 mil); 2Q15: MSS (RM316 mil) and tax impact (RM79 mil) ^ Annualised ** Daily Average # Including regulatory reserve. Regulatory reserve maintained in equity as an additional credit risk absorbent in accordance with BNM requirement. This 11 is to ensure robustness on the loan/financing loss estimates methodology with the adoption of FRS 139 beginning 1 Jan 2010
Operating Expenses (RM ’mil) 1H15 BAU* 1H14 Y-o-Y 2Q15 BAU* 1Q15 BAU* Q-o-Q Personnel 2,411 2,258 6.8% 1,202 1,209 (0.6%) Establishment 954 938 1.7% 475 479 (0.8%) Marketing 181 174 4.0% 85 96 (11.5%) Admin & General 716 649 10.3% 362 354 2.3% Total 4,262 4,019 6.0% 2,124 2,138 (0.7%) Total (Actual) 4,780 4,019 18.9% 2,440 2,340 4.3% (%) 1H15 1H14 2Q15 1Q15 Cost to income 63.6 57.9 63.6 63.6 Cost to income excluding One-off items 56.7 57.9 55.4* 58.1* 12 Notes: * Excluding 1Q15: IB restructuring cost (RM202 mil); 2Q15: MSS (RM316 mil)
Gross Loans Growth Loans by Country as at 30 Jun 15 # Divisions / Products (RM ‘bil) 30 Jun 15 30 Jun 14 Y-o-Y 31 Mar 15 Q-o-Q Others Singapore 7% Consumer Banking (49.8%) 138.2 121.1 14.1% 134.2 2.9% 12% Mortgages 66.8 58.4 14.4% 64.5 3.6% Thailand Term Loans 31.7 28.5 11.2% 31.3 1.3% 8% Malaysia 54% Auto 19.5 18.0 8.1% 19.3 0.8% Indonesia Credit Cards 7.9 6.7 17.9% 7.8 1.3% 19% Personal Financing 4.1 3.7 10.8% 4.0 2.5% Loans* + Y-o-Y Growth Enterprise 6.2 4.8 29.2% 5.9 5.1% Others 2.0 1.0 100.0% 1.4 42.9% Malaysia 10.4% Commercial Banking (13.9%) 38.4 32.8 17.1% 37.9 1.3% Indonesia ^ 9.8% Wholesale Banking (35.7%) 100.7 84.1 19.7% 95.4 5.6% Thailand ^ 10.1% Gross Loans * + 277.3 238.0 16.5% 267.5 3.6% Singapore ^ 15.0% Others** 47.5% Group ~ 12.2% Notes: * Excluding FX fluctuations, total gross loans grew 12.2% Y-o-Y and 1.0% Q-o-Q + Gross loans exclude bad bank # Based on geographical location of counterparty, excluding bad bank ^ In local currency ~ Excluding FX fluctuations 13 ** Including Labuan, London, Cambodia, HK & Shanghai
Deposits Growth Deposits by Country as at 30 Jun 15 Divisions / Products (RM ‘bil) 30 Jun 15 30 Jun 14 Y-o-Y 31 Mar 15 Q-o-Q Others Consumer Banking (41.9%) 124.6 112.4 10.9% 123.5 0.9% Singapore 5% 10% Commercial Banking (13.8%) 40.9 32.9 24.3% 39.3 4.1% Thailand Wholesale Banking # (44.3%) 131.8 125.9 4.7% 136.5 (3.4%) 7% Total * 297.3 271.2 9.6% 299.3 (0.7%) Malaysia Indonesia 60% 18% Deposits Y-o-Y Growth Malaysia 4.1% Indonesia ^ 12.2% Thailand ^ 11.4% Singapore ^ 15.4% Others** (8.7%) Group ~ 6.2% Notes: * Excluding FX fluctuations, total group deposits grew 6.2% Y-o-Y and -2.8% Q-o-Q ^ In local currency ~ Excluding FX fluctuations # Including deposits with options classified as derivatives in MY & SG 14 ** Including Labuan, London, Cambodia, HK & Shanghai
CASA Growth CASA by Country as at 30 Jun 15 Country (RM ‘bil) 30 Jun 15 30 Jun 14 Y-o-Y 31 Mar 15 Q-o-Q Others Singapore Malaysia 60.1 56.4 6.6% 59.6 0.8% 2% 11% Indonesia ** 25.0 20.5 22.0% 22.4 11.6% Thailand 6% Thailand 6.1 4.9 24.5% 6.8 (10.3%) Singapore 11.6 10.9 6.4% 11.5 0.9% Malaysia Indonesia 57% Others 1.6 1.3 23.1% 1.6 0.0% 24% Total * 104.4 94.0 11.1% 101.9 2.5% CASA Y-o-Y Growth Malaysia 6.3% Indonesia ^ 16.8% Thailand ^ 11.4% Singapore ^ (2.4%) Group ~ 7.9% Notes: * Excluding FX fluctuations, total CASA grew 7.9% Y-o-Y and 0.1% Q-o-Q ** Adjusted for high cost saving deposits classified as Structured Deposits ^ In local currency ~ Excluding FX fluctuations 15 + Including Labuan, London, Cambodia, HK & Shanghai
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