Analysts Presentation 1H13 Results 26 August 2013
Agenda 1. Key Highlights 2. CIMB Group 1H13 Financials 3. Malaysia & Singapore Consumer Banking 4. CIMB Niaga 5. CIMB Thai 6. Wholesale Banking 7. Investments 8. Other Highlights 9. 2013 Priorities and Other Highlights 10. Final Remarks 2
CIMB Group : 1H13 Results Key Highlights
1H13 Highlights 15% Y-o-Y increase in net profits with one-off gain on sale of CIMB Aviva (less restructuring charges) Excluding one-off items in 1Q13, 1H13 net profit was flat Y-o-Y and Q-o-Q Tough operating conditions for Treasury Markets and CIMB Niaga MS Consumer Bank and Regional Corporate Bank showing good traction from CIMB 2.0 CIMB Singapore and Thailand grew strongly IB declined slightly Y-o-Y with absence of mega IPOs Total credit growth of 13.7% Y-o-Y (target 15%) despite contraction in Indonesia corporate book Proposed BoC acquisition aborted Mutual Separation Scheme (MSS) successfully completed in July Net dividend of 12.82 sen per share, equivalent to 40% pay out, with DRS 4
Key Financial Highlights (1) Operating Income Net Profit ROE Cost to Income RM’ mil RM’ mil % % +12.3% +15.1% +60bps +240bps 57.7 7,390 55.3 6,581 16.6 16.0 2,440 2,120 1H12 1H13 1H12 1H13 1H12 1H13 1H12 1H13 -12.7% Q-o-Q -24.0% Q-o-Q -500bps Q-o-Q +300bps Q-o-Q 5
Key Financial Highlights (2) Total Credit* Deposits ++ NIM Gross Impaired Loans Ratio RM’ bil % RM’ bil % +12.7% +12.5% -21bps -80bps 257.2 258.4 4.4 3.09 228.3 3.6 2.88 229.8 Jun-12 Jun-13 Jun-12 Jun-13 1H12 1H13 Jun-12 Jun-13 -2.4% Q-o-Q +1bps Q-o-Q -20bps Q-o-Q +3.8% Q-o-Q Notes: * Credit includes gross loans (excluding bad bank), AFS and HTM (excluding allowance for impairment loss) Excluding FX fluctuations, total credit grew +13.7% Y-o-Y and +3.9% Q-o-Q 6 ++ Excluding FX fluctuations, total group deposits grew +13.5% Y-o-Y and fell -2.4% Q-o-Q
PBT By Division 1H13* 1H12 RM ‘mil RM ‘mil Investment Investment Banking Banking 5% 5% Investments Investments Consumer 8% 10% Consumer Banking Banking 36% 41% Corporate Corporate Banking Banking 22% 28% Treasury & Treasury & Markets Markets 27% 18% 1H13 PBT Y-o-Y Growth by Key Divisions Consumer Investment Corporate Treasury & Banking Banking Banking Markets Investments +12.2% +24.6% -15.0%* -8.2% -32.3% * Excluding Aviva gains, amortisation of intangible assets and organisational restructuring 7
PBT By Country 1H13* 1H12 Others Others Thailand Thailand Singapore 4% Singapore -1% 1% 4% 4% 5% Indonesia Indonesia 31% 31% Malaysia Malaysia 60% 61% 1H13 PBT Y-o-Y Growth by Key Countries +2.7%* +1.2%^ +188.2% +24.1% * Excluding Aviva gains, amortisation of intangible assets and organisational restructuring ^IDR depreciated 5.5% Y-o- Y. In local currency, CIMB Niaga’s PBT recorded a growth of 6.0% Y -o-Y 8
CIMB Group : 1H13 Results CIMB Group 1H13 Financials
Quarterly Earnings Trend 19.0% 17.8% 16.8% 16.8% 16.1% 16.3% 15.5% 15.6% 14.0% 3,945 3,544 3,445 3,381 3,369 3,326 3,255 3,032 2,959 1,718 1,496 1,470 1,405 1,371 1,387 1,386 1,341 1,278 1,287 1,133 1,143 1,109 1,082 1,012 1,054 1,011 970 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Operating income* PBT* Net profit* ROE** Notes: * Amounts denoted in RM ’mil ** Annualised 10
Earnings Summary (RM ’mil) 1H13 1H12 Y-o-Y 2Q13 1Q13 Q-o-Q Net interest income 4,606 4,262 8.1% 2,345 2,261 3.7% Non interest income 2,784 2,319 20.1% 1,100 1,684 (34.7%) Operating income 7,390 6,581 12.3% 3,445 3,945 (12.7%) Overhead expenses (4,262) (3,639) 17.1% (2,043) (2,219) (7.9%) PPOP 3,128 2,942 6.3% 1,402 1,726 (18.8%) Loan impairment (152) (195) (22.1%) (71) (81) (12.3%) Other provisions (6) (18) (66.7%) (4) (2) 100.0% Share of JV / Associates 135 82 64.6% 60 75 (20.0%) PBT * 3,105 2,811 10.5% 1,387 1,718 (19.3%) Net profit 2,440 2,120 15.1% 1,054 1,386 (24.0%) EPS (sen) 32.6 28.5 14.4% 14.0 18.7 (25.1%) ROE (Annualised) 16.6% 16.0% 60bps 14.0% 19.0% (500bps) Notes: Weighted average shares of 7.54 bil in 2Q13 and 7.43bil in 1Q13 11 * Includes discontinued operations
PBT by Segment (Estimated) PBT (RM ’mil) 1H13 1H12 Y-o-Y 2Q13 1Q13 Q-o-Q Consumer Banking (36.6%) 1,137 1,013 12.2% 629 508 23.7% Malaysia (28.5%) 879 779 12.6% 489 390 25.6% Indonesia (7.9%) 246 239 3.1% 136 110 23.1% Singapore (0.4%) 13 2 686.3% 10 3 211.8% Thailand (0.0%) (1) (4) 84.7% (7) 6 n.a. Others (0.0%) 0 (3) n.a. 1 (1) n.a. Wholesale Banking (45.5%) 1,414 1,516 (6.8%) 685 729 (6.1%) Investment Banking (4.3%) 136 148 (8.2%) 81 55 45.0% Corporate Banking (24.8%) 769 617 24.6% 382 387 (1.2%) Treasury & Markets (16.4%) 509 751 (32.3%) 222 287 (22.7%) Investments (17.9%) 554 282 97.1% 73 481 (84.7%) PBT 3,105 2,811 10.5% 1,387 1,718 (19.3%) Notes: Corporate Banking includes corporate lending and deposit taking Treasury & Markets includes treasury activities and services which include foreign exchange, money market, derivatives and trading of capital market instruments. It includes the Group’s equity derivatives which develops and issues new equity derivatives in struments 12 such as structured warrants and over-the-counter options to provide investors with alternative investment avenues.
Key Ratios (%) 1H13 1H12 Y-o-Y 2Q13 1Q13 Q-o-Q ROE * 16.6 16.0 14.0 19.0 NIM ** 2.88 3.09 2.89 2.88 Non-interest income / total income 37.7 35.2 31.9 42.7 Cost to income 57.7 55.3 59.3 56.3 Allowance coverage 82.1 82.3 82.1 82.3 Allowance coverage after regulatory reserve # 100.6 90.0 100.6 97.9 Loan loss charge * 0.14 0.20 0.13 0.15 Gross impaired loans ratio 3.6 4.4 3.6 3.8 Net impaired loans ratio (Net of IA and PA) 0.7 0.8 0.7 0.7 Average shareholders’ funds (RM ’mil) 29,341 26,578 30,150 29,186 ROA * 1.39 1.38 1.16 1.58 Book value per share (RM) 3.98 3.64 3.98 4.04 Loan to Deposit (LDR) 86.2 87.2 86.2 81.1 CASA ratio 34.2 34.4 34.2 33.7 Notes: * Annualised ** Daily Average # Regulatory reserve maintained in equity as an additional credit risk absorbent in accordance with BNM requirement. This is to 13 ensure robustness on the loan/financing loss estimates methodology with the adoption of FRS 139 beginning 1 January 2010
Operating Expenses (RM ’mil) 1H13 1H12 Y-o-Y 2Q13 1Q13 Q-o-Q Personnel 2,411 1,958 23.1% 1,183 1,228 (3.7%) Establishment 841 802 4.9% 418 423 (1.2%) Marketing 193 195 (1.0%) 106 87 21.8% Admin & General 817 684 19.4% 336 481 (30.1%) Total 4,262 3,639 17.1% 2,043 2,219 (7.9%) Total excluding One-off Cost Items and RBS 3,818 3,639 4.9% 1,921 1,897 1.3% (%) 1H13 1H12 2Q13 1Q13 Cost to income 57.7 55.3 59.3 56.3 Cost to income excluding One-off items and RBS 56.1 - 56.2 56.1 14
Gross Loans and Credit Growth Loans by Country as at 30 Jun 13 # Divisions / Products (RM ‘bil) 30 Jun 13 30 Jun 12 Y-o-Y 31 Mar 13 Q-o-Q Retail Financial Services (50.4%) 110.5 97.8 13.0% 106.8 3.5% Others Singapore 2% 8% Mortgages 53.5 49.1 9.0% 52.2 2.4% Thailand 7% Term Loans 22.5 17.2 30.2% 21.3 5.5% Auto 20.0 18.0 11.1% 19.4 3.0% Indonesia Malaysia 23% Credit Cards 5.8 5.5 6.6% 5.6 4.7% 60% Micro Credit 3.9 3.7 6.5% 4.0 (1.1%) Enterprise 3.4 2.3 46.7% 3.1 10.2% Others 1.4 2.0 (31.0%) 1.2 12.2% Y-o-Y Loans* Credit** Commercial Banking (17.0%) 37.3 30.7 21.4% 34.9 6.9% Growth Corporate Banking (32.6%) 71.3 67.3 6.1% 69.3 2.9% Malaysia +11.8% +12.0% Gross Loans * 219.1 195.8 11.9% 211.0 3.9% Singapore ^ +27.2% +25.0% Other Credit 38.1 32.5 17.4% 36.8 3.5% Indonesia ^ +9.8% +8.5% Total Credit ** 257.2 228.3 12.7% 247.8 3.8% Thailand ^ +22.6% +24.3% Group ~ +13.3% +13.7% Notes: * Gross loans excludes bad bank. Excluding FX fluctuations, total gross loans grew +13.3% Y-o-Y and +4.0% Q-o-Q ** Credit includes gross loans (excluding bad bank), AFS and HTM (excluding allowance for impairment loss) Excluding FX fluctuations, total credit grew +13.7% Y-o-Y and +3.9% Q-o-Q # Based on geographical location of counterparty, excluding bad bank ^ In local currency 15 ~ Excluding FX fluctuations
Deposits Growth 30 Jun 13 Divisions / Products (RM ‘bil) 30 Jun 13 30 Jun 12 Y-o-Y 31 Mar 13 Q-o-Q Retail Financial Services (39.8%) 102.9 94.6 8.7% 102.7 0.2% Others Singapore 4% Current 17.0 14.7 15.3% 15.7 8.6% 7% Thailand Savings 28.9 26.1 10.8% 29.2 (0.9%) 6% Fixed & Structured Deposits 57.0 53.8 5.8% 57.8 (1.5%) Indonesia Malaysia 19% Commercial Banking ** (18.7%) 48.4 43.1 12.5% 47.8 1.3% 64% Corporate & Treasury (41.5%) 107.1 92.1 16.1% 114.3 (6.4%) Total 258.4 229.8 12.5% 264.8 (2.4%) Deposits Growth Y-o-Y Malaysia +11.4% Singapore ^ +39.7% Indonesia ^ +9.0% Thailand ^ +21.4% Group ~ +13.5% Note: * Excluding FX fluctuations, total group deposits grew +13.5% Y-o-Y and fell -2.4% Q-o-Q ^ In local currency ~ Excluding FX fluctuations 16 ** Including Enterprise Banking
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