ASEAN FOR YOU Analysts Presentation 4Q11 RESULTS 1 27 February 2012
Financial Highlights of 2011 Operating income RM12.1 bil +2.1% RM6.6 bil +0.3% Overheads +0.3% -19.8% Loan impairment RM0.5 bil Net profits RM4.0 bil +15.1% 2010 : 16.2% ROE 16.4% 54.7% Cost to income 2010 : 55.6% 2
Other Highlights Malaysia Consumer Bank PBT up 86% Y-o-Y Excellent retail deposits Y-o-Y growth of 24% in Malaysia Strong growth at CIMB Niaga, PBT up 30% Y-o-Y Decline of 33% in Corporate & Investment Banking PBT with absence of mega deals CIMB Thai 4Q “windfall” in recoveries helped mitigate flood impact and increase in provisions Strong 4Q results also comprised a RM250 mil gain on CIMB Aviva deconsolidation, fully offset by additional provisions including the change in Malaysia retail PD to 100% at 3 months (LGD WIP) Significantly lower “one - off” items in 2011 Continued improvement in asset quality ratios Defended investment banking market shares Proposed dividend of 10 sen per share for total pay-out ratio of 40.6% 3
Achievements vs Targets for 2011 FY11 2011 Targets r 16.4% 17% ROE r TSR 14.6% < FBM KLCI > FBM KLCI Dividend 40% 40% - 60% r Group loans growth 14% 18% r Group deposits growth 11% 20% Loan loss charge 0.25% 0.4% Core Capital Ratio (at CIMB Bank) 14.5%^ >10% (Basel II) RWCR (at CIMB Bank) (Basel II) 16.8%^ >12% Note: ^ Includes quarterly net profits and after proposed dividends 4
CIMB GROUP : FY11 RESULTS CIMB GROUP FY11 FINANCIALS
Earnings Summary (RM ’mil) 4Q11 3Q11 Q-o-Q FY11 FY10^ Y-o-Y Net interest income 2,080 1,989 4.6% 7,947 7,714 3.0% Non interest income 1,301 1,043 24.7% 4,175 4,164 0.3% Operating income 3,381 3,032 11.5% 12,122 11,878 2.1% (289) (106) 172.6% (487) (607) (19.8%) Loan impairment Other provisions 8 18 (55.6%) 47 (127) n.a. Overhead expenses (1,722) (1,701) 1.2% (6,630) (6,613) 0.3% 27 44 (38.6%) 151 96 57.3% Share of JV / Associates PBT 1,405 1,287 9.2% 5,203 4,627 12.4% 1,133 1,012 12.0% 4,031 3,501 15.1% Net profit EPS (sen) 15.2 13.6 11.8% 54.2 48.7 11.3% 17.8% 16.3% 150bps 16.4% 16.2% 20bps ROE (Annualised) Notes: Weighted average shares of 7.43 bil in 4Q11 & 3Q11 6 ^ Restatement of RM20 mil in share-based payment expense in FY10 due to adoption of the Amendment to FRS 2 Group Cash-Settled Share-based Payment Transactions which has been applied retrospectively
Quarterly Earnings Trend Series break due to adoption of FRS 139 17.8% 17.1% 16.9% 16.4% 16.3% 16.1% 16.1% 15.7% 14.8% 3,381 3,186 3,032 2,993 2,959 2,897 2,802 2,750 2,731 1,405 1,287 1,278 1,233 1,180 1,180 1,143 1,124 1,133 1,088 970 1,012 911 917 873 884 798 833 ^ ^ ^ ^ ^ 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Operating income* PBT* Net profit* ROE** Notes: 7 ^ Retrospective restatement due to adoption of FRS 2 for share-based payment expense * Amounts denoted in RM ’mil
Contribution by Entity 4Q11 3Q11 FY11 FY10** Legal Entity RM ’mil RM ’mil RM ’mil RM ’mil % of PBT % of PBT % of PBT % of PBT CIMB Bank 628 45% 706 55% 2,620 50% 2,275 49% CIMB Niaga 390 28% 404 31% 1,530 29% 1,565 34% CIMB Islamic 88 6% 95 7% 447 9% 403 9% 22 2% 19 2% 142 3% 191 4% CIMB Labuan CIMB Investment Bank 20 1% 50 4% 140 3% 80 2% CIMB Thai 49 3% 12 1% 110 2% 47 1% CIMB Securities 2 0% 11 1% 33 1% 102 2% Singapore (3) (0%) (2) (0%) (10) (0%) (2) (0%) CIMB Cambodia 15% (1%) 191 Others * 209 ^ (8) 3% (34) (1%) PBT 1,405 100% 1,287 100% 5,203 100% 4,627 100% Notes: * SEASAM, Asset Management, Group Insurance, Bank of Yingkou, CIMBGH/CIMBG level and consol adjustment 8 ^ Included gain on deemed disposal of interest in CIMB Aviva of RM250mil ** Restatement of RM20 mil in share-based payment expense in FY10 due to adoption of the Amendment to FRS 2 Group Cash- Settled Share-based Payment Transactions which has been applied retrospectively
Estimated PBT By Segment 4Q11 3Q11 Q-o-Q FY11 FY10^ Y-o-Y PBT (after HOCA) RM ’mil RM ’mil RM ’mil RM ’mil % % Consumer Banking 209 266 (21.4%) 1,094 603 81.4% - Good Bank - Bad Bank (including 55 82 (32.9%) 233 110 111.8% SEASAM) 264 348 (24.1%) 1,327 713 86.1% Corporate & Investment Banking 94 164 (42.7%) 751 1,123 (33.1%) 73.3% 1,393 Treasury & Investments 591 341 1,092 27.6% GAM & Insurance 17 18 (5.6%) 92 87 5.7% CIMB Niaga 390 404 (3.5%) 1,530 1,565 (2.7%) CIMB Thai (after GAAP 49 12 308.3% 110 47 134.0% adjustments) PBT * 1,405 1,287 9.2% 5,203 4,627 12.4% Net profit 1,133 1,012 12.0% 4,031 3,501 15.1% Notes: 9 * Includes share of results of associates & jointly controlled entity ^ Restatement of RM20 mil in share-based payment expense in FY10 due to adoption of the Amendment to FRS 2 Group Cash- Settled Share-based Payment Transactions which has been applied retrospectively
Estimated PBT By Segment 4Q11 3Q11 CIMB Thai CIMB Thai Consumer 1% 3% Banking Consumer 19% Banking CIMB Niaga CIMB Niaga 27% 31% 28% Corporate & Inv Banking 7% GAM & GAM & Corporate & Insurance Insurance Inv Banking 1% 2% 13% Treasury & Treasury & Investments Investments 42% 26% FY11 FY10 CIMB Thai CIMB Thai Consumer 1% 2% Banking Consumer 15% Banking CIMB Niaga 26% CIMB Niaga 34% 29% Corporate & Inv Banking GAM & 24% Corporate & Inv Insurance Banking 2% GAM & 14% Insurance Treasury & 2% Treasury & Investments Investments 27% 24% 10
Contribution by Geography 4Q11 3Q11 Others Others Singapore Singapore 5% 3% 1% 4% Thailand Thailand 3% 1% Indonesia Indonesia 32% 28% Malaysia 63% Malaysia 60% FY11 FY10 Others Singapore Others 4% 2% Singapore 9% Thailand 3% 2% Thailand 1% Indonesia 30% Indonesia 35% Malaysia Malaysia 52% 62% 11
AFS MTM Position (RM ’mil) 535.8 522.2 479.9 474.8 462.2 426.3 Sept 10 Dec 10 Mar 11 June 11 Sep 11 Dec 11 12 12 12 12
Key Ratios (%) 4Q11 3Q11 Q-o-Q FY11 FY10 Y-o-Y ROE * 17.8 16.3 16.4 16.2 NIM * 3.10 3.12 3.12 3.34 Non-interest income / total income 38.5 34.4 34.4 35.1 Cost / income 50.9 56.1 54.7 55.7 81.1 80.0 81.1 81.1 Allowance coverage Allowance coverage after regulatory 86.1 83.5 86.1 82.3 reserve # 0.25 0.36 Loan loss charge * 0.60 0.23 Gross impaired loans ratio 5.1 5.5 5.1 6.1 Gross impaired loans ratio (excluding 4.1 4.4 4.1 4.7 SEASAM) Net impaired loans ratio (Net of IA and PA) 1.0 1.2 1.0 1.2 Average shareholders‟ funds (RM ‟mil) 25,502 24,819 24,583 21,617 ROA * 1.5 1.4 1.4 1.4 Book value per share (RM) 3.49 3.37 3.49 3.13 CASA ratio 34.5 33.1 34.5 33.1 Notes: 13 * Annualised # Regulatory reserve maintained in equity as an additional credit risk absorbent in accordance with BNM requirement. This is to ensure robustness on the loan/financing loss estimates methodology with the adoption of FRS 139 beginning 1 January 2010
Gross Loans Growth 31 Dec 11 30 Sep 11 31 Dec 10 Divisions / Products Q-o-Q Y-o-Y (RM ’ bil) (RM ’ bil) (RM ’ bil) Consumer Banking (44.4%) ** 85.1 82.3 3.5% 76.2 11.7% Mortgages 38.6 37.7 2.6% 33.8 14.5% HP 10.6 10.6 - 10.6 - OD and TL 17.1 16.5 3.7% 15.2 12.6% Credit cards 4.6 4.4 4.9% 4.3 9.0% CIMB Xpress 3.2 3.1 1.2% 1.8 78.9% Commercial 10.3 9.3 11.1% 9.8 4.5% Others 0.7 0.7 - 0.7 - Corporate & Investment (23.1%) 44.3 40.3 9.9% 39.2 12.8% CIMB Niaga (23.6%) ^ 45.2 45.1 0.1% 36.6 23.4% CIMB Thai (6.4%) + 12.2 11.7 3.9% 9.9 23.4% CIMB Cambodia (0.1%) 0.1 0.1 - - n.a. Bad Bank (2.4%) 4.5 5.4 (16.6%) 5.6 (18.5%) Total 191.4 184.9 3.5% 167.5 14.3% Notes: ^ As reported by CIMB Niaga, in IDR, gross loans grew by 3.3% Q-o-Q and 19.9% Y-o-Y 14 + As reported by CIMB Thai, in THB, gross loans grew by 6.3% Q-o-Q and 27.1% Y-o-Y ** Consumer Banking gross loans excluding Singapore was +3.4% Q-o-Q and +9.7% Y-o-Y
Loan Assets by Geographical Distribution Others 2.3% 1.5% RM2.4 bil 1.4% RM2.3 bil RM3.9 bil RM2.9 bil RM6.7 bil 4.5% 2.0% 4.0% RM9.5 bil Singapore RM8.9 bil 6.0% RM9.9 bil 5.9% RM13.1 bil 6.8% Thailand RM31.8 bil 21.3% RM37.4 bil 22.3% RM46.0 bil 25.0% Indonesia RM103.0 bil RM111.1 bil RM118.9 bil 69.2% Malaysia 66.4% 61.4% FY09 FY10 FY11 15
Deposits Growth 31 Dec 11 30 Sep 11 31 Dec 10 Divisions / Products Q-o-Q Y-o-Y (RM ’ bil) (RM ’ bil) (RM ’ bil) Retail (32.2%) * 71.2 66.5 7.1% 56.6 25.8% - Current 20.8 18.2 14.3% 15.2 36.8% - Savings 13.3 12.6 5.6% 11.5 15.7% - Fixed & structured deposits 37.1 35.7 3.9% 29.9 24.1% Commercial (7.5%) 16.7 16.3 2.8% 17.6 (5.0%) Corporate & Treasury (35.0%) 77.7 79.3 (2.0%) 75.7 2.8% CIMB Niaga (20.7%) ^ 46.0 45.6 0.8% 40.3 14.0% CIMB Thai (4.6%) + 10.3 10.5 (2.1%) 9.7 6.2% Total 221.9 218.2 1.7% 199.9 11.1% Notes: * Retail deposits include Enterprise Banking (EB). Excluding EB, +6.0% Q-o-Q and +24.4% Y-o-Y 16 Retail deposits excluding Singapore was +7.0% Q-o-Q and +24.9% Y-o-Y ^ As reported by CIMB Niaga, in IDR, deposits grew 4.3% Q-o-Q and 11.9% Y-o-Y + As reported by CIMB Thai, in THB, deposit fell by -0.4% Q-o-Q and grew 7.3% Y-o-Y
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