Clic para editar título Corporate Presentation September 2019 Asdrúbal Zamora Corrales Investment Advisor & Expat Liaison azamora@asesorcoopenae.fi.cr FB: CD Investments in Costa Rica
Relevant Figures - Total assets (Sept 2019), $1.392 million. - More than 135,700 Members (Sept 2019), only 647 employees. - Wide range of competitive products, almost equal to leading banks. - Largest credit union in Costa Rica and Central America - The 6th largest credit union in Latin America - Rated by Fitch Ratings, F1+(cri), AA-, outstanding performance - Audited by KPMG-Peat Marwick, world wide banks audit company - Supervised by SUGEF (C. R. Government) in an excellent way: 1,03 - Credit default rate, one of the lowest of the financial system in C. R. - Target market: personal loans mostly to government employees - Interest rates for CD´s always higher than C.R. banks, today 10% on a 3-years term colones certificate of deposit (CD). - Investors English customer service all over C. R. by Asdrúbal Zamora
Background Information of Costa Rica • Population, approximately 5 million • Land area: 51,000 square kilometers • Annual inflation for: 2018 was 2.03%; 2017 was 2,57%; 2016 was 0,77%. • Exchange rate, US$ 1 to ¢600 (colons) • Assets of Financial Institutions represent 90% of our annual GDP (we call it PIB)
Balance Sheet - USD D milli illions - sep.-19 dic-18 Variation Assets 1,392 100.0 1,312 100.0 79 6.05 Current Assets 1,311 94.2 1,210 92.2 101 8.4 Net Loans 951 68.3 870 66.3 81 9.3 Investments 361 25.9 340 25.9 20 6.0 Improductive Assets 81 5.8 102 7.8 -22 -21.3 Capital and Liabilities 1,392 100.0 1,312 100.0 79 6.1 Total Liabilities 1,160 83.3 1,106 84.3 53 4.8 Liabilities with financial cost 1,109 79.6 1,056 80.4 53 5.0 Savings 804 57.8 733 55.8 72 9.8 Debts with other banks 304 21.9 323 24.6 -19 -5.8 Liabilities with out financial cost 51 3.7 51 3.9 0 0.4 Shareholder's Equity 232 16.7 206 15.7 26 12.8 Equity capital 152 10.9 144 11.0 8 5.5 Share premium and others 80 5.8 62 4.7 18 29.7
Income Statement - USD D milli illions - sep-19 dic.-18 Annual Variation 153 100.0% 173 100.0% 23 13.1% Financial Revenues 110 72.3% 123 70.9% 19 15.5% Financial Expenses 42 42 27.7% 50 50 29.1% 4 7.4% Goss Financial Profits 6 4.0% 6 3.2% 2 40.0% Services result -2 -1.4% 1 0.4% -4 -532.3% Other operating result 46 46 30.3% 57 57 32.7% 2 4.3% Profits before OE 32 32 20.7% 40 40 22.9% 1 1.6% Total operating expenses 16 10.6% 21 12.0% 0 0.1% Personnel expenses 15 10.0% 19 11.0% 1 3.4% Other Operating Expenses 15 15 9.6% 17 17 9.8% 2 10.5% Net Profits
Total Assets Growth - USD SD mi mill llions - 1,392 1,312 1,280 1,240 1,198 600 144 33 2000 2005 2010 2015 2016 2017 2018 sep-19 Source : COOPENAE database
Members 135,745 79,715 2011 Sept-2019
C.R. National Financial System 4 2 11 Ba Banks ow owned by by th the Mutual Mu Priv rivate Ba Banks Gov overnment or or as associa iation 33,2 ,29% created by cr by Sp Special (Housin ing) law 3,6 ,64% 46 46,9 ,91% Financia Fin ial 1 23 5 En Entities Ca Caja ja de e An Ande Cr Credit Uni nions Oth ther fin financia ial 4,1 ,18% 10,8 ,84% co companies 1,1 ,13% Source : www.sugef.fi.cr september 2019 data
Market Share - Cr Credit it Unio ions - 10,84% 10, 10,26% 10, 9,89% 9,8 9,8 9,83% 9,89% 9,8 9,16% 9,1 8,2 8,27% 7,8 7,85% 7,42% 7,4 5,23% 5,2 3,97% 3,9 3,2 3,23% 2001 2003 2005 2007 2009 2011 2013 2015 2016 2017 2018 sep-19 19 Source : www.sugef.fi.cr september 2019 data
Ranking – Private Financial System - USD millions - Assets Loans Equity Profits Company Amount # Amount # Amount # Amount # Bac Credomatic 6.147 1 3.356 1 727 1 74 1 Scotiabank 3.674 2 1.783 2 450 2 8 6 Davivienda Bank 3.075 3 1.304 3 298 3 13 4 Promerica Bank 2.008 4 1.061 5 133 8 3 15 Coopenae 1.392 5 783 6 232 4 15 3 Source : www.sugef.fi.cr September 2019 data
On On 1995 1995 9 times 20 times 104 times Private bank A Special law bank A government bank
On On 2018 2018 4.5 times 4.8 times 8.8 times A Special law bank Private bank A government bank
Credit Unions Ranking Latin tin Americ ica - 2018 2018 6 1 CAJA PO POPULAR MEXI XICANA Assets: As : USD SD 1.31 .312 (*) Assets: : USD 2. 2.72 723 3 4 JUVENTUD ECUATORI RIANA PROGRESI PRO SISTA LTDA CREDICITRUS Assets: : USD 1. 1.92 920 Assets: : USD 1. 1.45 457 5 CC VALE DO ITAJAI – VIACREDI 2 Assets: : US USD 1. 1.36 364 COOPEUCH Assets: : USD 2. 2.36 363 (*) = September 2018 data
Credit default rate (loans late more than 90 days) Coopenae 1,35% 1,28% 1,25% 1,25% 1,25% 1,14% 1,14% 1,14% 1,05% 1,05% 1,04% oct-1 -18 nov-1 -18 dic-1 -18 ene-1 -19 feb-1 -19 mar-1 -19 abr-1 -19 may-1 -19 jun-1 ju -19 ju jul-1 -19 ago-1 -19 Su Sugef lim imit: : <= <= 3.00 3.00% Source : COOPENAE database
Credit default rate (loans late more than 90 days) National Fin inancial l Syste tem 4,06% 3,22% 2,27% 2,47% 2,33% 1,90% 1,35% 1,50% Ban ancos del Ban anco Ley Ban ancos Finan ancieras as Cooperat ativas as Mutual ales SFN TOTAL Coopenae ae Government Special law Private Credit Unions Mutual Total NFS Coopenae Other Estado especial al Privad ados Banks Bank Bank association financial (Housing) companies Source : www.sugef.fi.cr August 2019 data
Liquidity 33.0% 31.0% 29.0% 27.0% 25.0% 23.0% 21.0% 19.0% 17.0% 15.0% 13.0% 11.0% oct.-17 nov.-17 dic.-17 ene.-18 feb.-18 mar.-18 abr.-18 may.-18 jun.-18 jul.-18 ago.-18 sep.-18 oct.-18 nov.-18 dic.-18 ene.-19 feb.-19 mar.-19 abr.-19 may.-19 jun.-19 jul.-19 ago.-19 sep.-19 Investment / Assets NFS Investment / Assets Coopenae Inversiones / Activo SFN Inversiones / Activo Coopenae Source : www.sugef.fi.cr September 2019 data
Certificates of deposit Coopenae Portfolio - USD millions - 688 624 622 609 599 534 515 398 339 269 2010 2011 2012 2013 2014 2015 2016 2017 2018 sep- p-19 Source : COOPENAE database
Capital Adequacy Ratio (CAR) 22.0% 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% 9.0% oct.-15 abr.-16 oct.-16 abr.-17 oct.-17 abr.-18 oct.-18 abr.-19 ago.-15 dic.-15 feb.-16 jun.-16 ago.-16 dic.-16 feb.-17 jun.-17 ago.-17 dic.-17 feb.-18 jun.-18 ago.-18 dic.-18 feb.-19 jun.-19 Government Publico Private Bank Privado Coopenae Banks Sour urce : • Public Banks and Private Banks: at june 2019 • Coopenae: at june 2019
Best practices • FITCH Risk Rating, since 2007 • Optimal qualification as local Borrower • Internationally recognized external auditors • Internal Audit unit • Self Regulation: Ratio SUGEF Coopenae Credit Default Rate < 3% < 2,00% Liquidity over savings 15 % > 25 % ROE > 0 % 300 bp over inflation rate CAR >= 10% > 18% Interest rate risk 5% 1% Foreign exchange risk 5% 0,80% CAMELS – Risk model 1,75 Normal 1,03
Asdrúbal Zamora Corrales Investment advisor & expat liaison azamora@asesorcoopenae.fi.cr FB page: CD Investments in Costa Rica
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