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Nibc Covered Bond Presentation

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Nibc Covered Bond Presentation NIBC COVERED BOND PRESENTATION September 2021 1 EXECUTIVE SUMMARY Addressing the challenges from Covid-19 ▪ Focused mid-market corporate and retail franchise with differentiated approach ▪ Net profit of EUR 91 million in H1 2021 (EUR 3 million in H1 2020) ▪ Net interest margin of 1.87% in H1 2021 (1.92% in 2020) NIBC ▪ Impairment ratio of 0.16% in H1 2021 (from 0.80% in 2020) ▪ Cost-to-income ratio at 46% in H1 2021 (50% in 2020) ▪ Strong capital position, with fully-loaded CET 1 ratio at 20.0% and leverage ratio of 8.6% at H1 2021 ▪ AAA/AAA (S&P/Fitch) rated Conditional Pass-Through Covered Bonds ▪ Law-based programme, registered with the Dutch Central Bank Covered Bond ▪ Favorable regulatory treatment Programme ▪ Documented minimum overcollateralisation of 15% ▪ Cover pool of prime Dutch residential mortgage loans ▪ Total residential mortgage book of EUR 9.2 billion1 ▪ Despite Covid-19 the Dutch housing market remains resilient: NPLs remain low and credit loss expenses for H1 2021 Mortgage Business were negative EUR 2 million ▪ Origination via independent intermediaries, underwriting criteria fully controlled by NIBC ▪ In-house arrears and foreclosure management 1: Excludes buy-to-let exposure of EUR 0.9 billion and (off-balance sheet) originate-to-manage exposure of EUR 8.7 billion 2 TABLE OF CONTENTS 1. NIBC BUSINESS AND FINANCIAL UPDATE H1 2021 4 2. DUTCH HOUSING AND MORTGAGE MARKET 24 3. RETAIL CLIENT OFFERING AND ASSET QUALITY 27 4. CONDITIONAL PASS-THROUGH COVERED BOND PROGRAMME 32 APPENDIX I MORTGAGE BUSINESS AT NIBC 36 APPENDIX II MAIN UNDERWRITING CRITERIA 39 APPENDIX III ASSET COVER TEST 42 APPENDIX IV CONDITIONAL PASS-THROUGH SCENARIOS 44 APPENDIX V INVESTOR REPORTING AND LEGAL FRAMEWORK 46 3 NIBC BUSINESS AND FINANCIAL UPDATE H1 2021 4 NIBC PERFORMANCE IN H1 2021 ▪ NIBC had a strong half year, with operating income benefitting from positive results of the equity investment portfolio and an increase in fee income ▪ Interest income equals EUR 188 million (-9%), following development of both portfolio volumes and spreads. The net interest margin (1.87%) showed resilience, benefitting from lower funding costs ▪ Cost/income ratio of 46%, including continued investments in both strategic initiatives and projects to address new regulatory requirements and process improvements ▪ Credit losses have decreased considerably to EUR 14 million in H1 2021 (from EUR 84 million in H1 2020), reflecting the improved economic situation and outlook ▪ Continued strong capital position with a CET 1 ratio of 20.0% (2020: 19.9%) and an ROE of 10.2% (H1 2020: 0.3%) ▪ All-in-all, this has led to a net profit attributable to shareholders of EUR 91 million (H1 2020: EUR 3 million) 5 ADDRESSING THE CHALLENGES FROM COVID-19 First priority remains safeguarding health of our staff and families and ensuring business continuity OurOUR PEOPLEPeople OUR BUSINESSs OurOUR Clients CLIENTS ▪ The COVID-19 pandemicdeeply changed our ▪ As was the case in 2020, alertness on business ▪ NIBC continued to prudently extend credit to ways of working, maximizing working from home continuityunder COVID-19 continues, managed by businesses of all sizes for working capital and ▪ During H1 2021, supported by increased both the CRO and CFO with bi-weekly update calls general corporate purposes vaccination levels and technological innovation, ▪ The focus on liquidity management remains a ▪ Intensified client interaction and increased more working from the office in a safe way was priority in the COVID-19 environment, maintaining monitoring and reporting on the portfolio (also made possible NIBC’s liquidity buffers at a high level. using the tools of our partner OakNorth) have ▪ Intensified communication to all staff ▪ There are no material funding transactions helped to address issues head on implemented during 2020 continued in 2021, maturing in the remainder of 2021 ▪ Cautious origination on the corporate client side; with regular Corona news releases and periodic ▪ In July 2021 NIBC Bank announced the acquisition with a focus on specific asset classes and on video updates by an ExCo member portfolio management of the loan portfolio of EUR 1.5 billion of ▪ Intensified contact by managers with their teams Finqus B.V. The closing is expected to take place in ▪ NIBC actively continued to support the growth with increased one on one meetings Q4 of 2021 (subject to approval by the regulators initiatives Beequip, yesqar, OIMIO and Lendex to DNB and ACM) support new client groups. All these initiatives displayed growth in H1 2021 ▪ Overall, our clients have weathered COVID well as also displayed by the decreased level of credit losses 6 FOCUSED TRANSFORMATION Continued rebalancing of our portfolios towards more resilience NIBC PORTFOLIO TRANSFORMATION SINCE 2019 COMPOSITION NIBC’S H1 2021 CLIENT OWN BOOK ASSETS in EUR billion H1 2021 FY 2019 vs. FY 2019 COMMENTS Energy 0.4 0.7 -51% H1 2021 ▪ The overall decrease in all portfolios are due to two Shipping 0.8 1.0 -21% factors: Financial Sponsors & ▪ Lower origination during 2020 due to COVID-19 Leveraged Finance 0.7 1.0 -27% Commercial Real Estate (incl. ▪ The deliberate reduction of certain asset classes continued in H1 2021 OIMIO) 1.3 1.6 -17% 44.3% Retail EUR 18.1 bn Fintech & Structured finance 0.8 1.0 -26% 55.7% Corporate ▪ Total client assets - including originate-to-manage - Mobility (incl. yesqar) 0.6 0.7 -2% increased by 14% since 2019 Infrastructure 1.7 1.7 -4% ▪ Clients’ assets for NIBC’s own book displayed Mid Market Corporates 0.6 1.1 -44% continuous rebalancing towards a higher share of Total corporate loans (drawn retail and other granular asset classes: & undrawn) 6.9 8.9 -22% ₋ Growth of the mortgage book by 2% Beequip and other lease FY 2019 ₋ Growth of higher margin businesses such as receivables 0.7 0.5 41% leasing incl. Beequip (+41%) and Buy-to-Let Investment loans 0.2 0.2 -28% (+25%) Equity investments 0.3 0.3 -17% Total corporate client assets 8.0 9.9 -19% ₋ Decreased exposure in the cyclical sectors Shipping, Energy and Leveraged Finance by 31% Owner-occupied mortgage 50.4% Retail EUR 19.6 bn loans 9.2 9.0 2% 49.6% Corporate ▪ Strong growth of the originate-to-manage offering Buy-to-Let mortgages 0.9 0.7 25% from EUR 5.1 billion in 2019 to EUR 10.1 billion in H1 Total retail client assets 10.1 9.7 4% 2021 OTM Retail client assets 8.7 4.3 101% OTM Corporate client assets 1.4 0.8 87% Originate-to-manage assets 10.1 5.1 99% 7 COMPOSITION OF NIBC’S TOTAL ASSETS Result of continued rebalancing NIBC’S TOTAL ASSETS CORPORATE LOANS COMMENTS 2% ▪ Diversified portfolio: of NIBC’s total assets 3% of EUR 21.1bn at H1 2021: 1% 5% 3% • 12% is in ‘liquid means’ (governments 5% 26% & central bank) 2% • 48% in residential mortgage loans 1% 3% 3% 12% 48% 3% 3% 3% 2% Corporate loans Governments & central bank Commercial Real Estate Energy Financial Sponsors & Leveraged Finance Fintech & Structured Finance Other financial institutions Residential mortgage loans Mobility Infrastructure - Core Equity investments Lease Receivables Infrastructure - Non-Core Mid Market Corporates Derivatives Other Shipping 8 RETAIL CLIENT OFFERING Strong mortgage origination results in market share of 4%, despite price volume competition MORTGAGE LOAN ORIGINATION GROWTH CLIENTS STRONG ORIGINATION MARKET SHARE ORIGINATION¹ ▪ Number of clients +6% since 2020 ▪ Total number of clients 141k 2.5bn 4% ▪ Total number of clients 310k MORTGAGE LOAN PORTFOLIO In EUR bn LOW RISK PORTFOLIO FACTS AND FIGURES ▪ Strong growth OTM portfolio from EUR 7.5 18.7 billion to EUR 8.7 billion 17.4 NIBC DIRECT ▪ Total OTM mandates over EUR 12 billion 14.0 CUSTOMER SURVEY 8.7 7.9 7.5 ▪ Growth in the Buy-to-Let portfolio of 25% since SCORE SAVINGS 4.3 2019 0.9 0.7 0.9 NIBC DIRECT 9.0 9.0 9.2 ▪ 64% loan to value on own book residential mortgage portfolio CUSTOMER SURVEY 2019 2020 H1 2021 8.0 Owner-occupied Buy-to-let Originate-to-Manage ▪ Retail savings increased in 2021 by 7% to EUR SCORE MORTGAGES 10.5 billion 9 ¹ Based on market volumes CORPORATE CLIENT OFFERING Progressing with rebalancing and de-risking strategy, ready to grow again CORPORATE LOAN ORIGINATION REBALANCING THE PORTFOLIO ENTREPRENEURIAL SPIRIT OF NEW GROWTH ENGINES IN 2021 SELECTIVE ORIGINATION ACTIVELY MANAGED CORPORATE EXPOSURE 1.6 bn 8.0 bn In EUR bn ▪ The lease receivables portfolio incl. BEEQUIP 1.6 ▪ Increased origination following the subdued displayed growth in H1 2021 of 14% level in 2020 during COVID-19 pandemic ▪ OIMIO - the Bank's commercial real estate ▪ Continued de-risking in Energy and Leveraged offering for small Dutch SMEs launched in 2020 1.0 Finance - grew its book by 55% to more than EUR 100m 0.6 ▪ Continued focus of margin over volume in H1 2021 ▪ ▪ Increased focus in H1 2021 on growing yesqar - the Bank's asset data driven auto- motive offering launched in Q3 2020 - grew to a H1 2019 H1 2020 H1 2021 in Infrastructure, Commercial Real Estate and Leasing portfolio of nearly EUR 30 million in H1 2021 10 SUSTAINABILITY EMBEDDED IN OUR STRATEGY Supporting corporate and retail clients in their transition towards a sustainable future INTEGRATED BUSINESS APPROACH STRONG SUSTAINABILITY RATINGS ▪ Robust (sector-specific) sustainability ISS (formerly OEKOM) policies in place NIBC ▪ 100% of corporate loans screened Purpose C+/Prime against sustainability policy & Values ▪ Estimated greenhouse gas emissions related to NIBC’s financings are being Risk Sustainability Management Framework SUSTAINALYTICS measured and tracked as part of Framework NIBC’s net zero emissions ambition for 22
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