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BAWAG Group Half-Year Financial Report 2020

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BAWAG Group Half-Year Financial Report 2020 HALF-YEAR FINANCIAL REPORT AS OF 30 June 2020 1 BAWAG GROUP HALF-YEAR FINANCIAL REPORT AS OF 30.6.2020 KEY FIGURES Profit or loss statement Q2 Q2 Jan-Jun Jan-Jun Change (%) Change (%) (in € million) 2020 2019 2020 2019 Net interest income 227.8 220.6 3.3 447.7 435.1 2.9 Net fee and commission income 55.8 70.0 (20.3) 127.7 142.6 (10.4) Core revenues 283.6 290.6 (2.4) 575.4 577.7 (0.4) Other income1) 0.6 22.4 (97.3) 4.4 33.6 (86.9) Operating income 284.2 313.0 (9.2) 579.8 611.3 (5.2) Operating expenses (124.7) (136.0) (8.3) (249.6) (262.3) (4.8) Pre-provision profit 159.5 177.0 (9.9) 330.2 349.0 (5.4) Regulatory charges (2.5) (2.9) (13.8) (38.8) (37.1) 4.6 Total risk costs (74.6) (15.3) >100 (129.6) (27.2) >100 Profit before tax 80.8 160.0 (49.5) 161.3 287.1 (43.8) Income taxes (19.3) (38.3) (49.6) (38.6) (68.5) (43.6) Net profit 61.2 121.7 (49.7) 122.3 218.6 (44.1) Q2 Q2 Jan-Jun Jan-Jun Change (%) Change (%) Share data 2020 2019 2020 2019 Pre-tax earnings per share (in €)2) 0.92 1.62 (43.4) 1.83 2.90 (37.0) After-tax earnings per share (in €)2) 0.70 1.23 (43.3) 1.39 2.21 (37.1) Book value per share (in €) 38.28 36.23 5.7 38.28 36.23 5.7 Tangible book value per share (in €) 31.96 30.45 4.9 31.96 30.45 4.9 Shares outstanding at the end of the 87,937,130 98,794,893 (11.0) 87,937,130 98,794,893 (11.0) period Performance ratios Q2 Q2 Jan-Jun Jan-Jun Change (pts) Change (pts) (figures annualized) 2020 2019 2020 2019 Return on common equity3) 7.4% 13.7% (6.3) 7.3% 12.5% (5.2) Return on tangible common equity3) 8.9% 16.2% (7.3) 8.8% 14.6% (5.8) Net interest margin 2.27% 2.30% (0.03) 2.28% 2.28% 0.00 Cost-income ratio 43.9% 43.5% 0.4 43.0% 42.9% 0.1 Risk costs / interest-bearing assets 0.74% 0.16% 0.58 0.66% 0.14% 0.52 Statement of financial position Jun Dec Jun Change (%) Change (%) (in € million) 2020 2019 2019 Total assets 51,278 45,662 12.3 44,463 15.3 Interest-bearing assets 40,505 36,841 9.9 38,226 6.0 Customer loans 31,372 30,467 3.0 31,062 1.0 Customer deposits and own issues 35,858 35,827 0.1 35,286 1.6 Common equity3) 3,366 3,297 2.1 3,579 (6.0) Tangible common equity3) 2,811 2,728 3.0 3,009 (6.6) Risk-weighted assets 20,750 20,385 1.8 20,727 0.1 Jun Dec Jun Change (pts) Change (pts) Balance sheet ratios 2020 2019 2019 Common Equity Tier 1 capital ratio (fully loaded) 13.4% 13.3% 0.1 14.6% (1.2) Total capital ratio (fully loaded) 17.0% 17.0% 0.0 18.4% (1.4) Leverage ratio (fully loaded) 5.9% 6.5% (0.6) 7.4% (1.5) Liquidity coverage ratio (LCR) 209% 146% 63 148% 61 NPL ratio 1.6% 1.7% (0.1) 1.8% (0.2) NPE ratio 1.7% 2.0% (0.3) 1.9% (0.2) 2 1) The term “Other income“ includes gains and losses on financial instruments and other operating income and expenses. 2) Before deduction of AT1 coupon. 3) Excluding AT1 capital and dividend accruals Note: For details on definitions and caluclation methodology, please refer to the section entitled “Definitions” on pages 94-96. CONTENTS CONTENTS 4 LETTER FROM THE CEO 6 HALF-YEAR GROUP MANAGEMENT REPORT 7 BAWAG Group on the stock market 8 Economic and Regulatory Developments 11 Financial Review 17 Business Segments 26 Risk Management 26 Outlook & Targets 28 CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS 29 Consolidated Accounts 36 Notes 74 Risk Report 93 Statement of All Legal Representatives 94 DEFINITIONS Disclaimer: Certain statements contained in this report may be statements of future Neither BAWAG Group nor any of its affiliates, advisors or representatives expectations and other forward-looking statements that are based on shall have any liability whatsoever (in negligence or otherwise) for any loss management’s current view and assumptions and involve known and unknown howsoever arising from any use of this report or its content or otherwise risks and uncertainties that could cause actual results, performance or events arising in connection with this document. to differ materially from those expressed or implied in such statements. This report does not constitute an offer or invitation to purchase or subscribe BAWAG Group’s interim results are typically not indicative of expected full-year for any securities and neither it nor any part of it shall form the basis of or be results. Actual results may differ materially from the results predicted, and re- relied upon in connection with any contract or commitment whatsoever. ported results should not be considered as an indication of future performance. The tables in this report may contain rounding differences. 3 BAWAG GROUP HALF-YEAR FINANCIAL REPORT AS OF 30.6.2020 LETTER FROM THE CEO Dear Fellow Shareholders, of customer payment deferrals due to COVID-19, a general reserve (ECL) of € 65 million was posted in the The first half of 2020 was marked by the outbreak of first half 2020, driven primarily by applying the most COVID-19, which was characterized as a global severe economic scenarios published by the ECB for the pandemic by the World Health Organization (WHO) in Euro area of 12.6% GDP decline in 2020, followed by a early March. Our thoughts and prayers are with all the recovery of 3.3% in 2021. We are acting out of an individuals, families, healthcare workers and front-line abundance of caution in our provisioning, planning for employees most impacted by this health crisis in our the worst and hoping for the best. local markets and across the globe. The CET1 ratio was 13.4% at the end of June 2020 after The COVID-19 crisis triggered unprecedented market deducting € 291 million of earmarked dividends, volatility and uncertainty not seen since the financial comprised of the full 2019 dividend of € 230 million and crisis. This has led to varying responses, and at varying the H1 ’20 dividend accrual of € 61 million. We are fully speeds, from governments across the globe. The committed to distributing our earmarked dividends, governments in the DACH region have gone to great subject to regulatory approval. We fully understand the lengths to support their economies and have put in place regulators' position on capital distributions in light of the extensive stimulus packages and support measures, COVID-19 crisis. We will remain patient, as we hope demonstrating their fiscal strength and capabilities. investors will too, as we wait for forthcoming guidance. Austria, which is the core and foundation of our business, implemented a lockdown affecting all Our Retail & SME segment delivered a profit before tax of businesses with the exception of critical infrastructure € 164 million during the first half of 2020 and a return earlier than most countries in mid-March. Austria has on tangible common equity of 19.8%. While responding also been one of the early movers in gradually easing in real-time to our customer needs during the crisis, we restrictions and beginning to open the economy only a continued to execute on our strategic initiatives. During month after the initial lockdown. the first half, we completed an important step in the simplification of our operations by consolidating our BAWAG Group entered into this health crisis from a Austrian banking channels and brands under one position of strength, having transformed our business organization. In Germany, we continued executing on our over the years to be able to withstand economic growth and profitability initiatives by building a strong downturns. We have strong capital levels, solid funding front-end sales organization across key products and and liquidity, and an efficient platform that generated channels, while leveraging central functions in order to mid-teen returns pre-COVID-19. This gives us room to provide customers with a frictionless experience while play our part in supporting our customers and our local driving synergies across the Group. Overall, we see economies, protecting our franchise and grow our customers acting out of an abundance of caution, no business. different than how companies have reacted. This has impacted consumer loan demand and depressed We delivered a solid set of results in the first half 2020 consumer spending levels, however, we are already with a net profit of € 122 million, and - after normalizing seeing a resumption of activities beginning to normalize. for front-loaded regulatory charges - a return on tangible common equity of 9.8%. The underlying operating The Corporates & Public segment delivered a profit performance of the business remained solid, with pre- before tax of € 50 million during the first half 2020 and a provision profit of € 330 million, down 5% versus prior return on tangible common equity of 8.7%. COVID-19 year impacted by lower revenues, offset by lower has also resulted in subdued loan demand across expenses. Revenues – in particular fee & commission traditional commercial real estate and portfolio financing.
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