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CAL BANK LIMITED 2016 ANNUAL RESULTS INVESTOR PRESENTATION A P R I L 2 0 1 7 INVESTOR PRESENTATION | 2017 Disclaimer This report was prepared by CAL to provide background information on the Group. The report is issued for information purposes only, especially with regards to enabling users understand the inherent potential of the business. It is therefore not a solicitation to buy or sell the stock. The information contained herein is subject to change and neither the bank nor its staff is under any obligation to notify you or make public any announcement with respect to such change. Users are hereby advised to exercise caution in attempting to rely on this information and carry out further research before reaching conclusions regarding their investment decisions. 2 INVESTOR PRESENTATION | 2017 Outline Operating Environment: Ghana Ghana Banking Sector Overview of CAL Bank Limited CAL Financial Performance CAL Strategy and Outlook 3 INVESTOR PRESENTATION | 2017 Macroeconomic Indicators MACROECONOMIC OVERVIEW MACROECONOMIC INDICATORS • Ghana has a strong export profile and is the world’s second largest exporter of cocoa (USD1.9bn as INFLATION POLICY LENDING at October 2016), behind Côte d’Ivoire, and one of the continent’s largest gold producers (USD 3.9bn of export as at October 2016). Its recent oil and gas discoveries have further expanded its RATE RATES resource wealth (USD 1.0bn oil export in October 2016) • The Country’s dependence on its exports leaves it vulnerable to external pressures and the recent 13.2 23.5 32.3 drop in commodity prices, namely gold and oil have significantly constrained revenues and PERCENT PERCENT PERCENT imperiled finances AS AT FEB 2017 AS AT MAR 2017 AS AT FEB 2017 • The country’s macro-economic fundamentals continue to be attractive with an average real GDP growth rate of 7.7% in the last five years. • Overall provisional real GDP growth rate in 2016 is estimated at 3.6%,with non-oil GDP growing at INTEREST RATES 4.6 percent 91-DAY 182-DAY 364-DAY T-BILL T-BILL T-BILL G D P G R O W T H 2016 GDP MIX** 15.9 17.0 19.0 14.0% Agricult PERCENT PERCENT PERCENT ure, AS AT FEB 2017 AS AT FEB 2017 AS AT FEB 2017 20.1% 9.3% GOVERNMENT BUDGETARY OPERATIONS 7.3% Services, 54.3% GROSS EXTERNAL DOMESTIC Industr DEBT DEBT DEBT y, 4.0% 3.9% 3.6% 25.6% $28.3bn $16.4bn $11.9bn 67.4% of GDP 39.0% of GDP 28.4% of GDP AS AT SEPT 2016 AS AT SEPT 2016 AS AT SEPT 2016 2011 2012 2013 2014 2015 2016** ** Provisional FY 2016 Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 4 INVESTOR PRESENTATION | 2017 Macroeconomic Challenges Exchange Rate Development 2016 DEPRECIATING CEDI GHS/USD 9.6% Depreciation DOMESTIC INTEREST RATES GHS/EUR 5.3% Depreciation INTEREST RATE INSTRUMENT 6.0 GHS/GBP 10.0% Appreciation 2015 2016 MARCH 2017 91-DAY 23.1% 16.8% 17.51% 5.5 182-DAY 24.4% 18.5% 17.19% 5.0 1-YEAR 22.8% 21.5% 19.00% 4.5 2-YEAR 23.3% 22.5% - 3-YEAR 23.5% 24.0% - 4.0GBP/EUR/USD 5-YEAR 24.0% 24.8% - 7-YEAR 19.0% 19.0% 19.75% 3.5 GBP EUR USD 10-YEAR 19.0% - 3.0 Jan-16 Feb-16 Mar-16 May-16 Jun-16 Aug-16 Sep-16 Nov-16 Dec-16 15-YEAR 19.75% STRAINED FISCAL POSITION STEADYING INFLATION 2010 2011 2012 2013 2014 2015 2016 25.0% End-period inflation: 15.4% 20.0% 15.0% 70.2% 72.2% 72.5% 56.8% 47.8% 10.0% 37.8% 39.7% 5.0% -4.4% -7.7% -10.8% -11.1% -10.3% -6.7% -8.7% 0.0% Dec-10 Sep-11 Jun-12 Mar-13 Dec-13 Sep-14 Jun-15 Mar-16 Dec-16 Gross Public Debt/GDP Fiscal Deficit/GDP Inflation Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 5 INVESTOR PRESENTATION | 2017 Outline Operating Environment: Ghana Ghana Banking Sector Overview of CAL Bank Limited CAL Financial Performance CAL Strategy and Outlook 6 INVESTOR PRESENTATION | 2017 Banking Sector Scorecard HIGHLIGHTS RECENT TRENDS & DEVELOPMENTS 5 new licenses issued over the • Ghana’s Banking sector comprises 34 commercial banks; 17 foreign-owned, 2 High NPLs following a period of last year: Ghana Home Loans , 1 4 state-owned and 15 locally, privately owned. economic difficulty Sovereign Bank, Omni Bank, • The sector has over the past 5 years demonstrated strong compounded annual Premium Bank and Heritage Bank growth rate of 23% on the back of oil production and growth of alternative banking Parliament passes Banks and channels such as mobile, internet and agency banking Decline in banking industry Specialized Deposit-Taking 2 multiples from P/B of 1.6x in Jan 5 • Competition in the sector over the last 2 years is getting keener with the entry of Institution Bill and Deposit 2016 to P/B of 1.3x in Jan 2017 new players such as Heritage Bank-2016, Omni Bank-2016, Sovereign Bank-2016, Protection Bill. Premium Bank - 2016, First Rand Bank-2015, and GN Bank- 2014 • Currently, all the banks have their regulatory capital above the minimum threshold Listing of Banks on the Ghana Large outstanding government of GHS 60mn for existing banks and GHS 120mn for new entrants 3 6 Stock Exchange: ADB Bank and related debt eg. TOR, BDCs, VRA Access Bank GROWTH DRIVERS KEY TRANSACTIONS OVER THE PAST 4 YEARS Growth in the use of technology to enhance cost containment ADB Bank raised GHS initiatives and improve client services 325.8mn in Ghana’s largest IPO FBN acquired Growth in the retail segment and the middle class Intercontinental Bank Access Bank raises GHS 29.6mn in an IPO 2012 2013 2014 2016 Improving macroeconomic outlook Access Bank acquired Fidelity Bank Ghana Intercontinental Bank acquired Procredit Ghana Improved regulations to address industry challenges Ecobank Ghana acquired The Trust Bank Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 7 INVESTOR PRESENTATION | 2017 Banking Sector Performance TOTAL ASSETS (GHS BN) TOTAL DEPOSITS (GHS BN) TOTAL LOANS & ADVANCES (GHS BN) 80.9 35.5 51.4 63.3 41.3 27.1 51.4 22.2 32.4 36.2 23.3 15.4 27.2 19.6 11.7 20.8 15.6 7.9 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 8 INVESTOR PRESENTATION | 2017 Overview of listed banks BANK TICKER Access Bank Ghana * ACCESS Agricultural Development Bank* ABD CAL Bank CAL Ecobank Ghana EGH Ghana Commercial Bank GCB HFC Bank HFC Societe Generale Ghana SOGEGH Standard Chartered Bank Ghana SCB UT Bank UTB BANKING SECTOR OUTLOOK • The banking industry`s performance is • Expected mergers and acquisitions to be • Increases in the middle income class is expected to pick up with the improvement driven by maturation of investments by expected to boost the retail segment of the in the energy supply; on-going fiscal financial investors and the proposed increase sector as they will require more banking consolidation reflected in lower treasury bill in bank capitalisation to GHS 250 – 300 services rates million * Recently listed banks 9 INVESTOR PRESENTATION | 2017 Group performance of listed banks PROFIT - AFTER - TAX GHS MILLIONS 350.00 Profit-After-Tax FY 15 Profit-After-Tax FY 16 Millions 300.00 327.90 321.27 321.27 318.12 250.00 200.00 252.64 224.51 150.00 166.24 166.24 100.00 50.00 80.45 66.15 63.90 41.95 10.89 44.61 - EGH GCB SCB SOGEGH ACCESS CAL HFC ADB (50.00) (78.98) (36.34) (100.00) (47.73) All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 10 Source: Company Filings INVESTOR PRESENTATION | 2017 Group performance of listed banks TOTAL ASSETS GHS BILLIONS 9,000.00 Total Assets FY 15 Total Assets FY 16 Millions 8,000.00 7,000.00 8,056.87 8,056.87 6,000.00 6,691.81 5,000.00 6,074.53 6,074.53 4,000.00 4,670.76 3,000.00 4,373.56 3,619.45 3,619.45 3,369.45 3,369.45 2,000.00 3,364.50 2,679.84 2,679.84 2,448.84 2,448.84 2,424.65 1,000.00 2,134.15 1,992.23 1,897.56 1,897.56 1,600.33 - EGH GCB SCB CAL ACCESS SOGEGH HFC ADB All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 11 Source: Company Filings INVESTOR PRESENTATION | 2017 Performance of listed banks NON - PERFORMING LOANS PERCENTAGE 50.00 NPL 15 NPL 16 45.00 40.00 45.00 43.30 35.00 30.00 33.89 25.00 21.75 20.33 25.71 20.00 15.00 16.90 16.65 14.80 10.00 14.00 13.00 11.90 5.00 8.00 5.50 5.40 0.00 SCB ACCESS HFC SOGEGH GCB EGH CAL ADB All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 12 Source: Company Filings INVESTOR PRESENTATION | 2017 Performance of listed banks RETURN ON ASSETS RETURN ON EQUITY PERCENTAGE PERCENTAGE 6.0% 40.0% ROE 15 ROA 15 ROE 16 ROA 16 5.4% 30.0% 36.1% 5.2% 5.1% 34.0% 4.9% 4.0% 4.8% 32.0% 30.0% 29.6% 29.3% 4.1% 20.0% 3.3% 22.4% 2.0% 19.2% 2.6% 10.0% 16.9% 2.2% 2.0% 11.9% 1.6% 9.8% 2.1% 0.3% 0.0% 0.0% GCB SCB EGH SOGEGHACCESS CAL HFC ADB EGH GCB SCB SOGEGH ACCESS CAL HFC ADB -10.0% -2.0% -20.0% 23.7% - 3.7% - 2.5% 2.3% - - -4.0% 18.6% -30.0% - 32.3% -6.0% -40.0% - All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 13 Source: Company Filings INVESTOR PRESENTATION | 2017 Outline Operating Environment: Ghana Ghana Banking Sector Overview of CAL Bank Limited CAL Financial Performance CAL Strategy and Outlook 14 INVESTOR PRESENTATION | 2017 CAL Bank Limited “at a glance” SHAREHOLDING STRUCTURE** SUBSIDIARIES EMPLOYEES CAL Bank OTHERS ROBECO AFRIKA FONDS 27.7% Limited 2.1% is an indigenous FRANK BRAKO ADU, JR bank established 2.4% SSNIT 3 792 33.2% in Ghana in 1990, listed on the WHOLLY PROFESSIONAL Ghana Stock CENTUM OWNED STAFF EXOTICS Exchange 2.7% ICAM CHANNELS 4.3% ARISE B.V.
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