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Annual Report 2019 Part Report / Chapter Page Annual report 2019 Part Report / Chapter Page I General information for SKB Group 3 Major business events 4 Presentation of the SKB Group 5 II Statement by Chief Executive Officer 7 III Report of the Board of Directors and its committees 8 Report of the Board of Directors 8 Report of the Audit Committee 12 Report of the Risks Committee 13 Report of the Compensation Committee 14 Report of the Nomination Committee 15 View of the Board of Directors on the report on SKB Group operations 17 IV SKB Group strategy 19 V Business report 22 Economic trends 22 Financial review of SKB Group 24 Human Resources 31 Statement about non finance operations 34 Corporate governance 39 Governance statement of SKB Leasing d.o.o. 49 The management responsibility statement and scope of impact 50 VI Important data and business performance indicators 52 VII Financial report for SKB Group and the SKB Bank 56 VIII Risk management 142 IX Addresses and contacts 238 Page 3 of 241 I. General information for SKB Group Number of employees - 910 Number of customers - 242,547 Number of outlets - 53 SKB Bank - 201,101 SKB Leasing Group - 41,446 Evolution of SKB Group’s balance sheet main items in million EUR 2019 2018 Balance sheet 3,385.6 3,313.9 2.2 % Loans to customers* 2,505.8 2,440.3 2.7 % Customers’ deposits 2,662.5 2,499.0 6.5 % Equity 365.5 356.5 2.5 % Capital adequacy ratio 12.3 % 12.7 % -36 bp Key results and indicators of SKB Group’s performance in million EUR 2019 2018 Net banking income 124.1 121.2 2.3 % Overhead expenses -59.5 -60.4 -1.5 % Operating profit 64.6 60.9 6.1 % Provisions and impairments 2.0 9.5 -79.1 % Net profit 54.1 57.6 -6.0 % ROE 14.8 % 16.6 % -179 bp Cost/Income ratio 47.9 % 49.8 % -186 bp Key result drivers Individual clients’ Δ in % Dec. 2019 Corporate clients’ activity Δ in % Dec. 2019 activity indicators indicators • Number of accounts 0.5 % 174,280 • Number of accounts 0.2 % 17,846 - Number of accounts with 1.7 % 128,764 • Number of E-banking users 1.0 % 16,777 regular payment • Number of Moj@SKB users 57.6 % 6,065 • Number of E-banking users 7.3 % 120,537 • Number of domestic 1.2 % 13,934,530 payment transactions • Number of Moj@SKB users 31.4 % 72,554 • Number of international 10.4 % 1,076,945 • Number of cards 2.2 % 224,524 payment transactions • Volume of loans 4.0 % 1,166.7 M EUR • Volume of loans 1.8 % 851.7 M EUR - Housing loans 4.6 % 894.6 M EUR - Loans without state 0.1 % 780.6 M EUR • Volume of leasing 3.1 % 251.3 M EUR • Volume of leasing -0.9 % 236.0 M EUR • Volume of deposits 5.7 % 1,717.7 M EUR • Volume of deposits 8.0 % 944.9 M EUR * Includes loans to customers measured at amortised cost and loans to customers measured at fair value. Page 4 of 241 Major business events The year 2019 has been very dynamic for SKB Bank. We encountered numerous challenges and changes, which we handled successfully and with work and expertise we helped to build the future of the bank and our clients. The end of the year presented a big turning point for SKB Bank as we entered the year with a new owner, OTP Bank. The name remains the same, however we changed the colours and the logo of the company. We offered new products and solutions to our clients also in the year 2019 and we simultaneously ensured a high level of quality of the existing services. We have been continuously creating good business relations, which are based on mutual understanding and trust. We aim to provide our clients with the best user experience, therefore we upgraded the MOJ@SKB mobile bank in 2019. We offered new functionalities, such as a draft of the payment slip, quick balance overview without having to login into the application and safety features upgrade of the application. We are aware that our clients come first, so we expanded our product portfolio. Namely, since May 2019 packages of daily banking operations are at clients’ disposal. They can choose among three packages: Moj S, Moj M and Moj L package, which vary based on the products the client wants to use for daily banking operations. Furthermore, we optimized and simplified documentation for customers, which now requires only one signature for all daily banking services. In the youth segment, last year we continued our successful cooperation with e-Študentski servis ŠS d.o.o. (hereinafter “e-ŠS”) and Nomago. In 2019, we also agreed with the e-ŠS, to participate in the form of a recommendation for opening accounts with SKB partner bank. By achieving that, students are eligible for faster transfer of earnings and other e-ŠS program bonuses. The main product of collaboration with Nomago is the SKB ISIC Visa partner product, which combines its debit cards with the benefits of an ISIC card and thus offers users an additional discount in Slovenia and abroad. Our regular offer of savings and investment products now also includes Moorea Fund investment funds, which offers the possibility of quality savings plan with monthly pay-ins or an one-time payment and a complete dispersion of investments. We provide professional banking support to our clients in the field of the refinement of their assets. We design an attractive offer for them and give them access to exclusive investment products and services. A customer-centric approach puts Private Banking clients in the centre of our world, covering many financial situations - from day-to-day banking needs to investment advisory services. The introduction of the Bank of Slovenia's tightening measures in the area of household lending resulted in adequate reaction and adjustment of the SKB Bank. Therefore, we continue to offer our clients loans on competitive terms and help them in calculating the appropriate creditworthiness of the borrower and the amount of the loan. In 2019, for the eighth time in nine years, SKB Bank won the award »Bank of the Year« in Slovenia, presented by the internationally recognised The Banker magazine, and the award »Best Bank of 2019 in Slovenia«, presented by the Global Finance magazine. In 2019 we also organised events for clients in order to thank them for their trust. Furthermore, we participated in some professional events to show support and use the opportunity for networking. During the last year, we were active in projects we supported as a sponsor and continued to develop the movement #Vztrajam, ambassadors of sport, and invested in sustainable development. With our urban beehive brought the nature to the city for a few years now, as we want to be socially responsible and thus successfully operate in the environment, in which we work and do business. Page 5 of 241 Presentation of the SKB Group SKB Group The SKB Group consists of SKB Bank and the SKB Leasing Group, to which SKB Leasing and SKB Leasing Select belong. SKB is a development-oriented universal bank providing comprehensive and diverse banking services through various sales channels, including 53 branches across Slovenia, and through modern banking channels - such as electronic, telephone and mobile banking, ATM network, payment and credit cards. SKB, as a retail and small, medium and large business bank, offers a wide range of financial services but does not trade financial instruments for its own account. SKB Leasing and SKB Leasing Select upgrade banking services with leasing products. SKB Leasing and SKB Leasing Select offer all leasing products to individuals and companies except real estate leasing through a network of branch offices located in all major regional centres throughout Slovenia and with the help of their sales representatives. SKB Leasing, SKB Leasing Select and SKB take advantage of all possible synergies. We conduct business in accordance with our key values: team spirit, responsibility, innovation and commitment. We believe this is the base for an encouraging business environment and healthy long-term business relationships. We offer a wide selection of highly competitive products and quality services. Our bank excels in modern approach, innovation and efficient response to our clients’ expectations and market changes. Client-friendly bank is created by adjusting bank services to customer needs and desires. We believe that individuals, who move the world, lead everyone into better future, therefore we are developing a lasting relationship with them; a relationship that is based on mutual trust and finding the best and safest solutions. At SKB, we pay special attention to forming comprehensive and long-term business relationship with our customers. The quality of our services, based on excellent execution and expert advice, is improved by quick response to wishes and needs of our customers, as well as by constantly seeking the optimal location of our banking network on the business map of Slovenia. This allows us to meet the financial needs of existing customers, while attracting new individuals, sole proprietors and small and medium-sized businesses. For each customer segment, we have products specifically tailored for them, with appropriate sales approaches and orientations. As we develop each individual offering, we strive to create a useful banking product for a wider range of customers and to introduce a standardized approach. Savings products are upgraded with investment products Amundi and Moorea, enabling customers to make choices across a wide range of investment opportunities. In cooperation with insurance companies, we also offer a wide range of insurance and investment products to SKB clients.
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