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Presentation 21042009.Pdf Alfa-Bank Full Year 2008 Results 21 April 2009 Andrew Baxter, Chief Financial Officer Disclaimer This presentation has been prepared and issued by Alfa-Bank. This publication is intended for professional and institutional customers. Any information in this presentation is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by Alfa-Bank with regard to the accuracy of the data. The opinions and estimates contained herein constitute our best judgment at this date and time, and are subject to change without notice. This presentation is for information purposes, it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of any of the securities or issues mentioned in this presentation. Alfa-Bank and/or its subsidiaries may use the information in this presentation prior to its publication to its customers. Alfa- Bank or its employees may also own or build positions or trade in any such securities, issues, and derivatives thereon and may also sell them whenever considered appropriate. Alfa-Bank may also provide banking or other advisory services to interested parties. Alfa-Bank accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. 2 Alfa-Bank’s universal business franchise One of the most recognised brands in Russia — 3.5 million retail clients and National “Super Brand of the Year”* more than 56,000 corporate clients** St. Petersburg Moscow Kiev Vladivostok Almaty Retail Banking Corporate and Investment Banking Corporate Lending Equity Brokerage Branch Banking Auto Finance Domestic and International Fixed Income Brokerage Clearing Research Current and Savings Accounts SME Banking Consumer Finance Debt and Equity Capital Markets Debit and Credit Cards Leasing Mergers & Acquisitions GSM Banking Mortgage Loans Trade Finance Structured Products and Internet Banking Structured Finance Derivatives Personal Instalment Loans Factoring Cash Management * Source: Superbrands International brand research, March 2008 ** Figures as of January 1, 2009, including those of Severnaya Kazna 3 Financial highlights FY 2008 Operating profit up 19.8% to US$ 1.21 bn compared to FY 2007 Cost to income at 36.6% (end-2007: 55.5%) Return on equity at 11.5% (end-2007: 16.0%) Financial performance Net income at US$ 230.1 mln (FY 2007: US$ 253.5 mln) Provisions increased from US$ 380.7 mln (2.4% of loan portfolio) to US$ 1 190.2 mln (6.2% of loan portfolio) Total assets up 19.4% from US$ 22.7 bn to US$ 27.1 bn Operating performance Total gross loans up 22.3% from US$ 15.7 bn to US$ 19.2 bn Cash and interbank balances up 26.7% from US$ 4.5 bn to US$ 5.7 bn Customer accounts up 3.3% from US$ 12.2 bn to US$ 12.6 bn Moody’s confirmed credit rating at Ba1 in February 2009 S&P downgraded credit rating to BB-/Stable in December 2008 due to Ratings deteriorating economic conditions in Russia S&P BBB- survivability assessment confirmed in February 2009 Rated by S&P as one of the most transparent banks in their 2007 research report: “Transparency and Disclosure by Russian Banks” 4 Strong growth of operating profit offset by conservative provisioning Net interest income (in US$, mln) Net commission income (in US$, mln) 1600 1381.9 10.0% CAGR: +29.2% 1400 +53.7% 1200 8.0% +31.9% 340.9 5.7% 5.9% 5.7% 1000 899.0 258.4 5.0% 6.5% 6.0% 800 550.3 5.5% 4.0% 168.3 600 401.7 312.3 135.5 400 241.8 115.5 2.0% 94.6 200 0 0.0% 2003 2004 2005 2006 2007 2008 Net interest margin 2003 2004 2005 2006 2007 2008 Cost to Income ratio, % Net profit (in US$, mln) % 70 65.2 CAGR: +16.9% 65 60.3 57.8 60 55.5 55 52.7 253.5 230.1 50 180.6 190.3 152.8 45 36.6 105.6 40 35 30 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 Source: IFRS audited financial results 5 Income before provisions solid performance ($US, mln) +113% 1 011.8 956.1 222.9 -1.7 474.6 -138.8 -35.6 253.5 230.1 Net profit Income from Provision Adj. profit Adj. profit Provision Bond Income from Net profit 2007 non-core 2007 before 2008 before buyback non-core 2008 activities and provision provision activities* bond buy-back** 2007 2008 * Income from non-core activities in 2008 mainly includes gains on sale of film licences $45 mln, income from sale of non-core assets $13 mln, Amtel write-off $-49.4 mln, revaluation of investments in RTS $4 mln and VISA $23 mln. ** Income from non-core activities in 2007 includes profit from investments in RTS $29.3 mln, share of Amtel’s results and its impairment $-30.3 mln. Income from bond buy-back was $2.7 mln. Source: IFRS audited financial results 2007, 2008 6 Assets and loan portfolio development Total assets (in US$, bn) Top 6 in terms of assets in Russia – largest private bank 27.1 Top 6 Russian bank by corporate loan portfolio and top 7 22.7 – by retail portfolio 15.2 Assets growth for the period from 31 December 2007 to 31 December 2008 is 19.4% 9.8 7.0 2004 2005 2006 2007 2008 Retail loan portfolio (US$, mln) Corporate loan portfolio (US$, mln) 3000 20000 2 686 2500 +53% 509 16 474 +21% 2000 15000 1 753 705 13 666 226 1500 +130% +51% 531 499 1000 762 10000 9 021 319 500 962 677 0 5000 2006 2007 2008 2006 2007 2008 personal instalments loans & credit cards consumer finance auto loans mortgages corporate loans SME loans Source: IFRS audited financial results 7 Conservative risk management One of the best Risk Management teams in Russia Top 10 depositor concentration reduced from 37.5% at the end of 2007 to 29.5% at the end of 2008 Loan concentration of top 10 borrowers reduced from 30.3% of total loans at the end of 2004 to 22.2% of total loans at the end of 2008 Related party lending kept at low level for the last 5 years Concentration of top 10 depositors Related party lending (US$, bn)* (as % of total customer accounts) 25 25.0% 19.7 20 20.0% 16.5 54.8% 15 15.0% 10.5 41.0% 10 10.0% 38.7% 37.5% 6.8 5.2 5.3% 4.1% 4.2% 5 3.6% 3.7% 5.0% 29.5% 0.2 0.3 0.6 0.7 0.9 0 0.0% 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Third-party loans Related party loans Related party lending / Total loans * Source: IFRS audited financial results, including credit-related commitments 8 Loan portfolio structure and quality The largest sector in the loan portfolio, Construction, represents 17% Loan portfolio breakdown by economic sectors* of the total loan book (end-2007: Trade and Commerce, 17%). Most of the construction sector financing consists of less risky commercial Non-ferrous Trade and Aviation Other metallurgy commerce transport property (69% of construction portfolio) and infrastructure 7% Pow er 4% 11% 2% Food industry generation construction (12%), as compared to housing construction (19%) 5% 2% Overdue loans increased due to the overall negative trend in the Ferrous Nuclear industry metallurgy economy; corporate 90+ overdue loans comprised 1.0% of the 2% 5% portfolio, 30+ overdue – 2.9% as of December 31, 2008 Railw ay Individuals Progress achieved in retail portfolio quality – retail 30+ overdue loans transport 14% 10% decreased from 3.5% in 2007 to 3.2% in 2008, 90+ overdue dropped Finance Construction 5% from 1.8% in 2007 to 1.3% by the end of 2008 17% Military Chemical industry The increasing quality of the loan portfolio has allowed for a gradual 4% 1% Mac hiner y decrease of provisioning rate from 4.6% in 2004 to 2.4% in 1H 2008, Oil industry Telecom 6% 4% 1% but due to the current market conditions, the provisioning rate has been raised to 6.2%. Overdue loans and advances 1+ days Provision for loan impairment (US$, mln) Total loans Overdue loans and advances / Total loans Provision for loan impairment Provision for loan impairment, as % of total loans 19.2 8.0% 1190.2 20 1200 6.0% 15.7 6.0% 1000 4.6% 6.2% 15 4.0% 800 6.8% 4.0% 9.8 3.1% 10 4.0% 600 2.4% 6.0 400 303.3 2.0% 5 4.3 1.0% 2.0% 197.9 239.9 0.9% 1.2% 380.7 0.8% 200 0 0.0% 0 0.0% 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 * As of 31.12.2008 Source: IFRS audited financial results 9 Increased diversification of funding sources Liability structure Foreign borrowed funds maturity breakdown (US$, mln) Subordinated Other 600 debt 4% Year 2009 remaining – US$ 1.0 bln Corporate total 203 2% accounts 500 205 Other borrowed 25% funds 400 103 34 12% 300 18 129 Promissory 34 200 367 notes Individual total 8 290 337 8 246 225 2% accounts 100 1 34 211 94 59 10 65 20 90 25% 0 Due to other 9 2 0 09 1 banks n v 0 u Jul 09 2010 2011 2 8% May 09 J Aug 09 Sep 09 Oct 09 No Dec 09 Due to CBR beyond 2012 22% Eurobonds (ECP, MTN, DPR) Syndicated loans Subordinated debt Customer accounts, (US$, bn) Liquidity management 12.18 12.58 IFRS cash as of YE 2008 $3.86 bln, 14.3% ТA 6.44 Cash as of 13.04.2009 $4.7 bln 7.26 7.16 Additional funding sources available as Unused limit, USD 5.89 6.29 5.42 of 13.04.2009 mln 4.41 2.56 2.03 4.71 HFS Portfolio 484 6.15 4.92 CBR and Ministry of Finance auctions 921 3.33 3.39 2.75 1.59 Cross Guarantee agreements 641 Total Total Current Current Term Term accounts accounts accounts accounts deposits 2007 deposits 2008 Total 2 046 2007 2008 2007 2008 Individual Corporate Next month average daily corporate loan redemption $75.4 mln Source: IFRS audited financial results 10 Adequate capital level maintained Capital adequacy ratio (in % of risk-weighted assets)* Capital injection of $250 mln was completed in June 2008 10.4 12.4 11.4 11.8 9.4 10.5 0.1 In January 2009 a subordinated loan from Vneshekonombank was 2.6 1.9 2.3 1.2 2.3 attracted in the amount of approximately $294 mln which increased Tier 2 capital and total capital ratio to 10.5% 10.3 9.8 9.5 9.5 8.2 8.2 2004 2005 2006 2007 2008 2008 adj.** Tier 1 Tier 2 * Preliminary CAR ratios, calculated in accordance with Basel standards ** Incl.
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