2020 BASA Transformation Report 05 March 2020

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2020 BASA Transformation Report 05 March 2020 2020 BASA Transformation Report 05 March 2020 Dr Stuart Theobald, CFA Orin Tambo,CFA Letta Maponyane Colin Anthony Background 1 Methodology Economic context & Presentation 2 highlights outline 3 Findings 2 Background Data covers FY16-FY18 for all banks with December year ends (most), and FY17-FY19 for those with March year ends (Capitec, African Bank and 2 Investec) Data supplied by the banks were based on the Financial Sector Code scorecard methodology Ownership and management control data were weighed by banks’ total Methodology assets to determine industry aggregates Earlier year figures (2016, 2017) were recalculated to reflect changes in the same group to allow year-on-year comparisons (two banks exited and four banks entered) and therefore differ from last year’s report 4 Submitting banks: Absa, African Bank, Albaraka, GroBank, Bidvest Bank, Capitec, Finbond, FirstRand, Grindrod, Investec, Mercantile, Nedbank, Sasfin, Standard Bank, China Construction Bank Corporation, Citi, Ubank and HBZ Bank 3 Findings Economic context Economic environment Impact on transformation Difficult to drive • Weak economy transformation that depends • Worsening credit on lending growth to environment targeted sectors • Bank balance sheets grew 6.5% (inflation 4%) Difficult for banks to incur the • Bank ROE declining costs of enhanced skills and • Bank profit growth of only supplier development 4.7% Limited promotion opportunity 4 Background Black board directors up from 43% to 51%. Top black senior managers up from 32% to 36% Socioeconomic development spending 6% up to R666m Supplier development almost doubled to R795m Highlights Black skills development spend up 23% to R3.3bn Spending on consumer education up 24% to R180m Exposure to black SMEs 13% up to R28.8bn Black agricultural financing up 41% 5 Findings Ownership • Black ownership measures have declined Black ownership percentage in banks across the three years on all measures 40% but on aggregate remain above the FSC 32,8% targets, except for black economic 29,7% 30% 29,0% 28,7% interest. 24,8% 25,0% 25,0% 24,2% • Economic interest of black women, which had improved marginally in 2017, 20% also declined during 2018 but remains 12,9% 12,8% 11,3% 11,8% 11,1% 10,5% above the FSC target for individual banks 10,0% 10,0% 10% 9,2% of 10%. 5,3% 4,3% 3,0% • The decline in black interest is mostly due to a continued exit of black shareholders 0% Black Voting Black Women Black Economic Black Women Economic who received shares through black Rights Voting Rights Interest Economic interest of Interest designated empowerment schemes established by black groups the large banks that matured 2015/16. 2016 2017 2018 Target 6 Findings Management control – board Proportion of directors who are black Number of directors 200 60,0% 186 177 180 175 51% 50% 50% 50,0% 160 43% 40% 140 40,0% 38% 36% 37% 120 30,0% 100 25% 25% 25% 80 20% 80 75 20,0% 19% 63 60 60 54 56 37 10,0% 7% 40 30 6% 6% 26 19 20 16 15 0,0% 2 4 5 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 Target Target Target Target Total number of Black board Black women Total executive Black executive Black women Black board Black women Black executive Black women board members board directors directors executive members directors executive directors members members directors 7 Findings Management control Black representation in management (X axis log 10 scale) Black representation in executive management 10000 90% 82% 83% 85% 80% 1000 70% 65% 60% 63% 60% 47% 100 50% 46% 41% 36% 40% 32% 29% 30% 10 20% 10% 1 0% Top senior Senior Middle Junior Top senior Senior Middle Junior 2016 Black 104 2920 25803 51103 2017 Black 66 3164 27338 51218 2018 Black 90 3651 28807 51682 • The number of black managers across all levels has ticket up over the past three years and has grown in every category in percentage terms. • Overall, black managers accounted for 74.7% of bank management teams during 2018, up from 72.8% in the previous year • Black top senior management roles climbed to 36% during 2018 from 32% in the previous year 8 Findings Break down of race categories (1/2) Middle management across banks Junior management 18 000 15 859 15 043 35 000 33 143 16 000 14 95514 733 31 66132 354 13 822 14 000 12 609 30 000 12 000 25 000 10 000 7 745 7 991 8 054 20 000 8 000 5 347 5 525 5 710 15 000 6 000 12 30611 98511 758 10 28410 092 4 000 10 000 8 753 7 090 6 879 6 781 2 000 1 064 1 101 1 082 5 000 0 470 495 392 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 African Indian Coloured White Foreigner African Indian Coloured White Foreigner • There has been a sustained increase in the number of black managers (particularly African) in junior and middle management level. • Conversely, the number of whites in junior and middle management is declining. 9 Findings Break down of race categories (2/2) Top senior management Senior management across banks 250 4 000 3 707 3 668 205 3 500 3 377 200 3 000 145 150 2 500 117 2 000 1 609 1 466 100 1 356 1 437 1 500 1 199 1 006 53 53 1 000 43 50 42 489 528 576 34 30 356 398 412 19 21 500 12 15 5 7 0 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 African Indian Coloured White Foreigner African Indian Coloured White Foreigner • The number of white, African and Indian top senior management and senior management increased 10 Findings Skills development • Banks continued to channel more Skills development spend (Rm) resources towards initiatives aimed 4 000 at developing black skills. 3 500 3 347 • During FY18 banks spent R3.3bn on black skills development, 23% 3 000 2 730 2 512 more than the previous year. 2 500 1 908 1 893 • Notably, more than 60% of banks’ 2 000 1 688 1 573 1 475 spend on skills development of 1 500 black employees over the past 1 000 three years was on black female 526 500 employees. 0 • More than half of spending was on Black spend Black women spend African spend black Africans. 2016 2017 2018 11 Findings Socioeconomic development Socioeconomic development spend (R'm) • Socioeconomic 680 666 development spending, 660 which includes spending on organisations that 640 628 6% growth predominantly benefit black 620 people, increased 6% 600 between 2017 and 2018. 584 580 560 540 2016 2017 2018 12 Findings Preferential Procurement Preferential procurement (R'm) • Banks’ total measured 160 000 procurement spending 140637 140 000 almost doubled during 119287 120 000 2018, with a large portion of 100 000 that going to black 80 000 72 135 72 71 833 71 71 564 71 65 637 65 suppliers. 60 000 • All categories of black 40 000 28 286 28 25 932 25 944 25 21 054 21 suppliers benefited from 16 480 16 15 696 15 14 783 14 783 14 20 000 173 13 9338 9257 6034 the increased expenditure. 0 Total measured All BEE QSE (same as EME (same as 51% black 30% black compliant EME for 2016) QSE for 2016) owned women owned suppliers 2016 2017 2018 13 Findings Consumer education Consumer Education (R’m) • Bank spending on various 200 180 consumer education 180 initiatives increased 24% 160 146 24% 140 growth 116 120 26% growth 100 80 60 40 20 0 2016 2017 2018 14 Findings Empowerment financing Overal empowerment financing within the big six (R'm) • Banks’ total balance sheet exposure to empowerment 500 000 450 000 financing jumped 18% while 400 000 targeted investments 350 000 318958 increased 4%. 300 000 270957 250 000 224648 200 000 154580 150 000 148134 120928 100 000 50 000 0 Empowerment financing Targeted investments 2016 2017 15 Findings Empowerment financing: components Empowerment financing (R'bn) • Balance sheet exposures to transformational infrastructure financing were largely flat 180 164 between 2017 and 2018. 160 • Overall exposure to black farmers rose 41% 140 123 from 2017 to 2018. 120 104 • Exposure to the affordable housing market 100 increased slightly as growth in mortgage 80 67 68 loan books and residential development loan books were offset by declines in non- 60 52 53 47 44 mortgage home loans and wholesale loans. 40 27 25 29 • Exposure to black SMEs jumped 13% to 20 3 3 4 R28.8bn with EMEs accounting for the lion’s 0 share of that increase. Transformational Black SME Black Affordable B-BBEE infrastructure financing agricultural housing transaction • Exposure to BEE deals stood at R164bn, 34% financing financin higher than the previous year. 16 Findings Supplier development contributions Supplier development contributions (Rm) • This element was first introduced in 900 2017. Prior to that, related spend was 795 800 accounted for under enterprise 700 development. 600 • Contributions more than doubled, 500 402 400 98% driven by growth from the likes of 300 FirstRand (up R220m – the bank started 200 tracking this element in 2018); Absa 100 (up R48.3m) and Capitec (up R32.4m) 0 2017 2018 17 Findings Enterprise development financing Enterprise development spend (R'm) • A significant drop in spend on 400 352 enterprise development 350 between 2016 and 2017 is 300 most likely a result of changes in the codes 250 • Bank spending on enterprise 200 178 149 development increased 19.5% 150 20% between 2017 and 2018, with 100 most major banks having 50 increased their expenditure in this category.
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