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Unicredit Bulbank 2018 Annual Report 5.5 MB

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Unicredit Bulbank 2018 Annual Report 5.5 MB Банка за важните неща. One Bank, One UniCredit. 2018 Annual ReportsAnnual Accounts and 2018 Annual Report and Accounts БанкаBanking за важните that matters. неща. БанкаBanking за важните that matters. неща. www.unicreditbulbank.bg Банка за важните неща. Contents Financial Highlights (Unconsolidated) 4 Financial Highlights (Consolidated) 5 Ethics and respect: Do the right thing! 9 Supervisory Board and Management Board 11 Organisation Chart 13 Credit rating 14 Bulgarian Economy in 2018 21 Market Positioning 25 UniCredit Bulbank Activity Review 27 Unconsolidated Financial Results 27 Consolidated Financial Results 36 Risk Management 37 Corporate, Investment and Private Banking 39 Retail Banking 43 Asset and Liability Management 46 Human Resources 47 Global Banking Services 49 Customer Satisfaction Management 51 Corporate Social Responsibility and Sustainable Development 53 Major Subsidiaries and Associates 55 Corporate Governance Declaration 57 Unconsolidated Financial Statements 63 Independent Auditors’ Report 63 Income Statement 70 Statement of Comprehensive Income 71 Statement of Financial Position 72 Statement of Changes in Equity 73 Statement of Cash Flows 74 Notes to the Separate Financial Statements 76 Consolidated Financial Statements 125 Independent Auditors’ Report 125 Income Statement 132 Statement of Comprehensive Income 133 Statement of Financial Position 134 Statement of Changes in Equity 135 Statement of Cash Flows 136 Notes to Consolidated Financial Statements 138 Bank Network 186 UniCredit Bulbank · 2018 Annual Report 3 Financial Highlights (Unconsolidated) Thousands of BGN, unless otherwise stated Income Statement Figures YEAR CHANGE 2018 2017 Net interest income 400 709 435 950 (8.1%) Net fee and commission income 232 214 216 758 7.1% Net income from trading and hedging derivatives, investments and dividends 239 684 98 765 142.7% Other operating income/expenses, net (58 818) (53 299) 10.4% Operating income 813 789 698 174 16.6% Operating expenses (256 192) (244 517) 4.8% Gross operating profit 557 597 453 657 22.9% Impairment losses on financial assets (57 000) (150 241) (62.1%) Provisions for risk and charges (43 206) 14 010 (408.4%) Income from PPE 7 972 13 650 (41.6%) Profit before tax 465 363 331 076 40.6% Net profit 430 039 297 653 44.5% Volume Figures YEAR CHANGE 2018 2017 Total assets (eop) 19 413 598 19 096 088 1.7% Net customer loans (eop) 10 488 474 9 436 559 11.1% Customer deposits (eop) 15 808 075 15 520 709 1.9% Shareholders’ equity (eop) 2 829 276 2 853 255 (0.8%) RWA (eop) 10 578 210 9 162 205 15.5% Key Performance Indicators (%) YEAR CHANGE 2018 2017 Return on average assets (ROA) 2.23 1.58 0.66 pp Return on average equity (ROE) 15.1 10.7 4.4 pp Cost/Income ratio 31.5 35.0 (3.5 pp) Net profit margin 52.8 42.6 10.2 pp Capital/Asset ratio (eop) 14.6 14.9 (0.4 pp) Total capital adequacy ratio (eop) 22.9 27.3 (4.4 pp) Tier 1 capital ratio (eop) 22.5 26.9 (4.4 pp) CET 1 capital ratio (eop) 22.5 26.9 (4.4 pp) Risk weighted assets/Total assets ratio (eop) 54.5 48.0 6.5 pp Non-performing loans/Gross loans 6.0 8.9 (2.9 pp) Net Loan/Deposit ratio 66.3 60.8 5.5 pp Resources (number) – (eop) YEAR CHANGE 2018 2017 Employees 3 555 3 559 (4) Branches 166 168 (2) 4 2018 Annual Report · UniCredit Bulbank Financial Highlights (Consolidated) Thousands of BGN, unless otherwise stated Income Statement Figures YEAR CHANGE 2018 2017 Net interest income 562 143 593 045 (5.2%) Net fee and commission income 247 265 229 767 7.6% Net income from trading and hedging derivatives, investments and dividends 124 390 98 717 26.0% Other operating income/expenses, net (53 687) (53 354) 0.6% Operating income 880 111 868 175 1.4% Operating expenses (290 379) (274 344) 5.8% Gross operating profit 589 732 593 831 (0.7%) Impairment losses on financial assets (75 611) (142 813) (47.1%) Provisions for risk and charges (42 608) (6 026) 607.1% Income from PPE 8 128 13 721 (40.8%) Profit before tax 479 641 458 713 4.6% Net profit 431 484 412 242 4.7% Volume Figures YEAR CHANGE 2018 2017 Total assets (eop) 20 215 404 20 260 347 (0.2%) Net customer loans (eop) 11 297 096 10 629 087 6.3% Customer deposits (eop) 15 824 661 15 512 999 2.0% Shareholders' equity (eop) 3 177 072 3 199 746 (0.7%) RWA (eop) 11 008 451 9 986 483 10.2% Key Performance Indicators (%) YEAR CHANGE 2018 2017 Return on average assets (ROA) 2.1 2.0 0.1 pp Return on average equity (ROE) 13.5 13.4 0.1 pp Cost/Income ratio 33.0 31.6 1.4 pp Net profit margin 49.0 47.5 1.5 pp Capital/Asset ratio (eop) 15.7 15.8 (0.1 pp) Total capital adequacy ratio (eop) 25.1 27.3 (2.3 pp) Tier 1 capital ratio (eop) 24.7 26.9 (2.3 pp) CET 1 capital ratio (eop) 24.7 26.9 (2.3 pp) Risk weighted assets/Total assets ratio (eop) 54.5 49.3 5.2 pp Non(performing loans/Gross loans 6.2 8.7 (2.5 pp) Net Loan/Deposit ratio 71.4 68.5 2.9 pp Resources (number) – (eop) YEAR CHANGE 2018 2017 Employees 4 138 4 147 (8) Branches 175 177 (2) UniCredit Bulbank · 2018 Annual Report 5 Chairman's message In UniCredit Bulbank, the main transformational pillars remain the focus for creating a positive customer experience as well as focus on innovations in all areas and particularly digitalization of product services and processes Levon Hampartzoumian Chairman 6 20182017 Annual Report · UniCredit Bulbank Thanks to the improvement in asset quality, loan loss impairment Dear Shareholders, charges decreased by 62% y/y to BGN 57.0 mln. As a result of the above developments, Net profit after tax reached In 2018 the Bulgarian economy recorded GDP growth of roughly BGN 430.0 mln (+44.5% y/y), representing more than 25% from the 3.5% y/y. Consumption continued to be one of the main growth Net profit of the Bulgarian banking system. Profitability generation drivers, together with investments, whose growth accelerated to capacity remained above the one of the market average with its strongest level in a decade. The unemployment rate further Return on Equity of 15.1% compared to 13.6% for the market. The decreased to 5.2% in the end of 2018, reaching the lowest level remarkable improvement in asset quality of UniCredit Bulbank’s posted since pre-crisis times. In the banking sector, in line with portfolio continued in 2018. Thanks to dedicated focused actions, the positive economic activity, banking system recorded a positive NPE ratio declined by another 290 bps to 6.0%, while at the same y/y lending growth of 8.6%, supported by excellent performance in time the NPE coverage increased by 487 bps to a comfortable level Retail and moderate growth in Corporate. Assets quality improvement of 73.0%. continued and non-performing exposures further decreased reaching In 2018 the strategic orientation of UniCredit Bulbank remained, 11.1% from gross loans. Deposit expansion registered even higher further strengthening the leadership position and creating value growth (8.0% y/y) when compared to 2017 (6.6% yoy) as a result of for all its stakeholders. It was supported by various transformation the stabilization of the gross savings rate at very solid level (roughly initiatives under the umbrella of Group Transform 2019 Plan, mainly 25% in 2018) along with the stronger credit growth. In terms of in the area of maximizing the commercial banking value. In UniCredit financial performance, banking sector recorded solid Net Profit, Bulbank, the main transformational pillars remain the focus for supported by the strong acceleration of lending volumes and the creating a positive customer experience as well as focus on sharp drop in impairments. innovations in all areas and particularly digitalization of product In 2018 UniCredit Bulbank reconfirmed its position of services and processes. Digital solutions and innovative systems indisputable leader on the Bulgarian Banking Market topping continue being implemented across all business lines. the rankings in all key indicators for another year in a row: Total Mobile baking was enriched with new features, like simplification Assets, Gross Customer Loans, Customer Deposits, Revenues and of registration process, introducing foreign payments, analytics Net Profit. The Bank’s total assets grew by 1.7% y/y, to BGN 19.4 enhancement, etc. Besides mobile banking, online banking also bln at the end of 2018, accounting for 18.4% from the assets of the remained in focus. It was enhanced by adding new utility services Bulgarian banking sector. On the Lending market, UniCredit Bulbank providers as well as launch of complete on-line process for sale of POS confirmed its position of top market lender with a market share of loans. The share of digital customers reached 39.1% from the active 18.7% (19.4% if including the business, generated mainly through customers’ base in Retail. Trade finance module and “eFactoring.bg” the Bank’s subsidiary, specialized in consumer financing - UCFin) application continue being actively used by the corporate customers. thanks to its outstanding reputation, strong business model and The evolution of the digital service model and platforms was supported customer centric approach oriented to long-term relations. Moreover, by the respective ICT investments in service oriented architecture, core the Bank remained a major partner of households and companies system upgrade and OMNI channel concept.
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