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Fibank Management Presentation Investor Presentation May 2020 Agenda Executive Summary Macro Environment and Banking Sector Fibank Overview Strategic Highlights The Offering Appendix 2 Fibank: Top Player in an Attractive Banking Environment Historically strong macroeconomic indicators 3.4% annual GDP growth reported in 2019, exceeding EU average solid budget revenue base and low government debt before COVID-19 global spread economy expected to recover to pre-crisis levels in 2021 on activation of international trade and Bulgaria has an domestic consumption catch-up attractive Joining ERM II and Banking union to positively impact the economy and the banking banking sector (domestically owned banks will benefit from the access to ECB funding) environment Stable, profitable banking system (RoE at 11.8%) with high net interest margin* at ~3% in 2019; Central bank with BGN 9.3 bn COVID-19 response measures Significant catch-up potential vs. EU on retail loan penetration 21% Loan/GDP ratio in BG compared to 50% in EU in 2018, 44% in Slovakia, 35% in Croatia double-digit increase in salaries in each of the last 12 months and 40% in total over the last 4 years Top 5 bank in Bulgaria; 10.2% market share in loans, 9.4% market share in deposits and Top 2 corporate-lender Fibank also operates a Cyprus branch and a subsidiary in Albania Fibank is a With 1.2m highly affluent customers and 143 branches countrywide, Fibank has an domestic excellent base for retail business growth champion in Bulgaria The bank has been awarded with the best customer service in the market and is the leader in digital channels offering being the first bank to offer NFC in Bulgaria in 2016 and introducing Garmin pay and Apple pay in 2019 3 Source: Company Information, BNB data, CEIC data; Finance Ministry expectations Note: *Sector NIM calculated over average interest-earning assets Fibank: Strategic Highlights Growth in Retail & SME businesses to continue outpacing market, keep Top 3 position in Large & Medium business lending Potential to further expand market share in digital banking through enhanced customer service experience and change in customer behaviour during pandemic COVID-19 crisis Strategy for Further improving efficiency and delivering sustainable returns to shareholders by growth and higher C/I ratio below 50% and efficiency deliver ROE above 12% by 2023 Implement a strategy to clean-up NPE loans and reduce NPEs to market levels, reaching target of <10% by 2023 New capital will support Fibank growth strategy and credit growth in Retail & SME EUR 100m businesses capital raise to Fibank is in best position to capitalize on favourable macro environment and growing support Fibank consumer confidence overall strategy Fibank is the largest locally owned bank in a consolidating market 4 Source: Company Information Agenda Executive Summary Macro Environment and Banking Sector Fibank Overview Strategic Highlights The Offering Appendix 5 Bulgarian Economy: Historical High Growth and Fiscal Stability Bulgaria is among the fastest-growing EU economies with GDP real growth rate of 3.4% in 2019. Bulgaria is fiscally-stable reaching a budget surplus for the last three years in a row and maintains the third lowest government debt level in Europe (20% of GDP as of end-2019). Predictable and low inflation environment; stable currency - currency board arrangement since 1997 with Bulgarian lev (BGN) pegged to Euro. The country is expected to join the Eurozone (i.e. joining the Banking Union and ERM II) in H1 2020. The most favourable tax regime in Europe (10% corporate and individual tax rate and 19.6% social security rate). Bulgaria is a member of EU, NATO, WTO and CEFTA. Indicator 2015 2016 2017 2018 2019 2020F 2021F GDP, EUR m 45 675 48 620 52 309 56 086 60 674 n.a. n.a. Real GDP growth, % 4.0% 3.8% 3.5% 3.1% 3.4% -7.2% 6.0% Inflation, % -1.1% -1.3% 1.2% 2.6% 2.5% 1.1% 1.1% Unemployment rate, % 9.1% 7.6% 6.2% 5.2% 4.2% 7.0% 5.8% Current account balance, % of GDP 0.1% 3.2% 3.5% 1.4% 4.0% 3.3% 5.4% FDI, % of GDP 4.4% 1.9% 3.1% 1.8% 1.8% n.a. n.a. Budget balance, % of GDP -1.7% 0.1% 1.1% 2.0% 2.1% -2.8% -1.8% Government debt, % of GDP 26.1% 28.8% 25.0% 21.8% 20.0% 25.5% 25.4% Household consumption, improvements in the labour market and a return of export growth should drive a recovery in 2021 and EC forecasts Bulgaria’s GDP to advance 6%. 6 Source: BNB; NSI; EC(forecast) Bulgarian Economy: Still in good shape despite Covid-19 Bulgaria entered the COVID crisis with attractive macroeconomic fundamentals and robust banking sector Bulgaria has one of the lowest number of COVID-19 cases thanks to: timely and strict government measures to fight the spread of the virus society obeisance and adaptation to distancing and new standard of living and work Bulgaria stands Government immediately introduced measures to fight COVID economic effects strong amidst the 60/40 employee protection scheme – 60% of the monthly salaries of employees who are not laid COVID 19 pandemic off are covered by the state BGN 2 billion new working capital loans to be provided to SMEs through banks, backed by 80% guarantee from the Bulgarian Development Bank (BDB) BGN 200 million interest-free and fee-free consumer loans (up to BGN 4 500 per recipient) to be provided by commercial banks and backed by a 100% guarantee from BDB Bulgarian National Bank also applied a series of measures to respond to COVID-19: Smoothening the operation of the monetary regime and the infrastructure BGN 9.3 billion is Further strengthening of the capital and liquidity base of banks in the amount of BGN the estimated total 9.3Bln by: effect of the Central capitalisation of 2019 profits in the sector bank measures cancelling the intended increases of the countercyclical capital buffer repatriating liquidity from foreign markets. Temporary moratorium (up to 6m) that suspends or postpones payments on bank loans 7 Bulgarian Banking Sector: Strong lending growth INCREASING DEPOSITS EVEN STRONGER GROWTH IN LENDING Bulgaria: Deposits CAGR 2017-Q1’20 Bulgaria: Gross loans (in EUR billions, 2017 to Q1’20) (in EUR billions, 2017 to Q1’20) 10% 12 13 29 30 7% 11 27 10 25 22 22 7% 19 20 18 17 8% 15 16 2017 2018 2019 Mar-20 2017 2018 2019 Mar-20 Business Retail Business Retail Positive development of overall economy and significant growth of personal income as well as consumption supported strong development of deposits and lending 8 Source: Bulgarian National Bank Bulgarian Banking Sector: Retail lending holds the strongest catch-up potential RETAIL LOAN PENETRATION DEPOSIT PENETRATION Retail loans to GDP, in % Deposits to GDP, in % Loans to GDP for Bulgaria: 56% vs. 94% for the EU 9 Source: Bulgarian National Bank; Bulgarian Ministry of Finance; World bank data; the Globaleconomy.com Bulgarian Banking Sector: Attractive Margins INCREASING PROFITS ATTRACTIVE PROFITABILITY in EUR bn 14% 13.3% 2.16 2.16 11.8% 1.99 12% 9.6% 10% 8.8% 8.2% 8% 0.86 0.86 6% 0.60 4% 0.46 0.49 1.7% 1.2% 1.5% 1.2% 0.16 0.15 2% 1.0% 0% 2017 2018 2019 Q1'19 Q1'20 2017 2018 2019 Q1'19 Q1'20 Total operating income Net income Return on Equity Return on Assets STRONG NET INTEREST MARGIN LENDING RATES REMAIN LUCRATIVE 6% 8% 7.1% 4.7% 6.3% 6.3% 5.7% 3.9% 6% 3.6% 3.5% 3.7% 4.9% 4.9% 5.0% 4.8% 4.9% 4% 3.3% 3.3% 4.3% 2.7%4% 2% 3.4% 3.2% 3.2% 3.0% 3.0% 1.7% 2% 0.7% 0.2% 0.2% 0.1% 0.1% 0.1% 0% 0.5% 0.3% 0.3% 0.3% 0.3% -0.3%0% 2017 2018 Q1'19 2019 Q1'20 2017 2018 Q1'19 2019 Q1'20 Net interest margin LT loans ST loans Term deposits Int Income / interest earning assets Cost of funding Lending rates on new business volumes 10 Source: Bulgarian National Bank; Lending rates on new business volumes Bulgarian Banking Sector: Fibank is the Biggest Domestically-owned Bank The Bulgarian banking sector is fragmented with 19 banks and 5 branches of foreign institutions as of March 2020 The consolidation process has started a few years ago (six bank transactions) and is likely to continue With 8.8% market share Fibank is the largest domestically-owned player on the market Bulgarian Banking Sector: Market Share List of all Market Participants Market EURm, as of March 2020 Total Assets Other Banks & Share Foreign Branches Unicredit Bulbank 10 800 18.3% 8 806 10 123 DSK bank 8 806 15.0% United Bulgarian Bank 5 935 10.1% 17.2% 15.0% Eurobank Bulgaria 5 594 9.5% First Investment Bank 5 188 8.8% 3 175 Raiffeisenbank Bulgaria 4 611 7.8% 5.4% SG Expressbank 3 175 5.4% 5.4% Central Cooperative Bank 3 156 5.4% 3 156 Bulgarian Development Bank 1 676 2.8% Total assets in EURm Allianz Bank Bulgaria 1 473 2.5% 7.8% as of March 2020 Procredit bank 1 261 2.1% 18.3% 4 611 Municipal bank 1 054 1.8% 2.5% 10 800 Investbank 978 1.7% Bulgarian-American Credit Bank 820 1.4% 9.5% International Asset bank 800 1.4% 1 473 10.1% Commercial Bank D 542 0.9% City bank - N.A., branch Sofia 626 1.1% 8.8% ING bank N.V., branch Sofia 564 1.0% TBI bank 467 0.8% 5 594 BNP Pariba S.A., branch Sofia 489 0.8% BNP Paribas Personal Finance, Branch BG 382 0.6% 5 935 Tokuda Bank 195 0.3% Texim bank 191 0.3% 5 188 T.C.
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