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Blx presentation 3 q19

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Blx presentation 3 q19

  1. 1. Banco Latinoamericano de Comercio Exterior, S.A. (BLADEX) Corporate Presentation As of September 30, 2019
  2. 2. Index Overview03 Our Commercial Portfolio08 Treasury & Capital Markets13 Our Financial Performance16 2
  3. 3. 3 Value Proposition with Strong Business Fundamentals Business Value Proposition Strong Underlying Business Fundamentals ✓ Global provider of natural resources with positive demographics ✓ Sustained growth and sound economic policies Deep knowledge of Latin America Core competency in trade finance Support of Investment & Regional Integration Efficient Measurement and Management ✓ In-depth knowledge of Latin America’s local markets ✓ Backed by 23 Latin American governments ✓ Vast correspondent banking network throughout LatAm & other regions of the world. ✓ Regional integrator, within Latin America and the world’s largest markets. ✓ Deep knowledge of Trade Finance with more than 40 years of remarkable success. ✓ Uniquely qualified staff with strong product expertise in Trade Value Chain, Cross-border Finance, Supply-side & Distribution, both intra-regional and inter-regional ✓ Deep knowledge of Trade Finance with 40 years of remarkable success ✓ Single point of contact, providing client-specific solutions, and focused on long-term relationships. ✓ Driver of progress, economic growth and development ✓ Supporting specialization in both primary and manufacturing sectors ✓ Enhancing LatAm’s role in global and regional value chains ✓ Growth of ‘Multi-latinas’ as drivers of business expansion ✓ Supporting business integration boosted by free trade agreements ✓ World-Class Standards in Corporate Governance, focused on Enterprise-Wide Risk Management ✓ Client focused efficient organizational structure. Bladex is the Latin American Trade Finance Bank providing integrated financial solutions across Latin America’s foreign trade value chain and supporting the Region’s economic integration.  First Latin American bank to be listed on the NYSE, ticker symbol “BLX”, and to be rated Investment Grade (both in 1992).  Class “A” shareholders (Central Banks or designees from 23 Latin America (“LatAm”) countries) provide substantial support and represent a direct link between the Bank and the governments of Latin America.  Multinational DNA embedded in its regional presence, ownership structure, management and organizational culture. The Latin American Trade Finance Bank P-2 Short-Term Baa2 Long-Term Negative Outlook F2 Short-Term BBB+ Long-Term Negative Outlook A-2 Short-Term BBB Long-Term Negative Outlook Credit Rating
  4. 4. 4 Ownership and Board Composition ✓ The majority of Directors are independent ✓ Class A – Central Banks or designees from 23 LatAm countries ✓ Class B – LatAm & international banks and financial institutions ✓ Class E – Public Float (NYSE listed) Bladex considers its unique shareholding structure as one of its main competitive advantages:  Class “A” shareholders provide substantial support to Bladex, representing a direct link between the Bank and the governments of Latin America.  Many of the governments represented by Class “A” shareholders have granted Bladex preferred creditor status.  Class “A” shareholders are the main source of Bladex’s deposits, which have proven to be a reliable funding source, even during periods of market volatility. Unique Shareholder Structure *One of the directors of all classes passed away on June 29, 2019. The vacancy will be filled shortly in accordance with the provisions of the Bank's constitutional documents. Class A, 3 Class E, 5 All Classes, 2 Class A, 16% Class B, 6% Class E, 78% *
  5. 5. 5 Objective and Business Segmentation Business Products & Services Offer Multi-Pronged Business Segmentation Bladex’s products and services are categorized into three main areas: i) Financial Intermediation, ii) Structuring and Syndications and iii) Treasury Financial Intermediation Syndication and Structuring Treasury ✓ Trade: Foreign trade products – short and medium term instruments that help drive the cross-border activity of corporations. ✓ Working Capital: Structured Credit and lending facilities for short and medium term financing of supply chain, materials & equipment, and inventories, across a wide range of activity sectors. ✓ Financial solutions designed to meet clients' needs. ✓ Provides access to structured funding for a wide base of financial institutions and corporations in Latin America. ✓ Debt capital market and deposit products for investment and cash flow optimization ✓ Treasury services Focus on Strategic Sectors for the Region ✓ Agribusiness, Oil & Gas (mainly integrated), Metals & Mining, Food processing and other Manufacturing Regional Focus ✓ Mexico ✓ Central America and The Caribbean ✓ Brazil ✓ South America • Southern Cone (1) • Andean Region (2) REGIONS INDUSTRY SECTORS (1) Includes Argentina, Chile, Paraguay and Uruguay. (2) Includes Bolivia, Colombia, Ecuador and Peru Financial Institutions ✓ Among top 10 in their respective markets ✓ Significant corporate banking activity / client base Corporations ✓ US Dollar generation capacity ✓ Growth oriented beyond domestic market ✓ Focus on the high and medium corporate segments of each industry CLIENT BASE PRE-EXPORT NON-TRADE NON-TRADETRADE POST-EXPORTSHIPMENT PRE-PRODUCTION PRODUCTION IMPORTATION DISTRIBUTION Vision: To be recognized as a leading institution in supporting trade and regional integration across Latin America Mission: To provide financial solutions of excellence to financial institutions, companies and investors doing business in Latin America
  6. 6. Bladex hopes to build a more complete Trade Finance lending proposal by enhancing a set of competitive advantages such as: 6 Competitive Advantages 1 Commitment with Latin America 2 Knowledge of the Region 3 Access to Level 1 Customers 4 Stable Funding Competitive Advantages Description ▪ Highly diversified funding sources with access to capital markets and correspondent relationships across the world, at varying tenors and competitive pricing. ▪ 64% of funds are deposits from its central banks shareholders. ▪ Extensive client base with broad knowledge of their financial needs. ▪ Significant penetration among the top 100 Multilatinas companies. ▪ Access to key players in decision making. ▪ Established presence with 40 years of experience with a broad footprint in Latin America. ▪ Great understanding of the risks and opportunities in the Region. ▪ Legal and regulatory expertise. ▪ Bladex is contractually committed to the broad support of trade in Latin America and the rise of economic prosperity in the Region ▪ Latin America represents Bladex’s core business, while for other global banks, it represents a minority of their business.
  7. 7. Overview03 Our Commercial Portfolio08 Treasury & Capital Markets13 Our Financial Performance16 Index 7
  8. 8. 285 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3Q19 8 Accumulated Credit Disbursements  40 years creating growth and prosperity in Latin America, with accumulated credit disbursements of approximately US$285 billion since inception.  Disbursement volumes surpass or rival those of much larger institutions, both private sector and multilateral. (In US$ billion)
  9. 9. 9 Commercial Portfolio Evolution and Composition 5,725 5,571 5,554 580 638 663 6,305 6,209 6,217 30-Sep-2018 30-Jun-2019 30-Sep-2019 Commercial Portfolio by Product (End of Period Balances, US$ million) Letters of credit, acceptances, loan commitments and financial guarantee contracts Loans 65% 64% 62% 10% 15% 14% 25% 21% 24% 30-Sep-2018 30-Jun-2019 30-Sep-2019 Commercial Portfolioby Term Short-term Medium & Long-term (current)* Medium & Long-term *Matures w ithin one year 53% 47% Short-termCommercialPortfolioby Trade Indicator (Asof September30,2019) Trade Non-Trade 4,181 4,328 4,396 2,124 1,881 1,821 30-Sep-2018 30-Jun-2019 30-Sep-2019 Commercial Portfolio byClient Type (EoP balances, in US$ million) FIs & Sovereigns Corporations
  10. 10. 10 Commercial Portfolio Evolution and Composition 55% 9% 5% 5% 4% 3% 3% 3% 2% 2% 2% 1% 1% 1% 1% 1% 1% 1% Financial Institutions Oil and Gas (Integrated) Electric Power Food and Beverage Metal Manufacturing Retail Trade Oil and Gas (Downstream) Other Services Sugar Coffee Other Manufacturing Industries Mining Sovereign Shipping Wholesalers Airlines Plastics and Packaging Construction and Infrastructure Commercial Portfolioby Industry 30-Sep-2018 30-Jun-2019 30-Sep-2019 17% 14% 13% 11% 7% 6% 5% 5% 4% 3% 3% 2% 2% 2% 1% 5% Brazil Mexico Colombia Chile Ecuador Guatemala Costa Rica Panama Argentina Dominican Republic Trinidad & Tobago Peru Honduras Paraguay El Salvador Other non-LatAm and < 1% Commercial Portfolioby Country 30-Sep-2018 30-Jun-2019 30-Sep-2019
  11. 11. 11 Commercial Portfolio – Country Specific As of September 30, 2019 Includes: Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Jamaica, Panama and Trinidad and Tobago. Includes: Bolivia, Colombia, Ecuador and Peru. Includes: Chile, Paraguay and Uruguay. 86% 14% 65% 20% 5% 10% Brazil (17%) 72% 28% 19% 0% 27% 54% Mexico (14%) 70% 30% 42% 9% 35% 14% 87% 13% 44% 20% 27% 9% Andean Region (22%) Central America and the Caribbean (26%) 68% 32% 47% 26% 11% 16% Southern Cone - excl. Argentina (12%)Argentina (4%) 53% 47% 16% 0% 52% 32%
  12. 12. Overview03 Our Commercial Portfolio08 Treasury & Capital Markets13 Our Financial Performance16 Index 12
  13. 13. 13 Treasury & Capital Markets Funding Sources Deposits by Type of Client As of September 30, 2019 Funding Structure As of September 30, 2019  Deposits from central banks shareholders or designees provide a resilient funding base. Funding Sources by Geographic Market As of September 30, 2019  Proven capacity to secure funding and maintain liquidity during crises. Diversification of regional and global funding sources. 62% 19% 10% 3% 5% 2% Central Banks or designees - Class "A" shareholders Private banks State-owned banks State-owned corporations Multilateral Private corporations 27% 18% 15% 14% 10% 7% 5% 4% South America Central America Asia USA/ Canada Europe Multilateral Mexico The Caribbean 52% 22% 13% 12% 1% Deposits EoP (%) Short-term borrowings and debt Med- and long-term Borrowings Med- and long-term Issuances Securities sold under repurchase agreement
  14. 14. 14 Liquidity – International Standards  Advanced liquidity management operating under Basel III framework utilizing LCR (Liquidity Coverage Ratio) and NSFR (Net Stable Funding Ratio) methodologies to monitor short and longer range liquidity.  As of September 30, 2019: ✓ Liquidity = US$ 0.97 Billion ✓ LCR (1) = 1.26x ✓ NSFR (1) = 1.44x  Liquid assets are invested with the Federal Reserve and top-tier banks Liquidity Management Highlights Liquidity Placements Liquid Assets (in US$ million) (1) Basel III methodology adjusted with internal parameters. Internal Liquidity Coverage Ratio (1) 99.6% 0.4% United States LatAm Banks As of September 30, 2019, $836 million or 99.6% of liquid assets w ere deposited at the Federal Reserve Bank of New York. 741 1,267 1,008 619 1,706 963 30% 45% 36% 21% 57% 34% 0% 10% 20% 30% 40% 50% 60% 70% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2014 2015 2016 2017 2018 9M19 Liquid Assets Liquid Assets / Total Deposits - 0.50 1.00 1.50 2.00 2.50 3.00 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
  15. 15. Overview03 Our Commercial Portfolio08 Treasury & Capital Markets13 Our Financial Performance16 Index 15
  16. 16. Profit Evolution 16 30.1 -55.1 -4.8 -10.9 -40.7 33.6 -0.8 0.0 -10.6 22.3 29.5 -0.6 0.5 -9.0 20.4 Total revenues Impairment loss on financial instruments Gain (Impairment loss) on non-financial assets Operating expenses Profit (loss) for the period (US$Million) Quarterly 3Q18 2Q19 3Q19 93.5 -58.8 -7.7 -36.5 -9.6 95.2 -2.4 0.5 -29.4 64.0 Total revenues Impairment loss on financial instruments Gain (Impairment loss) on non-financial assets Operating expenses Profit (loss) for the period (US$Million) Year to Date 9M18 9M19  8.5% ROAE, 1.4% ROAA  31% Efficiency level  21% Tier 1 Basel III Capitalization  Lower impairment losses on financial instruments and non-financial assets  Relatively stable level of top line revenues  Improved efficiency: decreasing trend in expenses  Decreased NPL levels  Lower Commercial portfolio averages due continued de-risking  High quality portfolio origination with low credit reserve requirement
  17. 17. Net Interest Income, Margins & Lending Trends 17 * Represents the spread over the Libor-based rate corresponding to the tenor of the transaction of the Performing Loan Portfolio. 27.3 27.9 26.7 81.8 82.6 1.74% 1.81% 1.77% 1.74% 1.77% -3.00%-2.90%-2.80%-2.70%-2.60%-2.50%-2.40%-2.30%-2.20%-2.10%-2.00%-1.90%-1.80%-1.70%-1.60%-1.50%-1.40%-1.30%-1.20%-1.10%-1.00%-0.90%-0.80%-0.70%-0.60%-0.50%-0.40%-0.30%-0.20%-0.10%0.00%0.10%0.20%0.30%0.40%0.50%0.60%0.70%0.80%0.90%1.00%1.10%1.20%1.30%1.40%1.50%1.60%1.70%1.80%1.90%2.00%2.10%2.20%2.30%2.40%2.50%2.60%2.70% $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 3Q18 2Q19 3Q19 9M18 9M19 Net Interest Income Net Interest Margin Net Interest Income & Margins (In US$ million, except percentages) 4.09% 4.51% 4.28% 3.88% 4.43% 2.89% 3.28% 3.09% 2.62% 3.24% 1.20% 1.22% 1.19% 1.26% 1.19% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 3Q18 2Q19 3Q19 9M18 9M19 Yield on Interest-Earning Assets Cost of Interest-Bearing Liabilities Net Interest Spread Net Interest Spread 3,329 3,148 2,653 3,038 3,0543,159 3,039 2,952 2,946 3,066 232 211 182 198 222 -100,000 -80,000 -60,000 -40,000 -20,000 0 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 3Q18 4Q18 1Q19 2Q19 3Q19 Performing Loan Originationand Maturities Loan Origination ($MM) Loan Maturities ($MM) Loan Origination Average Term (Days) 5,524 5,724 5,567 5,439 5,262 1.93 1.97 1.99 1.98 1.96 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 3Q18 4Q18 1Q19 2Q19 3Q19 0.00 0.50 1.00 1.50 2.00 2.50 Loan Porftolio Average Balances Average Balance ($MM) Lending Credit Spread (%) *
  18. 18. Fees & Commission Income 18 2.5 2.4 2.3 8.3 6.9 0.9 2.4 0.5 2.9 2.9 0.3 0.3 0.0 0.5 0.5 3.7 5.1 2.8 11.8 10.3 3Q18 2Q19 3Q19 9M18 9M19 Fees and Commissions, net (in US$ million) Letters of credit Loan structuring and distribution fees Other commissions, net 352 444 427 383 428 162 124 217 79 142 514 567 644 462 570 3Q18 2Q19 3Q19 9M18 9M19 Average loan commitments and financial guarantee contracts (In US$ million) Letters of Credit Credit commitments and guarantees
  19. 19. Credit Quality Credit Impaired Loans and Allowance for Losses 19 119 65 62 2.08 1.16 1.111.2 1.6 1.7 0.00 0.50 1.00 1.50 2.00 2.50 0 20 40 60 80 100 120 140 30-Sep-2018 30-Jun-2019 30-Sep-2019 Credit ImpairedLoans Credit Impaired Loans (in US$ million) Credit Impaired Loans to gross Loan Portfolio (%) Totalallowance for losses to Credit Impaired Loans (times) 100% CreditImpaired Loans by Industry Risk (Asof September, 2019) Sugar Commercial Portfolio 6,305 6,290 6,006 6,209 6,217 Total Allowance for Losses 142.5 104.1 105.0 105.8 104.1 Total Allowance for Losses to Commercial Portfolio 2.26% 1.65% 1.75% 1.70% 1.67% Stage 1 Exposure 5,948 5,836 5,482 5,811 5,877 Allowance for Losses 40 38 30 34 32 Allowance for Losses / Stage 1 Exposure 0.67% 0.65% 0.54% 0.58% 0.54% Stage 2 Exposure 237 389 459 334 279 Allowance for Losses 13 17 21 15 18 Allowance for Losses / Stage 2 Exposure 5.67% 4.26% 4.68% 4.52% 6.39% Stage 3 Exposure 119 65 65 65 62 Allowance for Losses 89 49 54 57 54 Allowance for Losses / Stage 3 Exposure 74.98% 76.41% 83.06% 88.26% 87.96% Jun-19Dec-18Sep-18 STAGE 1 STAGE 2 STAGE 3 TOTAL (US$ million, except percentages) Mar-19 Sep-19
  20. 20. Operating Expenses & Efficiency 20 30 34 30 94 95 (11) (11) (9) (37) (29) 36% 31% 30% 39% 31% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% -35 -25 -15 -5 5 15 25 35 45 3Q18 2Q19 3Q19 9M18 9M19 Efficiency (In US$ million, except percentages) Total revenues Operating expenses Efficiency Ratio 9M19 9M18 YoY (%) 3Q19 2Q19 3Q18 QoQ (%) YoY (%) Operating expenses Salaries and other employee expenses 17.8 21.4 -17% 5.7 5.8 5.2 -3% 8% Depreciation of equipment and leasehold improvements 2.1 1.0 122% 0.7 0.7 0.3 3% 130% Amortization of intangible assets 0.5 1.0 -49% 0.2 0.2 0.3 -16% -52% Other expenses 9.0 13.2 -32% 2.4 3.8 5.0 -36% -51% Total Operating Expenses $29.4 $36.5 -20% $9.0 $10.6 $10.9 -15% -17% Efficiency Ratio 30.9% 39.1% -21% 30.4% 31.4% 36.0% -3% -16%
  21. 21. 9.4 9.3 7.5 10.4 10.6 6.9 6.0 6.9 5.8 6.6 4.9 2.9 2.1 3.0 1.1 0.5 1.7 0.5 17.5 19.2 14.3 17.5 17.2 10.3 2014 2015 2016 2017 2018 9M19 Letters of credit Loan structuring and distribution fees Other commissions, net 168 174 168 138 128 95 (54) (52) (46) (47) (49) (29) 32% 30% 27% 34% 38% 31% -20% -10% 0% 10% 20% 30% 40% 50% 60% -60 -10 40 90 140 190 2014 2015 2016 2017 2018 9M19 Total revenues Operating expenses Efficiency Ratio 102.4 104.0 87.0 82.0 11.1 64.0 2014 2015 2016 2017 2018 9M19 21 Key Indicators – P&L Efficiency Profit for the Period Net Interest Income & Margins (in US$ million) (in US$ million) (in US$ million, except percentages) Fees & Commissions, net 141.3 145.5 155.2 119.8 109.7 82.6 1.88% 1.84% 2.08% 1.85% 1.71% 1.77% -0.50% 2.50% $0$5$10$15$20$25$30$35$40$45$50$55$60$65$70$75$80$85$90$95$100$105$110$115$120$125$130$135$140$145$150$155$160$165$170$175$180 2014 2015 2016 2017 2018 9M19 Net Interest Income Net Interest Margin ("NIM") (in US$ million, except percentages)
  22. 22. 911 972 1,011 1,043 994 1,009 2014 2015 2016 2017 2018 9M19 2,507 2,795 2,803 2,929 2,971 2,851 2014 2015 2016 2017 2018 9M19 6,686 6,692 6,021 5,506 5,778 5,554 2014 2015 2016 2017 2018 9M19 8,022 8,286 7,181 6,268 7,609 6,681 2014 2015 2016 2017 2018 9M19 22 Key Indicators – Balance Sheet Total Deposits Total Stockholder’s Equity Total Assets Loan Portfolio (in US$ million) (in US$ million) (in US$ million) (in US$ million)
  23. 23. $1.435 $1.540 $1.540 $1.540 $1.540 $1.155 4.9% 5.3% 5.9% 5.5% 6.4% 7.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% $0 2014 2015 2016 2017 2018 9M19 Declared dividends per share Annualized return / Average price per share 1.4% 1.3% 1.2% 1.3% 0.2% 1.4% 2014 2015 2016 2017 2018 9M19 11.5% 11.0% 8.8% 8.0% 1.1% 8.5% 2014 2015 2016 2017 2018 9M19 15.5% 16.1% 17.9% 21.1% 18.1% 21.1% 15.1% 16.3% 16.6% 18.7% 17.1% 19.0% 8.8 8.5 7.1 6.0 7.7 6.6 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2014 2015 2016 2017 2018 9M19 Capital Ratios Tier 1 Capital Ratio (Basel III) (1) Capital Adequacy Index (2) Regulatory Capital Limit Leverage (3) 23 Key Indicators – Profitability Return on Average Equity “ROAE” Capital Ratios Return on Average Assets “ROAA” Dividend per Share (1) Based on Basel III Internal ratings-based (IRB) approach (2) As defined by the Superintendence of Banks of Panama (SBP), based on Basel III Standardized Approach (3) Assets to Equity
  24. 24. 24 Key Indicators – Trend * Financial Information was prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB. (In US$ million, except percentages and per share amounts) 2014 2015 2016 2017 2018 9M19 Selected Profit or Loss Data: Net Interest Income 141.3 145.5 155.2 119.8 109.7 82.6 Fees and commissions, net 17.5 19.2 14.3 17.5 17.2 10.3 Gain (loss) on financial instruments, net 7.0 7.6 (2.9) (0.7) (1.0) 0.7 Other income, net 1.8 1.6 1.4 1.7 1.7 1.7 Total revenues 167.6 173.9 168.0 138.3 127.6 95.2 Impairment loss on financial instruments (11.6) (18.1) (35.1) (9.4) (57.5) (2.4) Impairment loss on non-financial assets - - - - (10.0) 0.5 Operating expenses (53.6) (51.8) (45.8) (46.9) (48.9) (29.4) Profit for the period 102.4 104.0 87.0 82.0 11.1 64.0 Selected Financial Position Data Loan Portfolio 6,686 6,692 6,021 5,506 5,778 5,554 Total Assets 8,022 8,286 7,181 6,268 7,609 6,681 Deposits 2,507 2,795 2,803 2,929 2,971 2,851 Repos, borrowings and debt, net 4,393 4,426 3,247 2,212 3,558 2,682 Total Equity 911 972 1,011 1,043 994 1,009 Selected Financial Ratios Return on Average Assets (ROAA) 1.4% 1.3% 1.2% 1.3% 0.2% 1.4% Return on Average Equity (ROAE) 11.5% 11.0% 8.8% 8.0% 1.1% 8.5% Net Interest Margin (NIM) 1.88% 1.84% 2.08% 1.85% 1.71% 1.77% Efficiency Ratio 32% 30% 27% 34% 38% 31% Credit-impaired loans to Loan Portfolio 0.06% 0.78% 1.09% 1.07% 1.12% 1.11% Credit-impaired coverage (x times) 21.7 1.8 1.7 1.5 1.6 1.7 Shares and Market Capitalization Number of shares outstanding (thousand) 38,777 38,969 39,160 39,429 39,539 39,602 Share price (as of period end) 30.10 25.93 29.44 26.90 17.30 19.94 Market capitalization 1,167 1,010 1,153 1,061 684 790 Earnings per share (EPS) 2.65 2.67 2.23 2.09 0.28 1.62 Book value per share (BVPS) 23.49 24.94 25.83 26.45 25.13 25.48 Price to EPS (times) 11.4 9.7 13.2 12.9 61.4 9.3 Price to BVPS (times) 1.3 1.0 1.1 1.0 0.7 0.8

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