Investor presentation July 2013

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Investor presentation July 2013

  1. 1. Bank Vozrozhdenie Steady growth despite economy deceleration Investor presentation July 2013
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  3. 3. Agenda Business model Business overview Recent IFRS results Investment summary 3
  4. 4. Over 20 years of successful development Establishment and banking license 9 new regional branches opened 34 branches in the Moscow Oblast Cash collection and delivery services established Joined the World Bank development program Cooperation with CIBC S&P rating Corr. accounts with western banks 1991-1992 License for foreign exchange 1993-1995 Associate member of VISA International Authorized Bank of the Russian Government Joined S.W.I.F.T. Rated by the Central Bank as a stable bank after the financial Crisis CIBC becomes a shareholder 1996-1998 1999-2002 Bank’s ADRs traded on the Frankfurt Stock Exchange Established ATM network and a processing center The 3rd largest branch network Top 3 in the State Mortgage Program Best midcap Russian bank (Big Money) Top 10 by deposits from individuals Top 7 mortgage provider $ 177 mln raised by 20th issue 2003-2004 Top 20 by corporate loan portfolio 17th equity issue raises $33 million Widest ATM network in the Moscow Oblast Joined Deposit Insurance Program Over 100,000 VISA cards issued 3rd by lending to SME $81 mln EBRD financing Top 10 by bank cards issued 2009-2010 2005-2006 2007-2008 Overall rebranding Top 500 world’s banking brands Bank of the Year in Russia in 2010 (The Banker) Best bank IR and best IR professional (Thomson Reuters ) Over 1,550,000 clients CRM system development The most transparent bank in Russia (S&P) Best public company (Secret Firmy Magazine) Best SME bank in Moscow Oblast Best Corporate Governance, Russia (World Finance) Top 10 retail banks in Russia Best IR Management in Russia (Global Banking & Finance review) First MBS deal on Rub 4,1 bln 2011-2012 2013 Alexander Dolgopolov appointed as the Chairman of the Management Board V.Bank launched project on cost efficiency 4
  5. 5. Vozrozhdenie Bank - a Community Bank built on strong relationships with SMEs and individual customers Vozrozhdenie Bank strategy… Focus On Core Banking Products Servicing Corporate and SME Customers In Each Stage Of Business Development Servicing retail customers throughout their whole life-cycle Balanced Lending and Funding policy Prudent risk-management policy Increasing efficiency in service delivery …service… … 1 700 000 Retail Clients… … 63 400 Corporate and SME Clients… …via… … 21 Region … 144 Offices … 844 ATMs … 6 173 employees 5
  6. 6. Distribution network As of 01.07.2013 Moscow Oblast is a home territory with historically strong market position Branches 34 Sub branches 42 Retail offices 11 Total 87 526 ATMs – every town is under coverage 21 region of presence. Focus on the most attractive South and North-West Branches Sub branches 19 36 Retail offices 2 Total 57 318 ATMs 6
  7. 7. Basic information & position in Russian banking system Key Figures, RUB Rankings* 210,268 mln Loans b.p. Net Assets 28 Loans to SMEs Assets 6 Volume of retail deposits 17 Mortgages 9 Corporate loans 21 Bank cards issued 13 Branches/ATMs 38/19 164,208 mln Customer Funds 163,368 mln Net Income for Q1’13 333 mln Shareholders equity 21,162 mln Retail Clients 1,700,000 Corporate Clients Personnel 63,400 6,173 Offices 144 ATMs 844 * RBC most recent rankings 7
  8. 8. Market recognition Credit ratings Listing Moody’s Ba3/D-/NP, stable Included in indices Standard&Poor’s BB-/ruAA-, stable Listing MICEX Financial Index A1 MICEX High recognition of brand Moody's S&P Aaa 25 Aa 22 AAA Moody's Interfax S&P national scale Baa 16 B 10 Caa 7 AA ruAA- A 19 Ba 13 Aa3.ru Moody's World Finance V.Bank was awarded for the “Best Corporate Governance, Russia”, according to World Finance survey The Banker V.Bank – “The Bank of the year 2010 in Russia” as per the survey of The Banker magazine A BBB Ba3 BB S&P international BB- 01.01.06 01.12.06 01.11.07 01.10.08 01.09.09 01.08.10 01.07.11 01.06.12 B CCC IPSOS survey 85% of respondents in our regions know us TNS loyalty survey Loyalty index equals top 10% of major international banks 94% of our clients are ready to recommend us BrandFinance Banking 500 survey V.bank ranks among top-10 Russian most valuable banking brands with brand value of $190 million 8
  9. 9. Business model 9
  10. 10. Market strategy Balanced Credit and Resource policies Personal bank for corporate and retail customers Focus on core banking products Corporate clients Retail customers Servicing on each stage of business development Servicing throughout their whole life-cycle Customer acquisition Expansion of branches and ATMs network Growth of individual depositors and borrowers number Payrolls combine retail and corporate segments 10
  11. 11. Business model Business based on relationships… … gives stable non-interest income RUB bln - Customer oriented organic growth Non-interest income Net interest income 3 773 3 875 3 743 37% 40% 42% 59% 63% 60% 58% 64% Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 3 402 - Conservative balance sheet 41% 3 490 36% - Primarily deposit funded - Focused network expansion - Increasing efficiency in service delivery Loan portfolio development… RUB bln … funded by customer accounts Corporate loans 156 143 164 163 28 31 33 57 53 118 91 98 124 131 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 152 151 40 48 94 151 26 Interest-bearing Deposits Interest-free Current accounts 164 152 144 RUB bln Note: all loans are gross loans Retail loans 101 103 107 110 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 34 20% 49 80% 32% 67% 11
  12. 12. Assets and liabilities Reliable assets structure… …supported by customer-based funding RUB bln 183 27 0,4 14 25 194 32 0,412 195 41 33 0,4 12 27 6 23% 37 Cash and equivalents 1 11 Securities Retail loans 106 111 117 110 107 Retail deposits Corporate loans Other assets 19 18 18 35 25 26 26 8 7 7 8 7 3 4 20 385 20 486 21 8 4 7 21 Q2'12 Q3'12 Q4'12 Corp. deposits 12 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q1'12 Due to other banks Other liabilities Subordinated loans Equity Q1'13 8 12 Retail loan portfolio 78% 36 30 24 22 21 18 32 31 12 L/D ratio back to optimum Other assets RUB bln 4% Gross loans Customer funds 100% L/D ratio RUB bln 101% 101% 1% 6% 15% Retail accounts Securities issued 12 Securities 84 78 77 72 12 Cash and equivalents Due from other banks 19% 210 Corp. accounts 27 4 19 Share of IEA on the rise 195 209 81 194 183 Due from banks 32 8 32 30 RUB bln 210 209 100% 144 143 152 152 151 151 156 164 164 163 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 95% 77% 55% Corporate loan portfolio 12
  13. 13. Timing of loan book expansion lagged deposits’ growth Loan book major growth came at the end of Q1… SME Large corporates Mortgage Other retail Administrations RUB bln …while deposits were raised at the year-end Corporate deposits Corporate accounts +14,1% +5% 3 9 17 3 10 19 11 21 2 11 22 2 +14,3% 1 11 23 -0,3% 21 18 74 Q1 2012 78 Q2 2012 41 77 Q3 2012 46 36 35 78 81 84 77 24 25 26 26 Q2 2012 Q3 2012 Q4 2012 Q1 2013 19 32 18 30 77 22 41 45 18 31 72 43 Q1 2012 Q4 2012 Q1 2013 Monthly customer funds growth (RAS) 163 164 157 159 32% 83 Monthly loan portfolio growth (RAS) 157 RUB bln Retail deposits Retail accounts 161 161 163 163 Jan Feb Mar 149 Nov Dec Jan Feb Mar Nov Dec 13
  14. 14. Who are SMEs? What is our SME Definitions Segment Large business Medium-size and small businesses Micro businesses Total credit exposure, RUB mln > 750 30 - 750 6 - 30 Food processing – factories manufacturing different types of high-quality food and drinks. Petrol stations networks – complex service of high-quality petrol, minimarkets and café, car washes and technical services. Pharmacies networks – still healthy demand both for beauty products and medicines. Food retailers– small chains of handy stores “Close-to-House” style for daily shopping located in dormitory area with high density of population. 14
  15. 15. Corporate business Corporate lending – focus remains on SMEs… SMEs Large corporations RUB bln 80,00% Other +5.8% 118 41 43 120 124 41 124 …with 70% of loans less than RUB 0,75 bln issued to 98% of clients 45 131 * as of December 31, 2012 73% Share of portfolio Share of clients 70,00% 60,00% 46 35% 50,00% 43% 40,00% 32% 30,00% 74 78 77 83 77 64% 20,00% 14% 13% 15% 10% 10,00% 3 Q1'12 3 2 Q2'12 Q3'12 2 Q4'12 1 Q1'13 1% Current Accounts 56 2% 30-100 mln up to 30 mln 62 -2.4% 60 RUR RUB bln 55 66,0 FX 64,0 62,7 4,4 4,5 59,6 01.03.13 01.04.13 5,0 36 31 32 more than 750 mln * under RAS 61,1 53 100-750 mln …mostly nominated in RUB Corporate funding... Term Deposits 0,00% 30 35 22 24 25 26 26 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 66,0 65,0 5,0 4,4 58,2 61,0 60,6 01.05.13 01.06.13 01.07.13 6,7% 57% 43% 15
  16. 16. Conservative risk profile Credit policy sticks to reliable collateral… RUB bln ….providing mostly working capital… *as of March 31, 2013 *as of March 31, 2013 Loan amount Collateral value 109 57 54 29 3 Real Estate Equipment & Vehicle 31,0% 17,9% 14,8% 25 20 Guarantees *Guarantees are not taken into account 15,9% Other collateral& blank up to 30 days 31-90 days 91-180 days 181 - 365 days 1 - 2 years 130 14,5 *as of March 31, 2013 Other 131 130 14,8 15,5 23% 12.0% 29% Real estate 114,1 116,6 115,2 115,9 114,1 Transport Agriculture Construction 01.03.13 01.04.13 01.05.13 > 2 years …maintaining industry diversification RUB bln 131 14,9 14,2% 6,3% 13 …in the same currency as SMEs revenues… FX loans RUB loans 128 14,1 70% 50 4 Government guarantees Corporate portfolio Average LTV: 58%* 01.06.13 01.07.13 6% 4% Manufacturing RUB 164,208 mln 1% 6% 7% 2% Administrations 22% Wholesale & retail trade 16
  17. 17. Retail lending – promising segment Retail loan book changes (IFRS) Credit cards Mortgages 25,9 17,0 Retail loans maturity RUB bln Consumer loans Car loans 28,3 18,5 31,4 32,8 33,6 *as of March 31, 2013 Primarily mortgages under state-related agency JSC “AHML” standards Retail portfolio High-margin consumer loans to customers with apparent cash-flow –management of corporate clients 20,8 22,3 82,1% 22,8 2,2 0,4 6,4 2,1 0,4 7,2 2,1 0,4 2,1 0,4 2,1 0,4 8,0 8,1 8,3 1,9% 2,4% Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 up to 90 days 91-365 days 13,6% Currency breakdown (RAS) 26,0 0,4 Consumer loans, RUB RUB loans 26,7 0,4 27,7 0,7 > 2 years Rates for retail loans RUB bln FX loans 1 - 2 years 29,0 0,4 Mortgages, RUB 30,2 0,4 25 Credit cards, RUB 1.3% 20 15 25,6 13,4 27,4 28,6 29,9 We plan to further expand retail portfolio, which was an important growth driver in the recent years 10 Particular focus is on mortgages as the most perspective segment 01.03.13 01.04.13 01.05.13 01.06.13 01.07.13 01.07.10 01.01.11 01.07.11 01.01.12 01.07.12 01.01.13 5 01.07.13 17
  18. 18. Card business – reliable source of non-interest income Business strategy… …Generates strong fee income Corporate clients Retail clients Interest 3% 14% 22% 18% - Self-service transactions - Payrolls - Acquiring - Credit cards …developing key card product - payrolls Debit cards 82% 22% cash operations Visa and Mastercard self-service 39% Fees & commissions payrolls 1 Key points Q3 2012 Payrolls 70% acquiring Q4 2012 Q1 2013 Q2 2013 13,500 14,000 14,200 - Payrolls is the main tool for client base growth with strong potential – 63,400 of existing corporate clients and 17,000 installed “client-bank” systems 14,200 1,360,845 1,381,959 1,360,308 1,331,515 Credit cards 45,471 46,646 48,297 50,470 ATMs 812 - Offering cards only to existing corporate clients: credit cards for owners, top and mid-level managers and specialists, debit cards for personnel - Pushing cross-sales between retail and corporate 819 838 844 18
  19. 19. Risk management 19
  20. 20. Risk management Balance sheet structure Capital position enhanced by subordination Tier 1 RUB bln Tier 1 + Tier 2 13,4% 11,8% 14,9% 14,8% 14,2% 13,2% 12,1% 11,6% 12,3% Assets Liabilities 80 11,9% 11,9% 70 60 11% MIN 50 40 30 20 10 0 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 01.06.13 Demand and less than 1 month CAR (N1) under CBR rules FX structure From 1 to 6 months From 6 to 12 months More than 1 year Interest rate risk Assets Liabilities 5% RUB bln 70 Interest-earning assets Interest-bearing liabilities 60 6% 15% RUB bln 50 13% 40 30 20 80% 10 Roubles US Dollars Other 81% 0 Demand and less than 1 month From 1 to 6 months From 6 to 12 months More than 1 year 20
  21. 21. Credit quality management NPLs dynamics Annualized cost of risk NPLs, RUB mln * Provisions, % of total portfolio NPLs, % of total portfolio 9,25% Charges to provisions to avg gross loans, QoQ Charges to provisions to avg gross loans, YtD 10,28% 9,52% 9,40% 9,09% 9,41% 8,68% 9,54% 9,02% 2,86% 2,24% 8,08% 2,46% 2,46% 2,06% 1,65% 1,02% 1,17% 1,02% 12 490 12 297 14 251 14 102 16 879 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q1 2012 1,83% Q2 2012 Q3 2012 Q4 2012 Q1 2013 * NPL includes the whole principal of loans at least one day overdue either on principal or interest as well as not overdue loans with signs of impairment NPLs categorization: improvement in core SMEs SMEs 11,1% 10,8% 10,4% 10,0% 10,5% 9,9% Retail Large corporates + Rub 329 mln new NPLs - Rub 322 mln recoveries 10,5% + Rub 2,654 mln new NPLs - Rub 1 mln recoveries 17,6% 9,8% 9,8% 9,2% 8,9% 8,3% 8 263 8 120 7 841 7 765 7 772 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 + Rub 171 mln new NPLs - Rub 55 mln recoveries 3 400 10,1% 13,2% 12,2% 11,9% 4,3% 12,2% 3,2% 8,0% 3 400 5 445 5 445 8 098 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 NPLs, RUB mln 3,6% 13,3% Provisions, % of total portfolio 2,7% 827 777 3,5% 3,5% 3,6% 3,1% 2,7% 3,0% 965 892 1 009 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 NPLs, % of total portfolio 21 15
  22. 22. Credit quality as of 31.03.2013 Gross loans, including Current loans RUB mln Large corporates SMEs 46,060 82.4% Past-due but not impaired, of them Mortgages 84,581 90.8% Other retail 22,819 98.1% 10,748 94.7% Total 164,208 89.7% Provisions to NPLs Ratio 93% - 0.2% 1.3% 1.2% 0.4% Less than 90 days - 0.2% 0.4% 1.1% 0.2% Over 90 days - 0.9% 0.1% 0.1% 0.6% 4.1% Provisions to 90 9.9% days+ NPLs 0.3% 1.7% Impaired, of them - 17.6% 9.0% Less than 90 days 5.8% 0.1% Over 90 days 11.8% 8.9% 0.6% 3.8% 8.2% 17.6% 9.2% 1.9% 5.3% 10.3% -13.3% -9.8% -2.8% -5.3% Total NPLs Provisions Net Loans 39,951 76,253 - 22,169 10,177 114% -9.5% Rescheduled Loans 148,550 5.3% the whole amount of loans with principal overdue for more than 1 day as NPL - well as loans with any delay in interest payments. 22
  23. 23. Recent IFRS results 23
  24. 24. Financial highlights RUB mln Q1’13 Q4’12 Q1’12 Y-o-Y Q-o-Q Net interest income 2,180 2,394 2,149 1.4% -8.9% Net fee and commission income 1,107 1,324 1,126 -1.7% -16.4% Total operating income b.p. 3,490 3,743 3,402 2.6% -6.8% 2.4% -13.6% 43.6% 65.0% -36.7% -38.8% Operating expenses (2,091) (2,421) (2,042) Charges to provisions including (964) (584) (671) - provisions for loan impairment - provisions for impairment of other assets (985) (451) (258) 21 (133) (313) Net profit 333 544 526 24
  25. 25. Revenues from core businesses Interest income Fee income RUB mln RUB mln Corporate business Retail business Securities 1 126 Interbank* 1 291 125 3 061 2 999 116 Payrolls 314 1 320 123 326 1 324 1 107 136 355 105 322 280 Cards 1 194 373 1 195 163 -142 43 122 -1 275 Q4 2012 376 316 304 397 415 Settlements 331 384 Other rev. -142 -220 -482 -420 135 Cash transactions 375 175 191 203 192 174 Cards -71 -21 Other exp. -79 -17 -85 -19 -100 -50 -93 -22 Q2 2012 Q3 2012 Q4 2012 Q1 2013 317 -284 -1 325 Q1 2013 Net interest income was affected by higher interest expenses on corporate and retail deposits Q1 2012 Low-cost fee generating products deliver 32% of total operating income adding stability to revenue base *Interbank expenses include interest on AHML financing under securization deal and interest on subordinated loans 25
  26. 26. NIM contraction due to seasonal effects and base growth Loan yields contracted due to lagging credit growth… …while deposit costs added up on year-end inflows Corporate term deposits Retail term deposits Current accounts Yields on corporate loans Yields on retail loans Yields on securities 14,8% 14,9% 14,9% 15,4% 14,9% 7,6% 6,3% 10,3% 10,8% 10,9% 5,6% 6,4% 5,5% Q1 2012 Q2 2012 Q3 2012 11,3% 5,3% 5,8% 6,1% 6,4% 0,1% 0,1% 0,1% 6,7% 7,4% 10,6% 6,8% 5,2% Q4 2012 7,2% 0,1% Q1 2013 Q1 2012 Q2 2012 Q3 2012 Q4 2012 6,4% 0,4% Q1 2013 NIM decomposition Spread dynamics Interest Spread Yield on earning assets (net) Cost of funds 10,8% 11,2% 11,4% 11,7% 6,9% 6,7% 6,7% 7,1% 4,0% 4,4% 4,7% Q1 2012 Q2 2012 Q3 2012 4,6% Q4 2012 Loans -0,10% Deposits Other -0,22% Base effect -0,08% -0,18% 11,2% 6,3% 4,9% Q1 2013 4,7% 4,8% 4,6% 4,7% 4,2% Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 26
  27. 27. Net profit affected by elevated provisioning Operating efficiency Positive operating performance Cost-to-Income ratio, % RUB mln +5.8% Operating profit before provisions and taxes Provisions 1,4 1,6 -0,4 -0,8 Q1 2012 Q2 2012 Rub 500 mln of investments planned under operating model optimization project in 2013 72,5% 1,8 64,8% 1,4 1,3 58,5% 1Q 2013 -1,0 -1,1 Q4 2012 Q1 2013 2009 2010 2011 ROA, % ROE, % Operating profit before provisions and taxation/Average equity ROE 36,6% 33,9% 29,0% 25,8% Operating profit before provisions and taxation / Assets ROA 26,7% 3,5% 3,8% 3,0% 11,2% 2012 48,7% -0,5 Q3 2012 59,9% 14,0% 11,7% 10,6% 6,3% 1,1% 2,6% 1,4% 1,2% 2,7% 1,1% 0,6% Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 27
  28. 28. Capital structure 28
  29. 29. Capital structure Share price on MICEX Shareholding structure Structure as of 13.05.2013 Chairman Others 32% 30% Shares More than 8,000 individuals and 1,000 companies are among our shareholders with professional investors owning more than 36% Roubles 100 000 1 800 10 000 1 440 1 000 1 080 100 720 10 360 38% 1 1.7.12 0 1.9.12 1.11.12 1.1.13 Volume 1.3.13 1.5.13 1.7.13 Last price As per MICEX data Volumes of trading (shares) Major shareholders SHAREHOLDER STAKE IN EQUITY Dmitry L. Orlov (Chairman of the Board of Directors) 32.03% 19.67% JPM International Consumer Holding Inc. 9.88% H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 MICEX 744,081 551,544 892,502 1,966,722 535,131 598,489 RTS Otar L. Margania (Member of the Board of Directors) H2 2010 186,333 65,303 82,098 50,437 30,230 9,090 24,054 13,444 3,255 3,685 7,300 3,900 954,468 630,291 977,855 2,020,844 572,661 611,479 German stock exchanges (ADR) Sub-total (stock exchanges) OTC Total 61.58% 1,109,859 1,080,856 2,141,597 873,225 1,421,277 100,610 Total 2,064,327 1,711,147 3,119,452 2,894,069 1,993,938 712,089 *Volume growth associated with strategic deals 29
  30. 30. High level of corporate governance MANAGEMENT STRUCTURE CHAIRMAN OF THE MANAGEMENT BOARD* System of control GENERAL MEETING OF SHAREHOLDERS Mr. Alexander Dolgopolov AUDITOR PricewaterhouseCoopers Audit commission BOARD OF DIRECTORS HR and Compensation Committee 12 members Audit committee 9 are non-executive 6 independent Internal Control and Audit Service Risk Management MANAGEMENT BOARD The arrows represent the authorities to appoint or elect the relevant Bank’s bodies and the External Auditor 13 members 5 Deputy Chairmen - Timely information provision to investors - Full disclosure on web-site - Quarterly IFRS financial reporting with web-cast presentations - Financial reports under IFRS audited from 1991 Continuing excellent reputation recognition: - Solid and professional team V.Bank has the Best Corporate Governance in Russia, 2013 Andrey Shalimov was awarded for the Best IR in 2012 V.Bank was awarded as the Bank of the Year in Russia in 2010 Dmitry Orlov is included in top10 of the best bank’s managers 2009 The most shareholder transparent bank in Russia – 2006, 2007, 2008 30
  31. 31. Investment Summary SOUND STRATEGY More than 20 years in Top-30 Russian banks amid changing competition landscape Successfully passed through recent crises (199394,1998, 2004, 2008) Business model generating solid fees & commissions (40% of revenue) Organic growth in core regions and client segments Focus on operating efficiency One of the most transparent FI in Russia – Best Corporate Governance by World Finance in 2013, leaders of Information Transparency to Shareholders by S&P in 2008, 2007, 2006 Management Board (13 members) with long-term banking experience, the Board of Directors headed by Chairman with 40 years in Soviet and Russian banking systems BUSINESS STRENGTHS Loyal clientele due to strong relationships with the customers 60% of client base is concentrated in fast growing Moscow Oblast Corporate business focused on high-profitable SME, retail one – on mortgages Broad product line based on advanced IT-solutions Financial markets turbulence  Ongoingof global economy slowdown Threat pressure on lending rates driven by state banks  Limited demand from key risk sector – SME Still high potential credit client  Still high potential credit risk Positive track-record of communication with investors HIGH STANDARDS CURRENT CHALLENGES 31
  32. 32. Investor Relations contacts Yulia Vinogradova, Advisor to the Chairman Yu.Vinogradova@voz.ru Elena Mironova, Deputy head of IR E.Mironova@voz.ru Maria Gorbunova, IR specialist M.Gorbunova@voz.ru Download contacts: +7 495 620 90 71 investor@voz.ru http://www.vbank.ru/en/investors Follow us on Twitter: www.twitter.com/vbank_IR Download presentation: 32
  33. 33. Disclaimer Some of the information in this presentation may contain projections or other forward-looking statements regarding future events or the future financial performance of Bank Vozrozhdenie (the Bank). Such forward-looking statements are based on numerous assumptions regarding the Bank’s present and future business strategies and the environment in which the Bank will operate in the future. The Bank cautions you that these statements are not guarantees of future performance and involve risks, uncertainties and other important factors that we cannot predict with certainty. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. These forward-looking statements speak only as at the date of this presentation and are subject to change without notice. We do not intend to update these statements to make them conform with actual results. The Bank is not responsible for statements and forward-looking statements including the following information: - assessment of the Bank’s future operating and financial results as well as forecasts of the present value of future cash flows and related factors; - economic outlook and industry trends; - the Bank’s anticipated capital expenditures and plans relating to expansion of the Bank’s network and development of the new services; - the Bank’s expectations as to its position on the financial market and plans on development of the market segments within which the Bank operates; - the Bank’s expectations as to regulatory changes and assessment of impact of regulatory initiatives on the Bank’s activity. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include: - risks relating to changes in political, economic and social conditions in Russia as well as changes in global economic conditions; - risks related to Russian legislation, regulation and taxation; - risks relating to the Bank’s activity, including the achievement of the anticipated results, levels of profitability and growth, ability to create and meet demand for the Bank’s services including their promotion, and the ability of the Bank to remain competitive. Many of these factors are beyond the Bank’s ability to control and predict. Given these and other uncertainties the Bank cautions not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The Bank does not undertake any obligations to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable laws. 33

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