H1 2015 IFRS Results
1
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MDM is in the process of implementing a major capital-raising programme, including:‒
In June 2015, the Bank received the first tranche of a subordinated loan in the amount of US$ 56 mln, which was converted intoa Tier 1 capital instrument in July 2015 and transferred from the current majority shareholder to the “incoming” majority shareholders
‒
In July 2015, the Bank received the second tranche of a subordinated loan in the amount of US$ 77 mln from the “incoming”majority shareholders
‒
In May 2015, the Bank submitted its application to the Deposit Insurance Agency to participate in the State’s OFZ recapitalisationprogramme in the amount of RUB 9 bln
This capital raising is intended to provide the Bank with an additional capital buffer in the current challenging macroeconomicenvironment, whilst supporting its prudent risk-driven growth strategy
MDM Bank is in
the process of
strengthening
its capital base
As announced on 30 June 2015, the shareholders of B&N Bank, Mikail Shishkhanov and Mikhail Gutseriev, have entered into anagreement to acquire a majority shareholding in MDM Bank from Sergei Popov
On 14 July 2015, the Board of Directors appointed Mikail Shishkhanov CEO of MDM Bank
As at 1 July 2015, the B&N banking group, including MDM Bank, on a pro forma consolidated basis had total assets of circa RUB 1.3trillion and ranked amongst the largest privately-owned banking groups in Russia:1
By the end of 2015, the strategic development plan for MDM Bank as part of B&N banking group is to be approved, with operationalintegration of the banks to take place over the next 2-3 years
Acquisition of
majority
shareholding in
MDM Bank by
B&N Bank
shareholders,
creating one of
the largest
privately-owned
banking groups
in Russia
Overview of key recent developments
Indicator
Ranking
1
Privately-owned Russian banks
All Russian banks
Total assets
#3
#7
Retail deposits
#3
#6
Corporate loans
#4
#8
Retail loans
#5
#9
Corporate deposits
#6
#12
3
Significant ruble devaluation in 2014 led to a series of CBR key rate increases (including a 6.5 percentage point rate hike to 17% inDecember 2014), putting strong upward pressure on funding costs and weakening loan demand. In H1 2015, with the ruble tentatively stabilising, the CBR made four rate cuts to 11.5% (cf. CBR key rate range in H1 2014: 5.5%-7.5%)
CPI inflation of 15.3% in H1 2015 y-o-y
Real GDP contraction of 2.2% y-o-y in Q1 2015 and 4.6%1 y-o-y in Q2 2015
In line with broader sector trends, the key drivers of MDM Bank’s H1 2015 financial performance were: (i) net interest margin (NIM) compression due to elevated funding costs outstripping asset repricing; and (ii) an increase in cost of risk stemming from the economic downturn:‒
H1 2015 NIM of 2.0% down from 5.0% in H1 2014; however, NIM recovered in Q2 2015 to 2.4%, primarily attributable to activerepricing of the loan book
‒
H1 2015 cost of risk of 5.8% up from 1.2% in H1 2014 (and 3.1% in H2 2014) driven by a combination of the economic downturnand the Bank’s conservative provisioning policy
Despite the challenging operating conditions, however, the Bank’s total operating income only decreased by 8% y-o-y in H1 2015, supported by strong interest income, net fee & commission income and net trading / FX income growth:‒
Gross interest income growth of 34% y-o-y, as per above, driven primarily by active repricing of the loan book‒
Net fee & commission income growth of 25% y-o-y, mainly driven by an increase in settlement, guarantee and factoring fees(factoring fees increased almost 6-fold year-on-year, albeit from a low base)
‒
Net gains from trading and FX operations of RUB 1.8 bln, compared to a net loss of RUB 0.2 bln in H1 2014 (+ RUB 2 bln)
H1 2015 operating expenses increased y-o-y, however remained materially below inflation for the period: Operating expenses increased by 8% y-o-y and were moderately down compared to H2 2014 (-5%)
Overall, the Bank reported a net loss of RUB 4.6 bln and total comprehensive loss of RUB 2.0 bln for H1 2015: Net other comprehensive income of RUB 2.6 bln was due to gains from revaluation of the Bank’s available-for-sale securities portfolioH1 2015 MDM
financial
highlights – P&L
H1 2015 key highlights
Challenging
macro
environment
impacting sector
margins, asset
quality and
growth
H1 2015 MDM
financial
highlights –
balance sheet
Moderate H1 2015 loan portfolio contraction, in line with broader sector trends, due to a combination of tightening credit risk controls and subdued loan demand caused by the high interest rate environment:‒
Net loan portfolio contraction of circa 7%‒
Marginal corporate loan contraction (-4%), whilst retail and SME loan portfolio contraction was 14%-15% as lending in thesesegments was strictly curbed to control risk
Well-matched balance sheet currency structure, with the Bank adhering to a strict policy of currency matching:‒
FX-denominated assets and liabilities accounted for circa 23% of the Bank’s total assets and liabilities as at end H1 2015
Capital position strengthened through subordinated debt capital injections in June / July 2015‒
End-H1 2015 IFRS Basel total CAR of 13.5% (15.3% pro forma ratio, including the July 2015 capital injection) and Tier 1 ratio of10.7%, the latter being amongst the highest in the Bank’s peer group
‒
CBR total regulatory capital ratio of 11.6% and Common Equity Tier 1 / Tier 1 ratios of 7.8% as at 1 August 2015 are in line withpeers
Robust funding and liquidity position maintained, despite numerous reductions in deposit interest rates in H1 2015 aimed at reducing funding costs and protecting the Bank’s operating profitability:‒
The total customer funding base remained flat in H1 2015, whilst the share of retail in total customer funding increased from 68%to 73% and depositor concentration continued to decrease
‒
Continuing low dependence on market funding, comparing favourably to peers: net loan / deposit ratio of 76%‒
Liquid assets stood at circa 33% of total assets as at end H1 2015 and the Bank comfortably met the CBR’s regulatory liquidityrequirements
Proactive problem loan management continues to be a key focus of management attention, particularly in the context of an economic downturn‒
Asset quality followed broader macro / sector trends with the total NPL ratio increasing by 1.5 percentage points to 13.9% as atend H1 2015
‒
The provision coverage ratio was maintained at a comfortable 144% as at end H1 2015‒
Alongside strengthened monitoring and preventative measures at the pre-problem stage, management executed a number ofsuccessful restructurings and sales of problem loans in H1 2015
H1 2015 key highlights (cont’d)
5
2% 2% 3% 3% 6% 5% 5%
3% 2%
1%
74% 76%
76% 79%
81%
21% 18%
16% 14%
13%
H1 2014 Q3 2014 YE 2014 Q1 2015 H1 2015 Debt securities Customer accounts Due to banks
Assets Liabilities
PRELIMINARY DRAFT
77% 18%
5%
1%
RUB USD EUR Other
77% 18%
5%
RUB USD EUR Other liabilities
RUB 248 bln
RUB 295 bln
Currency breakdown end-H1 2015
Assets and liabilities overview
In H1 2015, total assets
contracted moderately
Strong liquidity position
maintained, in line with conservative liquidity management policy: liquid assets stood at 33% of total assets as at end H1 2015
Well-matched balance sheet
currency structure:
‒ FX-denominated assets
and liabilities accounted for circa 23% of the Bank’s total assets and liabilities as at end H1 2015
‒ FX share of customer
loans 23% and of
customer funding 25% as at end H1 2015
RUB 291 bln +10.3%
11% 11% 13% 12% 12%
56% 61% 55% 54% 55%
13% 12%
11% 12%
11%
6% 4%
2% 4%
2%
14% 11%
19% 18%
20%
H1 2014 Q3 2014 YE 2014 Q1 2015 H1 2015 Loans to customers AFS financial assets Interbank Cash
RUB 329 bln RUB
284 bln
Other assets
Currency breakdown end-H1 2015
RUB 289 bln
33% 28% 32%
Liquid assets / Total assets RUB 324 bln 34% +7.2% RUB 305 bln 33% RUB 252 bln RUB 273 bln
Individuals 22% Real estate 15% Finance 15% Retail trade 12% 8% Wholesale trade 7% Construction 5% Chemicals 3% Food and agriculture 2%
Oil and gas 1% Transport
1%
Healthcare 1%
Tourism 1% Other 7%
104.4 119.0 125.1 125.0 119.8
9.5
11.2 10.2 9.0 8.8
46.1
46.9 46.1 42.3
39.4
H1 2014 Q3 2014 YE 2014 Q1 2015 H1 2015
Corporate loans SME loans Retail loans
Balanced and diversified loan portfolio
Net Retail Loan Portfolio by Product, 30 June 20151
Gross Loan Portfolio by Sector, 30 June 2015
Cash loans: 59% Mortgage loans: 25% Credit cards: 14% Auto loans: 2%
Net Loan Portfolio
23% 5% 71% RUB 181 bln Manufacturing RUB 160 bln RUB 177 bln +5.0%
H1 2015 net loan portfolio
contraction of circa 7% due to a combination of tighter credit controls and subdued loan demand resulting from the high interest rate
environment:
‒ Corporate loan portfolio:
-4.2%
‒ Retail loan portfolio: -14.7%
‒ SME loan portfolio:
-13.6%
Disciplined approach to
sector diversification: no single corporate sector accounts for more than 15% of total lending book
Exposure to higher risk
sectors maintained at relatively modest levels
RUB 176 bln
RUB 168 bln
7
Proactive problem loan management remains a key focus
RUB bln
Total customer loan portfolio: NPLs (90 days +), Provisions, Provision Coverage and Cost of Risk
36.0 36.3 39.5
41.6 41.8
23.9 24.6 27.3 27.6 29.1
1.2% 1.7% 2.2%
5.3% 5.8%
0 2 4 6 8 10 12 14 16 18 20
0 5 10 15 20 25 30 35 40 45
H1 2014 Q3 2014 YE 2014 Q1 2015 H1 2015
Provisions NPLs Cost of risk (cum) Provision coverage ratio
151% 147% 145%
12.2% 11.5%
12.4%
18.4% 17.0%
17.9%
Asset quality followed broader macroeconomic / sector trends, with the total NPL ratio increasing by 1.5 percentage points to 13.9% as at end H1 2015
Nonetheless, the total provision coverage ratio was maintained at a comfortable 144% as at end H1 2015
Alongside strengthened monitoring and preventative measures at the pre-problem stage, management executed a number of successful restructurings and
sales of problem loans in H1 2015
19.1%
12.7% 151%
19.9%
13.9% 144%
76 79
114 129 130
35 34
39 35 32
56 52
46 44 37
16 25
26 23 23
0 50 100 150 200 250
H1 2014 Q3 2014 YE 2014 Q1 2015 H1 2015
Mass retail customers VIP customers Corporate customers SME customers
Robust customer deposit-based funding model
55% 54% 65% 66%
68%
36% 37%
30% 27% 26%
7% 6% 2% 5% 5%
2% 3% 3% 2% 1%
0 20 40 60 80 100
H1 2014 Q3 2014 YE 2014 Q1 2015 H1 2015
Retail accounts Corporate accounts Due to banks Debt securities in issue
Structural Funding Breakdown1
Primary focus on customer deposit funding, providing a level of
insulation against market volatility
Loan/Deposit ratio maintained comfortably below 100%: 76% as at
end H1 2015
Total FX-denominated external wholesale / interbank funding
amounted to <2% of total liabilities as at end H1 2015
CBR funding equal to circa 9% of total liabilities as at end H1 2015,
which is matched against short-term interbank and liquid securities (effectively arbitrage; not part of the structural funding base)
On 9 April 2015, the Bank repaid its only outstanding ruble bond in
the amount of RUB 5.2 bln
1 The structural funding breakdown shows only that portion of interbank borrowing which is used to fund the Bank’s core lending business (i.e. it excludes short-term interbank borrowing up to 30 days and overnight repo operations)
%
91% 95%
91%
81% 93%
Loan/Deposit ratio
Customer Funding by Segment2
2Segmental breakdown between mass retail / private banking and corporate / SME based on management account data
RUB bln
184
+20.8%
225 191
87%
In H1 2015, total customer funding base remained flat, despite
numerous reductions in deposit interest rates targeted at reducing the Bank’s funding costs
230
93% 77%
222 76%
9
Decreasing deposit concentration, balanced FX and maturity profile
%
Less than 1 month:
11.9%
From 1 to 6 months:
39.5% From 6 to 12
months: 24.7% From 1 to 3
years: 23.8%
More than 3 years:
0.1%
Ongoing decrease in deposit concentration and improvement in the
granularity of the customer deposit base, supported by the material inflow of mass retail deposits in 2014, which continued in H1 2015
As at end H1 2015, c. 24% of total customer accounts had a maturity of
one year or more
Current accounts represent circa 16% of total customer funding as at end
H1 2015
Customer Accounts Maturity Breakdown, H1 2015 Customer Deposit Concentration
19.1% 19.4%
13.9%
11.5% 9.9%
0.2% 0.3% 0.4% 0.3% 1.61%
0 5 10 15 20 25
H1 2014 3Q 2014 YE 2014 Q1 2015 Н1 2015 Top 20 depositors / Total customer accounts
Related party funding / Total liabilities
Customer Accounts Currency Breakdown, H1 2015
75% 19%
6%
RUB USD EUR 68%
60% 60%
Retail customer accounts / Total customer accounts 71% 73%
11.2% 10.7% 10.7% 10.3%
8.3% 8.0%
6.0%
2.8% 4.6% 3.4%
4.1% 6.1%
17.2%
13.5%
15.3%
13.7%
12.4%
14.1%
0 3 6 9 12 15 18
CBM MDM MDM pro forma
BSPB Otkritie USIB
Tier 1 Tier 2
Capital position strengthened through new capital injection
1Key: MDM – MDM Bank; CBM – Credit Bank of Moscow; USIB – Uralsib Bank; BSPB – Bank Saint Petersburg; Otkritie – BankOtkritie FC ; PSB – Promsvyazbank 2MDM’s pro forma capital adequacy ratios include the US$ 77 mln Tier 2 capital injection in July 2015
CBR Basel III Capital Ratios (RAS) vs. Peers1
IFRS Basel I Tier 1 and Total CAR vs. Peers1
Based on latest available consolidated financial statements of peer banks; data for all peer banks as at YE 2014 except for CBM and BSPB as at Q1 2015
9.2% 9.2%
7.8% 7.2%
6.3% 6.1%
1.1%
1.1% 0.3%
3.5%
7.6%
3.9%
7.1%
4.8%
4.2%
12.7%
16.8%
11.6%
15.4%
12.2%
10.6%
0 6 12 18
BSPB CBM MDM Otkritie PSB USIB
Common equity tier 1 (N1.1) Additional tier 1 Tier 2
N1.0 regulatory minimum
N1.1 regulatory minimum N1.2 regulatory minimum
Based on CBR data as at 01.08.2015 2
CBR total regulatory capital ratio (N1.0) of 11.6%, Common Equity Tier 1
(N1.1) and Tier 1 (N1.2) ratios of 7.8% as at 1 August 2015 are in line with the Bank’s peer group
In H1 2015, the Bank’s capital position was strengthened through:
‒
A US$ 56 mln subordinated debt capital injection in June 2015 by thecurrent majority shareholder, transferred to the “incoming” majority shareholders and converted into a Tier 1 instrument in July 2015 (under Basel III)
‒
A US$ 77 mln subordinated debt capital injection in July 2015 by the“incoming” majority shareholders
On a pro forma basis, including the July 2015 capital injection, the total IFRS
Basel I capital adequacy ratio as at 30 June 2015 was 15.3%, putting the Bank’s total and Tier 1 capital ratios at the higher end of its peer group
11
NIM and operating income on recovering trend
Operating Income and NIM In line with broader sector trends, MDM’s net interest margin (NIM)
contracted materially in Q1 2015 primarily due to the impact on funding costs of the +6.5 percentage point year-end CBR key rate hike, as repricing of liabilities outstripped asset repricing. However, in Q2 2015, the Bank’s NIM began to recover, increasing by 80bps to 2.4%, on the back of active loan book repricing
Despite challenging macro conditions, the Bank’s total operating income only
decreased by 8% y-o-y in H1 2015, supported by strong growth of gross interest income, net fee & commission income and net trading / FX income:
‒
Gross interest income growth of 34% y-o-y, driven by active repricingof the loan book
‒
Net fee & commission income growth of 25% y-o-y, mainly driven byan increase in settlement, guarantee and factoring fees
‒
Net gains from trading and FX operations of RUB 1.8 bln vs. a netloss of RUB 0.2 bln in H1 2014
5.1%
4.9%
5.4%
4.0%
1.6%
2.4%
-1 0 1 2 3 4 5 6
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Net interest income Net fee & commission income Other operating income Net trading & FX gains / Losses Net interest margin (quarterly)
RUB bln
RUB bln
3.4 4.0 4.1
5.1
Total Operating Income
0 2 4 6 8
H1 2014 H1 2015
Net interest income Net fee & commission income Other operating income Net trading & FX gains / Losses
7.3
6.8
Net Fee & Commission Income
0 1 2 3
H1 2014 H1 2015
2.0
2.4 RUB bln
3.0
0 1 2
H1 2014 H1 2015
1.8
Net Trading & FX Operations Gains / Losses
-0.2 RUB bln
72%
84%
0 2 4 6 8
H1 2014 H1 2015
Staff costs Other opex Cost / Income ratio
74%
72% 67%
68% 91%
84%
74% 71%
58%
71% 91% 79%
0 20 40 60 80
0 1 2 3 4 5 6
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Staff costs Other opex
Сost / Income ratio (cum) Сost / Income ratio (quarterly)
Continuing focus on operating efficiency and cost control
Quarterly Operating Expenses and Cost / Income Ratio Year-on-Year Operating Expenses and Cost / Income Ratio
In H1 2015 operating expenses increased year-on-year, although remained materially below inflation for the period and were moderately
down compared to H2 2014 (-5%)
Key ongoing initiatives to drive cost / operating improvements include optimisation of the Bank’s branch network through closing a number of
loss-making branches and reformatting / downsizing other branches
RUB bln
2.5 2.8 2.4
3.6
RUB bln
5.7
5.3
-1.5%
+23.9%
2.7
13
H1 2015 balance sheet summary
Source: Based on IFRS Consolidated Financial Statements 1 Including Mandatory cash balances with the CBR 2 Including Due to the CBR
RUB min H1 2015 YE 2014 Change H1 2015 /
YE 2014
Assets
Cash and cash equivalents1 59 642 63 308 -5,8%
Due from banks 6 598 6 758 -2,4%
Available-for-sale financial assets 34 406 36 736 -6,3%
Loans and advances to customers 168 009 181 412 -7,4%
Corporate 119 833 125 083 -4.2%
Retail 39 370 46 141 -14.7%
SME 8 806 10 188 -13.6%
Investment property 13 932 10 462 33,2%
Other 21 963 30 205 -27,3%
Total Assets 304 550 328 881 -7,4%
Liabilities
Due to banks2 35 937 46 002 -21,9%
Total customer accounts 222 362 225 076 -1,2%
Retail 161 801 153 082 5,7%
Corporate 60 561 71 994 -15,9%
Debt securities in issue 1 690 7 631 -77,9%
Subordinated debt 3 117 0 n.m.
Other 9 837 16 538 -40,5%
Total Liabilities 272 943 295 247 -7,6%
Total equity 31 607 33 634 -6,0%
Key ratios
Liquid assets / Total assets 33.0% 32.5% 0.5 pp
Net loans / Deposits 75.6% 80.6% -5.0 pp
NPL ratio 13.9% 12.4% 1.5 pp
Provision coverage ratio 143.8% 144.8% -1.0 pp
Tier 1 Capital ratio (Basel I) 10.7% 11.6% -0.9 pp
Total Capital ratio (Basel I) 13.5% 12.2% 1.3 pp
CBR total regulatory capital ratio 11.0% 11.4% -0.4 pp
H1 2015 income statement summary
RUB min H1 2015 H2 2014 H1 2014 Change H1 2015/
H1 2014
Change H1 2015/ H2 2014
Net interest income 2 351 5 397 5 226 -55% -56%
Gains less losses from trading, available-for-sale
financial assets and foreign exchange, net 1 758 1 173 -196 n.m. 50%
Net fee and commission income 2 431 2 540 1 951 25% -4%
Other income, net 249 157 360 -31% 59%
Total operating income 6 789 9 065 7 341 -8% -25%
Operating expenses (5 725) (6 019) (5 301) 8% -5%
Staff costs (3 264) (3 639) (3 314) -2% -10%
Administrative and other operating costs (2 461) (2 380) (1 987) 24% 3%
Net operating income before impairment losses 1 064 3 046 2 040 -48% -65%
Loan impairment losses (6 275) (3 230) (1 170) 436% 94%
Other (impairment losses)/provision reversals (65) 55 116 -156% -218%
Loss from investment property (21) (29) (14) 50% -28%
Loss on fair value adjustment for financial
instruments - (187) - n.m. n.m.
(Loss)/profit before tax (5 297) (345) 972 n.m. n.m.
(Loss)/profit after tax (4 603) (217) 738 n.m. n.m.
Other comprehensive income/(loss) 2 576 (2 770) (80) n.m. n.m.
Total comprehensive income / (loss) (2 027) (2 987) 658 n.m. n.m.
Key ratios
Net interest margin (annualised) 2.0% 4.8% 5.0% -3.0 pp -2.8 pp
Cost / income ratio (CIR) 84.3% 66.4% 72.2% 12.1 pp 17.9 pp
Cost of risk (annualised) 5.8% 3.1% 1.2% 4.6 pp 2.7 pp
Income Statement Summary (IFRS), RUB mln
