Financial Summary. December 2017
|
|
- Frida Fransson
- för 4 år sedan
- Visningar:
Transkript
1 Financial Summary December Q 2017
2 Index Economic and financial environment 2. Financial highlights 3. Results 4. Condensed balance sheet 5. Customer funds and lending Quality of assets 7. Change in NPLs 8. Consolidated statements of income 9. Quarterly statements of income 10. Fees and commissions Cumulative yields and costs 12. Quarterly yields and costs 13. Contribution by business area Shareholder value 17. People 18. Quarterly events 14. Shareholders equity and ratings 15. Change in net worth
3 2 1. Economic and financial environment The cycle of growth remained strong during the last quarter of 2017, on the back of increased economic activity and job creation in developed countries. The Eurozone s performance was particularly significant, with its accelerating growth rate. Its gross domestic product grew by 2.8% at the end of the third quarter of 2017, with more dynamism than that of the United States, with 2.3% growth. The vigorous internal demand, the increasingly higher levels of corporate investment and the gradual decline of the unemployment rate (8.7% in November, down from 8.9% in September) were key factors. Despite the certainly complicated political situation in Europe, the power of its main economies could not be curbed. Thus, growth has gained traction, as evidenced by the GDP expansion in Spain at the end of the third quarter (+3.1%), Germany (+2.8), Italy (+1.7%) and France (+2.3). This performance affirms that the impact of certain geostrategic variables and political uncertainty is diminishing. In United States, Donald Trump was able to get a tax reform passed, and macroeconomic indicators showed signs of robust consumption, the industrial sector recovered after the hurricanes in August and September, and job creation improved, with the unemployment rate at 4.1% in December. In Japan, Abe was re-elected, renewing his mandate with an absolute majority and a sound economy, with a 2.1% GDP growth at the end of the third quarter of Emerging economies saw some recovery on the back of raw material prices and a weaker dollar. In China, the growth rate reached 6.8% in the third quarter of 2017, according to published figures. India enacted widespread structural and tax reform, recording a bountiful growth rate of 6.3% in the third quarter. Meanwhile, in Brazil, growth indicators were positive with a 1.4% increase in GDP, despite difficulties to rein in the tax deficit and the national debt. On the microeconomic front, corporate earnings were favourable, and the average earnings per share on the S&P 500 index climbed to 6.90%, even with downward adjustment with respect to insurance companies due to the hurricanes. This improvement is expected to continue in the medium term, according to fourth-quarter estimates that indicate an 11% increase in corporate earnings. This marco and micro environment is set within a scenario of low inflation (1.4% in the Eurozone and 2.1% in the US) and low interest rates. The markets understand the roadmap being taken by the central banks to normalise monetary policies, without curbing growth. The Federal Reserve raised interest rates in December, for the third time in the year (up 25 basis points to 1.25%-1.50%) and kept its guidance on increasing the federal funds rate gradually to around 2% under the leadership of Jerome Powell. The ECB announced that it would halve its asset purchase programme to 30 billion euros in monthly bond purchases (versus 60 billion euros previously) in early 2018; and temporarily extend quantitative easing in December 2017 for six to nine months. In the foreign exchange market, the euro strengthened with respect to the dollar, rising from 1.18 in September to 1.20 at the end of the year. Although a stronger common currency has not hindered growth in the Eurozone, it still poses risk in the coming months in terms of weakened competitiveness and price recovery. The British pound albeit with less fluctuation than in previous quarter, going from 0.88 in September to 0.89 in December against the euro) remains impaired by the little progress made in the Brexit negotiations and the declining economic activity in the United Kingdom. Overall, the fourth quarter of 2017 has provided a spectacular ending to a year in which stock values are up (cumulative revaluations in 2017: S&P %; EuroStoxx %; Ibex %; Hang Seng +26%; Sensex +27.9%; Bovespa +26.9%; Nikkei +19,1% and MSCI World +20,1%) and bonds withstand low internal rates of return (0.43% IRR for the German bund at the end of December). This is for three main reasons: the economic cycle is clearly expansive; the process to normalise the extremely lax monetary policies of the central banks (as stated earlier) has been and will continue to be very long; and the immense amount of liquidity in the market and the economy puts constant pressure on the prices of the most secure (or least insecure) assets in view of the lack of investment alternatives.
4 3 2. Financial highlights thousands of euros Variation BALANCE SHEET 31/12/ /12/2016 Amount % Total assets 71,332,651 67,182,467 4,150, Loans and advances to customers 53,300,184 51,333,772 1,966, Total customer funds 79,376,226 75,411,758 3,964, On balance sheet 52,788,690 51,869, , Retail customer funds ex repos 46,431,396 44,127,812 2,303, Marketable debt securities 5,750,215 6,923,396-1,173, Off-balance-sheet managed funds 26,587,536 23,542,302 3,045, Shareholders equity 4,357,140 4,097, , EARNINGS Net interest income 1,061, ,017 82, Gross operating income 1,851,316 1,717, , Pre-provision profit 906, ,142 91, Profit before taxes 677, , Net attributable income 495, ,109 5, RATIOS (%) Non-performing loans/total risk exposure NPL coverage Cost-to-income RoE RoA CET 1 capital BANKINTER SHARES Number of shares 898,866, ,866, Closing price ( ) EPS ( ) DPS ( ) BRANCHES AND BUSINESS UNITS Number of branches Other business units Corporate bkg SMEs Private bkg Corporate partnerships Number of financial agents Telephone and on-line banking EMPLOYEES Banking group 5,578 5, Insurance business (LDA) 2,194 2,
5 4 3. Results Bankinter Group has brought 2017 to a brilliant close, with record earnings underpinned by its core customer business that build on its 2016 earnings, despite the extraordinary results from that year. The bank s profitability is above that of its peers, reaffirming its traditional competitive advantage in terms of quality of assets. The Group closed out 2017 with million euros in net profit, a 1% increase with respect to 2016; and with million euros in pre-tax profit, similarly to last year and offsetting extraordinary results from its acquisition of Barclay s Portugal in 2016, with its core customer business. In a like-for-like comparison without those extraordinary results, with the figures from Bankinter Spain alone, the Group s net profits saw a 20.2% increase, with 19.1% increase in profit before tax. For another consecutive year, Bankinter continues to lead the banking system in profitability, with a return on equity of 12.6%, the highest RoE among listed banks in Spain. In terms of solvency, Bankinter ended December 2017 with a CET1 fully-loaded capital ratio of 11.46% and a CET1 phased-in ratio of 11.83%, a 6 basis-point improvement from 2016 and well above the 7.125% required of Bankinter by the ECB in 2018 (the lowest minimum capital requirement among banks in Spain). As regards its financing structure, Bankinter s liquidity gap fell by 200 million euros during the year to 5.2 billion euros at year end. In parallel, the bank s deposit-to-loan ratio reached 90.6%, 20 basis points higher than a year ago. Lastly, the bank continues to outperform other listed banks due to its quality of assets. Its NPL ratio dropped from 4.01% to 3.45%. Based on figures from Bankinter Spain alone, this ratio comes to 3.06%. These figures are less than half the sectoral average of 8.08% as of November A sustainable business based on five strategic lines Our customer business was the main contributor to earnings. It is based on five profitable business lines that are complementary to each other and help diversify the Group s strategy. Corporate and SME Banking continues to add the most to Bankinter s gross operating income at 30%. As in recent years, Bankinter has again increased the balance of its corporate loan book, which is up 5.2% with respect to 2016, reaching 22.9 billion euros. In Spain alone, Bankinter s loan book grew by 4.5%, while overall lending to companies across the Spanish banking system had fallen by 3.4% as of late November Furthermore, the bank attracted 18,600 companies as new customers during the year, 6% more than in Also in Corporate Banking, yearly revenues from the international trade finance business fared significantly well, with an 18.4% increase in gross income with respect to the same period in As relates to Commercial Banking, our private and personal banking segments, which cover affluent and high net-worth customers, had some impressive results. In Private Banking, total managed wealth at the end of December amounted to 35 billion euros, up 12% from a year ago and with an increasingly larger managed asset portfolio, which offers higher returns for both the bank and our customers. On the other hand, assets managed for Personal Banking customers reached 21.2 billion euros during the year, with 2.3 billion euros in net new money. One of our core retail banking products is still the 5% payroll account, a major source of new customers. Total payroll accounts amount to million euros, up 21.8% with respect to the end of Moreover, Línea Directa maintains the trend of previous years, with 2.79 million euros in total policies taken out and increases of 7.3% in motor insurance policies and 13.5% in home insurance policies. Insurance premiums amount to 797 million euros, an 8% increase with respect to last year. Total premium growth in motor and home insurance policies stood well above the industry average. Línea Directa is showing a high degree of profitability, with a RoE of 35% and a combined ratio of 86.9%. Bankinter Consumer Finance is already a major player in the consumer lending scene in Spain, in addition to being one of bank s fastest growing business lines. At the end of the year, it had a total of 1.1 million customers, up 28% from the end of 2016, with 1.5 billion euros in consumer loans, a 42% increase in the last 12 months.
6 5 With regard to Bankinter Portugal, overall growth is in line with its defined business plan. In its first full year, it accounted for 7% of the Group s revenues. Its loan book at the end of 2017 reached 4.8 billion euros, up 6% from a year ago, with particularly significant growth in company lending (up 21%). Its retail funds remained at a level similar to 2016 figures, totalling 3.6 billion euros, while its offbalance-sheet funds (investment funds and unit-linked funds) grew by 25%. Altogether, Bankinter Portugal s gross operating income at 31 December had reached 133 million euros, with 31.4 million euros in pretax profit, thus reaffirming the favourable contribution of this franchise to the Group s earnings. Digitalisation An entire chapter could be written about Bankinter s activities regarding digitalisation and innovation, two areas in which the bank has traditionally had a leading role. Bankinter s substantial digital offering has its customers regularly using virtual channels en masse to interact with the bank. 91% of Bankinter customers use the bank s digital channels; 31% of customers can be defined as purely digital ; 60% are mixed customers who use digital and other channels interchangeably; and only 9% of customers are considered traditional, engaging the bank through their branch offices or via telephone banking. The digital projects promoted this year by the bank include the launch of its new transactional website, the creation of Popcoin, an investment management service for all types of investors that marks the start of the cyborg-advisor era; and the COINC mortgage, the first 100% online mortgage in the market that can be directly taken out via mobile phone, computer or tablet and approved online, without the need to take out additional products or change banks. Margins and earnings Bankinter Group s profit and loss margins have shown strong growth with respect to 2016, in line with its results from previous quarters. It ended 2017 with 1,062 million euros in net interest income, an 8.5% increase from a year ago. Its gross operating income grew by 7.8% with respect to 2016, to 1,851.3 million euros. This is mostly due to fee income, netting 11.7% more than last year, especially in terms of asset management fees, which were up by 22.8%. The Group s pre-provision profit ended the year with a total million euros, an 11.3% increase compared to last year s figure. Although total operating costs increased by 4.7% (or 3%, minus Bankinter Portugal), the swell in income has improved the group s banking cost-to-income ratio with depreciation and amortisation. This ratio now stands at 46.8%, down from 48.6% a year ago. As a result, as of 31 December 2017, Bankinter had earned a net profit of million euros, an improvement of 1% with respect to 2016; in addition to a pre-tax profit of million, up 0.1%. In comparable terms, if we factored out business figures from Bankinter Portugal and the extraordinary results from its acquisition, the Group s net profit growth would be a rate of 20.2%, with a 19.1% increase in pre-tax profit. Balance sheet figures On Bankinter s balance sheet, total group assets for the year amounted to 71,332.7 million euros, 6.2% more than on 31 December Loans to customers totalled 53,300.2 million euros at year end, up 3.8% from a year ago, despite the 1.7% decrease in lending seen across the Spanish banking system as of November Total controlled funds climbed 5.3% to 79,376.2 million euros. In particular, off-balance-sheet managed funds (ie, investment funds, pension funds and wealth management) also grew by 13.4% during the year. As regards quality of assets, Bankinter s non-performing loan ratio fell from 4.01 in 2016 to 3.45% (or 3.06%, not including Bankinter Portugal), with a coverage ratio of 44.5%. Furthermore, its foreclosed property asset portfolio shrunk considerably during the year, with a total gross value of million euros (111.9 million less than a year ago), 44% of which relates to homes. Its foreclosure coverage ratio was 45.2%. Lastly, Bankinter s share price closed out the year at 7.90 euros, a revaluation of 7.39%.
7 6 4. Condensed balance sheet thousands of euros Var. 12/17-12/16 31/12/ /12/2016 Thousands % ASSETS Cash, balances with central banks and other demand deposits 5,594,779 3,556,750 2,038, Financial assets held for trading 2,734,699 2,676,719 57, Available-for-sale financial assets 4,575,214 4,140, , Loans and receivables 53,863,211 52,816,104 1,047, Debt instruments 357, , , Loans and advances 53,506,155 52,317,100 1,189, To credit institutions 355,001 1,132, , To customers 53,151,154 51,184,773 1,966, Held-to-maturity investments 2,591,774 2,019, , Derivatives/hedge accounting 237, ,965 21, Investments in joint ventures and associates 114, ,708 1, Assets under insurance and reinsurance contracts 6,361 3,124 3, Tangible assets 495, ,716-7, Intangible assets 255, ,063 10, Tax assets and other assets 637, ,694 47, Non-current assets held for sale 225, ,021-77, TOTAL ASSETS 71,332,651 67,182,467 4,150, LIABILITIES Financial liabilities held for trading 1,993,191 2,195, , Financial liabilities at amortised cost 63,274,666 59,338,635 3,936, Deposits 53,135,951 48,788,809 4,347, From central banks 6,500,608 4,750,000 1,750, From credit institutions 2,120,624 1,472, , From customers 44,514,719 42,566,523 1,948, Issued debt instruments 8,187,472 8,915, , Other financial liabilities 1,951,243 1,634, , Derivatives/hedge accounting 36, ,154-72, Liabilities under insurance contracts 737, ,659 53, Provisions 205, ,707 52, Tax liabilities and other liabilities 728, , , TOTAL LIABILITIES 66,975,511 63,085,091 3,890, Shareholders equity 4,249,619 3,987, , Total comprehensive income 107, ,858-2, TOTAL SHAREHOLDERS EQUITY 4,357,140 4,097, , TOTAL LIABILITIES AND EQUITY 71,332,651 67,182,467 4,150,
8 7 5. Customer funds and lending thousands of euros Variation 31/12/ /12/2016 Amount % Retail funds 46,431,395 44,127,812 2,303, Public sector deposits 914, ,166 9, Private sector deposits 43,518,185 41,349,852 2,168, Current accounts 35,611,388 31,242,882 4,368, Term deposits 7,897,092 10,087,466-2,190, Valuation adjustments 9,705 19,504-9, Other demand accounts 478, , , Retail marketable securities 1,520,705 1,573,676-52, Repurchase agreements 607, , , Wholesale marketable securities 5,750,215 6,923,396-1,173, Securitisations 873,892 1,076, , Covered bonds 4,262,123 5,153, , Senior debt 497, , Valuation adjustments 116, ,532-79, TOTAL ON-BALANCE-SHEET FUNDS 52,788,690 51,869, , Off-balance-sheet funds 26,587,536 23,542,302 3,045, Own mutual funds 8,521,404 7,619, , External mutual funds marketed 11,441,789 8,803,782 2,638, Pension funds 2,457,317 2,261, , Wealth management and SICAVs 4,167,027 4,856, , Loans and advances to customers Loans to public sector 1,434,981 1,513,810-78, Loans to private sector 51,716,174 49,670,963 2,045, Commercial credit 2,370,750 1,963, , Secured loans 30,222,928 30,124,036 98, Other credit facilities 15,354,858 13,865,228 1,489, Personal loans 7,968,963 7,480, , Credit lines 7,348,911 6,370, , Other lending 36,983 14,353 22, Finance leases 1,102,534 1,181,996-79, Non-performing loans 1,976,703 2,227, , Loan-loss allowances -895,469-1,105, , Other term lending 1,583,869 1,413, , Loans and advances to customers 53,151,154 51,184,773 1,966, Fixed-income securities to customers 149, , TOTAL LOANS TO CUSTOMERS 53,300,184 51,333,772 1,966, Off-balance-sheet risks 16,098,959 14,471,212 1,627, Contingent risks 4,009,695 3,934,041 75, Drawable by third parties 12,089,264 10,537,171 1,552,
9 8 6. Quality of assets thousands of euros Variation 31/12/ /12/2016 Amount % Total risk exposure 58,824,461 57,308,266 1,516, Total non-performing loans 2,029,908 2,296, , Credit risk provisions 903,865 1,130, , NPL ratio (%) NPL coverage ratio (%) Foreclosed assets 411, , , Provision for foreclosed assets 186, ,433-34, Foreclosed asset coverage(%) Changes in NPLs thousands of euros Variation 31/12/ /12/2016 Importe % Initial balance 2,296,743 2,039, , Net additions -68, , , Write-offs -198, ,405 5, Final balance 2,029,908 2,296, , NPL ratios: Bankinter vs Sector (%) 8.08% 3.06% l Bankinter l Sector Sector source: Bank of Spain, november, 17
10 9 8. Consolidated statements of income thousands of euros 31/12/ /12/2016 Variation Bankinter Group Amount Amount Amount % Interest and similar income 1,288,805 1,271,458 17, Interest expense and similar -226, ,441 65, Net interest income 1,061, ,017 82, Dividend income 6,993 10,253-3, Share of results of entities accounted for under equity method 25,186 22,093 3, Net fees and commissions 423, ,110 44, Gains on financial transactions and exchange differences 61,580 71,449-9, Other operating income/expenses 272, ,468 16, Gross operating income 1,851,316 1,717, , Staff costs -498, ,693-35, General & admin. expenses and amortisation charge -445, ,555-6, Pre-provision profit 906, ,142 91, Provisions -53,215-38,611-14, Impairment charges -149, ,190 19, Operating profit net of provisions 704, ,342 97, Gains/(losses) on disposal of assets -27,281-75,770 48, Negative goodwill recognised 0 145, , Profit before taxes 677, , Income tax -181, ,603 4, Consolidated net income 495, ,109 5,
11 10 9. Quarterly statements of incomethousands of euros Variation in % 4Q17 3Q17 2Q17 1Q17 4Q16 4Q17/4Q16 4Q17/3Q17 Interest and similar income 326, , , , , Interest and similar charges -54,071-46,535-62,682-63,523-64, Net interest income 272, , , , , Dividend income 1,136 1,777 1,651 2,429 2, Share of results of entities accounted for 6,597 7,193 5,862 5,534 6, under equity method Net fees and commissions 110, , , , , Gains/(losses) on financial transactions and 11,791 15,622 10,242 23,924 15, exchange differences Other operating income/expenses 55,223 83,411 55,778 77,661 52, Gross operating income 457, , , , , Staff costs -124, , , , , General & admin. expenses and -116, , , , , amortisation charge Pre-provision profit 216, , , , , Provisions -36,937-4,520-4,043-7,715-10, Impairment charges -12,453-42,373-49,261-45,139-34, Operating profit net of provisions 167, , , , , Gains/(losses) on disposal of assets -7,536-6,002-3,442-10,301-30, Negative goodwill recognised , Profit before taxes 159, , , , , Income tax -40,354-50,865-43,491-47,206-38, Consolidated net income 119, , , ,390 90, Gross operating income (millions of euros) and quarterly cost-to-income ratio (%) Pre-provision profit (millions of euros) Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 l Cost-to-income ratio l Gross operating income
12 Fees and commissions thousands of euros Variation 31/12/ /12/2016 Amount % FEE AND COMMISSION EXPENSE 105,278 91,740 13, FEE AND COMMISSION INCOME On guarantees and documentary credits 32,952 31,158 1, On foreign exchange and foreign banknotes 62,633 60,145 2, On contingent liabilities 12,310 12, On collection and payment services 91,235 81,512 9, On securities services 95,355 83,085 12, Securities underwriting and placement 9,265 3,877 5, Securities trading 32,348 31, Securities administration and custody 32,106 32, Wealth management 21,637 15,347 6, On marketed non-banking financial products 197, ,101 29, Asset management 136, ,838 23, Insurance and pension funds 60,984 54,264 6, Other fees and commissions 36,330 34,207 2, Total fee and commission income 528, ,849 57, NET FEES AND COMMISSIONS 423, ,110 44,
13 Cumulative yields and costs in % 31/12/ /12/2016 Weighting Rate Weighting Rate Cash and deposits with central banks 5.88% 0.57% 1.04% 1.21% Loans and advances to credit institutions 4.39% 0.13% 4.98% 0.15% Loan and advances to customers (a) 73.50% 2.01% 75.28% 2.08% Debt securities 11.93% 2.65% 13.37% 2.83% Of which ALCO portfolio 8.07% 2.85% 7.87% 3.33% Equity portfolio 0.59% 1.72% 0.53% 3.03% Other unweighted income 0.09% 0.11% Average earning assets (b) 96.27% 1.93% 95.19% 2.09% Other assets 3.73% 4.81% AVERAGE TOTAL ASSETS % 1.86% % 1.99% Deposits from central banks 8.49% 0.24% 4.75% 0.05% Deposits from credit institutions 4.11% 1.92% 5.53% 1.79% Customer funds (c) 73.98% 0.12% 76.95% 0.31% Customer deposits 63.89% 0.09% 62.18% 0.22% Marketable debt securities 10.09% 0.32% 14.77% 0.70% Subordinated liabilities 1.50% 3.56% 1.02% 4.30% Other unweighted costs 0.13% 0.11% Average interest-bearing funds (d) 88.08% 0.37% 88.27% 0.49% Other liabilities 11.92% 11.73% AVERAGE TOTAL FUNDS % 0.33% % 0.44% Customer margin (a-c) 1.89% 1.77% Net interest margin (b-d) 1.56% 1.60%
14 Quarterly yields and costsin % en % 4Q17 3Q17 2Q17 1Q17 4Q16 Weighting Rate Weighting Rate Weighting Rate Weighting Rate Weighting Rate Deposits with central banks 6.89% 0.53% 6.49% 0.57% 7.27% 0.51% 2.73% 0.88% 1.19% 2.02% Loans and advances to credit 3.08% 0.23% 4.07% 0.17% 4.38% 0.12% 6.09% 0.07% 6.89% 0.06% institutions Loans and advances to customers (a) 73.46% 2.00% 73.61% 1.93% 72.33% 2.08% 74.64% 2.06% 75.13% 2.10% Debt securities 12.37% 2.45% 11.55% 2.67% 11.85% 2.73% 11.96% 2.75% 11.76% 2.83% Of which ALCO portfolio 8.02% 2.92% 8.14% 2.80% 8.02% 2.83% 8.11% 2.86% 7.48% 3.24% Equity portfolio 0.58% 1.10% 0.63% 1.60% 0.57% 1.64% 0.56% 2.62% 0.58% 2.12% Other unweighted assets 0.08% 0.08% 0.09% 0.10% 0.11% Average earning assets (b) 96.37% 1.91% 96.35% 1.86% 96.39% 1.96% 95.97% 2.01% 95.55% 2.06% Other assets 3.63% 3.65% 3.61% 4.03% 4.45% AVERAGE TOTAL ASSETS % 1.84% % 1.79% % 1.89% % 1.92% % 1.97% Deposits from central banks 9.18% 0.27% 9.30% 0.24% 9.22% 0.28% 6.14% 0.13% 6.07% 0.01% Deposits from credit institutions 4.00% 1.51% 4.09% 1.73% 4.15% 2.16% 4.22% 2.29% 3.99% 2.10% Customer funds (c) 72.88% 0.09% 73.03% 0.10% 73.36% 0.11% 76.77% 0.18% 77.14% 0.22% Customer deposits 63.43% 0.06% 63.38% 0.08% 63.69% 0.10% 65.09% 0.12% 64.53% 0.15% Marketable debt securities 9.45% 0.29% 9.64% 0.20% 9.67% 0.23% 11.68% 0.54% 12.62% 0.59% Subordinated liabilities 1.65% 3.46% 1.68% 3.45% 1.63% 3.46% 1.00% 4.06% 1.04% 4.00% Other unweighted liabilities 0.14% 0.12% 0.13% 0.12% 0.11% Average interest-bearing funds (d) 87.72% 0.35% 88.11% 0.34% 88.37% 0.38% 88.15% 0.41% 88.27% 0.41% Other liabilities 12.28% 11.89% 11.63% 11.85% 11.73% AVERAGE TOTAL FUNDS % 0.30% % 0.30% % 0.34% % 0.36% % 0.36% Customer margin (a-c) 1.91% 1.83% 1.97% 1.87% 1.88% Net interest margin (b-d) 1.56% 1.51% 1.58% 1.60% 1.65% Average Total Assets (ATA, in thousands of euros) 70,780,938 69,881,669 70,502,763 67,484,246 66,419,976 Quarterly customer margin / credit yield and cost of funds (%) Q16 1Q17 2Q17 3Q17 4Q17 l Coste de los recursos de clientes l Margen de clientes trimestral l Rendimiento del crédito
15 Contribution by business area thousands of euros Variation 31/12/ /12/2016 Amount % Customer segments 1,225,863 1,107, , Commercial and private banking 510, ,597 55, Corporate banking 555, ,020 23, Bankinter Consumer Finance 159, ,189 38, Bankinter Portugal 133,037 90,227 42, Capital markets 230, ,379-9, Línea Directa Aseguradora 393, ,358 34, Corporate Centre -132,074-80,380-51, Gross operating income 1,851,316 1,717, , Shareholders equity and ratings Variation 31/12/ /12/2016 Amount % Share capital and reserves 4,231,107 3,961, , Treasury shares CET1 deductions -521, , , Common Equity Tier 1 3,708,552 3,622,038 86, AT1 instruments 199, , AT1 deductions -88, ,504 65, Tier 1 3,819,375 3,667, , T2 instruments 697, , , T2 deductions -41,576-70,537 28, Tier 2 655, , , Total Equity 4,474,817 3,870, , Risk-weighted assets 31,341,324 30,763, , CET 1 capital ratio (%) Tier 1 (%) Tier 2 (%) Capital adequacy ratio (%) (*) The CET1 amount includes third-quarter retained earnings. Long term Short term Outlook Date Moody s Baa2 P-2 Stable June 2015 Standard & Poor s BBB A2 Positive February 2017 DBRS A (low) R-1 (low) Stable July 2017
16 Change in net worth thousands of euros Balance at 1 January ,798,177 Dividends -189,453 Valuation adjustments 1,117 Profit for the period 490,109 Other changes -2,574 Balance at 31 December ,097,376 Balance at 1 January ,097,376 Dividends -224,500 Valuation adjustments -2,337 Profit for the period 495,207 Other changes -8,606 Balance at 31 December ,357,140
17 Shareholder value Period per share data ( ) Earnings per share 0.55 Dividend per share 0.25 Book value per share 4.85 Opening price 7.36 Lowest price 7.58 Highest price 8.18 Closing price 7.90 Revaluation in last quarter (%) Revaluation in last 12 months (%) 7.39 Stock market ratios Price/Book value (times) 1.63 Price/Earnings Ratio (times) Dividend yield (%) 3.16 Number of shareholders 54,911 Number of shares 898,866,154 Number of shares held by non-residents 417,965,351 Average daily trading (number of shares) 2,323,969 Average daily trading (thousands of euros) 18,340 Market capitalisation (thousands of euros) 7,104,638 Share price. Relative variation (%) (december-16 base 100) 125% 120% 115% 110% 105% 100% 95% 90% Dec. 16 Dec. 17 l Ibex 35 l Bankinter l Eurostoxx Banca (SX7P)
18 People 31/12/ /12/2016 Variation % Banking group employees (*) 5,578 5, % Average number of years with Bankinter Group % Average age (in years) % Employee distribution by gender (%) Men % Women % Internal job rotation (%) % External rotation (%) % *Full-time at Bankinter Group. *Data on average mobile turnover in last 12 months.
19 Quarterly events Bankinter s capital adequacy levels well above minimum required by ECB According to the European Central Bank s recent supervisory review and evaluation in mid-december, Bankinter s capital adequacy levels were once again well above the EU supervisor s minimum capital requirements set for Thus, ECB will not change its prudential requirements for Bankinter in terms of fully-loaded CET1 (Common Equity Tier 1) capital. These requirements demonstrate full compliance with the capital adequacy regulations known as Basel III, which will take effect in In terms of phased-in capital, the ECB s requirement for Bankinter Group in 2018 is to maintain a ratio of 7.125%, with a Total Capital ratio of %. Therefore, Bankinter is comfortably above this minimum, especially since it closed out December 2017 with a phased-in CET1 ratio of 11.82%, with a Total Capital ratio of 14.28%. This required minimum level is the lowest set by the European Central Bank for Spanish banks thus far. It was also the lowest in the Spanish banking system last year. Teresa Martín-Retortillo, new Bankinter board member The board of directors of Bankinter, S.A., on the recommendation of its appointments and corporate governance committee, voted in November to co-opt Ms Teresa Martín-Retortillo Rubio as an independent external director of Bankinter, in order to fill a post on the board which, until now, had been vacant. The new director s term of office will be for four years and must be confirmed in the next general shareholders meeting. In view of this appointment, the board of directors will consist of 10 members, with five independent external directors, two executive directors, two external proprietary directors and one external director. Bankinter and EIB agreement Bankinter and the European Investment Bank (EIB) boost their partnership to help small and medium enterprises access credit. In November, the EU bank granted a 300-million-euro loan to Bankinter, which will, in turn, contribute an additional 300 million to this credit facility. Ultimately, the total amount available to SMEs will be 600 million euros. Thanks to the EIB, this funding comes with very favourable terms and conditions for companies in terms of repayment periods and interest rates, so that they may develop their initiatives. This agreement was signed in Madrid by EIB vice-president Román Escolano and Bankinter CEO María Dolores Dancausa. This is the fifth loan agreement with these features that these institutions have signed. In particular, this funding aims to help industrial and commercial SMEs invest in innovative and modern equipment. Bankinter launches first fully online mortgage, with no change of bank required. Bankinter has reached another online banking milestone with the launch of the first fully online mortgage in the market through its online financial services platform, COINC. This automatic mortgage loan can be taken out directly via mobile phone, computer or tablet. It is approved online, with no customer affiliation or additional products required. Accordingly, it is open to non-customers of Bankinter and COINC. COINC is pricing this mortgage at 0.99% interest during the first year, after which it will be annually revised at the Euribor rate, plus a spread of 0.99%. These conditions are currently the most competitive in the market. The price is closed, without any fees; and does not offer discounts for taking out other COINC products. This new mortgage is being released within an ecosystem intended to provide thorough solutions for all issues, questions and procedures concerning home purchases and financing, without leaving the COINC website.
20 19 Fourth edition of the Involvement and Solidarity awards In December, Bankinter held its fourth annual Involvement and Solidarity (Implicados y Solidarios) ceremony. As usual, this event was attended by NGOs, foundations and associations from all over Spain to learn the five projects selected to receive donations from customers who have put 5% of their purchases made with the Visa Solidaria card toward social initiatives. Almost 200 projects were submitted, up 40% from last year. The event s guest of honour was Teresa Perales, a champion swimmer with 26 Paralympic medals who is an example of personal and professional excellence. Projects were announced and promoted internally by Bankinter employees and executives who sponsored the various causes they represented. Votes were cast both internally by bank employees and externally by over 7,300 of Bankinter s followers on Facebook, each of whom voted for a project on the bank s page on the social network. The following initiatives were finalists: the winner of the Tarjeta Solidaria Oro ( gold ) prize for 13,000 euros was Fundación Dacer, with the NAO Therapist robot project, an innovative therapeutic tool for children with brain damage. The Tarjeta Solidara Plata ( silver ) prize for 11,000 euros went to Fundación Jaime Alonso Abruña for the Cada niño importa ( Every child matters ) academy, which provides academic support to 40 children with different abilities. The Tarjeta Solidaria Bronce ( bronze ) prize for 9,000 euros was awarded to As Neves-Zona 0 and its Plantando vida (Planting life) project to spread awareness and set up initiatives to recover the forests area reduced to ashes in a fire that affected 90% of the town of As Neves (Galicia).
21 Bankinter SA Paseo de la Castellana, Madrid T bankinter.com
Financial Summary. December 2016
4Q 2016 Financial Summary December 2016 Index 2 3 4 6 7 1. Economic and financial environment 2. Financial highlights 3. Results 4. Condensed balance sheet 5. Customer funds and lending 8 8 9 10 11 6.
Läs merSignatursida följer/signature page follows
Styrelsens i Flexenclosure AB (publ) redogörelse enligt 13 kap. 6 och 14 kap. 8 aktiebolagslagen över förslaget till beslut om ökning av aktiekapitalet genom emission av aktier och emission av teckningsoptioner
Läs merKvartalsrapport Q1 2016
Kvartalsrapport 2016 1 januari till 31 mars 2016 Official report is the English and in Euro. This is a partly translated version to Swedish and SEK, for convenience purposes only. Exchange rate used as
Läs mer2Q2016 Results Presentation
Results Presentation Highlights Tanner Servicios Financieros showed a positive net profit of $ 10,658 million in the first six months of 2016, increasing 24.9%, equivalent to $ 2,127 million, versus $
Läs mer2016 Results Presentation
Results Presentation Highlights Net profit of CLP 22,347 million in, increased 10.0% YoY. ROAA was 2.3%, flat regarding, whereas, ROAE went from 8.8% to 9.2% at period-end December. Total assets reached
Läs merAccessing & Allocating Alternatives
Accessing & Allocating Alternatives MODERATOR Keith Gregg President Aequitas Capital Partners PANELISTS Robert Worthington President Hatteras Funds William Miller Chief Investment Officer Brinker Capital
Läs mer10 EndValue i CA (P Max (0; w i Min ([30]%; 1))) InitialValue i i=1 The following tables summarise SEB's income statements and balance sheets and provide certain key ratios as at and for each
Läs merKvartalsrapport Q och bokslutskommuniké 2015
Kvartalsrapport Q4 2015 och bokslutskommuniké 2015 1 oktober till 31 december 2015 Official Q4 report is the English and in Euro. This is a partly translated version to Swedish and SEK, for convenience
Läs merAcquisition of two Shoppingcenters: Hamm
Annual General Meeting June 18, 2003 Jürgen Wundrack 1 Location Hamburg 2 Highlights Acquisition of two shoppingcenters in Germany (Hamm) and Hungary (Pècs) Opening of City-Point Kassel, Altmarkt-Galerie
Läs merPRESSINFORMATION från Wallenstamkoncernen
Wallenstam was founded in 1944 and, with more than 10,000 apartments in its portfolio, is one of the largest residential property companies on the Stockholm Stock Exchange. With floor space totalling about
Läs merImmigration Bank. Bank - General. Bank - Opening a bank account. Can I withdraw money in [country] without paying fees?
- General Can I withdraw money in [country] without paying fees? Kan jag ta ut pengar i [land] utan att behöva betala extra avgifter? Asking whether there are commission fees when you withdraw money in
Läs merAnalys och bedömning av företag och förvaltning. Omtentamen. Ladokkod: SAN023. Tentamen ges för: Namn: (Ifylles av student.
Analys och bedömning av företag och förvaltning Omtentamen Ladokkod: SAN023 Tentamen ges för: Namn: (Ifylles av student Personnummer: (Ifylles av student) Tentamensdatum: Tid: 2014-02-17 Hjälpmedel: Lexikon
Läs merLänsförsäkringar Bank
17 JULY Länsförsäkringar Bank Interim report January THE PERIOD IN BRIEF, GROUP Operating profit increased 31% to SEK 559 M (428) and the return on equity strengthened to 8.8% (8.0). Net interest income
Läs merLänsförsäkringar AB. Interim Report January-June lansforsakringar.se JANUARY-JUNE 2014 COMPARED WITH JANUARY-JUNE 2013
JULY 18, Länsförsäkringar AB Interim Report January- JANUARY-JUNE COMPARED WITH JANUARY-JUNE The Group s operating profit amounted to SEK 714 M (326).The Group s operating income amounted to SEK 11,934
Läs merDen Danske Bank in Sweden
Capital Market Day, Copenhagen, 29 June 2000 Den Danske Bank in Sweden Ulf Lundahl Senior Executive Vice President of Östgöta Enskilda Bank Östgöta Enskilda Bank Founded 1837 in Linköping Regional bank
Läs merBTS Group AB (publ) Annual General Meeting 2016 Stockholm, May 10, 2016
BTS Group AB (publ) Annual General Meeting 2016 Stockholm, May 10, 2016 Copyright 2016 BTS Copyright 2016 BTS www.pwc.se Revisionen 2015 BTS Group AB (publ) årsstämma 10 maj 2016 Revisionens syfte och
Läs merLänsförsäkringar AB. Interim report January March lansforsakringar.se FIRST QUARTER OF 2015 COMPARED WITH FIRST QUARTER OF 2014
29 APRIL Länsförsäkringar AB Interim report January FIRST QUARTER OF COMPARED WITH FIRST QUARTER OF The Group s operating profit amounted to SEK 487 M (293). The Group s operating income amounted to SEK
Läs merLänsförsäkringar Bank
20 JULY Länsförsäkringar Bank Interim Report January THE PERIOD IN BRIEF, GROUP Operating profit increased 24.7% to SEK 697 M (559) and the return on equity strengthened to 9.8% (8.8). CUSTOMER TREND Number
Läs merOlof Sand CEO & President
Olof Sand CEO & President Proact in brief Pro forma Proact is a specialist company within services and solutions for storage and archiving Goal is to be established in Northern Europe within the next few
Läs merKunskapsintensiva företagstjänster en förutsättning för en konkurrenskraftig industri. HLG on Business Services 2014
Kunskapsintensiva företagstjänster en förutsättning för en konkurrenskraftig industri HLG on Business Services 2014 Patrik Ström Centrum för Regional Analys (CRA), Handelshögskolan, Göteborgs universitet
Läs merLänsförsäkringar Bank
27 APRIL Länsförsäkringar Bank Interim Report January THE PERIOD IN BRIEF, GROUP Operating profit increased 22% to SEK 341 M (279) and the return on equity strengthened to 9.7% (9.1). CUSTOMER TREND Number
Läs merLänsförsäkringar Hypotek
17 JULY Länsförsäkringar Hypotek Interim report January THE PERIOD IN BRIEF CUSTOMER TREND Net interest income increased 36% to SEK 629 M (464). Number of customers, 000s 225 Loan losses amounted to SEK
Läs merStiftelsen Allmänna Barnhuset KARLSTADS UNIVERSITET
Stiftelsen Allmänna Barnhuset KARLSTADS UNIVERSITET National Swedish parental studies using the same methodology have been performed in 1980, 2000, 2006 and 2011 (current study). In 1980 and 2000 the studies
Läs merLänsförsäkringar Hypotek
10 FEBRUARY 2015 Länsförsäkringar Hypotek Year-end report THE YEAR IN BRIEF CUSTOMER TREND Net interest income increased 17 percent to SEK 1,001 M (852). Number of customers, 000s 225 Loan losses amounted
Läs merAgreement EXTRA. Real wage increases, expanded part-time pensions and a low-wage effort in the unions joint agreement demands.
Agreement EXTRA Real wage increases, expanded part-time pensions and a low-wage effort in the unions joint agreement demands. NOVEMBER 12016 United unions with combined strength in new wage negotiations
Läs merLänsförsäkringar Bank
ocotber 23, Länsförsäkringar Bank Interim report January-tember THE PERIOD IN BRIEF, GROUP Operating profit rose 44% to SEK 679 M (472) and the return on equity strengthened to 8.2% (6.6). CUSTOMER TREND
Läs merFinansiella risker 1
Finansiella risker 1 Koncernen Finansieringsrisk Högst 35 % av den totala externa låneskulden får förfalla inom kommande 12 månader. Risk? 9 000 8 000 7 000 35% 6 000 5 000 4 000 3 000 4 336 3 336 3 998
Läs merLänsförsäkringar AB. Interim report January June lansforsakringar.se JANUARY JUNE 2016 COMPARED WITH JANUARY JUNE 2015
20 JULY Länsförsäkringar AB Interim report January JANUARY JUNE COMPARED WITH JANUARY JUNE The Group s operating profit amounted to SEK 1,115 M (845). The return on equity amounted to 10% (8). Operating
Läs merLänsförsäkringar Bank
29 APRIL Länsförsäkringar Bank Interim report January THE PERIOD IN BRIEF, GROUP Operating profit increased 42% to SEK 279 M (197) and the return on equity strengthened to 9.1% (7.5). Net interest income
Läs merMAY 11, 2017 PRESENTATION CARNEGIE
MAY 11, 2017 PRESENTATION CARNEGIE AGENDA PART 1 BUSINESS RATIONALE PART 2 STENDÖRREN THE COMPANY PART 3 GROWTH 2 PART 1 BUSINESS RATIONALE BUSINESS RATIONALE BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA
Läs merTELIA FÖRSÄKRING AB. FINANCIAL STATEMENTS March 31, 2018
FINANCIAL STATEMENTS FINANCIAL STATEMENTS TABLE OF CONTENTS Contents Page Commentary/Financial Highlights 3 Balance Sheet 4 Income Statement 5 UW Analysis 6 Risk Matching 7 Page 2 of 8 COMMENTARY (EXPRESSED
Läs merLänsförsäkringar AB. Interim report January June lansforsakringar.se SECOND QUARTER OF 2015 COMPARED WITH FIRST QUARTER OF 2015
17 JULY Länsförsäkringar AB Interim report January JANUARY JUNE COMPARED WITH JANUARY JUNE The Group s operating profit amounted to SEK 845 M (714). The return on equity amounted to 8% (7). Operating profit
Läs merLänsförsäkringar Hypotek
22 OCTOBER Länsförsäkringar Hypotek Interim report January tember THE PERIOD IN BRIEF Operating profit rose 25% to SEK 355 M (283) and return on equity was 5.7% (5.2). Net interest income increased 35%
Läs merInvesteringsbedömning
Investeringsbedömning 27/2 2013 Martin Abrahamson Doktorand UU Föreläsningen avhandlar Genomgång av Grundläggande begrepp och metoder NPV och jämförbara tekniker Payback Internränta/Internal Rate of Return
Läs merSenaste trenderna inom redovisning, rapportering och bolagsstyrning Lars-Olle Larsson, Swedfund International AB
1 Senaste trenderna inom redovisning, rapportering och bolagsstyrning Lars-Olle Larsson, Swedfund International AB 2 PwC undersökning av börsföretag & statligt ägda företag Årlig undersökning av års- &
Läs merCUSTOMER READERSHIP HARRODS MAGAZINE CUSTOMER OVERVIEW. 63% of Harrods Magazine readers are mostly interested in reading about beauty
79% of the division trade is generated by Harrods Rewards customers 30% of our Beauty clients are millennials 42% of our trade comes from tax-free customers 73% of the department base is female Source:
Läs merINVESTMENT UPDATE CRISIS MARKETS CRASH RECESSION BUBBLE INVESTMENT STRATEGIES LTD FRANK O BRIEN OCTOBER 2008
INVESTMENT UPDATE BUBBLE CRASH CRISIS RECESSION? MARKETS? INVESTMENT STRATEGIES LTD OCTOBER 2008 BUBBLE EXPANSION PHASE Asset Bubbles Complex, Opaque Instruments CDO, ABS, CLO, CDS, SIV Leverage Disintermediation
Läs merFörsöket med trängselskatt i siffror
Trafikdage på Aalborg Universitet 1 Stockholmsforsøget hvad kan vi lære Försöket med trängselskatt i siffror Birger Höök Projektchef Vägverket Trafikdage på Aalborg Universitet 2 Trafikdage på Aalborg
Läs merItem 6 - Resolution for preferential rights issue.
Item 6 - Resolution for preferential rights issue. The board of directors in Tobii AB (publ), reg. no. 556613-9654, (the Company ) has on November 5, 2016, resolved to issue shares in the Company, subject
Läs merBeslut om bolaget skall gå i likvidation eller driva verksamheten vidare.
ÅRSSTÄMMA REINHOLD POLSKA AB 7 MARS 2014 STYRELSENS FÖRSLAG TILL BESLUT I 17 Beslut om bolaget skall gå i likvidation eller driva verksamheten vidare. Styrelsen i bolaget har upprättat en kontrollbalansräkning
Läs merMAY 9, 2018 PRESENTATION REMIUM
MAY 9, 2018 PRESENTATION REMIUM AGENDA PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE PART 2 FINANCIAL REPORT JAN - MAR 2017 PART 3 GROWTH CONTINUE 2 PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE
Läs merMeasuring child participation in immunization registries: two national surveys, 2001
Measuring child participation in immunization registries: two national surveys, 2001 Diana Bartlett Immunization Registry Support Branch National Immunization Program Objectives Describe the progress of
Läs merLänsförsäkringar Alliance
October 23, Länsförsäkringar Alliance Interim review January-tember JANUARY-tember COMPARED WITH JANUARY-tember Operating profit for the Alliance s non-life insurance operations amounted to SEK 3,502 M
Läs mertill cirka 62 procent, beräknad på grundval av den senast fastställda balansräkningen, efter justering för förändringarna i eget kapital sedan den 31
Styrelsens i Akelius Residential Property AB (publ) förslag till beslut om vinstudelning enligt 18 kap. 3 och 5 aktiebolagslagen, styrelsens motiverade yttrande enligt 18 kap. 4 aktiebolagslagen samt styrelsens
Läs merBotnia-Atlantica Information Meeting
Botnia-Atlantica 2014-2020 Information Meeting Norway: Nordland Sweden: Västerbotten Västernorrland Nordanstigs kommun Finland: Mellersta Österbotten Österbotten Södra Österbotten Monitoring Committee
Läs merSchool of Management and Economics Reg. No. EHV 2008/220/514 COURSE SYLLABUS. Fundamentals of Business Administration: Management Accounting
School of Management and Economics Reg. No. EHV 2008/220/514 COURSE SYLLABUS Fundamentals of Business Administration: Management Accounting Course Code FE3001 Date of decision 2008-06-16 Decision-making
Läs merPRESSINFORMATION Wallenstam
was founded in 1944 in Gothenburg and is one of Sweden s major dedicated property companies with more than 300 properties in the three major urban areas Gothenburg, Stockholm and Helsingborg. The company
Läs merVIDTAGNA ÅTGÄRDER ÅTERSTÄLLER RÖRELSEMARGINALEN
Delårsrapport Delårsrapport januari januari-juni september 2013 2012 VIDTAGNA ÅTGÄRDER ÅTERSTÄLLER RÖRELSEMARGINALEN NETTOOMSÄTTNING 278,9 Mkr (278,8) RESULTAT EFTER FINANSNETTO 28,9 Mkr (34,6) RÖRELSEMARGINAL
Läs merCOPENHAGEN Environmentally Committed Accountants
THERE ARE SO MANY REASONS FOR WORKING WITH THE ENVIRONMENT! It s obviously important that all industries do what they can to contribute to environmental efforts. The MER project provides us with a unique
Läs merSvensk presentation. 2012-12-28 Anita Lennerstad 1
Svensk presentation 2012-12-28 Anita Lennerstad 1 Trailereffekter AB Bild Specialisten på delar till trailers och släpvagnar 2012-12-28 Anita Lennerstad 2 Utveckling bild bild Axel Johnson AB BRIAB bild
Läs merLänsförsäkringar Alliance
2 JULY Länsförsäkringar Alliance Interim Review January JANUARY JUNE COMPARED WITH JANUARY JUNE Operating loss for the Länsförsäkringar Alliance s nonlife insurance operations amounted to SEK 1,414 M (3,752).
Läs mer20284 REDWOOD RD. TRIMARK
20284 REDWOOD RD. TRIMARK C PROPERTY OVERVIEW OFFERING SUMMARY Sale Price: $695,000 Price / SF: $452.47 Building Size: Lot Size: 1,536 SF 7,150 SF No. Of Stories: 1 Onsite Parking: 8 total - 5.2/1000 Year
Läs merVitec 2013 på 30 sekunder
Vitec 2013 på 30 sekunder Klicka på symbolen för att infoga bild här. Bilden ska vara utfallande (undantag frilagda objekt) och får inte vara bredare än vad stödlinjen visar. Bilden placeras alltid under
Läs merLänsförsäkringar Alliance
25 OCTOBER Länsförsäkringar Alliance Interim Review January tember JANUARY SEPTEMBER COMPARED WITH JANUARY SEPTEMBER Operating profit for the Länsförsäkringar Alliance s non-life insurance operations strengthened
Läs merSara Skärhem Martin Jansson Dalarna Science Park
Sara Skärhem Martin Jansson Dalarna Science Park Sara Skärhem Martin Jansson Vad är innovation? På Wikipedia hittar man: En innovation är en ny idé, till exempel i form av en produkt, lösning, affärsidé,
Läs merDocumentation SN 3102
This document has been created by AHDS History and is based on information supplied by the depositor /////////////////////////////////////////////////////////// THE EUROPEAN STATE FINANCE DATABASE (Director:
Läs merAviva plc Interim Results. 1 August 2002
Aviva plc 2002 Interim Results 1 August 2002 Agenda Business review Financial review Results Capital update Richard Harvey Mike Biggs Questions & answers Highlights Group operating profit 1 at 979m (2001:
Läs merLänsförsäkringar Alliance
July 18, Länsförsäkringar Alliance Interim review January- JANUARY-JUNE COMPARED WITH JANUARY-JUNE Operating profit for the Alliance s non-life insurance operations amounted to SEK 3,120 M (1,471). The
Läs merAffärsmodellernas förändring inom handeln
Centrum för handelsforskning vid Lunds universitet Affärsmodellernas förändring inom handeln PROFESSOR ULF JOHANSSON, EKONOMIHÖGSKOLAN VID LUNDS UNIVERSITET Centrum för handelsforskning vid Lunds universitet
Läs merLänsförsäkringar Alliance
17 JULY Länsförsäkringar Alliance Interim Review January JANUARY JUNE COMPARED WITH JANUARY JUNE Operating profit for Länsförsäkringar Alliance s non-life insurance operations amounted to SEK 3,752 M (3,120).
Läs merSwedish CEF Transport Secretariat. Connecting Europe Facility
Swedish CEF Transport Secretariat Connecting Europe Facility CEF-secretariat Background and structure Precondition The Member State must approve all applications and follow-up reports(asr) The Member State
Läs merImmigration Bank. Bank - Allmänt. Bank - Öppna ett bankkonto
- Allmänt Can I withdraw money in [country] without paying fees? Fråga om det är extra kostnader när du tar ut pengar i ett visst land What are the fees if I use external ATMs? Fråga om avgifterna om du
Läs merImmigration Bank. Bank - Allmänt. Bank - Öppna ett bankkonto. Can I withdraw money in [country] without paying fees?
- Allmänt Kan jag ta ut pengar i [land] utan att behöva betala extra avgifter? Fråga om det är extra kostnader när du tar ut pengar i ett visst land Vad är avgifterna om jag använder bankautomater från
Läs merInternationell redovisning
Internationell redovisning Omtentamen Ladokkod:22IR1D Tentamen ges för: Namn: (Ifylles av student Personnummer: (Ifylles av student) Tentamensdatum: Tid: 2013 12 17 Hjälpmedel: Lexikon och enkel miniräknare
Läs merEMIR-European Market Infrastructure Regulation
EMIR-European Market Infrastructure Regulation Omfattande regelverk kring derivat Hur påverkas Ni? 1. Rapporteringsskyldighet 2. Portföljavstämning 3. Tvistelösning 4. Timely confirmations Rapporteringsskyldighet
Läs merFörändrade förväntningar
Förändrade förväntningar Deloitte Ca 200 000 medarbetare 150 länder 700 kontor Omsättning cirka 31,3 Mdr USD Spetskompetens av världsklass och djup lokal expertis för att hjälpa klienter med de insikter
Läs merEternal Employment Financial Feasibility Study
Eternal Employment Financial Feasibility Study 2017-08-14 Assumptions Available amount: 6 MSEK Time until first payment: 7 years Current wage: 21 600 SEK/month (corresponding to labour costs of 350 500
Läs merGävle. CCIC, Innovative Cities Svenska Kommun Försäkrings AB Nidaros Forsikring. (Swedish Municipality Insurance Co Ltd)
CCIC, Innovative Cities 2012-10-03 Gävle Svenska Kommun Försäkrings AB Nidaros Forsikring (Swedish Municipality Insurance Co Ltd) We insure your municipality www.skfab.se www.nidarosforsikring.no Nordic
Läs merSAMMANFATTNING AV SUMMARY OF
Detta dokument är en enkel sammanfattning i syfte att ge en första orientering av investeringsvillkoren. Fullständiga villkor erhålles genom att registera sin e- postadress på ansökningssidan för FastForward
Läs merEU:s investeringar post 2020
EU:s investeringar post 2020 Strukturfonder eller finansiella instrument? Terese Ryndal Internationell Strateg, Region Västerbotten terese.ryndal@regionvasterbotten.se ? Minskad budget och ökade behov
Läs merPresentation för Aktiespararna
November 2012 Presentation för Aktiespararna Micaela Sjökvist Chef för investerarrelationer Securitas i världen 300 000 anställda 51 länder 1 800 platskontor - lokal närvaro, global kunskap 2 Securitas
Läs merThe road to Recovery in a difficult Environment
Presentation 2010-09-30 The road to Recovery in a difficult Environment - a presentation at the Workability International Conference Social Enterprises Leading Recovery in Local and Global Markets in Dublin
Läs merUrban Runoff in Denser Environments. Tom Richman, ASLA, AICP
Urban Runoff in Denser Environments Tom Richman, ASLA, AICP Tom Richman, CATALYST 1 Tom Richman, CATALYST 2 Tom Richman, CATALYST 3 Tom Richman, CATALYST 4 Tom Richman, CATALYST 5 Tom Richman, CATALYST
Läs merWilliam J. Clinton Foundation Insamlingsstiftelse REDOGÖRELSE FÖR EFTERLEVNAD STATEMENT OF COMPLIANCE
N.B. The English text is an in-house translation. William J. Clinton Foundation Insamlingsstiftelse (organisationsnummer 802426-5756) (Registration Number 802426-5756) lämnar härmed följande hereby submits
Läs merPresentation of the Inwido Group
Presentation of the Inwido Group Sven-Gunnar Schough, CEO February, 2007 Vision & Mission Letting in the light - the one-stop-shop for closing the building Being the preferred partner - as the number one
Läs merBiblioteket.se. A library project, not a web project. Daniel Andersson. Biblioteket.se. New Communication Channels in Libraries Budapest Nov 19, 2007
A library project, not a web project New Communication Channels in Libraries Budapest Nov 19, 2007 Daniel Andersson, daniel@biblioteket.se 1 Daniel Andersson Project manager and CDO at, Stockholm Public
Läs merAdding active and blended learning to an introductory mechanics course
Adding active and blended learning to an introductory mechanics course Ulf Gran Chalmers, Physics Background Mechanics 1 for Engineering Physics and Engineering Mathematics (SP2/3, 7.5 hp) 200+ students
Läs merIKSU-kort Ordinarie avtal
IKSU-kort Ordinarie avtal Läs våra villkor för medlemskap och IKSU-kort Medlemsavgiften i föreningen IKSU tillkommer; 50:-/ kalenderår En engångsavgift på 50:- för det fysiska magnetkortet tillkommer BETALNINGSFORM
Läs merSTYRELSENS FÖRSLAG TILL RIKTLINJER FÖR ERSÄTTNING TILL LEDANDE BEFATTNINGSHAVARE Styrelsen för Bong AB (publ) föreslår att årsstämman 2019 beslutar om
STYRELSENS FÖRSLAG TILL RIKTLINJER FÖR ERSÄTTNING TILL LEDANDE BEFATTNINGSHAVARE Styrelsen för Bong AB (publ) föreslår att årsstämman 2019 beslutar om ersättning till verkställande direktören och övriga
Läs merBörstrender, konjunktur och räntor
Peter Malmqvist Börstrender, konjunktur och räntor Vinster Konjunktur Inflation och räntor Värdering Teknisk analys Aktiemania Därför älskar svenskar aktier! Aktiesparande ökat samband mellan kursutveckling
Läs merFunding Context March 13, 2007
Funding Context March 13, 2007 SKATS 2030 Regional Transportation System Plan Project must be included in plan to be eligible for federal or state funding $20 million in the funded (fiscally constrained)
Läs merThe Fiscal Policy Council. Meeting with Denmark s Fiscal Council Stockholm 23 January, 2015
The Fiscal Policy Council Meeting with Denmark s Fiscal Council Stockholm 23 January, 2015 1 The Swedish Fiscal Framework Top-down budget process (preparation in Government as well as decision in Parliament);
Läs merKarolinska Development AB (publ), extra bolagsstämma 2017
Karolinska Development AB (publ), extra bolagsstämma 2017 Styrelsens redogörelse enligt 13 kap. 7 aktiebolagslagen vid betalning genom kvittning Såsom redogörelse enligt 13 kap. 7 aktiebolagslagen får
Läs merKarolinska Development AB (publ), Extraordinary General Meeting 2017
N.B. English translation is for convenience purposes only Karolinska Development AB (publ), Extraordinary General Meeting 2017 The Board of Directors report referred to in Chapter 13, Section 7 of the
Läs merFINA SWIMMING WORLD CUP 2004 the 13th and 14th of January 2004 in Stockholm, Sweden
FINA SWIMMING WORLD CUP 2004 the 13th and 14th of January 2004 in Stockholm, Sweden The Swedish Swimming Federation have the honour and pleasure of inviting the best swimmers of your federation to participate
Läs mer2010 2011 2012 2013E 2014E
IAR Systems Group AB Q1 i linje med förväntningarna Analytiker: Johan Broström +46 8 545 07 221 Datum: 2013-04-29 Med en omsättning på SEK 57,7 miljoner och ett rörelseresultat på SEK 8,1 miljoner var
Läs merIMPORTANT NOTICE. In accessing the attached base prospectus supplement (the "Supplement") you agree to be bound by the following terms and conditions.
IMPORTANT NOTICE In accessing the attached base prospectus supplement (the "Supplement") you agree to be bound by the following terms and conditions. The information contained in the Supplement may be
Läs merNigerian Aviation Sector SUMMARY REPORT: Q2, 2015
Nigerian Aviation Sector SUMMARY REPORT: Q2, 2015 10 TH SEPTEMBER 2015 Aviation Data The aviation data used in this report were obtained from the Federal Aviation Authority of Nigeria (FAAN). Variables
Läs merHealth café. Self help groups. Learning café. Focus on support to people with chronic diseases and their families
Health café Resources Meeting places Live library Storytellers Self help groups Heart s house Volunteers Health coaches Learning café Recovery Health café project Focus on support to people with chronic
Läs merShopping Center Industry Evolution from Global and Finnish Perspectives
Shopping Center Industry Evolution from Global and Finnish Perspectives Eric Lind Managing Director Centrumutveckling Helsinki 2007-10-09 Content Centrumutveckling in brief Shopping Centre Market in the
Läs merCore continuing business*: 31 Jan Jan Revenue million million +5% Gross margin 48.1% 52.0% -3.9%
Highlights Good growth in wholesale divisions Further development in international operations Significant increase in licence income Disappointing UK retail performance Detailed review of operations underway,
Läs mer- 1- IMPORTANT NOTICE
IMPORTANT NOTICE In accessing the attached base prospectus supplement (the "Supplement") you agree to be bound by the following terms and conditions. The information contained in the Supplement may be
Läs merSkattejurist för en dag på Deloitte i Malmö! 26 april 2016
Skattejurist för en dag på Deloitte i Malmö! 26 april 2016 Ett samarbete med Lunds Universitet på kursen internationell beskattning Charlotta Hansen GES Emmy Håkansson GES Christian Schwartz GES Fanny
Läs merEXPERT SURVEY OF THE NEWS MEDIA
EXPERT SURVEY OF THE NEWS MEDIA THE SHORENSTEIN CENTER ON THE PRESS, POLITICS & PUBLIC POLICY JOHN F. KENNEDY SCHOOL OF GOVERNMENT, HARVARD UNIVERSITY, CAMBRIDGE, MA 0238 PIPPA_NORRIS@HARVARD.EDU. FAX:
Läs merInterim report January September October 26, 2006
Interim report January September 2006 October 26, 2006 2 Q3 2006 Highlights Operating revenues was SEK 1,432 M (969) Q3 2005 pro forma operating revenues incl. Findexa was SEK 1,526 M EBITDA was SEK 464
Läs merRob Frohn, CFO. Q Results
Rob Frohn, CFO Q3 2005 Results October 19, 2005 Q3 2005 Results Press Conference Third quarter 2005 highlights Topline up across the board; revenue EUR 3.3 bln, up 6% Emerging markets strong Mature markets
Läs mer