2016 Results Presentation

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Stefan Lindgren
för 5 år sedan
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1 Results Presentation

2 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 CLP 1,020,368 million, while net loan portfolio amounted to CLP 800,831 million, with an increment in strategic products Factoring (+19.5% YoY) and Auto-Financing (+12.9% YoY). In relation to the quality of the portfolio, NPLs over 90 days totaled 4.3% as of December, improving when compared to December (5.5%) and (4.8%). By line of business, the breakdown is: Factoring: decreased from 5.6% in and 6.3% in, to 5.0% (including Pescanova), due to the efforts in collection and admission processes. Auto-Financing: declined from 6.7% in and 6.9% in, to 5.1% in, explained by improvements that have been applied since the previous year in collection. Leasing: decreased from 9.1% in and 8.2% in, to 7.0% at period-end December, which goes in line with the reduction in the exposure to riskier economy sectors. Corporate Lending: up 90 pbs YoY, from 0.6% in, to 1.5% in due to new composition of the portfolio, where smaller companies took a larger proportion of the portfolio. 2

3 Profitability and indebtedness remained stable during Net Loans (CLP bn) (1) Capitalization and Leverage Leverage Capitalization x x x x ROAE (2) ROAA (3) Average - : 10.0% Average - : 2.7% 12.1% 3.4% 8.8% 9.2% 2.3% 2.3% Source: Tanner (1) Net loans defined as loans net of provisions. (2) Calculated as Net Income annualized for the period divided by average Shareholders Equity for the period (3) Calculated as Net Income annualized for the period divided by average Total Assets for the period. 3

4 was a year of focus on core businesses, allowing a greater diversification of the portfolio Net Loans Breakdown (CLP bn) (1) Distribution by Economic Sector (3) % 39% 32% 14% (2) Others Leasing 4% Factoring Auto-Financing 792 4% 14% 24% 27% 31% Corporate Lending % 29% 30% 24% 3% Non-metallic manufacturing industry 9% Transportation, warehousing and communications 9% Agriculture, forestry, fisheries, agricultural prod. 9% Retail trade 7% Wholesale trade 12% Metallic manufacturing industry 3% Mine and quarries exploitation 1% Road works and construction 13% Financial instit., insurance, real estates 23% Services 14% Breakdown by Type of Client (3) Concentration of Total Portfolio (4) Corporations 28% SMEs 48% 28% 34% 25% 39% 29% 43% 34% December 18% 19% 12% Large Enterprises 24% Top 5 Clients Top 15 Clients Source: Tanner (1) Net loans defined as loans net of provisions. (2) Others includes trading activities from Corredora de Bolsa de Valores, Corredora de Bolsa de Productos and Corredora de Seguros. (3) Not includes auto-financing clients. (4) Includes factoring, leasing, corporate lending and auto-financing. Top 25 Clients Top 35 Clients Top 50 Clients 4

5 Focus on Factoring resulted in significant improvements in indicators: loans, average ticket, profitability and number of clients Net Loans (CLP bn) and N of Clients (1) Annualized Gross Profit over Average Loans 3, Clients 3, Net Loans 1, % 2, % 8.6% 9.0% Market Loans (CLP bn) and Tanner s Market Share (2) Net Loans by Competitor (CLP bn) (2) 9.0% Tanner Market Share (%) 9.2% 7.1% Industry Loans 8.5% Non-banking institutions ,865 2,859 2, % 2, Sources: Tanner (1) Net loans defined as loans net of provisions. (2) Institutions considered: BCI, Banco de Chile, Santander, Banco Estado, BBVA, Itaú-Corpbanca, Consorcio, Scotiabank, BICE, Banco Internacional, Factoring Security, Incofin, Eurocapital y Tanner. Figures for Factoring Security and Eurocapital as of September,. 5

6 Focus on Auto-Financing allowed significant growth in sales and profitability Net Loans (CLP bn) and N of Clients (1) Annualized Gross Profit over Average Loans 46,056 Clients 49,610 Net Loans 48,113 49, % % 7.3% Vehicle Sales in Chile (2) Net Loans by Competitor (CLP bn) (3) New Vehicles Sold (thousand) Total Number of Vehicles (million) Used Vehicles Sold (thousand) Gmac Santander Consumer Tanner Forum 813 Sources: Tanner, ANAC, CAVEM, Financial Statements SVS (1) Net loans defined as loans net of provisions (2) Sale of new vehicles to December according to CAVEM. Sale of used vehicles corresponds to mobile year measured to November according to ANAC. Total number of vehicle figures for have not yet been reported by the INE, so the data was used. (3) Figures as of September,. 6

7 Leasing growth was based on the real estate focus Net Loans (CLP bn) (1) Annualized Gross Profit over Average Loans Real Estate Vehicles Machinery and Equipment % 4.5% % Market Loans (CLP bn) and Tanner s Market Share (2) Product Mix (CLP bn) Tanner Market Share (%) Industry Loans Machinery and Equipment Vehicles Real Estate 1.5% 1.5% 1.2% 1.3% 52% 27% 21% 111 6,282 6,815 7,343 7,534 40% 30% 30% 113 Sources: Tanner (1) Net loans defined as loans net of provisions. (2) Institutions considered: BBVA, BCI, BICE, Banco de Chile, Banco Estado, Consorcio, Banco Internacional, Itaú-Corpbanca, Santander, Scotiabank, Security and Tanner. 7

8 In line with the strategy, Corporate loans decreased ~24% while the number of clients increased by ~30% Net Loans (CLP bn) and N of Clients (1) Annualized Gross Profit over Average Loans Clients Net Loans 1, % % % Source: Tanner (1) Net loans defined as loans net of provisions. 8

9 NPLs levels are controlled within expected ranges NPLs >90 days (1) Factoring (2) NPLs >90 days (1) Auto-Financing (3) 5.4% 2.5% 1.8% 1.6% without Pescanova 5.6% 2.9% 1.6% 1.5% 6.3% 2.6% 2.2% 2.1% 5.0% 2.7% 2.5% 10.2% 4.4% 4.2% 3.5% 2.5% Write-offs 360 days 6.7% 5.8% 5.7% 5.1% 3.1% 6.9% 5.6% 5.3% 4.3% 2.5% 5.0% 4.4% 3.2% 2.2% 5.1% 4.5% 3.2% 2.2% 3Q NPLs >90 days (1) Leasing NPLs >90 days (1) Corporate Lending 9.1% 8.2% 6.0% 7.0% 1.5% 0.6% Sources: Tanner, Incofin, Eurocapital, FORUM, GMAC and Santander Consumer Financial Statements. (1) NPLs > 90 days defined as Non-Performing Loans > 90 days / Gross loans. (2) Figures for Eurocapital as of September,. (3) Figures for Forum, GMAC and Santander Consumer as of September,. 9

10 was an active year in terms of debt issuance Funding Sources Evolution (CLP bn) Liabilities Maturity Schedule (CLP bn) 6.8 (1.33%) (14.26%) (22.95%) (61.46%) Others Commercial Paper 27.5 (4.28%) (7.75%) (26.77%) (61.20%) Bank Loans 18.8 (2.67%) (19.42%) Bonds 38.9 (5.51%) (72.40%) , Total: CLP 706,626 mm Others Commercial Paper Bank Loans Bonds ,8 52, , ,4 Currency Match Assets / Liabilities Duration and Interest Rate Assets (1) Liabilities (2) US$ 25% 29% CHF 10% 45% CLP 34% 29% US$ 25% CHF 10% 48% CLP 39% Assets average duration: 0.98 years. Liabilities average duration: 2.13 years. Assets and liabilities with fixed interest rate. 26% UF 31% 23% UF 26% Source: Tanner (1) Assets include hedges. (2) Liabilities include equity. 10

11 Results Presentation

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