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2017 Year End Investor Presentation Albaraka Trk Participation Bank - - PowerPoint PPT Presentation
2017 Year End Investor Presentation Albaraka Trk Participation Bank - - PowerPoint PPT Presentation
2017 Year End Investor Presentation Albaraka Trk Participation Bank 23 February 2017 Agenda 1 Turkey Macroeconomics 2 Banking Sector Performance Financial Review 3 Market Comparison 4 Appendix 5 Turkey Macroeconomics 1 Turkey
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Turkey Macroeconomics
SLIDE 4
Turkey Macroeconomic Developments
9,22% 8,78% 7,46% 6,57% 6,58% 7,64% 8,79% 8,05% 7,28% 7,16% 7,00% 8,53% 9,58% 10,53%11,29% 11,87% 11,72% 10,90% 9,79% 10,68%11,20%11,90% 12,98% 11,92%
10,35%
- Jan. Feb. Mar. Apr.
May June July
- Aug. Sept. Oct. Nov. Dec.
Inflation
2016 2017 2018
1
GDP Growth
GDP growth was 11.1% y-o-y in 3Q2017 and this higher-than-expected figure marked the strongest growth seen in the last 6 years. While growth drivers were broad-based, a pick up in domestic demand played a major role. Moreover, increases in export growth and construction investment also impacted economic growth positively while the
- ngoing recovery in tourism also helped drive growth. Moving forward, the MTP target
for 2017 year-end GDP growth is 5.5% y-o-y due to elevated expectations regarding the receding of uncertainty which in turn should improve business and consumer sentiment, and in turn help provide some tailwinds for public consumption.
2,5% 3,8% 4,0% 5,7% 4,5% 5,3%
- 1,3%
3,5%
5,3% 5,4% 11,1%
Q1 Q2 Q3 Q4
GDP Growth
2015 2016 2017
Inflation
Y-o-Y annual inflation increased from 8,53% to 11,92% on the back of growing inflationary pressures stemming from ongoing exchange rate depreciation and a rise in commodity prices. Food and Oil price related inflationary pressures continue to play a strong role in driving inflation figures while demand, stoked by the Credit Guarantee Fund, also played a critical role in pushing inflation higher. Inflation is expected to stay in the high single digits with the Central Bank expecting a year-end inflation of 9.8%.
Source: CBRT, Turkstat Turkish Lira
The Turkish lira appreciated 7.4% versus the USD in the 2017 and depreciated by 23,4 % against the EURO; Lira appreciation has been supported by a defacto tight monetary stance of the central bank, stabilizing domestic political developments after the April referendum, and USD-related depreciation. The euro, on the other hand, found support
- n the back of declining uncertainties about the future of the EU and overall strong
economic growth in the EU. USD/TRY has been lingering near 3.80 level and EURO/TRY is also at 4.60 level at the end of December.
2,5 3 3,5 4 4,5 5 4.01.… 15.02… 28.03… 9.05.… 21.06… 5.08.… 23.09… 4.11.… 16.12… 27.01… 10.03… 21.04… 6.06.… 20.07… 31/08… 12/10… 23/11… 04/01… 15/02…
FX Rates
USD/TRY EUR/TRY
SLIDE 5
Turkey Macroeconomic Developments
2
Central Bank Monetary Policy
The Central Bank maintains its tight monetary policy stance and continues to keep its main policy rate window, the weekly repo shut. The O/N lending window and the O/N borrowing window have remained as is since 1Q2017. The Late liquidity window rate was increased from 11.75% to 12.75% (+100bps) in 2017. The rate hike decisions
- f the CB has been linked to the deteriorating Lira movement in addition to the
worsening core inflation outlook. Rates (%) Q1’17 Q2’17 Q3’17 Q4’17 Overnight borrowing rate 7.25 7.25 7.25 7.25 One-week repo (policy) rate 8.00 8.00 8.00 8.00 Overnight lending rate 9.25 9.25 9.25 9.25 Late liquidity window rate 11.75 12.25 12.25 12.75
Foreign Trade and Current Account Balance
In 2017, exports increased by 10,2% to 157,1 billion USD and imports surged by 17,7% to 233,8 billion USD compared to 2016, which resulted in the foreign trade deficit expanding by 36.8% y-o-y to USD 76.7 bio in 2017. Strong global demand, largely attributable to the recovery in economic activity in European countries, had supported
- ur export performance in 2017. On the import side, the sharp increase in oil prices,
the increase in gold imports, and increasing domestic economic activity led to a steep surge in imports. The Current account deficit posted a rapid increase by 42,1% in 2017 compared to previous year and was realized as 47,1 billion USD. High energy prices and a sharp rise in net gold imports in 2017 stoked upward pressure on the current account deficit. On the other hand, the recovery in economic activity in the European Union countries, which is Turkey’s largest export market, supported exports. Moreover, a rise in tourism revenues provided some cushion for the widening in the current account deficit.
- 13,9
- 12,6
- 18,3
- 23,0
- 22,8
- 8,1
- 8,0
- 12,9
- 10,3
- 15,9
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Foreign Trade Balance Current Account Balance
Balances – Quarterly (billion USD) Budget Balance
In 2017, budget indicators performed better than the Medium Term Plan (MTP) targets announced in October. Budget revenues exceeded MTP target by 18.3 billion TRY whereas budget deficit which came in 47.4 billion TRY in 2017 was 14.3 billion TRY below the MTP’s year-end forecast. According to 2017 year-end targets, fiscal discipline was maintained despite the recent expansionary fiscal policies in 2017. Budget deficit to GDP ratio projections were revised downwards after the announcement of December figures. Finance Minister Naci Ağbal stated that they expected this respective ratio, which is expected to be 2% under the MTP projections, to be 1.5%. The ratio was 1.1% in 2016.
Budget Balance (billion TRY) Source: CBRT, Turkstat, Ministry of Finance
- 14,9
- 10,2
- 6,4
- 15,8
Q1'17 Q2'17 Q3'17 Q4'17 May
SLIDE 6
Banking Sector Performance
SLIDE 7
Banking Sector vs Participation Banking Sector
In 2017 the Total Revenues of the banking sector rose 25,7% compared to 2016. Loan growth rate reached 20,9% while NPL amount increased by 6,0%. Loan growth is stronger than in previous years owing to expansionary fiscal policies in place and macroprudential policies supportive of the financial system (ex: Credit Guarantee Fund). Commercial loan growth continued to grow at a higher rate than consumer loans. Net Profit increased by 30,9%
Banking Sector highlights
The sector continued to grow in asset and profitability terms during 2017. Participation banking rose 20,5% Ytd. asset growth Capital Adequacy figures continued to increase, from 16.17% to 16,98% Remarkable net profit increase, 43,1 % yoy Number of total branches increased to 1032 at the end of 2017
Participation Banking highlights
Key Financial Indicators (mn TRL)
Year End 2016 Year End 2017 Y-Y (%)
Total Assets
2.730.942 3.257.819 19,3%
Loans*
1.804.711 2.182.096 20,9%
Deposits
1.547.551 1.804.766 16,6%
Shareholder’s Equity
300.172 359.091 16,3%
Total revenues
241.270 303.160 25,7%
Net profits
37.532 49.122 30,9%
Key Financial Indicators (mn TRL)
Year End 2016 Year End 2017 Y-Y (%)
Total Assets
132.874 160.136
20,5% Loans*
88.483 111.071
25,5% Deposits
84.785 107.311
26,6% Shareholder’s Equity
11.494 13.645
18,7% Total revenues
10.417 12.901
23,8% Net profits
1.106 1.583
43,1%
*Financial leasing receivables included.
3
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Appendix
5
Agenda
1
Turkey Macroeconomics
2
Banking Sector Performance Market Comparison
4 3
Financial Review
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Financial Review
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6 Albaraka Turk – 2017 Main Highlights (Balance Sheet)
TRL million Q4’15 Q4’16 Q4’17 Y-Y (%)
Total Assets
29.512 32.851 36.229 10,28
Total Funded Credits
19.505 22.722 25.193 10,87
Deposits
20.346 23.155 25.310 9,31
Shareholder’s Equity
2.104 2.279 2.482 8,91
32.851 33.021 34.231 33.827 36.229 22.722 22.892 22.876 23.711 25.193 23.155 23.668 23.771 24.109 25.310
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
Total Assets Total Funded Credits Total Collected Funds Funded Credits; 69,1% Securities Portfolio; 7,9% Liquid Assets; 20,0 Other Assets; 3,0%
Asset Segmentation (2017)
4
*Liquid Assets includes Cash and Balances with the Central Bank, Financial Assets at Fair Value Through Profit and Loss(net) and Banks
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6
Albaraka Turk - 2017 Main Highlights (Income Statement)
TRL million Q4’15 Q4’16 Q4’17 Y-Y (%)
Profit Share Income
1.935 2,219 2.659 19,8
Net Profit Share Income
886 1.024 1.268 23,8
Total Operating Profits
1.188 1.372 1.584 15,5
Net Operating Profits
377 264 289 9,5
Tax Provision
74 46 52 13,0
Spesific Provisions for NPL
281 579 699 20,7
Net Profit
303 218 237 8,9
886 1.024 1.268
2015 2016 2017
Net Profit Share Income 303 218 237
2015 2016 2017
Net Profit 4,14 4,17 4,32 4,22 4,47
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Net Profit Share Margin*
* Trailing for last four quarters
5
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7
Albaraka Turk - Asset Composition
Composition of Total Assets (TRL mn) Liquid Assets (TRL mn)
6
*Liquid Assets includes Cash and Balances with the Central Bank, Financial Assets at Fair Value Through Profit and Loss(net) and Banks
Total Securities Portfolio (TRL mn) Securities Yield (%)
9,81 9,2 9,25 8,83 8,39
Q4'17 Q3'17 Q2'17 Q1'17 Q4'16
(*) Profit share income received from securities for the last 4Q/4Q average securities
Funded Credits; 69,5% Securities Portfolio; 7,9% Liquid Assets*; 20,1% Other Assets; 2,5%
8.616 8.590 9.734 8.784 9.612
26,23% 26,01% 28,44% 25,97% 26,53%
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
Liquid Assets % of Total Assets *Liquid Assets includes Cash and Balances with the Central Bank, Financial Assets at Fair Value Through Profit and Loss(net) and Banks and Availabe for sale 1.383 1.428 1.649 1.330 1.349 669 612 625 509 533 556 977 988 993
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
Available for sale Held to Maturity Other Marketable Securities 3.251 2.052 2.596 2.875 2.827
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22.722 22.892 22.876 23.711 25.193 6.474 6.306 6514 6.681 6.665 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
TRL USD*
10,25 9,82 9,91 9,73 9,82 Q4'17 Q3'17 Q2'17 Q1'17 Q4'16
*USD equivalent of total funded credits
Total Funded Credits (including financial leasing, million)
QoQ Growth: 6,3% in TRL terms YoY growth: 10,9% in TRL terms
Credit Yields(1) (%)
(1) Profit share income received from credits for the last 4Q/4Q average credits
Albaraka Turk - Funded Credits Portfolio
Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Corporate Credits 41,9 41,6 40,8 40,4 40,3 SME Credits 43,9 43,6 44,6 45,4 46,2 Retail Credits 14,2 14,8 14,6 14,2 13,5 Total 100.0 100.0 100.0 100.0 100.0 TRL 52,2% USD* 32,7% EUR* 15,1%
Composition of Total Funded Credits* (%) Currency Composition of Total Funded Credits* (Q4’17)
*Including USD & EUR indexed credits *According to BRSA definition
7
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52,3 51,9 54,6 55,3 57,7
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 4,75 5,61 6,02 5,36 4,68 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
1.106 1323 1425 1309 1213 578 687 778 725 699 1.106 1323 1342 1318 1213
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
NPA Spesific Provisions Collateral
Non-performing Loans (TRL million) 147 172 189 193 187 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Cost of Risk** (bps) NPL Ratio*
** Spesific provisions for credits for last 4Q/ 4Q average credits *Including financial leasing & accruals and rediscounts
Provisioning Ratio (%)
Albaraka Turk - Asset Quality
8
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22% 20% 22% 21% 23% 18% 19% 19% 20% 18% 60% 61% 59% 59% 59% Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
Fund Borrowed* Current Accounts Participation accounts
Composition of Total Liabilities (Q4’17, %) Composition of Funding Base (TRL million) 70 18 7 5
Funds Collected Wholesale Funding Shareholders' Equity Others
30.506
10,5%
32.695 29.583 29.548
Albaraka Turk - Funding Profile
9
*Fund Borrowed includes Funds Borrowed , Borrowings from Money Market and Subordinated Loans
30.448
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23.155 23.668 23.771 24.109 25.310 6.597 6.520 6768 6793 6696 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
TRL USD*
Total Funds Collected (TRL million) Cost of Funds Collected**
*USD equivalent of total collected funds **Profit share expense to depositors for the last 4Q/4Q average participation accounts
Currency Composition of Funds Collected (Q4’17, %) Maturity Composition of Funds Collected (Q4’17, %) 28 22 42 3 1 4
Current Acc. Up to 1 month Up to 3 months Up to 6 months Up to 1 year >1year
9,3%
Albaraka Turk - Funding Profile (Collected Funds)
10
5,57% 5,30% 5,24% 5,21% 5,26% 8,63% 8,19% 8,00% 7,90% 8,10% 1,85% 1,78% 1,76% 1,69% 1,61% 1,10% 0,93% 0,95% 0,98% 1,08%
Q4'17 Q3'17 Q2'17 Q1'17 Q4'16
Average TL FC Precious Metal
52 29 15 4
TRL USD EUR Others
SLIDE 17
Off Balance Sheet Composition (%) LGs*-to-Total Assets
23,8% 23,0% 20,8% 19,7% 19,4%
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Off Balance Sheet (TRL million)
*Revocable credit limits not included.
Albaraka Turk - Off balance sheet growth
11
*Below 20% of LGs to Total Risk is targeted
71 72 70 62 61 7 7 8 8 9 22 21 23 30 30 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
LG LC Others Q4’16 Q1’17 Q2’17 Q3’17 Q4’17
Growth (%)
Y-Y
Letter of Guarantee
7.810 7.593 7.129 6.657 7.024
- 10,06
Letter of Credit
753 714 803 860 1031 36,91
Others*
2.389 2.168 2.303 3.159 3.390 41,90
Total:
10.951 10.476 10.235 10.676 11.445 4,51
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6
Albaraka Turk - Operating Performance Breakdown
Income (million TRL)
1.935 2.219 2.659
- 1.049
- 1.195
- 1.391
Profit Share Expense Profit Share Income
Net Profit Share Income (million TRL) Key Movements in Income (million TRL) Yield Movement (%)
86,50% 86,42% 89,38% 13,50% 13,58% 10,62%
2015 2016 2017
Fees, commission and others Profit Share Income
2975 2567 2237 2015 2016 2017 886 1024 1268
12
2016 Profit Share Income Fees & Comm Trading Income Others 2017
2567 2975
- 35
+3 +440
9,82% 9,73% 9,91% 9,82% 10,25% 4,14% 4,17% 4,32% 4,22% 4,47% 5,26% 5,21% 5,24% 5,30% 5,57%
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
Credit Yield Net Profit Share margin Cost of Collected Funds
Total Profit Share Income up 20% Profit Share Expense increased 16% Net Profit Share Income increased 24% Net Operating Income increased 10% Provisions increased 24% Net Profits increased 9%
Highlights
SLIDE 19
14
Income- Cost Dynamics
13
(000 TRL) Year on Year Change Quarterly Change
Notes
2016 2017 % Q4’16 Q4’17 % Net Profit Share Income
1.023.618 1.267.799 23,85 266.568 365.914 37,27
Profit share expense increased by 16,4% while PSI raised by 19,8% YoY basis. Joint venture projects returns reached to TL 233.165 in 2017 (2016: TL 63.818)
Net Fee Income
145.935 148.457 1,73 40.744 39.272
- 3,61
Credit Guarantee Fund Commisions, LG risk decline
Net Trading Income
45.139 45.363 0,50
- 6.611
19.418 394,72
Increasing swap costs
Other Income
157.511 122.146
- 22,45
75.391 36.831
- 51,15
Reversal of prior year provisions is lower than
- 2016. Change in Accounting System (netting of
some income and expense items)
Provisioning
372.157 460.758 23,81 145.033 101.939
- 29,71
Higher provisions in 2017
Other Costs
736.126 834.207 13,32 188.790 245.931 30,27
YoY increase in OPEX İn line with CPI, New branch Openings
Tax
46.311 51.707 11,65 3.527 17.590 398,72
- Net Profits
217.609 237.093
8,95 38.742 95.976 147,73
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Appendix
5
Agenda
1
Turkey Macroeconomics
2
Banking Sector Performance Market Comparison
4 3
Financial Review
SLIDE 21
Percent 2016 2017
Albaraka Türk Participation Banks* Banking Sector* Albaraka Türk Participation Banks* Banking Sector* Asset Size
11,1 10,5 15,8 10,3 20,5 19,3
Total Credits**
16,5 7,2 17,1 10,9 25,4 20,7
Collected Funds***
13,8 12,1 16,8 9,3 26,6 16,6
* According to BRSA data ** Including Leasing Receivables, Interest (Profit Share) and Income Accruals and Rediscounts from Loans, Loans Extended to Banks *** Including Deposit (Participation Funds) Interest (Profit Share) Rediscounts and Deposit (Participation Funds) Collected from Banks
21% 13% 26% 15% 18% 16% 19,30% 24,4% 17,8% 39,7% 33,9% 28,3% 11,1% 10,3%
2011 2012 2013 2014 2015 2016 2017
Asset Size Growth
Banking Sector Albaraka Türk
Albaraka Turk - Balance Sheet Year-End Comparison %
14
SLIDE 22
Percent 2016 2017
Albaraka Türk/ Participation Banks Albaraka Türk/ Banking Sector Participation Banks/ Banking Sector Albaraka Türk/ Participation Banks Albaraka Türk/ Banking Sector Participation Banks/ Banking Sector
Asset Size
24,7 1,2 4,9 22,6 1,1 4,9
Total Credits*
25,7 1,3 4,9 22,2 1,1 5,1
Deposits/Collected Funds**
27,3 1,5 5,5 23,6 1,4 5,9
* Including Leasing Receivables, Interest (Profit Share) and Income Accruals and Rediscounts from Loans, Loans Extended to Banks ** Including Deposit (Participation Funds) Interest (Profit Share) Rediscounts and Deposit (Participation Funds) Collected from Banks
22,6%
4,9%
Banking Sector Participation Banking Sector
Albaraka Turk - Market Share 2017 1H
15
SLIDE 23
Percent 2016 2017
Albaraka Türk Participation Banks Banking Sector Albaraka Türk Participation Banks Banking Sector CAR
13,46 16,17 15,57 17,07 16,98 16,87
NPL Ratio
4,75 3,58 3,22 4,68 3,22 2,95
Provisioning Ratio
52,31 61,00 77,39 57,68 70,75 79,38
Loan/Deposits
98,13 110,61 117,23 96,72 102,53 117,96
ROAA (IBT)
0,88 1,10 1,89 0,73 0,76 1,52
ROAE (NI)
9,91 9,71 13,26 8,51 11,88 14,56
Asset Yield
8,97 8,87 8,37 8,95 8,03 7,13
Asset Spread
4,53 4,45 3,39 5,12 4,11 3,01
Net Profit Share Margin
4,14 4,54 4,01 4,17 4,19 3,52
Net Fee Income / Avg. Assets
1,18 0,80 0,96 1,04 0,86 0,90
Op Costs / Avg. Assets
2,47 2,33 2,34 2,38 2,34 2,06
Cost/Income*
53,65 46,37 40,68 49,30 44,00 35,86
Credits / Branches (000‘TRL)
106.676 92.074 153.632 107.474 94.017 162.385
Staff / Branches
17,82 15,04 17,70 17,86 14,97 18,00
CA / Deposits
23,44 28,35 20,33 23,58 28,15 20,94
*Cost: Operating Costs, Income: NII/NPSI, Net Fees and Commissions Income, Other Income
Financial Ratios - Sector Comparison
16
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Appendix
5
Agenda
1
Turkey Macroeconomics
2
Banking Sector Performance Market Comparison
4 3
Financial Review
SLIDE 25
(Thousand TRL)
Dec’16 Dec‘17
Growth (%)
Cash and Banks
7.157.229 7.268.402
- 1,55%
Financial Assets
1.448.786 2.343.384
61,75%
Funded Credits
22.722.054 25.193.463
10,88%
Cash Credits
21.843.075 24.456.382
11,96%
NPL
1.105.954 1.212.610
9,64%
Provisions
578.505 699.437
20,90%
Net Financial Leasing Receivables
878.979 737.081
- 16,14%
Investments Held to Maturity (Net)
668.582 532.803
- 20,31%
Associates
30.119 30.119
0,00%
Fixed Assets
517.131 618.141
11,86%
Assets Held For Sale and Investment
92.317 84.230
- 8,76%
Other Assets (inc. Tax Assets)
214.520 158.535
- 11,46%
Total Assets
32.850.738 36.229.077 10,28%
Funds Collected
23.155.164 25.309.840
9,32%
Funds Borrowed
4.424.195 5.411.969
22,33%
Debts
1.247.030 1.133.779
- 9,08%
Provisions (inc. Taxes)
233.849 264.820
13,24%
Tier II Sukuk
1.510.937 1.627.163
7,69%
Shareholders’ Equity
2.279.593 2.481.506
8,86%
Capital
900.000 900.000
0,00%
Capital Reserves (inc. Premium)
211.876 238.121
12,39%
Profit Reserves
946.757 1.113.454
17,61%
Profits
221.560 242.622
9,51%
Prior Periods
3,951 5.529
39,94
Current Year
217,609 237.093
8,95
Total Liabilities
32.850.738 36.229.077
10,28%
Albaraka Turk- Summary Balance Sheet
17
SLIDE 26
(Thousand TRL) Dec’16 Dec’17 Growth (%)
Profit Share Income 2.218.804 2.658.587 19,82% Profit Share Expense 1.195.186 1.390.788 16,37% Net Profit Share Income 1.023.618 1.267.799 23,85% Net Fees and Commissions Income 145.935 148.457 1,73% Fees and Commissions Received 208.127 216.704 4,12% Fees and Commissions Paid 62.192 68.247 9,74% Net Trading Income 45.139 45.363 0,50% Other Operating Income 157.511 122.146
- 22,45%
Total Operating Profit 1.372.203 1.583.765 15,42% Provisions for Loan Losses 372.157 460.758 23,81% Other Operating Expenses 736.126 834.207 13,32% Net Operating Profit 263.920 288.800 9,43% Tax Provision 46.311 51.707 11,65%
Net Profits
217.609 237.093 8,95%
Albaraka Turk – Summary Income Statement
18
SLIDE 27
THANK YOU
SLIDE 28
Disclaimer
THIS PRESENTATION AND THE INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY NOT BE REPRODUCED, CIRCULATED, DISTRIBUTED OR PUBLISHED (IN WHOLE OR IN PART) OR DISCLOSED BY RECIPIENTS TO ANY OTHER PARTY. BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase any securities of Albaraka Türk Katılım Bankası A.Ş., nor shall any part of it form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities
- f the Bank. The information contained in this document is published for the assistance of recipients, but is not to be relied upon authoritative or taken in substitution for the exercise of
judgment by any recipient. The Bank does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its content. Any purchase of shares of the Bank should be made solely on the basis of sound financial analysis on the part of the investor, with no liabilities arising against the Bank. The information used in preparing these materials was obtained from or through the Bank or the Bank’s representatives or from public sources. Although prepared in good faith and from sources believed to be reliable, no reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this presentation is subject to verification, completion and change. The projections, forecasts and estimates of the Bank contained herein are for illustrative purposes only and are based on management’s current views and assumptions. Such projections, forecasts and estimates involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated in this
- presentation. The Bank expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this presentation to reflect any change in
events, conditions, assumptions or circumstances on which any such statements are based unless so required by applicable law. Investors should note many different risk factors could adversely affect the outcome and financial effects of the plans and projections described herein. As a result, you are cautioned not to place undue reliance on any forward-looking
- statements. The Bank, its advisers and each of their respective members, directors, officers and employees disclaim any liability in case projections and plans given in this document are not
realised.
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