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Apresentao dos Resultados Click to edit Master title style CGD A Financial Reference in Portugal A Trade Route Connecting Four Continents Investor Presentation June 2013 (1Q2013 unaudited accounts) Agenda Highlights CGD Overview
Click to edit Master title style
A Financial Reference in Portugal A Trade Route Connecting Four Continents Investor Presentation June 2013
(1Q2013 unaudited accounts)
June 2013 2
Highlights CGD Overview
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013 3
Funding and Liquidity
A Trade Route Connecting Four Continents
Asset Quality
sector
Profitability
Solvency
requirements
Market Leadership and Geographical Diversification
Mozambique and Macao
Sustainability
s activity, in 2012, earned it the “Most Sustainable Bank in Portugal in 2012”, distinction of The New Economy
programme, recognised by domestic and international entities which monitor and audit its performance
June 2013 4
Highlights CGD Overview
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013 5
Group Overview
Portuguese State
dominant financial group in Portugal
than 5 million customers in Portugal
banks: 23 countries/4 continents
developed countries with the fast growing economies around the world, from which:
prize awarded in 2013 by The New Economy Loans and Advances to Customers Market Share - Portugal Deposits from Customers Market Share - Portugal
% %
20.9% 21.3% 21.3% Dec-11 Dec-12 Feb-13 27.6% 28.1% 28.1% Dec-11 Dec-12 Feb-13
June 2013 6
Highlights Profitability
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
May 2013 7
Net Income Impacted by the Recessive Economy and Euribor Evolution
Net Interest Income
M€
1,685.5 386.4 1,343.7 197.0
Dec-11 Mar-12 Dec-12 Mar-13
1,775.7 379.0 1,718.0 416.8
Dec-11 Mar-12 Dec-12 Mar-13
Operating Costs
(approximately 9%), the consolidated staff costs increased above €40 million. This increase was due a non-recurrent event, the reintroduction of the holiday and Christmas subsidies decided by the Constitutional Court.
June 2013 8
Net Income Impacted by the Recessive Economy
M€
economic context.
Net Income Evolution Impairments and Provisions
M€
278.9 250.6
8.8
2009 2010 2011 2012 Mar-12 Mar-13
416.8 369.1 825.9 1,008.6 240.2 147.3 267.3 405.8 827.6 537.9 89,3 47.5 2009 2010 2011 2012 Mar-12 Mar-13 Credit Impairment (net) Provisions and Impairment of other assets (net)
684.1 774.9 1,653.5 329.5 194.8 1,546.5
June 2013 9
Highlights Geographical Diversification
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013 10
Global Strategy
Large network connecting mature and fast growing markets
Iberia
(Portugal and Spain)
Brazil Africa
(Angola, Mozambique and South Africa)
Macao / South China
June 2013 11
Global Strategy – GDP Growth
Annual average of GDP growth rate for the period 2011-2018
Source: IMF statistics
%
France 1.7% Spain 0.5% China 8.4% Brazil 3.8% Angola 6.0% Cape Verde 4.7% Mozambique 7.8% South Africa 3.1%
7.5%
1%
EURO AREA LATIN AMERICA AND THE CARIBBEAN SUB-SAHARAN AFRICA DEVELOPING ASIA
3.8% 5.5% 7.5%
1%
June 2013 12
International Activity Contribution
March 2013.
7.9 12.3 4.6 2.0
12.0 12.6 3.5
Asia Africa Europe (ex. Spain) America Spain
Mar-12 Mar-13
Net Operating Income by Jurisdiction Net Income by Jurisdiction
18.5 79.0 35.1 8.8 35.2 19.0 80.2 27.3 4.5 26.5
Asia Africa Europe (ex. Spain) America Spain
Mar-12 Mar-13
Connecting Mature and Fast Growing Markets
M€ M€
May 2013 13
13
International business contributed with 59.2 M€ (39%) to CGD Group gross operating income in March 2013.
International Activity Contribution
Pursuing Earnings Diversification
M€ 17% (19,980 M€)
Net Assets
39% (59 M€)
Gross Operating Income
28% (158 M€)
Net Operating Income
May 2013 14
Highlights Funding and Liquidity
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013 15
Deposits as the Major Funding Contributor
Funding Structure
% %
Sound liquidity profile, due to a large and stable deposit base:
Funding Sources Retail Funding Breakdown
77,9% 80,8% 80,3% 14,7% 11,5% 11,5% 7,4% 7,7% 8,2% Dec-11 Dec-12 Mar-13 Central banks + Credit Institutions Resources (net) Institutional (Bonds+CP) + Portuguese State (CoCos) Retail 81% 84% 85% 15% 12% 11% 4% 4% 4% Dec-11 Dec-12 Mar-13 Customer Deposits Bancassurance Other Customer Resources
June 2013 16
Deposits Evolution
B€
Strong Deposits Growth, Led by Households
environment.
Overall Deposits Evolution Deposits Mix Evolution – Domestic Market
% 48,6 50,3 52,4 52,2 51,2 9,2 9,9 11,6 13,3 14,2
2009 2010 2011 2012 Mar-13 Domestic market International
64.0 65.5 65.3 57.8 60.2
88% 89% 12% 11% Dec-12 Fev-13 Households Other
Source: Monetary and financial statistics
June 2013
17
Issuer Caixa Geral de Depósitos SA Format 3 Year Senior Unsecured Announcement 27-Nov-12 Issue Size € 500 MM Coupon 5.625% Reoffer Yield 5.750% Bookrunners Caixa BI/ Credit Suisse/ JP Morgan/ Morgan Stanley
212 Investors Allocation by Geography Allocation by Type of Investor
Tapping International Capital Markets
UK 34% France 12% Portugal 12% Italy 10% Other 8% Germany & Austria 7% Switzerland 7% Spain 5% BeNeLux 3% Middle East 2% Investment Funds 66% Banks 23% Insurance 4% Other 7%
June 2013
18
192 Investors; ‘A’ rating (DBRS) Allocation by Geography Allocation by Type of Investor
Issuer Caixa Geral de Depósitos SA Format 5 Year Covered Bond Announcement 11-Jan-13 Issue Size € 750 MM Coupon 3.750% Reoffer Yield 3.835% Bookrunners Caixa BI/Credit Suisse/UBS/Commerzbank/SG
Tapping International Capital Markets
Spain 10% Portugal 10% Germany &Austria 19% France 13% Italy 2% BeNeLux 2% Andorra 1% UK 19% Switzerland 11% Scandinavia 7% Other 6% Investment Funds 62% Banks 25% Private Banks 2% Insurance 8% Other 3%
June 2013 19
Loans-to-Deposits Ratio
Loan-to-Deposit Ratio
Loans-to-Deposits Ratio below the 120% target for Portuguese banks The loans-to-deposits ratio, measured by net credit to customer deposits, at 113.3%, is already lower than the maximum indicative ratio of 120% set for Portuguese banks by 2014 under the Economic and Financial Assistance Programme. Loans-to-Deposits Ratio Evolution
% 133.6% 136.0% 122.2% 114.0% 113.3% 2009 2010 2011 2012 Mar-13
June 2013 20
Ample Collateral Pool Available
Reduction of ECB funding and strong increase of available collateral pool, excluding credit claims, which could generate additional collateral
ECB Funds used by CGD Group and Available Collateral Pool
M€
2,955 6,495 5,245 7,981 7,332 1,920 1,190 5,773 5,444 10,106 11,021 2010 2011 2012 May-2013 Available Used Used - LTRO
June 2013
1.339 3.458 4.360 6.176 6.616 7.386 7.496 8.544 8.688 8.938 8.943 11.021 Available ECB Collateral Pool Cumulative Wholesale Funding Redemptions
21
Available Collateral Pool Covers Upcoming Maturities
Wholesale Funding
M€
Low annual redemptions relative to CGD’s total funding resources and current liquidity buffer
M€
Wholesale Funding Maturity Profile Cumulative Wholesale Funding Redemptions
1.319 1.404 903 84 420 110 48 144 5 665 1.731 770 1.000 250 20 50 20 EMTN Covered Bonds Others
June 2013 22
Highlights Solvency
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013
Tier 1 and Core Tier 1
23
A Healthy Capital Base
Healthy Capital Base
CGD equity increased 23.7% in March 2013, to 7,363 M€, reinforcing its solvency position:
CGD solvency indicators stand above National and European regulatory requirements on capital.
% %
12.6% 12.3% 11.6% 13.6% 13.7%
2009 2010 2011 2012 Mar-13
Solvency Ratio
2009 2010 2011 2012 Mar-13 Tier I Core Tier I (BdP) Core Tier I (EBA)
Adjustment to portfolio value (March 2013) Core Tier I (EBA): 10.1%
June 2013 24
Low Exposure to Peripheral Eurozone
Exposure to Sovereign Debt of Eurozone Peripheral Countries
M€
96.4% of net assets by end of December 2012.
2.6 0.6 187.9 197.4 5,261.3 5,293.0 Portugal Greece Ireland Spain Italy
Eurozone peripheral countries Treasury Bills Treasury Bonds
Book value at 31-12-2012
Treasury Bonds (Portugal)
69 1% 3.293 63% 45 1% 1.857 35%
Treasury Bills (Portugal)
129 2% 5.141 97% 23 1%
Financial assets at fair value through profit or loss (held for trading and fair-value option) Available-for-sale financial assets Assets with repurchase agreement Held to maturity financial assets
June 2013 25
Highlights Asset Quality
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013
sectors, in line with the strategic objective of continuing to actively contribute to funding the economy.
26
A Diversified Credit Portfolio
Credit Portfolio Breakdown Corporate Portfolio in Portugal
% %
as of December 2012
Individual (Other Purposes) 3% Individual (Mortgage) 46% General Governm. 6% Corporate 45% Agriculture & Fisheries 1.2%
Mining & Manufacturing 11.9%Building 15.6% Electricity, Gas & Water 4.6% Financial Activities 22.6% Real Estate 10.5% Wholesale Trade 9.2% Other 24.4%
Loans and Advances to Customers Corporate Loans by Sector of Activity
51% 49% SMEs Large Companies
as of March 2013
June 2013 27
Prudent Provisioning…
CGD continues to adopt a conservative policy in relation to the coverage of its credit portfolio
M€ 79,627 84,517 81,631 78,923 78,305 2.405 2.610 3.383 4.189 4.297 3.02% 3.09% 4.14% 5.31% 5.49%
0,00% 1,00% 2,00% 3,00% 4,00% 5,00% 6,00% 10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000 90.000
2009 2010 2011 2012 Mar-13 Loans and Advances to Customers (Gross) Credit Impairments Reserve Ratio
Balance Sheet Impairments Reserve Ratio
June 2013 28
…to Address Challenging Economic Environment
Credit Quality Ratios
The deterioration of the economic situation has led to an increase in overdue credit ratios
%
116.5% 100.6%
7.4% 5.0% 9.4% 6.4% 9.5% 6.8% Credit at Risk Non-performing Credit Mar-12 Dec-12 Mar-13 4.6% 5.7% 6.2% 4.0% 5.3% 5.6% 1.15% 1.24% 0.74%
0,10% 0,30% 0,50% 0,70% 0,90% 1,10% 1,30% 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 8,0% 9,0% 10,0%
Mar-12 Dec-12 Mar-13
Overdue Credit Credit more than 90 days Overdue Credit Impairm. (P&LA) / Loans & Adv. Customers (av. balance)
Coverage Ratio 98.8% 88.5% 100.6% 92.8% 109.2% 94.5%
June 2013 29
Highlights Sustainability
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
May 2013
Human Capital
30
Caring about employees means providing the best atmosphere for them to work in and providing the appropriate health and safety measures in the work environment Measures to balance the personal and professional life
May 2013
Human Capital
31
18-34 years 35-44 years 45-54 years 55-64 years More than 65 years
1609 2283 1290 566 5
DISTRIBUTION OF EMPLOYEES BY GENDER AND AGE
18-34 years 35-44 years 45-54 years 55-64 years More than 65 years
873 1408 1704 806 20
May 2013
Sustainable Offer
32
CGD promote social volunteerism as an engine of change and global integration Intervention axes of CGD
Volunteer program CGD
May 2013
Environmental Responsibility
33
Respect for the Environment
and the best Iberian financial institution in terms of meeting the requirements of a low carbon economy, according to analysis carried out by the Carbon Disclosure Project (CDP).
carbon reduction, the installation of solar panels in the rooftop of the Head Office in Lisbon, creating the largest power station in the country, is the most visible.
developing a Plan for managing the mobility for its employees, as well as its partners and suppliers of goods and services.
inform citizens about their carbon footprint. In other words, to reveal the amount of carbon dioxide (CO2) and
their day-to-day activities.
As a global responsible entity CGD Group implements its business model taking as a reference its responsibility towards local, national and international communities where it conducts its activity.
May 2013
Prizes and Distinctions
34
CDP 2012 - CGD is the only Portuguese company in the Iberian Top 6 for climate change and the only Iberian financial institution recognized for its contribution to a Low Carbon Economy, according to the CDP report “Iberia 125 Climate Change Report 2012”. Prime status in OEKOM’s Corporate Rating - CGD was evaluated by Oekom, a German corporate sustainability rating agency, as best in class in the financial sector at the international level. The Best Sustainable Banking Group - The CGD Group was considered the "Most Sustainable Financial Group of Portugal" in
Economy Magazine to CGD.
Latest Sustainability Awards and Distinctions
The awards received reflect the work that has been done in the CGD Sustainability Programme, in line with the best social, environmental and corporate responsibility practices.
June 2013 35
Highlights CGD Overview
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013 36
Funding and Liquidity
Asset Quality
loans
Profitability
extraordinary charges.
Solvency
and 9.0% required, respectively.
Market Leadership and Geographical Diversification
deposits and 21.3% share of loans to customers.
South China, India).
A Trade Route Connecting Four Continents
June 2013 37
Highlights CGD Overview
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013 38
Economic Adjustment Program
Fiscal consolidation
Putting fiscal policy on a sustainable path
Deleveraging and financial stability
Reducing debt and financing needs
Structural transformation
Implementing structural reforms to promote consistent growth
Source: Portuguese Ministry of Finance
Economic Adjustment Program
A balanced Programme to cope with the major challenges of the Portuguese economy
June 2013 39
Real GDP Growth
2013 and for 2014 the perspective remains positive
and 2.5% in 2015
exports of goods justifying more than 80% of the positive performance in 2012
2016/21 redemption peaks Public Deficit Exports Maturity of the Loans
7th Review Mission to Portugal - Outcome
Overall, the 7th evaluation confirms that the programme remains broadly
27th March 2013
account in 2012 External Current Account
June 2013 40
(1) Net issuances Source: IGCP, March 2013
Adjustment Program Agreed with the EC, ECB and IMF
Programme implementation is on track
Financial Package
B€
15 IMF 22,0 EFSF 19,0 EFSM 22,0 63
To be Disbursed Already Disbursed (1)
June 2013 41
European Commission Spring Estimates
European Commission Spring Estimates for Portugal
%
15.9%
2,8%
18.2%
0.7% 0.6% 18.5%
1.0% GDP Growth Rate Unemployment Rate Budget Balance Inflation Rate 2012 2013 2014
May 3, 2013
June 2013 42
Trade Deficit - Sizeable Improvement
Portugal: Trade Balance (% of GDP)
%
Portugal: Trade Balance (% of GDP)
Source: INE
0.0% Dez-98 Dez-00 Dez-02 Dez-04 Dez-06 Dez-08 Dez-10 Dez-12
June 2013 43
Trade of Goods (YoY%) – Current Prices
Portugal: Trade of Goods (YoY%) – Current Prices
%
Portugal: Trade of Goods (YoY%) - Current Prices
Source: INE
0.0% 20.0% 40.0% Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Exports Imports
June 2013 4,5 7,4 8,1 8,6 9,2 11,5 11,6 11,7 12,5 15,1
Textiles and Leather Others Wood, Paper and Cork Energy Clothing and Footwear Food Products Transport Equipment Mineral and Metal Products Chemicals and Plastic Machinery
% 44
Macro Economics in Portugal
Well distributed weight in goods exports (Dec. 2012)
0.6 10.8
34.7 2.3
10.7 35.4 11 10.4 12.1 15.1 6.4
2.4
9.8 5.9 Dec. y-o-y %
May 2013
Non-EU Exports with major contribution to growth (Dec. 2012)
45
Macro Economics in Portugal
%
1
3 4
Dec. y-o-y % 2012 weight %
1.5 6.6 1.7 4.1 5.3
22.5
3.1
11.8 12.3 5.8 5.1 1.3 0.7
0.3 0.1 0.4
1.6 0.9 0.9 1.6 0.2 0.2
Total Intra EU Germany France Belgium United Kingdom Spain Others Non-EU USA China Angola Morocco Brazil Others
7
10 20 25
96
29 18 17 10 1.0
June 2013 46
Savings Rate (% Disposable income)
Portugal: Savings Rate (% Disposable income)
%
Portugal: Saving Rate (% Disposable Income)
Fonte: INE
5.7% 10.9% 11.7%
4.0% 6.0% 8.0% 10.0% 12.0% Dez-00 Dez-02 Dez-04 Dez-06 Dez-08 Dez-10 Dez-12
June 2013 47
Deposit Growth (YoY%)
Portugal: Deposit Growth (YoY%)
%
Portugal: Deposit Growth (YoY%)
Source: Banco de Portugal
16.5%
9.7%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Individuals Non-Financial Corporations
June 2013 48
Credit Growth (YoY%)
Portugal: Credit Growth (YoY%)
%
Portugal: Credit Growth - Net of Securitizations (YoY%)
Source: Banco de Portugal
0.0% 3.0% 6.0% 9.0% 12.0% 15.0% 18.0% Dez-02 Dez-04 Dez-06 Dez-08 Dez-10 Dez-12 House Purchase Consumer Credit Non-Financial Corporations
June 2013 49
NPL’s as % of Outstanding
Portugal: NPL’s as % of Outstanding
%
Portugal: NPLs - as a % of Outstanding
Source: Banco de Portugal 2.05% 9.43% 11.71% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Dez-00 Dez-03 Dez-06 Dez-09 Dez-12 Mortgage Consumer Credit Non-Financial Corporations
June 2013 50
Real Price Residential Property Prices
New and existing dwellings
June 2013 51
Highlights CGD Overview
Summary Conclusions Appendix 1: Economic Update Appendix 2: CGD Ratings and Consolidated Main Financial Indicators
June 2013 52
CGD Credit Ratings
Standard & Poor’s revised its outlook on Caixa’s rating upwards (BB-/B). CGD witnessed the
upwards revision of the outlook on the rating of the Portuguese Republic, on 6 March 2013.
Short Term Long Term Outlook/ Creditwatch
STANDARD & POOR’S
B BB- Stable
FITCH RATINGS
B BB+ Negative
MOODY’S
N/P Ba3 Negative
DBRS
R-2 (mid) BBB (low) Negative
June 2013 53
CGD Consolidated Main Financial Indicators (1/6)
(M€)
Mar/12 Dec/11 Mar/13 Change Mar/13
Results: Net interest income 386.4 197.0
Commissions (net) 117.8 126.1 7.1% Non-interest income 248.5 269.9 8.6% Net operating income from banking and insurance operations 750.7 570.6
Operating costs 379.0 416.8 10.0% Gross operating income 371.7 153.8
Income before tax and non-controlling interest 41.0
8.8
Mar/13 Change Mar/13 Mar/12
Balance sheet: Net assets 118,749 116,859 114,845
Loans and advances to customers (gross) 82,868 78,924 78,305
Financial Indicators
June 2013 54
CGD Consolidated Main Financial Indicators (2/6)
(M€) Mar/12(*) Dec/12(*)
Mar/13 Change Mar/13
Balance sheet: Customer resources 71,100 71,355 71,176 0.1% Debt securities 13,754 10,591 10,570
Shareholders' equity 5,952 7,280 7,363 23.7% Resources taken from customers 86,852 89,307 88,989 2.5% Profit and efficiency ratios: Gross return on equity - ROE (1) (2)
2.69%
Gross return on assets - ROA (1) (2)
0.14%
Cost-to-income (consolidated) (2)
50.5% 57.7% 72.9%
Employee costs / Net operating income (2) 27.8% 30.8% 43.9% Operating costs / Average net assets
1.26% 1.41% 1.43%
Net operating income / Average net assets (2)
2.49% 2.44% 1.96%
(1) Considering average shareholders' equity and net assets values (13 observations) (2) Ratios defined by the Bank of Portugal (Instruction no. 23/2012) (*) Proforma accounts, considering the figures involving Caixa Seguros e Saúde, SA’s healthcare area as a non-current asset held for sale
Financial Indicators
June 2013 55
CGD Consolidated Main Financial Indicators (3/6)
(%) Mar/12(*) Dec/12(*)
Mar/13
Credit quality and cover levels: Overdue credit / Total credit
4.6% 5.7% 6.2%
Credit more than 90 days overdue / Total credit
4.0% 5.3% 5.6%
Non-performing credit / Total credit (2)
5.0% 6.4% 6.8%
Credit at risk / Total credit (2)
7.4% 9.4% 9.5%
Credit more than 90 days overdue cover
109.2% 100.6% 98.8%
Credit impairment (P&LA) / Loans and adv. to customers (av. Balance)
1.15% 1.24% 0.74%
Structure ratios: Loans and adv. to customers (net) / Customer deposits (2)
122.0% 114.0% 113.3%
Solvency ratios Solvency
11.7% 13.6% 13.7%
Tier 1
9.2% 11.2% 11.1%
Core Tier 1 (BdP)
9.6% 11.6% 11.5%
Core Tier 1 (EBA)
9.4%
(1) Considering average shareholders' equity and net assets values (13 observations) (2) Ratios defined by the Bank of Portugal (Instruction no. 23/2012) (*) Proforma accounts, considering the figures involving Caixa Seguros e Saúde, SA’s healthcare area as a non-current asset held for sale
Financial Indicators
June 2013 56
CGD Consolidated Main Financial Indicators (4/6)
Balance Sheet (Consolidated Activity)
(M€)
ASSETS
Mar/12(*) Dec/12(*) Mar/13
Change Mar/13 vs. Mar/12 Total %
Cash and cash equivalents with central banks 1,178 1,603 1,576 398 33.7% Loans and advances to credit institutions 4,200 3,819 3,337
Loans and advances to customers 79,286 74,735 74,008
Securities investments 24,867 28,193 27,134 2,268 9.1% Assets with repurchase agreement 900 504 725
222 218 224 2 0.7% Intangible and tangible assets 1,334 1,316 1,206
Current tax assets 83 61 64
Deferred tax assets 1,753 1,468 1,485
Technical provisions for outwards reinsurance 243 197 226
Other assets 4,683 4,744 4,861 178 3.8% TOTAL 118,749 116,859 114,845
(*) Proforma accounts, considering the figures involving Caixa Seguros e Saúde, SA’s healthcare area as a non-current asset held for sale
June 2013 57
CGD Consolidated Main Financial Indicators (5/6)
Balance Sheet (Consolidated Activity)
(M€)
LIABILITIES
Mar/12(*) Dec/12(*) Mar/13
Change Mar/13 vs.Mar/12 Total %
Central banks' and credit institutions' resources 13,516 12,227 10,109
Customer resources 71,100 71,355 71,176 76 0.1% Financial liabilities 2,020 2,217 2,048 29 1.4% Debt securities 13,754 10,591 10,570
Provisions 852 973 986 134 15.8% Technical provisions for insurance operations 4,465 4,224 4,254
Subordinated liabilities 1,978 2,889 2,921 943 47.7% Other liabilities 5,113 5,103 5,418 305 6.0% Sub-Total 112,797 109,579 107,482
Shareholders' Equity 5,952 7,280 7,363 1,411 23.7% TOTAL 118,749 116,859 114,845
(*) Proforma accounts, considering the figures involving Caixa Seguros e Saúde, SA’s healthcare area as a non-current asset held for sale
June 2013 58
CGD Consolidated Main Financial Indicators (6/6)
Income Statement (Consolidated Activity)
(K€)
Change Mar/13
Mar/12(*) Mar/13 Total %
Net interest income 386,420 197,006
Net interest income including income from equity investments 391,000 207,920
Non-interest income 248,523 269,948 21,425 8.6% Technical margin on insurance operations 111,170 92,776
Net operating income from banking and insurance operations 750,694 570,644
Operating costs and depreciation 378,960 416,826 37,866 10.0% Gross operating income 371,733 153,818
Provisions and impairment 329,494 194,817
Income from subsidiaries held for sale
1,206
6 1,166 1,160
41,039
19,693
7,433 6,284
Consolidated net income for period 21,346
8,753
June 2013 59
This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies in any jurisdiction where, or to any person to whom, it is unlawful to make such an offer or sale. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. Nobody who becomes aware of the information contained in this report must regard it as definitive, because it is subject to changes and
contained herein. This document contains or may contain forward looking statements regarding intentions, expectations or projections of Caixa Geral de Depósitos or of its management on the date thereof, that refer to miscellaneous aspects, including projections about the future earnings of the business and involve significant elements of subjective judgment and analysis that may or may not be correct. The statements contained herein are based on our current projections, although the said earnings may be substantially modified in the future by certain risks, uncertainty and others factors relevant that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could condition and result in actual events differing from the information and intentions stated, projected or forecast in this document and other past or future documents. Caixa Geral de Depósitos does not undertake to publicly revise the contents of this or any other document, either if the events are not exactly as described herein, or if such events lead to changes in the stated strategies and intentions. The contents of this statement must be taken into account by any persons or entities that may have to make decisions or prepare or disseminate opinions about securities issued by Caixa Geral de Depósitos and, in particular, by the analysts who handle this document and any recipient thereof should conduct its own independent analysis of the Company and the data contained or referred to herein. This document may contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and public information filed by Caixa Geral de Depósitos with stock market supervisory bodies, in particular, the prospectuses and periodical information filed with the Portuguese Securities Exchange Commission (CMVM). Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about, and observing any such restrictions. By accepting this document you agree to be bound by the foregoing restrictions.
June 2013
Investor Relations Office
1000-300 LISBOA PORTUGAL Ph.: (+351) 217 953 000 Email: investor.relations@cgd.pt Site: http://www.cgd.pt