Q1,2020 FIRST INVESTMENT BANK CONFIDENTIAL Table of contents - - PowerPoint PPT Presentation
Q1,2020 FIRST INVESTMENT BANK CONFIDENTIAL Table of contents Section 1 Macro environment 3 Section 2 Banking system overview 10 Section 3 Fibank profile 15 Section 4 2020 Q1 Results and profitability 28 Section 5 Management and
CONFIDENTIAL
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Section 1 Macro environment 3 Section 2 Banking system overview 10 Section 3 Fibank profile 15 Section 4 2020 Q1 Results and profitability 28 Section 5 Management and corporate governance 37 Section 6 Capitalization & leverage 40 Section 7 Funding and liquidity 45 Section 8 Appendix 48
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Source: National Statistical Institute, Bulgarian National Bank, Ministry of Finance
NATO (since 2004)
unit: Bulgarian Lev (plural: Levs, code: BGN)
in 1997 through the Bulgarian National Bank Act.
(BGN 1 EUR 0.51)
exports: Ferrous and non-ferrous metals, petrol products, foods and drinks, textiles, machines and equipment
BISERA, BISERA7EUR, BORICA, SEPA, ESROT, CENTRAL DEPOSITARY
TURKEY ROMANIA BULGARIA
Sofia
GREECE ALB. SERBIA KOS. MACE- DONIA BLACK SEA
KEY DRIVERS OF THE BULGARIAN ECONOMY INFLATION & UNEMPLOYMENT DECREASED SINCE 2012
HICP & Unemployment (%, 2012-2018)
BULGARIAN GDP GROWTH ABOVE EU AVERAGE
GDP real growth (%, 2013-2019) Source: International Monetary Fund; European Commission; Bulgarian Ministry of Finance; National Statistical Institute; Bulgarian National Bank
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2.3% 2018 2018 3.1
q4, 2019, the country's economy reported a real annual growth rate of 3.7% for the period (2011: 3.1%), influenced by the improving external environment on a global scale, as well as the growing economic activity in the countries of the European Union. The main driver of the economy was private consumption growing by 5.7% for Q4 (2018: 6.9%), due to higher internal demand and positive dynamics in the labor market;
to 4.1% at the end of q4 2019, driven by employment in trade, agriculture, hospitality industry and education;
positive, at the amount of BGN 4 862 М, or 8,2% of GDP in q4, 2019. 3.7 2019 2019 2.5%
KEY DRIVERS OF THE BULGARIAN ECONOMY
GDP growth is hovering around 3-4% being driven by strong net exports and private
is also supported by expected acceleration
EU funds absorption
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continue the decline from previous years, but at a lower pace. The trend is driven by the recovery in domestic demand
inflation rate is expected to gradually increase to 1.8% in 2021 due to strong domestic demand, higher prices for utilities and recovering energy prices
UNEMPLOYMENT EXPECTED TO FURTHER DECREASE & INFLATION TO INCREASE
HICP & Unemployment (%, 2016-2021F)
GDP GROWTH EXPECTED TO CONTINUE AT ATTRACTIVE LEVELS
GDP real growth (%, 2016-2021F) Source: International Monetary Fund; European Commission; Economist Intelligence Unit; Bulgarian Ministry of Finance
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Growth of Real GDP, Consumption and Investments
Macroeconomic indicators 2014 2015 2016 2017
2018 2019 Q1, 2020
GDP EUR M 42, 824 45,675.2 48,619.8 52,309.2 56,086.2 60,674.5 13,076 Growth, % 1.8 4.0 3.8 3.5 3.1 3.4 2.4 Current account EUR M 530.6 55.1 1 550.9 1 825.0 773.7 2 452.3 439.2 % of GDP 0.1 0.1 3.2 3.5 1.4 4.0 0.7 FDI EUR M 347 2,000.9 927.2 1,618.9 1,027.9 1,092.4 130.8 % of GDP 0.8 4.4 1.9 3.1 1.8 1.8 0.2 Budget deficit/ surplus % of GDP (5.4) (1.7) 0.2 1.1 1.0 1.2
Bulgaria Current Ratings
Source: Bulgarian National Bank, National Statistical Institute, Ministry of Finance
Date Outlook Rating
30 August 2019
Positive Baa2
11 November 2019
Positive BBB-
21 February 2020
Positive BBB
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Indicators 2014 2015 2016 2017 2018
2019 Q1, 2020
Gross domestic product (BGN million)
83,634 88,571 94,130 98,361 107, 925 118,669 25,575
Gross domestic product, real growth (%)
1.3 3.6 3.9 3.6 3.1
3.4 2.4
2.2 3.8 3.3 4.5 5.0
6.4 4.1
growth (%)
3.4 2.7 (6.6) 3.8 10.2
5.3
Export (% of GDP)
49.2 48.0 47.5 51.5 49.5
48.0 66.3
Inflation at period-end (%)
(0.9) (0.4) 0.1 2.8 2.7
3.8 3.0
Average annual inflation (%)
(1.4) (0.1) (0.8) 2.1 2.8
42.1 3.2
Unemployment (%)
10.7 10.0 8.0 7.1 6.1 3.7 6.7
Current account (% of GDP)
1.2 0.1 3.2 3.5 1.4 4.0 0.7
Trade balance (% of GDP)
(6.5) (5.8) (2.0) (1.5) (4.1) (0.5) (0.3)
Foreign exchange reserves of BNB (EUR million)
16,534 20,285.4 23,898.5 23,662.1 25,072.2 24,835.6 26 502.7
Foreign direct investments (% of GDP)
0.8 4.4 1.9 3.1 1.8 1.8 0.2
Gross external debt (% of GDP)
91.9 74.1 71.3 65.4 60.3 56.2 20.4
Public debt (% of GDP)
15.3 13.2 14.9 12.1 10.9 10.2 21.0
Consolidated budget balance (% of GDP)
(3.7) (2.8) 1.6 0.8
0.9
Exchange rate of USD (BGN for USD 1)
1.61 1.79 1.86 1.63 1.71 1.74 1.79
Source: National Statistical Institute, Bulgarian National Bank, Ministry of Finance
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Forecast 2019, Ministry
2019 Q1, 2020 2021F 2022F GDP real growth, %
3,4 2,4 3,3 3,3
5,7 4,1 4,5 3,7
1,9 1,2 3,7 5,8
1,9 2,5 2,5
0,2 1,2 4,2 3,8
Unemployment, %
4,4 4,6 4,0 4,0
Average HICP, %
2,5 2,4 2,2 2,1
Current account, % of GDP
5,2 0,7 3,2 2,5
Trade balance, % of GDP
FDI, % of GDP
2,4 0,2 2,6 2,5
M3 aggregate
8,4 8,2 8,3 8,3
Loans to corporates
5,9 6,8 8,1 8,3
Loans to individuals
9,8 8,8 8,4 8,2
MACRO ASSUMPTIONS 2018-2021F FAVOURABLE MACRO ENVIRONMENT IN THE MID TERM (2019-2022F)
▪ Positive assumptions of the economic development during the period 2019-2022; ▪ Stable growth in GDP to slow down in q1, 2020 & then to gradually increase exceeding 2.4% y/o/y; ▪ The consumption will accelerate its growth up to 4.1% y/o/y until q1, 2020; ▪ The growth will slow down to 3.7% y/o/y in 2021; ▪ FDI are expected to remain stable around 2.4% of GDP; ▪ Full production capacity in the business; ▪ Additional increase in the share of goods with a high value added; ▪ Recovery of the labor market; ▪ Reduction in unemployment rate down to 4.0% in 2021; ▪ Strong fiscal position; ▪ Increased activity on the real estate market of residential and
▪ Augmentation of public investments; ▪ Acceleration in the absorption of EU funds; ▪ Expected completion of important infrastructure projects.
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BNB FORECAST 2019-2022
Annual rate of change 2019 2020f Claims on non-government sector 4.9% 5.6%
4.6% 6.1%
5.2% 4.3% Deposits of the non-government sector 6.8% 7.2% ▪ In the 2018–2019 period funds attracted from the non- government sector in the banking system are expected to grow further, though at lower than the average 2016 rates, driven by the projected acceleration of private consumption and, correspondingly, by a slight decrease in the savings rate, as well as by the expectations of comparatively strong demand for currency in circulation. The expectations of retaining deposit rates at the attained low levels will also contribute to the foreseen trends regarding funds attracted from corporations and households in the banking system. ▪ The recovery of private consumption and investment amid relatively low lending rates will be a factor stimulating demand for loans from the non-government sector. Progressively improving economic activity is also expected to be a factor behind banks’ increasing lending risk
credit growth correspond to the assumption of retaining positive trends in new loans to the private sector which have occurred since the second quarter of 2019.
Source: BNB Economic Review 4/2019
NET PROFIT TOTAL DEPOSITS TOTAL LOANS
Loans, BGNb 53,6 57,7 60,8 +5.3% +7.7% 78,4 84,6 91,9 Deposits, BGNb +8.6% +7.9% Net profit, BGNM Net profit 1 174 1 675 +42.9%
1 678
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Banking Sector as at 31 March 2020
у/oy 2014 2015 2016 2017 2018 2019 Q1, 2020
Bank system assets, BGN M 85 135 87 524 92 095 97 807 105 557 114 201 115 118 Growth of assets in the bank system,% (0.7) 2.8 5.2 6.2 7.9 8.2 6.3 Bank system profit, BGN M 746.3 898.4 1 262.3 1 174.0 1 678 1 675 296,2 Profit growth, %, y/oy 27.6 20.4 40.5 (7.0) 42.9 (0.2) (4.2) Bank system deposits, BGN M 63 710 69 276 74 129 78 405 84 571 91 853 92 245 Growth of deposits, % 2.4 8.7 7.0 5.8 7.9 8.6 7.4 Bank system loans, BGN M 54 158 52 256 52 442 53 553 57 688 61 699 62 500 Growth of loans, % (5.6) (3.5) (1.8) 2.1 7.7 7.0 6.7 Capital adequacy, % 21.95 22.18 22.15 22.08 20.01 20.38 Liquidity, %
269.9 261.0
In the period December 2019 – March 2020, the dynamics of processes in the banking system was impacted by the increase in assets, deposits and loans.
Source: Bulgarian National Bank, March 2020
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in BGN M December 2019 March 2020 Growth, % Assets Banking system 114 201 115 118 0.8% Fibank 10 056 10 147 0.9% Deposits (other than from credit institution) Banking system 91 853 92 245 0.4% Fibank 8 758 8 708
Deposit of individuals and households Banking system 57 616 58 160 0.9% Fibank 6 724 6 744 0.3% Loans to non-banks Banking system 61 699 62 500 1.3% Fibank 6 173 6 357 3.0% Consumer loans Banking system 12 427 12 613 1.5% Fibank 1 057 1 081 2.2% Mortgage loans Banking system 12 487 12 764 2.2% Fibank 863 887 2.8% Company loans Banking system 36 573 36 880 0.8% Fibank 4 241 4 378 3.2% in BGN M March 2020 March 2020 Growth Profit Banking system 1 678 296
Fibank 157 9,5
Fibank and the Banking Sector as at 31 March 2020
Source: Bulgarian National Bank, December 2019 and March 2020
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TOTAL ASSETS (Q1’20, BGNm) MARKET SHARE (Q1’20%)
Citi Bank Europe - Bulgaria Branch
1,225 1.1%
ING Bank N.V. - Sofia Branch
1,104 1.0%
BNP Paribas S.A. - Sofia Branch
957 0.8%
BNP Paribas Personal finance
748 0.6%
T.C. Ziraat Bankasi - Sofia Branch
152 0.1%
GROUP 3: FOREIGN BRANCHES GROUP 2: OTHER BANKS GROUP 1: TOP 5 BANKS
TOTAL ASSETS (Q1’20, BGNm) MARKET SHARE (Q1’20%)
UniCredit Bulbank
21,123 18.3%
DSK Bank (OTP)
17,222 15.0%
United Bulgarian Bank (KBC)
11,607 10.1%
Eurobank Bulgaria
10,941 9.5%
First Investment Bank
10,147 8.8%
TOTAL ASSETS (Q1’20, BGNm) MARKET SHARE (Q1’20%)
Raiffeisenbank
9,018 7.8%
Expressbank
6,209 5.4%
Central Cooperative Bank
6,172 5.4%
Bulgarian Development Bank
3,277 2.8%
Allianz Bank
2,880 2.5%
Procredit Bank
2,465 2.1%
Municipal Bank
2,062 1.8%
Investbank
1,912 1.7%
Bulgarian-American Credit Bank
1,604 1.4%
International Asset Bank
1,564 1.4%
D Commerce Bank
1,061 0.9%
TBI Bank
912 0.8%
Tokuda Bank
381 0.3%
Texim Bank
373 0.3%
▪ Fibank is the largest Bulgarian-owned bank ▪ Fibank is the fourth largest overall, systemically important to the Bulgarian banking system
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BUSINESS MODEL IN LINE WITH BANK MISSION VISION AHEAD TO GROW FORWARD IN RETAIL & SME STRONG COMPETITIVE ADVANTAGES SUPPORTIVE TO OUTPACE PEERS
First-class customer service Flexibility in decision making Deep knowledge
market Solid market positions Wide branch network High professional standards Well recognized brand
▪ Fibank aspires to be among the best banks in Bulgaria, recognized as a steadily growing, innovative, client-
and services. ▪ Fibank aims to ensure excellent careers for its employees & social contribution to the community. ▪ The Bank seeks to continue to develop high-technological solutions providing its customers with
banking from any place at any time. ▪ Emphasis on mortgage & consumer lending, the card business & innovative payment solutions in line with client needs & digital trends in banking business
RETAIL BANKING
▪ Strong focus on products & services to micro, small & medium enterprises (SME), with flexible approach and knowledge of the market & local specifics
COMMERCIAL BANKING
▪ Continue to develop model in line with the best corporate governance & risk mgmt. standards in banking industry
BEST STANDARDS
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Fibank Launches its Smart Lady Program Aimed at Women in Business; Fibank won second place in the Offering Innovation category of the Efma-Accenture DMI Awards 2018
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2000
Assets: €173m
2005
Assets:
€1.3bn
2010
Assets:
€2.6bn 2012
Assets:
€3.6bn 2019
Assets:
Fibank was established
1993 1997 1999 2000 2005 2007 2010 2013 2015
Fibank was established EBRD became a shareholder in Fibank with 20% stake. Sold its shares in 2005. Fibank Albania established as a branch. Grew into a separate 100%-owned entity, licensed by BoA in 2007 Fibank started developing its retail banking. Retail deposits grew 2.3 fold. Fibank issued EUR200m Eurobonds. First in Bulgaria to issue perpetual tier 2 bonds Fibank realized the biggest banking IPO in Bulgaria. 1998-2008: Fibank attracted > EUR800m on international debt markets Fibank welcomed its one millionth client 2011-2013: First in Bulgaria to issue Basel 3 compliant tier 1 bonds totaling EUR100m Fibank acquired MKB Unionbank in a EUR 24m, 0.25x P/B deal Joint project with the IFC for enhancing corporate governanc e & risk mgmt.
2016
Fibank is among the first banks in Bulgaria to implement new chip technology (EMV) in issuing debit & credit cards Fibank was the first bank in Bulgaria to
less payments based on PayPass (NFC) technology Fibank first in the Balkans launched an innovative platform for digital payments via mobile devices, with contactless (NFC) function.
2018
Fibank credit ratings were upgraded by Fitch and Moody's
2017
LOANS DEPOSITS TOTAL ASSETS
5 4 5
Market share (Q1/20 & 2019) Market share (Q1/20 & 2019) Market share (Q1/20 & 2019)
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CONSUMER LOANS MORTGAGE LOANS RETAIL DEPOSITS CORPORATE LOANS
3 6 6 2
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Market share (Q1/20 & 2019) Market share (Q1/20 & 2019) Market share (Q1/20 & 2019) Market share (Q1/20 & 2019)
*In the second quarter of 2019, there was a significant increase in credit for consumption owing to a correction in relation to the scope and manner of its presentation.
*
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▪
Limited presence
▪
Traditional banking products and services
▪
Focus on retail & SME clients
BUSINESS MIX RETAIL BANKING COMMERCIAL BANKING FOREIGN OPERATIONS CYPRUS ALBANIA Mortgage lending Card business Consumer lending Deposit and savings products Payment services, е-banking Private banking, Gold & coins Investment & depository services Factoring Micro lending Corporate lending SME lending Trade financing Project financing EU programs financing ▪ Retail banking ▪ Corporate banking ▪ SME lending ▪ Microlending ▪ Card payments ▪ E-banking ▪ Private banking ▪ Trade financing ▪ Project financing ▪ Factoring ▪ EU programs financing ▪ Deposit & savings ▪ Payment services ▪ Money and capital markets ▪ Foreign exchange ▪ Investment gold ▪ Package programs
UNIVERSAL & TRADITIONAL BANKING
DEPOSIT PRODUCTS PAYMENT SERVICES PACKAGE PROGRAMS DEBIT & CREDIT CARDS DINERS CLUB CARDS MORTGAGE LOANS CONSUMER LOANS BUSINESS LOANS TRADE FINANCING PROJECT FINANCING FACTORING EU FINANCING E-BANKING INVESTMENT SERVICES GOLD & COINS
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MAP OF BRANCHES
2019 Sofia Country Total Branches 51 101 152 ATMs 154 484 638 POS 5 738 4 755 10 493 ATM&POS 5 892 5 239 11 131 Grand total 5 944 5 341 11 285
NETWORK IN BULGARIA FULL RANGE OF SERVICES CYPRUS BRANCH
▪ Fibank Cyprus branch has
initially mainly in the area of corporate banking. Over the years, it systematically and consistently expanded its products and services. ▪ Currently, the branch offers standard credit and savings products, payment services and e-banking, with a strategic focus on retail & SMEs customers.
FIBANK ALBANIA BRANCH NETWORK
2019 Total Head Office 1 Branches 10 Total 11 ATMs 29 Grand total 40
▪ Much of the branch network
working hours, as well as at weekends.
RETAIL CLIENTS BUSINESS CLIENTS
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1.141 1.160 1.174 1.190 1.206 1.209
2015 2016 2017 2018 2019 q1, 2020
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Total number of customers, thousands
CUSTOMERS GREW 0.25% DURING Q1, 2020 TO REACH 1.209M YOUNG & WELL-BALANCED CUSTOMER PROFILE
+0.25%
Source: Unconsolidated data, March 2020
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MULTI-CHANNEL DISTRIBUTION NETWORK
PHYSICAL DISTRIBUTION CHANNELS
REMOTE DISTRIBUTION CHANNELS
Branch network Direct sales Remote channels Integrated platform for electronic banking My Fibank Physical channels ATM network POS network Corporate blog Contact center ▪ Branch network is the main channel for distribution of bank products & services. ▪ Fibank maintains a country-wide branch network with 154 locations in Bulgaria & 10 abroad. ▪ Further focus on
efficiency of the branch network. ▪ Strong network of ATM & POS devices places Fibank among the market leaders ▪ Direct sales to corp.& institutional clients ▪ New integrated e- platform for digital banking featuring: ➢ E-banking ➢ Mobile banking ➢ Utility payments ➢ E-statements ▪ New opportunity to apply for consumer loan via Contact center. In 2016, over 25 campaigns carried out; 150’000 outgoing calls with 75% respondents reached. ▪ Corporate blog functioning since 2008 to test client’s satisfaction on Bank products & services Corporate website Online store for gold products
510.7 538.6 728.4 745.3 841.8 929.2 812.9 943.1 949.7 2012 2013 2014 2015 2016 2017 2018 2019 q1, 2020
Capital (BGN M)
After years
leading successfully First Financial Brokerage House (FFBH) (a leading non-banking financial institution
the Bulgarian capital market), mr. Ivailo Mutafchiev and mr. Tseko Minev established on October 8, 1993, First Investment Bank. The Bank has a general banking license issued by the Bulgarian National Bank (BNB) according to which it is allowed to conduct all banking transactions permitted by Bulgarian legislation.
SHAREHOLDERS’ STRUCTURE *No dividends have been paid to shareholders since the establishment of the Bank
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3 KEY SUBSIDIARIES IN FINANCIAL SECTOR
▪ Replication of the successful business model in Bulgaria & its adaptation to the Albanian banking market through a subsidiary bank in Albania with limited presence and focus on retail & SME business. ▪ Further develop the strategic focus on the card business through promoting and consistently increasing penetration of the Diners Club brand in the local market in Bulgaria by
new services for cardholders, and expanding the network
POS terminals accepting payments with Diners Club cards. ▪ Offering of insurance products & services in line with license
FiHealth Insurance for attracting new customers in the retail & SME segments.
FIRST INVESTMENT BANK AD Companies in the financial sector
Bank – Albania Sh.a.
Bulgaria AD
Insurance AD
Ancillary services companies
Finance B.V.
Services EAD
Management EOOD
Investment EOOD
EOOD
EOOD
Subsidiary companies Parent company
CORPORATE GROUP STRUCTURE
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2003 – 2005: Fibank entered into10 Subordinated term debt agreements for the total amount of EUR 28 mln. included in the Tier 2 capital. In August 2005, the Bank issued its first perpetual subordinated bonds with par value of €27 mln. included in the Tier 2 capital. The arranger of the instrument was Dresdner Bank. 2006: Fibank issued a perpetual debt for the total amount of €21 mln. included in the Tier 2 capital. In October 2006 Fibank issued 1 million ordinary shares with nominal value of BGN 10 each – total increase the capital BGN 10 mln. Each of the founding shareholders acquired new shares pro rata from the capital increase. In December 2006 reserves and retained earnings were converted into 8 million ordinary shares distributed pro rata to existing shareholders. In March 2007 Fibank decided on 10 for 1 stock split, where 10 million shares with nominal value of BGN 10 each were replaced by 100 million shares with nominal value BGN 1 each. In May 2007 Fibank issued 10 million new ordinary shares through an IPO. FFBH offered 6.5 million shares of its stake in Fibank’s share capital. The issue was oversubscribed nearly 6 times. 2011: Fibank issued a new €20 mln. perpetual debt instrument which was included in the additional Tier I capital of the Bank, meeting all requirements of Basel 3. 2012: A second tranche of €20 mln. perpetual debt instrument was issued which was included in the additional Tier I capital of the Bank, meeting all requirements of Basel 3. 2012: Fibank issued a new hybrid instrument (bond issue) under private subscription with a nominal value of €20 mln., constituting the first tranche of a bond issue with a total amount of up to €60 mln. The amount was included in the Bank’s tier 1 capital, meeting all requirements of Basel 3. On 09 January 2014 each of the major shareholders, Messrs Ivaylo Mutafchiev and Tseko Minev, acquired directly 14 920 000 additional Fibank shares. As a result each of the abovementioned shareholders owns 46 750 000 registered dematerialized shares of the Bank's share capital, i.e. the two of them own a total of 93 500 000 shares constituting 85% of the Bank's share capital. 2019: Fibank has successfully placed a private bond issue with a nominal value of €30 mln. constituting a debt capital (hybrid) instrument which the Bank intends to recognize and include in the Additional Tier 1 capital
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FIRST INVESTMENT BANK - ALBANIA DINERS CLUB BULGARIA FIHEALTH INSURANCE
BGNm 2017 2018 % Total income 16 17.9 11.9% Net profit 6 7.1 18.3% Loans 140 186.6 33.3% Total assets 309 391 26.5% Deposits 253 330 30.4% Equity 39 BGNm 2017 2016 % Total income 2.6 2.3 13% Net profit 0.3 0.2 32% Loans 10.5 9.1 15% Total assets 12.1 11.2 8% Overdraft 9.0 8.3 9% Equity 2.4 2.1 14% BGNm 2017 2018 % Total income 4.5 5.5 22.2% Net profit 0.1 0.3 200% Finan.assets 4.9 5.5 12.2% Receivables 2.4 3.0 25.0% Total assets 8.7 9.6 10.3% Equity 5.8 6.1 5.2% ▪ In 2018, First Investment Bank – Albania Sh.a. reported positive financial results and sustainable development while maintaining high standards of risk management and customer-oriented approach. ▪ The Bank maintained strong liquidity and capital positions, its capital adequacy ratio at year-end amounting to 17.36% against a minimum required level of 12% according to the applicable regulatory requirements in the country ▪ For 2017 the company reported a net profit of BGN 264 thousand, compared to BGN 179 thousand a year earlier. ▪ The company’s assets increased by 8.3% to BGN 12,106 thousand (2016: BGN 11,177 thousand), mainly due to an increase in receivables from customers which amounted to BGN 10,357 thousand or 14.0% more than at the end
2016 (BGN 9,086 thousand). Loans and advances to individuals formed 98.7%
all receivables from customers (2016: 98.7%). ▪ In 2017, Fi Health Insurance increased the amount of the premium income to BGN 4,457 thousand, compared to BGN 3,266 thousand in 2016. ▪ The company’s assets grew by 12%, to BGN 8,722 thousand at year-end (2016: BGN 7,788 thousand), driven by the increase in financial assets (2017: BGN 4,945 thousand; 2016: BGN 4,476 thousand), which mainly comprise bank deposits and Bulgarian government securities.
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EFMA-ACCENTURE DMI AWARDS 2018 2 AWARDS ON DIGITAL CARDS BANK OF THE YEAR AWARDS EUROMONEY AWARDS
▪ Fibank won second place in the Offering Innovation category
the Efma- Accenture DMI Awards 2018, which brought together some
institutions and companies in the retail segment. The Efma
and an authoritative international jury highly appreciated Fibank's innovation, launched for the first time in the Bulgarian market: a microchip for children and teenager debit cards, as well as the Bank's early financial education program.
▪ In April 2019 Fibank was awarded on “Product of the year” for Smart Lady program. ▪ Fibank received the first award for its digital cards, enabling clients to pay easy, secure and fast through their NFC phone. ▪ A Second award on digital cards was received on the Webit innovation & technology festival,
▪ Fibank has won for 7 times the award for “Bank
competition “Bank of the Year” Best Bank in Bulgaria by the financial magazine Euromoney
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FINANCIAL HIGHLIGHTS 2019
Income statement, BGNth 2017 2018 2019 Q1,2020
Net interest income
260,926 267,088 246,714 61,572
Net fee & commission income
102,146 97,111 106,774 24,357
Net trading income
15,326 10,809 15,378 3,738
Other operating income
28,191 16,321 74,618 2,578
Total operating income
406,589 391,329 443,484 92,245
Administrative expenses
204,698 (212,066) (220,448) (53,226)
Impairment
78,850 (83,378) (119,730) (17,645)
Other income/(expenses), net
20,431 65,127 51,052 (8,084)
Group profit after tax
92,210 171,546 137,922 11,786
Balance-sheet indicators, BGNth 2017 2018 2019 Q1,2020
Cash & balances with central banks
1,478,594 1,674,754 2,072,046 1,867,098
Portfolio of financial instruments
803,999 802,321 993,022 991,978
Loans & advances to customers
5,162,907 5,716,062 6,017,137 6,195,753
Repossessed assets
984,448 812,934 716,129 715,649
Investment property
218,212 242,558 410,511 409,543
Total assets
8,921,198 9,586,681 10,660,175 10,616,170
Customer deposits
7,583,819 8,342,691 9,104,021 9,048,715
Ministry of Finance deposit
127,493 121,120 109,348 108,306
Perpetual debt
3,987
Hybrid debt
208,786 208,786 267,615 274,472
Total Group equity
947,350 846,272 978,917 982,544 1 2
3 4 7 8
For q1, 2020 net interest income amounted to BGN 61.6 thousand or 2.7% less than the previous year (2019: BGN 63,262 thousand), and remained a major source of income for the Group, constituting 66.7%
total
Net trading & other income generated additional BGN 3,7M to the total operating income for the period Total operating income stood at BGN 92,3M (YE19: BGN 96,5M). . Impairment charges increased further to BGN (17,7 M) vs. BGN (13M) y/o/y, with the Bank’s cost of risk down to 1.4% for 2019. Asset quality metrics improved & risk profile enhancement efforts furthered in line with set targets. Group profit after tax decreases to BGN 11,8M for q1, 2020 (YE19: BGN 19.4M), supported by improving macro environment & related positive dynamics in loan loss provisions. Improved market shares in consumer loans (8.6%, sixth place) and mortgage (7.0%, sixth place) loans. Total assets were BGN 10,616M (YE19: 9,704M) in line with projections & efforts to reduce excess liquidity. As at q1, 2020 attracted funds comprised BGN 9,048M customer deposits, BGN 110M other borrowed funds & BGN 274,5M hybrid debt, qualified as AT1.
2 3 4 6 7 6 8 1 5 5
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FINANCIAL HIGHLIGHTS Q1,2020
Key ratios, % 2017
2018 2019 Q1, 2020
CET1 ratio 12.87
13.3 14.65 15.6
T1 capital ratio 15.87
16.15 18.28 19.12
Total Capital adequacy ratio 15.89
16.15 18.34 19.18
Leverage ratio 11.28
11.11 11.84 11.28
Group equity/total assets 10.62
8.83 9.18 9.26
Liquid assets ratio 24.78
25.48 27.45 25.07
Liquid assets/customer deposits 25.91
26.50 28.61 26.14
LCR 334.85
269.21 221.64 239.83
NSFR 136.43
134.33 132.74 130.03
Net loan/deposit ratio 68.08
68.52 66.09 68.47
Earnings per share (in BGN) 0.84
1.56 1.25 0.11
ROE (after tax) 10.24
19.24 15.12 4.83
ROA (after tax) 1.03
1.87 1.38 0.45
Income diversity ratio 64.17
68.25 55.63 66.75
Cost/income ratio (CIR) 50.35
46.46 44.58 63.24
Net interest margin 4.14
4.03 3.47 3.43
Operating profit/RWAs 6.30
5.71 6.33 5.14
Cost of risk (CoR) 1.37
1.59 1.83 1.08
NPL90+ ratio 17.48
12.95 11.86 12.89
Provisioning coverage ratio 10.44
11.59 7.82 7.84
N222PL90+ coverage ratio 59.74
89.48 65.90 60.83
Capital adequacy position at q1,2019 strengthened further with CET1 ratio reaching 15.6% (YE19: 14.65%) and total capital ratio is 19.12% (YE19: 18.28%), substantially exceeding the minimum regulatory requirements. Shareholders’ equity of the Group of First Investment Bank raised throughout the first quarter of the year by 0.8%. Liquid assets ratio was 25.07%, while net loan/deposit ratio was 68.47%, showing stable liquidity position & improved efficiency. The loan/deposit ratio amounted to 66.1% compared to 66.09% the previous year. This represented actions for increasing effectiveness, reflecting a conservative approach to credit risk management. For the first quarter the reported results ensured return-
equity (ROE) at 4.83% (2019: 15.12%), which reflected the banking sector ability to generate good profitability in accordance with the development and conditions of the environment. In q1, C/I ratio was 63.23%, in line with banking sector’s trend for decrease in net interest income.
1 2 3 6 1 3 4
Capital Liquidity Profitability
Asset quality 2 4 5 5 6
51 67 72 76 78 48 31 26 22 20
1 2 2 2 2
2016 2017 2018 2019 q1, 2020
BGN EUR Other
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CONFIDENTIAL
STRUCTURE OF RETAIL LOANS KEY HIGHLIGHTS & COMMENTS RETAIL LOANS BY PRODUCT
▪ As
31 March 2020, First Investment Bank kept its third place in terms
loans among banks in the country with a market share
10.2% (2019: 10.0%)
an unconsolidated basis. ▪ An increase was registered in retail banking – up to 30.0% of the total portfolio (2019: 30%), microlending – up to 2.5% (2019: 2.5%) and SMEs – up to 13.9% (2019: 14.1%, in execution of the strategic goals for future development and growth in these segments. ▪ In the currency structure of the loan portfolio, the loans in BGN increased up to BGNm 2,724 thousand (2019: BGNm 2,724 thousand) or 47.2% of the total portfolio (2019: 47.2%)
1,454 1,507 Retail portfolio, BGNm Retail portfolio,% +2.6% By product By currency 1,711 1,968 2,011
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CONFIDENTIAL
GROWING SHARE OF MICROLENDING KEY HIGHLIGHTS & COMMENTS MICROLENDING PORTFOLIO
▪ In q1, 2020, the microlending portfolio grew by 1.8% to BGNm 167 mln. compared to BGNm 164
▪ The market share of Fibank at the end of March amounted to 11.9% of loans to corporates in the banking system (2019, 12.1%), Fibank retained its second place (2019: second) among banks in the country on an unconsolidated basis. ▪ The loans
the
business lines
small and medium enterprises and microlending, grew. ▪ They increased their share in the structure of loans to companies of the Group to 16.9%, (2019: 13.8%) and up to 2.5% (2019: 2.9%) respectively, as part of the policy for portfolio diversification and priority development in these segments.
+1.8%
51 55 55 57 54 39 35 35 33 36 10 10 10 10 10 2016 2017 2018 2019 q1, 2020
Retail deposits by currency, %
BGN EUR Other
2016 2017 2018 2019 q1, 2020
Deposits to individuals, BGNm
Current accounts Term and savings accounts
33
CONFIDENTIAL
RETAIL DEPOSITS BY CURRENCY KEY HIGHLIGHTS & COMMENTS RETAIL DEPOSITS BY PRODUCT
▪ As at 31 March 2020, First Investment Bank stepped up
fifth place in terms
deposits among banks in Bulgaria (2019: fourth). The market share of Fibank amounted to 9.4% on an unconsolidated basis (2019: 9.5%) at the end of the period. ▪ The funds attracted from individuals amounted to BGNm 7,092 thousand at the end of period compared to BGNm 6,724 thousand at the end of 2019. They retained their structure-defining share in the total deposits due to customers at 78.4% (2019: 77.7%). ▪ In the currency structure of attracted funds from individuals, funds in BGN formed the majority at 54% of total deposits from customers (2019: 57%), followed by those in EUR at 36% (2019: 33%) and in
currencies at 10% (2019: 10%).
7,073 6,594 6,305 100% 100% 100% 100% +0.26% 6,686 7,092 100%
CONFIDENTIAL
34
Loan portfolio by sectors of economy
Corporate Loan portfolio as per EU definition for SME (Consolidated data)
Retail Loan portfolio by business lines
Source: Consolidated data, March, 2020
Corporate customers, 53.69% Small and medium enterprises, 13.91% Microlending, 2.48% Retail customers, 29.91% Corporate customers Small and medium enterprises Microlending Retail customers
Consumer loans, 44.0% Mortgage loans; 46.0% Credit cards; 9.0% 66.2% 64.6% 67.3% 53.2% 52.9% 47.3% 57.1% 59.8% 57.7% 33.8% 35.4% 32.7% 46.8% 47.1% 52.7% 42.9% 40.2% 42.3% 2012 2013 2014 2015 2016 2017 2018 2019 q1, 2020
Loan Portfolio SME Loan Portfolio Other
64.00% 28.00% 9.00%
BGN EUR Other
56% 36% 8%
BGN EUR Other 2016 2017 2018 2019 q1, 2020
Corporate deposits by product, BGNm
Current accounts Term accounts
35
CONFIDENTIAL
CORPORATE DEPOSITS BY CURRENCY KEY HIGHLIGHTS & COMMENTS CORPORATE DEPOSITS BY PRODUCT
▪ Attracted funds from corporates and institutions in q1 remained at levels close to the previous year, amounting to BGNm 2,031 thousand (2019: 2,031 thousand). The decrease in volume reflected a decrease in current accounts against a growth in fixed-term accounts. ▪ Term accounts reached BGNm 475,127 thousand (2019: 470,696 thousand). ▪ Current accounts amounted to BGN 1,482 thousand at the end of 2019 compared to BGN 1,560 thousand a year earlier, forming 56%
the attracted funds from corporates and institutions (2019: 64%). ▪ By 31 March 2020, funds attracted by the second biggest non-banking clients represented 5.2% of the total amount due to
customers (2019: 5.2%).
2019 Corporate deposits by currency, % Q1, 2020 2,031 1,318 1,278
1,657 1,957
121 136 115 136 2016 2017 2018 2019 4.013 4.062 4.268 4.771 2016 2017 2018 2019 5.9 6.1 6.3 6.9 6.0 5.7 6.0 6.0 2016 2017 2018 2019 Market share outgoing Market share incoming
36
CONFIDENTIAL
FUND TRANSFERS IN FX CURRENCY SOLID MARKET SHARES FUND TRANSFERS IN BGN
BISERA & RINGS PAYMENT SYSTEMS Correspondent banking (SWIFT), TARGET2 & BISERA7-EUR (SEPA compliant) Outgoing transfers in BGN, (000’ numbers) Outgoing transfers in FX, (000’ numbers) Market share of fund transfers in BGN, % 11.8% +0.6 ppt
37
38
IFC COOPERATION MILESTONES
▪ In 2010, Fibank asked the IFC to prepare a diagnostic assessment of the Bank’s corporate governance & risk
implemented to the organizational structure and in 2012, ahead of its peers new committees to the SB were created in line with EBA latest guidelines. ▪ In 2014, at the initiative of Fibank and as a follow-up project, another independent review was performed. IFC’s recommendations were included as part of the Bank’s Restructuring Plan, committed to the European Commission. ▪ In 2015, the joint CG & RM implementation project was launched with detailed plan adopted and deliverables identified. Both Fibank & IFC teams worked together side-by-side with multiple on-site workshops delivered and off-line exchange of
assigned to track implementation progress.
CORP.GOVERNANCE DELIVERABLES RISK MANAGEMENT DELIVERABLES
✓ Fibank introduced full CCO function in
line with the latest Basel Committee principles on CG in banks.
✓ A new independent member to the
SB was elected with strong expertise and >20 years experience within the IFC.
✓ A full CG Code & Disclosure policy
were adopted in compliance with the latest best standards in this sphere.
✓ The role of the Audit Committee was
strengthened with new independent member elected and regular quarterly meetings with IA introduced.
✓ Steps to strengthen the dialogue with
minority shareholders were undertaken, e.g. a new Investor Club created and new initiative for regular meetings with minority shareholders.
✓ Organizational changes were made,
being introduced. CFO was added as member of the MB.
✓ Fibank introduced full CRO function
based on the “three lines of defense” principle.
✓ A new pricing policy was
implemented for the setting of individual product price.
✓ A new profitability tool was launched
to better monitor the profitability per client, business line, portfolio.
✓ RCSA methodology was enhanced to
better assess operational risks at the process level, before & after controls.
✓A new rules for using KRIs in OP risk
framework were adopted for improving processes for escalating & tracking tolerance limits.
✓ Risk strategy was enhanced with risk
appetite statement introduced and full risk map of the organization defined.
✓ ALCO work was strengthen, i.e. a full
fledged info pack in place for enhanced activity.
2015 Implementation Project
CONFIDENTIAL
39
SUPERVISORY BOARD (Chair: Evgeni Lukanov, Deputy Chair: Maya Georgieva, Members: Georgi Mutafchiev, Radka Mineva, Jordan Skortchev, Jyrki Koskelo)
NOMINATION COMMITTEE Chair: Georgi Mutafchiev REMUNERATION COMMITTEE Chair: Jordan Skortchev RISK COMMITTEE Chair: Evgeni Lukanov PRESIDING COMMITTEE Chair: Maya Georgieva AUDIT COMMITTEE Chair: Georgi Trenchev INTERNAL AUDIT (Plamen Dimitrov)
MANAGING BOARD (Chair:Nikola Bakalov, Members: Chavdar Zlatev, Svetozar Popov, Ralitza Bogoeva, Yanko Karakolev, Nadia Koshinska)
ALCO CREDIT COUNCIL RESTRUCTURING COMMITTEE OPERATIONAL RISK COMMITTEE BUSINESS UNITS SUPPORTING UNITS
40
200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000
2016 2017 2018 2019
Regulatory capital, BGN,m
CET1 Additional tier 1 capital Tier 2 capital
Own funds calculations, BGNth YE2019 Q1, 2020
Paid up capital instruments
110,000 110,000
(-) Indirect shareholding in CET1 capital instruments
Premium reserves
97,000 97,000
Other reserves
606,298 741,060
Minority interests
income
24,309 16,150
Deductions from CET1 capital: (-) Intangible assets
(-) Corrections
Adjustments of CET1 capital
211,742 174,376
Common Equity Tier 1 capital
1,025,869 1,125,486
Additional Tier 1 capital Hybrid debt
254,258 254,258
Tier 1 capital deductions: Transitional adjustments of Additional Tier 1 capital Tier 1 capital
1,280,127 1,379,744
Tier 2 capital Perpetual debt
3,912 3,912
Adjustments of Tier 2 capital
Total own funds
1,284,039 1,383,656
41
CONFIDENTIAL
REGULATORY CAPITAL OWN FUNDS CALCULATIONS REGULATORY REQUIREMENTS
▪ Since 1 January 2014, the provisions
force, transposing into European law the provisions of the Basel III capital standards for banks. ▪ CET1: a) issued and paid up capital instruments (ordinary shares); b) share premium from issuance of
earnings; d) accumulated other comprehensive income, including revaluation reserves; e) other reserves; f) minority interests. Deductions includes intangible assets. ▪ AT1: instruments include hybrid
adjustments relating to items that are included in the capital or the assets of the Group, but are treated differently for capital adequacy regulation. ▪ Tier 2 capital: T2 capital consists of perpetual debt and regulatory adjustments related to revaluation reserve on land & buildings. GMS in June’19 voted to capitalize the net profit for 2018, thus ensuring strong internal capital generation with focus on CET1 In 2016 the Bank repaid perpetual debt (T2 capital) with principal EUR 21M 1,026 1,284 +7.76% 1,108 1,384
2.5 3.5 6 0.5 0.75 1
1 2 3 4 5 6 7 Capital conservation buffer 2018 Buffer for systemic risk 2018 Countercyclical capital buffer 2018 Total capital buffers 2018 2017 2018 2019 2020
42
CONFIDENTIAL
CAPITAL BUFFERS COMMENTS
▪ In addition to the capital requirements, Fibank maintains capital buffers in compliance with the requirements of Ordinance No8 of the BNB on capital buffers. ▪ Capital conservation buffer, comprised of common equity tier 1 capital equal to 2,5% of the total risk exposure of the Bank ▪ Buffer for systemic risk amounting to 3.5% of the Bank’s total risk exposures in Bulgaria, which is covered by common equity tier 1 capital. ▪ Countercyclical capital buffer, applicable to credit risk exposures in the Republic of Bulgaria, the level of which is determined by the Bulgarian National Bank each quarter. During the whole of 2017 and for the first quarter of 2018, it was defined at 0% ▪ Buffer for O-SII on an individual and consolidated basis, determined as a share of the total value of the risk exposures, is in the amount of 0% for 2017 and it will gradually grow from 0.5% in 2018 to 1% in 2020. 0.0 0.00 Capital buffer for other systemically important institution Pursuant to decision of MB of BNB / 2018 With a decision dated 2018, the BNB determined ten banks in Bulgaria as other systematically important institutions (O-SII), among which is First Investment Bank AD.
Types of capital buffers maintained by the Bank, %
13.3 16.2 16.2 14.7 18.3 18.3 15.6 19.12 19.18
CET1 ratio Tier 1 capital ratio Total capital adequacy ratio
Capital adequacy indicators for 2018, 2019, q1 2020 %
2018 2019 q1, 2020
43
CONFIDENTIAL
CAPITAL INDICATORS CAPITAL ADEQUACY RATIO CALCULATIONS
▪ Common Equity Tier 1 capital ratio is the Common Equity Tier 1 capital
amount; ▪ Tier 1 capital ratio is the Tier 1 capital of the institution expressed as a percentage of the total risk exposure amount; ▪ Total capital ratio is the own funds of the institution expressed as a percentage of the total risk exposure amount. ▪ The total risk exposure amount is calculated as the sum of the risk- weighted assets for credit, market, and operational risk. ▪ The Group calculates the credit risk requirements for the exposures in its banking and trading portfolios based on the standardised approach. Exposures are taken into account at their book value. Off-balance sheet commitments are taken into account by applying conversion factors for the purpose of their approximation to book values. Positions are weighted for risk using different percentages depending on the class of exposure and its credit rating. A variety of techniques are used to reduce credit risk, such as collaterals and guarantees. For derivative instruments, such as forwards and options, the counterparty credit risk is estimated. ▪ The Group also calculates capital requirements for market risk for foreign exchange and commodity instruments in the trading and banking books. ▪ The Group calculates capital requirements for operational risk using the basic indicator approach. The capital requirement is equal to the average gross annual income over the last three years multiplied by a fixed percentage (15%). The respective risk weighted assets are calculated by further multiplication by 12.5.
15.9 16.2 18.3 19.18
0.0 5.0 10.0 15.0 20.0
2017 2018 2019 q1, 2020
TCA ratio, %
15.9 16.2 18.3 19.12
0.0 5.0 10.0 15.0 20.0
2017 2018 2019 q1, 2020
Tier 1 capital ratio, %
12.9 13.3 14.7 15.6
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
2017 2018 2019 q1, 2020
CET1 ratio, %
+1.4 ppt
44
CONFIDENTIAL
CET1 RATIO T1 RATIO TCA RATIO AT1: HYBRID CAPITAL
▪ As at YE16, Fibank had issued two hybrid instruments (bond issues) with original principal on the amount of EUR 40M and EUR 60M (ISIN: BG2100008114 & BG2100022123), which fully comply with the requirements
575/2013 and are included in the additional tier 1 capital. ▪ The bonds are registered, dematerialized, interest- bearing, perpetual, unsecured, freely transferable, non-convertible, deeply subordinated and without incentive to redeem. ▪ Both hybrid bond issues are admitted to trade on a regulated market at the Luxembourg Stock Exchange. +0.9 ppt +0.8 ppt +0.9 ppt +2.1 ppt +0.3 ppt
45
68.08 68.52 66.09 68.47 2017 2018 2019 q1, 2020
Net loan/deposit ratio, in %
2017 2018 2019 q1, 2020
Customer deposits, BGNm
Retail Business
20 40 60 80 100 120
2017 2018 2019 q1, 2020
Structure of liabilities, %
Other Hybrid & Perpetual debt Other borrowed funds Deposit MF Customer deposits
46
CONFIDENTIAL
DEPOSITS: MAIN FUNDING SOURCE STABLE GROWTH TO ADDRESS AID REPAYMENT LDR SUPPORTING LIQUIDITY
7,584 9,049 9,104 8,806 9,049 7,974
9.1 % 8,343 8,748
335 269 222 240 136 134 133 130 2017 2018 2019 q1, 2020
LCR & NSFR indicators %
LCR NSFR
2017 2018 2019 q1,2020
Liquid assets, BGNm
Debt securities and gold Current accounts and amounts with banks Central banks
47
CONFIDENTIAL
LCR & NSFR WELL ABOVE MIN LEVELS LIQUID ASSETS GREW DESPITE SA REPAYMENT STRONG LIQUIDITY RATIOS
2,604 2,365 1,987
Min level Min level
2,211
24.7 25.5 27.5 25.1 25.9 26.5 28.6 26.1 2017 2018 2019 q1, 2020
Liquidity indicators, %
Liquid assets ratio Liquid assets/customer deposits
48
49
CONFIDENTIAL
Best Bank in Bulgaria
Bank of the year by market share, by Bank
2010 2011 2012 Bank of the year by Bank of the year association 2001 2011 2012 2001 2011
financial magazine Banker 2012
magazine Banker
Management
Best Bank in Bulgaria by the financial magazine Euromoney 2011
Quality of Service
2012 Bank of the Client by Bank of the year association Mystery Client by Bank of the year association 2012
2011
STP Award, Excellent quality , Commerzbank 2010 2009 2013 2009 2010 2011 Straight-Through Processing (STP) Excellence Award, Deutsche Bank Bank of the Customer, by the influential Bulgarian daily “Pari” (“Money”) 2002 2003 2006 2008 2009 The best customers service of the year by International Finance Exhibition “Banks, Investments, Money”
2007
For achieving a Straight Through Processing Rate in excess of 97% for US Dollar payments sent to Citibank New York 2009 Best Retail Bank in Bulgaria by Global banking & Finance 2014 Innovation in Retail Banking Bulgaria and Best Private Bank Of The Year by Finance publishing 2014
year 2005 2014 2016
50
CONFIDENTIAL
Brand/ Products/ Web/Other awards
Fibank is the strongest brand in Bulgarian market by the Superbrands 2012 2014 2016 Golden Martenitsa by Made in Bulgaria union 2012 Best brand in financial institutions by My love marks 2012 2017 2011 OSCARD for innovative co-branded credit card Fibank-Vivatel 2008 Financial product of the year, by International Finance Exhibition “Banks, Investments, Money” 2004 2005 2006 2007 Three awards for charity at the Fifth Annual Donors' Conference organized by the Bulgarian Donors' Forum 2009 VISA International Certificate for VISA Cards Retail Sales Volume The Bank’s corporate site won category “Business” by Bulgarian Web Awards 2009 2014 2009 2006 Most Innovative Banking Product (Credit and Debit Card) by Global banking & Finance The best corporate blogs in Bulgaria by Nova Vizia 2009 First prize for best corporate BG Site 2009 2012 2014 Best maturity deposits by Handelsblatt newspaper 2014 Developing card payments and bringing innovations by MasterCard 2007 2008 Best public company on the Bulgarian Stock Exchange, by "Dnevnik" newspaper 2015 Card Product of the Customers by b2b magazine 2015 Best marketing team by Baawards 2016 2016 2016 Annual awards for charity and CSR “Golden heart” by “Business Lady” magazine Investment in a digital and civil literate society by Digital Kids National charity campaign “Easter for everyone”. 2016 “Product of the Year”
51
CONFIDENTIAL
Brand/ Products/ Web/Other awards
2017 “Product of the Year” Debit card for children and teenagers - category “Bank cards” Consumer credit online - category “Consumer credit” Digital card - category “Mobile financial services” Webit awards: Mobile Digital Card – “Best digital payment solution” 2017 2017 2017 2017 “Best consumer banking brand” “GBM – Best SME banking brand” 2017 2019 “Superbrands” 2017 “Golden Heart” 2018 b2b awards 2018 Category “Socially responsible campaign” Category “Business debut of the year” 2018 “Product of the Year” – Debit card for children and teenagers - category “Bank cards” 2018 My love marks 2018 Category “Banks” Category “My favorite employer” Category “Innovative brands” 2017 My love marks 2017 Category “Banks - My favorite brand” European Excellence Awards 2018 2018 2018 EFMA Accenture DMI Awards 2018 “Offering Innovation” category, silver Forbes, business awards 2018 Annual business awards
Business Lady magazine 2018 2019 “Product of the Year” – Smart lady 2019