investor presentation - skandia · 2019-10-21 · investor presentation skandiabanken q3 2019....
TRANSCRIPT
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Investor presentationSkandiabanken
Q3 2019
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Agenda
Introducing Skandiabanken1
Financials2
Credit portfolio3
Funding4
2
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Skandiabanken
• Swedish retail bank founded in 1994
• Strong and committed owner with ESG focus
• Three core business lines: Loans - Savings - Payments
• High customer satisfaction and strong brand
• Strong growth
• Healthy funding structure with focus on retail deposits
• Solid asset quality (low-risk mortgages)
• Strong capital and liquidity position
3
• Wholly owned subsidiary of the
Skandia Group
• Approximately 360 000 customers
• A2 (Stable) rating by Moody’s
(covered bond rating AAA)
• Total assets of SEK 80 bn
• Approximately 2 percent share of
the Swedish mortgage and retail
savings markets
• CEO Johanna Cerwall
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• Skandiabanken contributes with profit and strategic
value to the Skandia Group
• Growth strategy focused on mortgages• Scalable digital infrastructure
• New pricing model for mortgages
• Complementary products within savings and
payments
• Focus on cost efficiency
Our strategy is set for growth
Growth
4
Profitable
Low risk Efficient
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Increased presence and visibility
5
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Sustainable business
Skandia Group’s sustainability work is based on the owner’s instructions which stipulates that the
business shall be transparent, focused on long-term customer relations and sustainable business
Skandia’s corporate sustainability strategy
• Transparency and long-term customer
relationships
• Social responsibility
• Responsible investments
• Environmental responsibility
• Long-term employer
• Business ethics
6
Skandia supports international frameworks
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Skandiabanken and ESG
• Skandia fully compensates its direct footprint since 2012
• Gold standard carbon offsetting scheme (a wind farm project Prony Windfarm on the New Caledonia)
• Updated ESG policy with ambitious targets
• Transparent price structure
• High business ethics
• Translating our ESG ambition into our everyday business is of very high priority
7
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Strong resilience to money laundering
• Focus on Swedish private retail clients
• Limited products and services for corporate customers
• No foreign operations
• Digital business without branch offices
• No treatment of cash notes
8
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High customer satisfaction
• The Swedish Quality Index (SKI), measures customer satisfaction in its annual survey of the Swedish banks
• Skandiabanken improves its index and is well above the industry average
• Mortgage customers give us high ratings
• High service level, reliable and our customers want to recommend us to others
• We are proud to contribute with simplicity and transparency to our customers
9
72,4
67,3
50
55
60
65
70
75
80
Skandiabanken Average
SKI Swedish banks - Autumn 2019
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Agenda
Introducing Skandiabanken1
Financials2
Credit portfolio3
Funding4
10
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Turnaround in 2019
11
2015 is excluding write-down of intangible assets, -246 Mkr
2016 is excluding extraordinary revenue from VISA, 43 Mkr
679772
889
985945
701668
812730
771858
583
13 -45
149204
85 114
-200
0
200
400
600
800
1 000
1 200
2014 2015 2016 2017 2018 YTD Q3 2019
Income, Cost & Operating profit
Income Cost Operating profit
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Business model focused on low-risk lending
• Transparent balance sheet: ~98% mortgages and liquidity reserve
• Strategic focus on low risk mortgages
• No corporate lending
• Very limited consumer lending (<1%)
• Funding primarily comprised by deposits and covered bonds (>85%)
12
Mortgages
Liquidity
Other
Deposits
Covered bonds
Senior unsecured
CPT2
OtherEquity
0
10
20
30
40
50
60
70
80
90
Assets Liabilities
Balance sheet (SEK bn Q3 2019)
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Strong capital position enables growth
1313
Figures as of Q3 2019 Skandiabanken
Own funds 21,8%
Tier 1 17,5%
CET 1 17,5%
Leverage ratio 4,4%
MREL 10,2%
MREL-eligible liabilities (liabilities proportion principle) 19,0%
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Strong liquidity and funding position
14
0%
50%
100%
150%
200%
250%
300%
Liquidity Coverage Ratio
0%
20%
40%
60%
80%
100%
120%
140%
Net Stable Funding Ratio
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Agenda
Introducing Skandiabanken1
Financials2
Credit portfolio3
Funding4
15
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The Swedish mortgage market
• Strong legislative foundation - Konsumentkreditlag(2010:1846)
• Regulations require the lender to ensure that the borrower can afford to borrow also in stressed conditions
• Skandiabanken has a highly standardised and digital process for lending
• Skandiabanken has highly standardised and prudent criteria for lending
16
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Intensified competition in Swedish mortgages
17
Source: SCB data Q1-Q2 2019
14,5%
16,2%
13,6%12,2%
8,3%
15,1%
4,4%
7,4%
3,3%
1,3%
3,8%
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
Swedbank Handelsbanken SEB Nordea SBAB LF Bank Danske bank Skandiabanken SparbankenSkåne
Landshypotek Others
Swedish mortgage market (First half 2019)
New lending Stock
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39
46
56 58 60
67,5
0
10
20
30
40
50
60
70
80
2014 2015 2016 2017 2018 YTD Q32019
Mortgage volume (SEK bn)
Strong growth based on scalable model
18
• Improved pricing model with focus on• Low risk mortgage clients
• Skandia pension clients
• New IT-infrastructure• Significantly improved underwriting process for
mortgages
• Digital platform set for growth
• Targeting existing Skandia customers• Win-win for bank and insurance, >1 million Skandia
occupational pension clients in the Group
• Skandiabanken a strategic part of Skandia
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Increased quality of mortgages
19
0%
10%
20%
30%
40%
50%
60%
70%
80%
Loan-to-value - New lending
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
Gross income to loan ratio - New lending
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History of stable LTV ratio and low credit losses
20
0%
10%
20%
30%
40%
50%
60%
Jan-1
7
Ma
r-1
7
Ma
y-1
7
Jul-1
7
Sep-1
7
No
v-1
7
Jan-1
8
Ma
r-1
8
Ma
y-1
8
Jul-1
8
Sep-1
8
No
v-1
8
Jan-1
9
Ma
r-1
9
Ma
y-1
9
Jul-1
9
Sep-1
9
LTV development
6
1010
2
4
0
2
4
6
8
10
12
14
16
18
20
0
10
20
30
40
50
60
70
80
2015 2016 2017 2018 YTD Q3 -2019
Cre
dit losses
in S
EK
m
Tota
l le
ndin
gin
SE
K b
n
Credit losses
Total lending Credit losses
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High quality assets
21
Additional information available at:
www.skandia.se/om-oss/om-skandia/finansiell-information/finansiell-info/sakerstallda-obligationer/
Cover pool data*
Cover pool size SEK 35 206 M
Outstanding covered bonds SEK 26 848 M
Collateral 100 percent Swedish residential mortgages
Over collateralisation 31% (approx. 131% all assets included)
Weighted average LTV 54%
Average loan size SEK 1 573 936
Interest rate type 100% Floating
Weighted average seasoning 56 months
Pool type Dynamic
Originator Skandiabanken AB
*Figures as of Q3 2019
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Agenda
Introducing Skandiabanken1
Financials2
Credit portfolio3
Funding4
22
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Funding strategy
• SEK issuances
• Floating rate notes preferred
• Long-term commitment
• Reverse inquiries
• Transparent and flexible approach
• Buy-back policy (3-6 months to maturity)
23
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Sources of funding
• Available programmes
• Swedish covered bond
• Medium term note
• Commercial paper
• Subordinated debt fully owned by Skandia Liv
24
Retail deposits 55%
Covered bonds 36%
Senior unsecured 8%
Commercial paper 0%Subordinated debt 1%
Share of funding (%)
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1,9
3,6 3,8
5,9
8,6
5,2
0,3
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
10,0
2019 2020 2021 2022 2023 2024 >=2025
Bill
ions
Maturity profile of covered bonds (SEK)
Secured funding
Funding target
• 14-16 bn during 2019*
• Continued focus on FRNs in SEK
• Preferred tenors 3-5 years
• Level 2 bonds available to tap
• Active buy-back policy (3-6 months to maturity)
• Fixed coupon and longer tenors discussed on request
*Uncertainty of the estimation is driven by the amount of new lending and retail deposits
25
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1,2
2,1
2,5
1,1
0,0
0,5
1,0
1,5
2,0
2,5
3,0
2019 2020 2021 2022 2023 2024 >=2025
Bill
ions
Maturity profile of senior unsecured (SEK)
Unsecured funding
Senior unsecured:
• Roll maturing bonds
• Private placements
• A means to diversify funding
Non-preferred senior:
• Documentation completed in may 2019
• First issuance before year end 2019
Commercial paper:
• A means to handle temporary needs, not a strategic source of funding
26
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Estimated long-term funding needs – 2019
27
Funding need YTD →31/12Gross
supply
Covered bonds 11,5 bn 2-4 bn 14-16 bn*
Senior unsecured 1,8 bn 0,5 bn ~2,3 bn
Senior non-preferred - 0,5 bn 0,5 bn
*Uncertainty of the estimation is driven by the amount of new lending and retail
deposits
0
2
4
6
8
10
12
14
16
2014 2015 2016 2017 2018 YTD -2019
Bill
ions
Historical funding volumes (SEK)
Covered bonds Senior unsecured Redemptions
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Funding - Summary
• +50 percent of funding comprised by retail deposits
• Continued focus on covered bonds in FRN/SEK format
• Senior unsecured to comply with regulatory demands and to support rating
• MREL (Non-Preferred Senior) bonds to comply with financial regulations
• Commercial papers to manage short-term funding needs
• Continue to investigate and work towards green lending and EU Green bonds – prioritised issue
28
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Appendix - Outstanding covered bonds
29
Bond Maturity Coupon type Amount issued Min piece (MM)
SKANBK Float 10/21/19 2019-10-21 FLOATING 2 500 000 000 1
SKANBK Float 02/21/20 2020-02-21 FLOATING 250 000 000 1
SKANBK Float 04/07/20 2020-04-07 FLOATING 800 000 000 1
SKANBK Float 09/08/20 2020-09-08 FLOATING 2 500 000 000 1
SKANBK Float 05/24/21 2021-05-24 FLOATING 500 000 000 2
SKANBK 0.43 09/13/21 2021-09-13 FIXED 300 000 000 1
SKANBK Float 09/15/21 2021-09-15 FLOATING 2 950 000 000 1
SKANBK Float 03/02/22 2022-03-02 FLOATING 2 750 000 000 1
SKANBK Float 08/24/22 2022-08-24 FLOATING 3 100 000 000 2
SKANBK Float 03/15/23 2023-03-15 FLOATING 3 200 000 000 2
SKANBK Float 09/20/23 2023-09-20 FLOATING 5 400 000 000 2
SKANBK Float 02/22/24 2024-02-22 FLOATING 700 000 000 2
SKANBK Float 04/24/24 2024-04-24 FLOATING 3 750 000 000 2
SKANBK Float 09/24/24 2024-09-24 FLOATING 700 000 000 2
SKANBK 1.97 02/02/27 2027-02-02 FIXED 250 000 000 1
As of 2019-10-16
Bonds with min.piece 1 MM cannot be tapped
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Appendix - Outstanding senior bonds
30
Bond Maturity Coupon type Amount issued Min piece (MM)
SKANBK Float 10/25/19 2019-10-25 FLOATING 300 000 000 1
SKANBK 0.06 12/27/19 2019-12-27 FIXED 500 000 000 1
SKANBK Float 02/28/20 2020-02-28 FLOATING 935 000 000 1
SKANBK 0.07 02/28/20 2020-02-28 FIXED 500 000 000 1
SKANBK 0.35 05/26/20 2020-05-26 FIXED 600 000 000 1
SKANBK 0.34 09/14/20 2020-09-14 FIXED 300 000 000 1
SKANBK Float 02/08/21 2021-02-08 FLOATING 500 000 000 2
SKANBK Float 02/22/21 2021-02-22 FLOATING 100 000 000 1
SKANBK 0 3/8 03/22/21 2021-03-22 FIXED 500 000 000 2
SKANBK Float 09/20/21 2021-09-20 FLOATING 900 000 000 2
SKANBK Float 12/20/21 2021-12-20 FLOATING 500 000 000 2
SKANBK Float 03/18/22 2022-03-18 FLOATING 300 000 000 2
SKANBK 1.1 08/29/22 2022-08-29 FIXED 300 000 000 1
SKANBK Float 09/19/22 2022-09-19 FLOATING 500 000 000 2
As of 2019-10-16
Bonds with min.piece 1 MM cannot be tapped
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Contacts
31
Christofer Zetterquist, CFO
+46 (0)8-788 20 15
Kristoffer Straume, Head of Treasury
+46 (0)8-463 60 12
Karl Aigéus, Treasury Dealer
+46 (0)8-788 22 69
Johan Skoglund, Treasury Dealer
+46 (0)8-788 10 47
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32