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Disclaimer
Banco Sabadell cautions that this presentation may contain forward looking statements with respect to the business. financial condition. results of operations. strategy. plans and objectives of the Banco Sabadell Group. While these forward looking statements represent our judgement and future expectations concerning the development of our business. a certain number of risks. uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include. but are not limited to. (1) general market. Macroeconomic. governmental. political and regulatory trends. (2) movements in local and international securities markets. currency exchange rate. and interest rates. (3) competitive pressures. (4) technical developments. (5) changes in the financial position or credit worthiness of our customers. obligors and counterparts. These risk factors could adversely affect our business and financial performance published in our past and future filings and reports. including those with the Spanish Securities and Exchange Commission (Comisin Nacional del Mercado de Valores). Banco Sabadell is not nor can it be held responsible for the usage. valuations. opinions. expectations or decisions which might be adopted by third parties following the publication of this information. Financial information by business areas is presented according to GAAP as well as internal Banco Sabadell groups criteria as a result of which each division reflects the true nature of its business. These criteria do not follow any particular regulation and can include forecasts and subjective valuations which could represent substantial differences should another methodology be applied. The distribution of this presentation in certain jurisdictions may be restricted by law. Recipients of this presentation should inform themselves about and observe such restrictions. These slides do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe to any securities nor shall they or any one of them form the basis of or be relied on in connection with any contract or commitment whatsoever. 2
Index
1. Economic environment 2. Liquidity and funding 3. Commercial activity 4. Asset quality and real estate
1. Economic environment
Industrial output
(% chg. YoY)
Consumer confidence
(level)
10 0
0 -10 -20
2007
2008
2009
2010
2011
100 50 1995 Spain 1998 2001 2004 France 2007 Italy 2010
-8 2000
2002
2004
2006
2008
2010
Germany
Domestic demand
Government balance
(2010, % of GDP)
2 0 -2 -4 -6 -8 -10 -5.7 -6.7 -9.2-9.3 -2.8-2.4 -0.5-0.4 -0.2 0.2
M un ic ip al itie s
C en tra lg ov t.
eg io na lg ov ts
se cu rit iy
Data
Target
2009
2010
2011
So ci al
Pu bl ic
se ct or
5
80
4
40 0 SP FR GE PT IE IT GR
3.90%
Stressed scenario
80 75 70
Banco Sabadell
65 60 55
Government
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0 SP GE FR PT IE IT GR
50
Sources: Eurostat, Treasury, European Commission and Banco Sabadell *Note: Sustainability analysis of Spanish public debt. Based on different assumptions of the primary fiscal balance, the GDP nominal growth and the interest rate associated to the debt. The government scenario is based on government numbers until 2014 and BS estimates for 2015 and onwards. The stressed scenario assumes 0% nominal GDP growth until 2014
Law tying spending to medium-term economic growth Budget stability enshrined in Constitution, limiting the structural deficit Greater transparency in regional governments' fiscal information
Labour market and pension system reform Measures to reduce the paperwork for creating companies Restructuring of the financial system and greater transparency in financial system exposure to construction and real estate development
Germany
1 to 9 employees
Spain
10-19
UK
20-49
USA
50-249 over 250 1 to 9 employees 10-19 20-49 50-249 over 250
The low productivity in the economy as a whole is broadly linked to the large percentage of SMEs
Source: FEDEA
10
Eurozone
106
104
102
Eurozone
11
(2000=100)
60
140
Lower price sensitivity
55
120 100 80 60
50
45
40
2000
K Ita G ly re ec H e ol la Po nd rtu ga l U G
2002
2004
2008
2010
Sp a er in m an Be y lg Sw iu m ed en Au st ria Ire la n Fr d an ce
Spanish companies are gradually refocusing their exports on markets with greater growth potential
Sources: Goldman Sachs and COMTRADE *Note: Index of price elasticity of exports (Goldman Sachs). Indicates how skewed a country exports are towards price inelastic goods. The higher the score on the index, the smaller the impact on export performance related to price changes. A higher score indicates that non-price factors dominate exports.
12
13
Stock exchange
(Jan11 = 100)
120
100
80
60
2010
2011
Jan-11
Mar-11
May-11
Jul-11
Sep-11
14
134%
8%
132%
130%
7%
128%
6%
126%
124%
5%
1Q 0 2Q 7 0 3Q 7 0 4Q 7 0 1Q 7 08 2Q 0 3Q 8 0 4Q 8 0 1Q 8 09 2Q 0 3Q 9 0 4Q 9 0 1Q 9 10 2Q 1 3Q 0 1 4Q 0 1 1Q 0 11 2Q 11
122%
Ja n07
*Data for the largest Spanish banking groups Sources: companies information and Bank of Spain
Ju l-1 1
15
in light of fundamentals
ECB and central banks net liquidity provision for European financial institutions (as % of total assets)
ECB net liquidity provision and total assets in the European context ( bn and %)
ECB and central as % of banks total liquidity liquidity provision provision
14 12
25
10
Portugal Italy
Spain France
16
1,200 1,150 1,100 1,050 1,000 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11
Jun-10 Greece
Dec-10 Italy
Jun-11 Portugal
17
but BS has managed to increase its deposit base in the last quarters
BS deposits evolution
( m)
55,000
50,000
45,000
2009 + 2.0bn
3 2.8
40,000
2.6
35,000
2.4 2.2
30,000
4Q08 1Q09 2Q09 3Q09 4Q091Q0102Q10 3Q10 4Q10 1Q11 2Q11
2
Ju n07 O ct -0 7 Fe b08 Ju n08 O ct -0 8 Fe b09 Ju n09 O ct -0 9 Fe b10 Ju n10 O ct -1 0 Fe b11 Ju n11
Total Deposits
Acquisition BG
New Deposits
18
48%
Other sectors 5%
Public sector 3%
Individuals 43%
37%
7% 9%
Term deposit over 12 months Term deposit 12 months Term deposit 6 months Term deposit 3 months
19
jun-10 Jun-10
jun-11 Jun-11
Var YoY
233 156 81 161 242 184 263 168 104 157 220 210 194 219 198 182
264 247 116 206 290 225 225 230 86 103 107 109 160 176 179 116
+31 +91 +35 +45 +48 +41 -38 +62 -18 -54 -113 -101 -34 -43 -19 -66
174 156 74 97 267 168 183 134 86 99 121 165 163 160 89 149
223 194 78 113 309 237 215 157 69 69 113 160 191 204 134 157
+49 +38 +4 +16 +42 +69 +32 +23 -17 -30 -8 -5 +28 +44 +45 +8
20
3. Commercial activity
21
30,000
7,000
25,000
6,000 5,000
20,000
4,000
15,000
3,000
10,000
2,000
5,000
1,000
0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 2011
Jun. 10
2,94%
3.88%
+57 bps
Jun. 11 3.51% Jun. 11
+41 bps
4.29%
Payrolls
Jun. 10
2.06%
Jun. 10
2.74%
+46 bps
Jun. 11 2.52%
+46 bps
Jun. 11 3.20%
23
and companies
Jun. 10
+145 bps
Jun. 11 6.88% Jun. 11
+417 bps
10.90%
Commercial lending
Jun. 10
7.52%
Jun. 10
23.50%
+200 bps
Jun. 11 9,52% Jun. 11 23.52%
+2 bps
24
41,212 49,374
24,191 16,021 30,092 18,285
51,055
31,456 18,600
10.7%
15.7% 3.8%
17,908 18,834
8,532 2,777 5,434 8,853 3,016 5,727
18,563
8,613 2,903 5,691
3.7%
0.9% 4.6% 4.7%
-2.1%
-6.8% -6.6% 4.4%
65,356 73,058
72,309
10.6%
-0.8%
Including BG in 2010 Excluding repos, including preference shares and mandatory convertible bond placed in the retail network
Euros in million
25
26
4.50% 4.00%
8.00%
4.28%
3.50% 3.00%
6.00%
3.43%
2.50% 2.00%
4.00%
1.50% 1.00%
2.00%
0.50% 0.00%
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Ju 10 n11
System NPL
Source: Bank of Spain and annual reports
BS NPL
1Q 0 2Q 7 0 3Q 7 0 4Q 7 0 1Q 7 0 2Q 8 0 3Q 8 0 4Q 8 0 1Q 8 0 2Q 9 0 3Q 9 0 4Q 9 0 1Q 9 1 2Q 0 1 3Q 0 1 4Q 0 1 1Q 0 11
0.00%
System
BS 27
2008 Pre-provision profit Total provisions Extraordinary items Net profit Cost of risk (bps)
* Including tax recoveries of 99.1 m Euros in million
Resilient pre-provision result has allowed for significant provisions to be taken through the P&L
28
RE Credit portfolio
RE Assets on and off BS Ramping up sales effort of RE assets on banks balance sheet Solvia sales force gives incentives to sell off balance sheet RE assets
70-80 new hires of real estate professionals Regional credit risk officers working side by side with RE professionals to evaluate risk and advising customers
29
Commercial activity
Regional Operations
Catalonia Madrid Levante South and Canary islands North Asturias - Len
30
Land
Total
% in Barcelona / Madrid
1st residence 2nd residence Industrial Commercial Hotels Other Gross portfolio Provisions Net portfolio
67% 9% 9% 10% 4% 1%
42%
72% 64%
48%
31
Real estate assets are sold at prices in line with current book value
BS real estate asset sales evolution
( m and %)
2010 1Q11 2Q11 174 228 24% 23% 1% 48 67 27% 29% -1% 71 95 25% 23% 2%
Discount to pre-provision costs Provisions built up % of sales price not covered by provisions
Including acquisition, development, and any transaction costs related to the sale of the asset Pre-provision cost
32
Type of asset Finished prop. Land under dev. Finished prop. Land under dev. Land Land under dev. Land Finished prop. Land Land
Use 1st residence Commercial 1st residence 1st residence 1st residence 1st residence 1st residence other 1st res. & comm. industrial
Depr. 45.1 37.0 18.5 29.3 19.6 42.1 16.8 7.5 11.3 5.1 232.3
Cov. 19% 29% 17% 31% 28% 66% 27% 14% 22% 10% 25%
3 Barcelona Illa del Mar 4 Barcelona Marina Sector 10 5 Barcelona Cerdanyola del Valls: El bosc 6 Barcelona Meridiana Sud 7 Madrid 8 Valencia Alcorcn: Retamar de la Huerta Canet d'en Berenguer
Local authorities currently reviewing urbanisation process In the process of being acquired by the local government of Madrid Euros in million
2
Top 10 assets represent 25% of total portfolio. High quality assets in large Spanish cities with adequate provisions
33
Outlook 2011-2012
Lower volumes Better net interest income due to lower rates than forecasted Satisfactory fees evolution Provisioning behaviour according to expectations
34
35