1. Goldman Sachs European Financials Conference
13-15 June 2012, Brussels
Erste Group –
Customer banking in Central and Eastern Europe
Andreas Treichl, CEO, Erste Group

2. Disclaimer –
Cautionary note regarding forward-looking statements
− THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY
VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS
TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS
OR CORRECTNESS OF THIS INFORMATION OR OPINIONS CONTAINED HEREIN.
− CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE
EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON
MANAGEMENT’S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN
RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR
EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH
STATEMENTS.
− NONE OF ERSTE GROUP OR ANY OF ITS AFFILIATES, ADVISORS OR REPRESENTATIVES
SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS
HOWSOEVER ARISING FROM ANY USE OF THIS DOCUMENT OR ITS CONTENT OR OTHERWISE
ARISING IN CONNECTION WITH THIS DOCUMENT.
− THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR
SUBSCRIBE FOR ANY SHARES AND NEITHER IT NOR ANY PART OF IT SHALL FORM THE BASIS
OF OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT
WHATSOEVER.
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3. Presentation topics
− Clear strategy: customer business in Central and Eastern Europe
− Customer loans and deposits dominate Erste Group’s balance sheet
− Retail deposits are the key pillar in funding mix
− Strong and vastly improved capitalisation
− Strong start into 2012
− Net profit of EUR 346.5mn in Q1 2012
− Macroeconomic snapshot
− Outlook
− Appendix
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4. Strategy –
A real customer need is the reason for all business
Customer banking in Central and Eastern Europe
Eastern part of EU Focus on CEE, limited exposure to other Europe
Retail Corporate Capital Public Interbank
banking banking markets sector business
Focus on local
Large, local corporate Focus on customer Financing sovereigns Focus on banks that
currency mortgage
and SME banking business, incl. and municipalities operate in the core
and consumer loans
customer-based with focus on markets
funded by local
Advisory services, trading activities infrastructure
deposits
with focus on development in core Any bank exposure is
providing access to In addition to core markets only held for liquidity
FX loans only where
capital marekts and markets, presences in or balance sheet
funded by local FX
corporate finance Poland, Turkey, Any sovereign management reasons
deposits (RO & HR)
Germany and London holdings are only held or to support client
Real estate business with institutional client for market-making, business
Savings products,
that goes beyond focus and selected liquidity or balance
asset management
financing product mix sheet management
and pension products
reasons
Potential future Building debt and
Potential future
expansion into Poland equity capital markets
expansion into Poland
in CEE
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5. Balance sheet structure –
Asset side
− Customer loans (March 2012: EUR 135bn) are the key asset (EUR 217bn) component
− Loans to private individuals and SMEs represent 85% of customer loans
− Share of customer loans within assets has substantially increased over time
− Decline in Mar 2012 is mainly due to rising assets on investing surplus liquidity
Customer loans / Total assets
80%
63% 64% 64% 64% 62%
60% 57%
52% 53% 53%
40% Avg of Barclays,
39% BNP, DB, HSBC,
ING, Santander*
20%
0%
2004 2005 2006 2007 2008 2009 2010 2011 Mar 12
*Source: Bloomberg (YE 2011)
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6. Balance sheet structure –
Liability side
− Customer deposits (March 2012: EUR 122bn) dominate the liability side
− Strong deposit inflow in Q1 2012 leads to further improvement of loan to deposit ratio (110.2%)
− Deposits from private individuals and SMEs represent 92% of customer deposits
− Substantial increase of total equity (March 2012: EUR 16bn) over time
Customer deposit + Total equity / Total assets
80%
63% 65% 64% 64%
60%
60% 56% 56%
53% 52%
Avg of Barclays,
41% BNP, DB, HSBC,
40%
ING, Santander*
20%
0%
2004 2005 2006 2007 2008 2009 2010 2011 Mar 12
*Source: Bloomberg (YE 2011)
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7. Funding mix –
Retail deposits remain a key pillar in funding mix
− Providing a solid funding base in all local currencies
− Limited long-term funding required due to decrease of non-core business
− 10yr EUR 1bn Pfandbrief in February 2012 (MS + 130bps)
− 5yr EUR 500mn Senior Unsecured in March 2012 (MS + 175bps)
− Total issuance of EUR 3bn ytd
Evolution of Erste Group's funding mix
100% 3% 3% 3% 3% 3% 2%
6% 6% 8% 9% 8% 8%
19% 18% 14% 11% 12% 13%
80%
16% 16% 16% 16%
17% 16%
60%
40%
55% 57% 59% 61% 61% 61%
20%
0%
Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Mar 12
Customer deposits Issued bonds & CDs Deposits by banks
Equity Subordinated capital
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8. Short term funding –
Vastly improved short-term funding profile
− Declining reliance on short-term funding
− Short-term funding needs are well covered by collateral
− Investment in highly liquid assets emphasized by continuously rising collateral
coverage of short-term funding needs
Short-term funding vs collateral coverage
60 142% 148% 160%
50 116%
107% 120%
in EUR billion
40 36
32 73% 32 32
26 28 28
30 53% 23 24 80%
22 21
19
20
40%
10
0 0%
Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Mar 12
S-t funding Unencumbered collateral Collateral coverage
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9. Capital position –
Strongly enhanced capital ratios as of March 2012
Core tier 1 ratio
Development of Core Tier 1 capital (total risk)1
(excluding hybrid) 10.2%
9.4%
9.2%
15,000
Mar 2012 EBA CET1 ratio: 9.7%
12,000 11,019 11,425
10,276 10,681
in EUR million
3,340
3,430
9,000 3,330
3,322
2010 2011 Mar 12
6,192
6,000 5,426
Core Tier 1 ratio –
3,083 excluding part capital
2,831 7,589 8,085
6,946 7,359 (total risk)
3,000 8.6%
2,595 3,109 7.8%
7.7%
0
Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Mar 12
Core tier-1 excl. minorities Minorities
2010 2011 Mar 12
1) Core tier 1 ratio (total risk) = tier 1 capital excl. hybrid and after regulatory deductions divided by total RWA - including credit risk, market and operational risk.
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10. Presentation topics
− Clear strategy: customer business in Central and Eastern Europe
− Customer loans and deposits dominate Erste Group’s balance sheet
− Retail deposits are the key pillar in funding mix
− Strong and vastly improved capitalisation
− Strong start into 2012
− Net profit of EUR 346.5mn in Q1 2012
− Macroeconomic snapshot
− Outlook
− Appendix
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11. Operating performance –
Solid revenues and strict cost control
− Sound underlying operating performance
− Net interest income and net fee and commission income account for 95% of operating income (Q1 12)
− Q1 2012 risk costs mainly driven by extraordinary items in Hungary and Romania
Erste Group's operating profit history
(pre-provision profit)
1,114
1,031
1,001
1,200
996
996
995
942
938
659
916
902
839
804
775
761
732
731
900
703
504
460 408
in EUR million
557 607 531 433 461
119 163 370 522 581
600 221 218 469
553 938
300 614 597 510
484
610
470
571 481 588
468 416 443 .387 465
334 335
222
0
-279
-300
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12
Post-provision profit Risk provisions
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12. Operating performance –
Development of CIR and NIM
− Cost income ratio represents a continuous and very strict cost control
− Declining CIR in CEE; stable in Austria
− Resilient margins even in a low interest rate environment
− Recent decrease in CEE is mainly due to Hungary (FX loan repayment) and Romania (Prima Casa)
Cost/income ratio Net interest margin
80% 5% 4.7%
4.6% 4.6%
67% 66% 4.2%
65% 65% 64% 4.0%
4%
60% 57%
50% 50% 51% 51% 3.1%
3.0% 3.0%
2.8% 2.9%
3%
49%
40% 44% 44% 44% 2.1% 2.1% 2.1%
43% 2.0%
2% 1.8%
20%
1%
0% 0%
2008 2009 2010 2011 1-3 12 2008 2009 2010 2011 1-3 12
Group Austria CEE Group Austria CEE
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13. Asset quality review –
Stable NPL ratio in Austria; CEE still mixed
− Austria: stable development in saving banks as well as Erste Bank Oesterreich
− Hungary and Romania have remained challenging
− Slovakia: good quality loan growth
− Czech Republic: new production mainly in low risk mortgage business
Erste Group: NPL ratio vs NPL NPL ratios in key segments
coverage
30%
30% 70%
24.3% 23.5%
25%
63.9%
25% 65%
61.4% 61.9%
60.6% 61.0%
20%
20% 60%
15%
15% 55%
10% 8.2% 8.5% 8.8% 50% 10% 8.0%
7.7% 7.9%
6.7%
5.6% 5.6%
5% 45% 5%
0% 40%
0%
Mar 11 Jun 11 Sep 11 Dec 11 Mar 12
AU CZ RO SK HU GCIB
NPL ratio NPL coverage (exc collateral) Mar 11 Jun 11 Sep 11 Dec 11 Mar 12
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14. Asset quality review –
Risk costs increased in Hungary and Romania
− GCIB: demand is growing in GLC business
− Increase of risk cost mainly driven by Hungary and Romania in Q1 2012
− One-off risk provisions of EUR 75.6m in Hungary related to the interest subsidy scheme
− Extraordinary risk provisions of EUR 98.6m in Romania which resulted in increased NPL cov. ratio
− Long-term improvement trend of risk costs in AT, SK and CZ
Risk costs in key segments
1,000 938
800
in EUR million
581
600
460 461
408
400
200
0
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
Austria Czech Republic Romania Slovakia Hungary GCIB Other
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15. Development of net profit –
Strong start into 2012
Return on Equity Net profit
(in EUR m)
11.2% 347
321
9.6% +17% +7.8%
1-3 11 1-3 12 1-3 11 1-3 12
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16. Presentation topics
− Clear strategy: customer business in Central and Eastern Europe
− Customer loans and deposits dominate Erste Group’s balance sheet
− Retail deposits are the key pillar in funding mix
− Strong and vastly improved capitalisation
− Strong start into 2012
− Net profit of EUR 346.5mn in Q1 2012
− Macroeconomic snapshot
− Outlook
− Appendix
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17. Growth outlook in CEE –
CEE continuously outgrows the euro zone
Real GDP growth in CEE
8
2012 euro zone avg. 0.0%
6
4.2
3.3
3.1
2.6
2.5
2.3
4
1.7
1.7
1.4
1.3
1.2
0.9
0.5
2
0
in %
-0.5
-2
-1.6
-4
-3.8
-4.5
-4.9
-6
-6.6
-6.8
-8
-10
AT CZ RO SK HU
2009 2010 2011 2012e
Source: Erste Research
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18. Interest rate environment in Europe –
Development of 10y government bonds (%)
20 20
Greece
18 18
16 Euro Lehman 16
14 14
12 12 Portugal
10 10
8 8
Ireland
6 6 Spain
Italy
4 4
France
2 2 Austria
Germany
0 0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
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19. Manageable indebtedness in CEE –
Private and public debt levels across Europe
Debt to GDP*
350
318
300 274
254
250 243
225 226 227
197 208
in %
200
160
150 127
109 110 110
100
50
0
GE
FR
GR
IT
SK
PL
SL
SP
PT
RO
CZ
HU
BE
AT
Public Private
*Source: Eurostat
Private sector data include households and non-financial corporations
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20. Presentation topics
− Clear strategy: customer business in Central and Eastern Europe
− Customer loans and deposits dominate Erste Group’s balance sheet
− Retail deposits are the key pillar in funding mix
− Strong and vastly improved capitalisation
− Strong start into 2012
− Net profit of EUR 346.5mn in Q1 2012
− Macroeconomic snapshot
− Outlook
− Appendix
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21. Conclusion –
Outlook
− Erste Group focuses on customer banking in Central and Eastern Europe
− Customer loans and customer deposits dominate the balance sheet
− Real economy related business remains the key priority
− Comfortable liquidity position
− Retail deposits are the key pillar in funding
− Significantly improved short-term funding profile
− Strong capitalisation
− Erste Group expects to comfortably and sustainably meet all capital requirements (EBA, Basel 3)
− Basel 2.5 CET1 ratio reaches 10.2%, EBA CET1 ratio rises to 9.7% as of March 2012
− Erste Group expects a stable operating result in 2012
− Supported by selective loan growth in core markets and further cost reductions
− Risk costs expected to decline to about EUR 2.0 billion in 2012
− Impacted by one-off provisioning requirements in Hungary (EUR 75.6 million in Q1 2012) and by the
slow economic recovery in Romania
− Net income will be further supported in Q2 2012
− By one-off income of EUR 160m (pretax) from the buyback of additional tier 1- and tier 2-instruments
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22. Presentation topics
− Clear strategy: customer business in Central and Eastern Europe
− Customer loans and deposits dominate Erste Group’s balance sheet
− Retail deposits are the key pillar in funding mix
− Strong and vastly improved capitalisation
− Strong start into 2012
− Net profit of EUR 346.5mn in Q1 2012
− Macroeconomic snapshot
− Outlook
− Appendix
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23. Strategy –
Customer banking in the eastern part of the EU
Erste Group
Slovakia
Czech Republic Clients: 2.4m
The leading retail bank with 16.9 m customers
Clients: 5.2m Retail loans: 26.4% One of the leading corporate banks
Retail loans: 24.2% Retail dep.: 25.7%
Retail dep.: 28.3% Branches: 292 Strong capital markets presence
Branches: 654 Hungary
Clients: 0.9m
Retail loans: 14.2%
Austria
Retail dep.: 7.8%
Clients: 3.2m
Branches: 143
Retail loans: 19.2%
Retail dep.: 18.7%
Ukraine
Branches: 1,050
Clients: 0.2m
Croatia Romania Retail loans: 1.4%
Clients: 1.0m Clients: 3.6m Retail dep.: 0.4%
Retail loans: 13.9% Retail loans: 18.0% Branches: 121
Serbia
Retail dep.: 13.0% Retail dep.: 22.2%
Clients: 0.3m
Branches: 146 Branches: 667
Retail loans: 3.3%
EU or EU candidate country
Retail dep.: 2.5%
Non-EU or non-EU-candidate country Branches: 66 Indirect Presence
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24. Drill-down on selected asset classes –
No meaningful sovereign exposure to peripheral Europe
Total net exposure of Erste Group (incl. savings banks) to selected European countries:
in EUR million Sovereign Bank Other Total net exposure
Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12
Greece 602.2 4.4 3.9 172.0 57.9 15.1 7.7 7.6 7.6 781.9 69.9 26.7
Ireland 88.6 46.5 61.1 252.2 204.4 107.4 81.7 78.2 67.1 422.6 329.1 235.6
Portugal 234.6 5.6 3.8 280.5 94.0 70.1 14.3 13.0 9.6 529.5 112.6 83.5
Spain 114.2 23.8 5.8 734.6 282.2 400.7 383.6 425.6 328.5 1,232.4 731.6 735.0
Italy 1,075.8 472.6 70.7 1,164.8 806.8 720.5 1,082.0 582.0 619.4 3,322.6 1,861.4 1,410.6
Sum total 2,115.5 553.0 145.2 2,604.2 1,445.2 1,313.8 1,569.3 1,106.4 1,032.2 6,288.9 3,104.6 2,491.3
Sovereign net exposure by country and portfolio:
in EUR million FV AfS At amortised cost Total net exposure
Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12
Greece 456.5 -8.5 1.3 77.5 10.3 2.6 68.2 2.6 0.0 602.2 4.4 3.9
Ireland 59.7 0.0 0.0 25.3 31.8 46.4 3.6 14.7 14.7 88.6 46.5 61.1
Portugal 168.4 0.0 0.0 10.6 5.6 3.8 55.6 0.0 0.0 234.6 5.6 3.8
Spain 35.1 -27.1 -26.2 51.6 38.7 29.8 27.5 12.2 2.2 114.2 23.8 5.8
Italy 907.2 399.9 0.0 149.1 70.9 70.7 19.5 1.8 0.0 1,075.8 472.6 70.7
Sum total 1,627.0 364.3 -25.0 314.1 157.3 153.3 174.4 31.3 16.9 2,115.5 553.0 145.2
Bank net exposure by country and portfolio:
in EUR million FV AfS At amortised cost Total net exposure
Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12 Dec 10 Dec 11 Mar 12
Greece 0.1 0.0 2.2 0.0 0.0 0.0 171.9 57.9 13.0 172.0 57.9 15.1
Ireland 141.8 99.4 64.8 90.4 92.0 38.7 20.0 13.0 3.9 252.2 204.4 107.4
Portugal 71.7 9.4 15.3 56.4 29.7 0.0 152.4 54.9 54.8 280.5 94.0 70.1
Spain 341.0 61.9 166.8 163.6 64.5 56.1 229.9 155.8 177.8 734.6 282.2 400.7
Italy 322.8 233.6 28.1 152.7 180.6 186.6 689.2 392.6 505.8 1,164.8 806.8 720.5
Sum total 877.5 404.3 277.2 463.3 366.8 830.1 1,263.4 674.2 755.2 2,604.2 1,445.2 1,313.8
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