1H20 (2Q20) Earnings Call (August 19, 2020)
1H20 (2Q20) Earnings Call
19. August 2020
Until 8:00am CEST
Publication of 1H20 Earnings Release
Csongor Nemeth (CEO) and Markus Krause (CRO & CFO)
Webcast to discuss 1H20 results
IR NEWS & AD-HOC
July 9, 2020: Link to the live broadcast of the extraordinary General Meeting of Addiko Bank AG on 10. July, 2020 published (Go to)
July 3, 2020: Statement by the Supervisory Board of Addiko Bank AG to the shareholder request pursuant to Section 110 AktG (link)
July 2, 2020: Proposed resolutions of shareholders on the agenda of the Extraordinary General Meeting pursuant to Section 110 AktG (link)
June 29, 2020: Rating Action – Moody’s has not changed Addiko Bank AG’s ratings on June 26, 2020 (outlook stable) (link)
June 25, 2020: Statement by the Supervisory Board of Addiko Bank AG to the addition to the agenda of the Extraordinary General Meeting (link)
June 23, 2020: Addition to the agenda of the Extraordinary General Meeting (link)
June 22, 2020: Ganesh Krishnamoorthi appointed Chief Retail, IT and Digitalization Officer from August 1, 2020 (pdf)
June 19, 2020: Convocation to extraordinary GM for July 10, 2020 announced (link)
May 26, 2020: Announcement of 2020 capital requirements according to SREP decision
Addiko Bank AG received the decision of the FMA relating to SREP capital requirements for 2020.
Addiko Bank AG hereby informs that on May 26, 2020, Addiko Bank AG received from the Financial Market Authority (FMA) the formal decision regarding the SREP 2020 capital requirements. As previously disclosed the decision reflects the latest draft and amounts to a Pillar 2 Requirement (P2R) of 4.1% and a Pillar 2 Guidance (P2G) of 4% on holding level as well as at the level of the Addiko Group. Further details are contained in the Earnings Release for the first quarter 2020 (1Q20) published on May 19th, 2020. In connection with P2G, the FMA has requested, after determining the effects of Covid-19 on Addiko Bank AG, to present a capital plan by February 2021, which explains how and in what timeframe this recommendation will be complied with. The SREP process considering 2019 and 2020 developments has been started, with the corresponding draft SREP 2021 decision expected in late autumn 2020.
March 31, 2020: Addiko Bank AG to postpone its Annual General Meeting in the context of the coronavirus pandemic to the fourth quarter 2020 (pdf)
February 5, 2020: Addiko Group publishes preliminary results for the year 2019 (pdf)
December 20, 2019: Announcement of MREL requirement
Addiko Bank AG received the decision of the SRB relating to MREL requirement.
Addiko Bank AG hereby informs that on December 17, 2019, Addiko Bank AG received from the Financial Market Authority (FMA) the formal decision of the Single Resolution Board (SRB) relating to the MREL requirement (minimum requirement for own funds and eligible liabilities), which amounts to 20.58% of Total Liabilities and Own Funds (TLOF) on consolidated level. The MREL requirement shall be reached by December 31, 2023 and from that date shall be met at all times.
As previously disclosed the decision for the MREL requirement is based on the Single Point of Entry (SPE) approach, while Addiko Bank AG is in preparation to meet all requirements for a Multiple Point of Entry (MPE).
December 06, 2019: Rating Action – Moody’s confirms Addiko Bank AG’s ratings (outlook stable) concluding the rating review for Addiko opened on 11 October 2019 and reflecting the bank’s announcement on 19 November 2019 to postpone a planned issuance of subordinated debt
November 19, 2019: Addiko Group publishes 3Q19 earnings
October 11, 2019: Rating Action – Moody’s places Addiko Bank AG’s deposit ratings on review for upgrade and assigns first time Ba3 rating to Subordinated Tier 2 Notes, on review for upgrade
October 10, 2019: Management hosted an investor and analyst call
August 20, 2019: Addiko Group publishes 1H19 financial report
August 12, 2019: Citigroup Global Markets Limited, acting as Stabilization Manager, exercised the Greenshoe in full (975,000 shares)
August 7, 2019: Timing and details for 1H19 results announcement published
July 10, 2020: Supervisory Board Members elected (pdf)
The extraordinary General Meeting of Addiko Bank AG held today on 10. July 2020, has elected Mrs. Monika Wildner and Mr. Kurt Pribil as members of the Supervisory Board of Addiko Bank AG.
June 4, 2020: Prolongation of Management Board mandates (pdf)
In its meeting on June 4, 2020, the Supervisory Board of Addiko Bank AG decided to prolong the mandates of the Management Board members Csongor Nemeth and Markus Krause until June 30, 2023.
May 26, 2020: Changes in the Management Board / Supervisory Board Approves New Management Board (pdf)
The Supervisory Board of Addiko Bank AG has today resolved on a new setup of the Management Board of Addiko Bank AG, which will in the future be constituted by the following persons:
From 1st July 2020, Mr. Csongor Nemeth who is currently the Chief Corporate & SME Banking Officer, will serve as Chief Executive Officer (CEO).
From 27th May 2020, Mr. Markus Krause who is currently the Chief Risk Officer (CRO), will assume responsibility for the Chief Financial Officer (CFO) function, in addition to his duties as CRO.
Both Mr. Nemeth and Mr. Krause have been members of the Management Board during the successful transformation of Addiko Group since 2015 and were integral members of the leadership team which completed the IPO in 2019.
From 1st August 2020, the Management Board will be extended by a third Member, serving as Chief Retail & IT Officer, further details will be shared in due course.
Mr. Razvan Munteanu, currently CEO, expressed his intention to offer his resignation at the request of the Supervisory Board as of 1st July 2020, determined by the differing views on the set-up and timing of the Management Board changes.
The Supervisory Board is confident that the solid financials of the bank – capital base, liquidity, risk provisions in anticipation of the deteriorating macroeconomics – combined with the new Management Board set-up will accelerate the transformation of the bank along the lines of its set strategy, giving new impetus to digital initiatives in the consumer and SME segments, as well as efficiency and cost programs.
The Supervisory Board wishes to thank Mr. Munteanu for the contribution in shaping Addiko Bank through the design and implementation of its distinctive strategy.
May 22, 2020: Changes in the Management Board (pdf)
The Chief Financial Officer (CFO) of Addiko Bank AG, Mr. Johannes Proksch, has expressed his willingness to resign from his function as a member of the Management Board to the Supervisory Board. The decision was made for differing views. Details will be formally finalized within the next few days.
Over the last ten years Mr. Johannes Proksch has led as CFO and Chief Transformation Officer (CTO) the successful restructuring and transformation of Addiko Bank into last year’s listing on the Vienna Stock Exchange. The Supervisory Board thanks Mr. Proksch at this stage for his longstanding commitment and his successful efforts in transforming Addiko into a focused consumer and SME lender in the CSEE region.
May 20, 2020: Hans-Hermann Lotter elected as Chairman of the Supervisory Board (pdf)
Following the resignation of the former chairman of the supervisory board of Addiko Bank AG, Hermann-Josef Lamberti, announced on May 15, 2020, the supervisory board of Addiko Bank AG has elected the previous deputy chairman Hans-Hermann Lotter as the new chairman of the supervisory board in its session on May 20, 2020. Henning Giesecke remains deputy chairman of the Supervisory Board.
May 15, 2020: Changes in the Supervisory Board (pdf)
The chairman of the supervisory board of Addiko Bank AG, Mr. Hermann-Josef Lamberti, has today handed in his resignation from his function as member and chairman of the supervisory board. The decision was made for personal reasons and follows the IPO 2019 and the decrease of the shareholding of the former main shareholder.
The management board and the supervisory board of Addiko Bank AG would like to thank Mr. Lamberti for his many years of commitment to the group.
Until the election of a new chairman by the supervisory board, the deputy chairman of the supervisory board, Mr. Hans Lotter, will perform the duties of the chairman in accordance with the articles of association and the law.
October 4, 2019: Addiko Bank AG discloses draft SREP for 2020 (pdf)
Addiko Bank AG has received a draft SREP for 2020 indicating a Pillar 2 Requirement (P2R) of 4.3% (4.1% for 2019). In addition, a Pillar 2 Guidance (P2G) of 4% is foreseen by the draft decision. Addiko Bank AG will engage with the regulator on the basis of the draft decision, addressing a variety of technical aspects on both P2R and P2G.
October 1, 2019: Ruling by the Supreme Court of the Republic of Croatia regarding CHF clauses / Preliminary assessment (pdf)
The Issuer has published an ad hoc release on 17 September 2019 regarding the Croatian Supreme Court‘s ruling on the nullity of foreign exchange clauses used in CHF-denominated loans.
After further assessment, the Issuer expects that loan contracts which were not converted into EUR under the Croatian Consumer Credit Act 2015 are potentially affected by the ruling and could become the subject of individual claims for restitution. Addiko is prepared to avail itself of any legal recourse against individual claims filed.
As of the date hereof the management expects a potential provision, in the high single digit million Euro range, to be reflected in the third quarter 2019 financials dependent on the further evolvement of the circumstances.
September 17, 2019: Ruling by the Supreme Court of the Republic of Croatia regarding CHF clauses (pdf)
On September 17, 2019 the Supreme Court of the Republic of Croatia rendered a ruling in collective consumer protection claims against eight large banks in Croatia, including Addiko Bank d.d. (Zagreb), rejecting their revisions and deciding that CHF clauses used in loan agreements, linking payments in local currency to CHF, are null and void.
As a consequence of the judgment, consumers who concluded loan agreements with Addiko Bank d.d. (Zagreb) may have a right to claim nullity of the respective CHF clause with individually filed disputes.
Addiko Bank AG is currently analyzing the ruling and is assessing any impact related thereto as well as possible legal remedies.
ADDIKO INVESTOR RELATIONS CONTACT
Head of Investor Relations & Group Corporate Development
+43 (0) 50232 2070