Final Results
Banco Santander Central Hispano SA
08 February 2006
Press Release
Santander net attributable income for 2005 increases 72%, to EUR 6.220 billion
On a like-for-like basis with 2004, Group attributable ordinary income was EUR
4,401 million (+22%), to which EUR 811 million from Abbey should be added,
increasing ordinary income to EUR 5,212 million (+45%).
- The strong earnings allow the Group to increase its dividend 25%, to EUR
0.4165 per share, distributing EUR 2,605 million to shareholders, equivalent to
49.98% of ordinary income.
- Increased profit is based on the strength of retail business, both in
Spain and Latin America, with 18% growth in lending and a 15% rise in deposits.
- In continental Europe, attributable income rose 38.2% (to EUR 2,984
million) thanks to the 19% growth in lending and 9% in deposits.
- In Latin America, attributable income rose 21% in US dollars (to US$2,208
million), its operating currency, backed by an increase of 20% in lending and of
17% in deposits in local currency.
- Abbey, consolidated for the first time in Santander's earnings in 2005,
obtained attributable income of EUR 811 million, beating both revenue growth and
cost reduction targets.
- The NPL ratio fell to 0.89%, breaking the 2004 year-end barrier of 1.00%.
Coverage increased to 182% at the end of 2005, from 166%.
- In 2005 the Group obtained gross capital gains of EUR 2,229 million on
the sale of industrial holdings, such as its 22% stake in Union Fenosa (EUR
1,157 million), 32% in Auna (EUR 355 million) and 2.57% in The Royal Bank of
Scotland (EUR 717 million).
- Of the capital gains in the year, EUR 658 million were assigned to Abbey
restructuring costs, EUR 608 million to pre-retirements in Santander in Spain
and EUR 1,008 million were included in the year's earnings.
Madrid, 8th February 2006. Grupo Santander registered attributable income of EUR
6,220 million in 2005, an increase of 72% from 2004, when it recorded profit of
EUR 3,606 million. Three factors have led to this performance. First of all, the
strong growth of activity and earnings in the units already included in Grupo
Santander in 2004, with profit increasing 22%, to EUR 4,401 million. Secondly,
the inclusion of Abbey for the first time in the Group's results, contributing
EUR 811 million. And thirdly, the sale of non-strategic holdings, leading to
substantial capital gains, of which EUR 1,266 million were assigned to
extraordinary restructuring and 1,008 million to net income.
The strength of these earnings, the highest in the Group's history, has enabled
the Board of Directors to approve a 25% increase in the dividend charged to the
2005 results, the total amount of which will be EUR 0.4165 per share. EUR 2,605
million will be paid to shareholders, equivalent to 49.98% of ordinary income
for 2005 (EUR 5,212 million), in line with the target pay-out. Therefore, the
capital gains of EUR 1,008 million will be added to the Group's capital as
non-distributed profit. The dividend's increase is the biggest in 17 years.
Earnings
In its first year in the Group's accounts, Abbey made a highly positive
contribution. The management objective for 2005 was to stabilise revenue, reduce
costs and relaunch business operations with the commitment to end 2007 with
synergies of £150 million in revenue and £300 million in costs. In its first
year under Santander management, Abbey's recurrent revenue increased by £95
million (+4%) and costs fell by £224 million, meaning that in just one year it
has covered 75% of the 3-year savings target. Revenue growth was backed by
improved sales and productivity, driving lending growth up 7% and customer funds
up 1% in local currency.
Distribution of attributable income by business area
With Abbey, Europe accounts for EUR 3,795 mill. of attributable income
EUR Mill. % of operating areas
Continental Europe 2,984 54%
Abbey 811 14%
Subtotal Europa 3,795 68%
LatAm 1,776 32%
Total 5,571 100%
Accelerating growth in margins
Revenues and net operating income (ex-Abbey)
Net interest income (w/out dividends) - Change o/ same period 2004
Q1'05 8%
H1'05 9%
J-S'05 12%
2005 15%
Gross operating income - Change o/ same period 2004
Q1'05 7%
H1'05 8%
J-S'05 11%
2005 14%
Net operating income - Change o/ same period 2004
Q1'05 10%
H1'05 11%
J-S'05 13%
2005 18%
The rest of the Group, excluding Abbey, showed growth in margins accelerating
quarter by quarter. Thus, net interest revenue (+15%), net operating revenue
(+14%) and net operating income (+18%) doubled their growth rates compared to
the first quarter. The Group's profit with the same perimeter as in 2004 is EUR
4,401 million, up 22%.
Operating income from business in continental Europe (Spain, Portugal and
Santander Consumer Finance) grew 20%, backed by the 11% increase in revenue,
with costs under 3%. This performance, together with lower provisions, led to
38.2% growth in income, to EUR 2,984 million. The largest contribution was made
by the Santander branch network in Spain, with EUR 1,285 million (+44.1%),
followed by Banesto, 498 million (+24%) and Santander Consumer Finance, 487
million (+46.3%).
In 2005, the Santander branch network focused on protecting its margins and
concentrating its growth efforts on the most profitable business segments. As a
result, it ended the year with over 9% increase in the net interest margin,
double that of the first quarter. It was also able to combine a 1% cost
reduction with the opening of 120 branches and the implementation of the
Partenon IT system in all branches.
Main units in Continental Europe 2005
Millions of euros and % change from 2004
Balanced revenue growth, together with cost control and lower needs for
provisions, boosts income growth
Gross operating income: 9,382; +11.2%
Retail SAN 3,826 +8.3%
Banesto 1,794 +8.4%
Santander Consumer 1,604 +25.9%
Portugal 995 +7.2%
Rest of Units* 1,163 +11.4%
(*) Banif, Asset Manegement and Global Wholesale Banking
Net operating income: 5,428; +19.8%
Retail SAN 2,101 +17.2%
Banesto 1,140 +18.9%
Santander Consumer 1,073 +32.6%
Portugal 498 +15.6%
Rest of Units* 615 +14.4%
(*)Banif, Asset Manegement and Global Wholesale Banking
Attributable income: 2,984; +38.2%
Retail SAN 1,285 +44.1%
Banesto 498 +24.0%
Santander Consumer 487 +46.3%
Portugal 345 +35.7%
Rest of Units* 368 +32.1%
(*)Banif, Asset Manegement and Global Wholesale Banking
Latin America. Main countries
US$ Mill. and % change from 2004
Gross operating income: 8,531; +24.8%
Brazil 3,354 +33.2%
Mexico 1,955 +22.6%
Chile 1,369 +22.4%
Other countries 1,578 +15.7%
S. Private Banking 275 +15.1%
Net operating income: 3,886; +31.8%
Brazil 1,524 +42.9%
Mexico 816 +24.4%
Chile 742 +30.2%
Other countries 648 +23.0%
S. Private Banking 156 +21.9%
Attributable income: 2,208; +21.0%
Brazil 734 +4.1%
Mexico 468 +16.3%
Chile 420 +45.5%
Other countries 442 +41.4%
S. Private Banking 144 +24.8%
In Latin America, costs rose 18.4%, owing to investment in new projects and
branch networks in the main countries. Revenue grew 24.8%, leading to a 31.8%
increase in operating income in dollars. Attributable income for the region rose
21%, to US$ 2,208 million (EUR 1,776 million). The largest contribution was made
by Brazil, with income of US$ 734 million (+4.1%), followed by Mexico, with US$
468 million (+16.3%) and Chile, with strong growth of 45.5% (US$ 420 million).
Performance was highly positive in the Group's two global areas. Asset
Management and Insurance, excluding Abbey, grew 26.7% in revenues and 15% in
costs, leading to a 34.7% improvement in operating income and gross profit of
509 million (+37.2%). Total revenues in funds and insurance activities within
the Group grew 20%, with an increase of 30% in insurance, 16% in mutual funds
and 15% in pension funds.
Global Wholesale Banking improved its operating income 8%, with a gross profit
of EUR 1,069 million (+21.9%). Corporate and investment banking still carries
the most weight, representing 45.4% of revenues and growing 13%. The strongest
growth was in customer treasury activity (Santander Global Connect and Santander
Global Markets) and equities, expanding 28%. On the other hand, income from
proprietary trading and portfolios fell.
Apart from these results from the Group's ordinary activity, Santander
progressed with the divestment of its industrial holdings in 2005 - Union Fenosa
(22%), Auna (32%) - and The Royal Bank of Scotland (2.57%), subsequently
reinvesting these resources in banking business. These sales produced gross
capital gains of EUR 2,229 million, which were assigned to amortising the amount
involved in restructuring Abbey (EUR 658 million) and to pre-retirements in the
Santander branch network in Spain (EUR 608 million). The remainder of the
non-assigned capital gains will be used to increase attributable income by EUR
1,008 million, which will contribute to reinforcing the Group's solvency and
sound capital base.
Business
Grupo Santander closed 2005 with a volume of managed customer funds of EUR
961,953 million, an increase of 21%. Of this amount, balance sheet resources
accounted for EUR 528,522 million, with the remainder corresponding to customer
funds (basically mutual funds and pensions), which are accounted for
off-balance.
Grupo Santander's gross lending amounted to EUR 443,439 million at the close of
2005, up 18%. The inclusion of Abbey (which for balance sheet purposes occurred
at the close of 2004) adds greater regional risk diversification, with 49% of
lending in continental Europe, 39% in the U.K. and the remaining 12% in Latin
America.
Among Abbey's priorities was the re-launching of its retail business, and it
closed the year with a lending volume of EUR 171,796 million and 7% growth in
local currency. Mortgage production was up 10%, Abbey-branded personal loans,
23% and the number of credit cards, 9%.
Lending rose 19.5% in continental Europe, across all countries and units, to EUR
212,455 million. The Santander branch network in Spain grew 15%, Banesto 23%,
Portugal 13% and Santander Consumer Finance, 25%.
Continental Europe. Business activity
All units are expanding and focusing on their priorities and key segments
Loans* Funds**
Retail Santander +15% +8% • Improving business mix:
SMEs (+19%), microbusiness (+32%),
mortgages (+16%)
• Demand deposits (+11%),
mutual funds (+15%)
Banesto +23% +15% • Market share increase: SMEs
(+20%), mortgages (+27%), cards (+23%)
• Time deposits (+29%)
S. Consumer +25% +18% • Car financing (+22%),
consumer+cards (+22%), direct loans
(+36%)
• New loans: Spain (+15%),
Germany (+9%), Italy (+30%)
Portugal +13% +6% • Market share increase. SMEs
(+20%), mortgages (+20%)
• Mutual funds (+17%),
Capitalisation plans (+32%)
(*) Includes securitisations
(**) Deposits without REPOs+mutual funds+pension plans
In 2005, the Santander branch network granted 70,000 mortgages to retail
customers in Spain, reaching a total amount of EUR 11,500 million and a 16%
growth in balances, backed by the Super Revolucion mortgage. It also granted
50,000 loans to corporates and registered 19% growth in the SME business and 32%
in micro companies.
Banesto grew 27% in mortgages, 23% in cards and 20% in SMEs, all three strategic
areas of focus which are permitting an increase in market share. Santander
Consumer continued its expansion through organic growth (with new branches in
Germany and Italy), acquisitions (Portugal), the new activity launched in the UK
and the entrance in new market segments, such as small loans in Spain. Auto
financing, which is its main business line, grew 22%.
Activity and earnings growth in Portugal was especially noteworthy as Santander
Totta had to work in a weak economic environment. In this context, it was
capable of gaining market share in areas such as retail banking and businesses
such as mortgages, consumer lending and insurance.
Latin America. Business activity
Activity increases in key countries
(Changes in local currency)
Loans Funds*
Brazil +42% +24% • Market share increase in
loans and funds
• SMEs (+53%), consumer loans
(+27%)
• Time deposits (+36%),
mutual funds (+21%)
Mexico +35%** +21% • Market share increase in
individuals, companies and funds
• SMEs (+39%), cards and
consumer loans (+60%), mortgages
(+93%)
• Generalised increase in
funds, deposits (+16%) and mutual
funds (+36%)
Chile +19% +16% • Market share increase in
individuals
• SMEs (+33%), cards and
consumer (+42%) and mortgages (+26%)
• Time deposits (+27%),
mutual funds (+11%)
(*) Deposits without REPOs+mutual funds+pension funds
(**) Excluding old mortgage portfolio and IPAB note. Including them: +13%
In Latin America, lending volume reached US$ 59,884 million, an increase of 19%
in local currency. Brazil registered 42% growth in loans, with 53% increase in
SMEs and 27% in consumer. Mexico grew by 35%, with 60% increase in cards and
consumer lending and 39% in SMEs. In Chile, lending increased by 19%, with
growths of about 33% in SMEs and 26% in mortgages.
Total managed customer funds amounted to EUR 681,367 million at the close of
2005, up 14.4% compared to the previous year. Balance sheet resources grew 13%
to EUR 528,522 million, whilst off-balance sheet items (basically mutual funds
and pensions) rose 18.9%, to EUR 152,846 million. Mutual funds increased 11.9%
and pension plans, 32%.
Abbey closed 2005 with EUR 227,068 million in customer funds, up 1% in local
currency. 385,880 new current accounts and 36,918 SME accounts were opened in
Abbey in 2005.
In continental Europe, customer funds under management amounted to EUR 261,769
million, an increase of 9%, with a rise in Spain, which accounts for more than
80%, of 9%, to EUR 214,275 million. The Group remains the leader in mutual funds
in Spain, with a market share of more than 25%, and continues to be in second
place in Portugal, with a market share of 18%.
In Latin America, customer funds amounted to US$ 145,446 million, growing 17%
without the exchange rate effect. In deposits less repos and securitisations,
all countries registered double-digit growth, especially Brazil (+24%), while
Mexico and Chile increased by 21% and 16%, respectively. Mutual funds business
grew by 24%, with noteworthy increases in Mexico (+36%), Brazil (+21%) and Chile
(+11%).
Management and capital ratios
Efficiency: Revenues grew by more than costs, leading to an improvement in the
efficiency ratio. At the close of 2004, overall costs and amortisations absorbed
52% of revenues, falling to 50% at the end of 2005 in comparable terms, but at
52.5% with the inclusion of Abbey last year. The efficiency ratio of the Group
measured by costs, without amortisations, as a percentage of revenues is 47.5%.
Abbey registered the biggest improvement, going from 68.1% in the first quarter
2005 to 56.6% in the fourth quarter. Continental Europe improved to 37.7%, 3.2
percentage points lower. Latin America amounted to 47.4%, improving 2.3 points.
Efficiency
Efficiency improvement in all operating areas
Group's Efficiency* ratio
2004 2005
with amortisation 52.0 50.0
w/out amortisation 46.1 44.5
(*)With Abbey: with amortisations 52.5% and 47.5% without amortisations in 2005
Continental Europe
2004 2005
with amortisation 46.8 42.9
without amortisation 40.9 37.7
Abbey (quarterly data)
Q1'05 Q4'05
with amortisation 71.4 59.9
without amortisation 68.1 56.6
Latin America
2004 2005
with amortisation 54.9 52.2
without amortisation 49.7 47.4
Non-performing loan rate and NPL coverage
Strong coverage improvement and NPL ratio at historical minimums, despite the
business mix change
NPL and coverage ratio*
Dec'04 Dec'05
NPL 166% 182%
Coverage 1.00% 0.89%
(*) Excluding Abbey: NPL 1.02% and coverage ratio of 223%
Year-end balances - EUR Mill.
Doubtful loans 4,342 - Total
Loan-loss allowances 7,902 - Total
Specific 3,177
Generic 4,725
NPLs: The expansion of the Group's lending activity came with a drop in the NPL
ratio, meaning that the ratios of NPLs and doubtful loans reached an all-time
low at the end of 2005. Grupo Santander's NPL rate is 0.89%, with 182% coverage.
Grupo Santander has EUR 4,725 million generic funds, or 'reserves for the future
'.
Abbey has already reached 78% coverage and a NPL rate of 0.67%. In continental
Europe, the NPL rate is 0.75% and coverage 248%. In Spain, the NPL rate is 0.59%
in Santander and 0.49% in Banesto, down 0.01 and 0.15 points, respectively.
Coverage is 289% in the Santander branch network and 372% in Banesto, growing 20
and 98 points, respectively, compared to 2004. Consumer finance activity
(Santander Consumer Finance) closed with a NPL rate of 2.4% and a coverage rate
of 125%. In Latin America, NPLs fell 1.03 points, to 1.91% in the year, whilst
coverage increased 28 points, to 183%.
Capital: The Group's eligible capital amounted to EUR 53,426 million at the end
of 2005, with a surplus of EUR 20,407 million over minimum requirements. With
this capital base, the BIS ratio is 12.9%, with Tier I at 7.9% and core capital
at 6.05%.
Capital ratios
Improving capital ratios in a high business growth year.
Core Capital 6%
Capital Ratios Dec'05
EUR Mill. Ratios
BIS Ratio 53,426 12.94%
Tier I 32,532 7.88%
Core Capital 24,957 6.05%
2005 key highlights
In summary, the first year after the acquisition of Abbey, the Group's strenght
allowed us to...
...increase ordinary EPS by 15% and...
2004 2005
Ordinary EPS 0.7284 0.8351(*)
(*)0.9967 including extraordinary net capital gains
...increase by 25% the dividend per share*
2004 2005
Ordinary EPS 0.3332 0.4165
(*) The dividend per share proposed to the Board implies an increase of 63% (Q4'05/Q4'04) and a
dividend pay-out of 49.98% o/ordinary income
The share and the dividend
Santander shares ended 2005 at EUR 11.15, an increase of 22.12% for the year.
Since the offer for Abbey, the shares are up 51.5%. At the close of 2005,
Santander's market capitalisation was EUR 69,735 million, reinforcing its
position as the leading bank in the euro zone and tenth in the world.
The Board of Directors has approved the dividend charged to the 2005 earnings,
which will amount to 0.4165 euros per share, an increase of 25% over the
dividend charged to the 2004 earnings. The dividend's increase is the biggest in
17 years. The amount per share means the Group will be distributing EUR 2,605
million to its shareholders, representing 49.98% of the attributable net income.
Three of the four annual dividends have already been payed, amounting to 0.09296
euros each, whilst the forth one, 0.13762 euros per share, is still pending. In
2005, the share's dividend yield was 4.21%.
Grupo Santander's shareholder base reaches 2,443,831 shareholders. 129,196
people work in the Group, serving 66 million customers in 10,201 branches.
More information on: www.gruposantander.com
Income statement
Million euros
2005 2004 Variation (%)
With Abbey w/o Abbey with Abbey w/o Abbey
Net interest income (w/o dividends) 10,401 8,511 7,372 41.08 15.45
Dividends 336 334 389 (13.73) (14.17)
Net interest income 10,736 8,845 7,761 38.33 13.96
Income from companies accounted for by 619 617 449 37.90 37.35
the equity method
Net fees 6,071 5,113 4,583 32.48 11.57
Insurance activity 816 227 161 405.36 40.45
Commercial revenue 18,242 14,802 12,955 40.82 14.26
Gains (losses) on financial 1,565 1,218 1,101 42.20 10.70
transactions
Gross operating income 19,807 16,020 14,055 40.92 13.98
Income from non-financial services 426 374 348 22.49 7.50
Non-financial expenses (122) (106) (145) (15.97) (26.89)
Other operating income (104) (104) (63) 64.83 64.83
Operating costs (10,723) (8,307) (7,533) 42.34 10.27
General administrative expenses (9,701) (7,403) (6,695) 44.91 10.58
Personnel (5.744) (4,516) (4,236) 35.60 6.62
Other administrative expenses (3,958) (2,887) (2,459) 60.96 17.41
Depreciation and amortisation (1.021) (904) (839) 21.76 7.78
Net operating income 9,285 7,877 6,662 39.38 18.25
Impairment loss on assets 1,807 (1,489) (1,843) (1.98) (19.25)
Loans 1,615 (1,297) (1,573) 2.69 (17.54)
Goodwill - - (138) (100.00) (100.00)
Other assets (192) (192) (132) 44.85 44.80
Other income (286) (362) (237) 20.85 52.97
Income before taxes (ordinary) 7,192 6,026 4,581 56.98 31.54
Corporate income tax (1,437) (1,082) (597) 140.73 81.36
Net income from ordinary activity 5,755 4,944 3,985 44.43 24.08
Net income from discontinued (14) (14) 12 - -
operations
Net consolidated income (ordinary) 5,742 4,930 3,996 43.67 23.37
Minority interests 530 530 390 35.69 35.69
Attributable income to the Group 5,212 4,401 3,606 44.54 22.04
(ordinary)
Net extraordinary gains and writedowns 1,008 1,008 - - -
Attrib. income to the Group 6,220 5,409 3,606 72.50 50.00
Customer loans
Million euros
With Abbey w/o Abbey
31.12.05 31.12.04 Var.(%) 31.12.05 31.12.04 Var.(%)
Public sector 5,243 5,741 (8.68) 5,243 5,741 (8.68)
Other residents 153,727 126,253 21.76 153,727 126,253 21.76
Secured loans 81,343 62,457 30.24 81,343 62,457 30.24
Other loans 72,384 63,796 13.46 72,384 63,796 13.46
Non-resident sector 284,468 244,201 16.49 111,727 86,395 29.32
Secured loans 174,335 160,514 8.61 34,452 26,250 31.63
Other loans 110,133 83,687 31.60 77,175 60,145 28.31
Gross loans and credits 443,439 376,195 17.87 270,698 218,389 23.95
Credit loss allowance 7,610 6,845 11.17 6,664 5,829 14.33
Net loans and credits 435,829 369,350 18.00 264,033 212,560 24.22
Pro memoria: Doubtful 4,356 4,208 3.52 3,139 3,091 1.57
loans
Public sector 3 3 (7.20) 3 3 (7.20)
Other residents 1,027 1,015 1.18 1,027 1,015 1.18
Non-resident sector 3,326 3,189 4.28 2,109 2,073 1.77
Customer funds under
management
Million euros
With Abbey w
/o Abbey
31.12.05 31.12.04 Var.(%) 31.12.05 31.12.04 Var.(%)
Public sector 14,966 13,998 6.91 14,966 13,998 6.91
Other residents 83,392 79,273 5.20 83,392 79,273 5.20
Demand deposits 50,124 44,259 13.25 50,124 44,259 13.25
Time deposits 18,799 19,821 (5.16) 18,799 19,821 (5.16)
REPOs 14,470 15,193 (4.76) 14,470 15,193 (4.76)
Non-resident sector 208,008 189,941 9.51 97,231 76,588 26.95
Demand deposits 113,603 95,263 19.25 35,013 29,866 17.23
Time deposits 77,195 74,934 3.02 51,377 38,102 34.84
REPOs 14,366 17,128 (16.12) 8,036 6,004 33.84
Public Sector 2,844 2,616 8.70 2,806 2,616 7.27
Customer deposits 306,365 283,212 8.18 195,589 169,859 15.15
Debt securities 148,840 113,839 30.75 86,378 61,505 40.44
Subordinated debt 28,643 27,470 4.27 17,336 16,848 2.90
Insurance liabilities 44,672 42,345 5.50 8,151 5,898 38.19
On-balance-sheet customer 528,522 466,865 13.21 307,453 254,110 20.99
funds
Mutual funds 109,480 97,838 11.90 103,481 92,779 11.53
Pension plans 28,619 21,679 32.02 28,619 21,679 32.02
Managed portfolios 14,746 8,998 63.88 14,746 8,998 63.88
Off-balance-sheet customer 152,846 128,515 18.93 146,846 123,456 18.95
funds
Customer funds under 681,367 595,380 14.44 454,300 377,566 20.32
management
Shareholders' equity and capital
ratios
Million euros
Variation
31.12.05 31.12.04 Amount %
Capital stock 3,127 3,127 - -
Additional paid-in surplus 20,370 20,370 - -
Reserves 8,781 6,949 1,832 26.36
Treasury stock (53) (104) 51 (49.06)
On-balance-sheet shareholders' equity 32,225 30,342 1,883 6.21
Net attributable income 6,220 3,606 2,614 72.50
Interim dividend distributed (1,163) (792) (371) 46.90
Shareholders' equity at period-end 37,282 33,156 4,126 12.44
Interim dividend not distributed (1,442) (1,046) (396) 37.91
Shareholders' equity 35,840 32,111 3,729 11.61
Valuation adjustments 3,077 1,778 1,300 73.11
Minority interests 2,848 2,085 763 36.58
Preferred securities 1,461 2,124 (663) (31.20)
Preferred securities in subordinated 6,653 5,498 1,154 21.00
debt
Shareholders' equity and
minority interests 49,880 43,596 6,283 14.41
Computable basic capital 32,532 24,419 8,113 33.23
Computable supplementary capital 20,894 19,941 953 4.78
Computable capital (BIS criteria) 53,426 44,360 9,066 20.44
Risk-weighted assets (BIS criteria) 412,734 340,946 71,788 21.06
BIS ratio 12.94 13.01 (0.07)
Tier 1 7.88 7.16 0.72
Cushion (BIS ratio) 20,407 17,084 3,323 19.45
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