Fitch Report

Banks
Panama
MMG Bank Corporation
MMG
Full Rating Report
Key Rating Drivers
Ratings
National Scale Ratings
Long-Term
Short-Term
AA-(pan)
F1+(pan)
Outlook
Long-Term
Stable
Solid Asset Quality: MMG Bank Corporation (MMG’s) balance sheet comprises assets of high
credit quality, such as deposits and investment-grade financial instruments with adequate
geographic diversification. The entity’s loan portfolio is relatively small exhibiting practically zero
delinquencies. The institution’s solid asset quality benefits its financial performance through virtually
nil loan impairment charges.
Financial Data
MMG Bank Corporation
(USDm)
Total Assets
Total Equity
Operating Profit
Net Income
Fitch Comprehensive
Income
Operating ROAA (%)
Operating ROAE (%)
Internal Capital
Generation (%)
Fitch Core Capital /
Risk Weighted Assets
(%)
Tangible Common
Equity / Tangible
Assets (%)
Source: MMG
30 Sep
2015
30 Sep
2014
647.5
55.1
12.9
11.5
562.5
50.2
10.5
9.5
9.2
10.0
2.1
24.8
2.1
22.5
20.9
12.4
23.6
22.5
8.5
8.9
High Operating Profitability: The bank’s operating profitability metrics exceed the local average,
despite its less risky and more liquid balance sheet. This is achieved thanks to high revenue
diversification, with most of the entity’s revenues stemming from fees & commissions earned on
financial advice and related businesses. For the fifth year in a row, fees & commissions alone
managed to cover operating costs.
High Liquidity: MMG’s liquidity is robust and one of the company’s main strengths. This is due to
the entity’s asset mix, which is designed to largely mitigate its latent liquidity risk stemming from the
transactional nature and high concentration of its deposits.
Solid Equity Position: The entity’s Fitch Core Capital ratio of 23.6% compares favorably to that of
its local peers and is adequate relative to its primary risks. Fitch believes that the bank’s
capitalization will remain at similar levels over the current rating horizon, as its capital metrics
benefit from the low risk weighting that several of its assets receive.
Strong Presence in Profitable but Limiting Market Niche: MMG is small relative to the
Panamanian banking system. It operates in a market niche that allows it to raise its already high
profitability but that imposes structural limitations in terms of number of clients and higher-thanaverage concentration.
Rating Sensitivities
Informes Relacionados
Panamá (March 3, 2015).
2016 Outlook: Panamanian Banks
(December 10, 2015)
Lower Concentration: MMG’s ratings would receive an uplift if there were a material and
sustained reduction in client concentration, while maintaining good asset quality, high profitability
and robust capital levels.
Deteriorating On and/or Off Balance Sheet Asset Quality: While not Fitch’s base case scenario,
any change in asset quality and/or losses in assets under management could lead to heightened
reputational risk that may negatively affect its businesses, possibly causing a downgrade in its
ratings.
Analysts
Álvaro D. Castro
+503 2516 6615
[email protected]
Rolando Martínez
+503 2516 6619
[email protected]
www.fitchratings.com
www.fitchcentroamerica.com
January 15 , 2016
Bancos
Operating Environment
Panamanian GDP Growth Forecast to Exceed the Latin American Average
Panama’s diversified, service-based economy should continue to expand rapidly, although at a
somewhat slower pace than in previous years. Fitch projects GDP growth to average 6.1% during
2015–2016 (2010-2014: 8.3%), supported by public sector investments and their spillover effects
onto other activities. Increasing foreign direct investment in the mining, tourism and energy sectors
may lead to an even greater diversification of the Panamanian economy. Open trade and a
favorable business climate also support private sector investments. This is despite the inclusion of
Panama on the Financial Action Task Force’s (FATF) grey list due to inadequate controls to detect
illegal financial activity, resulting in reputational risk for some globally-integrated financial service
businesses.
The positive economic environment has driven credit growth and supported the industry’s notable
asset quality metrics. At the same time, fierce competition among local banks and less restrictive
standards for interest rates and tenors has partly eroded these financial strengths. Overall,
profitability has declined and financial flexibility has weakened. The gap between higher-rated
banks and the rest of the system in terms of loss absorption capacity and risk appetite is widening.
Fitch expects Panamanian banks to continue to exhibit moderate profitability supported by good
efficiency, but there is the risk that it will further weaken if the deterioration in asset quality were to
exceed Fitch’s expectations. According to Fitch’s base case scenario, asset quality should weaken
only slightly and the banks’ loss absorption capacity should continue to be adequate.
Panama’s financial market is less developed than those of similarly-rated countries, and regulation,
while improving, still lags behind better-regulated markets within the region. Banks have been
progressing towards Basel III, despite relatively simple business models limiting overall risks. On
the positive side, due to the absence of a lender of last resort, banks have generally exceeded
regulatory requirements in terms of capital, and particularly, in terms of liquidity. Bank penetration
is among the highest in the region, with local loans representing 88.2% of nominal GDP at year-end
2014.
Company Profile
Niche Bank with Strong Franchise
MMG is a bank with a general license that specializes in wealth management, private banking and
investment banking, catering to both local and international high-net-worth clients. MMG also owns
a brokerage license, having the authorization to act as a trustee for its clients’ financial assets
through investment agreements.
MMG is a subsidiary of MMG Capital Holdings. The latter belongs to Grupo Morgan & Morgan, a
conglomerate comprised of companies that provide banking, fiduciary and legal services, with the
latter being its most important business due to its strong international orientation.
Related Criteria
MMG wholly owns the following subsidiaries: MMG Bank & Trust Ltd., offshore banking services in
the Bahamas; Universal Leasing, Inc., financial leasing of personal assets in Panama; and Gonic
Investment, S.A., dedicated to managing portfolios of receivables. With the bank and subsidiary
MMG Bank & Trust representing over 95% of consolidated assets, the contribution of the remaining
subsidiaries is considered to be insignificant. The subsidiary Gonic Investment, S.A. will either be
closed or merged with the bank when it finishes carrying out its collection duties.
Global Bank Rating Criteria (March 20, 2015)
The bank is small relative to the Panamanian banking system, with total assets amounting to only
USD647.5 million (a 0.67% share). Meanwhile, assets under management reached USD1,849.1
MMG Bank Corporation
January 2016
2
Bancos
million as of Sept.’15 (an 11% increase versus 2014). The growing business volume is a result of
the strong long-term relationships the bank has established with its clients. MMG’s franchise is
considered robust relative to its total assets. The entity has been able to increase revenues
throughout the cycles thanks to its multiple business lines, in addition to demonstrating stability in
its funding base.
Effective Business Model Based on Networking
MMG’s business model is based on providing financial advice to its clients. The bank has four
business lines that complement each other: wealth management, asset management, corporate
finance/investment banking and international banking.
A large part of its business volume is based on networking, benefitting from Grupo Morgan &
Morgan’s clientele, as well as relationships developed by its own sales force and through
independent financial advisors, client references and strategic allies.
The entity’s diverse product and service offerings have led to an atypical balance sheet relative to
its local peers. Most of its revenues come from different types of commissions, with most of these
obtained through its off-balance-sheet wealth management business.
Management
Solid Management Team
The entity boasts a solid management team with ample and in-depth knowledge of the industry,
target segments and the entity itself. MMG’s corporate culture and identity are considered strong
with low turnover in its key management positions.
Good Corporate Governance
Fitch believes that MMG’s corporate governance is good, fulfilling local regulatory requirements.
The majority of the members of its Board of Directors belong to Grupo Morgan & Morgan’s legal
branch.
The solidness of its corporate governance is reflected in the effectiveness of its Board of Directors
and management team in reaching its goals. The Board of Directors is the bank’s maximum
authority, being comprised of 12 members, two of which are independent and two executives from
the bank. The Executive President as well as the auditing, risk, credit, and compensation &
prevention of money laundering committees are supervised by the Board of Directors. The auditing,
risk and compensation & prevention of money laundering committees are presided by the Board’s
independent directors.
Fitch believes that MMG’s strategy based on product diversification is effective, as products are
adapted to each client’s risk profile and complemented with state-of-the-art technology that allows
the entity to take action on its investment, credit and deposit portfolios in real time.
Outstanding Execution
MMG’s execution is outstanding, reaching most of its strategic business goals and financial
objectives over the last few years. Fitch expects MMG to continue to exhibit solid performance and
reach its goals over the current rating horizon, given its good corporate governance and adequate
management, with ample knowledge of its market niche and the Panamanian economy.
MMG Bank Corporation
January 2016
3
Bancos
Risk Appetite
Adequate Risk Policies and Controls
MMG’s risk policies and controls are adequate for its various business lines. For interbank assets,
investment & loan portfolios and off-balance-sheet wealth management, its well-defined policies
and well-executed controls keep improving.
Risk management is carried out by various committees, including the Asset-Liability (ALCO), Credit
and Investment Committees, among others. These, in turn, are supervised by the Auditing, Risk
and Prevention of Money Laundering Committees, as well as the Board of Directors.
For the off-balance-sheet portfolio, MMG’s internal policies call for thorough quantitative and
qualitative analyses of the financial instruments available in the market, in order to offer adequate
advice to clients and build portfolios consistent with their risk appetites. This allows the company to
manage both operating and reputational risks associated with this business line.
MMG’s balance sheet growth is relatively high, starting from a low base. As of Sept.’15, total assets
grew by 15%, more than twice as fast as the 7.4% local average. The entity’s investment portfolio
(57.6% of total assets) increased 8.9% compared to end-FY14. The loan portfolio expanded by a
whopping 216%, consistent with the bank’s plans to expand this business line. As a result, its share
of total assets jumped from 6.6% to 18.2%. Fitch anticipates MMG to continue to achieve its growth
targets over the current rating horizon, given the effectiveness of its business model and adequate
management.
Mitigated Market Risk
Fitch considers the issuer’s risk management and internal policies to be good. The principal risk
faced by the bank is market risk, particularly interest rate risk, due to the large share of its
investment portfolio within total assets. The bank’s policies are conservative, resulting in low
sensitivity to fluctuations in interest rates and market prices, which adequately mitigates this risk.
Over the past five years, non-realized gains (losses) from investments available for sale
represented less than 1% of equity. The sensitivity tests performed by the bank provide a robust
risk management tool. The portfolio’s average duration is only 1.11 years.
In terms of foreign currency exposures, the bank offers services in 12 currencies (mostly in euros,
suize francs and pounds sterling), but these are not a significant part of its balance sheet. The
issuer offers foreign currency transactions through a platform especially created for this purpose,
including hedging operations with derivatives, which are 100% matched. Furthermore, according to
its risk policies, total foreign currency exposure cannot exceed 2% of equity, or 1% for a single
currency. In addition, long-term transactions are only carried out in USD. Thus, the agency believes
that this risk is adequately mitigated.
Financial Profile
Asset Quality
High Asset Quality
MMG’s asset structure is consistent with its private banking and wealth management focus, with
investments and interbank operations representing nearly 80% of total assets (see Balance Sheet
Growth chart).
MMG Bank Corporation
January 2016
4
Bancos
Asset Quality
(%)
Growth of Total Assets
Growth of Investment Portfolio
Growth of Cash & Banks
Growth of Assets Under Management
Growth of Gross Loans
Impaired Loans / Gross Loans
Reserves for Impaired Loans / Gross Loans
Loan Impairment Charges / Average Gross Loans
2015
15.0
8.9
-16.3
11.0
215.9
0.00
0.04
0.07
2014
34.0
40.0
34.1
38.0
-11.9
0.00
0.00
0.00
2013
15.0
9.8
27.9
35
13.7
0.00
0.58
0.15
2012
19.2
34.1
-1.7
21
5.7
0.00
0.50
0.06
Source: MMG
High Quality and Liquid Investment Portfolio
Balance Sheet Growth
Other Assets
Securities
Cash & Banks
Net Loan Portfolio
(PAB million)
700
2.1%
600
2.2%
500
400
300
200
100
0
1.7%
57.6%
1.8%
1.5%
53.9% 60.7%
60.9%
57.9%
22.1%
30.4%
33.1% 27.3% 30.4%
18.2%
11.4% 10.1% 10.0% 6.6%
2011 2012 2013 2014 2015
9.0%
46.0%
Low-Risk Interbank Deposits
Collaterals
Bonds and Guarantees
Securities
Real Estate
Cash
80%
60%
16.0%
17.0%
17.0%
21.0%
22.0%
30.0%
14.0%
23.0%
40%
20%
15.0%
34.0%
15.0%
The entire investment portfolio is recorded as available for sale. Thanks to their good credit quality
and short tenor (77% mature within less than a year), the instruments’ perfomance has been
consistent, with low price volatility. Fitch believes that this should continue to be the case
throughout the current rating horizon.
The company’s risk policies call for covering 30% of liquid liabilities (i.e., maturing within less than a
week) with primary liquidity. The issuer defines primary liquidity as total cash, bank deposits
maturing in 14 days or less, shares in ‘AAA’-rated institutional liquidity funds, US Treasury notes
and Bundesbank notes. In addition, the policies call for the coverage of asset-liability mismatches
with secondary liquidity. The latter is defined as liquid instruments from institutions rated investment
grade on an international scale and maturing within 12 months. The agency believes that, due to
the portfolio’s significant diversification and the bank’s good liquidity, the entity would not have to
sell instruments at a loss.
Source: MMG
100%
MMG’s investment portfolio enjoys high credit quality (78% of all instruments have investmentgrade ratings; 10% have a ‘AAA’ rating on an international scale), significant diversification by
instrument (15 different types) and geography (24 countries), as well as substantial marketability.
This mitigates the entity’s market risk, particularly in terms of price volatility. In terms of asset
classes, over half of the instruments are fixed income securities (68%), followed by short-term
investments (23%) and liquidity funds (9%).
50.0%
42.0%
29.0%
0%
2012
2013
2014
Source: MMG
2015
Deposits in financial institutions represent 22.1% of total assets, less than its 30.3% historical
average. This can be attributed to a slight shift in its balance sheet towards loans. The credit risk of
these loans is low, as the vast majority (96%) is placed at global financial institutions and Latin
American branches of investment-grade US banks.
Growing and High-Quality Loan Portfolio
MMG’s credit risk exposure is low. Its loan portfolio represents 18.2% of total assets, a significant
increase over the 6.6% recorded in 2014. This is consistent with the bank’s plan to grow this
business to meet demand from existing clients.
The portfolio, focused primarily on the commercial sector, is characterized by very good credit
quality, with no delinquencies throughout its history and classified entirely within the ‘Normal’ risk
category. In addition, 85% of the portfolio is backed by collateral (see Collaterals chart). On the
other hand, 4% of the total portfolio has been extended to related parties: executives and
employees from both the bank and Grupo Morgan & Morgan.
The 20 largest borrowers (excluding loans backed by cash) represent 73% of the total (2014: 74%).
This is attributable to the bank’s market niche, which has a relatively small universe of prospective
clients. However, it should be noted that these enjoy solid credit profiles and guarantees, mitigating
MMG Bank Corporation
January 2016
5
Bancos
the risk of potential loan losses that could have a significant impact on MMG’s performance and/or
equity position.
Fitch anticipates the portfolio to continue to grow at a moderate pace, but doesn’t believe that it will
achieve a significant share of the bank’s balance sheet over the current rating horizon. The
portfolio’s credit quality should continue to be high, backed by substantial colateral and exhibiting
high concentrations.
Good Off-Balance-Sheet Wealth Management
Wealth management is the bank’s main business line in terms of volume and revenues, reaching
USD1,849.1 million by end-FY15, an 11% increase over the previous year (2014: 38%). The
portfolio is primarily comprised of fixed income securities (69%), followed by stocks (29%), cash &
equivalents (1%) and other instruments (less than 1%). The bank caters to both institutional and
private clients, with the latter being the most important group (92% of the total).
Wealth management is fundamentally exposed to reputational risk, as a weakening in the portfolio
under management could affect the entire company and impact the viability of its businesses.
Nevertheless, Fitch believes that the bank mitigates this risk adequately with its transparent
investment policies for its clients. In addition, MMG advises its clients about the implications of their
individual risk appetites and protects itself in its contracts, not assuming any eventual losses
incurred by its clients.
Private-client accounts are classified as either non-discretional (Sept.’15: 97%; Sept.’14: 96%) or
“discretional” (Sept.’15: 3% vs. Sept.’14: 4%). In non-discretional accounts, clients make the
investment decisions themselves, using the bank’s advice. In discretional accounts, the bank
makes the decisions, designing investment profiles and tailoring individual portfolios to each client’s
investment objectives and risk appetite. The design of these profiles is considered to be prudent.
Earnings & Profitability
High Operating Profitability
Earnings & Profitability
(%)
Non-Interest Income / Gross Revenues
Net Interest Income / Average Earning Assets
Non-Interest Expense / Gross Revenues
Loan Impairment Charges / Pre-impairment Op. Profit
Operating Profit / Average Total Assets
Operating Profit / Risk Weighted Assets
Operating Profits / Average Equity
P&L Composition
Taxes
Other Non-Operating Net Income
Loan Impairment Charges
Non-Interest Expenses
Non-Interest Operating Income
Net Interest Income
(PAB million)
25
20
15
10
5
0
-5
-10
-15
2011 2012
2015
62.8
1.37
41.2
0.39
2.10
5.51
24.75
2014
66.1
1.25
40.8
0.00
2.14
4.71
22.48
2013
66.3
1.24
45.4
0.78
1.96
4.21
18.87
2012
64.8
1.23
49.2
0.37
1.74
4.11
16.25
Source: MMG
Its operating profitability is high, with operating ROAA and ROAE exceeding the local averages of
14.5% and 1.5%, respectively. MMG achieves this despite a lower-risk, more-liquid balance sheet
than most other Panamanian banks.
The bank’s operating revenues stem primarily from commissions, which are complemented with
interest income generated by its investment and loan portfolios, and to a lesser extend, with capital
and exchange rate gains, among others (see Operating Revenue Breakdown chart). Commissions
contribute about 63% of total revenues, while traditional financial intermediation is less significant
within the company’s income statement, in line with its business strategy.
2013
2014
Source: MMG
MMG Bank Corporation
January 2016
2015
Fitch notes that net income from commissions alone covers 136% of MMG’s operating expenses
(2011-2014 average: 120.5%). On the other hand, the entity’s net interest margin (NIM) reaches a
mere 1.37%, less than the 2.6% local average, but higher than its own 1.2% historical average in
6
Bancos
2011-2014. The agency expects MMG’s NIM to increase as its loan portfolio expands as planned,
but its share should continue to remain below the local average due to both its client profile and the
continued predominance of revenues from commissions, which should make up between 60% and
65% of operating revenues over the next fiscal periods.
Operating Income Structure
Other Operating Income
Net Fees and Commissions
Net Gains on Securities
Net Interest Income
100%
80%
4.0% 1.3% 1.8% 1.1% 1.0%
40%
20%
56.8%
59.8%
54.5%
60%
7.1%
29.1%
0%
56.0%
57.1%
9.0% 7.8% 8.0% 5.8%
35.3%
33.7%
33.9%
37.2%
2011 2012 2013 2014 2015
Source: MMG
MMG’s operating efficiency is good. Its operating expenses absorbed 41.2% of its gross revenues,
comparing favorably with both its recent history (2011-2014 average: 47.9%) and the Panamanian
system (49.3%). Over the next few periods, the bank anticipates this index to increase due to the
amortization of capex in physical facilities and technology. Fitch believes that the change in MMG’s
efficiency metrics should not have a significant impact on its operating profitability. On the other
hand, the bank’s provisioning expenses are limited to the regulatory minimum, due to the loan
portfolio’s high quality and small share of total assets.
The agency expects MMG to exhibit good performance as a result of a continued expansion in its
business volume. Revenues from Commissions should continue to increase, primarily through the
growth in wealth management operations, with other business lines strengthening as well, thanks to
the development of new products and the improvement of technology. Operating efficiency should
continue to compare positively with the local average, and the loan portfolio should continue to be
small relatively to total assets.
Capitalization & Leverage
Strong Capitalization
Capitalization & Leverage
(%)
Fitch Core Capital / Risk Weighted Assets
Tangible Common Equity / Tangible Assets
Total Regulatory Capital Ratio
Cash Dividends Paid & Declared / Net Income
Internal Capital Generation
2015
23.55
8.51
24.0
0.00
20.89
2014
22.51
8.92
22.0
34.2
12.27
2013
23.69
10.30
24.0
25.8
9.52
2012
26.94
10.49
27.0
0.00
13.90
Source: MMG
MMG’s capital position is strong, thanks to solid capital generation, which exceeds balance sheet
growth, and high asset quality. As of the end of the fiscal year, the entity’s Fitch Core Capital
(FCC) ratio was 23.6% (2011-2014 average: 24.2%), higher than the Panamanian financial
system’s 14.3% average.
Funding Structure
Commercial Paper and Short-term Borrowings
Repos and Cash Collateral
According to local regulations, MMG’s liquidity funds are 100% weighted; despite this, its risks are
low, further benefitting its solid equity position. However, tangible equity over tangible assets has
been dropping due to the bank’s fast growth.
Fitch believes that MMG’s capital metrics will remain strong over the rating horizon, due to good
internal capital generation and solid asset quality. Therefore, capital injections from shareholders
are not expected.
Deposits from Banks
Customer Deposits - Term
Customer Deposits - Current
100%
80%
21.1%
33.6%
28.9%
5.1% 2.7%
14.8%
16.0%
60%
40%
78.9%
78.9%
66.4%
71.1%
81.7%
20%
Funding & Liquidity
Solid Funding
MMG’s funding is mostly comprised of client deposits. These grew by 18.3% yoy (2011-2014
average: 21.3%) and include primarily accounts from international banking clients. Some deposits
are also related to the bank’s asset management portfolio, and are used by its clients as liquidity
reserves.
0%
2011 2012 2013 2014 2015
Source: MMG
MMG Bank Corporation
January 2016
Due to the nature of its business and its relatively small size, liabilities are concentrated among a
small number of clients. The 20 largest depositors represent 32% of the total, similar to the 31%
7
Bancos
recorded a year ago. Fitch believes that the bank could slowly reduce its concentration levels, given
the relatively small universe of target clients.
Concentration of Top 20
Customer Deposits
70%
60%
Funding & Liquidity
58%
50%
40%
31%
30%
32%
20%
(%)
Loans / Customer Deposits
Customer Deposits / Total Funding (excluding derivatives)
Liquid Assets / Total Assets
Liquid Assets / Total Deposits
2015
20.8
96.5
79.7
91.2
2014
7.4
94.7
91.2
107.4
2013
11.4
100.0
88.3
100.4
2012
11.5
100.0
88.1
99.9
Source: MMG
10%
0%
2007
2009
2011
2013
Source: MMG
2015
Strong Liquidity
MMG’s liquidity is robust, constituting one of its main strengths. This is attributed to the fact that its
asset mix is designed to mitigate the latent risk stemming from the transactional nature and high
concentration of its deposits. At fiscal year-end, cash, interbank operations and the investment
portfolio together covered 91.2% of total deposits and 146% of the total amount held by the 20
largest depositors. In addition, asset-liability mismatches are managed conservatively. The bank’s
internal policies require up to 30% of time deposits and overnight deposits to be covered by liquid
assets, as well as any negative mismatch between assets and liabilities to be covered by available
facilities and/or assets that can be liquidated within 48 hours.
MMG Bank Corporation
January 2016
8
Bancos
MMG Bank Corporation
Income Statement
30 Sep 2015
30 Sep 2014 30 Sep 2013 30 Sep 2012 30 Sep 2011
Year End Year End
Year End
Year End
Year End
Year End
USDm
PABth
PABth
PABth
PABth
PABth
1. Interest Income on Loans
2. Other Interest Income
3. Dividend Income
4. Gross Interest and Dividend Income
5. Interest Expense on Customer Deposits
6. Other Interest Expense
7. Total Interest Expense
8. Net Interest Income
9. Net Gains (Losses) on Trading and Derivatives
10. Net Gains (Losses) on Other Securities
11. Net Gains (Losses) on Assets at FV through Income
Statement
12. Net Insurance Income
13. Net Fees and Commissions
14. Other Operating Income
15. Total Non-Interest Operating Income
16. Personnel Expenses
17. Other Operating Expenses
18. Total Non-Interest Expenses
19. Equity-accounted Profit/ Loss - Operating
20. Pre-Impairment Operating Profit
21. Loan Impairment Charge
22. Securities and Other Credit Impairment Charges
23. Operating Profit
24. Equity-accounted Profit/ Loss - Non-operating
25. Non-recurring Income
26. Non-recurring Expense
27. Change in Fair Value of Own Debt
28. Other Non-operating Income and Expenses
29. Pre-tax Profit
30. Tax expense
31. Profit/Loss from Discontinued Operations
32. Net Income
33. Change in Value of AFS Investments
34. Revaluation of Fixed Assets
35. Currency Translation Differences
36. Remaining OCI Gains/(losses)
37. Fitch Comprehensive Income
38. Memo: Profit Allocation to Non-controlling Interests
39. Memo: Net Income after Allocation to Non-controlling
Interests
40. Memo: Common Dividends Relating to the Period
41. Memo: Preferred Dividends Related to the Period
Exchange rate
3.2
6.4
n.a.
9.6
1.4
n.a.
1.4
8.2
n.a.
1.3
3,161.7
6,447.0
n.a.
9,608.7
1,414.1
n.a.
1,414.1
8,194.6
n.a.
1,275.5
2,128.8
4,875.1
n.a.
7,003.9
996.0
n.a.
996.0
6,007.9
n.a.
1,412.5
1,986.6
3,728.9
n.a.
5,715.5
932.3
n.a.
932.3
4,783.2
n.a.
1,102.8
2,094.0
3,073.2
n.a.
5,167.2
1,103.3
0.0
1,103.3
4,063.9
n.a.
1,034.5
1,985.9
2,403.3
n.a.
4,389.2
1,105.8
0.0
1,105.8
3,283.4
n.a.
800.2
n.a.
n.a.
12.3
0.2
13.8
4.8
4.3
9.1
n.a.
12.9
0.1
n.a.
12.9
n.a.
n.a.
n.a.
n.a.
n.a.
12.9
1.4
n.a.
11.5
(1.7)
n.a.
n.a.
(0.6)
9.2
n.a.
n.a.
n.a.
12,324.4
211.6
13,811.5
4,796.1
4,262.9
9,059.0
n.a.
12,947.1
50.4
n.a.
12,896.7
n.a.
n.a.
n.a.
n.a.
n.a.
12,896.7
1,390.4
n.a.
11,506.3
(1,721.0)
n.a.
n.a.
(601.6)
9,183.7
n.a.
n.a.
n.a.
10,117.0
189.4
11,718.9
3,969.5
3,256.3
7,225.8
n.a.
10,501.0
0.0
n.a.
10,501.0
n.a.
n.a.
n.a.
n.a.
n.a.
10,501.0
1,031.4
n.a.
9,469.6
1,264.7
n.a.
n.a.
(776.0)
9,958.3
n.a.
n.a.
n.a.
8,061.0
255.7
9,419.5
3,480.4
2,971.7
6,452.1
n.a.
7,750.6
60.8
n.a.
7,689.8
n.a.
n.a.
n.a.
n.a.
446.0
8,135.8
787.9
n.a.
7,347.9
(3.6)
n.a.
n.a.
(498.4)
6,845.9
n.a.
n.a.
n.a.
6,282.5
147.7
7,464.7
3,150.2
2,521.7
5,671.9
n.a.
5,856.7
21.7
0.0
5,835.0
n.a.
n.a.
n.a.
n.a.
n.a.
5,835.0
515.6
n.a.
5,319.4
1,292.5
n.a.
n.a.
(791.0)
5,820.9
n.a.
n.a.
n.a.
6,749.1
451.7
8,001.0
2,935.9
3,414.4
6,350.3
n.a.
4,934.1
69.2
0.0
4,864.9
n.a.
n.a.
n.a.
n.a.
n.a.
4,864.9
424.5
n.a.
4,440.4
691.3
n.a.
n.a.
(800.3)
4,331.4
n.a.
11.5 11,506.3
0.0
0.0
n.a.
n.a.
9,469.6
4,312.8
n.a.
7,347.9
3,234.3
n.a.
5,319.4
0.0
n.a.
4,440.4
0.0
n.a.
USD1 =
PAB1.00000
USD1 =
PAB1.00000
USD1 =
PAB1.00000
USD1 =
PAB1.00000
USD1 =
PAB1.00000
Source: MMG Bank Corporation
MMG Bank Corporation
January 2016
9
Bancos
MMG Bank Corporation
Balance Sheet
30 Sep 2015
30 Sep 2014 30 Sep 2013 30 Sep 2012 30 Sep 2011
Year End Year End
Year End
Year End
Year End
Year End
USDm
PABth
PABth
PABth
PABth
PABth
Assets
A. Loans
1. Residential Mortgage Loans
2. Other Mortgage Loans
3. Other Consumer/ Retail Loans
4. Corporate & Commercial Loans
5. Other Loans
6. Less: Reserves for Impaired Loans
7. Net Loans
8. Gross Loans
9. Memo: Impaired Loans included above
10. Memo: Loans at Fair Value included above
B. Other Earning Assets
1. Loans and Advances to Banks
2. Reverse Repos and Cash Collateral
3. Trading Securities and at FV through Income
4. Derivatives
5. Available for Sale Securities
6. Held to Maturity Securities
7. Equity Investments in Associates
8. Other Securities
9. Total Securities
10. Memo: Government Securities included Above
11. Memo: Total Securities Pledged
12. Investments in Property
13. Insurance Assets
14. Other Earning Assets
15. Total Earning Assets
C. Non-Earning Assets
1. Cash and Due From Banks
2. Memo: Mandatory Reserves included above
3. Foreclosed Real Estate
4. Fixed Assets
5. Goodwill
6. Other Intangibles
7. Current Tax Assets
8. Deferred Tax Assets
9. Discontinued Operations
10. Other Assets
11. Total Assets
15.2 15,206.1
n.a.
n.a.
27.4 27,386.3
51.7 51,739.6
23.4 23,352.4
0.1
50.4
117.6 117,634.0
117.7 117,684.4
0.0
0.0
n.a.
n.a.
8,377.7
n.a.
5,248.1
18,892.0
4,717.5
0.0
37,235.3
37,235.3
0.0
n.a.
8,668.7
n.a.
7,063.9
20,145.4
6,249.1
244.8
41,882.3
42,127.1
0.0
n.a.
6,171.7
n.a.
5,379.2
19,130.7
6,362.0
184.1
36,859.5
37,043.6
0.0
n.a.
5,550.5
n.a.
4,396.1
19,772.4
5,333.4
162.4
34,890.0
35,052.4
0.0
n.a.
143,203.7
n.a.
n.a.
n.a.
372,740.9
n.a.
n.a.
n.a.
372,740.9
52,295.1
n.a.
n.a.
n.a.
n.a.
633,578.6
170,354.7
n.a.
n.a.
n.a.
342,426.3
n.a.
n.a.
n.a.
342,426.3
85,363.8
n.a.
n.a.
n.a.
n.a.
550,016.3
127,134.7
n.a.
n.a.
n.a.
243,162.9
n.a.
n.a.
n.a.
243,162.9
65,110.9
n.a.
n.a.
n.a.
n.a.
412,179.9
99,402.5
n.a.
0.0
n.a.
221,547.9
0.0
n.a.
n.a.
221,547.9
63,888.5
n.a.
n.a.
n.a.
n.a.
357,809.9
101,164.6
n.a.
0.0
n.a.
165,177.8
0.0
n.a.
n.a.
165,177.8
26,258.9
n.a.
n.a.
n.a.
n.a.
301,232.4
0.3
329.6
n.a.
n.a.
n.a.
n.a.
9.5
9,483.9
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
4.1
4,096.1
647.5 647,488.2
370.9
n.a.
n.a.
8,346.8
n.a.
n.a.
n.a.
n.a.
n.a.
3,767.3
562,501.3
305.5
n.a.
n.a.
771.8
n.a.
n.a.
n.a.
n.a.
n.a.
6,504.3
419,761.5
395.1
n.a.
n.a.
1,426.0
n.a.
n.a.
n.a.
0.0
n.a.
5,269.5
364,900.5
319.4
n.a.
n.a.
1,606.2
n.a.
n.a.
n.a.
0.0
n.a.
3,057.2
306,215.2
143.2
n.a.
n.a.
n.a.
372.7
n.a.
n.a.
n.a.
372.7
52.3
n.a.
n.a.
n.a.
n.a.
633.6
Source: MMG Bank Corporation
MMG Bank Corporation
January 2016
10
Bancos
MMG Bank Corporation
Balance Sheet
30 Sep 2015
30 Sep 2014 30 Sep 2013 30 Sep 2012 30 Sep 2011
Year End Year End
Year End
Year End
Year End
Year End
USDm
PABth
PABth
PABth
PABth
PABth
Liabilities and Equity
D. Interest-Bearing Liabilities
1. Customer Deposits - Current
2. Customer Deposits - Savings
3. Customer Deposits - Term
4. Total Customer Deposits
5. Deposits from Banks
6. Repos and Cash Collateral
7. Commercial Paper and Short-term Borrowings
8. Total Money Market and Short-term Funding
9. Senior Unsecured Debt (original maturity > 1 year)
10. Subordinated Borrowing
11. Covered Bonds
12. Other Long-term Funding
13. Total LT Funding (original maturity > 1 year)
14. Derivatives
15. Trading Liabilities
16. Total Funding
E. Non-Interest Bearing Liabilities
1. Fair Value Portion of Debt
2. Credit impairment reserves
3. Reserves for Pensions and Other
4. Current Tax Liabilities
5. Deferred Tax Liabilities
6. Other Deferred Liabilities
7. Discontinued Operations
8. Insurance Liabilities
9. Other Liabilities
10. Total Liabilities
F. Hybrid Capital
1. Pref. Shares and Hybrid Capital accounted for as Debt
2. Pref. Shares and Hybrid Capital accounted for as Equity
G. Equity
1. Common Equity
2. Non-controlling Interest
3. Securities Revaluation Reserves
4. Foreign Exchange Revaluation Reserves
5. Fixed Asset Revaluations and Other Accumulated OCI
6. Total Equity
7. Total Liabilities and Equity
8. Memo: Fitch Core Capital
9. Memo: Fitch Eligible Capital
Exchange rate
475.4
n.a.
92.6
568.1
15.4
1.5
0.0
584.9
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
584.9
475,413.7
n.a.
92,646.9
568,060.6
15,423.9
1,459.1
0.0
584,943.6
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
584,943.6
414,518.5
n.a.
63,443.9
477,962.4
26,857.7
n.a.
n.a.
504,820.1
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
504,820.1
262,563.3
n.a.
106,623.2
369,186.5
n.a.
n.a.
n.a.
369,186.5
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
369,186.5
237,741.8
n.a.
83,848.1
321,589.9
n.a.
n.a.
n.a.
321,589.9
0.0
n.a.
n.a.
n.a.
0.0
n.a.
n.a.
321,589.9
182,950.0
n.a.
85,810.6
268,760.6
n.a.
n.a.
n.a.
268,760.6
0.0
n.a.
n.a.
n.a.
0.0
n.a.
n.a.
268,760.6
n.a.
n.a.
n.a.
1.4
n.a.
n.a.
n.a.
n.a.
6.0
592.4
n.a.
n.a.
n.a.
1,440.3
n.a.
n.a.
n.a.
n.a.
6,036.1
592,420.0
n.a.
n.a.
n.a.
987.4
n.a.
n.a.
n.a.
n.a.
6,496.5
512,304.0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7,346.5
376,533.0
0.0
n.a.
n.a.
n.a.
0.0
n.a.
n.a.
n.a.
5,031.0
326,620.9
0.0
n.a.
n.a.
n.a.
0.0
n.a.
n.a.
n.a.
3,920.4
272,681.0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
57.0
n.a.
(2.0)
n.a.
n.a.
55.1
647.5
55.1
n.a.
57,048.4
n.a.
(1,980.2)
n.a.
n.a.
55,068.2
647,488.2
55,068.2
n.a.
49,854.9
n.a.
342.4
n.a.
n.a.
50,197.3
562,501.3
50,197.3
n.a.
43,374.8
n.a.
(146.3)
n.a.
n.a.
43,228.5
419,761.5
43,228.5
n.a.
37,923.8
n.a.
355.8
n.a.
n.a.
38,279.6
364,900.5
38,279.6
n.a.
33,679.9
n.a.
(145.7)
n.a.
n.a.
33,534.2
306,215.2
33,534.2
n.a.
USD1 =
PAB1.00000
USD1 =
PAB1.00000
USD1 =
PAB1.00000
USD1 =
PAB1.00000
USD1 =
PAB1.00000
Source: MMG Bank Corporation
MMG Bank Corporation
January 2016
11
Bancos
MMG Bank Corporation
Summary Analytics
30 Sep 2015 30 Sep 2014 30 Sep 2013 30 Sep 2012 30 Sep 2011
Year End
Year End
Year End
Year End
Year End
A. Interest Ratios
1. Interest Income on Loans/ Average Gross Loans
2. Interest Expense on Customer Deposits/ Average Customer Deposits
3. Interest Income/ Average Earning Assets
4. Interest Expense/ Average Interest-bearing Liabilities
5. Net Interest Income/ Average Earning Assets
6. Net Int. Inc Less Loan Impairment Charges/ Av. Earning Assets
7. Net Interest Inc Less Preferred Stock Dividend/ Average Earning
Assets
B. Other Operating Profitability Ratios
1. Non-Interest Income/ Gross Revenues
2. Non-Interest Expense/ Gross Revenues
3. Non-Interest Expense/ Average Assets
4. Pre-impairment Op. Profit/ Average Equity
5. Pre-impairment Op. Profit/ Average Total Assets
6. Loans and securities impairment charges/ Pre-impairment Op. Profit
7. Operating Profit/ Average Equity
8. Operating Profit/ Average Total Assets
9. Operating Profit / Risk Weighted Assets
C. Other Profitability Ratios
1. Net Income/ Average Total Equity
2. Net Income/ Average Total Assets
3. Fitch Comprehensive Income/ Average Total Equity
4. Fitch Comprehensive Income/ Average Total Assets
5. Taxes/ Pre-tax Profit
6. Net Income/ Risk Weighted Assets
D. Capitalization
1. Fitch Core Capital/ Risk Weighted Assets
2. Fitch Eligible Capital/ Risk Weighted Assets
3. Tangible Common Equity/ Tangible Assets
4. Tier 1 Regulatory Capital Ratio
5. Total Regulatory Capital Ratio
6. Core Tier 1 Regulatory Capital Ratio
7. Equity/ Total Assets
8. Cash Dividends Paid & Declared/ Net Income
9. Internal Capital Generation
E. Loan Quality
1. Growth of Total Assets
2. Growth of Gross Loans
3. Impaired Loans/ Gross Loans
4. Reserves for Impaired Loans/ Gross Loans
5. Reserves for Impaired Loans/ Impaired Loans
6. Impaired loans less Reserves for Impaired Loans/ Fitch Core Capital
7. Impaired Loans less Reserves for Impaired Loans/ Equity
8. Loan Impairment Charges/ Average Gross Loans
9. Net Charge-offs/ Average Gross Loans
10. Impaired Loans + Foreclosed Assets/ Gross Loans + Foreclosed
Assets
F. Funding and Liquidity
1. Loans/ Customer Deposits
2. Interbank Assets/ Interbank Liabilities
3. Customer Deposits/ Total Funding (excluding derivatives)
4.13
0.26
1.60
0.26
1.37
1.36
5.36
0.24
1.46
0.23
1.25
1.25
5.02
0.27
1.48
0.27
1.24
1.23
5.81
0.37
1.57
0.37
1.23
1.23
6.02
0.42
1.48
0.42
1.11
1.09
1.37
1.25
1.24
1.23
1.11
62.76
41.17
1.48
24.85
2.11
0.39
24.75
2.10
5.51
66.11
40.76
1.47
22.48
2.14
0.00
22.48
2.14
4.71
66.32
45.43
1.64
19.02
1.98
0.78
18.87
1.96
4.21
64.75
49.20
1.69
16.31
1.75
0.37
16.25
1.74
4.11
70.90
56.28
2.11
15.73
1.64
1.40
15.51
1.62
3.40
22.09
1.87
17.63
1.50
10.78
4.92
20.27
1.93
21.32
2.03
9.82
4.25
18.03
1.87
16.80
1.74
9.68
4.03
14.81
1.59
16.21
1.73
8.84
3.74
14.16
1.48
13.81
1.44
8.73
3.10
23.55
n.a.
8.50
n.a.
24.00
n.a.
8.50
0.00
20.89
22.51
n.a.
8.92
n.a.
22.00
n.a.
8.92
45.54
10.27
23.69
n.a.
10.30
n.a.
24.00
n.a.
10.30
44.02
9.52
26.94
n.a.
10.49
n.a.
27.00
n.a.
10.49
0.00
13.90
23.44
n.a.
10.95
n.a.
22.90
n.a.
10.95
0.00
13.24
15.11
216.06
0.00
0.04
n.a.
(0.09)
(0.09)
0.07
0.00
34.00
(11.61)
0.00
0.00
n.a.
0.00
0.00
0.00
0.00
15.03
13.72
0.00
0.58
n.a.
(0.57)
(0.57)
0.15
0.00
19.16
5.68
0.00
0.50
n.a.
(0.48)
(0.48)
0.06
0.00
3.86
13.35
0.00
0.46
n.a.
(0.48)
(0.48)
0.21
0.00
0.00
0.00
0.00
0.00
0.00
20.72
928.45
97.11
7.79
634.29
94.68
11.41
n.a.
100.00
11.52
n.a.
100.00
13.04
n.a.
100.00
Source: MMG Bank Corporation
MMG Bank Corporation
January 2016
12
Bancos
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aspectos legales y fiscales. Además, las calificaciones son intrínsecamente una visión hacia el futuro e incorporan las
hipótesis y predicciones sobre acontecimientos futuros que por su naturaleza no se pueden comprobar como hechos.
Como resultado, a pesar de la comprobación de los hechos actuales, las calificaciones pueden verse afectadas por
eventos futuros o condiciones que no se previeron en el momento en que se emitió o afirmo una calificación.
La información contenida en este informe se proporciona "tal cual" sin ninguna representación o garantía de ningún tipo.
Una calificación de Fitch es una opinión en cuanto a la calidad crediticia de una emisión. Esta opinión se basa en criterios
establecidos y metodologías que Fitch evalúa y actualiza en forma continua. Por lo tanto, las calificaciones son un
producto de trabajo colectivo de Fitch y ningún individuo, o grupo de individuos, es únicamente responsable por la
calificación. La calificación no incorpora el riesgo de pérdida debido a los riesgos que no sean relacionados a riesgo de
crédito, a menos que dichos riesgos sean mencionados específicamente. Fitch no está comprometido en la oferta o venta
de ningún título. Todos los informes de Fitch son de autoría compartida. Los individuos identificados en un informe de
Fitch estuvieron involucrados en, pero no son individualmente responsables por, las opiniones vertidas en él. Los
individuos son nombrados solo con el propósito de ser contactos. Un informe con una calificación de Fitch no es un
prospecto de emisión ni un substituto de la información elaborada, verificada y presentada a los inversores por el emisor
y sus agentes en relación con la venta de los títulos. Las calificaciones pueden ser modificadas, suspendidas, o retiradas
en cualquier momento por cualquier razón a sola discreción de Fitch. Fitch no proporciona asesoramiento de inversión de
cualquier tipo. Las calificaciones no son una recomendación para comprar, vender o mantener cualquier título. Las
calificaciones no hacen ningún comentario sobre la adecuación del precio de mercado, la conveniencia de cualquier título
para un inversor particular, o la naturaleza impositiva o fiscal de los pagos efectuados en relación a los títulos. Fitch
recibe honorarios por parte de los emisores, aseguradores, garantes, otros agentes y originadores de títulos, por las
calificaciones. Dichos honorarios generalmente varían desde USD1.000 a USD750.000 (u otras monedas aplicables) por
emisión. En algunos casos, Fitch calificará todas o algunas de las emisiones de un emisor en particular, o emisiones
aseguradas o garantizadas por un asegurador o garante en particular, por una cuota anual. Se espera que dichos
honorarios varíen entre USD10.000 y USD1.500.000 (u otras monedas aplicables). La asignación, publicación o
diseminación de una calificación de Fitch no constituye el consentimiento de Fitch a usar su nombre como un experto en
conexión con cualquier declaración de registro presentada bajo las leyes de mercado de Estados Unidos, el “Financial
Services and Markets Act of 2000” de Gran Bretaña, o las leyes de títulos y valores de cualquier jurisdicción en particular.
Debido a la relativa eficiencia de la publicación y distribución electrónica, los informes de Fitch pueden estar disponibles
hasta tres días antes para los suscriptores electrónicos que para otros suscriptores de imprenta.
MMG Bank Corporation
January 2016
13