Download Credit Unions and Caisses Populaires SECTOR OUTLOOK 4Q16

Credit Unions and Caisses Populaires
SECTOR OUTLOOK 4Q16
April 2017
Summary Results
In This Issue
 Summary Results….Page 1
 Sector Financial
Highlights… ……….Page 6
 Sector Financial
Statements…… …..Page 7
 Selected Performance
Trends …… ……...Page 9
The information presented
in this report has been
prepared using a variety of
sources, including
unaudited reports submitted
to DICO by credit unions
and caisses populaires.
While DICO believes that the
information contained in
this report would be useful
to readers, and considers
the financial statements to
be reliable, their accuracy
and completeness cannot
be guaranteed.
Ce document est également
disponible en français.
Contact Us:
[email protected]
Throughout this document,
unless specifically indicated
otherwise, credit union
refers to both credit unions
and caisses populaires.
Selected Aggregate Sector Performance Indicators
Total Sector Assets (millions)
Credit Unions (% of Total Sector Assets)
Caisses Populaires (% of Total Sector Assets)
Total Number of Credit Unions and Caisses Populaires
Number of Credit Unions
Number of Caisses Populaires
Avg. Asset Size of Credit Unions and Caisses Populaires ($millions)
Number of Members (000’s)
Regulatory Capital (Aggregate Leverage Ratio)
Credit Unions (Leverage)
Caisses Populaires (Leverage)
Regulatory Risk Weighted Capital Ratio (Class 2 only)
Credit Unions
Caisses Populaires
Number not meeting minimum regulatory capital level
Liquidity
Credit Unions
Caisses Populaires
Asset Growth
Total Loan Delinquency (greater than 30 days)
Credit Unions
Caisses Populaires
Commercial Loan Delinquency (greater than 30 days)
Credit Unions
Caisses Populaires
As at December 31
2016
$51,852
86.86
13.14
99
74
25
$524
1,610
6.97%
6.66%
9.00%
13.60%
13.04%
17.18%
0
11.26%
11.83%
7.44%
11.2%
0.68%
0.66%
0.80%
1.07%
1.06%
1.13%
2015
$46,621
86.0
14.0
110
85
26
$420
1,594
7.34%
7.10%
8.80%
14.25%
13.85%
16.63%
0
11.20%
11.74%
7.79%
9.88%
0.91%
0.91%
0.91%
1.50%
1.56%
1.12%
Year to Date (annualized)
Net Interest Income (Financial Margin)
Other Income
ROAA
Return on Regulatory Capital
Efficiency Ratio (before dividends & interest rebates)
Credit Unions
Caisses Populaires
1.98%
0.58%
0.33%
4.59%
81.0%
2.05%
0.58%
0.27%
3.73%
84.1%
83.4%
67.8%
86.8%
69.7%
Unless stated otherwise, all figures reported are as at 4Q16.
4Q16 SECTOR OUTLOOK, April 2017
1
Economic Overview
ELECTRONIC
PUBLICATION:
The Sector Outlook is
available in PDF format
(readable using Adobe
Acrobat Reader) and can be
downloaded from the
Publications section on
DICO’s website at
www.dico.com.
The Bank of Canada’s January Monetary Policy Report expects Canada’s economy to grow at 2.1%
in 2017. After the downturn in oil and commodity prices, the economy in Alberta struggled to recover.
The BOC expects the US President’s election promises to cancel or renegotiate NAFTA, cut taxes,
and boost infrastructure spending, could have a negative impact on Canadian exports. In 2016, the
Canadian housing market set new records in terms of prices and sales especially in the Greater
Toronto Area. With house prices rising faster than incomes, Canadians have increased borrowing to
purchase homes resulting in a rapid increase in household debt. CMHC issued a red flag in the fall
due to evidence of problematic conditions in the housing market. The federal government was
concerned that the continued sharp increases in house prices in the large urban centres like Toronto
could increase the risk of default in the future should the mortgage rates rise. In an attempt to curb
this activity, the federal government announced changes in October 2016 to tighten eligibility rules on
prospective mortgage borrowers with the following potential impacts:

NOTE :
Income Statement results are
based on aggregate year to
date annualized information
for each credit union.
Comparative results may not
always agree with previously
reported information for the
same period as a result of
additional information received
after the reporting date.
Results are based on the
latest available
information as at
February 1, 2017.



Higher eligibility standards may cause a major constraint to mortgage lending and restrain
the ability to sell these loans into securitization vehicles.
Credit unions may experience a decline in residential mortgage loans being issued because
home buyers will qualify for less than their desired amount.
The proposed income tax measures may reduce the demand for houses from foreign and
domestic real estate speculators, which may stabilize house prices.
The proposed concept of “Lender Risk Sharing”, where lenders take on additional risk for
insured mortgages, could be detrimental to borrowers as lenders may increase interest rates
to pass on this risk as an additional cost to the borrowers, which will reduce the amount the
prospective home buyer can borrow.
These changes may force borrowers to postpone their purchase, buy a less expensive home or make
a larger down payment. As a result of these restrictions and the potential increased risk, lenders have
responded by beginning to raise mortgage rates. Although the Bank of Canada seems content to
keep its bank rate at 0.5%, all of Canada’s largest banks increased mortgage rates in late 2016. The
Canadian Real Estate Association is predicting a general decline in sales activity in 2017 which
should prompt a decline in prices. Despite this prediction, the prices for the homes located in the
Greater Toronto Area and in the Golden Horseshoe will likely not experience price declines because
of the lack of supply and continued demand in this area.
Capital
Aggregate regulatory capital for the sector increased to $3.57 billion (6.97% of assets) from $3.38
billion (7.34%) year over year and consisted of:
1. Retained earnings $2.23 B (62.3%);
2. Investment and patronage shares $1.29 B (36.08%); and
3. Membership shares $65 million (1.8%).
Credit unions should continue to stress test their regulatory capital requirements to assess the
potential impacts of a change in interest rates and/or a downturn in other economic factors.
Growth
Sector consolidation continued over the last twelve months with the number of credit unions
decreasing by 11 to 99, resulting in an increase in average asset size to $524 million. The number of
credit unions declined by 10 to 74 with an average asset size of $609 million compared to caisses
populaires which decreased by one to 25 with an average asset size of $273 million.
Total assets grew by 11.2% to $51.9 billion, largely due to growth in residential mortgage loans and
(12.1%) and commercial loans (13.2%). Personal loans continue to represent a declining proportion
of the total loan portfolio. Over the past five years, as a percentage of the total loan portfolio,
residential mortgages have increased from 58.4% to 60.0% and commercial loans from 27.8% to
29.7%.
4Q16 SECTOR OUTLOOK, April 2017
2
The following table provides additional detail on lending activity in the sector.
Sector Lending Activity
4Q 2016
Percent of
$ Billions
Total Loans
Residential Mortgage Loans $
26.82
60.0%
Commercial Loans
$
13.29
29.7%
Agricultural Loans
$
1.74
3.9%
Personal Loans
$
2.71
6.1%
Other Loans
$
0.14
0.3%
$
44.70
100%
4Q 2015
Percent of
$ Billions
Total Loans
$
23.91
59.5%
$
11.74
29.2%
$
1.64
4.1%
$
2.76
6.9%
$
0.12
0.3%
$
40.17
100%
4Q 2011
Percent of
$ Billions
Total Loans
$
17.95
58.3%
$
8.56
27.8%
$
1.24
4.0%
$
2.95
9.6%
$
0.10
0.3%
$
30.80
100%
Total deposits grew by 10.1%, the highest year over year growth rate in the last 10 years and
materially higher than the five-year average deposit growth trend of 7.0%. Demand deposit growth
led the way with an increase by 12.1% while term deposits increased by 10.0% and registered
deposits increased by 7.1% year over year.
The funding gap (difference between total loans and total deposits) continues to grow and has
increased to 8% in 4Q16 from 6.9% in 4Q15 as credit unions aggressively grow their loan portfolios
to increase revenue. There are currently 7 credit unions with a funding gap greater than 10%,
including 11 credit unions with funding gaps greater than 20%.
Insured deposits are estimated to be $28.6 billion or 69.2% of total deposits in contrast to the banking
sector with insured deposits of 27% (source: CDIC, Sept. 2016). The level of insured deposits at
credit unions has decreased steadily at an average of 1% per year over the last decade from 81% in
2006.
Efficiency Ratio
Credit Unions
83.4%
Caisses Populaires
67.8%
Banks
63.7%
The overall efficiency ratio (before dividends and interest rebates) strengthened slightly to 83.4%
from 86.4% in 4Q15 however, it remains significantly higher than large Canadian banks at 63.7%
(3Q16). Collectively, caisses populaires continue to report an efficiency ratio (67.8%) that is closer to
bank results. Caisses populaires benefit from increased economies of scale through an integrated
model where most back office functions (including credit underwriting and adjudication) are shared.
Profitability: Decreasing Over Time
Return on average assets (ROAA) increased to 33 bps in 4Q16 from 27 bps in 4Q15. The following
table provides the income and expense breakdown for the sector over the last 4 years.
Breakdown of Income and Expenses for Sector
As a percentage of Avg. Assets
Interest and Investment Income
Other Income
Total Income
Interest Expense
Dividend Expense
Loan Costs
Total Expenses
Net Income
4Q 2016
3.40%
0.58%
3.98%
1.09%
0.33%
0.06%
3.65%
0.33%
4Q 2015
3.52%
0.58%
4.10%
1.17%
0.31%
0.09%
3.83%
0.27%
4Q 2014
3.75%
0.55%
4.30%
1.27%
0.29%
0.09%
3.94%
0.36%
4Q 2013
3.77%
0.59%
4.36%
1.31%
0.18%
0.09%
3.92%
0.44%
4Q 2012
3.88%
0.61%
4.49%
1.38%
0.18%
0.14%
4.15%
0.34%
There has been a 48 bps decrease in interest and investment income (12.4%) over the last four years
as a result of low interest rates driving down rates charged on loans. “Other income” has decreased
by 3 bps over the same period to 58 bps. Credit unions continue to seek alternative sources to
increase income from non-interest earning related sources to increase revenues.
4Q16 SECTOR OUTLOOK, April 2017
3
Total expenses decreased by 50 bps over the period (12% decrease) led by lower interest expenses
- down 29 bps (or 21%) and non-interest expenses - down 21 bps (or 4.7%). All categories of noninterest expenses decreased over the last five years, led by salaries and benefits that dropped by 14
bps (10.8%). Credit unions have focused efforts on lowering expenses, which they have been able to
substantially offset the decrease in gross income. Credit unions are beginning to explore new
avenues to drive operating expenses down further through economies of scale achieved by pooling
resources through shared services.
Credit Risk
Gross loan delinquency greater than 30 days was 0.68% of total loans, down 23 bps from 0.91% in
4Q15. This was due mainly to lower delinquencies in commercial loans (1.07% vs. 1.50%), and
residential mortgages (0.44% vs. 0.62%).
In dollar terms, total commercial loan delinquencies decreased to $135 million in 4Q16 from $176.0
million in 4Q15 due mainly to the resolution of two large delinquent loans at one credit union.
Residential Mortgage delinquencies decreased to $118.3 million from $147.7 million year over year
with $29.4 million of the change due to accounts moving from 30 - 89 days delinquent to 0 - 30 days
delinquent. Total agricultural delinquencies increased to $17.3 million from $13.3 million year over
year.
The following chart shows fluctuations in delinquencies greater than 30 days over the past five years
for different loan types. Commercial loan and residential mortgage delinquencies continue to trend
down from the highs experienced in 2009 and are now at the lowest level seen in over 10 years.
Similarly, loan costs decreased from 0.06% to 0.09% year over year. The decrease in delinquencies
coincides with the findings from the Examinations group that, overall, credit unions have improved
their loan management processes.
Loan Delinquencies
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Personal
Mortgages
Commercial
Total
Loan Mix and Yields
Total loans grew by 11.3% due to growth in all loan categories with the exception of personal loans.
Personal loans decreased by $44 million (1.6%) year over year to $2.71 billion and continue to
represent a declining portion of the total loan portfolio mix at 6.1% from 6.7% in 2015.
Competition in the residential mortgage market and low yields in the bond markets have resulted in
floating and fixed rates that are near historical lows leading to continued strong demand for new
mortgages. Mortgage loan rates are beginning to increase which should begin to have a positive
impact on loan interest income in the near future.
4Q16 SECTOR OUTLOOK, April 2017
4
The following chart illustrates the current loan portfolio mix and yields versus the values from 4Q15 and
their notional impacts on gross interest revenues.
Loan Product
% of portfolio
2016
2015
Personal
Mortgage
Commercial
Agricultural/Other
6.1%
60.0%
29.7%
4.2%
6.7%
59.5%
29.2%
4.6%
Total
100%
100%
Change
($M)
$
$
$
$
(44)
2,902
1,547
102
%
Change
Yield
4Q 2016
-1.6%
12.1%
13.2%
6.2%
Yield
4Q 2015
6.40%
3.07%
4.53%
3.39%
Notional impact (in Millions) on
portfolio mix
interest rates
6.32%
3.19%
4.56%
3.75%
(15.9)
6.6
10.5
(5.9)
1.9
(27.7)
(3.4)
(5.8)
(4.8)
(35.1)
Liquidity and Borrowings
Year over year borrowings increased 34.5% due largely to securitization of residential mortgages in
order to make up the funding gap between the growth in assets and deposits. Securitization
programs have increased by 31.5% in 4Q16 while all other borrowings decreased. There are
currently 17 independent credit unions and 13 caisses populaires affiliated with La Fédération
involved in securitization programs. DICO is monitoring the use of securitization programs due to the
heavy reliance of this as a liquidity funding source by a few credit unions.
As at end
of quarter
4Q13
Total Deposts Total Loans Securitization Borrowings
Total
Securitizations
($millions)
($millions) of Residential from other Securitizations
and
Mortgages
sources
& Borrowings Borrowings as
($millions)
($millions)
($millions)
a % of Total
Liabilites
$
32,591 $ 33,400 $
2,123 $
554 $
2,677
7.39%
4Q14
$
35,052
$
36,838
$
2,646
$
1,065
$
3,711
9.40%
4Q15
$
37,591
$
40,167
$
3,947
$
1,294
$
5,241
12.12%
4Q16
$
41,375
$
44,699
$
5,192
$
1,155
$
6,347
13.14%
Liquid asset holdings increased by $569 million to $5.32 billion improving the liquidity ratio to 11.26%
from 11.20% in 4Q16. This is mostly attributable to increases in deposits at the leagues/centrals held
for liquidity, commercial paper, banker’s acceptances and similar instruments. Liquidity at caisses
populaires affiliated with Desjardins (5.13%) remains much lower than at credit unions (11.83%) and
the caisses populaires affiliated with L’Alliance (15.65%).
The following chart provides a breakdown of liquidity sources. The bulk of liquidity is held in “Deposits
in a League or Central” (73.8%), followed by “Deposits in deposit taking institutions” (11.9%).
Sources of Liquidity
Deposits in a League or Central
Deposits in a deposit taking institution in
Canada
Securities secured by mortgages and
guaranteed by CMHC held for liquidity
Commercial paper, banker's acceptances and
similar instruments
Cash held for liquidity
Other Sources of Liquidity
Total Sources of Liquidity
4Q 2016
4Q 2015
4Q 2014
% of Total
% of Total
% of Total
$ millions
$ millions
$ millions
Liquidity
Liquidity
Liquidity
$ 3,924.7
73.8% $ 3,641.4
76.7% $ 3,056.9
76.0%
$
626.7
11.8% $
384.4
8.1% $
269.9
6.7%
$
194.4
3.7% $
191.4
4.0% $
202.5
5.0%
$
242.8
4.6% $
210.4
4.4% $
129.0
3.2%
$
$
$
234.2
94.4
5,317.2
4.4% $
1.8% $
100.0% $
239.2
81.4
4,748.2
5.0% $
1.7% $
100.0% $
236.9
126.8
4,022.0
5.9%
3.2%
100.0%
Credit unions are encouraged to stress test their liquidity requirements sufficiently to challenge the
level of liquidity to which they have access and develop alternative contingency strategies to rectify
potential liquidity shortages. Credit unions are also encouraged to monitor and stress test their
dependence on a single source of liquidity such as securitization in their models.
4Q16 SECTOR OUTLOOK, April 2017
5
Sector Financial Highlights 4Q 2016
Selected Bank
Information
ONTARIO SECTOR
% average assets*, Year to date at . . .
4Q 2016
4Q 2015
3Q 2016
PROFITABILITY
Net Interest and Investment Income
Loan Costs
Other (non-interest) Income
Total Income
Total Non-Interest Expenses (Operating Expenses)
Net Income/(Loss) before Taxes and Non-recurring Extraordinary Items
1.98%
0.06%
0.58%
2.50%
2.10%
0.40%
2.05%
0.09%
0.58%
2.53%
2.20%
0.33%
1.98%
0.34%
1.35%
2.73%
1.74%
0.99%
Efficiency Ratio (% Operating Expenses to Total Income)
Efficiency Ratio (% Operating Expenses, before dividends & interest rebates
Return on Average Assets (ROA) before dividends etc.
Return on Average Assets (ROA)
Return on Regulatory Capital before dividends etc.
Return on Regulatory Capital
83.83%
81.03%
0.41%
0.33%
5.80%
4.59%
86.87%
84.09%
0.35%
0.27%
4.83%
3.73%
63.71%
0.68%
0.38%
0.91%
0.50%
12,567
8,722
24.35%
21.30%
99
110
Total Assets ($ millions)
Average Assets per Credit Union ($ millions)
51,852
523.8
46,621
420.0
Median Assets ($ millions)
Regulatory Capital
157.9
6.97%
118.2
7.34%
0
0
11.26%
11.20%
to Total Income)
0.79%
9.94%
CREDIT RISK, as at the quarter-end
Gross Delinquency greater than 30 days (%
Gross Delinquency greater than 90 days (%
of total loans)
of total loans)
OFF BALANCE SHEET ACTIVITY
Off balance Sheet Assets ($millions)
(Includes mutual fund sales and administered loans etc.)
Income on Off Balance Sheet Activity ( %
Other Income)
OTHER INDICATORS, as at the quarter-end
Total Number of Credit Unions
5,071,070
(as a percentage of net assets)
Number of Credit Unions below Regulatory Minimum
Liquidity
* Year to date annualized unless otherwise stated.
Totals may not agree due to rounding
4Q16 SECTOR OUTLOOK, April 2017
6
Sector Financial Statements 4Q 2016
Balance Sheet
4Q 2016
4Q 2015
($000)
($000)
ASSETS
Cash and Investments
Personal Loans
Residential Mortgage Loans
Commercial Loans
Institutional Loans
Unincorporated Association Loans
Agricultural Loans
Total Loans
Total Loan Allowances
Capital (Fixed) Assets
Intangible & Other Assets
Total Assets
6,399,511
2,711,551
26,816,066
13,290,579
102,307
37,336
1,740,761
44,698,601
136,118
494,828
394,837
51,851,659
5,736,571
2,755,592
23,913,390
11,742,736
66,359
50,811
1,638,542
40,167,430
133,886
466,010
384,551
46,620,676
12.3%
5.2%
51.7%
25.6%
0.2%
0.1%
3.4%
86.2%
0.3%
1.0%
0.8%
100.0%
12.3%
5.9%
51.3%
25.2%
0.1%
0.1%
3.5%
86.2%
0.3%
1.0%
0.8%
100.0%
LIABILITIES
Demand Deposits
Term Deposits
Registered Deposits
Other Deposits
Total Deposits
Borrowings
Securitization
Other Liabilities
Total Liabilities
17,385,524
13,460,453
10,285,998
242,967
41,374,942
676,155
5,192,058
1,034,013
48,277,168
15,513,517
12,231,823
9,607,326
239,149
37,591,814
869,174
3,947,859
835,147
43,243,994
33.5%
26.0%
19.8%
0.5%
79.8%
1.3%
10.0%
2.0%
93.1%
33.3%
26.2%
20.6%
0.5%
80.6%
1.9%
8.5%
1.8%
92.8%
65,161
2,227,412
1,289,965
(8,047)
3,574,491
70,678
2,065,764
1,245,129
(4,890)
3,376,681
0.1%
4.3%
2.5%
0.0%
6.9%
0.2%
4.4%
2.7%
0.0%
7.2%
51,851,659
46,620,676
100.0%
100.0%
MEMBERS' EQUITY & CAPITAL
Membership Shares
Retained Earnings
Other Tier 1 & 2 Capital
Accumulated Other Comprehensive Income
Total Members' Equity & Capital
Total Liabilities, & Members' Equity &
Capital
4Q 2016
4Q 2015
(Percentage of Total Assets)
Totals may not agree due to rounding
4Q16 SECTOR OUTLOOK, March 2017
7
Sector Financial Statements 4Q 2016
Income Statement
ONTARIO SECTOR
Canadian Chartered
Banks **
Percentage of Average Assets *
4Q 2016
4Q 2015
3Q 2016
3.21%
3.32%
1.98%
0.19%
0.21%
0.34%
3.40%
3.52%
2.32%
1.09%
1.17%
0.53%
0.33%
1.42%
0.31%
1.48%
0.20%
0.73%
Net Interest & Investment Income
1.98%
2.05%
1.79%
Loan Costs
Net Interest & Investment Income after Loan Costs
Other (non-interest) Income
Net Interest, Investment & Other Income
0.06%
1.92%
0.58%
2.50%
0.09%
1.95%
0.58%
2.53%
0.21%
1.58%
1.35%
2.93%
1.15%
0.21%
0.20%
0.14%
0.08%
0.19%
0.13%
2.10%
1.20%
0.21%
0.22%
0.14%
0.08%
0.20%
0.15%
2.20%
0.93%
0.14%
0.15%
0.07%
Net Income/(Loss) Before Taxes and Non-recurring &
Extraordinary items
0.40%
0.33%
1.18%
Non-recurring & Extraordinary gains/(losses)
Taxes
Minority Interests
Net Income/(Loss)
0.00%
0.08%
0.00%
0.33%
0.00%
0.06%
0.00%
0.27%
0.00%
0.20%
0.00%
0.98%
49,269,689
44,637,738
4,903,408,264
Interest and Investment Income
Loan Interest Income
Investment Income
Interest Expense
Interest Expense on Deposits
Interest Rebates & Dividends on Share Capital
Dividends on Investment Capital & Other Capital
Other Interest Expense
Total Rebates, Dividends & Other Interest Expense
Non-interest Expenses
Salaries and Benefits
Occupancy
Computer, office & other equipment
Advertising & Communications
Member Security
Administration
Other
Average Assets ($000)
4Q16 SECTOR OUTLOOK, March 2017
0.00%
0.08%
0.24%
0.00%
0.10%
0.21%
0.46%
1.75%
8
Selected Financial Trends
Selected Performance Trends
Selected Growth Trends
12.00%
3.75%
0.80%
3.50%
0.70%
3.25%
0.60%
8.00%
3.00%
0.50%
6.00%
2.75%
0.40%
2.50%
0.30%
2.25%
0.20%
2.00%
0.10%
10.00%
4.00%
2.00%
1.75%
0.00%
Assets
Loans
0.00%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Financial Margin (L)
Gross Margin (L)
Operating Expenses (L)
ROA (R)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loan Growth
Loan Yields
7.50%
20.0%
7.00%
6.50%
15.0%
6.00%
10.0%
5.50%
5.00%
5.0%
4.50%
4.00%
0.0%
3.50%
3.00%
-5.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Personal
Mortgages
Commercial
Total
Personal
Mortgages
Commerical
Total
Sources of Liquidity
Loan Delinquencies - Greater than 30 Days
3.00%
2.50%
2.00%
15.0%
$6,000
14.0%
$5,000
13.0%
$4,000
12.0%
$3,000
1.50%
11.0%
$2,000
1.00%
10.0%
$1,000
9.0%
0.50%
0.00%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Personal
Mortgages
Commercial
Total
$0
Other Sources of Liquidity ( R )
CPs, BAs and similar instruments ( R )
Mortgage securities guaranteed by CMHC ( R )
Deposits in Canadian FIs for Liquidity ( R )
Deposits in League or Central ( R )
Cash held for liquidity ( R )
Liquidity ( L )
Loan Costs and Return on Assets
0.30%
0.70%
0.25%
0.60%
0.20%
0.50%
0.15%
0.40%
0.10%
0.30%
0.05%
0.20%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
0.00%
0.10%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Loan Costs (L)
ROA (R)
4Q11
2Q12
4Q12
2Q13
4Q13
2Q14
4Q14
2Q15
4Q15
2Q16
4Q16
Demand Deposits - Yearly Growth
Term Deposits - Yearly Growth
Registered Deposits - Yearly Growth
Total Deposits - Yearly Growth
Average Total Deposit Growth Rate
NOTE: L refers to the Left Axis and R refers to the Right Axis
4Q16 SECTOR OUTLOOK, March 2017
9