Growth and Diversification of Asset Base
Healthy revenue generation and expense management
Growing and healthy revenue base
Total revenues continue to grow strongly, up by 10% between June 2019
and June 2020, with a CAGR of 7% between 2015 and 2019.
Highest growth achieved in revenues from lending activities and markets
(investments) in June 2020. With trade finance constituting the highest
CAGR between 2015 to 2019, growing to ~50% of commission income.
Revenue composition since 2015 constitutes an average of 75% coming
from lending activities, with commissions at 18% and markets at 7%.
Total Revenue
All values in USD millions
Operating Expenses remain under control, with prudent efficiency policies
ā
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Operating expenses remain well managed and growing at a slower pace
compared to revenue. This has resulted in an improving efficiency ratio
since 2018, with focus on capitalizing on synergies across subsidiaries.
Over the last 5 years, staff costs comprise 47% of expenses,
depreciation at 10%, and rent & occupancy at 7%. Other operating
expenses split across several categories, with no concentration.
Operating Expenses
Efficiency Ratio (Excl. Dep)
Operating Expenses
Loans
Markets
Revenue
Commissions
Investment Banking
CAGR +3%
CAGR +7%
219
52.8%
50.6%
197
1%
189
190
8%
46.3%
43.1%
44.3%
42.1%
170
17%
+10.1%
37.9%
69.7
113
103
61.7
63.6
64.4
64.4
74%
+2.0%
29.6
30.2
2015
2016
2017
2018
2019
June 2019 June 2020
2015
2016
2017
2018
2019
June 2019 June 2020
19View entire presentation