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Volkswagen Bank USA

Salt Lake City, UT · Cert 57225

FDIC

Q2 2007

$288.0MAssets
$223.9MLoans
$239.8MDeposits
$40.7MEquity
Deposit mix
100%Interest-bearing $239.8M0%Noninterest $0.0MQ2 2006Q2 2007

NIM

5.59%Q2 ’057.26%Q2 ’068.50%Q2 ’07+26%+9%

Non-interest income vs. expense

0.97%Q2 ’051.13%Q2 ’061.35%Q2 ’07-15%+66%

Executive Summary

  • Earnings: ROA of 3.03%, up 65 bps year over year; NIM at 4.42%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.79%.
  • Funding: loans stand at 93.35% of deposits as of Q2 2007.

Financial Results

Return on Assets (YTD, annualized)

3.03%+65 bps YoY

Net Interest Margin (YTD, annualized)

4.42%+38 bps YoY

Efficiency Ratio (YTD, annualized)

27.24%+305 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2006Q3 2006Q4 2006Q1 2007Q2 2007YoY ΔTrend
Earnings
Return on Assets2.38%2.38%2.38%2.14%3.03%+65 bps
Return on Equity13.58%13.29%13.02%10.42%15.59%+201 bps
Net Interest Margin4.04%4.06%4.01%3.99%4.42%+38 bps
Efficiency Ratio24.18%24.06%24.31%24.49%27.24%+305 bps
Non-Interest Burden0.49%0.45%0.47%0.51%0.82%+33 bps
Growth
Asset Growth (YoY)-0.83%-4.12%-4.59%-6.59%-57.79%-5,696 bps
Loan Growth (YoY)-0.99%-4.34%-4.22%-6.32%-65.99%-6,500 bps
Deposit Growth (YoY)55.48%49.85%-11.69%-10.45%-55.72%-11,120 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.13%0.13%0.17%0.28%0.79%+66 bps
Allowance / Loans0.98%0.96%0.80%0.81%0.45%-53 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital17.49%17.94%18.38%19.46%12.58%-491 bps
Equity / Assets18.23%19.09%19.93%21.27%14.14%-409 bps
Liquidity & Funding
Loans / Deposits121.52%124.20%132.19%126.56%93.35%-2,817 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a