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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

6.42%Q2 ’057.46%Q2 ’067.42%Q2 ’07+9%-9%

Non-interest income vs. expense

1.03%Q2 ’051.24%Q2 ’061.27%Q2 ’07-4%+69%

Executive Summary

  • Earnings: ROA of 3.91%, up 161 bps year over year; NIM at 3.79%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.81%.
  • Funding: loans stand at 93.35% of deposits as of Q2 2007.

Financial Results

Return on Assets (quarter, annualized)

3.91%+161 bps YoY

Net Interest Margin (quarter, annualized)

3.79%-36 bps YoY

Efficiency Ratio (quarter, annualized)

31.18%+536 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2006Q3 2006Q4 2006Q1 2007Q2 2007YoY ΔTrend
Earnings
Return on Assets2.31%2.37%2.39%2.14%3.91%+161 bps
Return on Equity12.88%12.73%12.26%10.42%20.54%+766 bps
Net Interest Margin4.15%4.02%3.78%3.99%3.79%-36 bps
Efficiency Ratio25.82%23.82%25.09%24.49%31.18%+536 bps
Non-Interest Burden0.59%0.37%0.49%0.51%0.99%+41 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 / Loans0.29%0.14%0.27%0.28%0.81%+51 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