Eurobank S.a. · ATHEX:EUROB
Eurobank — Debt Investor Presentation (January 2023)
26 slides from Eurobank's debt investor presentation, January 2023
Slide 1: Eurobank Investor Presentation
Eurobank Investor Presentation January 2023
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. IMPORTANT: You must read the following before continuing. The f
Slide 3: Table of contents
Table of contents Financial results 4 Balance sheet and capital position 9 Appendix Supplementary information 18 Glossary 22 3
Slide 4: Financial results
& EUROBANK Holdings Financial results
Slide 5: Outperforming 2022 goals
Outperforming 2022 goals 9M21 FY21 9M22 FY22 Initial Actual Actual Actual Business plan1 Δ performing loans €0.4bn €1.5bn €2.5bn c.€2.3bn Core PPI €675m €900m €795m c.€865m Core Operating Profit2 €357m €482m €592m c.€610m RoTBV 7.8% 8.2% 10.8%3 10.0%3 EPS €0.06 €0.09 €0.123 €0.143 CoR4 113bps 111bps
Slide 6: Summary performance
Summary performance Balance sheet – key figures Income statement – key figures €m 3Q22 2Q22 €m 3Q22 2Q22 Gross customer loans 43,086 42,246 Net interest income 380.9 360.6 Provisions (1,696) (1,733) Commission income 139.0 132.7 Loans FVTPL 20 20 Operating income 564.4 825.34 Net customer loans 41,4
Slide 7: 9M22 results highlights: Profitability
9M22 results highlights: Profitability P&L (€ m) 3Q22 2Q22 Δ(%) 9M22 9M21 Δ(%) Net Income1 €932m in 9M22; €173m in 3Q22 Net interest income 380.9 360.6 5.6 1,080.8 999.7 8.1 Commission income 139.0 132.7 4.7 394.7 325.9 21.1 NII up 8.1% y-o-y at €1,081m; up 5.6% q-o-q Other Income 44.5 332.0 (86.6
Slide 8: 9M22 results highlights: Balance sheet
9M22 results highlights: Balance sheet Capital Key Balance sheet ratios Total CAD at 17.2%1, up 150bps y-o-y Group (%) 3Q22 2Q22 1Q22 4Q21 3Q21 CET1 at 14.9%1, up 160bps y-o-y Capital5 FBL3 at 14.2%1, up 190bps y-o-y CAD 17.21 17.01 16.57 16.87 15.7 CET1 14.91 14.71 14.07 14.57 13.3 Volumes CE
Slide 9: Balance sheet and capital position
Balance sheet and capital position
Slide 10: Balance sheet composition
Balance sheet composition Assets (€ bn) Liabilities and Equity (€bn) 83.4 83.4 60 Trading & other 50 3% Other issuers • Core 78% Net loans 41.4 Deposits 55.7 28% • Time 22% 40 Investment Securities 13.1 GGBs 41% 30 Derivatives 2.5 Loans & advances to banks 1.0 Other Senior Debt 3.6 sovereign Tier II
Slide 11: Loans
Loans Gross loans (€ bn) Performing loans (€ bn) Organic1 growth +€2.5bn in 9M22 39.9 41.0 42.3 43.3 38.5 40.8 41.2 38.2 39.8 37.0 SEE 9.9 SEE 10.2 9.5 9.5 9.9 8.8 9.1 8.6 9.2 8.1 4.9 Senior Notes 5.0 4.9 Senior Notes 5.1 5.1 5.0 5.1 5.1 5.1 5.1 Greece Greece Business Business 17.4 18.1 14.9 15.0 16
Slide 12: Profitability
Profitability Core PPI and Provisions (€ m) Core Operating Profit2 (€ m) 795 +65.9 592 +17.7 % Core PPI 675 % 357 9M22 9M21 Loan Loss (318) (36.3%) Profit before Tax3 (€ m) Provisions (203) >100% 1,177 9M21 9M22 412 CoR1 1.1% 0.7% 9M21 9M22 1. On net loans. 2. Core Operating profit= Core PPI minus l
Slide 13: Net Interest margin & spreads
Net Interest margin & spreads Net Interest margin (bps) Deposit spreads (Greece, bps) 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4Q21 1Q22 2Q22 3Q22 Greece 175 160 167 176 175 Savings & Sight (58) (58) (55) (49) 17 SEE 207 198 197 205 219 Time (59) (58) (55) (43) (8) Group 183 170 175 183 186 Total (59) (58) (55
Slide 14: Funding and liquidity
Funding and liquidity Net loans / Deposits ratio Deposits (€ bn) +€4.6b 60 n 55.7 53.2 54.0 74.9% 75.0% 74.3% 51.1 52.4 73.8% 73.2% 50 17.4 16.2 16.6 14.9 16.4 SEE 3Q21 4Q21 1Q22 2Q22 3Q22 40 Liquidity coverage ratio (LCR) 30 168.2% 174.3% 169.0% 20 37.0 37.4 38.3 152.4% 151.3% Greece 36.2 36.1 10 3
Slide 15: Asset quality
Asset quality NPEs ratio NPEs stock (€ bn) 7.3% 22.9 6.8% 15 6.7% 5.9% 13.0 13 5.6%1 11 3Q21 4Q21 1Q229 2Q22 3Q22 (10.6) 7 NPE coverage 5 72.8% 3 72.7% 2.4 71.5% 70.6%1 0.7 69.2% -1 FY16 FY17 FY18 FY19 FY20 FY21 9M22 9M22 Net NPEs 3Q21 4Q21 1Q22 2Q22 3Q22 1. Pro forma for Solar senior note recogniti
Slide 16: Capital & TBV
Capital & TBV CET1 FLB3 TBV per share (€) 14.2%1 1.63 +190bps +€0.23 12.3% 1.40 3Q21 3Q22 CAD 17.2%1 +150bps 15.7% 3Q21 3Q22 3Q21 3Q22 1. Pro forma for Solar securitization held for sale. 16
Slide 17: MREL position
MREL position 2023 non-binding MREL target already met MREL (%RWAs) MREL surplus of 85bps 21.30% Eurobank has issued since May 2021, 3 MREL-eligible senior 20.45% preferred bonds of €1,500m in total 3.97% Senior preferred CBR2 3.67% liabilities3 Following the issuance of €500m in May 2022 and th
Slide 18: Appendix – Supplementary information
Appendix – Supplementary information
Slide 19: Consolidated quarterly financials – Income statement
Consolidated quarterly financials – Income statement (€ m) 3Q22 2Q22 1Q22 4Q21 3Q21 Net Interest Income 380.9 360.6 339.4 320.9 329.9 Commission income 139.0 132.7 123.0 129.9 117.0 Other Income 44.5 332.0 240.4 62.2 20.3 Operating Income 564.4 825.34 702.7 513.0 467.2 Operating Expenses (230.9) (22
Slide 20: Consolidated quarterly financials – Balance sheet
Consolidated quarterly financials – Balance sheet (€ m) 3Q22 2Q22 1Q22 4Q21 3Q21 Consumer Loans 3,352 3,372 3,281 3,241 3,053 Mortgages 10,265 10,173 10,091 10,097 10,006 Household Loans 13,617 13,544 13,372 13,337 13,059 Small Business Loans 3,822 3,858 3,765 3,752 3,764 Corporate Loans 20,860 19,8
Slide 21: Consolidated financials
Consolidated financials Income Statement (€ m) 9M22 9M21 Δ y-o-y (%) Net Interest Income 1,080.8 999.7 8.1 Commission income 394.7 325.9 21.1 Other Income 616.8 65.7 >100 Operating Income 2,092.44 1,391.3 50.4 Operating Expenses (680.9) (650.6) 4.7 Pre-Provision Income 1,411.5 740.7 90.6 Loan Loss P
Slide 22: Appendix – Glossary
& EUROBANK Holdings Appendix — Glossary
Slide 23: Glossary – Definition of Alternative Performance Measures (APMs)
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios This document contains financial data and measures as published or derived from the published consolidated financial statements which have been prepared in accordance with International Fina
Slide 24: Glossary – Definition of Alternative Performance Measures (APMs)
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios Adjusted net profit: Net profit/loss from continuing operations after deducting restructuring costs, goodwill impairment, gains/losses related to the transformation plan and income tax adjus
Slide 25: Glossary – Definition of Alternative Performance Measures (APMs)
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios Forborne Non-performing Exposures (NPF): Forborne Non-performing Exposures (in compliance with EBA Guidelines) are the Bank’s Forborne exposures that meet the criteria to be classified as No
Slide 26: Glossary – Definition of Alternative Performance Measures (APMs)
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios Pre-provision Income (PPI): Profit from operations before impairments, provisions and restructuring costs as disclosed in the financial statements for the reported period. Provisions (charge