Eurobank S.a. · ATHEX:EUROB
Eurobank — FY2019 Earnings Presentation
69 slides from Eurobank's earnings presentation, Mar 12, 2020
Slide 1: Business update 2020 – 2022 & Full Year 2019 Results
Business update 2020 – 2022 & Full Year 2019 Results 12 March 2020
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: This presentation has been prepared by Eurobank. The material that follows is a presentation of general background information about Euroban
Slide 3: Table of contents
Table of contents 2016-2019: Addressing the legacy issues 3 2019 Transformation plan & 2020 operating performance update 9 3-year plan, 2020-2022 13 FY2019 results 21 FY2019 results review 28 Asset Quality 35 International operations 42 Appendix I – Supplementary information 51 Appendix II – Macroec
Slide 4: 2016 – 2019: Addressing the legacy issues
2016 – 2019: Addressing the legacy issues Page 3
Slide 5: 2016 – 2019: Addressing the legacy issues
2016 – 2019: Addressing the legacy issues A. Capital +710bps Capital actions Major capital actions: €16.2bn Profitability and AFS gains +280bps B. Asset Quality NPE reduction3 Tier II issuance +240bps NPE ratio at 15.9%3, down by 30ppts Grivalia merger +190bps Coverage up by ~640bps to ~
Slide 6: A. Total CAD
A. Total CAD +390bps 19.2% 190bps 240bps 15.3% 280bps (80bps) (50bps) (60bps) (60bps) (50bps) (20bps) +710bps 1 FY16 RWAs: IFRS9 Phase-in DTA phase-out DTC conversion RWAs: RWAs: Profitability & Tier II issuance Grivalia merger FY19 Regulatory Adj.2 & IFRS 16 & other & intangibles New loans & Market
Slide 7: B. Asset Quality
B. Asset Quality NPEs stock (Group, € bn) NPE ratio and provisions over NPEs (Group) 22.6 (16.2) +~640bps ~57.0% 55.3% Provisions / 1.4 20.1 NPEs 50.6% 55.5% 1.2 53.2% 16.7 46.0% 21.2 (2.3) 0.7 42.5% 18.9 13.0 37.0% (2.9) 0.6 Int’l 16.0 (3.7) 29.2% 6.4 12.3 Greece 15.9% NPEs ratio (30.1ppts) 2016 20
Slide 8: C. Funding and liquidity
C. Funding and liquidity Eurosystem funding (€ bn) Deposits (€ bn) 13.9 (12.0) 2.1 +12.7 44.8 10.0 2.1 39.1 12.4 Int’l 11.9 7.9 33.8 32.1 10.3 2.0 1.91 1.5 ECB 0.5 ELA 9.3 2016 2017 2018 2019 8.7 32.4 Greece Net loans / Deposits ratio (Group) 28.8 117.6% 24.6 109.6% 23.4 92.6% 83.2% (34.4 ppts) 2016
Slide 9: Performance 2016-2019
Performance 2016-2019 NII Group Fees Group 57bps Fees over 36bps 1,463 Assets (5.8%) 1,377 550 Income on impaired loans 354 349 International +51.3% 106 234 1,029 NII excl income on impaired +12.7% loans 83 247 913 Greece +64.4% 151 FY16 FY19 FY16 FY19 OPEX Greece Core PPI 730 (6.3%) 684 830 41 +4.6
Slide 10: 2019 Transformation plan & 2020 Profitability drivers
2019 Transformation plan & 2020 Profitability drivers 2020 Profitability drivers projections have not incorporated any effect from the coronavirus outbreak. Page 9
Slide 11: Transformation Plan executed
Transformation Plan executed Merger with Grivalia 6 Distribution of Cairo Mezzanine/ 1 €1.0bn capital boost 2Q20 Junior notes to shareholders €2.0bn mortgage NPEs securitization 2 (Pillar) 5 Hive down 2019 Shareholders Transformation Plan Eurobank Holding & Services S.A FPS sale: Listed in ASE 3 Bin
Slide 12: 2020 priority: deliver RoTBV
2020 priority: deliver RoTBV Having addressed legacy issues… Profitability becomes the key priority 1 EPS (€) ~0.12 A. Capital 0.07 19.2% total CAD B. Asset Quality 2019 2020 30ppts NPE ratio reduction ~640bps coverage RoTBV (%) 1 ~9.0 increase 4.6 C. Liquidity €12.7bn deposits increase 2019
Slide 13: 2020 Profitability drivers
2020 Profitability drivers ~1.0% ~860 € m ~8.5% ~0.5% €m 830 ~2.0% (~8.5%) EPS2 ~€0.12 RoTBV2 ~9% FY19 Core PPI NPE reduction Δ ΝΙΙ Performing Δ Fees Greece Δ Opex Greece Δ International FY20 Core PPI impact 1 Greece Cost 170bps ~90bps of Risk 1. Including NII and OPEX impact. 2. Adjusted net profit
Slide 14: 3-year plan, 2020-2022
3-year plan, 2020-2022 3-year plan, 2020-2022 projections have not incorporated any effect from the coronavirus outbreak. Page 13
Slide 15: NPE plan, 2020-2022
NPE plan, 2020-2022 NPE stock (Group, € bn) NPE reduction actions NPE ratio 29.2% 15.9% 13.5% 7.0% 5.1% NPE Net flows €1.2bn 13.0 Liquidations €1.1bn 6.4 (4.3) Write – Offs €0.9bn (6.6) 5.4 2.7 Securitizations €1.7bn 2.1 Sales €0.4bn FY19 Cairo 1Q2020 FY20 FY21 FY22 NPE 55.3% ~57.0% ~55% >55% >60% c
Slide 16: Total CAD, 2020-2022
Total CAD, 2020-2022 FLB3 14.6% ~12.0% ~14.0% CET1 19.2% ~240bps ~30bps (~70bps) ~16.5% ~110bps ~15.8% ~70bps (~130bps) (~350bps) (~30bps) (~10bps) (~60bps) (~30bps) (~50bps) ~190bps buffer Cairo & FPS total impact: over 2022 Total (~370bps) ~170bps buffer Capital OCR over 2020 Total (SREP) of 14.60
Slide 17: Main Growth drivers, 2020-2022
Main Growth drivers, 2020-2022 Non-lending Business Credit Expansion drivers Transformation Greece: Network fees: c. 100% increase Cost initiatives: • performing loan balances €3.3bn1,2 ~1700 less FTEs in Greece Asset mng fees: >100% • Lending fees >20% -50 branches in Greece Streamline
Slide 18: Interest income drivers
Interest income drivers Performing Loans (€ bn)1 Deposit client rates (Greece, all currencies, bps) +7.1 38.3 2.1 1.5 1.6 3.8 FY19 Δ F19-FY22 31.2 (2.0) Savings & Sight 22 (~15) Time 71 (~45) Total 41 (~25) NIM & NII composition (Group) NIM 2.2% ~1.9%2 FY19 Business Household Mortgage Senior notes I
Slide 19: Fees & Commissions (Greece)
Fees & Commissions (Greece) • Network activities fees >100% Retail • Cards acquiring and issuing fees >70% Levers • Wholesale lending fees >25% • Economic growth Corporate • Asset management • >100% increase in AuM, ~€3.5bn net flows Asset • Fees >100% Mng • Bancassurance • AuM >40% Private • Fees >
Slide 20: International Operations
International Operations Total Core Operating Income (€ m) Strong recurring profitability in all countries 75% from Established premium brand, reputation and credibility in local markets Bulgaria & Cyprus Strong capital and liquidity position ~560 ~15% Low single digit NPE ratios 488 24% Fees
Slide 21: Strategic goals
Strategic goals 2019 2020 2022 RoTBV1 4.6% ~9% ~10% EPS1 €0.07 ~€0.12 ~€0.16 TBV/S1 €1.70 /€1.312 ~€1.44 ~€1.70 C/I 48.9% ~48% ~45% CoR 170bps ~90bps ~75bps NPE ratio 15.9% ~13.5% ~5% FLB3 CET1 14.6% ~12.0% ~14.0% Total CAD 19.2% ~15.8% ~16.5% 1. Adjusted net profit 2. Pro-forma post Cairo and FPS t
Slide 22: FY2019 results
Sy eurobank| FY2019 results | Page 21
Slide 23: FY19 results
FY19 results Highlights Key financials €m FY19 FY18 Δ(%) 4Q19 3Q19 Δ(%) 1 Net profit1 €257m in FY19; €108m in 4Q19 Net interest income 1,377.4 1,415.7 (2.7) 346.7 345.9 0.2 Core pre-provision income (PPI) down 2.7% y-o-y at €830m; up 5.4% q-o-q NII down 2.7% y-o-y at €1,377m; stable q-o-q Commis
Slide 24: Pre-provision income (PPI)
Pre-provision income (PPI) Core PPI and other income (€ m) Δ PPI (q-o-q, € m) 1 14 58 13 28 Other income 226 221 208 210 191 64 71 68 69 Int'l 15 1 250 62 10 223 1 Greece 162 140 141 150 129 4Q18 1Q19 2Q19 3Q19 4Q19 PPI per region (€ m) 265 250 227 Δ ΝΙΙ 3Q19 PPI 4Q19 PPI Δ other income Δ commission
Slide 25: Asset quality
Asset quality NPEs formation1 (€ m) NPEs ratio (%) 37.0% 36.7% Int'l 32.8% (115) Greece 31.1% (335) (195) 29.2% (205) (8) (342) (400) 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Loan loss provisions (€ m) Provisions / NPEs (%) 1.9% 1.8% 2.0% 1.6% 1.4% Cost of Risk2 183 55.3% 168 165 55.1% 16 3
Slide 26: Capital position
Capital position FBL 3 CET1 Phased in CET1 Total CAD 253bps 19.2% 183bps 29bps 16.7% 19bps 3bps 510bps buffer 26bps 14.6% over 2020 14.1% Total Capital 610bps buffer OCR (SREP) of over 2020 14.10% CET1 OCR (SREP) of 10.60% 3Q19 FLB3 4Q19 result Debt Securities Other 4Q19 FLB3 IFRS 9 Other 4Q19 CET1
Slide 27: Funding and liquidity
Funding and liquidity Interbank repos and eurosystem funding (€ bn) Deposits (€ bn) 5.3 5.0 4.4 3.4 15.7 4.6 4.8 13.8 5.9 11.1 5.7 5.9 44.8 10.0 5.8 5.9 4.3 42.3 7.1 41.3 5.1 39.1 39.4 3.2 1.91 2.0 1.3 1.3 1.3 12.4 Mar 17 Mar 18 Mar 19 Jun 17 Sep 17 Jun 18 Sep 18 Jun 19 Sep 19 Dec 17 Dec 18 Dec 19 1
Slide 28: International Operations
International Operations Core PPI (€ m) Net Profit1 (€ m) 69 71 68 64 62 60 43 36 31 30 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Loan loss provisions (€ m) Net Loans and Deposits (€ bn) 1.1% 1.2% 2.0% 1.0% 1.4% Cost of Risk 12.4 33 25 7.3 19 18 16 4.8 5.5 3.6 1.8 1.1 0.9 1.2 0.5 2 Int'l BUL
Slide 29: FY2019 results review
FY2019 results review Page 28
Slide 30: Loans
Loans Gross loans (€ bn) Performing loans (€ bn) 45.0 45.0 44.5 44.5 +€3.1bn 31.3 43.6 30.4 International 6.4 6.5 28.4 29.0 7.5 7.6 28.2 International 7.4 7.0 6.8 1.1 1.1 Greece 6.7 5.7 5.9 Senior notes 1.1 1.1 Greece Senior notes 20.6 20.6 20.5 20.4 20.5 11.8 11.9 12.0 12.2 12.7 Business Business M
Slide 31: Balance Sheet composition
Balance Sheet composition Assets (€ bn) Liabilities and Equity (€ bn) 64.8 64.8 Equity 6.7 Net loans and 37.4 advances to customers • Core 58% Trading & Deposits 44.8 • Time 42% other 16% Securities 8.1 GGBs 53% PP&E, intangibles and other assets 4.5 Other Derivatives 2.3 governments ECB 1.9 Loans a
Slide 32: Net interest margin & spreads
Net interest margin & spreads Net interest margin (bps) Deposit spreads (Greece, bps) 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Greece 236 222 211 204 200 Savings & Sight (49) (51) (52) (58) (60) International 278 283 278 266 265 Time (79) (77) (74) (76) (71) Group 245 235 226 219 215 Total
Slide 33: Net interest income
Net interest income NII breakdown (€ m) NII evolution (q-o-q, € m) Total NII 353 343 342 346 347 o/w Greece 268 254 248 247 247 o/w International 86 89 94 99 100 0 3 8 1 347 346 (5) Loan margin 397 370 375 388 378 (6) Bonds & other 50 65 61 54 59 3Q19 4Q19 Loans Deposits Bonds & other International
Slide 34: Commission income
Commission income Commission income breakdown (€ m) Commission income per region (€ m) 64bps over assets 104 104 94 94 94 94 90 21 Lending 90 Int’l 28 17 23 24 17 29 26 66 66 Network 39 15 40 37 36 23 76 Greece 66 5 Capital Markets 31 5 70 64 6 Bancassurance & 20 16 13 Asset Management 12 43 5 13 Re
Slide 35: Operating expenses
Operating expenses OpEx per region (€ m) OpEx breakdown l-f-l1 (€ m) Greece (1.7%) 874 0.7% 880 221 218 224 230 229 58 114 Depreciation 46 50 53 58 57 International 329 293 Administrative 176 168 172 172 172 Greece 487 Greece staff cost Staff 473 (5.4%) 4Q18 1Q19 2Q19 3Q19 4Q19 FY18 FY19 Cost-to-inc
Slide 36: Asset Quality
Sy eurobank| Asset Quality | Page 35
Slide 37: Δ stock NPEs (€m)
Δ stock NPEs (€m) (151) (459) Δ stock NPEs Group (883) FY2019 (1,021) (€3.7bn) (2,209) Δ stock NPEs Solo (872) (108) (722) (301) (2,254) 346 NPE inflows 272 219 182 164 NPE outflows (366) (308) (303) (340) (401) (80) (88) Cash Payments (93) (86) (114) (243) (113) (169) (209) (262) (26) (8) (119) (32
Slide 38: NPEs formation per segment (Greece)
NPEs formation per segment (Greece) Mortgages (€ m) Consumer (€ m) 315 278 100 22 38 35 38 28 0 7 1 2 4 (9) (22) (41) (7) (2) (15) (5) (3) (2) (4) (66) (83) (85) (81) (90) (80) (105) (9) (123) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q16 2Q16 3Q16 4Q16 1Q17 2Q
Slide 39: NPEs metrics (Group)
NPEs metrics (Group) 90dpd bridge to NPEs (€ bn) NPEs per region Provisions & Provisions/ Total NPEs NPEs ratio4 collaterals / NPEs NPEs (€ bn) (%) (%) (%) Consumer 1.1 39.1 93.5 104 Mortgages 3.7 29.5 44.3 112 0.3 2.1 Small Business 3.2 52.9 51.5 109 13.0 10.5 Total Retail 8.0 37.4 54.0 105 Corpora
Slide 40: Loans' stage analysis (Group)
Loans’ stage analysis (Group) Loans’ stage breakdown Provisions stock over NPEs Δ 53.2% 53.8% 54.5% 55.1% 55.3% (€ bn) 4Q18 1Q19 2Q19 3Q19 4Q19 q-o-q Stage 1 21.4 21.5 22.4 23.7 25.2 1.5 Stage 2 7.0 7.0 6.9 6.9 6.3 (0.6) Stage 3 16.7 16.5 14.3 13.8 13.0 (0.8) (NPEs) 1 Total 45.0 45.0 43.6 44.5 44.5
Slide 41: Repossessed Real Estate Portfolio (Greece)
Repossessed Real Estate Portfolio (Greece) Repossessions Real Estate Portfolio1 Sales Pipeline: 56 properties of €15m value already agreed 5,2k properties of €0.7bn value 456 186 190 81 380 # Properties # Properties 93 28 53 50 112 3 REO Portfolio sales (1,041 properties) 50 Residential 45 Opus Star
Slide 42: Property Auctions progress
Property Auctions progress Property auctions breakdown Conducted auctions breakdown (FY19) # of 2,579 3,601 3,120 properties 10% 3rd parties 32% acquisitions, 25% 41% 18% 33% 1,001 properties 34% 65% Acquired by 35% the Bank, 25% 82% 2017 2018 2019 Suspended/Cancelled Barren Conducted Page 41
Slide 43: International operations
International operations Page 42
Slide 44: International presence
International presence Total Assets (€ bn) 1.4 Net Loans (€ bn) 0.5 Total Assets (€ bn) 1.5 Deposits (€ bn) 1.2 Net Loans (€ bn) 1.1 Deposits (€ bn) 0.9 Branches (#) 80 Total Assets (€ bn) 6.3 Net Loans (€ bn) 1.8 Total Assets (€ bn) 5.6 Net Loans (€ bn) 3.6 Deposits (€ bn) 5.5 Private Banking 8 Dep
Slide 45: Bulgaria P&L
Bulgaria P&L PPI (€ m) OpEx (€ m) 62 29 29 25 21 22 39 30 26 20 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Loan loss provisions (€ m) Net Profit (€ m) 30 16 24 18 10 8 8 8 13 12 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Page 44
Slide 46: Bulgaria B/S and Asset quality
Bulgaria B/S and Asset quality Gross Loans (€ m) NPE ratio and Provisions / NPEs 3,779 3,828 3,801 523 530 528 2,912 2,985 Consumer Provisions / 50.6% 52.3% 47.1% 48.6% NPEs 405 423 1053 1074 1075 42.9% Mortgage 907 918 Business NPE ratio 2,203 2,224 2,198 12.2% 11.2% 11.0% 10.6% 8.5% 1,600 1,644 4Q
Slide 47: Cyprus P&L
Cyprus P&L PPI (€ m) OpEx (€ m) 24 26 25 22 23 9 9 10 9 7 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Loan loss provisions (€ m) Net Profit (€ m) 20 16 16 15 16 3 4 3 3 2 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Page 46
Slide 48: Cyprus B/S and Asset quality
Cyprus B/S and Asset quality Gross Loans (€ m) NPE ratio and Provisions / NPEs 1,769 1,804 1,874 1,739 149 1,632 143 141 Other 136 69.6% 132 61.6% 65.0% 66.7% 62.2% Provisions / NPEs 1,500 1,603 1,627 1,663 1,725 Business 5.5% 5.4% 5.3% 4.7% 3.9% NPE ratio 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q1
Slide 49: Serbia P&L
Serbia P&L PPI (€ m) OpEx (€ m) 12 12 12 12 12 8 7 7 7 6 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Loan loss provisions (€ m) Net Profit (€ m) 4 4 4 3 20 (10) 2 2 2 1 4Q18 1Q19 2Q19 3Q19 4Q19 4Q18 1Q19 2Q19 3Q19 4Q19 Page 48
Slide 50: Serbia B/S and Asset quality
Serbia B/S and Asset quality Gross Loans (€ m) NPE ratio and Provisions / NPEs 1,079 1,056 1,068 1,092 1,093 62.2% 64.9% 371 Consumer 60.6% 381 393 407 413 55.9% 59.1% Provisions / NPEs 152 150 117 116 116 Mortgage 556 525 558 568 565 Business 7.8% 7.5% 7.0% 6.4% 5.7% NPE ratio 4Q18 1Q19 2Q19 3Q19 4
Slide 51: Key figures – 4Q19
Key figures – 4Q19 Bulgaria Cyprus Serbia Lux Sum Assets 5,550 6,260 1,510 1,374 14,694 Gross loans 3,801 1,874 1,093 522 7,290 Net loans 3,644 1,827 1,054 521 7,046 Balance Sheet (€m) 90dpd Loans 217 39 46 1 303 Balance NPE loans 323 73 61 1 458 Sheet Deposits 4,821 5,501 904 1,172 12,398 CAD1 17.0
Slide 52: Appendix I – Supplementary information
Appendix I – Supplementary information Page 51
Slide 53: Summary performance
Summary performance Balance sheet – key figures Income statement – key figures €m 4Q19 3Q19 €m 4Q19 3Q19 Gross customer loans 44,405 44,481 Net interest income 346.7 345.9 Provisions (7,099) (7,565) Commission income 103.8 94.2 Loans FVTPL 58 62 Operating income 478.7 453.5 Net customer loans 37,365
Slide 54: Consolidated quarterly financials
Consolidated quarterly financials Income Statement (€ m) 4Q19 3Q19 2Q19 1Q19 4Q18 Net Interest Income 346.7 345.9 342.1 342.7 353.0 Commission income 103.8 94.2 89.9 65.8 94.3 Other Income 28.2 13.3 57.5 13.8 1.1 Operating Income 478.7 453.5 489.5 422.5 448.4 Operating Expenses (229.2) (230.3) (224.
Slide 55: Consolidated financials
Consolidated financials Income Statement (€ m) FY19 FY18 Δ y-o-y (%) Net Interest Income 1,377.4 1,415.7 (2.7) Commission income 353.7 311.3 13.6 Other Income 112.8 105.1 7.3 Operating Income 1,843.9 1,832.1 0.6 Operating Expenses (901.3) (874.1) 3.1 Pre-Provision Income 942.6 958.0 (1.6) Loan Loss
Slide 56: Appendix II – Macroeconomic update
Appendix II – Macroeconomic update Page 55
Slide 57: Recent macro & market developments and FY-2020 outlook
Recent macro & market developments and FY-2020 outlook FY20 outlook, recent macro & market developments Full-year real GDP growth at 1.9% for 2019; forecast of 2.4% for 2020 in Bank of Greece Forecasts Covid-19 outbreak likely to have a negative impact in H1-2020 GDP, recovery from H2 if the vir
Slide 58: Greece: Key macro indicators - Realizations & forecasts
Greece: Key macro indicators - Realizations & forecasts 2019, €bn* 2019* 2020** 2021** (nominal) Real (YoY%) Real (YoY%) Real (YoY%) Before the estimated effect of the coronavirus GDP 187.5 1.9 2.4 2.5 Private Consumption 127.4 0.8 1.3 1.2 Government Consumption 36.5 2.1 1.5 1.7 Gross Fixed Capital
Slide 59: Selected indicators of domestic economic activity
Selected indicators of domestic economic activity Economic Sentiment: remains at high levels PMI Manufacturing: well above the 50 units no-change threshold Retail Trade Volume: annual growth accelerates in 2019Q4 Industrial Production: steep drop in electricity and oil products Source: ELSTAT, IOBE,
Slide 60: Domestic Labour Market
Domestic Labour Market Improving but major challenges remain; reversal of disinvestment critical Unemployment rate: continued decline but still elevated Employment: growth below its 6-years average (2.0 YoY%) Long Term Unemployment: a drain of human capital stock Labour Productivity Growth: weak per
Slide 61: Real Estate prices increase in FY 2019 after a multi-year decline
Real Estate prices increase in FY 2019 after a multi-year decline Between 2008 and 2017, apartment prices declined cumulatively by 42.0 per cent Downward index trend mainly due to the contraction of disposable income, the increase of unemployment, limited access to credit and the excess supply o
Slide 62: Prudent fiscal policy continues
Prudent fiscal policy continues Primary balances targets over-performed but with a toll on growth: 2019 marked the 6th year in the past 7 years with a significant primary surplus in programme terms 2020 Budget: FY-2019: primary surplus at 3.7% of GDP and gross public debt at 173.3% of GDP; fis
Slide 63: 2019 Budget Execution in line with targets
2019 Budget Execution in line with targets January-December 2019 Budget execution: primary balance stood at a surplus of €5.0bn, ca €0.6bn higher relative to the respective budget target; no risk for the achievement of 2019 general government fiscal primary balance Stock of arrears: €1.7bn at en
Slide 64: Appendix III – Glossary
Appendix III – Glossary Page 63
Slide 65: 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 Finan
Slide 66: Glossary – Definition of Alternative Performance Measures (APMs)
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures/ ratios Commission income: The total of Net banking fee and commission income and Income from non-banking services of the reported period. Other Income: The total of net trading income, gains less lo
Slide 67: Glossary – Definition of Alternative Performance Measures (APMs)
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures/ ratios Provisions (charge) to average Net Loans ratio (Cost of Risk): Impairment losses on Loans and Advances charged in the reported period, annualized and divided by the average balance of Loans a
Slide 68: Glossary – Definition of Alternative Performance Measures (APMs)
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures/ ratios Risk-weighted assets (RWAs): Risk-weighted assets are the Group's assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013, taking into
Slide 69: Investor Relations contacts
Investor Relations contacts Dimitris Nikolos +30 214 4058 834 E-mail: dnikolos@eurobank.gr Yannis Chalaris +30 214 4058 832 E-mail: ychalaris@eurobank.gr Christos Stylios +30 214 4058 833 E-mail: cstylios@eurobank.gr E-mail: investor_relations@eurobank.gr Fax: +30 210 3704 774 Internet: www.eurobank