Optima Bank Sa · ATHEX:OPTIMA
Optima Bank Sa — FY2024 Earnings Presentation
45 slides from Optima Bank Sa's earnings presentation, Mar 6, 2025
Slide 1: FY 2024 Results
FY 2024 Results 6 March 2025
Slide 2: FY 2024 results in a nutshell
FY 2024 results in a nutshell FY 2024 reported: FY 2024 reported: €140.2m 25.3% +36% YoY Net Profit ROTE €3.7bn €4.6bn CET1 * NPEs Loans Δ Depos Δ €1.2bn €1.5bn 14.4% 0.85% Asset +49% YoY +45% YoY Loans Deposits Capital Quality *Capital ratio incorporates period profits and dividend provision 2
Slide 3: We over-delivered on our promises
We over-delivered on our promises Initial FY24 Guidance 1H 2024 update* FY 2024a Depos Growth c.€900mn - +€1,452mn Net Loans Growth c.€700mn - +€1,182mn Cost to Core Income <30% - 25.6% NPE ratio <1.0% - 0.85% Net Profit >€124mn >€134mn €140.2mn ROTE >20% >24% 25.3% * In the 1H 2024 update managemen
Slide 4: Key P&L lines
Key P&L lines Income statement €mn FY 2024 FY 2023 YoY 4Q 2024 4Q 2023 YoY NII 189.9 142.2 34% 48.8 43.3 13% Fees 41.3 32.1 29% 12.1 9.6 26% PPI 196.8 136.0 45% 50.0 39.5 27% Impairments 20.6* 9.9 107% 9.8** 1.2 723% Net profit reported 140.2 103.0 36% 32.0 30.9 4% EPS (€) 1.90 1.40 36% 0.43 0.42 4%
Slide 5: Key financial performance indicators
Key financial performance indicators KPIs FY 2024 FY 2023 4Q 2024 4Q 2023 NIM 4.04% 4.39% 3.73% 4.58% NFM 0.88% 0.99% 0.92% 1.01% Cost to Core Income 25.6% 29.3% 27.5% 28.0% CoR 0.67%* 0.48% 1.13%** 0.20% RoTE 25.1% 23.3% 21.6% 25.7% Loans/Deposits 77.8% 76.2% 77.8% 76.2% LCR 251.4% 248.9% 251.4% 24
Slide 6: Loan generation accelerated in Q4
Loan generation accelerated in Q4 Loan disbursements FY 2024 New Loan Disbursements €mn 945 €mn 2,830 FY 2024 642 663 565 580 40% 2,018 FY 2023 46% 1,386 FY 2022 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 The highest level of quarterly new loan generation in the history of the bank 6
Slide 7: The loan book grew 49% YoY
The loan book grew 49% YoY Gross loan balances Large Corporates the main driver of the growth €mn €mn Corporate Retail 224 3,657 3,657 313 3,307 3,062 663 2,793 2,458 891 802 759 2,458 701 667 2,505 2,767 2,092 2,303 1,791 FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 FY 2023 Large Corp. SMEs Retail FY 20
Slide 8: We kept our pace on deposit gathering
We kept our pace on deposit gathering Deposits grew 45% YoY Time deposits share in the mix €mn 58% Corporate Retail 4,643 4,132 55% 3,715 3,192 3,331 2,967 52% 2,757 51% 2,519 2,005 2,155 49% 1,374 1,676 1,187 1,175 1,196 FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 FY 2023 1Q 2024 1H 2024 9M 2024 FY 202
Slide 9: Strong growth in total assets under management
Strong growth in total assets under management Total AuM at €4.2bn Optima mutual funds AuM €mn €mn +25% 4,152 3,968 3,566 3,681 195 8 198 3,329 166 166 82 145 167 2,910 3,045 2,691 2,697 2,492 107 476 521 579 635 616 194 208 239 257 295 FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 FY 2023 Net inflows Val
Slide 10: The Balance Sheet expanded by 43% YoY
The Balance Sheet expanded by 43% YoY FY 2024 Balance Sheet Tangible Equity (€m) €mn 609 FY 2024 FY 2023 Δ 499 Cash & Cash at banks 969 605 364 144 Securities 726 676 50 243 Net Loans 3,613 2,431 1,182 148 118 Assets 5,541 3,868 1,673 Deposits 4,643 3,192 1,452 FY 2020 FY 2021 FY 2022 FY 2023 FY 202
Slide 11: Ample liquidity with zero ECB funding
Ample liquidity with zero ECB funding Strong Liquidity Metrics HQLAs FY 2024 LDR 76% 83% 82% 79% 78% Other securities 4% LCR NSFR Government bonds 29% 263% 263% 251% 249% €1,131mn 190% Cash & Cash at Central Bank 132% 129% 129% 67% 124% 125% €mn 1,131 FY2023 1Q 2024 1H 2024 9M 2024 FY 2024 820 827 9
Slide 12: Fastest growing and most efficient bank
Fastest growing and most efficient bank Optima bank Market* ROTE 25.1% 16.9% EU peers @15.2%** NIM 4.04% 2.72% Cost to Core Income 25.6% 34.0% Depos Growth YoY 45.5% 3.5% Loan Growth YoY 48.6% 3.5% NPE ratio 0.85% 3.1% DTC/CET1 0% 51% *average of the 4 Greek systemic banks as of 4Q 2024, deposits an
Slide 13: Customer satisfaction at the core of our business model
Customer satisfaction at the core of our business model NPS (Net Promoter Score) Consistently high NPS 12M rolling 87.62 50 40 60 30 70 20 80 7.25 2022 2023 2024 10 82.50 90 5.12 0 100 NPS measures the loyalty of customers to a company First developed in 2003 by Bain and Company Management Consu
Slide 14: Where do we go from here
Optima Where do we go from here
Slide 15: The journey continues
The journey continues We target a ~€1.25bn increase in deposits We want to grow our net loan balances by ~€1.0bn +€1.25bn ~5,900 +€1.0bn ~4,600 4,643 3,613 3,192 2,459 2,177 1,347 1,693 754 1,029 205 390 90 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025E FY 2019 FY 2020 FY 2021 FY 2022 FY 2
Slide 16: Leasing subsidiary to complement our offering
Leasing subsidiary to complement our offering Optima leasing Leasing market profile * BB 25% Equipment Vehicles; 35% Portfolio mix 15% Real Real estate; Estate ~€2.3bn 48% LC/SME 65% 75% Equipment; 37% Optima leasing was launched in November 2024 We aspire a mid-single digit market share in the medi
Slide 17: Financial Analysis
Optima bank Financial Analysis
Slide 18: Both NII and fees supported healthy core income growth
Both NII and fees supported healthy core income growth NII grew 34% YoY Fees grew 29% YoY NIM 4.39% 4.04% NFM 0.99% 0.88% €mn €mn 65.8 6.5 5.4 189.9 -30.0 1.2 41.3 3.0 142.2 5.0 32.1 FY 2023 Loans Securities Depos Other FY 2024 FY 2023 Loans/LGs MFs/Brokerage Other FY 2024 18
Slide 19: 4Q 2024 NII +13% YoY
4Q 2024 NII +13% YoY NII Breakdown €mn 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Loans 43.8 47.1 51.4 54.5 54.3 +24% YoY Fixed income 6.2 6.4 6.1 6.0 6.3 Timing mismatch between loans and time Deposits -9.4 -10.7 -13.3 -15.6 -15.9 depos led to significant margin pressure in Q4; CB & Interbank 3.0 1.
Slide 20: 4Q 2024 fees +26% YoY
4Q 2024 fees +26% YoY NFI Breakdown €mn 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Loans 2.0 2.2 1.8 2.4 3.0 +53% YoY LGs 3.0 3.2 3.0 3.3 3.6 Brokerage 2.0 2.2 2.1 1.9 2.9 Mutual Funds 0.8 0.9 0.9 1.0 1.0 Other 1.8 1.3 1.5 1.5 1.6 Total 9.6 9.8 9.3 10.2 12.1 NFM 1.01% 0.99% 0.87% 0.86% 0.92% 20
Slide 21: Industry leading cost efficiency
Industry leading cost efficiency Operating expenses Cost to Core Income 29.3% -370bps 500 512 535 549 575 FTEs (#) €mn 18.5 26.0% 16.7 25.4% 25.0% 25.6% 2.2 14.1 14.5 2.3 12.5 2.0 5.6 1.9 2.1 4.6 4.5 FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 4.9 3.0 10.6 9.8 8.0 7.4 7.5 Positive Jaws FY 2024 YoY 4Q 20
Slide 22: Balance sheet structure
Balance sheet structure Assets Liabilities & Equity 3,868 5,541 5,541 3,868 €mn 234 162 €mn Other 156 85 Net Loans 3,613 Other liabilities Securities 4,643 Deposits Due from Banks 2,431 Due to banks 3,192 Cash Equity 726 676 171 116 126 81 797 620 510 479 12M 2023 12M 2024 12M 2024 12M 2023 22
Slide 23: Loan book structure and rates
Loan book structure and rates Loan book rate Gross loans breakdown FY 2024 Pass-through rate at 84% 3.6% Mortgages 0.2% Consumer 3.8% Finance/Insurance 7.05% 7.06% 6.95% 5.1% Technology 6.91% 6.74% 5.5% Logistics 6.49% Construction 7.5% 6.26% 8.9% F&B/Tourism 5.82% 9.8% Manufacturing 10.3% Real Esta
Slide 24: Loan book breakdown
Loan book breakdown Retail Wholesale Other/Consumer 4% SMEs - Revolving 16% Mortgages Large Corporates - 15% Revolving 26% €891mn BB-Term 53% SMEs - Term 22% €2,767mn BB-Revolving 28% Large Corporates - Term; 36% 24
Slide 25: Deposit mix and rates
Deposit mix and rates Deposits movement Deposits mix 780 4,643 182 347 142 3,192 Retail, Demand 27% Retail, Time 37% €4,643mn FY 2023 Corporate, Demand Corporate, Time Retail, Demand Retail, Time FY 2024 Corporate, Demand 15% Deposits rate 1.63% 1.68% 1.62% Corporate, Time 22% 1.43% 1.30% 1.15% 0.86
Slide 26: Well diversified securities book
Well diversified securities book Securities book mix Breakdown per classification FVTPL GGBs 11% 36% €264mn €726mn €414mn AMOC 57% OCI 7% Other non €47mn sovereigns €726mn T-Bills 26% 50% Securities over assets Other sovereigns 17% 17% 18% 14% 13% 13% 13% 9M 2023 FY 2023 1Q 2024 1H 2024 9M 2024 FY 2
Slide 27: Asset Quality
Optima Asset Quality
Slide 28: Further decline in the NPE ratio; strategic decision to increase cash coverage
Further decline in the NPE ratio; strategic decision to increase cash coverage Cost of Risk NPE ratio 1.11% 1.03% (bps) 20 72 33 45 113 0.92% 0.85% 39 CoR on a recurring basis 0.45% 9.8 Part of the FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 impairments related with the 6.4 6.4 strategic 4.7 decision to
Slide 29: NPE total coverage almost 200%; texas ratio at industry leading levels
NPE total coverage almost 200%; texas ratio at industry leading levels NPE coverage Texas ratio Cash coverage (NPE provisions/NPEs) NPE collaterals/NPEs 197% 166% 169% 5.8% 5.6% 148% 5.3% 5.0% 121% 149% 90% 139% 139% 87% 2.3% 58% 48% 34% 27% 30% FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 FY 2023 1Q 202
Slide 30: Capital
Optima Capital
Slide 31: Rise in the loan book drives RWA growth
Rise in the loan book drives RWA growth TCR trajectory YoY RWA density 5.2% 76% -1.2% 72% 72% 71% 17.7% 69% 14.4% -7.3% FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 RWA evolution FY 2023 Organic dividend accrual RWAs FY 2024 1,226 129 3,988 -54 A Tier 2 capital instrument of ~€150mn is planned in 2025 2,
Slide 32: Sustainability
Optima Sustainability
Slide 33: Articulation of a detailed sustainability strategy
Articulation of a detailed sustainability strategy Sustainability strategy aims to… 01 02 03 04 05 Intergrate ESG Facilitate Manage our Support the Uphold into our Sustainable impact across the transition to prudent and Operating Investment ESG spectrum sustainable Model transparent business models
Slide 34: Sustainability strategy
Sustainability strategy Create value for people and Maintain sound governance Ambition Support energy transition the society model ✓ Minimize our own carbon ✓ Μaintain high levels of employee ✓ Foster a culture of ethics, footprint and Customers satisfaction transparency and Integrity ✓ Incorporate
Slide 35: Our sustainability performance in 2024
Our sustainability performance in 2024 ✓ 29% Renewable Energy Consumption (based on energy suppliers’ energy mix) Energy ✓ 69.5% Hybrid & electric cars of the total transition ✓ Green Asset Ratio: 1.4% (turnover)/ 2.6% (CAPEX) ✓ 11% of total loans in Renewables ✓ 49% women representation Driven for
Slide 36: Appendix
Optima Appendix
Slide 37: Income Statement
Income Statement in EURmn 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net interest income 38.3 43.3 44.5 47.0 49.6 48.8 Net fee and commission income 8.2 9.6 9.8 9.3 10.1 12.1 Core Income 46.5 52.8 54.3 56.3 59.8 60.8 Other income 0.1 1.1 0.5 1.4 0.9 0.9 Trading Income 5.0 4.0 4.2 4.7 5.9 5.0 To
Slide 38: Income Statement
Income Statement in EURmn 9M 2023 FY 2023 3M 2024 1H 2024 9M 2024 FY 2024 Net interest income 99.0 142.2 44.5 91.5 141.1 189.9 Net fee and commission income 22.5 32.1 9.8 19.1 29.3 41.3 Core Income 121.5 174.3 54.3 110.6 170.4 231.2 Other income 1.0 2.1 0.5 2.0 2.8 3.7 Trading Income 12.6 16.6 4.2 8
Slide 39: Balance Sheet
Balance Sheet in EURmn 9M 2023 FY 2023 3M 2024 1H 2024 9M 2024 FY 2024 Cash & Cash at C.B. 709 605 414 759 847 968,9 Securities 628 676 719 601 634 726 Net Loans 2,210 2,431 2,764 3,029 3,272 3,613 PP&E 11 11 11 10 10 11 Intangible Assets 11 11 11 11 10 11 RoU assets 18 20 22 18 19 20 DTA 6 8 8 7 8
Slide 40: Macro environment is supportive
Macro environment is supportive CPI Jan 2022 - December 2024 CPI Jan 2022 -September 2024 Source: Hellenic Statistical Authority Average 2024: 2.7% Nominal GDP 9.2% 9.2% 7.8% 5.7% 9.6% 5.3% 7.1% 4.7% 2.70% 2.4% 5.5% 3.5% 2.8% 3.0% 3.5% Real GDP 1.9% 2.9% 2.8% 1Q 21 1Q 20 2Q 20 3Q 20 4Q 20 2Q 21 3Q 2
Slide 41: Positive outlook for the Greek economy
Positive outlook for the Greek economy Greek sovereign ratings Greek economic sentiment index Latest credit ratings Outlook 108.6 Last upgrade: 12/2023 BBB- Stable (11/2024) Last upgrade: 10/2023 BBB- Positive Upd: expected spring 2025 Mar 19 May 19 Sep 19 Mar 20 May 20 Sep 20 Mar 21 May 21 Sep 21 M
Slide 42: Glossary
Glossary Adjusted net profit: Net profit/loss adjusted after adding back one off expenses or deducting one off revenues Basic Earnings per share (EPS): Net profit attributable to ordinary shareholders divided by the weighted average number of shares Common Equity Tier 1 (CET1): Common Equity T
Slide 43: Disclaimer
Disclaimer This is a presentation of an exclusively informative nature, intended to provide general information about the Bank. Your participation in any way in an event at which the presentation is shown or your access to it in any other way constitutes an acknowledgment that you have read the term
Slide 44: Contact information
Contact information Kostantinos Vatousis, Head of Strategy & IR George Doukas, IRO kvatousis@optimabank.gr gdoukas@optimabank.gr 32 Aigialeias & Paradeisou str. Maroussi Athens 15125 Greece OPTIMAr.AT OPTIMA GA ISIN: GRS533003000 www.optimabank.gr
Slide 45: Optima bank
Optima bank