Alpha Bank S.a. · ATHEX:ALPHA
Alpha Bank — Q1 2023 Earnings Presentation
73 slides from Alpha Bank's earnings presentation, May 8, 2023
Slide 1: Alpha Bank Q1 2023 Results
Alpha Bank Q1 2023 Results Investor Presentation 8th May 2023
Slide 2: Disclaimer
Disclaimer Systemic bank established in 1879 This presentation has been prepared and issued by Alpha Services and Holdings S.A. and its 100% subsidiary, Alpha Bank S.A., solely for informational purposes. It is hereby noted that on 16.4.2021, the demerger of the credit institution under the former n
Slide 3: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 3
Slide 4: Regaining Investment Grade and FDIs; Fiscal tightening compresses debt-to-GDP
Regaining Investment Grade and FDIs; Fiscal tightening and robust nominal GDP dynamics compress the debt-to-GDP ratio Restoring debt sustainability: primary surplus, low and fixed rates, Foreign Direct Investment (% GDP) at record highs real growth and inflation 10 220% 4.0 Greece OECD 8 3.5 6 3.9 2
Slide 5: Financial performance
Financial performance NIM (%) Net Interest Income (€mn) FY22 Cost-income ratio NPEs (€bn) Cost of Risk (bp) FY 22 424 398 61 94 93 339 58 75 303 76 54 281 2.23 54 61 2.05 48 4.9 1.77 51 3.2 3.2 3.1 3.0 1.62 1.53 45 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q1 22 Q2 22 Q3 22 Q4 22 Q
Slide 6: Main developments
Main developments ▪ Return On Tangible Equity at 11.1% on a normalised basis or 7.6% reported including guided one-off costs ▪ Net interest income +6.4% q/q on higher rates Profitability ▪ Voluntary Separation Scheme concluded in February, further reshaping workforce and optimizing resource allocati
Slide 7: Growth in performing balances affected by repayments
Growth in performing balances affected by repayments… • Strong pipeline of Structured Finance • High repayments from cash rich • Wholesale pipeline supporting projects corporates healthy growth of balances • Higher activity in Small Business • Build-up of working capital facilities • Right-sizing of
Slide 8: … which is reflected in deposit flows
… which is reflected in deposit flows • 8% total deposit beta (time & core) in Greece Individuals € Core Time 29.1 29.5 30.0 31.0 30.8 5.3 5.0 5.7 7.0 • +€0.4bn growth in AuMs 5.6 • Shift to time deposits mostly in February 23.5 24.3 24.9 25.3 23.8 • April time deposit pass-through at c30% Business
Slide 9: Solid liquidity profile
Solid liquidity profile Liquidity figures Deposit composition Group % , € bn Greece % , € bn LCR 164% NSFR 125% • c70% insured • 5.8k average ticket size 76% 27% Mass 22% 25% • 1.7k average ticket size Cash & Cash equivalents Loans to Deposits as % of Deposits Affluent 44% 43% • 29k average ticket s
Slide 10: Segmental performance
Segmental performance y/y Greece International NPAs Other Retail Wholesale Wealth & Total Treasury Loans Loans Securities Loans Loans (3%) +8% +34% +4% +8% Growth NPEs Deposits Deposits AuMs Deposits Deposits (39%) +8% +12% +14% +6% +7% €182mn €169mn €79mn €430mn €76mn €28mn €2mn Revenues +48% +3% (
Slide 11: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 11
Slide 12: Q1 2023 Group P&L
Q1 2023 Group P&L Reported Profit After Tax Profit & Loss Q1 23 Q1 22 y/y Q1 23 Q4 22 q/q (€ mn) €123mn €117mn €111mn €93mn Net Interest Income 424 281 51% 424 398 6% Net fee and commission Income 88 106 (17%) 88 97 (10%) €63mn Trading & Other Income 24 120 (80%) 24 17 43% Operating Income 536 507 6
Slide 13: Q1 2023 Group Balance Sheet
Q1 2023 Group Balance Sheet Tangible Book Value Balance Sheet Mar-23 Dec-22 Mar-22 q/q Group, € mn (€ bn) 5.9 Assets 73.7 78.0 73.4 (4.3) 5.8 5.7 5.7 5.6 Securities 14.7 13.5 11.0 1.2 Cash & Cash Balances 8.3 12.9 11.0 (4.6) Net Loans 38.2 38.7 37.8 (0.5) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 ECB balances 9
Slide 14: Top line benefitting from rates, Cost of Risk at 75bps
Top line benefitting from rates, Cost of Risk at 75bps Merchant Acquiring Net Interest Income NPE NII Other NII y/y Net fee and commission income Large tickets y/y Group, € mn Group, € mn Other Net Commission Income 106 98 92 97 424 9 1 88 398 13 0 42 +24% 16 0 339 37 303 32 281 33 34 92 96 88 361 3
Slide 15: Performing loans up 5% y/y; Q1 affected by repayments
Performing loans up 5% y/y; Q1 affected by repayments Performing loan book expansion Net credit expansion Group, € bn Greece, € bn +5% Businesses Individuals o/w: +2% +0.1% (1%) +3% (0.3)bn net credit 31.4 31.4 expansion 1.0 0.2 30.6 31.1 0.1 0.1 29.7 0.7 0.5 4.0 4.1 4.2 0.1 0.1 4.0 0.1 3.9 1 2.3 2.
Slide 16: Deposits +7% y/y; Q1 shift to time deposits driven by Business
Deposits +7% y/y; Q1 shift to time deposits driven by Business Deposits evolution Mix towards Time deposits Group, € bn Greece, € bn YoY +€3.4bn QoQ 44.6 45.0 1% 44.5 (€0.5bn) 1% 43.1 2% 50.8 0.0 50.2 41.5 1% 46.9 5.7 (0.2) State 2% 13% 16% (0.3) 5.7 International 5.4 14% 20% 45.0 44.5 Greece 41.5 T
Slide 17: NII +6% q/q on higher rates; ECB benefit reversed
NII +6% q/q on higher rates; ECB benefit reversed Group, € mn Q1 2023 / Q4 2022 Q1 2023 / Q1 2022 Interest Income / Interest Expense Interest Income / Interest Expense Q4 22 NII 398 Days effect (9) 389 Q1 22 NII 281 Loans PE 70 Loans PE 184 Loans NPE 5 Loans NPE 8 Deposits (17) +9% Deposits (40) +51
Slide 18: Repricing of loans and deposits evolving in line with expectations
Repricing of loans and deposits evolving in line with expectations; total deposit beta at 8% Interest Income / Interest Expense breakdown1 Performing Loans Lending yields over Gross loans Group, € mn 424 Group, % o/w ~38% Individuals Businesses 42 from NPE transactions pending Q1 22 Q2 22 Q3 22 Q4 2
Slide 19: Lower loan fees and transaction activity drive q/q fee evolution
Lower loan fees and transaction activity drive q/q fee evolution Q1 2023 / Q4 2022 Q1 2023 / Q1 2022 Net Commission Income decomposition Group, € mn Group Net Commission Income, € mn Q4 22 97 Q1 22 106 106 9 98 97 1 92 1 adjustments (4) (9) 88 16 13 0 0 26 29 pf Q4 22 93 pf Q1 22 97 25 26 23 12 15 B
Slide 20: Recurring costs down 1.5% y/y
Recurring costs down 1.5% y/y Q1 2023 / Q4 2022 Q1 2023 / Q1 2022 Recurring Operating Expenses evolution Group, €mn Group Recurring Costs, € mn (5%) Greece International 2 Other 258 244 0 242 233 Q1 22 159 47 39 244 7 232 Q4 22 175 48 35 258 9 0 0 Merchant acquiring 1 1 adjustments 0 adjustments (7)
Slide 21: Inflows lower in Q1; Asset Quality environment remains benign
Inflows lower in Q1; Asset Quality environment remains benign NPE (0.2) 0.0 (0.0) (0.1) (0.2) Cost of Risk formation % over net loans Greece, € bn 0.9% 0.9% 0.35 0.2% 0.2% 0.7% 0.31 0.5% 0.6% 0.1% 0.30 0.2% 0.2% 0.24 0.7% 0.7% Inflows 0.6% 0.18 0.3% 0.3% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 o/w Moratoria 0
Slide 22: NPE ratio down to 7.6%; €0.1bn organic reduction during Q1
NPE ratio down to 7.6%; €0.1bn organic reduction during Q1 NPE ratio (Group) 43% 13% 7.8% 7.6% NPL ratio (Group) 30% 6% 4.1% 3.9% Group NPEs, € bn 20.9 5.1 (15.7) (0.1) (1.6) (0.4) (0.1) Dec-20 FY 21 FY 21 Dec-21 FY 22 FY 22 Dec-22 Q1 23 Mar-23 transactions formation transactions formation formation
Slide 23: Organic capital generation at 0.5% in Q1
Organic capital generation at 0.5% in Q1; +c60bp to come from performing loan securitizations Fully Loaded CET1 q/q % 0.2% 0.6% 0.0% (0.1%) 0.0% (0.2%) 12.8% 12.4% 12.3% 11.9% 0.5% Organic Capital Generation Dec-22 Q1 23 DTC RWAs FVOCI Other capital Transactions Mar-23 Mar-23 post Mar-23 organic PnL
Slide 24: Fully loaded regulatory Capital and Capital Requirements
Fully loaded regulatory Capital and Capital Requirements €400m issued in Jan 2023 17.0% 14.7% 14.0% 0.8% 12.8% 11.9% Tier 2 2.0% 0.6% 9.9% AT1 1.5% CCyB 0.2% P2R 1.7% 17.0% O-S II 1.0% 14.0% 12.8% CCB 2.5% Pillar 1 4.5% 1 1 1 2023 CET1 Required 2023 CET1 2023 T1 Required 2023 T1 2023 OCR 2023 CAD 1|
Slide 25: Summary performance and 2023 Guidance
Summary performance and 2023 Guidance Q1 2023 2023 Guidance Net interest Income 51% y/y Mid teens growth y/y Loan growth 5% y/y Mid-single-digit growth y/y Investor Day Cost-income ratio 45% <49% or mid-40s excluding DGF2 Cost of Risk c75bp c85bp NPEs 7.6% NPE ratio, -23bp <7% NPE ratio 7th June EPS
Slide 26: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 26
Slide 27: Leading indicators signal higher-than-expected economic activity in 2023
Leading indicators signal higher-than-expected economic activity in 2023 Greek Economic Sentiment Indicator (ESI) exceeds the Retail trade on an upward trajectory while PMI returned on the respective EA average since May 2022 expansionary phase 130 65 120 120 115 60 110 110 55 105 100 50 100 90 45 9
Slide 28: Medium-term Outlook: Economic Activity and Labour Market
Medium-term Outlook: Economic Activity and Labour Market Investment leading growth until 2026 Unemployment to de-escalate to below 10% by 2026 10% 130 25% Stability 125 Programme 8% 2023 (year averages) 120 20% 6% 115 4% 110 15% 105 2% 100 10% 0% 95 -2% 90 5% *Including Statistical Discrepancies 85
Slide 29: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 29
Slide 30: Loan and deposit spreads
Loan and deposit spreads Net loan balances & spreads Deposit mix & cost evolution € bn bps, € bn 220 131 365 359 17 (46) (38) 333 % Total 320 350 313 48.5 50.1 50.2 49.7 46.9 300 9.4 9.1 9.0 9.8 12.5 26% 38.9 38.7 38.2 37.8 38.1 End of 250 37.5 39.4 41.1 40.4 37.2 74% quarter balances Q1’22 Q2’22 Q3
Slide 31: Operating Expenses
Operating Expenses Group, € mn Q1 23 Q4 22 qoq % Recurring Operating Expenses evolution €mn Staff costs (96.2) (95.5) 0.8% 258 244 242 232 233 General Administrative (96.9) (122.9) (21.2%) expenses 95 93 95 93 96 Staff costs Depreciation and (40.2) (39.4) 1.9% amortisation Recurring Operating 111 10
Slide 32: Alpha Bank Group
Alpha Bank Group qoq% yoy% (€ mn) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 change change Net interest income 423.6 398.1 339.0 302.7 281.1 6.4% 50.7% Net fee and commission income 87.9 97.2 92.1 98.4 105.8 (9.6%) (16.9%) Income from financial operations 14.3 6.4 62.5 5.1 104.1 … … Other Income 9.9 10
Slide 33: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 33
Slide 34: Balance sheet composition
Balance sheet composition Asset split Liabilities and Equity split € bn 78.0 € bn 78.0 73.7 73.7 Cash 12.9 13.0 ECB Cash 8.3 9.0 ECB Due from Banks 1.2 Due to Banks Due to Banks Due from Banks 1.4 1.3 1.6 excl. ECB excl. ECB 9.8 Time 13.5 Time Securities Securities 14.7 Deposits 13.0 Deposits 50.2 5
Slide 35: Performing loans up 5% y/y; Q1 affected by repayments
Performing loans up 5% y/y; Q1 affected by repayments Performing loans 1Q 2023 Business disbursements – per sector Greece, € bn Energy Manufacturing Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 16% 16% Beginning of period 24.8 25.8 26.7 27.4 27.3 Disbursements 2.4 1.9 2.0 2.3 1.7 Transportation/ Repayments (1.4) (
Slide 36: New disbursements in Q1 2023
New disbursements in Q1 2023 New disbursements – per category 1Q 2023 Business disbursements – per sector Greece, € mn Greece, €bn Energy Manufacturing 16% 16% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 21 21 21 21 22 22 22 22 23 Individuals 60 122 107 133 109 146 118 149 111 Transportation/ Shipping €1.6bn 14% Bus
Slide 37: Breakdown of loans portfolio – March 2023
Breakdown of loans portfolio – March 2023 Total Group loans – per segment Group Loans portfolio structure1 € bn € bn Consumer loans SBLs Other 4% 6% 19% Credit Cards Mortgages 3% 24% Transportation Manufacturing Households €39.3bn 10% €39.3bn 30% Trade 9% Administrative and Tourism support service a
Slide 38: Securities portfolio breakdown
Securities portfolio breakdown Securities portfolio breakdown Group, Book value, Mar-23, € bn ▪ The “Other/ECB eligible” bonds of €7.4bn is broken down to the following T-bills Mutual Funds & Equities categories: 0.9 0.4 o/w 12.3bn • €4.1bn other sovereign bonds HQLAs • €0.5bn bonds issued by supran
Slide 39: Securities portfolio evolution
Securities portfolio evolution Portfolios evolution Q1 2023 New investments Group, Book value € bn Group % of total 12% 10% 11% 14% 14% 14% 14% 16% 16% 17% 19% assets €14.3bn Other €13.1bn 15% €12.8bn GGBs/T-Bills HQLAs €12.1bn Mod. Duration 3.3Y 30% €10.4bn €10.6bn €9.9bn €8.7bn 13% 33% 37% €7.0bn
Slide 40: Deposits flow per quarter
Deposits flow per quarter Alpha Bank deposits evolution in Greece Deposits breakdown – March 2023 Greece, € bn Q2: Q3: Q4: Q1: Time €1.6bn €1.5bn €0.4bn (€0.5bn) 22% 1.8 44.6 1.1 45.0 2.5 44.5 1.9 43.1 41.5 (0.3) (0.3) (0.7) (3.1) Δ Core Δ Time 78% Core Mar-22 Core Time Jun-22 Core Time Sep-22 Core
Slide 41: Deposits +7% y/y; Q1 shift to time deposits driven by Business
Deposits +7% y/y; Q1 shift to time deposits driven by Business ECB balances Group LCR & LDR Group, € bn % % over 18% 17% 17% 12% Total Assets 169% 163% 161% 161% 164% 13.0 13.0 13.0 LCR LDR 9.0 81% 79% 78% ECB Collateral 76% 76% pledged ▪ Credit claims ▪ GGBs & T-bills 11.9 12.0 TLTRO ▪ Other bonds
Slide 42: Wealth management
Wealth management Asset Management balances Private Banking Group, € bn Group, € bn 12.1 11.0 7.0 10.7 6.6 6.8 10.2 10.4 6.4 6.6 4.4 1.9 4.0 2.3 2.1 4.2 3.9 2.3 2.4 3.9 2.6 1.9 1.9 1.9 2.3 1.9 1.8 2.0 1.9 1.8 1.3 0.7 1.0 4.4 0.7 0.7 4.0 3.8 4.0 4.0 1.7 1.5 1.6 1.7 1.8 0.7 0.6 0.6 0.7 0.7 Mar-22 Jun-
Slide 43: Business Volumes
Business Volumes (€ mn) Mar 2023 Dec 2022 Sep 2022 Jun 2022 Mar 2022 % YoY Group Gross Loans 39,327 39,922 40,055 39,333 40,078 (1.9%) Mortgages 9,285 9,356 9,378 9,409 9,474 (2.0%) Consumer Loans 1,564 1,617 1,646 1,667 1,782 (12.2%) Credit Cards 1,004 1,048 1,009 1,057 986 1.8% Small Business Loan
Slide 44: Digital acceleration to build on a good transactional starting base
Digital acceleration to build on a good transactional starting base Digital KPIs Active Users (in m.)1 1 Acquisition +9.5% 1.38 1.42 1.43 1.45 1.28 1.32 1.33 1.17 1.20 1.23 1.11 0.97 1.07 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 2 Usage 95% 51% 67% Transaction In
Slide 45: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 45
Slide 46: Gross organic NPE formation in Greece per segment
Gross organic NPE formation in Greece per segment Gross formation (Organic) - Wholesale Gross formation (Organic) - Retail Greece, € mn Greece, € mn 334 80 1 70 24 44 24 (57) (29) (30) (39) (22) (52) (186) (192) (155) (284) (254) (461) (994) 2018 2019 2020 2021 2022 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 201
Slide 47: Auctions and repossession activity evolution
Auctions and repossession activity evolution Auctioned properties (Conducted) per quarter 3.871 ▪ During 1Q 2023, the Bank continued with its disinvestment strategy through the completion of €13mn REO sales in Greece and €6.9mn in Cyprus. Sales in Greece included both commercial as well as residenti
Slide 48: Detailed overview of asset quality by portfolio - Greece
Detailed overview of Alpha Bank’s asset quality by portfolio - Greece (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 23.3 2.2 7.2 2.2 34.9 (-) Accumulated Provisions (0.2) (0.3) (0.3) (0.2) (1.1) Net loans 23.0 1.9 6.9 2.0 33.9 NPLs 0.2 0.4 0.6 0.3 1.4 NPL ratio 0.8% 17.0% 7.8% 11.6% 4.0%
Slide 49: Detailed overview of asset quality by portfolio - Group
Detailed overview of Alpha Bank’s asset quality by portfolio - Group (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 25.3 2.2 9.3 2.6 39.3 (-) Accumulated Provisions (0.3) (0.3) (0.4) (0.3) (1.2) Net loans 25.0 2.0 8.9 2.3 38.1 NPLs 0.2 0.4 0.6 0.3 1.5 NPL ratio 0.8% 16.9% 6.9% 11.3% 3.9%
Slide 50: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 50
Slide 51: Fully loaded Regulatory Capital
Fully loaded Regulatory Capital Equity to fully loaded regulatory capital bridge € mn 8.6% Tangible book value / Tangible Assets 6,372 5,859 (512) 1,000 5,567 400 4,567 147 4,167 (1,839) Ordinary Equity Intangibles Tangible DTA deduction Other CET1 AT1 & Hybrids Tier 1 Lower Tier II Total CAD Book V
Slide 52: Group RWAs and Regulatory Capital
Group RWAs and Regulatory Capital Group Risk Weighted Assets – Fully Loaded Credit Risk Weights per portfolio € bn % €0.05bn 33.9 0.1 33.9 102% 0.4 3.1 (0.1) 0.0 0.5 3.1 54% 57% 30.4 30.3 Performing Net NPE Total Loan Portfolio Dec-22 Credit Market Operational Mar-23 RWA Density Credit Market Operat
Slide 53: Further progress towards meeting MREL Requirements
Further progress towards meeting MREL Requirements 27.16% ▪ €400mn AT1 issued in February 2023: PerpNC5.5, 11.875% coupon 3.56% €2 bn vs. 2026 MREL Target ▪ Further progress towards final MREL targets in a sustainable fashion 21.28% 19.92% 1.4% surplus to non- ▪ No subordinated MREL requirement bind
Slide 54: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 54
Slide 55: 2023 is a pivotal year in our journey to Sustainability
2023 is a pivotal year in our journey to Sustainability 2019 2021 2022 Q1 2023 Q2 2023 H2 2023 2024 Alpha Bank 1st UNEP FI Climate Risk Sustainable New ESG Strategy ESG score Climate Risk becomes report & targets Management Finance Targets & commitments introduced for Assessment UNEP FI disclosure s
Slide 56: Aligning with the expectations of our stakeholders
We continue to aligning with the expectations of our stakeholders Stakeholders Goals Initiatives SDG alignment Investors Alignment of financial • Define strategy focused on using sustainable lending to secure ROE and define Science Based impacts with Paris Targets Agreement • Develop Green Bond fram
Slide 57: Alpha Services and Holdings’ ESG scores
Alpha Services and Holdings’ ESG scores 2016 2017 2018 2019 2020 2021 2022 MSCI ESG Rating B BB BBB A ΑΑ AA A (scale CCC-AAA) FTSE4Good Emerging Index 🗸 🗸 🗸 🗸 🗸 🗸 🗸 Environment: 2 Environment: 1 Environment: 1 Environment: 1 Environment: 1 ISS ESG Quality Score Social: 2 Social: 2 Social: 2…
Slide 58: Pages
Pages • Business update 3 • Financial Performance Analysis 11 Alpha Bank • Appendix ▪ Macroeconomic Update 26 ▪ P&L 29 ▪ Volumes 33 ▪ Asset Quality 45 ▪ Capital 50 ▪ ESG 54 ▪ Segment information 58 58
Slide 59: Summary segments
Summary segments Non Performing Greece International Other Assets Wealth Management Retail Wholesale & Treasury 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1Q 2023 1Q 2022 1Q 2023 1Q 2022 Net interest income 147 92 142 115 50 15 60 37 22 29 2 (7) Net commission income 29 29 24 43
Slide 60: Greece
Greece € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 222 239 264 323 340 Net commission income 93 86 79 83 74 Total revenue 403 340 450 425 430 Recurring operating expenses (158) (171) (158) (174) (153) One-off costs (1) 1 (1) (9) (38) Provisions (13) (23) (30) (14) (16) Profit Af
Slide 61: Retail
Retail € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 92 96 106 143 147 Net commission income 29 35 33 31 29 Total revenue 123 134 170 180 182 Recurring operating expenses (102) (110) (101) (114) (99) One-off costs (0) 1 (0) (6) (30) Provisions (20) (18) (23) (13) (11) Profit After
Slide 62: Wholesale
Wholesale € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 115 124 131 147 142 Net commission income 43 31 27 30 24 Total revenue 163 160 163 180 169 Recurring operating expenses (36) (39) (37) (38) (33) One-off costs (1) (1) (1) (2) (5) Provisions 0 (4) (6) 0 2 Profit After Tax 90 1
Slide 63: Wealth management & Treasury
Wealth management & Treasury € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 15 19 27 34 50 Net commission income 21 20 18 22 21 Total revenue 116 46 116 64 79 Recurring operating expenses (20) (21) (20) (22) (21) One-off costs 0 0 0 (0) (3) Provisions 6 (0) (1) (1) (7) Profit After
Slide 64: International
International € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 37 40 44 53 60 Net commission income 10 10 11 11 11 Total revenue 53 54 58 71 76 Recurring operating expenses (47) (43) (44) (48) (49) One-off costs 0 0 0 0 0 Provisions (5) 11 7 (10) 2 Profit After Tax 5 23 20 22 27 Norm
Slide 65: International – Romania
International – Romania € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 27 29 30 32 34 Net commission income 6 7 7 7 6 Total revenue 37 39 38 41 43 Recurring operating expenses (30) (27) (27) (32) (33) One-off costs 0 0 0 0 0 Provisions (5) 6 8 (7) 2 Profit After Tax 1 15 15 2 11 No
Slide 66: International – Cyprus
International – Cyprus € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 7 6 9 15 19 Net commission income 4 3 4 4 4 Total revenue 13 12 15 24 27 Recurring operating expenses (13) (13) (13) (12) (13) One-off costs 0 0 0 0 0 Provisions 0 6 (1) (3) 0 Profit After Tax (0) 5 1 10 15 Norma
Slide 67: Non Performing Assets
Non Performing Assets € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income 29 29 30 21 22 Net commission income 3 2 2 3 3 Total revenue 41 31 33 20 28 Recurring operating expenses (30) (23) (23) (26) (21) One-off costs 7 0 0 (3) (0) Provisions (26) (79) (38) (66) (65) Profit After Tax (5
Slide 68: Other
Other € mn Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Net interest income (7) (2) 1 1 2 Net commission income 0 0 (0) 0 0 Total revenue 11 3 4 (5) 2 Recurring operating expenses (8) (6) (7) (9) (11) One-off costs 1 (7) 6 (5) (0) Provisions (0) 0 (0) (0) 0 Profit After Tax 9 (6) (20) (29) (9) Normalised
Slide 69: Glossary (1/4)
Glossary (1/4) Reference Terms Definitions Relevance of the metric Abbreviation number Accumulated Provisions and Sum of Provision for impairment losses for loans and advances to customers, the Provision for impairment losses for the total amount of off balance Standard banking 1 LLR FV adjustments
Slide 70: Glossary (2/4)
Glossary (2/4) Reference Terms Definitions Relevance of the metric Abbreviation number Sum of Gains less losses on derecognition of financial assets measured at amortised cost and Gains less losses on financial transactions, as "Income from financial derived from the Consolidated Income Statement of
Slide 71: Glossary (3/4)
Glossary (3/4) Reference Terms Definitions Relevance of the metric Abbreviation number Normalised profits between financial year 2022 and 2021 are not comparable due to initiation of a new normalized profits procedure effective since 1.1.2022 which does not exclude specific accounts such as the trad
Slide 72: Glossary (4/4)
Glossary (4/4) Reference Terms Definitions Relevance of the metric Abbreviation number Profit/ (Loss) after income tax from continuing operations (41) for the period, less Impact from NPA transactions (13), plus Profit/ (Loss) after Profit/ (Loss) attributable to 43 income tax from discontinued oper
Slide 73: Alpha Bank Contacts
Alpha Bank Contacts Lazaros Papagaryfallou General Manager – CFO +30 210 326 2261 cfo-office@alpha.gr Iason Kepaptsoglou Stella Traka Selini Milioni Manager Senior Senior Investor Relations Division Investor Relations Officer Investor Relations Officer +30 210 326 2271 +30 210 326 2274 +30 210 326 2