Optima Bank Sa · ATHEX:OPTIMA
Optima Bank Sa — Q1 2025 Earnings Presentation
41 slides from Optima Bank Sa's earnings presentation, May 14, 2025
Slide 1: 1Q 2025 Results
10 2025 Results — 14 May 2025
Slide 2: 1Q 2025 results in a nutshell; strong start to the year
1Q 2025 results in a nutshell; strong start to the year aligned with the FY 2025 guidance €39.0mn 24.8% €0.57 +19% YoY +30% YoY Net Profit ROTE ’24 DPS €4.0bn €4.8bn CET1 * NPEs Loans Δ Depos Δ €1.2bn €1.4bn 13.42% 0.90% Asset +42% YoY +43% YoY Loans Deposits Capital Quality *Capital ratio incorpora
Slide 3: Double digit growth in NII and fees and disciplined costs underpin 19% growth in net profits
Double digit growth in NII and fees and disciplined costs underpin 19% growth in net profits Income statement KPIs €mn €mn 1Q 2025 4Q 2024 1Q 2024 QoQ YoY 1Q 2025 4Q 2024 1Q 2024 NIM 3.53% 3.73% 4.48% NII 49.5 48.8 44.5 2% 11% NFM 0.86% 0.92% 0.99% Fees 12.1 12.1 9.8 0% 23% Cost to Core Income 26.3%
Slide 4: Robust loan generation in 1Q 2025
Robust loan generation in 1Q 2025 Gross Loans grew 42% YoY New loan disbursements €mn €mn +21% +313 945 +350 +245 3,970 +269 3,657 3,307 775 +335 3,062 927 2,793 891 642 663 2,458 802 580 759 701 667 2,767 3,042 2,303 2,505 1,791 2,092 FY2023 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 1Q 2024 2Q 2024 3
Slide 5: We kept a good pace in gathering deposits in a traditionally difficult quarter
We kept a good pace in gathering deposits in a traditionally difficult quarter Deposits grew 43% YoY Time deposits share in the mix €mn 59% 58% +130 +511 +417 4,643 4,773 +384 4,132 55% +139 3,715 3,192 3,331 2,967 3,200 52% 2,757 51% 2,155 2,519 2,005 1,374 1,676 1,573 1,187 1,175 1,196 FY 2023 1Q
Slide 6: Focus on expansion of assets under management pays off
Focus on expansion of assets under management pays off Total AuM at €4.3bn Optima mutual funds AuM +77% YoY €mn €mn +21% 4,152 4,308 102.9 5.7 250 3,968 3,681 195 186 3,566 166 145 166 3,045 3,200 141.4 2,697 2,910 2,691 521 579 635 616 566 208 239 257 295 356 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025
Slide 7: The Balance Sheet expanded by 40% YoY
The Balance Sheet expanded by 40% YoY 1Q 2025 assets grew 40% Tangible Equity (€m) €mn 648 1Q 2024 1Q 2025 Δ 609 499 Cash & Cash at banks 414 842 428 144 Securities 722 748 26 243 Net Loans 2,763 3,920 1,157 118 148 Assets 4,069 5,686 1,617 Deposits 3,331 4,773 1,442 2020 2021 2022 2023 2024 1Q 2025
Slide 8: Ample liquidity with zero ECB funding
Ample liquidity with zero ECB funding Strong Liquidity Metrics HQLAs 1Q 2025 LDR 83% 82% 79% 78% 82% Other securities 6% Government LCR NSFR bonds 33% 262.6% 263.0% 251.4% €876mn 210.8% 189.9% Cash & Cash at Central Bank 61% 124.0% 128.8% 128.7% 124.8% 125.8% €mn 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2
Slide 9: Fastest growing and most efficient bank in Greece
Fastest growing and most efficient bank in Greece Optima bank Market* ROTE 24.8% 15.7% EU peers @14.1%** NIM 3.53% 2.51% Cost to Core Income 26.3% 37.0% Depos Growth YoY 43% 4.9% Loan Growth YoY 42% 6.2% NPE ratio 0.90% 3.0% DTC/CET1 0% 50% *average of the 4 Greek systemic banks as of 1Q 2025, depos
Slide 10: 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 88.16 50 40 60 30 70 20 80 7.68 10 84.01 90 2023 2024 2025 4.15 0 100 NPS measures the loyalty of customers to a company First developed in 2003 by Bain and Company Management Consu
Slide 11: We reiterate our 2025 guidance
We reiterate our 2025 guidance We target a ~€1.25bn increase in deposits We want to grow our net loan balances by ~€1.0bn ~27% ~27% 5,900 4,600 3,919 4,643 4,773 3,613 FY 2024 1Q 2025 FY 2025 FY 2024 1Q 2025 FY 2025 We estimate 2025e net profit to be in excess of €160mn Other key assumptions ROTE 25
Slide 12: AGM approved a €0.57 dividend per share
AGM approved a €0.57 dividend per share AGM main decisions • AGM approved a gross dividend of €0.57/share (pre- split) implying a net yield of 3.6% • Shareholders approved a 3-1 stock split • AGM also approved a share buyback scheme of up to €3mn in total cost at a price range of €1.15 - €8.00 (post
Slide 13: Financial Analysis
Optima bank Financial Analysis
Slide 14: Core income grew 14% at €61.6mn on the back of healthy growth in NII and fees
Core income grew 14% at €61.6mn on the back of healthy growth in NII and fees NII grew 11% YoY Fees grew 23% YoY NIM 4.48% 3.53% NFM 0.99% 0.86% €mn €mn 8.3 0.6 1.3 49.5 1.1 0.2 12.1 -5.1 1.0 44.5 9.8 Loans Deposits 1Q 2025 1Q 2024 Securities Other/Interbank 1Q 2024 Loans/LGs MFs/Brokerage Other 1Q
Slide 15: NII +11% YoY despite falling rates
NII +11% YoY despite falling rates NII Breakdown €mn 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Loans 47.1 51.4 54.5 54.3 55.3 +18% YoY Fixed income 6.4 6.1 6.0 6.3 7.0 Loan income Δ coming from: • -€9.5mn due to Deposits -10.7 -13.3 -15.6 -15.9 -15.8 rates, • -€0.1mn due to spreads, CB & Interbank 1.9
Slide 16: Fees grew 23% YoY with all lines increasing in the double digits, led by mutual funds
Fees grew 23% YoY with all lines increasing in the double digits, led by mutual funds NFI Breakdown €mn • Mutual funds fees 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 strongly higher on the back of 71% higher Loans 2.2 1.8 2.4 3.0 2.6 balances • Loans/LGs up in the high double digits LGs 3.2 3.0 3.3 3.
Slide 17: Cost efficiency remains top class
Cost efficiency remains top class Operating expenses Cost to core income 512 535 549 575 590 FTEs (#) €mn 16.7 16.2 27.5% 14.1 14.5 2.3 2.2 26.3% 12.5 26.0% 1.9 2.0 2.1 4.6 5.4 24.7% 4.5 24.3% 4.9 3.0 9.8 8.7 7.4 7.5 8.0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Staff costs G&A costs Depreciation 1Q 2
Slide 18: Balance sheet structure
Balance sheet structure Assets Liabilities & Equity 4,069 5,686 5,686 4,069 178 110 €mn €mn 176 113 Other Net Loans 3,920 4,773 Other liabilities Securities Deposits Due from Banks 2,763 3,331 Due to banks Cash Equity 746 719 260 143 82 116 582 659 543 298 1Q 2024 1Q 2025 1Q 2025 1Q 2024 18
Slide 19: Loan book structure and rates
Loan book structure and rates Loan book rate Gross loans breakdown 1Q 2025 Pass-through rate at 90% 3.6% Mortgages 0.8% Consumer 3.4% Finance/insurance 6.91% 7.05% 7.06% 6.95% 6.74% 4.4% Technology 6.49% 6.26% 5.4% Logistics 5.82% 5.69% 7.9% Construction 9.0% F&B/Tourism 9.5% Manufacturing 9.8% Real
Slide 20: Loan book breakdown
Loan book breakdown Retail Wholesale Other/Consumer SMEs - Mortgages Revolving 3% 15% 15% SMEs - Term 23% BB - €927mn €3,042mn Revolving 27% Large BB - Term Corporates - Large 54% Revolving Corporates - 27% Term 36% 20
Slide 21: Deposit mix and rates
Deposit mix and rates Deposits movement Deposits mix 818 4,773 227 311 3,331 86 Retail, Retail, Time; Demand; 39% 29% Corporate, Demand Retail, Demand 1Q 2025 €4,773mn 1Q 2024 Corporate, Time Retail, Time Corporate, Demand; Deposits rate 12% 1.63% 1.68% Corporate, 1.62% 1.47% 1.43% Time; 21% 1.15% 1
Slide 22: Well diversified securities book
Well diversified securities book Securities book mix Breakdown per classification FVTPL 28% GGBs 10% €746mn OCI 5% T-Bills 15% AMOC 67% Other non sovereings €746mn 47% Other Securities over assets sovereigns 27% 18% 13% 13% 13% 13% 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 22
Slide 23: Asset Quality
Optima Asset Quality
Slide 24: NPEs remain subdued with CoR aligned with guidance
NPEs remain subdued with CoR aligned with guidance Cost of Risk NPE ratio literally unchanged (bps) 72 33 45 113 52 39* 1.11% 9.8 1.03% 0.92% 0.90% 0.85% 4.7 5.0 3.6 2.4 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 *Recurring cost of risk 24
Slide 25: Stage 3 cash coverage further increased to 55%
Stage 3 cash coverage further increased to 55% Stage 3 coverage NPE buckets Cash coverage (Stage 3 provisions/stage 3) Stage 3 collaterals/stage 3 0 dpd 197% 14% 189% 167% 169% 121% >90dpd 139% 139% 149% 134% 46% €35.6mn 87% 1-89dpd 34% 48% 55% 40% 28% 30% 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 Tot
Slide 26: Capital
Optima Capital
Slide 27: Rise in the loan book and Basel IV drives RWA growth
Rise in the loan book and Basel IV drives RWA growth TCR trajectory RWA density 78% 0.98% Basel 4 impact 4% 14.25% -0.29% 14.04% -0.89% 13.42% -0.62% 76% 74% 72% 71% 72% 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 RWA evolution €mn FY 2024 Organic Dividend RWAs 1Q 2025 ex-B4 Basel 4 1Q 2025 1,369 3 4,43
Slide 28: Sustainability
Optima Sustainability
Slide 29: 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 30: Sustainability strategy
Sustainability strategy Our Create value for people and Maintain sound governance Support energy transition the society model Ambition ✓ 100% renewable energy in our ✓ Embed ESG criteria in our own operations, by 2026 ✓ 50% of women employees by remuneration and Risk 2026 management policies ✓ 100%
Slide 31: Our sustainability performance
Our sustainability performance ✓ 29% Renewable Energy Consumption (based on energy suppliers’ energy mix) Energy ✓ 69.5% Hybrid & electric cars of the total transition ✓ Green Asset Ratio: 1.3% (turnover)/ 2.5% (CAPEX) ✓ 11% of total loans in Renewables ✓ 49% women representation Driven for a Create
Slide 32: Appendix
Optima Appendix
Slide 33: Income Statement
Income Statement in EURmn 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net interest income 43.3 44.5 47.0 49.6 48.8 49.5 Net fee and commission income 9.6 9.8 9.3 10.1 12.1 12.1 Core Income 52.8 54.3 56.3 59.8 60.8 61.6 Other income 1.1 0.5 1.4 0.9 0.9 2.5 Trading Income 4.0 4.2 4.7 5.9 5.0 4.3 T
Slide 34: Income Statement
Income Statement in EURmn FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 Net interest income 142.2 44.5 91.5 141.1 189.9 49.5 Net fee and commission income 32.1 9.8 19.1 29.3 41.3 12.1 Core Income 174.3 54.3 110.6 170.4 231.2 61.6 Other income 2.1 0.5 2.0 2.8 3.7 2.5 Trading Income 16.6 4.2 8.9 14.
Slide 35: Balance Sheet
Balance Sheet in EURmn FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 Cash & Cash at C.B. 605 414 759 847 969 842 Securities 676 719 601 634 726 746 Net Loans 2,431 2,764 3,029 3,272 3,613 3,920 PP&E 11 11 10 10 11 10 Intangible Assets 11 11 11 10 11 11 RoU assets 20 22 18 19 20 20 DTA 8 8 7 8 10 1
Slide 36: Macro environment is supportive
Macro environment is supportive CPI Jan 2022 - March 2025 GDP Jan 2022 – 4Q 2024 Source: Hellenic Statistical Authority Nominal GDP Average 2024: 2.7% 5.7% 9.2% 9.2% 9.6% 7.8% 5.3% 7.1% 4.7% 2.60% 2.7% 5.5% 3.5% 2.8% 3.0% 2.70% 3.5% Real GDP 1.9% 2.9% 2.8% 3Q 22 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3
Slide 37: Positive outlook for the Greek economy
Positive outlook for the Greek economy Greek sovereign ratings Greek economic sentiment index Latest credit ratings Outlook 107.7 Last upgrade: 12/2023 BBB- Stable (11/2024) Last upgrade: 4/2025 BBB Stable Sep 22 Mar 19 May 19 Sep 19 Mar 20 May 20 Sep 20 Mar 21 May 21 Sep 21 Mar 22 May 22 Mar 24 Mar
Slide 38: 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 39: 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 40: 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 41: Optima bank
Optima bank