Eurobank S.a. · ATHEX:EUROB
Eurobank — Eurobank Ergasias Services and Holdings — FY2021 Earnings Presentation
82 slides from Eurobank's earnings presentation, Mar 10, 2022
Slide 1: FY2021 results
4 EUROBANK Holdings FY2021 results 10 March 2022
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 Ergasias Services and Holdings S.A. (“Eurobank Holdings”) and its 100% subsidiary Eurobank S
Slide 3: Table of contents
Table of contents FY21 operating performance above targets 4 2022-2024 Business plan update 8 FY21 results highlights 22 Diversified business model 29 Balance sheet 34 Profitability 40 Asset Quality 47 Capital 52 ESG commitments and performance 55 Macroeconomic update 60 Appendix I – Supplementary i
Slide 4: FY21 Operating performance above targets
FY 2021 Results FY21 Operating performance above targets
Slide 5: FY21: Operating performance & strategic initiatives
FY21: Operating performance & strategic initiatives Operating ▪ Core Operating profit1 at €482m, up by 65% y-o-y, driven by stronger fees & lower impairment charges Performance ▪ Profit before tax2 at €585m; Net profit3 at €424m Volumes ▪ Loan disbursements in Greece at €7.8bn in 2021 ▪ Group Perfor
Slide 6: FY21: Outperforming key targets
FY21: Outperforming key targets Core PPI and CoR better than guidance Asset quality metrics exceed targets 61.8% 55.0% 69.2% Provisions / NPEs +4.1% 900 14.0% 9.0% 875 6.8% NPE ratio €m 865 FY20 FY21 E FY21 Actual Strong capital position post balance sheet clean up 63% 36% Texas ratio3 16.8%2 CAD 16
Slide 7: Outperformance of all 2021 financial goals
Outperformance of all 2021 financial goals 2021 initial 2021 guidance1 actual Core PPI €875m €900m Mainly due to stronger fees and commissions C/I 50% 46% CoR2 130bps 111bps Better than anticipated asset quality trends RoTBV3 7.0% 8.2% EPS3 €0.10 €0.11 Supported by lower CoR and better fees and comm
Slide 8: 2022-2024 Business plan update
FY 2021 Results 2022-2024 Business plan update
Slide 9: Business plan macroeconomic assumptions
Business plan macroeconomic assumptions Avg. GDP growth p.a. (2022-2024) Macroeconomic tailwinds in Greece and the region underpinned by RRF grants and loans 4.0% 4.2% % of RRF / 2020 GDP 3.7% 3.3% 19% 3.0% 17% 12% Greece Bulgaria Cyprus Serbia Lux Greece Bulgaria Cyprus Real estate market (Greece)
Slide 10: Eurobank business model and strategic priorities
Eurobank business model and strategic priorities In a pole position to gain the most from the macroeconomic recovery: Our Purpose Our Vision Be the leading bank ❑ Unique business model among Greek banks: in creating prosperity PROSPERITY for our customers, ▪ Diversified earnings stream NEEDS PIONEER
Slide 11: Our financial goals for the period 2022-2024
Our financial goals for the period 2022-2024 Low teens EPS growth p.a. Initiate dividend distribution 4. Dividends2 1. EPS1 out of 2022 earnings with €0.11 payout ratio c.20% FY21 FY22E FY23E FY24E Capital generated by profitability >100bps p.a. to finance asset growth, 3. Capital 2. RoTBV1 Sustaina
Slide 12: 2022: Profitability drivers
2022: Profitability drivers Core Operating Profit1 (€ m) Δ y-o-y c.(3%) c.+6% c.+2% c.(38%) c.+27% EPS2 c.€0.14 2022CoR3 €0.11 c.65bps NPEs clean-up mitigated by new loans, lower c. 610 funding cost and higher bonds income FY21 FY22E 482 RoTBV2 10% Wealth management, Investment Banking and 8% Transa
Slide 13: Net Interest Income drivers
Net Interest Income drivers Δ organic performing loans1 NII evolution (2021-2024, Group, € m) NII from impaired € bn 2022E 2021-2024 loans over total NII Retail c.0.1 c.0.8 FY21 1321 9% Business c.1.3 c.3.8 Greece c.1.4 c.4.6 Δ loans NPEs c.(65) SEE c.0.9 c.2.8 Δ loans PEs c.90 Group c.2.3 c.7.4 Δ D
Slide 14: Fees and commission income
Fees and commission income Fees over Assets (bps) c.80 Retail: Network activities CAGR1 >+10% 64 Asset Management: c.€6.0bn AuM net flows; >+30% CAGR FY21 FY24E Bancassurance >+15% CAGR Fees over Income c.29% Capital Markets2: CAGR >+13% 24% Private banking CAL3 to increase >10% p.a.; >+65% increase
Slide 15: Digital Transformation: Focusing on customer value
Digital Transformation: Focusing on customer value Strong customer growth, primarily among digital1 customers, who Major initiatives to reposition for growth: Purpose, Corporate offer the largest revenue opportunity Rebranding and Future Branch launch Individual Customer Evolution CAGR (#, m) +3% To
Slide 16: Change & grow initiatives
Change & grow initiatives Growth plan focused on 5 key axes to drive value Phygital Simplification and Data Analytics & Fee Business Targeted Lending Distribution Model Streamlining Cloud Acceleration Growth Advance digital offering to Revamp the operating model, Leverage technology to Enlarging our
Slide 17: OpEX base in Greece shifts from running to growing the bank
OpEX base in Greece shifts from running to growing the bank Δ operating expenses 2021-2024 (Greece, € m) Δ operating expenses evolution 2015-2024 (Greece) c€75m c.€100m IT Investments p.a. 200% +82% IT FY21 642 Premises excl. Grivalia 100% Other G&A -21% Resolution fund c.(55) -23% -35% Staff cost 4
Slide 18: SEE Operations
SEE Operations Performing loans Core PPI (€ m) € bn 2021 Δ 2021-2024 Bulgaria 4.3 c.1.1 c.300 Cyprus 2.3 c.0.6 c.+16% Serbia 1.5 c.0.4 259 SEE 8.1 c.2.1 Luxembourg 0.7 c.0.4 Net Profit2 increase Total 8.7 c.2.5 c.35% during the period 2021-2024, Fees and commissions contributing more than 30% of the
Slide 19: Profitability
Profitability Core PPI and Provisions (€ m) EPS c.1,100 c.+22% Core PPI 900 €0.112 Loan Loss (418) Provisions c.(50%) c.(210) FY21 FY24E FY21 FY22E FY23 FY24E CoR1 1.1% c.0.5% Initial dividend payout ratio3 in 2023: c.20% 1. On net loans. 2. Adjusted profit. 3. Subject to regulatory approval. 19
Slide 20: Securitization & NPEs Plan
NPEs Plan NPEs ratio 6.8% c.5.8% c.4.8% NPEs c.64% c.66% 69.2% coverage c.0.4 € bn 2.8 c.0.4 c.(0.2) c.2.4 SEE 0.4 c.(0.3) c.2.2 Greece c.(0.3) c.0.4 c.(0.6) c.0.4 SEE Corporate 1.3 c.0.8 c.0.6 Corporate Greece c.0.5 c.0.4 SB SB 0.4 Mortgage 0.4 c.0.6 c.0.5 Mortgage Consumer 0.3 c.0.2 c.0.3 Consumer
Slide 21: FLB3 CET1 to increase by c.200bps until 2024
FLB3 CET1 to increase by c.200bps until 2024 FL CET1 Profitability adds more than c.13.6% 100bps p.a. on capital ratios 12.7% CAD FLB3: c.400bps c.17.0% c.(135bps) c.15.0% c.14.6% c.90bps 12.7% c.(120bps) c.(50bps) 2021 2022E Phased-in CAD c.16.4% 16.1% 2021 FLB3 1 Triangle 2 2022-2024 Asset Growth
Slide 22: FY21 results highlights
FY 2021 Results FY21 results highlights
Slide 23: FY21 results highlights: Profitability
FY21 results highlights: Profitability P&L (€ m) FY21 FY20 Δ(%) 4Q21 3Q21 Δ(%) Net interest income 1,320.6 1,349.4 (2.1) 320.9 329.9 (2.7) Net Income1 €424m in FY21; €127m in 4Q21 Commission income 455.8 384.1 18.7 129.9 117.0 11.0 Other Income 127.8 438.7 (70.9) 62.2 20.3 >100 ▪ NII down 2.1% y-o-y
Slide 24: FY21 results highlights: Balance sheet
FY21 results highlights: Balance sheet Asset Quality Key Balance sheet ratios ▪ NPE ratio at 6.8% in 4Q21, down 7.2ppts y-o-y ▪ NPE stock at €2.8bn, down €2.9bn y-o-y Group (%) 4Q21 3Q21 2Q21 1Q21 4Q20 ▪ NPE coverage at 69.2% in 4Q21, up 7.4ppts y-o-y Asset Quality Capital1 NPE ratio 6.8 7.3 14.0 14
Slide 25: Δ NII and Δ Fees year-on-year
FY20 1,349 Loans NPEs (99) Δ NII (y-o-y, € m) Loans PEs 23 Core Income Deposits (16) Greece (2.1%) Bonds & other (26) TLTRO 59 Wholesale & other 238 SEE FY21 1,321 FY20 384 Lending 21 Δ Fees (y-o-y, € m) 37 Network & credit cards +18.7% Capital Markets (16) 18 Bancassurance & Asset mng 12 Rental & o
Slide 26: Profitability
Profitability Core PPI and Provisions (€ m) Core Operating Profit2 (€ m) Core PPI 865 +4.1% 900 +64.9% 482 292 FY20 FY21 Loan Loss (572) Provisions (26.9%) (418) Profit before Tax3 (€ m) 710 585 FY20 FY21 FY21 FY20 CoR1 1.5% 1.1% 1. On net loans. 2. Core Operating profit= Core PPI minus loan loss pr
Slide 27: Asset quality
Asset quality NPEs ratio NPEs stock (€ bn) 14.0% 14.2% 14.0% 22.9 7.3% 20.0 6.8% 16.7 (20.1) 4Q20 1Q21 2Q21 3Q21 4Q21 13.0 Provisions / NPEs 72.8% 69.2% 5.7 63.3% 2.8 61.8% 61.9% FY16 FY17 FY18 FY19 FY20 FY21 4Q20 1Q21 2Q21 3Q21 4Q21 27
Slide 28: Capital
Capital CET1 FLB3 CAD 16.8%1 +50bps 13.6%1 16.3% +160bps 12.0% FY20 FY21 FY20 FY21 1. Pro-forma for strategic partnership for merchant acquiring business (Triangle). Binding agreement in December 2021, closing 2Q22. 28
Slide 29: Diversified business model
FY 2021 Results Diversified business model
Slide 30: Segmental analysis: diversified earnings generation
Segmental analysis: diversified earnings generation Key Metrics (FY21) Net profit1 (q-o-q, € m) Net 2020 Group (%) Assets RWAs TBV RoTBV2 RoTBV Profit1 € bn € bn €m €m 171 73 54 56 Greek Banking 31 Greek banking 56.5 30.16 3,183 213 7.0% 10.3% operations Operations 4Q20 1Q21 2Q21 3Q21 4Q21 34 Greek
Slide 31: Eurobank Group Investment Real Estate Portfolio
Eurobank Group Investment Real Estate Portfolio Big boxes & 12M21 Office Mixed use Retail Logistics Special use Total supermarkets No. of assets (#) 48 18 60 43 6 16 191 Book Value (€ m) 442 210 158 430 86 73 1,399 % of total MV 32% 15% 11% 31% 6% 5% 100% MV / GLA (€ /sqm) 1,441 2,270 1,792 1,151 65
Slide 32: Bulgaria key metrics
Bulgaria key metrics1 FY21 Highlights PPI and provisions (€ m) Net profit €76m in FY21; up 14.2% y-o-y ▪ FY21 Core PPI up 9.7% y-o-y at €133m ▪ NII up 1.9% y-o-y at €185m 30 35 33 34 PPI ▪ Commission income up 19.9% y-o-y at €63m 26 ▪ OpEx up 1.8% y-o-y (10) (10) (10) (11) (11) Provisions ▪ FY21 CoR
Slide 33: Cyprus key metrics
Cyprus key metrics1 FY21 Highlights PPI and provisions (€ m) Net profit €73m in FY21; up 13.3% y-o-y ▪ FY21 Core PPI up 5.7% y-o-y at €93m 22 22 23 23 26 PPI ▪ NII up 0.6% y-o-y at €103m ▪ Commission income up 22.8% y-o-y at €33m (6) (2) (1) (1) (0) Provisions ▪ OpEx up by 4.2% y-o-y ▪ FY21 CoR at 2
Slide 34: Balance sheet
FY 2021 Results Balance sheet
Slide 35: Balance sheet composition
Balance sheet composition Assets (€ bn) Liabilities and Equity (€bn) 90 90 80 77.9 80 77.9 70 70 60 Net loans to customers 39.0 Trading & other 60 2% Other issuers Deposits 50 25% 53.2 • Core 76% 50 • Time 24% 40 GGBs 40 45% Investment Securities 11.3 30 Other 30 Derivatives 1.9 Loans & advances to
Slide 36: Loans
Loans Gross loans (€ bn) Performing loans (€ bn) Organic1 growth +€1.5bn y-o-y 40.9 41.1 41.1 40.8 39.8 SEE 38.2 8.1 8.3 8.4 37.0 9.2 35.2 35.3 35.3 8.6 SEE 8.1 8.8 3.5 3.5 3.5 7.5 7.7 7.9 5.1 Senior Notes 5.1 Senior Notes 3.5 5.1 5.1 3.5 3.5 Greece Greece 17.0 17.2 17.1 Business Business 16.0 16.4
Slide 37: Funding and liquidity
Funding and liquidity Net loans / Deposits ratio Deposits (€ bn) 79.1% 60 77.7% +€5.9bn 53.2 75.4% 51.1 49.7 73.8% 73.2% 50 47.3 48.3 16.2 14.3 14.9 SEE 13.1 13.4 40 4Q20 1Q21 2Q21 3Q21 4Q21 30 Liquidity coverage ratio (LCR) 166.4% 168.2% 20 37.0 Greece 34.2 34.9 35.5 36.2 152.4% 140.6% 123.7% 10 0
Slide 38: MREL requirements
MREL requirements Resolution considerations Interim MREL target (Jan 22) 17.8% 18.5% 2.5% CBR 3.3% ▪ Eurobank issued two (MREL – eligible) senior preferred bonds of €500m each in April and September 2021 in order to meet the interim MREL Interim MREL target target (17.8% of RWAs) applicable from 1st
Slide 39: Wealth Management
Wealth Management Asset Management (€ bn) Private Banking CAL1 (€ bn) +15% 8.5 +37.5% 4.4 8.0 8.1 4.2 7.8 7.4 3.9 3.5 4.1 3.6 3.8 3.8 Greece 3.2 3.6 Own Mutual 3.3 Funds 3.1 2.8 2.6 2.2 Cyprus 3rd Party Mutual 2.2 2.1 2.0 2.3 Funds 2.0 0.5 0.5 0.5 Luxembourg 0.5 0.5 2.2 Discretionary AuM 1.8 2.0 2.1
Slide 40: Profitability
FY 2021 Results Profitability
Slide 41: Net Interest margin & spreads
Net Interest margin & spreads Net Interest margin (bps) Deposit spreads (Greece, bps) 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 Greece 187 190 185 175 160 Savings & Sight (62) (61) (59) (58) (58) SEE 219 216 215 207 198 Time (58) (61) (60) (59) (58) Group 195 196 192 183 170 Total (60) (61)
Slide 42: Net Interest Income
Net Interest Income NII breakdown (€ m) NII on impaired loans (over total NII) Total NII 329 335 335 330 321 Chart Title 37% 38% 32% 33% o/w Greece 239 244 241 235 226 25% 15% 9% 3% 310 estimate FY15 FY16 FY17 FY18 FY19 FY20 FY21 Loan Margin 309 316 317 317 FY24 (PEs) NII evolution (q-o-q, € m) Loan
Slide 43: Commission Income
Commission Income Commission income breakdown (€ m) Commission income per region (€ m) 69bps over assets 130 130 117 117 109 110 30 109 110 33 21 Lending 99 99 29 SEE 22 21 26 29 22 26 48 Network transactions 34 48 40 & credit cards 33 5 97 17 7 6 Capital Markets 88 Greece 6 83 81 18 17 23 Bancassur
Slide 44: Operating expenses
Operating expenses OpEx per region (€ m) OpEx breakdown (€ m) Cost-to- Core 222 215 218 218 226 50.1% 49.3% Income 57 57 56 59 61 SEE Greece 50.8% 50.1% SEE 48.4% 47.4% 165 158 162 159 164 Greece 869 876 4Q20 1Q21 2Q21 3Q21 4Q21 109 114 Depreciation 78 75 Resolution Fund Headcount & branches (Greece
Slide 45: Pre-provision income (PPI)
Pre-provision income (PPI) Core PPI and other income (€ m) Δ PPI (q-o-q, € m) 197 13 32 20 62 Other income 218 228 229 225 216 67 65 42 288 60 60 67 SEE 250 13 (8) 157 158 161 165 158 Greece (9) 4Q20 1Q21 2Q21 3Q21 4Q21 PPI per region (€ m) 413 Δ NII Δ opex 3Q21 4Q21 Δ other income Δ commission inco
Slide 46: Δ Core Operating Profit (y-o-y)
Δ Core Operating Profit (y-o-y, € m) 54 16 18 62 FY20 865 (9) (7) 900 FY21 Core PPI (99 ) Core PPI Greece 2 Δ Fees Δ admin & RF Δ International Δ staff OPEX 1 FY21 Δ NII NPEs Δ depreciation Δ NII excl. NPEs FY20 (418) Loan Loss Loan Loss (572) Provisions Provisions FY20 FY21 Core Operating 292 +64.9
Slide 47: Asset Quality
FY 2021 Results Asset Quality
Slide 48: Asset quality metrics
Asset quality metrics NPEs formation1 (€ m) NPEs ratio (%) Δ NPEs stock (343) 117 (110) (2,831) (125) (q-o-q, €m) 14.0% 14.2% 14.0% 72 33 41 5 SEE 7.3% 6.8% 36 (26) Greece (43) 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 Loan loss provision (€ m) Provisions / NPEs (%) 1.6% 1.4% 1.0% 1.0% 1.0%
Slide 49: NPEs formation per segment (Greece)
NPEs formation per segment (Greece) Mortgages (€ m) Consumer (€ m) 39 22 13 17 12 (5) 7 1 4 7 (17) (24) 2 (41) (27) (57) (66) (67) (3) (2) (2) (2) (80) (83) (85) (81) (4) (5) (105) (9) (10) (123) 1Q18 1Q19 3Q18 3Q20 3Q21 3Q19 2Q20 4Q20 1Q21 2Q21 4Q21 2Q18 4Q18 2Q19 4Q19 1Q20 3Q18 3Q19 3Q21 1Q18 1Q19
Slide 50: NPE metrics (Group)
NPE metrics (Group) 90dpd bridge to NPEs (€ bn) NPEs per region Provisions/ Provisions & 0.3 Total NPEs NPE ratio 2.8 NPEs collaterals / NPEs 0.7 (€ bn) (%) (%) (%) 1.8 Consumer 0.3 14.9 102.8 104 Mortgages 0.4 4.8 63.8 150 Small Business 0.4 13.1 68.1 132 Corporate 1.3 7.1 65.0 124 Greece 2.4 7.6 6
Slide 51: Loans' stage analysis (Group)
Loans’ stage analysis (Group) Loans’ stage breakdown Provisions stock over NPEs (€ bn) 4Q20 1Q21 2Q21 3Q21 4Q21 72.8% 69.2% Stage 1 28.7 29.1 29.1 29.6 32.6 61.8% 61.9% 63.3% Stage 2 6.4 6.2 6.2 5.7 5.5 Stage 3 5.7 5.8 5.7 2.9 2.8 (NPEs) 1 Total 40.9 41.1 41.1 38.1 40.8 4Q20 1Q21 2Q21 3Q21 4Q21 Stag
Slide 52: Capital
FY 2021 Results & EUROBANK Holdings Capital
Slide 53: Capital ratios (y-o-y)
Capital ratios (y-o-y) FLB3 CET1 12.0% 12.7% 13.6% 80bps 16.8% 16.3% 152bps 16.1% 5bps 35bps 2.3% Tier II Tier II 2.4% 2bps (55bps) (30bps) (43bps) (86bps) CET1 13.9% 14.5% CET1 1 2 3 Mexico Other IFRS 9 & other Wave FY21 PBT FY20 CAD FY21 CAD adjustments Direktna merger Triangle FY21 CAD pro amorti
Slide 54: Capital ratios (q-o-q)
Capital ratios (q-o-q) 80bps 16.8% 38bps 46bps 16.1% 15.7% 2bps Tier II 2.3% 2.4% Tier II (23bps) (8bps) (15bps) 16.1% CET1 14.5% 13.3% CET1 CET1 FLB3: CET1 FLB3: 13.6% 12.3% 1 3Q21 CAD Debt DTC Other Direktna Wave 4Q21 PBT 4Q21 CAD Triangle 2 4Q21 CAD securities at merger pro forma FVOCI RWAs 40,59
Slide 55: ESG commitments and performance
FY 2021 Results ESG commitments and performance https://www.eurobankholdings.gr/en/esg-environment-society-governance
Slide 56: Our ESG approach
Our ESG approach Revamping our ESG approach: enhancing our commitments, aligning them further with regulatory requirements and integrating them in our financial & operational objectives: • Investing in sustainable development • Improving our impact across the ESG spectrum • Working with our customer
Slide 57: 2021 Highlights of ESG actions and initiatives
2021 Highlights of ESG actions and initiatives Regulation, frameworks & policies • Integrating climate risk - Submitted self-assessment and detailed action plan for climate risk integration to ECB Structural • Sustainable Finance Framework - Eurobank documented and approved its Sustainable Finance E
Slide 58: 2021 Highlights of ESG actions and initiatives
2021 Highlights of ESG actions and initiatives -5.6% Environment: Minimizing operational footprint GHG emissions ▪ Eurobank’s new generation branches "Future Branch" contribute to improved environmental performance (Scope 2) ▪ Applying sustainable urban design, Eurobank refurbished the Piraeus Port
Slide 59: ESG Ratings / Indices & Partnerships
ESG Ratings / Indices & Partnerships Significant improvements in ESG Ratings & Indices vs 2020: Initiatives & partnerships ESG Ratings & Indices FY2021 Member of ICMA since BBB ▲ (vs BB in 2020) UNEP FI participant since 2005; 2020. Participant in the Eco-Management and signatory to PRBs since 2019.
Slide 60: Macroeconomic update
FY 2021 Results Macroeconomic update
Slide 61: Recent macro & market developments and FY22 outlook
Recent macro & market developments and FY22 outlook ▪ Forward looking estimates have not incorporated the recent geopolitical turmoil ▪ Quick recovery in 2021 (8.3%) covered most of the 2020 GDP contraction; real GDP growth is expected at 4.9% and 3.5% in 2022 and 2023 respectively 2020 2021 20221 2
Slide 62: GDP evolution
GDP evolution Real GDP growth rate Real FY % YoY 2020 2021 Gross Domestic Product -9.0 8.3 Private Consumption -7.9 7.8 Government Consumption 2.6 3.7 Gross Fixed Capital Formation -0.3 19.6 Exports of Goods and Services -21.5 21.9 Imports of Goods and Services -7.6 16.1 Unemployment Rate (% LFS) 16
Slide 63: Selected indicators of domestic economic activity
Selected indicators of domestic economic activity ESI: close to pre-pandemic levels and equal to EA’s ESI PMI manufacturing: despite the rising costs, operational conditions improve Retail trade volume: well above the pre-pandemic levels, Manufacturing production: resilient in 2020, steep increase i
Slide 64: Domestic Labour Market
Domestic Labour Market Support measures and the reopening of the economy led to drop of unemployment Employment close to pre-pandemic trend growth path Long term unemployment declining since end of 2019, yet still well Recovery of productivity requires continued implementation of above the pre-crisi
Slide 65: Significant boost to growth from RRF funds
Significant boost to growth from RRF funds With RRF grants and loans at 16.6% of its 2021 GDP, Greece is to receive the largest share of RRF funds relative to the size of its economy • Greece to receive €30.5bn (€17.7bn in grants, €12.7bn in loans) through RRF in the next 5 years to finance its Nati
Slide 66: Real Estate prices continued to increase in 3Q21
Real Estate prices continued to increase in 3Q21 Index of Apartment Prices Index of Retail and Office Prices 3Q09 – 3Q21 1H11 – 1H21 Source: BoG 66
Slide 67: Return of the twin deficits
Return of the twin deficits ▪ Enhanced Surveillance (Feb-22) projections for 2021, 2022 & 2023 (adjusted in ESA2010 terms): ▪ General Government balance at -9.5%, -3.9% and -1.1% of GDP respectively (from +1.1% and -10.1% in 2019 and 2020 respectively) ▪ GG Primary balance at -7.1%, -1.4% and 1.3% o
Slide 68: Sovereign debt profile
Sovereign debt profile Net Debt5 ▪ General Government gross public debt projections for 2021, 2022 and 2023 at General Government gross public debt at c173% 202.5%, 195,6% and 191.1%% of GDP respectively (206.3% in 2020) (% of GDP, ESA terms) of GDP ▪ Over 75% of the debt stock is held by official s
Slide 69: Bulgaria: Economy returning to pre-Covid levels in 1Q22
Bulgaria Economy returning to pre-Covid levels in 1Q22 Economic growth in FY21 in tandem with the Euro area …. ▪ From a -4.4% y-o-y recession in 2020, Bulgaria marked a +3.9% y-o-y GDP growth rate in 2021 and is heading towards +4.1% y-o-y in 2022; pre- Covid-19 GDP level to be reached in 1Q22 ▪ Abs
Slide 70: Cyprus: Strong GDP rebound in 2021
Cyprus Strong GDP rebound in 2021, RRF funds supporting the growth momentum V-shape recovery in 2021, well-anchored with the Euro area … ▪ From a -5.2% y-o-y recession in 2020, Cyprus posted a +5.4% y-o-y GDP growth rate in 2021 and is heading towards +4.2% y-o-y in 2022 ▪ The solid economic momentu
Slide 71: Appendix I – Supplementary information
FY 2021 Results Appendix I – Supplementary information
Slide 72: Summary performance
Summary performance Balance sheet – key figures Income statement – key figures €m 4Q21 3Q21 €m 4Q21 3Q21 Gross customer loans 40,815 38,140 Net interest income 320.9 329.9 Provisions (1,872) (2,053) Commission income 129.9 117.0 Loans FVTPL 23 21 Operating income 513.0 467.2 Net customer loans 38,96
Slide 73: Consolidated quarterly financials – Income statement
Consolidated quarterly financials – Income statement (€ m) 4Q21 3Q21 2Q21 1Q21 4Q20 Net Interest Income 320.9 329.9 335.1 334.7 329.3 Commission income 129.9 117.0 110.3 98.7 108.8 Other Income 62.2 20.3 32.2 13.1 197.0 Operating Income 513.0 467.2 477.5 446.5 635.1 Operating Expenses (225.5) (217.5
Slide 74: Consolidated quarterly financials – Balance sheet
Consolidated quarterly financials – Balance sheet (€ m) 4Q21 3Q21 2Q21 1Q21 4Q20 Consumer Loans 3,241 3,053 3,421 3,383 3,406 Mortgages 10,097 10,006 11,488 11,522 11,641 Household Loans 13,337 13,059 14,910 14,905 15,047 Small Business Loans 3,752 3,764 4,501 4,478 4,476 Corporate Loans 18,604 17,8
Slide 75: Consolidated financials
Consolidated financials Income Statement (€ m) FY21 FY20 Δ y-o-y (%) Net Interest Income 1,320.6 1,349.4 (2.1) Commission income 455.8 384.1 18.7 Other Income 127.8 438.7 (70.9) Operating Income 1,904.2 2,172.2 (12.3) Operating Expenses (876.1) (868.8) 0.8 Pre-Provision Income 1,028.1 1,303.4 (21.1)
Slide 76: SEE operations key figures – 4Q21
SEE operations key figures – 4Q211 Bulgaria Cyprus Serbia Lux Sum Assets 7,159 8,027 2,404 2,231 19,821 Gross loans 4,722 2,416 1,612 701 9,451 Balance Sheet Net loans 4,565 2,370 1,565 701 9,201 (€m) NPE loans 229 63 110 0 402 Deposits 6,292 6,581 1,487 1,792 16,152 CAD2 20.6% 25.4% 20.2% 25.2% Cor
Slide 77: Appendix II – Glossary
FY 2021 Results Appendix II – Glossary
Slide 78: Glossary – Definition of Alternative Performance Measures
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 79: Glossary – Definition of Alternative Performance Measures
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 80: Glossary – Definition of Alternative Performance Measures
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 81: Glossary – Definition of Alternative Performance Measures
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios Provisions (charge) to average Net Loans ratio (Cost of Risk): Impairment losses relating to Loans and Advances charged in the reported period, annualized and divided by the average balance
Slide 82: Investor Relations contacts
Investor Relations contacts Dimitris Nikolos +30 214 4058 834 dnikolos@eurobankholdings.gr Yannis Chalaris +30 214 4058 832 ychalaris@eurobankholdings.gr Christos Stylios +30 214 4058 833 cstylios@eurobankholdings.gr Investor Relations Division +30 214 4058 834 investor_relations@eurobankholdings.gr
Eurobank Ergasias Services and Holdings — FY2021 Earnings Presentation on 6ix