Eurobank S.a. · ATHEX:EUROB
Eurobank — Eurobank Ergasias Services and Holdings — Q1 2022 Earnings Presentation
65 slides from Eurobank's earnings presentation, May 25, 2022
Slide 1: 1Q2022 results
4 EUROBANK Holdings 1Q2022 results 25 May 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 1Q22 results highlights 4 Diversified business model 12 Balance sheet 17 Profitability 23 Asset Quality 30 Capital 35 ESG commitments and performance 38 Macroeconomic update 43 Appendix I – Supplementary information 54 Appendix II - Glossary 60 3
Slide 4: 1Q22 results highlights
1Q 2022 Results 1Q22 results highlights
Slide 5: 1Q22 results highlights: Profitability
1Q22 results highlights: Profitability P&L (€ m) 1Q22 1Q21 Δ(%) 1Q22 4Q21 Δ(%) Net interest income 339.4 334.7 1.4 339.4 320.9 5.7 Net Income1 €305m in 1Q22 Commission income 123.0 98.7 24.7 123.0 129.9 (5.3) Other Income 240.4 13.1 >100 240.4 62.2 >100 ▪ NII up 1.4% y-o-y at €339m; up 5.7% q-o-q Op
Slide 6: 1Q22 results highlights: Balance sheet
1Q22 results highlights: Balance sheet Asset Quality Key Balance sheet ratios ▪ NPE ratio at 6.0%1 in 1Q22, down 8.2ppts y-o-y ▪ NPE stock at €2.4bn1, down €3.4bn y-o-y Group (%) 1Q22 4Q21 3Q21 2Q21 1Q21 ▪ Net NPE stock1,2 at 0.7bn Asset Quality ▪ NPE coverage at 71.5%1, up 9.6ppts y-o-y NPE ratio 6
Slide 7: 2022 goals on track
2022 goals on track FY22 1Q21 4Q21 1Q22 Business Actual Actual Actual plan1 Core PPI €218m €225m €240m c.€865m Core Operating Profit2 €87m €126m €178m c.€610m RoTBV3 6% 8% 23% 10% EPS €0.02 €0.03 €0.07 c.€0.144 CoR5 140bps 104bps 63bps c.65bps NPE ratio 14.2% 6.8% 6.0%6 c.5.8% NPE coverage 61.9% 69.
Slide 8: NII and fees evolution
1Q21 335 Loans NPEs (14) Δ NII (y-o-y, € m) 3 Loans PEs Core Income 2 Deposits Greece 9 Bonds & other +1.4% TLTRO (5) 1 Wholesale & other 8 SEE 1Q22 339 1Q21 299 Lending Δ Fees (y-o-y, € m) Network & credit cards 14 +24.7% 2 Capital Markets 5 Bancassurance & Asset mng 1 Rental & other 1Q22 123 8
Slide 9: Profitability
Profitability Core PPI and Provisions (€ m) Core Operating Profit2 (€ m) >100% 178 240 Core PPI +10.4% 218 87 1Q21 1Q22 Loan Loss (131) Provisions (52.7%) (62) Profit before Tax3 (€ m) >100% 404 1Q22 1Q21 98 CoR1 1.4% 0.6% 1Q21 1Q22 1. On net loans. 2. Core Operating profit= Core PPI minus loan loss
Slide 10: Asset quality
Asset quality NPEs ratio NPEs stock (€ bn) 14.2% 14.0% 22.9 7.3% 6.8% 6.7% 6.0% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q22 pro forma Solar 1 (20.5) NPE coverage 2.7 72.8% 71.5% 2.4 69.2% 70.6% 0.7 63.3% FY16 FY17 FY18 FY19 FY20 FY21 1Q22 1Q22 1Q22 61.9% pro Net forma NPEs Solar 1 pro forma 1Q21 2Q21 3Q21 4Q21 1Q
Slide 11: Capital & TBV
Capital & TBV CET1 FLB3 TBV per share (€) 13.6%1 +170bps 11.9% 1.45 +6.6% 1.36 1Q21 1Q22 CAD 16.5%1 +100bps 15.5% 1Q21 1Q22 1Q21 1Q22 1. Pro-forma for strategic partnership for merchant acquiring business (Triangle). Binding agreement in December 2021, closing 2Q22. 11
Slide 12: Diversified business model
1Q 2022 Results Diversified business model
Slide 13: Segmental analysis: diversified earnings generation
Segmental analysis: diversified earnings generation Key Metrics (FY21) Net profit1 (q-o-q, € m) Net 2021 Group (%) Assets RWAs TBV RoTBV2 RoTBV Profit1 226 € bn € bn €m €m 73 54 Greek Banking 56 Greek banking 55.6 30.76 3,311 226 27.8% 7.0% 31 operations Operations 0 1Q21 2Q21 3Q21 4Q21 34 1Q22 327
Slide 14: Eurobank Group Investment Real Estate Portfolio
Eurobank Group Investment Real Estate Portfolio Big boxes & 1Q22 Office Mixed use Retail Logistics Special use Total supermarkets No. of assets (#) 66 29 76 43 22 26 262 Book Value (€ m) 437 206 159 430 90 70 1,392 % of total MV 32% 15% 11% 31% 6% 5% 100% MV / GLA (€ /sqm) 1,438 2,377 1,797 1,150 58
Slide 15: Bulgaria key metrics
Bulgaria key metrics1 1Q22 Highlights PPI and provisions (€ m) Net profit €23m in 1Q22, up 30.0% y-o-y ▪ 1Q22 Core PPI at €35m, up 15.6% y-o-y ▪ NII up 8.2% y-o-y at €48m 35 33 34 34 PPI 30 ▪ Commission income up 18.6% y-o-y at €17m ▪ OpEx up 5.6% y-o-y; down 1.3% q-o-q (10) (10) (11) (11) (9) Provi
Slide 16: Cyprus key metrics
Cyprus key metrics1 1Q22 Highlights PPI and provisions (€ m) Net profit €20m in 1Q22; up 31.2% y-o-y ▪ 1Q22 Core PPI up 20.5% y-o-y at €26m 26 26 PPI 22 23 23 ▪ NII up 10.4% y-o-y at €27m ▪ Commission income up 31.2% y-o-y at €10m (2) (1) (1) (0) (1) Provisions ▪ OpEx up by 5.0% y-o-y ▪ 1Q22 CoR at
Slide 17: Balance sheet
1Q 2022 Results Balance sheet
Slide 18: Balance sheet composition
Balance sheet composition Assets (€ bn) Liabilities and Equity (€bn) 90 90 80 77.2 80 77.2 70 70 60 Trading & other 60 Net loans 39.3 3% Other issuers 50 27% Deposits 52.4 • Core 78% 50 • Time 22% 40 GGBs 40 44% Investment Securities 12.3 30 Other 30 Derivatives 1.5 sovereign Loans & advances to ban
Slide 19: Loans
Loans Gross loans (€ bn) Performing loans (€ bn) Organic1 growth +€0.4bn in 1Q22; Strong pipeline in 2Q, +€0.3bn in April 41.1 41.1 40.8 41.2 39.8 SEE 38.2 38.5 8.3 8.4 37.0 9.2 9.5 35.3 35.3 8.6 SEE 8.8 9.1 8.1 3.5 3.5 7.7 7.9 5.1 5.1 Senior Notes 5.1 Senior Notes 5.1 5.1 5.1 3.5 3.5 Greece Greece
Slide 20: Funding and liquidity
Funding and liquidity Net loans / Deposits ratio Deposits (€ bn) +€4.1bn 77.7% 60 75.4% 74.9% 53.2 52.4 73.8% 49.7 51.1 73.2% 50 48.3 16.2 16.4 14.3 14.9 SEE 13.4 1Q21 2Q21 3Q21 4Q21 1Q22 40 Liquidity coverage ratio (LCR) 30 166.4% 168.2% 20 37.0 152.4% 151.3% Greece 34.9 35.5 36.2 36.1 140.6% 10 1Q
Slide 21: MREL requirements
MREL requirements Resolution considerations Interim MREL target 17.8% 18.1% 2.5% CBR 3.3% ▪ Eurobank issued two (MREL – eligible) senior preferred bonds of €500m each in 2021 in order to meet the interim MREL target (17.8% of RWAs) Interim MREL target applicable from 1st January 2022 ▪ SRB has deter
Slide 22: Wealth Management
Wealth Management Asset under Management (€ bn) Private Banking CAL1 (€ bn) +22.9% +11.5% 8.7 8.5 4.4 4.3 8.0 8.1 4.2 7.8 3.9 3.5 4.1 4.1 3.6 3.8 3.8 Greece 3.3 3.2 3.1 2.8 Own Mutual 2.6 Funds Cyprus 2.0 2.3 2.4 2.2 2.1 3rd Party Mutual Funds 0.5 0.5 0.5 0.5 Luxembourg 0.5 2.2 2.2 (incl. London 2.0
Slide 23: Profitability
1Q22 Results & EUROBANK Holdings Profitability
Slide 24: Net Interest margin & spreads
Net Interest margin & spreads Net Interest margin (bps) Deposit spreads (Greece, bps) 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 Greece 190 185 175 160 167 Savings & Sight (61) (59) (58) (58) (55) SEE 216 215 207 198 197 Time (61) (60) (59) (58) (55) Group 196 192 183 170 175 Total (61) (60)
Slide 25: Net Interest Income
Net Interest Income NII breakdown (€ m) NII on impaired loans (over total NII) Total NII 335 335 330 321 339 Chart Title 38% 32% 33% o/w Greece 244 241 235 226 241 25% 15% 9% 4% 310 1Q22 FY16 FY17 FY18 FY19 FY20 FY21 Loan Margin 309 316 320 (PEs) 317 NII evolution (q-o-q, € m) Loan Margin (NPEs) 32
Slide 26: Commission Income
Commission Income Commission income breakdown (€ m) Commission income per region (€ m) 63bps over assets 130 130 123 123 117 117 110 30 110 33 23 Lending 21 33 99 99 29 SEE 21 29 22 26 48 47 Network transactions 48 & credit cards 40 33 5 9 Capital Markets 97 7 6 88 90 Greece 6 81 17 23 19 Bancassura
Slide 27: Operating expenses
Operating expenses OpEx per region (€ m) OpEx breakdown (€ m) 215 218 218 226 222 215 222 57 56 59 61 641 SEE 29 Depreciation 29 20 18 Resolution Fund 158 162 159 164 158 Greece 64 Administrative 60 1Q21 2Q21 3Q21 4Q21 1Q22 Cost –to- core income (%) Staff 107 111 1Q21 4Q21 1Q22 Greece 50.0 51.0 47.7
Slide 28: Pre-provision income (PPI)
Pre-provision income (PPI) Core PPI and other income (€ m) Δ PPI (q-o-q, € m) 13 32 20 62 2401 Other income 481 218 228 229 225 240 SEE 178 60 67 65 67 68 Greece 288 18 4 158 161 165 158 173 (7) 1Q21 2Q21 3Q21 4Q21 1Q22 PPI per region (€ m) 481 Δ other income1 1Q22 Δ NII Δ opex 4Q21 Δ commission inc
Slide 29: Δ Core Operating Profit
Δ Core Operating Profit (y-o-y, € m) 17 0 8 11 240 1Q21 (0) (0) 1Q22 218 Core PPI Core PPI (14 ) Greece 2 Δ admin & RF Δ SEE Δ Fees 1Q210 Δ staff OPEX 1 (62) 1Q22 Loan Δ NII NPEs Δ depreciation Loan Loss (131) Δ NII excl. NPEs Loss Provisions Provisions 1Q21 1Q22 Core Operating 87 >100% 178 Profit P
Slide 30: Asset Quality
1Q22 Results & EUROBANK Holdings Asset Quality
Slide 31: Asset quality metrics
Asset quality metrics NPEs formation1 (€ m) NPEs ratio (%) Δ NPEs stock 117 (110) (2,831) (125) (26) (q-o-q, €m) 14.2% 14.0% 72 41 SEE 7.3% 6.8% 6.7% 6.0% 0 (24) (24) Greece (26) (43) 1Q21 2Q21 3Q21 4Q21 1Q22 1Q22 pro forma Solar 3 1Q21 2Q21 3Q21 4Q21 1Q22 Loan loss provision (€ m) NPE coverage (%)
Slide 32: NPEs formation per segment (Greece)
NPEs formation per segment (Greece) Mortgages (€ m) Consumer (€ m) 39 22 13 12 17 12 (5) 7 1 4 7 (17) (24) 2 3 (41) (27) (57) (66) (67) (3) (2) (2) (2) (80) (83)(85) (81) (4) (5) (105) (9) (10) (123) 1Q18 1Q19 3Q20 3Q21 3Q18 3Q19 2Q20 4Q20 1Q21 2Q21 4Q21 2Q18 4Q18 2Q19 4Q19 1Q20 1Q22 1Q18 1Q19 3Q21
Slide 33: NPE metrics (Group)
NPE metrics (Group) 90dpd bridge to NPEs (€ bn) NPEs per region NPE Provisions & 0.3 2.7 Total NPEs NPE ratio 0.6 coverage collaterals / NPEs (€ bn) (%) (%) (%) 1.8 Consumer 0.3 15.0 104.3 105 (1.9) Mortgages 0.4 5.0 64.7 151 Small Business 0.4 12.9 70.5 134 0.8 Corporate 1.2 6.9 65.7 118 2 Greece 2
Slide 34: Loans’ stage analysis (Group)
Loans’ stage analysis (Group) Loans’ stage breakdown Provisions stock over NPEs (€ bn) 1Q21 2Q21 3Q21 4Q21 1Q22 72.8% 69.2% 70.6% Stage 1 29.1 29.1 29.6 32.6 33.1 61.9% 63.3% Stage 2 6.2 6.2 5.7 5.5 5.3 Stage 3 5.8 5.7 2.9 2.8 2.7 (NPEs) 1 Total 41.1 41.1 38.1 40.8 41.1 1Q21 2Q21 3Q21 4Q21 1Q22 Stag
Slide 35: Capital
1Q22 Results & EUROBANK Holdings Capital
Slide 36: Capital ratios (CET1 FLB3, q-o-q)
Capital ratios (CET1 FLB3, q-o-q) 13.6%2 90bps Triangle 47bps 12.7% (8bps) 52bps 12.7% (34bps) (20bps) (43bps) 1 1 4Q21 CET1 FLB3 DTC Asset growth other Debt securities 1Q22 trading 1Q22 PBT excl. 1Q22 CET1 FLB3 amortisation at FVOCI gain trading gain RWAs 39,618 (36) 8823 364 0 0 0 40,500 (€ m) Cap
Slide 37: Capital ratios (CAD, q-o-q)
Capital ratios (CAD, q-o-q) 16.5%2 80bps Triangle 16.1% 47bps 15.8% 11bps 52bps Tier II (63bps) (8bps) Tier II 2.5% 2.4% (26bps) CET1 (43bps) pro forma CET1 13.7% 14.0%2 CET1 13.3% 1 1 4Q21 CAD IFRS 9 & other DTC Asset growth Other Debt securities 1Q22 trading 1Q22 PBT excl. 1Q22 CAD transitions amo
Slide 38: ESG commitments and performance
1Q 2022 Results ESG commitments and performance https://www.eurobankholdings.gr/en/esg-environment-society-governance
Slide 39: Our ESG approach
Our ESG approach Key drivers of our ESG approach, in line with our Purpose: “Prosperity Needs Pioneers”: ▪ Enabling Sustainable Financing ▪ Enhancing Environmental Performance ▪ Leveraging Social Prosperity ▪ Ensuring Governance Standards ▪ Fostering Sustainability Awareness Second phase of corporat
Slide 40: 1Q 2022 Highlights of ESG actions, initiatives and achievements
1Q 2022 Highlights of ESG actions, initiatives and achievements ESG Risks & Opportunities The adoption of a strategic approach for the management of risks and the identification of opportunities in relation to sustainability and climate change is of great importance to the Bank. For that purpose, th
Slide 41: 1Q 2022 Highlights of ESG actions, initiatives and achievements
1Q 2022 Highlights of ESG actions, initiatives and achievements Environment: Minimizing operational footprint ▪ Green Awards 2022: Gold Award for “Future Branch” Certified ▪ Continuous focus on reducing energy consumption and GHG emissions. Eurobank is the first bank in Greece to certify its Carbon
Slide 42: ESG Ratings / Indices & Partnerships
ESG Ratings / Indices & Partnerships Continuing improvement in ESG Ratings & Indices vs 2021: Initiatives & partnerships ESG Ratings & Indices 1Q 2022 Member of ICMA since BBB UNEP FI participant since 2005; 2020. Participant in the Eco-Management and signatory to PRBs since 2019. Audit Scheme regis
Slide 43: Macroeconomic update
1Q22 Results Macroeconomic update
Slide 44: Recent macro & market developments and FY22 outlook
Recent macro & market developments and FY22 outlook ▪ European Commission (Spring Economic Forecasts (May-22)) revised downwards real GDP growth forecasts to 3.5% and 3.1% in 2022 and 2023 respectively, while inflation was revised upwards to 6.3% and 1.9% in 2022 and 2023 respectively 2021 2021 2022
Slide 45: GDP evolution
GDP evolution Real GDP growth rate Real FY % YoY 2021 2022f* 2023f* Gross Domestic Product 8.3 3.5 3.1 Private Consumption 7.8 1.5 1.7 Government Consumption 3.7 -1.7 -4.1 Gross Fixed Capital Formation 19.6 14.7 8.5 Exports of Goods and Services 21.9 11.6 9.5 Imports of Goods and Services 16.1 7.9 5
Slide 46: Selected indicators of domestic economic activity
Selected indicators of domestic economic activity ESI: steep drop in Apr-22 due to the war in Ukraine and the energy crisis PMI manufacturing: operating conditions improve at a decelerating rate Retail trade volume: above pre-pandemic levels but stable Manufacturing production: decelerates in 2022Q1
Slide 47: Domestic Labour Market
Domestic Labour Market Support measures and the reopening of the economy led to drop of unemployment Employment returns to pre-pandemic trend growth path Long term unemployment decline since end of 2019, yet still well above Recovery of productivity requires continued implementation of the pre-debt
Slide 48: 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 the largest beneficiary in the EU 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 National Rec
Slide 49: Real Estate prices: growth accelerated in 2021
Real Estate prices: growth accelerated in 2021 Index of Apartment Prices Index of Retail and Office Prices 4Q09 – 4Q21 1H11 – 1H21 Source: BoG 49
Slide 50: Return of the twin deficits
Return of the twin deficits ▪ European Commission 2022 Spring Forecasts (May-22) for 2022 & 2023 (in ESA2010 terms): ▪ General Government (GG) balance at -4.3% and -1.0% of GDP respectively (from 1.1%, -10.2% and -7.4% of GDP in 2019, 2020 and 2021 respectively) ▪ GG Primary balance at -1.9% and 1.3
Slide 51: Sovereign debt profile
Sovereign debt profile General Government gross public debt Net Debt5 ▪ General Government gross public debt projections for 2022 and 2023 at 185.7% (% of GDP, ESA terms) at c173% and 180.4%% of GDP respectively (206.3% and 193.3% of GDP in 2020 and 2021) of GDP ▪ Over 75% of the debt stock is held
Slide 52: Bulgaria: Solid GDP growth footing in Q1, challenges lie ahead
Bulgaria Solid GDP growth footing in Q1, challenges lie ahead ▪ The EC (2022 Spring Forecasts) foresees a softer FY2022 growth of 2.1% y-o-y as geopolitical uncertainty and inflationary pressures will inevitably take their toll ▪ Q1-2022 GDP growth print came in at 4.5% y-o-y, above the 3.1% market
Slide 53: Cyprus: Carry over effect from 2021 fueled Q1-2022 GDP print
Cyprus Carry over effect from 2021 fueled Q1-2022 GDP print, challenges loom ▪ EC (2022 Spring Forecasts) foresees a softer FY2022 growth of 2.3% y-o-y ▪ 2022 had started with a solid economic momentum, yet the war has clouded the outlook as Cyprus is exposed to the Russian market: Russians ca 20% o
Slide 54: Appendix I – Supplementary information
1Q22 Results Appendix I – Supplementary information
Slide 55: Summary performance
Summary performance Balance sheet – key figures Income statement – key figures €m 1Q22 4Q21 €m 1Q22 4Q21 Gross customer loans 41,164 40,815 Net interest income 339.4 320.9 Provisions (1,895) (1,872) Commission income 123.0 129.9 Loans FVTPL 23 23 Operating income 702.7 513.0 Net customer loans 39,29
Slide 56: Consolidated quarterly financials – Income statement
Consolidated quarterly financials – Income statement (€ m) 1Q22 4Q21 3Q21 2Q21 1Q21 Net Interest Income 339.4 320.9 329.9 335.1 334.7 Commission income 123.0 129.9 117.0 110.3 98.7 Other Income 240.4 62.2 20.3 32.2 13.1 Operating Income 702.7 513.0 467.2 477.5 446.5 Operating Expenses (221.9) (225.5
Slide 57: Consolidated quarterly financials – Balance sheet
Consolidated quarterly financials – Balance sheet (€ m) 1Q22 4Q21 3Q21 2Q21 1Q21 Consumer Loans 3,281 3,241 3,053 3,421 3,383 Mortgages 10,091 10,097 10,006 11,488 11,522 Household Loans 13,372 13,337 13,059 14,910 14,905 Small Business Loans 3,765 3,752 3,764 4,501 4,478 Corporate Loans 18,975 18,6
Slide 58: Consolidated financials
Consolidated financials Income Statement (€ m) 1Q22 1Q21 Δ y-o-y (%) Net Interest Income 339.4 334.7 1.4 Commission income 123.0 98.7 24.7 Other Income 240.4 13.1 >100 Operating Income 702.7 446.5 57.4 Operating Expenses (221.9) (215.5) 3.0 Pre-Provision Income 480.8 231.0 >100 Loan Loss Provisions
Slide 59: SEE operations key figures – 1Q22
SEE operations key figures – 1Q221 Bulgaria Cyprus Serbia Lux Sum Assets 7,372 8,147 2,421 2,237 20,177 Gross loans 4,901 2,512 1,623 693 9,729 Balance Sheet Net loans 4,740 2,464 1,575 693 9,472 (€m) NPE loans 223 57 113 0 393 Deposits 6,479 6,650 1,465 1,793 16,387 CAD2 20.8% 23.9% 19.8% 24.5% Cor
Slide 60: Appendix II – Glossary
1Q22 Results Appendix II – Glossary
Slide 61: 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 62: 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 63: 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 64: 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 65: 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
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