Eurobank S.a. · ATHEX:EUROB
Eurobank — FY2018 Earnings Presentation
70 slides from Eurobank's earnings presentation, Mar 7, 2019
Slide 1: Full Year 2018 Results
Full Year 2018 Results 7 March 2019
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. The material that follows is a presentation of general background information about Euroban
Slide 3: Table of contents
Table of contents FY18 results highlights 3 4Q18 results 12 4Q18 results review 19 Asset Quality 26 International operations 35 Appendix I – Acceleration Plan for NPE reduction 44 Appendix II – Supplementary information 49 Appendix III – Macroeconomic update 53 Appendix IV – Glossary 64 Page 2
Slide 4: FY18 Highlights
FY18 Highlights 1 Profitability Net profit1 up 8.0% y-o-y at €200m Core PPI up 1.4% y-o-y at €848m NII down 3.3% y-o-y at €1,416m Commission income up 16.4% y-o-y at €311m OPEX down 1.7% y-o-y, Greece down 3.5% y-o-y 2 Asset Quality Group NPE stock down by €3.5bn y-o-y Negative NPE for
Slide 5: Profitability
1 Profitability Core PPI (€ m) Net profit1 (€ m) 200 15 848 837 44 185 (48) FY17 Core PPI Δ ΝΙΙ Δ Commision Δ OPEX FY18 Core PPI 2017 2018 Income (3.3%) +16.4% (1.7%) 1. Before discontinued operations & restructuring costs. Page 4
Slide 6: Asset Quality (Group)
2 Asset Quality (Group) NPEs stock evolution (€ bn) NPE formation (€ m) 909 Greece 976 22.6 Int’l (67) 1.4 (2.5) (596) Greece (896) 20.1 (91) (687) (24) Int’l 1.2 (3.5) (920) 16.7 0.7 Int’l 2016 2017 2018 21.2 NPE ratio and provisions over NPEs (%) (2.3) 50.6% 55.5%1 53.2% Provisions / NPEs 18.9 (2.
Slide 7: Liquidity
3 Liquidity Deposits evolution (€ bn) ELA funding (€ bn) 11.9 39.1 +5.2 7.9 +1.8 33.8 10.3 Int’l 32.1 9.3 8.7 0.5 0 2016 2017 2018 Feb 20191 28.8 Greece Loans to Deposits Ratio +4.2 117.6% 24.6 +1.2 23.4 109.6% 25ppts 92.6% improvement 2016 2017 2018 2016 2017 2018 1. As at 20th February 2019. Page
Slide 8: Capital position
4 Capital position FBL 3 CET1 Phased in CET1 Total CAD 250bps 18.7% 35bps 16.2% 245bps 495bps buffer over 2019 210bps 13.4% Total Capital OCR (SREP) of 595bps buffer 13.75% 11.3% over 2019 CET1 OCR (SREP) of 10.25% 4Q18 FLB3 CET1 Grivalia merger 4Q18 pro-forma IFRS 9 Other transitions Pro-forma 4Q18
Slide 9: International Operations
5 International Operations Net Profit1 (€ m) Net Loans and Deposits (€ bn) 11.42 145 10.3 +12% 130 +6% 122 6.92 6.1 4.8 4.62 3.52 3.5 2.7 1.6 1.0 0.9 1.1 0.5 Int'l BUL SER CYP LUX 2016 2017 2018 Net Loans Deposits 1. Before discontinued operations & restructuring costs. 2. Pro-forma for Piraeus Bank
Slide 10: 2019 Transformational Plan - Execution timetable
6 2019 Transformational Plan - Execution timetable Action Timetable Boards approvals of merger agreement February Merger with Grivalia EGMs April Merger Completion and new shares trading May Non-Binding Offers January €2bn mortgage NPEs Binding Offers April securitization (Pillar) Closing July Perim
Slide 11: Eurobank – Grivalia merger: Key Financials
6 Eurobank – Grivalia merger: Key Financials FY18 (€m) Eurobank Grivalia Combined1 Income Statement Pro-forma Net interest income 1,416 (5) 1,411 Banking fee and Commission income 298 298 Fees from non-banking services 13 72 68 Other income 118 3 121 Operating income 1,845 70 1,898 Total OpEx (879)
Slide 12: NPE reduction Acceleration plan (FY18-FY21)
6 NPE reduction Acceleration plan (FY18-FY21)1 € bn 16.7 (13.2) (2.0) 6.6 (7.0) (1.1) 5.2 (1.4) 3.5 (1.7) FY18 Pillar Cairo FY19 FY20 FY21 Group 37.0% 16.0% 12.6% 8.8% NPE ratio 1. To be submitted to SSM at end March 2019. Note: Estimated group NPE ratios assuming loan growth of up to 2.5% per annum
Slide 13: 4Q 2018 results
Sy eurobank| 4Q 2018 results | Page 12
Slide 14: 4Q18 results
4Q18 results Highlights Key financials Net profit1 €29m in 4Q18 €m 4Q18 3Q18 Δ(%) FY18 FY17 Δ(%) 1 Core pre-provision income (PPI) up 3.1% q-o-q Net interest income 353.0 352.0 0.3 1,415.7 1,463.5 (3.3) NII up 0.3% q-o-q at €353m Commission income 94.3 79.1 19.2 311.3 267.5 16.4 Commission inc
Slide 15: Pre-provision income (PPI)
Pre-provision income (PPI) Core PPI and other income (€ m) Δ PPI (€ m) 51 33 31 40 14 Other income 217 213 214 221 200 60 15 59 62 63 254 1 55 Int'l 235 (26) (10) Greece 157 145 151 151 161 4Q17 1Q18 2Q18 3Q18 4Q18 PPI per region (€ m) 267 254 244 235 Δ ΝΙΙ 3Q18 PPI 4Q18 PPI Δ other income Δ commiss
Slide 16: Asset quality
Asset quality NPEs formation1 (€ m) 90dpd formation1 (€ m) 18 3 Int'l (31) (110) Greece (79) Int'l (399) (325) (199) (153) Greece (210) (311) (1) (322) (400) 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 NPEs ratio and Provisions / NPEs (%) Loan loss provisions (€ m) 3 56.1% 55.9% 55.5% 53.7% 2.
Slide 17: Funding and liquidity
Funding and liquidity Eurosystem funding (€ bn) Net Loans to Deposits Ratio 32.7 109.6% 9.8 10.0 (85%) 2.1 102.2% 99.3% 5.1 95.5% 22.9 1.3 92.6% 7.9 3.2 2.0 1.2 2.0 3.8 1.5 ECB 2.0 2.0 1.5 0.5 ELA 4Q17 1Q18 2Q18 3Q18 4Q18 1 Jun 15 Dec 17 Jun 18 Sep 18 Dec 18 Feb 19 Interbank repos and eurosystem fun
Slide 18: Capital position
Capital position FBL 3 CET1 Phased in CET1 Total CAD 250bps 18.7% 35bps 16.2% 245bps 495bps buffer over 2019 210bps 13.4% Total Capital OCR (SREP) of 3bps 13.75% 11.7% 595bps buffer 11.3% (43bps) over 2019 CET1 OCR (SREP) of 10.25% 3Q18 FLB3 4Q18 result AFS & other 4Q18 FLB3 Grivalia 4Q18 pro- IFRS
Slide 19: International Operations
International Operations Core PPI (€ m) Net Profit1 (€ m) 62 63 40 40 59 60 55 33 33 31 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Loan loss provisions (€ m) Net Loans and Deposits (€ bn) 1.4% 1.2% 1.1% 1.0% 1.1% Cost of Risk 11.42 10.3 20 17 6.92 16 16 14 6.1 4.62 4.8 3.52 3.5 2.7 1.6 1.1 1.
Slide 20: 4Q 2018 results review
4Q 2018 results review Page 19
Slide 21: Loans and deposits
Loans and deposits Gross loans (€ bn) Deposits (€ bn) Δ loans l-f-l1 (€m) 117 (143) 520 47.2 47.0 46.8 45.4 45.0 6.4 6.4 6.3 39.1 6.4 6.4 International 37.6 36.4 35.3 33.8 Greece 10.3 10.0 9.6 International 9.4 9.3 21.1 21.0 21.0 20.7 20.6 Business 28.8 Greece Mortgages 27.5 26.8 24.6 25.9 15.3 15.1
Slide 22: Assets
Assets Total assets (€ bn) Gross Loans Consumer 9% Business 55% Mortgages 36% 58.0 Securities 36.2 Net loans and advances to customers Corporates & banks securities 12% Greek sovereign Securities 7.8 securities PP&E, intangibles and other assets 3.0 41% Derivatives 1.9 Loans and advances to banks 2.
Slide 23: Spreads & net interest margin
Spreads & net interest margin Lending spreads (Greece, bps)1 Deposit spreads (Greece, bps) Performing 4Q17 1Q18 2Q18 3Q18 4Q18 Corporate 451 454 424 410 421 4Q17 1Q18 2Q18 3Q18 4Q18 Retail 388 384 401 379 380 Consumer 984 993 1,022 997 965 Savings & Sight (51) (50) (50) (50) (49) SBB 523 479 533 463
Slide 24: Net interest income
Net interest income NII breakdown (€ m) NII evolution (q-o-q, € m) Total NII 373 355 356 352 353 o/w Greece 289 274 272 266 268 o/w International 84 81 84 86 86 3 5 4 - 353 352 (10) (1) Loan margin 426 409 407 395 397 Bonds & other 55 58 57 64 50 Money market & Repos (27) (30) (27) (33) (26) 1 3Q18
Slide 25: Commission income
Commission income Commission income breakdown (€ m) Commission income per region (€ m) 66bps over assets 94 94 23 Lending 79 79 24 Int’l 74 74 70 70 17 64 64 23 18 18 23 21 18 37 Network 21 33 31 30 70 Greece 26 16 Capital Markets 56 49 51 15 43 8 9 5 13 Asset Management 13 12 13 12 6 Rental & other
Slide 26: Operating expenses
Operating expenses OpEx per region (€ m) OpEx breakdown (€ m) Greece (3.5%) 895 (1.7%) 879 226 226 60 63 219 217 217 Depreciation 46 47 45 47 50 International 328 329 Administrative 181 172 172 170 177 Greece 506 Staff 487 4Q17 1Q18 2Q18 3Q18 4Q18 FY17 FY18 Cost-to-income ratio (%) Headcount and net
Slide 27: Asset Quality
Sy eurobank| Asset Quality | Page 26
Slide 28: NPE stock evolution vs. SSM targets
NPE stock evolution vs. SSM targets 1 Stock evolution vs targets (€ bn) Δ stock NPEs (€ m) Δ stock NPEs (309) (471) Actual Targets (872) (1,178) (1,346) 18.4 18.1 17.8 18.1 17.3 17.8 259 250 287 366 272 NPE inflows 17.3 (364) (384) (326) (401) NPE outflows (463) 16.1 15.3 (124) (107) (148) (114) Cas
Slide 29: NPEs formation per segment (Greece)
NPEs formation per segment (Greece) Mortgages (€ m) Consumer (€ m) 315 278 100 22 38 35 38 28 0 7 1 (9) (22) (41) (7) (2) (15) (5) (3) (90) (80) (9) (105) (123) 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Small business (€ m
Slide 30: NPEs metrics (Group)
NPEs metrics (Group) 90dpd bridge to NPEs (€ bn) NPEs per region Provisions & Provisions/ Total NPEs NPEs ratio4 collaterals / NPEs NPEs (€ bn) (%) (%) (%) Consumer 1.4 43.0 88.5 98 0.5 Mortgages 5.8 39.1 42.2 112 3.0 16.7 13.2 Small Business 3.5 58.0 51.6 106 Total Retail 10.6 44.3 51.2 102 Corpora
Slide 31: Loans’ stage analysis (Group)
Loans’ stage analysis (Group) Loans’ stage breakdown Provisions stock over NPEs Δ 56.1% (€ bn) 4Q17 1Q18 2Q18 3Q18 4Q18 55.5% 55.9% q-o-q 53.7% Stage 1 19.5 19.8 20.3 20.3 21.4 1.1 53.2% Stage 2 7.6 7.6 7.4 7.3 7.0 (0.3) 50.4% Stage 3 20.0 19.6 19.0 17.7 16.7 (1.0) (NPEs) Total 47.1 47.0 46.7 45.3 4
Slide 32: Asset quality metrics - 90dpd loans
Asset quality metrics - 90dpd loans 90dpd ratio per segment (%) 90dpd ratio per region (%) €1.2bn €4.8bn €3.0bn €4.1bn €13.2bn 36.3 36.3 36.0 47.3 34.4 33.4 33.2 32.5 32.8 Greece 31.2 29.3 29.3 30.9 22.6 29.3 14.4 13.1 Group 10.0 9.3 8.0 International 4Q17 1Q18 2Q18 3Q18 4Q18 Consumer Mortgages Smal
Slide 33: 90dpd formation per segment (Greece)
90dpd formation per segment (Greece) Mortgages (€ m) Consumer (€ m) 216 83 66 129 118 101 41 94 109 84 84 73 35 35 36 82 72 17 22 16 18 13 6 8 22 31 8 (1) (3) (12) (9) (20) (14) (32) (39) (62) (66) (81) 4Q15 2Q14 4Q14 2Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q
Slide 34: Repossessed Real Estate Portfolio (Greece)
Repossessed Real Estate Portfolio (Greece) Repossessions Real Estate Portfolio1 Sales Pipeline: 101 properties of €35m value already agreed 4,7k properties of €0.6bn value 50 273 487 104 456 # Properties # Properties 106 66 68 74 93 73 61 50 41 19 10 11 13 8 10 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q1
Slide 35: Property Auctions progress
Property Auctions progress Property auctions breakdown Conducted auctions breakdown (FY18) # of 2,579 406 3,195 properties 10% 15% 3rd parties 1% acquisitions, 25% 45% 14% 1,479 properties 84% 38% 65% Aquired by the Bank, 86% 17% 2017 1/1-21/02/18 28/02-31/12/18 Suspended/Cancelled Barren Conducted
Slide 36: International operations
International operations Page 35
Slide 37: International presence
International presence Total Assets (€ bn) 1.3 Net Loans (€ bn) 0.5 Total Assets (€ bn) 1.4 Deposits (€ bn) 1.1 Net Loans (€ bn) 1.0 Deposits (€ bn) 0.9 Branches (#) 80 Total Assets (€ bn) 5.5 Net Loans (€ bn) 1.6 Total Assets (€ bn) 5.51 Net Loans (€ bn) 3.51 Deposits (€ bn) 4.8 Private Banking 8 D
Slide 38: Bulgaria P&L
Bulgaria P&L PPI (€ m) OpEx (€ m) 30 29 30 27 27 22 24 21 21 21 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Loan loss provisions (€ m) Net Profit (€ m) 13 18 17 15 10 13 14 9 8 8 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Page 37
Slide 39: Bulgaria B/S and Asset quality
Bulgaria B/S and Asset quality Gross Loans (€ m) NPE ratio and Provisions / NPEs 2,843 2,905 2,919 2,912 2,770 379 402 Consumer 373 405 365 58.2% 56.0% Provisions / 57.6% 50.6% NPEs 47.9% 877 876 890 907 870 Mortgage 19.7% 18.9% 17.7% 15.1% 12.2% NPE ratio 1,534 1,593 1,650 1,627 1,600 Business 4Q17
Slide 40: Cyprus P&L
Cyprus P&L PPI (€ m) OpEx (€ m) 24 23 21 20 19 7 8 7 7 7 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Loan loss provisions (€ m) Net Profit (€ m) 16 16 14 14 11 5 3 3 2 3 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Page 39
Slide 41: Cyprus B/S and Asset quality
Cyprus B/S and Asset quality Gross Loans (€ m) NPE ratio and Provisions / NPEs 1,584 1,611 1,629 1,639 1,632 122 124 132 132 Other 120 79.0% Provisions / 71.5% 74.3% 72.7% NPEs 62.2% 1,464 1,490 1,505 1,507 1,500 Business 6.3% 6.1% 5.5% 5.0% 5.5% NPE ratio 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q1
Slide 42: Serbia P&L
Serbia P&L PPI (€ m) OpEx (€ m) 12 11 12 11 12 8 8 8 8 7 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Loan loss provisions (€ m) Net Profit (€ m) 6 5 4 4 3 2 3 2 2 1 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Page 41
Slide 43: Serbia B/S and Asset quality
Serbia B/S and Asset quality Gross Loans (€ m) NPE ratio and Provisions / NPEs 1,058 1,079 1,015 1,008 1,031 363 371 Consumer 57.9% 55.9% 317 330 347 57.0% 54.2% Provisions / 49.7% NPEs 158 156 154 155 152 Mortgage 556 Business 12.6% 11.0% 10.1% 540 522 529 541 8.5% 7.8% NPE ratio 4Q17 1Q18 2Q18 3Q1
Slide 44: Key figures – 4Q18
Key figures – 4Q18 Bulgaria Cyprus Serbia Lux Sum Assets 4,017 5,457 1,442 1,343 12,259 Gross loans 2,912 1,632 1,079 465 6,088 Net loans 2,733 1,577 1,032 464 5,806 Balance Sheet (€m) 90dpd Loans 277 59 64 1 401 Balance Sheet NPE loans 356 89 83 1 529 Deposits 3,472 4,820 862 1,145 10,299 Core Inco
Slide 45: Appendix I – Acceleration Plan for NPE reduction
Appendix I – Acceleration Plan for NPE reduction Page 44
Slide 46: Corporate Transformation and Acceleration Plan for NPE reduction
Corporate Transformation and Acceleration Plan for NPE reduction The Corporate Transformation and Acceleration Plan includes: The execution of the NPE reduction plan for 2019 as submitted to the SSM in September 2018 The securitization of circa €7bn of NPEs, the management of which reflects a
Slide 47: Step 1: Cairo Securitization
Step 1: Cairo Securitization SPV (L.3156/03) (As of Dec-18) Assets Liabilities & Equity €58.0bn €58.0bn Liabilities Assets Other assets (incl. Equity Performing Loans Class A and DTC) (Senior) Cairo to be Step 1 managed by Liabilities independent Class B1 Class B2 servicer (Mezz.) (Mezz.) Other NPEs
Slide 48: Step 2: Hive-down of core banking operations
Step 2: Hive-down of core banking operations Structure after Step 1 Structure after Step 2 Shareholders Shareholders Eurobank Ergasias Listed in ASE, becomes HoldCo Eurobank Ergasias Hive-down 100% Assets Liabilities & Step 2 DTC Equity New Eurobank Senior Notes retained by New SPV Assets Liabilitie
Slide 49: Step 3: De-recognition of NPEs
Step 3: De-recognition of NPEs Shareholders B1 and junior notes distributed to shareholders Eurobank Ergasias Listed in ASE, becomes HoldCo 100% SPV New Eurobank Senior Notes retained by A New Eurobank (Senior) Assets Liabilities & DTC Equity B1 B2 Cairo (Mezz.) (Mezz.) FPS (servicer) C (Junior) Acq
Slide 50: Appendix II – Supplementary information
Appendix II – Supplementary information Page 49
Slide 51: Summary performance
Summary performance Balance sheet – key figures Income statement – key figures €m 4Q18 3Q18 €m 4Q18 3Q18 Gross customer loans 44,973 45,296 Net interest income 353.0 352.0 Provisions (8,800) (9,438) Commission income 94.3 79.1 Loans FVTPL 59 59 Operating income 461.5 471.2 Net customer loans 36,232
Slide 52: Consolidated quarterly financials
Consolidated quarterly financials Income Statement (€ m) 4Q18 3Q18 2Q18 1Q18 4Q17 Net Interest Income 353.0 352.0 355.9 354.8 372.9 Commission income 94.3 79.1 73.8 64.0 69.9 Other Income 14.5 40.1 31.3 32.6 50.7 Operating Income 461.5 471.2 461.0 451.5 493.6 Operating Expenses (226.2) (216.7) (217.
Slide 53: Consolidated financials
Consolidated financials Income Statement (€ m) FY18 FY17 Δ y-o-y (%) Net Interest Income 1,415.7 1,463.5 (3.3) Commission income 311.3 267.5 16.4 Other Income 118.5 150.5 (21.3) Operating Income 1,845.5 1,881.5 (1.9) Operating Expenses (879.0) (894.5) (1.7) Pre-Provision Income 966.5 987.2 (2.1) Loa
Slide 54: Appendix III – Macroeconomic update
Appendix III – Macroeconomic update Page 53
Slide 55: Recent macro & market developments and FY-2019 outlook
Recent macro & market developments and FY-2019 outlook Recent macro & market developments Second Enhanced Surveillance report (Feb-19): 2019 Budget in line with primary surplus target of 3.5% of GDP; mixed progress in reforms and privatizations. Eurogroup to decide on the release of the first set
Slide 56: Greece: Key macro indicators - Realizations & forecasts
Greece: Key macro indicators - Realizations & forecasts 2017, €bn* 2017* 2018** 2019** Real Real Real (nominal) (YoY%) (YoY%) (YoY%) GDP 180.2 1.5 2.1 2.5 Private Consumption 123.8 0.9 1.0 1.1 Government Consumption 35.7 -0.4 0.2 0.6 Gross Fixed Capital 23.2 9.1 0.8 11.9 Formation Exports 59.5 6.8 7
Slide 57: 3Q18: positive real GDP growth rate for a 6th quarter in a row
3Q18: positive real GDP growth rate for a 6 th quarter in a row (9th on QoQ% basis) Exports and private consumption the main engines of growth in 1Q18-3Q18 • Good news: demand from exports remains strong (+8.3 YoY% in 1Q18-3Q18) and private consumption follows a path of mild recovery (+0.8 YoY% in 1
Slide 58: Selected indicators of domestic economic activity
Selected indicators of domestic economic activity Economic Sentiment: on an upward trend trajectory, however it PMI Manufacturing: stable and well above the 50 units no-change threshold deteriorates in recent months Industrial Production: deceleration of growth seems to be stopping Retail Trade Volu
Slide 59: Domestic Labour Market
Domestic Labour Market Improving but major challenges remain; reversion of disinvestment critical Unemployment rate: still elevated despite recent declines Employment: growth remains close to 2.0% 27.9% in Jul-13 18.5% in Nov-18 Long Term Unemployment: a drain of human capital stock Labour Productiv
Slide 60: Real Estate prices increase in 9M 2018 after a multi-year decline
Real Estate prices increase in 9M 2018 after a multi-year decline Between Q4 2007 and Q4 2017, apartment prices declined cumulatively by 42.3 per cent Downward index trend mainly due to the contraction of disposable income, the increase of unemployment, limited access to credit and the excess su
Slide 61: Domestic financial conditions gradually improve
Domestic financial conditions gradually improve Further stabilization of macro environment to facilitate return of bank deposits and relaxation of CCs 1. Private-sector deposits recorded a 6.5% yoy increase in January 2019; 2018 increase by €8.1bn or 6.4%. 2. Cash outside the Greek banking system
Slide 62: Fiscal Deficit Corrected
Fiscal Deficit Corrected Primary balances targets over-performed but with a toll on growth: 2018 marks the 5th year in the past 6 years with a significant primary surplus in programme terms 2019 Budget: FY-2018 primary surplus at 3.98% of GDP and gross public debt at 180.4% of GDP 2019 Budget:
Slide 63: Fiscal Targets Met
Fiscal Targets Met Expectations for fulfilling 2018 Budget target: Year-to-Dec. 2018 budget execution data compatible with achievement of the 2018 primary balance target (4.0% of GDP) Primary surplus at €3.2 bn against a target €3.6bn: revenue below target by €0.4bn (short-fall only in cash-basi
Slide 64: Privatisations
Privatisations €1,531.5 mn total estimated privatisations’ revenue for 2019 PRIVATISATION STATUS COMMENTS 14 Regional Airports Concession Complete - EUR2,150 mn - OLP Complete - EUR368.5 mn - Astir Palace Vouliagmeni Complete - EUR95 mn - TRAINOSE Complete - EUR45 mn - OTE sale of 5% Complete - EUR2
Slide 65: Appendix IV – Glossary
Appendix IV – Glossary Page 64
Slide 66: Glossary – Definition of Financial measures / ratios
Glossary – Definition of 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 Financial Reporting Standards (IFRS). Additional sources used
Slide 67: Glossary – Definition of Financial measures / ratios
Glossary – Definition of Financial measures / ratios Commission income: The total of Net banking fee and commission income and Income from non-banking services of the reported period. Other Income: The total of net trading income, gains less losses from investment securities and other income/ (expen
Slide 68: Glossary – Definition of Financial measures / ratios
Glossary – Definition of Financial measures / ratios Cost of Risk: Impairment losses on Loans and Advances charged in the reported period, annualized and divided by the average balance of Loans and Advances to Customers at amortized cost(the arithmetic average of Loans and Advances to Customers at a
Slide 69: Glossary – Definition of Financial measures / ratios
Glossary – Definition of Financial measures / ratios Risk-weighted assets (RWAs): Risk-weighted assets are the Group's assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013, taking into account credit, market and operational risk. Phased in C
Slide 70: Investor Relations contacts
Investor Relations contacts Dimitris Nikolos +30 210 3704 764 E-mail: dnikolos@eurobank.gr Yannis Chalaris +30 210 3704 744 E-mail: ychalaris@eurobank.gr Christos Stylios +30 210 3704 745 E-mail: cstylios@eurobank.gr E-mail: investor_relations@eurobank.gr Fax: +30 210 3704 774 Internet: www.eurobank