Eurobank S.a. · ATHEX:EUROB
Eurobank — Q1 2014 Earnings Presentation
23 slides from Eurobank's earnings presentation, May 28, 2014
Slide 1: First Quarter 2014 results
First Quarter 2014 results 28 May 2014
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: 1Q2014 results
1Q2014 results(1) Highlights Key financials 1 Continuing recovery of pre-provision income to €194.3m in €m 1Q2014 4Q2013 1Q2014, up by 9.0% q-o-q Operating expenses down by 12.7% q-o-q and 11.0% Net interest income 367.2 386.0 y-o-y on a comparable basis Fee income 64.5 70.0 Further improved fun
Slide 4: Capital position and shareholder structure
Capital position and shareholder structure CET1 Ratio post capital increase Shareholder structure 35.4% 17.7% HFSF -0.9% -0.4% 7.7% 59.2% Institutional investors & 11.3% other legal entities 5.4% Retail investors As at May 8,2014 Highlights €2,864m capital raised, 46.5% covered by cornestone inves
Slide 5: Pre-provision income and efficiency
Pre-provision income and efficiency Pre-provision income evolution (€ m) Quarterly pre-provision income (€ m) 103% 194 777 178 International 151 64 69 56 96 95 56 61 131 Greece €461m operating income €267m OpEx 110 95 40 34 29 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 65 367 382 Cost-to-income (%) -147 71.
Slide 6: Asset quality
Asset quality 90dpd formation (€ m) Coverage ratio 90dpd 19.6% 21.3% 22.8% 24.5% 26.3% 27.7% 29.4% 30.9% 760bps 50.3% 872 49.9% -22% 48.7% 67 767 749 805 49 701 53 685 681 44.1% 718 9 43.3% 88 696 42.7% 675 83 International 569 TT & Proton 613 535 599 acquisition 76 75 493 Greece 1Q2013 2Q2013 3Q201
Slide 7: Summary 1Q2014 performance and key figures
Summary 1Q2014 performance and key figures(1) Balance sheet Income statement €m 1Q2014 4Q2013 €m 1Q2014 4Q2013 Gross customer loans 52,442 52,910 Net interest income 367.2 386.0 Stock of provisions (8,151) (7,761) Fee income 64.5 70.0 Net customer loans 44,292 45,149 Operating income 460.9 483.7 Cus
Slide 8: 1Q 2014 results review
Qarm 1Q 2014 results review
Slide 9: Loans and deposits
Loans and deposits Gross loans (€ bn) Deposits (€ bn) Deleveraging q-o-q (€ m) -908 -468 131.3% 135.6% 53.8 52.9 52.4 111.0% 109.4% 109.3% Loans/Deposits 8.1 International 8.0 7.9 46.7 45.7 8.6 8.4 Greece 41.9 41.3 40.5 8.1 International 8.3 8.3 22.4 21.9 Business 21.8 31.9 3.1 2.1 29.9 2.1 Greece 2
Slide 10: New time deposits production and liquidity
New time deposits production and liquidity New time deposit spread (bps) Eurosystem funding (€ bn) 34.0 -63% -234 -240 -247 -248 -259 -260 ECB -265 -262 -264 19.0 -292 Of which €1.8bn ELA EFSF bonds -316 -322 17.0 -305 16.3 -334 -325 -350 -356 12.5 -358 -354 -362 -352 11.4 -370 14.3 15.0 -394 12.5 J
Slide 11: Net interest income
Net interest income NII breakdown (€ m) NII per region (€ m) Total NII 270 294 320 386 367 386 367 320 119 99 Loan margin 597 294 562 557 International 548 542 270 115 94 95 47 42 Capital & bonds 22 19 2 269 Market & Eurosystem -64 -43 -32 267 -101 -92 funding Greece 200 205 174 Deposit margin -194
Slide 12: Spreads & net interest margins
Spreads & net interest margins Lending spreads (Greece, bps) Deposit spreads (Greece, bps) 554 Savings -30 and sight Corporate -51 -50 -49 -43 520 494 498 487 -192 Total 486 472 -213 Total -240 474 456 -268 -279 -271 457 -289 Time 427 -326 -359 -353 432 423 Retail (1) (1) 1Q2013 2Q2013 3Q2013 4Q2013
Slide 13: Commission income
Commission income Commission income breakdown (€ m) Commission income per region (€ m) Total fees excluding 81 76 83 85 80 Govt. guarantees expense 69 70 70 69 64 66 65 Rental & other 66 8 8 64 65 income 9 10 10 6 13 Insurance 25 27 7 25 23 11 11 9 26 International 9 6 Mutual funds 7 8 8 8 10 4 4 7
Slide 14: Operating expenses
Operating expenses OpEx per region (€ m) OpEx breakdown (€ m)(1) 306 -13% 77 267 70 International 299 -11% 229 196 26 -14% Greece 267 25 Depreciation 4Q2013 1Q2014 110 Cost-to-income ratio (%) 95 Administrative 83.1 80.8 71.7 71.6 67.6 Group 164 65.5 147 Greece Staff 62.6 63.2 60.0 57.9 1Q2013 2Q201
Slide 15: Income statement highlights (Greece)
Income statement highlights (Greece) Operating income (€ m) Operating expenses (€ m) 229 339 327 196 275 180 167 166 207 200 (1) (1) 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 Provision charge (€ m) Net income before one-offs (€ m) 557 422 376 366 353 -192 -207 -238 -257 -
Slide 16: Income statement highlights (International)
Income statement highlights (International) Operating income (€ m) Operating expenses (€ m) 145 73 74 77 73 70 134 134 129 129 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 Provision charge (€ m) Net income before one-offs (€ m) 90 14 66 57 3 3 51 41 -4 -18 1Q2013 2Q2013 3Q20
Slide 17: Asset quality
Asset quality 90dpd formation (€ m) Loan loss provisions (€ m) 872 647 814 67 90 -22% 767 749 84 479 714 49 701 53 685 681 57 81 9 417 419 417 88 83 591 41 51 International 569 66 57 535 76 International 75 805 730 718 557 696 675 633 613 422 599 534 376 366 493 353 461 Greece Greece 3Q2011 4Q2011 1
Slide 18: 90dpd gross formation per segment (Greece)
90dpd gross formation per segment (Greece) Mortgages (€ m) Consumer (€ m) 245 241 227 234 221 210 214 205 201 190 171 173 138 160 162 164 117 103 122 119 115 147 149 143 100 92 135 78 78 75 79 76 56 113 43 33 100 6 82 84 82 72 54 43 55 -35 3Q2008 1Q2009 3Q2009 1Q2010 3Q2010 1Q2011 3Q2011 1Q2012 3Q20
Slide 19: Asset quality metrics
Asset quality metrics 90dpd & coverage per segment 90dpd & coverage per region Provision (1) 90dpd ratio 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 coverage Consumer 43.1% 79.1% 90dpd ratio Mortgages 20.6% 27.8% Small Business 49.0% 43.3% Greece 26.3% 28.1% 29.1% 31.1% 32.7% Corporate 29.2% 53.9% Internatio
Slide 20: Appendix
Appendix Summary financials
Slide 21: Quarterly financials
(1) Quarterly financials Income Statement (€ m) 1Q2013 2Q2013 3Q2013(2) 4Q2013(3) 1Q2014 Net Interest Income 269.8 294.1 319.9 386.0 367.2 Net Fees & Commissions 64.4 65.5 69.2 70.0 64.5 Other Income 1.6 -25.2 15.2 27.7 29.2 Operating Income 335.7 334.5 404.2 483.7 460.9 Operating Expenses 240.2 239
Slide 22: International key figures – 1Q2014
International key figures – 1Q2014 (€m) Romania Bulgaria Serbia Cyprus Lux Sum Total Assets 3,716 2,976 1,542 3,021 1,056 12,311 Total Loans (Gross) 2,659 2,630 997 1,112 477 7,875 Balance Sheet Balance Total loans (Net) 2,223 2,319 934 1,066 476 7,018 Sheet Loans +90dpd 783 593 156 106 0.5 1,639 To
Slide 23: Investor Relations contacts
Investor Relations contacts Dimitris Nikolos +30 210 3337 688 E-mail: dnikolos@eurobank.gr Yannis Chalaris +30 210 3337 954 E-mail: ychalaris@eurobank.gr Christos Stylios +30 210 3337 428 E-mail: cstylios@eurobank.gr Fax: +30 210 3337 160 Group E-mail: investor_relations@eurobank.gr Address: 20 Amal