Investor Presentaiton
B. Preliminary Group Financial Results - Underlying Basis (continued)
Unaudited Consolidated Income Statement- Key Performance Ratios
Key Performance Ratios³
FY2022 FY2021
4Q2022 3Q2022 2Q2022
1Q2022
god +%
yoy +%
Net Interest Margin (annualised)
1.65%
1.45%
2.36%
1.53%
1.33%
1.32%
83 bps
20 bps
Cost to income ratio
54%
66%
44%
53%
61%
66%
-9 p.p.
-12 p.p.
Cost to income ratio excluding
special levy on deposits and
49%
60%
38%
47%
57%
59%
-9 p.p.
-11 p.p.
other levies/contributions
Operating profit return on
1.2%
0.8%
2.0%
1.2%
0.9%
0.8%
80 bps
40 bps
average assets (annualised)
Basic earnings/(losses) per
share attributable to the owners
15.94
6.66
17.98
(13.27)
6.45
4.78
31.25
9.28
of the Company (€ cent)
Basic earnings after tax and
before non-recurring items per
42.35
20.50
17.92
10.91
7.31
6.20
7.01
21.85
share attributable to the owners
of the Company (€ cent)
Return on tangible equity
(ROTE) after tax and before non-
11.3%
5.5%
19.1%
11.7%
7.8%
6.7%
7.4 p.p.
5.8 p.p.
recurring items (annualised)
Return on tangible equity
4.3%
1.8%
19.2%
(14.2%)
6.9%
5.2%
33.4 p.p.
2.5 p.p.
(ROTE)
1. Comparative information was restated following a reclassification of approximately €1 million loss relating to disposal/dissolution of subsidiaries and associates from 'Net
foreign exchange gains and net gains/(losses) on financial instruments' to 'Other income'.
2. 'Provisions/net loss relating to NPE sales' refer to the net loss on transactions completed during the year/period, whilst 'Restructuring and other costs relating to NPE sales'
refer mainly to the costs relating to these trades. For further details please refer to Section B.2.4.
3. Including the NPE portfolios classified as "Non-current assets and disposal groups held for sale", where relevant.
p.p. = percentage points, bps = basis points, 100 basis points (bps) = 1 percentage point
Commentary on Underlying Basis
The financial information presented in this Section provides an overview of the preliminary Group financial results for the
year ended 31 December 2022 on an 'underlying basis', which the management believes best fits the true measurement
of the performance and position of the Group, as this presents separately the exceptional and one-off items.
Reconciliations between the statutory basis and the underlying basis are included in Section B.1 'Unaudited reconciliation
of consolidated income statement for the year ended 31 December 2022 between statutory basis and underlying basis' and
will also be available in the Annual Financial Report for the year ended 31 December 2022 under 'Definitions and
Explanations on Alternative Performance Measures', to facilitate the comparability of the underlying basis to the statutory
information.
Please note the following in relation to the disclosure of pro forma figures and ratios throughout this announcement.
Project Helix 3 refers to the agreement the Group reached in November 2021 with funds affiliated with PIMCO, for the sale
of a portfolio of gross loans with gross book value of €555 mn (of which €551 mn relate to NPEs), as well as real estate
properties with book value of €88 mn, as at 30 September 2022. Project Helix 3 was completed in November 2022.
Project Sinope refers to the agreement the Group reached in December 2021 for the sale of a portfolio of NPEs with gross
book value of €12 mn, as well as properties in Romania with carrying value of €0.6 mn as at 31 December 2021. Project
Sinope was completed in August 2022.
Any references to pro forma figures and ratios as at 30 September 2022 refer to Project Helix 3 whilst references to pro
forma figures and ratios as at 31 December 2021 refer to both Project Helix 3 and Project Sinope and will be referred to as
"Pro forma for held for sale" or "Pro forma for HFS".
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