Banking Sector Financial Highlights

18.0% 10.6% Real GDP y-o-y growth Strong economic growth persisted in the first nine months of the year 2011-2022 average 2021 2022 9M23 2023F 2024F 4.7% 10.5% 10.1% 6.8% 6.8% 5.0% 14.6% 11.6% 11.0% 10.5% 9.7% 9.3% 2.6% 7.3%7.5% 7.7% 8.8% 8.4% 8.3% 5.8% 7.2% Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Source: GeoStat, Galt & Taggart Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 7.0% 5.8% 5.5% Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Key drivers of growth in 3Q23: Robust inflows from tourism and exports, increasing from last year's high base: Tourism revenues up 5.3% y-o-y (+29.2% y-o-y in 9M23) Export of goods increased 1.6% y-o-y (+12.7% y-o-y in 9M23) Strong domestic demand driven by investment and consumption spending Increased activity in the trade, construction, and ICT sectors 5.1% Growth outlook: Real GDP growth is expected at 6.8% in 2023, driven by strong consumption and investment expenditure along with resilient external inflows Geopolitical instability in the region and tight conditions contribute global financial downside risks to the outlook to 5

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