Investor Presentaiton
Solid balance sheet
Sound and profitable
Normalised Profit after Tax at €0.21bn for H1 2021
2020
H1 2021
2021E
•
NII
€ 1.5bn
€ 0.8bn
~€ 1.4bn
•
Net F&C inc.
€ 0.3bn
€ 0.2bn
~€ 0.4bn
Recurring opex
€ (1.04)bn
€ (0.5)bn
~€ (1.03)bn
•
Loss of interest income from Galaxy partially
offset by TLTRO benefit and new disbursements
Expansion driven by loan growth, partnerships,
affluent customer segment and activity pickup
Falling staff costs offset by higher other
Targets 2024E
~10%
ROTBV
Core PPI1
€ 0.9bn
€ 0.5bn
~€ 0.8bn
Net income²
€ 0.10bn
€ 0.21bn
~€ 0.32bn
Reduction in CoR to benefit bottom line
~€ 6.7bn TBV
ROTBV2
1%
6.1%
~5%
COR4
180bps
87bps
~120bps
NPE ratio³
43%
26%
~13%
•
FL Total Capital5
16%
15%
>14%
TBV5
€ 7.7bn
€ 6.2bn
~€ 5.4bn
Revised from ~18% on Sky acceleration
Best-in-class performance among Greek
systemic banks at ECB's 2021 Stress Tests,
consistent with previous exercise
Resilient TBV levels post Galaxy deconsolidation
1| NII+NFC+Other income-rec. OpEx; 21 Normalized net income and ROTBV excluding COVID provisions, trading gains, opex related one-offs and NPE transaction costs; 3| Basis for ratio includes senior notes of the securitizations; Project Sky included in 2021E; 8
4| Underlying COR, not including transaction costs and Covid-19 related charges; based on net loans. 5| H1 2021 Pro forma for Share capital increase of €0.8bn completed in July 2021
ALPHA
SERVICES AND HOLDINGS
~15.6%
FL CET1%View entire presentation