Investor Presentaiton
B. Preliminary Group Financial Results - Underlying Basis (continued)
B.3. Income Statement Analysis
B.3.1 Total income
€ mn
Net interest income
FY2022
FY2021
(restated¹)
4Q2022
3Q2022
2Q2022
1Q2022
gog +%
yoy +%
370
296
136
89
74
71
53%
25%
Net fee and commission income
192
172
50
48
50
44
4%
12%
Net foreign exchange gains and
net gains/(losses) on financial
36
25
12
13
5
6
-8%
45%
instruments
Insurance income net of claims
71
61
and commissions
23
23
15
17
16
53%
17%
Net gains/(losses) from
revaluation and disposal of
13
13
2
4
2
5
-36%
4%
investment properties and on
disposal of stock of properties
Other income
17
14
5
3
5
4
57%
17%
Non-interest income
329
285
92
83
79
75
11%
16%
Total income
699
581
228
172
153
146
33%
20%
Net Interest Margin
1.65%
1.45%
2.36%
1.53%
1.33%
1.32%
83 bps
20 bps
(annualised)²
Average interest earning assets
22,483
20,436
22,855
22,997
22,436
21,942
-1%
10%
(€ mn)2
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. 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
Net interest income (NII) for FY2022 amounted to €370 mn (including NII of c.€12 mn relating to Helix 3 which was
completed in November 2022), compared to €296 mn in FY2021. The yoy increase of 25% reflects positive gearing to
higher rates and to a lesser extend the growth of the performing loan book and fixed income portfolio, notwithstanding the
foregone NII on the Helix 2 portfolio (c.€15 mn in FY2021). Net interest income (NII) for 4Q2022 amounted to €136 mn,
compared to €89 mn for 3Q2022, up 53% qoq, driven by the immediate liquid assets repricing (including fixed income
portfolio) and Euribor repricing.
Average interest earning assets (AIEA) for FY2022 amounted to €22,483 mn, up by 10% yoy driven by the increase in
liquid assets as a result of the increase in deposits by €1.5 bn yoy and the increase in the fixed income portfolio by c.€0.6
bn yoy. Quarterly average interest earning assets for 4Q2022 decreased by 1%, driven by the repayment of the TLTRO III
borrowing of €1 bn in December 2022.
Net interest margin (NIM) for FY2022 amounted to 1.65% (compared to 1.45% for FY2021) supported by the rising interest
rate environment. Net interest margin (NIM) for 4Q2022 stood at 2.36%, up 83 bps qoq, attributed by the repricing of liquid
assets and loans.
Non-interest income for FY2022 amounted to €329 mn (compared to €285 mn for FY2021, up by 16% yoy), comprising
net fee and commission income of €192 mn, net foreign exchange gains and net gains/(losses) on financial instruments of
€36 mn, net insurance income of €71 mn, net gains/(losses) from revaluation and disposal of investment properties and on
disposal of stock of properties of €13 mn and other income of €17 mn. The yoy increase is driven by higher net fee and
commission income, higher insurance income net of claims and commissions and higher net foreign exchange gains and
net gains/(losses) on financial instruments.
Non-interest income for 4Q2022 amounted to €92 mn (compared to €83 mn for 3Q2022, up by 11% qoq), comprising net
fee and commission income of €50 mn, net foreign exchange gains and net gains/(losses) on financial instruments of €12
mn, net insurance income of €23 mn, net gains/(losses) from revaluation and disposal of investment properties and on
disposal of stock of properties of €2 mn and other income of €5 mn. The qoq increase relates mainly to higher insurance
income net of claims and commissions.
Net fee and commission income for FY2022 amounted to €192 mn, (compared to €172 mn for FY2021, up 12% yoy),
driven by the introduction of a revised price list in February 2022 and the extension of liquidity fees to a wider customer
group in March 2022. Liquidity fees were fully abolished in December 2022. Net fee and commission income for FY2022
includes an amount of c.€6 mn relating to a NPE sale-related servicing fee, for a transitional period ending in 1Q2023.
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