Investor Presentaiton
H1 2021 Group P&L and Balance Sheet
Normalised Profit After Tax4
Profit & Loss
(€ mn)
H1
20211
H1
2020
Q2
Q1
yoy %
change 20211 2021
qoq %
change
€0.10bn
€0.32bn
€0.21bn
€0.11bn
Net Interest Income
771
772
(0%) 371
400
(7%)
Net fee and commission Income
190
167
14%
105
84
25%
Q1 21
Q2 21
H121
FY21e
Trading Income¹
a.
91
218
(58%)
30
61
Other Income
21
12
72%
10
11
(6%)
Operating Income
1,073 1,169
(8%)
517
556
(7%)
Recurring Operating Expenses
(519) (500)
4%
(261) (258)
1%
■ On a normalized basis, H1 21 Profit After Tax4 stands at €213mn,
excluding a. trading income of €91mn and adjusting for b. extraordinary
operating expenses of €173mn and c. transactions related impairments of
€351mn for the period and d. Galaxy & Cepal deconsolidation impact
Extraordinary
b.
(173) (19)
(13) (160)
Total Operating Expenses
(692) (520) 33%
(274)
(418) (35%)
Balance Sheet
30/06/21
31/03/21 30/06/20
Core Pre Provision Income
Pre Provision Income
451
Impairment Losses on Loans
463
3%
381 649 (41%) 243
(515) (568) (9%)
226
237
137
(5%)
(€ bn)
YoY
change
Assets
70.5
71.2
68.6
1.9
(125) (391) (68%)
o/w Underlying
(164) (334)
(90) (77)
Securities
10.4
10.0
9.9
0.5
o/w Transactions related
o/w Covid related
C.
(351)
(34) (317)
Cash & CB
9.4
8.0
5.7
3.7
(234)
Other Impairment Losses
(15) (13) 20%
Profit/ (Loss) before income tax
(150)
68
109
(10) (6) 71%
(259)
Net Loans
37.5
39.4
39.4
-1.9
Income Tax
(37)
Deposits
45.0
43.6
40.9
4.2
21
(13) (23)
Profit/ (Loss) after income tax
(186)
89
96 (282)
Tangible Equity
5.5
7.4
7.8
-2.3
Galaxy & Cepal deconsolidation impact d.
(2,140)|
-
(2,140)
CET1 ratio
14.8%
16.0%
17.2%
Reported Profit/ (Loss) after income tax
Normalised Profit After Tax4
(2,327)
89
(2,044) (282)
213
66
104
108
Total Capital ratio
17.4%
18.3%
18.3%
NPE ratio
26%
43%
43%
Net Interest Margin (NIM%)
Cost to Income ratio
2.2%
53%
2.3%
53%
2.1%
54%
2.3%
52%
NPE Cash Coverage
54%
49%
44%
1 pf for Galaxy and Cepal deconsolidation P&L impact of €2.1bn booked in Q2 21 trading line. 2| before Share Capital increase of €0.8bn completed in July 2021. 31 pro forma for SCI of €0.8bn completed in July 2021. 4| Normalised
Profit After Tax in H1 2021, adjusted for losses related to Project Galaxy of €2.1bn and excluding trading income of €91mn, non-recurring expenses of €173mn, transactions related impairment losses of €351mn and tax of €21mn. In
H1 2020, Normalised Profit After Tax excluding trading gains of €218mn, Covid-19 related impairments of €234mn, non-recurring expenses of €19mn and tax of €59mn
10
ALPHA
SERVICES AND HOLDINGSView entire presentation