Alpha Services and S A : Q1 2024 Results

Q1 2024 Results

Q1 2024 Results Press Release

Key Financial metrics	Q1 2024
Reported profit after income tax	€211.1mn
Normalized1	profit after tax	€221.6mn
Normalized1
Return on tangible book value (RoTBV)	13.5%
Fully-loaded Common Equity Tier 1(CET1%)	14.6%
Tangible Book Value per Share	€2.81

Key takeaways

• Q1 Normalised RoTBV2 at 13.5%, EPS2 at €0.09, +35bps in FL CET1% q/q.
• Net profit at €211.1mn, up 75% q/q or 89.9% y/y, due to 19.7% y/y uplift in Core Pre Provision Income, and further Cost of Risk normalization.
• Performing loan balances up €0.2bn q/q to €29.9bn, +1% q/q and +6% y/y ex-Romania. Q1 evolution and strong pipeline reconfirm outlook for 2024.
• Customer deposits down €1.2bn q/q to €47.3bn in line with seasonal system outflows and loan repayments. AuMs +€1.5bn q/q or +9% q/q and +48%y/y. Customer deposits and AUMs grow 4% y/y. Time deposits (excluding state) at 25% of domestic deposit base/, stable q/q, with deposit beta increasing slower than expected.
• NPE ratio flat q/q at 6%. Inflows include full balance of state guaranteed loans (c. €0.1 bn), offset by strong curings and repayments; NPE ratio pro forma for Project "Gaia" at 5.7%, down by 25bps q/q. CoR at 69bps within guidance.
• FL CET1 up 35bps q/q with 67bps of organic capital generation, -2bps negative impact from transactions, 7bps negative impact from other capital elements and 24bps of dividend accrual equivalent to 35% of net profit. Pro forma for remaining RWA relief, FL CET1 stands at 16.2%3 and Total Capital ratio at 20.9%3.
• Tangible Book Value at €6.6bn, or 13% higher y/y, on strong organic profitability trends.

Summary trends

• Net Interest Income at €420.2mn down -4.2% q/q due to calendar days effect, higher cost of hedges, and frontloading of senior preferred issuance; NII up +9.6% y/y.
• Fees & Commission income amounted to €96.3mn -3.0% q/q and +18.0% y/y, with quarterly trends reflecting seasonality while all categories grew on an annual basis.
• Recurring OPEX at €200.4mn up 3.1% q/q and 2.5% better y/y. Quarterly trends reflect the Q4 write back related to the Single Resolution fund (SRF); On an annual basis, costs benefited from lower resolution fund contributions with staff costs up, reflecting variable remuneration accruals linked to sales and bottom line targets and depreciation higher on IT investments; C/I down by c.287bps vs Q4 at 38.4%.
• Core PPI stood at €321.7mn, down 8.9% q/q but up 19.7% y/y on higher top line and improved operational efficiency.
• For Q1 2024, Underlying CoR came in at 69bps, or 43bp excluding servicing fees and securitization expenses, reflecting the de-risked portfolio and benign trends in asset quality flows.
• Normalised Profit After Tax of €221.6mn in Q1 2024, is Reported Profit /(Loss) After Tax of €211.1mn excluding (a) non recurring Operating Expenses of €1.3mn (b) NPA transactions impact of €6.6mn, (c) €2.9mn on other adjustments and tax charge related to the above.

2

Q1 2024 Results Press Release

"Alpha Bank has carried strong momentum into 2024 and delivered another robust set of results"

"Following a landmark 2023, Alpha Bank has carried strong momentum into 2024 and delivered another robust set of results that demonstrate continued delivery against our strategy. The execution of our business plan is proceeding at pace, and we have started the year positively, ensuring we are well placed to grow, improve profitability and continue to generate meaningful returns for our shareholders.

The reported bottom line in Q1 2024 of €211.1mn is our most profitable in the post crisis era, at 13.5% RoTBV. This strong performance enables healthy internal capital generation as CET1 reaches 14.6% and we expect further tailwinds in the coming quarters from profits and the completion of transactions. This way we are delivering against our plans to create value and remunerate our shareholders.

In particular, we are very pleased to see our performance in generating healthy loan volumes to the economy continuing strongly, registering also some green shoots in lending to households, allowing us to grow our book by 6% year-on- year. Another area of focus is the unabated trend of our clients in diversifying

their asset allocation towards investments, with a strong inflow of €1.8bn into mutual funds, bringing our assets under management to €17bn and confirming our leading position in the Greek market. Furthermore, we are intensifying our

work in implementing our successful partnership with UniCredit across its various facets.

At the macro level, the Greek economy continues to set the pace as one of the fastest growing in the eurozone. The incoming economic indicators confirm that Greece is maintaining the strong growth dynamics that defined 2023, and high levels of inbound investment and an improving employment picture will support another year of economic expansion ahead of the eurozone average. Geopolitical uncertainties are undoubtedly rising, which could negatively affect energy prices and inflation, but there can also be no doubt that the Greek economy has turned a corner and is well positioned to grow through this uncertainty, backed by the return to investment grade rating.

Looking ahead, we are pleased to reiterate our guidance for 2024. The dynamics supporting Net Interest Income remain positive, if not slightly better than expected, and our prudent management of costs and the balance sheet has ensured key metrics have evolved in-line with expectations. These factors, combined with a strengthening Greek economy, support our outlook and give us confidence that we will continue to deliver on our strategy as planned.

We are determined to build upon the strategic milestones we have achieved as a Bank in recent years to further enhance the value we create for our shareholders. Our solid performance in Q1 confirms we are on track to be able to increase dividend distributions to shareholders in the future, reflecting Alpha

Bank's improved profitability and growth trajectory."

Vassilios Psaltis, CEO

3

Q1 2024 Results Press Release

Key Financial Data

P&L | Group (€mn)	Q1 2023	Q1 2024	YoY (%)	Q4 2023	Q1 2024	QoQ (%)
Net Interest Income	383.5		420.2	9.6%	438.7	420.2	(4.2%)
Net fee & commission income	81.6		96.3	18.0%	99.2	96.3	(3.0%)
Core banking income	465.0		516.5	11.1%	537.9	516.5	(4.0%)
Income from financial operations	7.6		37.8	…	20.6	37.8	83.6%
Other income	9.3		5.7	(39.3%)	9.7	5.7	(41.7%)
Operating Income	481.9		560.0	16.2%	568.2	560.0	(1.4%)
Core Operating Income	474.4		522.1	10.1%	547.6	522.1	(4.7%)
Staff Costs	(83.3)		(87.3)	4.8%	(83.7)	(87.3)	4.2%
General Administrative Expenses3
(85.8)		(71.8)	(16.2%)	(68.9)	(71.8)	4.3%
Depreciation & Amortization	(36.5)		(41.3)	13.4%	(41.8)	(41.3)	(1.2%)
Recurring Operating Expenses	(205.5)		(200.4)	(2.5%)	(194.5)	(200.4)	3.1%
Excluded items4	0.0		(3.2)	…	5.4	(3.2)	…
Total Operating Expenses	(205.5)		(203.7)	(0.9%)	(189.1)	(203.7)	7.7%
Core Pre-Provision Income	268.8		321.7	19.7%	353.1	321.7	(8.9%)
Pre-Provision Income	276.5		356.3	28.9%	379.1	356.3	(6.0%)
Impairment Losses on loans	(73.9)		(62.9)	(14.8%)	(90.0)	(62.9)	(30.1%)
Other items5	(0.8)		(4.3)	…	(13.5)	(4.3)	(68.2%)
Profit/ (Loss) Before Income Tax	201.8		289.1	43.3%	275.6	289.1	4.9%
Income Tax	(59.6)		(84.8)	42.3%	(79.4)	(84.8)	6.7%
Profit/ (Loss) after income tax	142.2		204.3	43.7%	196.2	204.3	4.1%
Impact from NPA transactions6	(23.5)		(6.6)	(71.8%)	(109.1)	(6.6)	(93.9%)
Profit/ (Loss) after income tax from				(17.1%)			42.6%
discontinued operations	19.7		16.3	11.5	16.3
	(89.5%)	…
Other adjustments	(27.3)		(2.9)	22.2	(2.9)
Reported Profit/ (Loss) After Income Tax	111.2		211.1	89.9%	120.7	211.1	75.0%
Normalised7 Profit After Tax	161.9		221.6	36.9%	215.8	221.6	2.7%
Balance Sheet | Group	31.03.2023		30.06.2023	30.09.2023	31.12.2023	31.03.2024	YoY (%)
Total Assets	73,704		72,921	74,392	73,663	74,385	0.9%
Net Loans	38,230		38,681	38,799	36,161	36,316	(5.0%)
Securities	14,651		15,502	16,196	16,052	16,334	11.5%
Deposits	50,229		51,795	52,331	48,449	47,254	(5.9%)
Shareholders' Equity	6,372		6,577	6,739	6,905	7,090	11.3%
Tangible Book Value	5,859		6,073	6,240	6,438	6,619	13.0%

Key Ratios | Group

Profitability

Net Interest Margin (NIM)

Cost to Income Ratio (Recurring)

Capital

Q1 2023	H1 2023	9M 2023	FY 2023	Q1 2024
2.0%	2.1%	2.1%	2.2%	2.3%
43.3%	42.7%	40.9%	39.5%	38.4%

FL CET1	12.3%	13.4%	13.7%	14.3%	14.6%
FL Total Capital Ratio	16.4%	17.7%	18.0%	18.6%	19.0%
Liquidity
Loan to Deposit Ratio (LDR)	76%	75%	74%	75%	77%
LCR	163%	183%	188%	193%	186%
Asset Quality
Non-Performing Loans (NPLs)	1,517	1,493	1,443	1,147	1,205
Non-Performing Exposures (NPEs)
2,980	3,009	2,865	2,240	2,223
NPL ratio (%)	3.9%	3.8%	3.6%	3.1%	3.2%
NPE ratio (%)	7.6%	7.6%	7.2%	6.0%	6.0%

4

Q1 2024 Results Press Release

Business Update

Despite heightened geopolitical tensions and the slowdown of the European economy, positive carry over effects from 2023 and incoming soft and hard data indicators in Q1 2024 suggest that Greece is anticipated to sustain its growth momentum in 2024, with real GDP growth slightly exceeding 2%, outpacing the Euro area average. Resilient private consumption, supported by the further strengthening of employment dynamics and the ongoing recovery of purchasing power losses caused by the high inflation of the past two years, should support growth. Growth will also be driven by the rising contribution of investment to GDP, owing to the RRF funds and the return of Greece to investment grade status. Moreover, the dynamics of Greek tourism for 2024 remain robust, thereby reinforcing the contribution of exports of services to economic activity and the current account balance.

Year-to-date, delivery of the Bank's business plan continues at pace, with improving profits (+36.9% y/y), reflecting a higher top line, up by +9.6% y/y on rate and volume effects, enhanced Fee generation (+18% y/y), and declining expenses (-2.5% y/y) despite inflationary pressures alongside CoR normalization. Trends in the first quarter reconfirm the outlook for the year with risks tilting to the upside on a prolonged period of higher rates and a slower increase in retail funding costs.

Profitability

Better y/y performance reflecting growth, cost containment and derisking

• Net Interest Income down 4.2% q/q due to fewer calendar days, increased hedging costs and frontloaded issuance, despite tailwinds from the asset side. NII up by 9.6% y/y.
• Fees and commissions income at €96.3mn in Q1 vs. €99.2mn in the previous quarter, due to seasonally lower business credit related fees and lower cards and payments activity. Fees up 18% y/y across all categories.
• Recurring operating expenses up 3.1% q/q as Q4 benefited from a write back related to the Single Resolution Fund. Recurring costs 2.5% better y/y on lower resolution fund charges.
• Cost of Risk decreased to 69bps in Q1, reflecting the de-risked portfolio and benign trends in asset quality flows.

Net interest income

Net fee and commission income

Group, € mn
383	397	435	439	420

Group, € mn
	101	99	96
	91
82

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

Recurring operating expenses

Group, € mn

206	211	207	194	200

Cost of risk

% over net loans

			0.96
0.77	0.74	0.75	0.69

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

Q1 23

Q2 23

Q3 23

Q4 23

Q1 24

5

Core banking income up 11% y/y

NII decomposition

€ mn
		397	435	439	420
384
		419	457	473	475
374
41	56	41	67	86	35	99	104
(63)	(78)	(73)	34	30
(25)	(52)		(91)	(105)
		(70)	(76)	(83)
Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
Deposits	Loans NPE	Bonds		Loans PE	Funding & Other

Q1 2024 Results Press Release

Net F&C Income decomposition

• mn

82		91		101	99		96
			32
	30			34		30
26
			16
	14			16		19
14	5	4	5	4	6
23	25			30	26		23
13		17			17	19		17

Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
	Business credit related	Cards & Payments
	Asset management		Other
	Bancassurance

Net Interest Income up 9.6% y/y on higher NIM

Net Interest Income in Q1 2024 declined by €18.5mn or 4.2% q/q to €420.2mn due to the calendar days effect, higher deposit hedging costs and the frontloading of senior preferred issuance which accounts for c.80% of the quarterly NII reduction. More specifically, on the asset side, NII from Performing loans increased by Euro 2.1mn supported mainly by new loan disbursements and partially offset by lower rates, whereas NII from the NPE book stood at -€4.6mn q/q on lower volumes. The contribution of the securities portfolio amounted to €5.1mn, supported by both new placements and higher yields on reinvestments. On the liability side, the contribution from deposits was €6.9mn lower as a result of time deposits' repricing. Lastly, funding and other NII had a negative contribution of -€14.1mn q/q, reflecting the impact from the phasing-in of the Group's deposit hedging strategy, as well as frontloaded MREL issuance. On a yearly basis, NII rose by +9.6%, driven by higher income from loans and securities. Slower conversion of core to time deposits support an increase of the deposit beta at 17%, well within our guidance for the year.

Fees up +18% y/y on higher disbursements and AUM growth

Fees and commissions income stood at €96.3mn, down -3% q/q, despite a higher contribution from asset management and Bancassurance, due to lower loan origination fees alongside a seasonally lower cards and payments activity. Fees increased by 18% y/y with solid growth across all product categories. More specifically, loan fees improved by 15% y/y due to an 11% uplift in loan disbursements while strong AUM growth, particularly in higher margin products such as mutual funds which grew 29% y/y has driven mutual fund fees higher by 34%. Moreover, LG fees, improved bancassurance revenues and robust growth in payment and money transfer fees supported by our digital offering, have further contributed to our strong performance on a yearly basis.

Income from financial operations increased to €37.8mn in Q1 on bond portfolio rebalancing. Other income stood at €5.7mn in Q1 2024.

Recurring OPEX up 3.1% q/q

Recurring operating expenses increased by 3.1% q/q to €200.4mn as Q4 benefitted from a write back related to the Single Resolution fund (SRF) contributions. Recurring costs 2.5% better y/y on lower resolution fund charges, lower IT, maintenance and building costs, despite higher staff costs reflecting inflation and variable remuneration accruals. Depreciation was also higher in the quarter on IT investments and digital transformation.

Total Operating Expenses at €203.7mn vs €189.1mn in the previous quarter (+7.7%).

Cost of Risk dropped to 69bps

The underlying loan impairment charge stood at €39mn or 43bps in the quarter, versus €65.4 in Q4 on benign asset quality flows. Servicing fees amounted to €11.5mn vs. €12.4mn in Q4, with securitization expenses at €12.3mn vs €12.2mn in Q4.

Excluding the impact of transactions, Cost of Risk landed at 69bps over net loans vs. 96bps in the previous quarter while, including the impact of transactions, it stood at 80bps, with 10bps related to NPE transactions vs. 118bps in Q4.

The total impact of NPA Transactions4 stood at €6.6mn in the quarter, vs. a €109.1mn charge in Q4 2023.

Other impairment losses in Q1 2024 amounted to €1.6mn.

6

Q1 2024 Results Press Release

Balance Sheet Highlights

Performing loan portfolio up +1% q/q

Net credit expansion

Greece, €bn
			1.1
			0.1
	0.1	0.1		0.0
	0.1
0.1	0.1		0.2
				Disbursements
			2.7
1.6	1.9	1.7		1.7
(0.2)	(0.2)	(0.2)	(0.2)	(0.2)
(1.9)	(1.7)	(1.6)	(1.6)	(1.7)	Repayments
(0.4)
Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
	GR Businesses	GR Individuals

Performing loan book expansion

Group, €bn
+1%		+1%	-7%
31.1	31.5	31.8		+1%
	4.2	4.3	29.7	29.9
4.2	1.3	1.3
	7.6	7.6	7.6	7.7
7.6
19.3	19.8	19.9	20.8	20.9
Mar-23	Jun-23	Sep-23	Dec-23	Mar-24
International	GR Individuals	GR Businesses

New disbursements in Greece stood at €1.9bn in the quarter, up +11% y/y, allocated to key sectors including trade, manufacturing, energy, real estate and tourism.

The Group's performing loan book (excluding €5.2bn of Galaxy and Cosmos senior notes) expanded in Q1 to €29.9bn (+1% q/q or €0.2bn), equally driven by retail and wholesale. On a yearly basis, performing loans increased by 6% y/y excluding Alpha Bank Romania which has been reclassified to HFS.

Share of time deposits stable q/q despite higher costs and drop in balances

Deposits evolution

Group, € bn
	ΥoΥ			QoQ
	€(3.0)bn		€(1.2)bn
	50.2
		48.4		0.2	47.3
International	5.7	3.1	(0.4)
(0.9)	3.2
Greece	44.5	45.4
					44.0
	Mar-23	Dec-23	Individual	Business International	Mar-24

Group LCR & LDR

%
	183%	188%	193%	186%
163%
						LDR
76%	75%	74%	75%	77%		LCR

Mar-23Jun-23Sep-23Dec-23Mar-24

The Group's deposits decreased by €1.2 bn q/q to €47.3bn in line with system outflows. This was seen in both households, due to AuM conversion that fully offset outflows, as well as businesses as a consequence of loan repayments.

The migration to time deposits continued to evolve slower than expected, with time deposits excluding the state flat vs. Q4, accounting for 25% of the domestic deposit base. The cost of Euro denominated time deposits increased to 2.0%, vs. 1.9% in the previous quarter. As of the first quarter, the total stock of domestic deposits had a beta of 17%, vs 15% in Q4, whereas the term deposit pass through reached 52% vs 49% in the previous quarter.

Improved LCR at 186% vs 163% last year

The Group's TLTRO funding stood at €4bn at the end of Q1, down €1bn q/q. The Bank's blended funding cost stood at 144bps in

the quarter, up from 140bps in Q4 2023, mainly attributable to the higher cost of deposits as well as wholesale funding costs.

The Group's strong liquidity profile is evidenced by the net Loan-to-Deposit ratio of 77%, while the Group's LCR stood at 186% vs. 193% in the previous quarter and 163% last year, far exceeding regulatory thresholds and management targets.

7

Q1 2024 Results Press Release

Asset Quality

Group NPE ratio flat at 6%, affected by state guaranteed loans; CoR at 69bps well inside FY '24 guidance

NPE formation in Greece remained effectively flat, as stronger curings and repayments offset the reclassification of €110mn in state guaranteed loans to NPEs reflecting supervisory expectations, leaving the NPE stock stable q/q at €2.2bn. As a result, the NPE ratio remained at 6.0%, stable versus Q4, whereas, pro-forma for the top-up of Project "Gaia", the NPE ratio stands at 5.7%.

Quarterly NPE Formation

Cost of risk evolution

NPE	(0.2)	0.0	(0.1)	(0.1)	(0.0)		% over net loans
formation					0.96%
Greece, € bn
								0.13%
							0.77%	0.74%	0.75%
			Mainly			State			0.69%
					0.14%	0.13%	0.13%
		0.10	single case		0.11	guaranteed			0.13%
				loans
							0.58%	0.53%	0.51%	0.70%
				0.23					0.43%
	0.18	0.18
	0.17		0.17	Inflows
							Q1 23	Q2 23	Q3 23	Q4 23		Q1 24
							Servicing fees	Securitization expenses	Underlying
	(0.20)	(0.22)	(0.22)			Cures &	NPE and cash coverage %
		(0.25)
				(0.28)	Group
					repayments
										46%
										45%
							40%	40%	41%
			(0.02)
		(0.03)
	(0.14)
			(0.07)		CPs
				(0.03)
				& write offs
	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24							-25bps
							pro-forma for
							8%	8%	7%	6%	6%	GAIA top-up
							(c. €0.1bn), with
												negligible impact
												on coverage
							Mar-23	Jun-23	Sep-23	Dec-23	Mar-24
								NPE Ratio	NPE coverage ratio
Group NPE evolution
NPE ratio (Group)	43%			13%		7.8%	7.2%		6.0%		6.0%
NPL ratio (Group)	30%			6%		4.1%	3.6%		3.1%		3.2%
Group NPEs, €bn
		20.9

5.1

(15.7)

(0.1)

3.1

2.9

(1.6)

2.2

2.2

(0.4)

(0.3)

(0.5)

(0.1)

0.0

Dec-20

FY 21

FY 21

Dec-21

FY 22

FY 22

Dec-22

9Μ 23

Sep-23

Q4 23

Q4 23

Dec-23

Q1 24

Mar-24

transactions

formation

transactions

formation

formation

transactions

formation

formation

(inc.

Romania

HFS)

Group NPE Coverage of 46%

The Group's NPE cash coverage increased to 46% at the end of Q1, while total coverage including collateral increased to 117%. The Group NPL coverage ratio reached 85%, while total coverage including collateral stood at 148%.

The coverage ratio reflects the underlying asset mix, with a high bias towards retail secured exposures and a large portion consisting of paying customers. Out of the €2.2bn stock of NPEs for the Group, the largest constituent are mortgages (43% of stock), with a significant portion of Forborne exposures less than 90dpd (38% of stock or €0.8bn).

8

Q1 2024 Results Press Release

Capital

Strong capital generation continues; FLCET1 at 14.9%

Capital evolution (q/q)

Fully Loaded CET1
%
	0.7%	0.2%
			(0.1%)	0.0%	(0.1%)	(0.1%)	0.0%
14.3%		0.7% Organic Capital Generation					14.9%	14.6%	16.2%
Dec-23	Q1 24	DTA	DTC	RWAs	AT1	Other capital	Transactions	Mar-24	Mar-24 post	Mar-24
	organic PnL					elements			dividend	pro-forma
									accrual

The Group's Fully Loaded CET 1 Capital base stood at €4.7bn, resulting in a Fully Loaded CET1 ratio of 14.9%, or 14.6% post dividend accrual (of 24bps), up by 35bps q/q. The move was primarily attributable to a 67bps positive contribution from organic capital generation, a negative impact of 2bps from transactions and negative impact of 7bps from other capital elements. The reported CET1 ratio includes a distribution accrual of 24bps, to support a c.35% payout out of 2024 profits. Accounting for the remaining RWA relief stemming from the Bank's planned transactions, the Group's FL CET 1 Ratio stands higher at 16.2%3.

The respective Fully Loaded Total Capital Ratio stands higher at 19.0% in March 2024, or pro forma for remaining RWA relief FL Total Capital3 stands at 20.9%.

International operations

The international operations posted a normalised net profit of €31mn, versus €30mn in the previous quarter, following a reversal of impairments in Q1 offsetting a slight decrease in revenues and a small uptick in recurring costs. RoTBV stood at 16.2% in Q1 for our international operations. Net interest income was down by 4% q/q, with net fee and commission income decreasing by 8%. Recurring operating expenses increased by 8% q/q mainly due to higher staff costs and G&As from our Cypriot subsidiary. Impairments amounted to a reversal of €1mn for the quarter versus impairments of €6mn in the previous quarter. Net loans stood at €1.2bn (-2% q/q), while deposits stood at €3.2bn (+5% q/q). Strong y/y growth of our gross loans and deposit balances was recorded in Cyprus at 4% and +19%, respectively.

Athens, May 16, 2024

9

Q1 2024 Results Press Release

Alternative Performance Measures ("APMs")

Reference	Terms	Definitions	Relevance of the	Abbreviation
number
metric
1	Accumulated Provisions	Sum of Provision for impairment losses for loans and advances to customers, the Provision for	Standard banking	LLR
	and FV adjustments	impairment losses for the total amount of off balance sheet items exposed to credit risk as disclosed	terminology
		in the Consolidated Financial Statements of the reported period,and the Fair Value Adjustments (10).
2	Core Banking Income	Sum of Net interest income and Net fee and commission income as derived from the Consolidated	Profitability metric
		Financial Statements of the reported period.
3	Core deposits	Sum of "Current accounts", "Savings accounts" and "Cheques payable", as derived from the	Standard banking	Core depos
		Consolidated Financial Statements of the reported period, taking into account the impact from any	terminology
		potential restatement.
4	Core Operating Income	Operating Income (36) less Income from financial operations (19) less management adjustments on	Profitability metric
		operating income for the corresponding period.
5	Core Pre-Provision	Core Operating Income (4) for the period less Recurring Operating Expenses (47) for the period.	Profitability metric	Core PPI
	Income
6	Cost of Risk	Impairment losses (14) for the period divided by the average Net Loans of the relevant period.	Asset quality	(Underlying)
		Average balances is defined as the arithmetic average of balance at the end of the period and at the	metric	CoR
		end of the previous period.
7	Cost/Assets	Recurring Operating Expenses (47) for the period (annualised) divided by Total Assets (19).	Efficiency metric
8	Deposits	The figure equals Due to customers as derived from the Consolidated Balance Sheet of the reported	Standard banking
		period.	terminology
9	Extraordinary costs	Management adjustments on operating expenses, that do not relate to other PnL items.	Standard banking
			terminology
10	Fair Value adjustments	The item corresponds to the accumulated Fair Value adjustments for non-performing exposures	Standard banking	FV adj.
		measured at Fair Value Through P&L (FVTPL).	terminology
11	Fully-Loaded Common	Common Equity Tier 1 regulatory capital as defined by Regulation No 575/2013 (Full implementation	Regulatory metric	FL CET 1 ratio
	Equity Tier 1 ratio	of Basel 3) , divided by total Risk Weighted Assets	of capital strength
12	Gross Loans	The item corresponds to Loans and advances to customers, as reported in the Consolidated Balance	Standard banking
		Sheet of the reported period, gross of the Accumulated Provisions and FV adjustments (1) excluding	terminology
		the accumulated provision for impairment losses on off balance sheet items, as disclosed in the
		Consolidated Financial Statements of the reported period.
13	Impact from NPA	Management adjustments to income and expense items as a result of NPE/NPA exposures	Asset quality
	transactions	transactions	metric
14	Impairment losses	Impairment losses on loans (16) excluding impairment losses on transactions (17).	Asset quality
			metric
15	Impairment losses of	Impairment losses (14) excluding Loans servicing fees and Commision expenses for credit protection	Asset quality
	which Underlying	as disclosed in the Consolidated Financial Statements of the reported period.	metric
16	Impairment losses on	Impairment losses and provisions to cover credit risk on Loans and advances to customers and	Standard banking	LLP
	loans	related expenses as derived from the Consolidated Financial Statements of the reported period, taking	terminology
		into account the impact from any potential restatement, less management adjustments on
		impairment losses on loans for the corresponding period. Management adjustments on impairment
		losses on loans include events that do not occur with a certain frequency, and events that are directly
		affected by the current market conditions and/or present significant variation between the reporting
		periods.
17	Impairment losses on	Represent the impact of incorporating sale scenario in the estimation of expected credit losses.	Asset quality
	transactions		metric
18	Impairments &	Sum of Impairment losses of fixed assets and equity investments ,Gains/(Losses) on disposal of fixed	Standard banking
	Gains/(Losses) on	assets and equity investments and Impairment losses, provisions to cover credit risk on other	terminology
	financial instruments,	financial instruments as derived from the Consolidated Income Statement of the reported period, less
	fixed assets and equity	management adjustments on Impairments & Gains/(Losses) on fixed assets and equity investments.
	investments	Management adjustments on Impairments & Gains/(Losses) on financial instruments, fixed assets and
		equity investments include events that do not occur with a certain frequency, and events that are
		directly affected by the current market conditions and/or present significant variation between the
		reporting periods.
19	"Income from financial	Sum of Gains less losses on derecognition of financial assets measured at amortised cost and Gains	Standard banking
	operations" or "Trading	less losses on financial transactions, as derived from the Consolidated Income Statement of the	terminology
	Income"	reported period, less management adjustments on trading income for the corresponding
		period.Management adjustments on trading income include events that do not occur with a certain
		frequency, and events that are directly affected by the current market conditions and/or present
		significant variation between the reporting periods.
20	Income tax	The figure equals Income tax as disclosed in the Consolidated Financial Statements of the reported	Standard banking
		period, less management adjustments on income tax for the corresponding period. Management	terminology
		adjustments on income tax include events that do not occur with a certain frequency, and events that
		are directly affected by the current market conditions and/or present significant variation between the
		reporting periods.
21	Leverage Ratio	This metric is calculated as Tier 1 capital divided by Total Assets (54).	Standard banking
			terminology
22	Loan to Deposit ratio	Net Loans (24) divided by Deposits (8) at the end of the reported period.	Liquidity metric	LDR or L/D
				ratio
23	Net Interest Margin	Net interest income for the period (annualised) divided by the average Total Assets (54) of the relevant	Profitability metric	NIM
		period. Average balance is defined as the arithmetic average of balance at the end of the period and at
		the end of the previous relevant period.
24	Net Loans	Loans and advances to customers as derived from the Consolidated Balance Sheet of the reported	Standard banking
		period.	terminology
25	Non Performing	Accumulated Provisions and FV adjustments (1) plus CET 1 deductions used to cover calendar	Asset quality metric	NPE (cash)
	Exposure Coverage	provisioning shortfall divided by NPEs (28) at the end of the reference period.		coverage
26	Non Performing	NPEs (28) divided by Gross Loans (12) at the end of the reference period.	Asset quality metric	NPE ratio
	Exposure ratio
27	Non Performing	Accumulated Provisions and FV adjustments (1) plus the value of the NPE collateral, plus CET 1	Asset quality metric	NPE Total
	Exposure Total	deductions used to cover calendar provisioning shortfall divided by NPEs (28) at the end of the		coverage
	Coverage	reported period.
28	Non Performing	Non-performing exposures (28) are defined according to EBA ITS on forbearance and Non Performing	Asset quality metric	NPEs
	Exposures	Exposures as exposures that satisfy either or both of the following criteria: a) material exposures which
		are more than 90 days past-due b)The debtor is assessed as unlikely to pay its credit obligations in full
		without realisation of collateral, regardless of the existence of any past-due amount or of the number
		of days past due.
29	Non Performing	Value of the NPE collateral divided by NPEs (28) at the end of the reference period.	Asset quality metric	NPE collateral

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