Eurobank Ergasias Services and S A : First Quarter 2024 Results

1Q2024 results

16 May 2024

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Table of contents

1Q24 results highlights	4
Diversified business model	10
Balance sheet	15
Profitability	23
Asset Quality	31
Capital	36
Sustainability	39
Macroeconomic update	46
Appendix I - Supplementary information	56
Appendix II - Glossary	63

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1Q 2024 Results

1Q24 results highlights

1Q24 results highlights: Profitability

• Adjusted Net Profit €383m in 1Q24
• 1Q24 RoTBV1 at 19.9%
• TBV per share up 20.2% y-o-y at €2.14; up 3.4% q-o-q

• NII up 13.7% y-o-y at €571m; down 0.3% q-o-q
• Commission income up 4.9% y-o-y at €136m; down 3.6% q-o-q
• Operating expenses down 2.1% y-o-y in Greece; Group up 3.3%
• • Group OpEx stable y-o-y, on a l-f-l basis2
• Cost - to - core income at 32.4%, down 2.7ppts y-o-y
• Core pre-provision income (PPI) up 16.5% y-o-y at €478m
• Cost of Risk (CoR)3 at 68bps in 1Q24
• Core Operating Profit4 at €407m, up 21.4% y-o-y
• SEE operations net profit1 €145m in 1Q24; up 82.1% y-o-y
• Reported Net Profit €287m

P&L (€ m)	1Q24	4Q23	Δ(%)		1Q24	1Q23	Δ(%)
Net interest income	571.1	572.8	(0.3)		571.1	502.5	13.7
Commission income	135.6	140.8	(3.6)		135.6	129.3	4.9
Other Income	47.7	55.5	(14.1)		47.7	(12.2)	n.a.
Operating income	754.5	769.0	(1.9)		754.4	619.6	21.8
Operating expenses	(228.8)	(229.1)	(0.1)		(228.8)	(221.5)	3.3
Core PPI	477.9	484.4	(1.3)		477.9	410.3	16.5
PPI	525.6	539.9	(2.6)		525.6	398.1	32.0
Loan loss provisions	(70.9)	(90.0)	(21.2)		(70.9)	(75.0)	(5.5)
Core Operating Profit4	407.0	394.4	3.2		407.0	335.3	21.4
PBT5	495.1	437.9	13.1		495.1	328.4	50.8
Adjusted Net Profit	383.1	339.8	12.7		383.1	255.3	50.1
Net Profit	287.26	159.4	80.2		287.26	236.5	21.4
Ratios (%)	1Q24	4Q23			1Q24	1Q23
Net interest margin	2.87	2.90			2.87	2.53
Cost / income	30.3	29.8			30.3	35.7
Cost / core income	32.4	32.1			32.4	35.1
Cost of risk3	0.68	0.88			0.68	0.75
RoTBV1	19.9	18.4			19.9	15.8
TBV per share (€)	2.14	2.07			2.14	1.78
EPS (€)	0.08	0.04			0.08	0.06

1. Adjusted net profit. 2. l-f-l: like for like, excluding BNP Bulgaria. 3. On net loans. 4. Core Operating profit= Core PPI minus loan loss provisions. 6. Including -€96m after tax related mainly to VES cost. c. 650 FTEs to gradually exit in the next 12 months. Annual savings of c.€30m pre-tax.

5. Adjusted profit before tax.

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1Q24 results highlights: Balance sheet

Capital

• Total CAD at 20.2%1, up 180bps y-o-y
• CET1 FLB3 at 17.2%1, up 170bps y-o-y; up 20bps q-o-q

Volumes

• Performing loans organic growth3 at €0.4bn in 1Q24
• Deposits down €0.1bn in 1Q24
• L/D ratio at 72.5%, LCR at 179.0%

Asset Quality

• NPE ratio at 3.0%4,7 in 1Q24, down 210bps y-o-y
• NPE stock at €1.3bn, down €0.8bn y-o-y; Net NPE stock5 at 0.1bn
• NPE coverage at 92.6%7, up 16.6ppts y-o-y

Key Balance sheet ratios

Group (%)	1Q24	4Q23	3Q23	2Q23	1Q23
Capital6
CAD	20.21		20.22	19.5	19.0	18.4
CET1	17.21		17.01	16.8	16.3	15.5
CET1 FLB3	17.21		17.01	16.8	16.3	15.5
Liquidity
L/D	72.5		72.3	72.0	72.6	72.9
LCR	179.0		178.6	170.6	174.2	167.5
Asset Quality
NPE ratio	3.04,7		3.54	4.9	5.2	5.1
NPE coverage	92.67		86.4	75.0	73.2	76.0

1. Pro forma Solar securitization & Leon NPE transactions. 2. Pro forma for €300m Tier II issuance in January 2024 and Solar securitization & Leon NPE transactions.	3. Organic: disbursements	6
minus repayments adjusted for write-offs, sales, acquisitions, liquidations, FX effect and held-for-sale.	4 Pro forma for Solar senior note recognition and Leon NPE transactions.	5. Net NPEs =
NPEs minus provisions.	6. Including period profits, subject to AGM approval. 7. Pro forma for €24m NPE inflows which due to Easter Holidays were realized in April, but accounted in 1Q24.

Core Income

Δ NII (y-o-y, € m)1
	+13.7%
80	34	9	44	571
502			(47)
(51)
	Greece

	Δ Loans	Δ Deposits			2	Δ SEE
1Q23	Δ Bonds & Derivatives	Central banks' net funding	Δ Gapping & other	1Q24
				Δ

Δ Fees (y-o-y, € m)
			+4.9%
129		7	1	2	1	136
	(5)
1Q23	Δ Lending	Δ Network & credit cards	Δ Capital Markets	Bancassurance & Asset mng	Δ Rental & other	1Q24
				Δ

1. Analysis based on gross income. 2. Including MREL, Money Market, Repos and Tier II.

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Profitability

Core PPI and Provisions (€ m)

Core Operating Profit2 (€ m)

		478
	410	+16.5%
Core PPI
Loan Loss	(75)	(71)
Provisions
	1Q23	1Q24
CoR1	75	68
(bps)

	+21.4%	4074
335
1Q23		1Q24

Profit before Tax3 (€ m)

	+50.8%	495
328
1Q23		1Q24

1. On net loans. 2. Core Operating profit= Core PPI minus loan loss provisions. 3. Adjusted profit before tax. 4. HB quarterly income of €41m not included; accounted in associates.

8

Capital & TBV

CET1 FLB3

+170bps	17.2%1
15.5%

1Q23	1Q24
CAD
+180bps	20.2%1
18.4%
1Q23	1Q24

TBV per share (€)

	+20.2%
		2.14
	2.07
1.78
1Q23	4Q23	1Q24

1. Pro forma Solar securitization and Leon NPE transactions. Including period profits, subject to AGM approval.

9

1Q 2024 Results

Diversified business model