FY23
Financial
Results
PRESS RELEASE
12 March 2024
FY23 Results
Impressive performance across key metrics
Compelling profitability and returns
FY23 Core PAT¹ | FY23 core income |
€1.2b +2.5x yoy | €2.6b +54% yoy |
FY23 Core RoTE | FY23 C:CI |
18.3% +10ppts yoy | 31.6% -15ppts yoy |
Buoyant performing loan expansion
Disbursements2 | Performing loans |
€7.0b in FY23 | +€1.3b yoy & +€0.9b qoq |
o/w €2.6b in 4Q23 | at €30.5b |
Asset quality further improved
Net NPEs €0.2b | NPE ratio | NPE coverage |
NPEs at €1.3b | 3.7% | 87.5% |
-€0.5b yoy | -150bps yoy | at sector high levels |
Sharply rising capital buffers
Capital ratios
include a 90bps provision for a 30% dividend payout
CET1 | Total capital | MREL ratio |
17.8% | 20.2% | 25.4%3 |
+220bps yoy | +350bps yoy | Jan25 target at 25.3% |
1 Core PAT excludes trading and other income | 2 Bank level. Additional €0.7b loans disbursed by subsidiaries | 3 Pro forma for the €600m senior preferred issuance in January 2024
2
FY23 Results
Key financial highlights
-
FY23 Group core PAT at €1.2b, up by 2.5x yoy; core RoTE at 18.3%, before adjusting for excess capital
o Sustained NII momentum, up by +6% qoq, reflecting continuing loan repricing following ECB's base rate hikes, offsetting slightly higher funding costs; As a result, NIM continued to rise, up by +15bps qoq to 337bps in 4Q23
o Fee income picked up sharply, at +15% qoq and +10% yoy for FY23, on the back of solid growth across segments, led by business lending, trade finance and increased cross selling of investment and insurance products; excluding the merchant acquiring deconsolidation, FY23 fees were up by +17% yoy
o Discipline on operating expenses continued, with FY23 personnel and G&A expense growth well below inflation (+c2% yoy), despite collectively agreed wage increases and variable pay; higher depreciation charges reflect the roll out of our strategic IT CapEx plan, spearheaded by the replacement of our Core Banking System (CBS); FY23 C:CI at 31.6%
o FY23 CoR at 64bps1, well inside our c80bps guidance, reflecting low NPE formation - Disbursements2 accelerate to €2.6b in 4Q23, driving Group PEs +€1.3b higher yoy, in line with guidance o Strong disbursements2 in 4Q23 leading FY23 to €7.0b compared to €6.7b in FY22
o PE loan expansion of +€1.3b yoy to €30.5b at the Group level, driven by SMEs, Project Finance and Shipping; FY23 retail disbursements2 accelerate to €1.2b
o Fixed-ratesecurities expansion provides protection against future ECB rate normalization
o Domestic deposit growth continued strong, up +€1.7b yoy, driven by retail customer dynamics, as corporate deposit drawdowns affected both liquidity and net PE expansion during FY23
o Netting off residual TLTRO exposure (€1.85b) and factoring in our net lender interbank position, net cash increased further to €8.0b in 4Q23, steadily at the high-end of the sector - Group NPE ratio at 3.7%, coverage at sector high levels of 87.5% o Group NPE stock at €1.3b in 4Q23, or €0.2b net of provisions
o 4Q23 NPE flows of just +c€50m, with FY23 NPE reduction at -€0.5b - CET1 at 17.8%, total capital ratio at 20.2%
o CET1 ratio increased by an impressive +c220bps yoy to 17.8%, including a provision of 90bps for a 30%
dividend payout, reflecting the strong profitability; total capital ratio at 20.2%, up by +c350bps yoy
o Pro-forma for our Jan24 €600m senior preferred issuance, MREL ratio at 25.4%, already ahead of the Jan25 requirement of 25.3% - Our successful Transformation Program continues to provide NBG with a competitive edge, as a powerful delivery engine for rapid and sustainable change
o Moving decisively towards a more agile business model, enhancing our commercial effectiveness and operational efficiency through centralization and automation of processes, while upgrading technology, including the all-important replacement of our CBS, the roll-out of which will be completed by YE25
o Wide recognition for our digital offering, with leading market shares in monthly active users (mobile: 32%, internet: 25%) and digital sales (cards: 41%, consumer: 32%, insurance: 55%); our digital sales increased to 1.2m units in FY23 from 0.8m in FY22
- Ambitious Net-Zero targets for financed emissions are underpinned by our business strategy for Climate & Environment. Effective oversight and steering through strengthened ESG governance across hierarchy levels and lines of defense. Notable improvements in our ESG ratings
1 Underlying | 2 Bank level. Additional €0.7b loans disbursed by subsidiaries
3
FY23 Results
"Economic activity in Greece remained on a healthy upward trend in 2023, despite the unfavorable external economic environment and tight monetary conditions. Strong policy credibility, a competitive economy - -attracting sizeable domestic and foreign investments- - and α business cycle still in its maturing phase, support Greece's superior growth path. Moreover, the return to investment grade has led to improving financial conditions and higher asset valuations.
The recent positive developments that have taken place in the country foreshadowed the success of the placement of 22% of our share capital by the HFSF in November, but also is an acknowledgement by our shareholders of our credibility, attained through consistent and precise execution, through our Transformation Program, of a series of ambitious business plans over the past five years.
Indeed, we delivered an impressive performance for 2023, leveraging Greece's growth momentum, the distinct strengths of our balance sheet and our successful digital and operational transformation. Specifically, our FY23 core PAT reached €1.2b, yielding a core RoTE of >18%, outperforming comfortably our FY23 guidance. The overperformance was evident in all lines of the P/L. Regarding loan growth, loan disbursements exceeded €7.5b at the Group level, resulting in a healthy performing loan expansion of €1.3b, despite significant repayments in 2023.
Our strong profitability further enhanced our capital buffers, providing us with significant strategic flexibility going forward. Our CET1 ratio increased by a notable +c220bps yoy (post dividend provision), to a sector leading 17.8%, with the total capital ratio reaching 20.2%, up by +c350bps yoy.
Growth catalysts and reforms bolster growth prospects for 2024 and beyond, and the Bank remains focused on supporting the economy's continued strong growth. Our strategy leverages (i) our investment in technology - -so as to rapidly distinguish ourselves for our agile and expeditious operations and superior customer experience- - and (ii) our people, who continue to earn the trust of our clients by providing service excellence, thus, being acknowledged as the Bank of First Choice."
Pavlos Mylonas
Chief Executive Officer, NBG
4
FY23 Results | ||||||||||||||||||||||||
P&L | Group (€ m) | FY23 | FY22 | YoY | 4Q23 | 3Q23 | QoQ | ||||||||||||||||||
NII | 2,263 | 1,369 | +65% | 623 | 588 | +6% | ||||||||||||||||||
Net fee & commission income | 382 | 347 | +10%1 | 109 | 95 | +15% | ||||||||||||||||||
Core Income | 2,645 | 1,717 | +54% | 732 | 683 | +7% | ||||||||||||||||||
Trading & other income | 93 | 344 | -73% | 30 | 7 | >100% | ||||||||||||||||||
Total Income | 2,739 | 2,060 | +33% | 762 | 690 | +10% | ||||||||||||||||||
Operating Expenses | (835) | (805) | +4% | (234) | (202) | +16% | ||||||||||||||||||
Core PPI | 1,810 | 912 | +99% | 499 | 481 | +4% | ||||||||||||||||||
PPI | 1,903 | 1,255 | +52% | 529 | 488 | +8% | ||||||||||||||||||
Loan & other Impairments | (241) | (280) | -14% | (66) | (54) | +22% | ||||||||||||||||||
Core Operating Profit | 1,569 | 632 | >100% | 433 | 427 | +1% | ||||||||||||||||||
Operating Profit | 1,662 | 975 | +71% | 463 | 434 | +7% | ||||||||||||||||||
Taxes | (370) | (157) | >100% | (88) | (81) | +8% | ||||||||||||||||||
Core PAT | 1,200 | 474 | >100% | 345 | 346 | -0% | ||||||||||||||||||
Attributable PAT | 1,106 | 1,120 | -1% | 315 | 261 | +20% | ||||||||||||||||||
1 Excluding the impact of the deconsolidation of the merchant acquiring business, fees are up by 17% yoy | ||||||||||||||||||||||||
Balance Sheet | Group (€ m) | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 | ||||||||||||||||||
Total assets | 74,584 | 73,924 | 72,849 | 75,248 | 78,113 | 80,878 | ||||||||||||||||||
Loans (Gross) | 35,306 | 36,419 | 36,404 | 36,780 | 37,054 | 36,092 | ||||||||||||||||||
Provisions (Stock) | (1,083) | (1,100) | (1,428) | (1,494) | (1,493) | (1,594) | ||||||||||||||||||
Net loans1 | 34,223 | 35,319 | 34,976 | 35,287 | 35,561 | 34,498 | ||||||||||||||||||
Performing loans | 30,468 | 29,588 | 28,975 | 29,105 | 29,154 | 28,056 | ||||||||||||||||||
Securities2 | 17,201 | 15,712 | 15,832 | 15,144 | 13,585 | 13,439 | ||||||||||||||||||
Deposits | 57,126 | 56,292 | 55,671 | 54,775 | 55,192 | 55,679 | ||||||||||||||||||
Tangible equity | 7,102 | 6,763 | 6,553 | 6,292 | 6,021 | 5,591 | ||||||||||||||||||
1 Includes the reverse repo facility (€1b) and the Frontier senior note (€2.6b) / 2 Includes investment securities and financial assets at fair value through profit or loss | ||||||||||||||||||||||||
Key Ratios | Group | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | 3Q22 | ||||||||||||||||||
Liquidity | ||||||||||||||||||||||||
L:D ratio | 58% | 57% | 57% | 58% | 59% | 56% | ||||||||||||||||||
LCR | 262% | 252% | 254% | 269% | 259% | 249% | ||||||||||||||||||
Profitability | ||||||||||||||||||||||||
NIM over average assets (bps) | 337 | 322 | 297 | 260 | 212 | 173 | ||||||||||||||||||
C:CI ratio | 32% | 30% | 31% | 34% | 43% | 45% | ||||||||||||||||||
CoR1 (bps) | 58 | 63 | 66 | 70 | 72 | 71 | ||||||||||||||||||
Core PAT (bps) | 421 | 431 | 360 | 273 | 239 | 181 | ||||||||||||||||||
Core RoTE (%) | 19.9% | 20.8% | 18.0% | 14.3% | 13.1% | 10.2% | ||||||||||||||||||
Asset quality | ||||||||||||||||||||||||
NPE ratio | 3.7% | 3.7% | 5.4% | 5.2% | 5.2% | 6.1% | ||||||||||||||||||
NPE coverage ratio | 87.5% | 93.1% | 82.1% | 87.6% | 87.3% | 82.1% | ||||||||||||||||||
Capital | ||||||||||||||||||||||||
CAD ratio2 | 20.2% | 20.3% | 18.3% | 17.6% | 16.8% | 16.3% | ||||||||||||||||||
CET1 ratio2 | 17.8% | 17.9% | 17.3% | 16.5% | 15.7% | 15.2% | ||||||||||||||||||
RWAs2 (€ b) | 37.7 | 36.6 | 36.7 | 36.5 | 36.2 | 34.9 |
1 Underlying | 2 On a FL basis. Capital ratios include period PAT and a dividend provision of 90bps for a 30% payout accrued from 4Q22 to 4Q23
5
FY23 Results | ||||||||||||||||||||||||
P&L | Greece (€ m) | FY23 | FY22 | YoY | 4Q23 | 3Q23 | QoQ | ||||||||||||||||||
NII | 2,160 | 1,293 | +67% | 594 | 563 | +6% | ||||||||||||||||||
Net fee & commission income | 367 | 330 | +11%1 | 106 | 92 | +15% | ||||||||||||||||||
Core Income | 2,527 | 1,623 | +56% | 700 | 654 | +7% | ||||||||||||||||||
Trading & other income | 81 | 309 | -74% | 30 | 7 | >100% | ||||||||||||||||||
Total Income | 2,609 | 1,932 | +35% | 730 | 661 | +10% | ||||||||||||||||||
Operating Expenses | (783) | (752) | +4% | (220) | (190) | +16% | ||||||||||||||||||
Core PPI | 1,745 | 871 | +100% | 480 | 465 | +3% | ||||||||||||||||||
PPI | 1,826 | 1,180 | +55% | 510 | 471 | +8% | ||||||||||||||||||
Loan & other Impairments | (223) | (273) | -18% | (65) | (49) | +34% | ||||||||||||||||||
Core Operating Profit | 1,521 | 599 | >100% | 415 | 416 | -0% | ||||||||||||||||||
Operating Profit | 1,602 | 908 | +77% | 445 | 423 | +5% | ||||||||||||||||||
Taxes | (363) | (151) | >100% | (86) | (80) | +8% | ||||||||||||||||||
Core PAT | 1,158 | 447 | >100% | 329 | 336 | -2% | ||||||||||||||||||
Attributable PAT | 1,056 | 1,070 | -1% | 301 | 252 | +19% |
1 Excluding the impact of the deconsolidation of the merchant acquiring business, fees are up by 19% yoy
P&L | International (€ m) | FY23 | FY22 | YoY | 4Q23 | 3Q23 | QoQ | |||||||||||||||||
NII | 103 | 76 | +35% | 29 | 25 | +16% | |||||||||||||||||
Net fee & commission income | 15 | 17 | -13% | 4 | 4 | -5% | |||||||||||||||||
Core Income | 118 | 94 | +26% | 33 | 29 | +13% | |||||||||||||||||
Trading & other income | 12 | 34 | -64% | - | 0 | -100% | |||||||||||||||||
Total Income | 130 | 128 | +2% | 33 | 29 | +12% | |||||||||||||||||
Operating Expenses | (53) | (53) | -1% | (14) | (13) | +11% | |||||||||||||||||
Core PPI | 65 | 41 | +60% | 19 | 16 | +15% | |||||||||||||||||
PPI | 77 | 75 | +3% | 19 | 17 | +13% | |||||||||||||||||
Loan & other Impairments | (17) | (8) | >100% | (1) | (5) | -87% | |||||||||||||||||
Core Operating Profit | 48 | 33 | +45% | 18 | 11 | +64% | |||||||||||||||||
Operating Profit | 60 | 67 | -11% | 18 | 11 | +60% | |||||||||||||||||
Taxes | (6) | (6) | +3% | (2) | (1) | +80% | |||||||||||||||||
Core PAT | 41 | 27 | +54% | 16 | 10 | +63% | |||||||||||||||||
Attributable PAT | 50 | 50 | +0% | 14 | 10 | +46% |
6
FY23 Results
Profitability
Greece
Core PAT was up by nearly 3x to €1,158m in FY23, outperforming comfortably our FY23 guidance provided in August 2023. Main contributors to this compelling performance, apart from strong NII momentum, were our solid fee income growth, sustained personnel and G&As cost control, as well as continuing CoR normalization. On a quarterly basis, core PAT reached €329m in 4Q23.
Higher average base rates, complemented by solid domestic PE expansion of +€0.8b in the quarter, comfortably absorbed a small pick-up in deposit and wholesale funding costs, driving 4Q23 NII +6% higher qoq to €594m. Loan pass through rate reached 73% in 4Q23, underpinning a healthy lending spread normalization, while blended deposit beta remains low, at c11%, reflecting our strong and relatively stable core deposit base (79% of total), consisting mainly of savings accounts, with average balance of c€4k per customer. In FY23, NII surged to €2,160m from €1,293m in FY22 (up by +67% yoy), driven by higher base rates, a healthy PE expansion of +€1.2b yoy in Greece, as well as an increased contribution from securities, pushing NIM higher to 302bps.
Net fee and commission income amounted to €106m in 4Q23, +15% higher qoq, driven by household and business lending, investment products, bancassurance and trade finance. As a result, FY23 net fee and commission income increased by +11% yoy to €367m, or +19% yoy, adjusting for the deconsolidation impact of the merchant acquiring business.
Operating expenses increased by +4% yoy to €783m in FY23, driven by the increase in depreciation charges on the back of our strategic investments in IT infrastructure and technology, including the all-important replacement of our Core Banking System, which will be completed in 2025. Our ongoing IT transformation is a key comparative advantage, enhancing our operational efficiency, automating our processes, and improving our commercial offerings. Personnel expenses increased by +3% yoy, reflecting the agreed sectoral wage increases and variable pay, while the growth in G&As settled well below inflation levels, at +2% yoy. On a quarterly basis, OpEx was affected by seasonality and variable remuneration. Aided by the sharp increase in core income, our C:CI dropped to 31% in FY23 from 46% in FY22.
Loan impairments normalized to €189m in FY23, or 62bps over net loans, compared to €207m in FY22, remaining at the low end of the sector, courtesy of class leading coverage levels and low NPE formation confirming once again the quality and resilience of our loan book.
Domestic NII breakdown (€ m)
Domestic operating profit (€ b) | FY23
594 | ||||||||||
474 | 529 | 563 | ||||||||
401 | ||||||||||
443 | ||||||||||
Loans (PE) | 367 | 414 | 429 | |||||||
303 | ||||||||||
Loans (NPE) | 20 | |||||||||
20 | ||||||||||
19 | 23 | |||||||||
Securities, | 35 | 133 | 166 | 194 | ||||||
funding & other | 76 | 114 | ||||||||
Deposits | ||||||||||
-13 | -25 | -41 | -52 | -63 | ||||||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | ||||||
Non core income
Core PPI
CoR
Other impairments
1,602
81
908
309
1,745
871
-207 | -189 |
-66 | -34 |
FY22 | FY23 |
Core PPI c2.0x yoy
7
FY23 Results
International
In International operations, FY23 attributable PAT remained flat yoy at €50m, as the 35% or €26m yoy increase in the NII was offset by higher loan impairments (€17m in FY23 from €8m in FY22) as well as lower trading and other income (€12m in FY23 from €34m in FY22).
Asset Quality
Group NPE stock declined by -€0.5b yoy to €1.3b in FY23, driven by inorganic actions, with organic formation amounting to c€0.2b in FY23. Notably, despite higher rates and inflationary pressures, organic NPE flows remained well inside our guidance, with defaults and redefaults counterbalanced by curings to a large extent in the retail segment.
As result, the Group NPE ratio declined to 3.7% in FY23 from 5.2% in FY22, with NPE coverage of 87.5% remaining at the high-end of the sector. International NPE ratio declined to 4.9%, with coverage settling at 91.8%.
Group NPE movement | FY23 | Group net NPEs over CET1 |
1.8 | -0.7 | ||
0.2 | 1.3 | ||
1.1 | |||
FY22 | Inorganic | organic | FY23 |
3.8% | |
2.4% | |
FY22 | FY23 |
NPE ratios and coverage | 4Q23 | |||
5.2% | |||
3.7% | 3.7% | ||
3.0% | |||
82% | 87.2% | 87.5% | |
91% | |||
Retail | Corporate | Total Domestic | Total Group |
Group NPE stock evolution (€ b)
NPE ratio | 5.2% | 5.2% | 5.2% | 3.7% | 3.7% |
1.8 | 1.8 | 1.8 | ||||||
International NPEs | 0.1 | 0.1 | 0.1 | 1.3 | 1.3 | |||
0.5 | 0.5 | 0.6 | ||||||
Domestic FNPES <30 | 0.1 | 0.1 | ||||||
0.2 | 0.2 | 0.2 | ||||||
dpd | 0.5 | 0.6 | ||||||
Domestic FNPEs >30 | 0.1 | |||||||
0.9 | 1.0 | 0.9 | 0.2 | |||||
dpd & other impaired | 0.5 | 0.5 | ||||||
Domestic 90+dpd | ||||||||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | ||||
Domestic NPE stock per category (€ b) | 4Q23 | Domestic forborne stock (€ b) | 4Q23 | |
o/w: €0.3b or | ||
c43% <30dpd | FNPEs <30 dpd | |
o/w: €0.2b or | 0.9 | 0.6 |
c72% <30dpd |
0.7 | 2.0 | ||||||
0.4 | FPEs 1.3 | ||||||
0.3 | FNPEs 31-90dpd 0.0 | ||||||
0.2 | |||||||
0.1 | 0.1 | 0.1 | FNPEs >90dpd 0.1 |
4Q22 4Q23 | . 4Q22 4Q23 | .. 4Q22 4Q23 | 4Q22 4Q23 |
Mortgage | Consumer | SBLs | Corporate |
8
FY23 Results
Capital Adequacy
Strong organic profitability pushed CET1 ratio +c220bps higher throughout FY23 to 17.8%, including a dividend provision of 90bps for a 30% payout. Total capital ratio settled at 20.2%, +c350bps higher yoy. Our MREL ratio reached 24.2% or 25.4% pro-forma for our Jan24 senior preferred issuance of €600m, with the Jan25 requirement standing at 25.3%.
FY23 FL capital movement
+c3.6% | 18.6% | 20.2% | |||||
CAD FL | +c0.0% | ||||||
16.8% | |||||||
-c0.7% | -c0.7% | ||||||
90bps (or 30% | 17.8% | ||||||
CET1 FL | 15.7% | payout) accrued | |||||
Organic capital | from 4Q22 to 4Q23 | ||||||
generation of 290bps | |||||||
RWAs: €36.2b | RWAs: €37.7b | ||||||
FY22 CET1 | FY23 | Credit | Other | FY23 CET1 | Dividend | FY23 CET1 | |
profitability | RWAs | (incl. FVTOCI) | before dividends | provision |
Liquidity
Domestic deposits remained in an upward trajectory, increasing by +€1.7b yoy and +€0.7b qoq to €55.1b in Dec23, reflecting inflows from retail customers, as corporate deposit drawdowns affected both liquidity and net PE expansion during FY23. Importantly, deposit mix remains at sector leading levels, with time deposits comprising c19% of total deposits. International deposits also increased by +€0.2b yoy to €2.0b. As a result, Group deposits amounted to €57.1b in Dec23, +€1.9b higher yoy.
The Bank's strong liquidity profile is also manifested by our L:D ratio of 58% at the Group level (57% in Greece) and a class leading LCR of 262%, while net cash increased further by c€0.6b qoq to c€8.0b, at sector high levels. Our residual TLTRO exposure remained flat compared to Sep23, at €1.85b in Dec23, of which €1.1b matures in Mar24.
TLTRO III, cash & reserves and net interbank (€ b)
Group deposit evolution (€ b)
TLTRO III
Cash & reserves Net interbank
14.2
8.1
5.0
1.2
NBG is a net lender in the interbank market
9.9
7.6
0.8 1.9 1.2 1.9
7.48.0
8.4 9.0
0.8 1.9 0.8
55.2
1.8
53.4
6.6
9.8
5.9
31.0
54.8
1.8
53.0
8.4
8.8
5.6
30.2
55.7
1.9
53.8
9.6
8.6
5.9
29.7
56.3
1.9
54.4
10.2
8.4
6.3
29.6
57.1
2.0
55.1 |
10.5 |
8.3 |
6.2 |
30.0
Group
Intr'l
Greece
Time
Sight & other - Corporate
Sight & other - Retail
Savings
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
9
FY23 Results
ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used
The FY23 Financial Results Press Release contains financial information and measures as derived from the Group and the Bank financial statements for the year ended 31 December 2023 and for the year ended 31 December 2022, which have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as endorsed by the EU respectively. Additionally, it contains financial data, which is compiled as a normal part of our financial reporting and management information systems. For instance, financial items are categorized as foreign or domestic on the basis of the jurisdiction of organization of the individual Group entity, whose separate financial statements record such items.
Moreover, it contains references to certain measures which are not defined under IFRS, including "pre-provision income" ("PPI"), "net interest margin" and others, as defined below. These are non-IFRS financial measures. A non-IFRS financial measure is one that measures historical or future financial performance, financial position or cash flows but which excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. The Group believes that the non-IFRS financial measures it presents allow a more meaningful analysis of the Group's financial condition and results of operations. However, the non-IFRS financial measures presented are not a substitute for IFRS measures.
10
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National Bank of Greece SA published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 March 2024 08:51:08 UTC.