Alpha Bank Q3 2020 Results...2020/11/25 · Alpha Bank is the only systemic Bank that offers Apple...
Transcript of Alpha Bank Q3 2020 Results...2020/11/25 · Alpha Bank is the only systemic Bank that offers Apple...
Alpha Bank9M 2020 Results
Investor Presentation
November 25, 2020
2
Disclaimer
This presentation has been prepared and issued by Alpha Bank solely for informational purposes. For the purposes of this disclaimer, this presentation shall mean and include
materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which the presentation is made, or
otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the
legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree
to be bound by the following limitations:
No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Bank (or any member of Alpha Bank’s Group) as
to the accuracy, fairness, completeness, reliability or sufficiency of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a
representation or warranty. The information contained in this presentation may contain and/or be based on information that has been derived from publicly available sources that have
not been independently verified. Alpha Bank is not under any obligation to update, revise or supplement this presentation or any additional information or to remedy any inaccuracies in
or omissions from this presentation.
This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to
investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion
and conclusion.
Certain statements in this presentation may be deemed to be “forward-looking”. You should not place undue reliance on such forward-looking statements. By their nature, forward-
looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward-
looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Alpha Bank’s operations, results of operations,
financial position and the development of the markets and the banking industry in which it operates or is likely to operate may differ materially from those described in, or suggested by,
the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the
banking industry in which Alpha Bank operates is consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of
results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking
statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations.
Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Alpha Bank’s current view with respect to
future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Bank's financial position, operations, results of operations,
growth, strategy and expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Alpha
Bank to predict which factors they will be. In addition, Alpha Bank cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors,
may cause actual results to differ materially from those described in any forward looking statements. Alpha Bank disclaims any obligation to update any forward-looking statements
contained herein, except as required pursuant to applicable law.
3
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
3
10
17
21
24
30
33
40
Pages
4
Alpha Bank strategic highlights – 9M 2020
Operational
Turnaround
Business
performance
Financial
performance
Project Galaxy
1| Cepal’s consolidation impacted Q3 20 Recurring expenses by €2.6mn. 2| As of 30th October. 3| Pro-forma ratios are as of 30.9.2020 taking into account the senior notes.
Galaxy has entered the final stages of the transaction process; following selection of preferred bidder, signing of the
transaction is targeted by the end of 2020
HAPS-compliant credit pre-ratings have been received and applications for the provision of guarantees by the Greek State
on Senior notes (€3.7bn), have been submitted, securing key financials of the transaction
Post Galaxy, Alpha Bank’s NPL ratio3 in Greece down to 13% over total loans, while the NPE ratio3 is reduced to 24%
Acceleration of digital transformation resulted in increased digital sales penetration, with 260K new e-banking
subscribers in 9M 2020, while the share of monetary transactions performed in Q3 through digital channels remained
elevated at 93%, stable q-o-q, as opposed to 87% a year ago
Timely execution of the business plan announced in November 2019 despite adversities with our transformation plan
already underway. From the €120mm cost cutting announced, already 65% is secured with c. 25% of branches and 20%
of FTEs in Greece reduced in the last 2 years
New disbursements in Greece of €4.6bn year to date2 providing significant support to the economy
Private sector deposits in Greece up by €0.8bn in Q3 20, mainly from businesses
Improved Core PPI performance at €657mn (+4% y-o-y) in 9M 2020
Continued focus on cost discipline, with total Opex1 at €788mn (-4% y-o-y) in 9M 20 vs €824mn in 9M 19
Impairment losses on loans in 9M 2020 of €737mn materially affected by additional impairments of €287mn to
account for the anticipated Covid-19 impact
Strong capital buffers with Total CAD ratio at 18.3%
5
9M 19
2.3
4.0
FY 2020EFY 2019
4.4
9M 20 Ytd
2.5
4.24.6
3.5
>5bn+68%
+50%
Strong commitment to support the Greek economy with new credit year to date of €4.6bn in 2020; 9M 20 Disbursements up c.70% vs. last year
New financing to Individuals and businessesEuro bn
€4.6bn new disbursements until October include State support
programmes of:
€0.4bn disbursed to businesses under Entrepreneurship Fund II
"Business Funding” (TEPIX)
€0.7bn disbursed to businesses under State guarantee Scheme
Our target for the full year > €5bn, with the majority coming from new
financing to businesses under State guarantee Scheme
Businesses
Individuals
YTD Businesses disbursements – per sector
1
1| Figures as of 30.10.20
Other
6%
Entertainment
4%
Agriculture
3%
Construction
4%
Tourism
10%
Real Estate
5%
Energy
11%
Transportation
18%
Manufacturing
18%
Trade
21%
€4.4bn
1
6
Proactive management along with detailed segmentation reduce risks for the post-moratoria period
Active Moratoria on PEs
Active Moratoria on PEs - monthly evolutionGreece, Euro bn
Gefyra program update: Alpha Bank – c.44k applications amounting to
€2.7bn out of which €1.1bn is currently under moratoria
Proactive management with RM contact with all moratoria customers
(prior to 31/12) in order to identify segments requiring further support and
offer them appropriate solutions before turning into delinquency
Detailed segmentation of the portfolio based on specific criteria (protection
by Moratoria, eligibility of new law of State Subsidy, EBA Status, payment
behavior etc.) and design of a specific strategy for each segment
Products addressed to debtors impacted by Covid-19, involving a reduced
installment for the first 2 years and a gradual return to pre-modification
levels with tenure extension
€0.4bn moratoria implementations in Cyprus and €0.3bn in Romania
30.09.20
EBA deadline
on moratoria
applications
Greece, EUR bn 30.09.20
Total PE moratoria granted 5.4
o/w expired 1.2
o/w outstanding 4.2
As % of PEs in Greece 17%
As % of total moratoria granted 78%
Overview of PE moratoria
87%
performing1
Note: Bank level
1| includes accounts less than 30 days past due. Data as of mid November 2020
1.7
Wholesale
0.6
Mortgage SBL
1.6
0.3
Consumer
4.2
Total
30.09.20
4.2
Greece, Euro bn
€1.1bn applications for
“Gefyra” program
24% 15% 38% 12% 17%% out of
PEs
Greece
0.2
2.2
0.80.4 0.4
0.1 0.1
Aug-20Jul-20Jun-20Mar-20 May-20Apr-20 Sep-20
7
93% of monetary transactions via digital networks in Q3 20; further expansion of our digital platform in 2021
PolandCzech
Republic
JPM
universe
average
Greece
-5.0%
Austria Hungary Turkey
-6.5%
7.0%
3.0%0.3%
-11.3%
-17.2%
-6.5%
Russia
8.3%
17.6%
-1.8%
22.5%
-3.1%
4.9%6.2%
19.8%
-5.4%
-2.6%
-5.7%
-2.7%
12.7%
-10.1%
10.3%
-1.2%
Q1 2020 Q3 2020Q2 2020
Banking app downloads YoY growth Δ% YoY
750,000 active users
+47% yoyin 9M 20 100 million
logins
+67% yoyin 9M 20
9 million
financial
transactions
+66% yoy in
9M 20
Mobile BankingAlpha Bank’s mobile banking app has the
highest engagement rate among peers at 40%
NBG Mobile
Banking
Eurobank
Mobile App
Winbank
Mobile
myAlpha
Mobile
40% 37%28%
37%
Alpha Bank is the only systemic Bank that offers Apple pay
and Garmin pay up to now
~150,000
active users
in total
Alpha Bank actively promotes digital wallets Key initiatives for 2021
▪ Redesign and digitize the end-to-end retail credit
journey, taking an omni-channel approach
▪ Make most common retail credit products available
online, reducing drastically approval time
▪ Further reduce monetary transactions in branches by
transferring business-related transactions to digital
channels
▪ In addition to “myAlpha rendezvous”, further enhance
the Bank’s remote servicing and sales channels
2
1| Source: J.P. Morgan Analysis, entitled “CEEMEA Banks-Data-Driven: App usage trends indicate a possible paradigm shift; digital banking here to stay?”, Date: 01/10/20. 2| Q3 2020 includes July - August 2020
1
1
8
Q1 2021
Galaxy: Preferred bidder selected with signing targeted for year end; CEPAL carve out completion imminent
Dec 2020
Galaxy
Signing1
Galaxy
Closing1
Hive-Down
Completion1Binding
Bids
Received
Carve-out of
Bank’s NPE
Management
unit
Galaxy milestones completed
30/10 20/11
Preferred
Bidder
Selected
The Bank has received
preliminary credit ratings
for the senior notes of all
three SPVs
Applications submitted under
HAPS relate to the provision
of guarantees, on Senior
notes of an amount up to
€3.7bn, by the Greek State
for securitisations of €10.8bn
Gross Book Value
The Bank announced the
selection of the preferred
bidder
The carve-out of the Bank’s
NPE Management Unit onto
CEPAL will have been
completed by the end of this
month, ensuring a seamless
transition
End
November
1| Subject to applicable Corporate and Regulatory approvals
9
Sep-20
pf Galaxy
Sep-20
0.8
3.2
-75%
Retail exposures
under L.3869
Alpha Bank’s NPE portfolio significantly improved post Galaxy
1| Pro-forma ratios are as of 30.09.20 taking into account the senior notes. 2| According to Greek peers’ (Eurobank, NBG, Piraeus Bank) latest public disclosure.
9.6
3.7
Sep-20
2.9
Sep-20
pf Galaxy
1.1
12.5
4.8
-62%
NPE>90dpd
7.0
Sep-20
pf Galaxy
9.1
2.42.1
Sep-20
0.8
3.2
-64%
Denounced
exposures
Asset Quality improved with a better NPE portfolio mix vs. peersGreece, Euro bn
43% 24%
29% 13%
18.3
32%
Sep-20
68% 46%
8.9
54%
pf for Galaxy
NPE>90dpd ratio1
74%
26%
Total
Greek peers
37.7
54% of remaining NPEs also
classified as NPE>90dpd vs
c.70% as of Sep-20 and c.75%
for peers
2
NPE>90dpd
NPE<90dpd
NPE ratio1
Retail
Wholesale
3.5 3.5
8.9
3.9
NPEs Provisions
On balance sheet
Debt relief/ write offs already implemented
60%
The remaining portfolio
has been already
actively managed to
support further reduction
Significant debt relief and
write offs already
provided to customers to
promote re-performance
Substantial improvement in risk profile of NPEsGreece, Euro bn
Provisions for the remaining portfolio at 60% of the
original exposureGreece, Euro bn
vs.
10
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
Pages
3
10
17
21
24
30
33
40
11
9M 20 Financial Performance overview
EUR mnCore PPI up by +4% y-o-y…
391 382
1,160 1,154
Q2 20 Q3 20 9M 19 9M 20
…supported by Resilient NII…EUR mn
1| Trading income in Q3 20 includes €14.3mn gain resulted from the valuation at fair value of Cepal before the full acquisition of the company’s control. Cepal’s consolidation impacted Recurring expenses by €2.6mn.
2| Time deposits rates refer to euro-denominated deposits. 3| Bank in Greece
77 85
247 252
9M 19Q2 20 Q3 20 9M 20
Lower Staff costs
EUR mn
EUR mn
…higher Fee Income..
+2%
9M 19 9M 20
343
331
-3%
Reduced G&AsEUR mn
-6%
256
Trading
gains
9M 19
Core
PPI
9M 20
Reported
PPI
9M 20
Core
PPI
(21)
One-
off
costs
892634 657
892
+4%
+10% -2%
9M 209M 19
3192 Cepal
341
322
-0.6%
1
bps
…due to lower funding costs
400 395 392
35 28 20
-40 -47 -50
11 29-33
-100
-50
0
50
100
150
200
200
250
300
350
400
450
Q1 20 Q2 20 Q3 20
LoanSpreads
TimeDepositrates
AverageECB Cost
Reporates
2
Greece Dec-18 Sep-20 Dec-20(e) Δ (e)
vs. Dec-18
Branches 443 347 337 -106
Employees3 7,793 6,909 6,332 -1,461
including VSS and
Cepal Carve-out
o/w 57 branches
in 2020…and lower recurring Opex
EUR mn
765
9M 19
3
9M 20
Cepal
791
768
-3%
56% 54%C/I
1
12
Profit & Loss
(EUR mn)
9M
2020
9M
2019
yoy %
change
Q3
2020
Q2
2020
qoq %
change
Net Interest Income (NII) 1,154 1,160 (0.6%) 382 391 (2.3%)
Net fee and commission Income 252 247 1.8% 85 77 9.5%
Trading & Other Income1 276 296 … 49 131 …
Operating Income 1,681 1,703 (1.3%) 516 599 (14.0%)
Total Operating Expenses (788) (824) (4.3%) (269) (261) 3.0%
Recurring Operating Expenses (768) (791) (3.0%) (264) (253) 4.0%
Core Pre Provision Income 657 634 3.6% 210 217 (3.4%)
Pre Provision Income (PPI) 892 879 1.5% 247 338 (27.0%)
Impairment Losses on Loans (737) (750) (1.8%) (169) (261) (35.3%)
o/w Covid-19 related (287) - … (53) (114) (53.5%)
Other Impairment Losses (15) 11 … (2) (4) …
Profit/ (Loss) before income tax 141 140 1.1% 76 74 3.1%
Income Tax (11) (48) … (33) 23 …
Profit/ (Loss) after income tax 131 92 42.7% 44 98 (55.0%)
Net Interest Margin (NIM%) 2.3% 2.5% 2.2% 2.3%
Cost to Income ratio 54% 56% 56% 54%
9M 20 Group P&L and Balance Sheet
Balance Sheet
(EUR bn)30/09/20 30/06/20 31/12/19
YtD
change
Assets 68.6 68.6 63.5 5.1
Securities 10.5 9.9 8.7 1.8
Cash & CB 5.1 5.7 2.0 3.1
Net Loans 39.8 39.4 39.3 0.5
Deposits 41.7 40.9 40.4 1.3
Tangible Equity 7.8 7.8 7.9 -0.1
Common Equity Tier 1 Ratio
(CET1 %)17.2% 17.2% 17.9% …
Total Capital Ratio (CAD %) 18.3% 18.3% 17.9% …
NPE ratio 43% 43% 45% …
NPE Cash Coverage 45% 44% 44% …
NPL ratio 30% 30% 30% …
NPL Cash Coverage 64% 64% 65% …
1 | Trading income in Q3 20 includes €14.3mn gain resulted from the valuation at fair value of Cepal before the full acquisition of the company’s control. Cepal’s consolidation impacted Recurring expenses by €2.6mn.
9M 20 Profit before tax, adjusted for Covid-19 related impairments of
€287mn and excluding trading gains of €256mn stands at €172mn
13
Total CAD ratio at 18.3% with capital buffer now standing at €3.4bn
OtherDecrease
of RWAs
9bps
CAD ratio
Jun-20
Q3 20
Earnings
CAD ratio Increase of
Intangibles
(Cepal)
CAD ratio
Sep-20
FL CAD ratio
Sep-20
15.8%18.3% 10bps
(3)bps
18.4%
(13)bps
18.3%
Total Capital ratio evolutionEUR bn 7.18.5 8.4
1| Excluding CCB 2.5% and OS-II buffer 0.5%. 2| Euro 500 million Tier 2 issued in February 2020 at 4.25%
%
€3.4bn Buffer
over 11% 2020
Min. OCR1
(post temporary
relief)
CET1
€7.9bn
17.2%
Capacity to enhance Total Regulatory Capital
Additional
Tier 2
Capacity
CAD ratio
Sep-20
Additional
AT1
Capacity
18.3%
1.64%
2.06%
2
1.11.9
2.6 2.7
3.83.2
2.7 2.6
Amortised
Cost
Dec-19 Mar-20 Jun-20
FVOCI
Sep-20
4.9 5.1 5.3 5.3
GGBs portfolioEUR bn
1.46% adjusted for
the RWA reduction
post Galaxy
Not including an
expected benefit of c.30
bps, pro forma for EBA
recommendation on
software intangibles
14
Group customer deposit inflows and participation in TLTRO III improve further our liquidity metrics
Deposits evolutionGroup, EUR bn EUR bn
ECB balances
3.1
11.9 11.9
3.1
Dec-19
0.8
Mar-20
3.9
Jun-20 Sep-20
TLTRO LTRO
5%% over
Total
Assets
6% 17%
Mix towards Core depositsGreece, EUR bn
ECB Collateral
pledged
Credit claims
GGBs & T-bills
Other bonds
4%30%
60% 62%61%
36%
35.0
35%
3%
Sep-19 Dec-19
32%
2%6%
Mar-20
66%
32%
2%
Jun-20
35.8
68%
Sep-20
Core
Term
33.7
State
34.5 36.1
5.9
0.1 0.7
5.9
AbroadJun-20
41.7
Sep-20
35.0
Individuals Business
-
35.8
Greece
Abroad
40.9
+€0.8bn 17%
Group LCR & LDR%
72%86%
101%113% 118%
100% 97% 95% 96% 96%
50%
70%
90%
110%
130%
150%
170%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
145%
150%
Sept-19 Dec-19 Mar-20 Jun-20 Sep-20
LCR
LDR
15
Negative gross organic formation of €1bn in the last 12 months in Greece
Note: Gross formation including curings, repayments, liquidations and debt forgiveness
Negative gross formation in Greece
Gross NPE
formation(0.3) (0.5)
EUR bn
Entries
Exits
0.600.49 0.47 0.39 0.35
(0.86)(0.97)
(0.85)
(0.48) (0.40)
Q3 20Q1 20Q4 19Q3 19 Q2 20
(0.4) (0.1)
Gross formation (Organic) - WholesaleEUR mn
(51)(11)
(40)
34 50
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Gross formation (Organic) - RetailEUR mn
(208)
(476)
(339)
(124)(94)
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
(0.0)
EUR bn
16
Underlying Cost of Risk at 1.5% in 9M 2020
Q3 20 Group impairment losses
262 245
187 147 116
120114
53
Q3 19
307
Q4 19 Q3 20
261
Q1 20 Q2 20
169
2.6%
Q3 19 Q1 20
2.5%
Q4 19
1.5%
3.1%
1.2%1.9%
2.6%
Q2 20
1.7%
Q3 20
Q3 20 Group CoR (%)
EUR mn
% over Net Loans
Underlying CoR Group CoR
450
287
9M 209M 19
750 737
Covid-19
Underlying CoR
9M 20 Group impairment losses
EUR mn2.5% 2.5%
CoR
(over net
loans)
1| Non core defined as exposures sold or expected to be sold under securitization or portfolio sale transactions
1.5%
Underlying
CoR
402197
450
737593
253
287
Covid9M 20
Impairment
on loans
(underlying)
FY 19
Impairment
on loans
9M 20
Core
9M 20
Non Core
9M 20
Total
Impairment
on loans
995
9M 20 Impairment losses – Core/Non Core
EUR mn
Covid
Core
Non Core1
o/w Core €232mn
Non Core €55mn
2.5% 0.7% 0.9% 1.5% 2.5%1.0%
CoR
(over net
loans)
17
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
Pages
3
10
17
21
24
30
33
40
18
Considerable impact from national lockdown on 2020 GDP in line with rest of EU and milder rebound in 2021 amid second wave
Following an unprecedented recession in Q2, growth is
expected to resume in 2021 but recovery to remain
incomplete
Maintained Fiscal Policy Support: A Debt and Deficit
Transitory Upswing in the Making The Greek economy experienced an historic recession in Q22020 by 15.2% y-o-
y, due to the pandemic and the associated containment measures.
Upturn in economic activity interrupted because of the resurgence of the COVID-
19 pandemic and the new nationwide lockdown, which is expected to weaken
further business activity and engender a GDP contraction for 2020 exceeding
10%, shifting also downwards the GDP estimate for 2021.
Economic activity in 2021 is expected to be supported by the additional fiscal
measures.
Optimism growing around economic upside of an effective vaccine and NGEU
funds.
Source: Eurostat, Budget 2021, Ministry of Finance
Source: Budget 2021, Ministry of Finance, ELSTAT
Business turnover bounced back after the first lockdown
but unevenly across sectors depending upon social
distancing and travel restrictions
Source: ELSTAT, Google community mobility reports
-80
-60
-40
-20
0
20
40
-35-30-25-20-15-10
-505
1015
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 June-20 July-20 Aug-20 Sep-20 Oct-20Other activities Financial and Insurance
Accommodation and Food Service Transportation and Storage
Wholesale trade Retail trade
Manufacturing Community mobility - retail and recreation*, rhs
Community mobility - workplaces*, rhs
* percentage change from baseline
contribution to turnover of enterprises (obliged to double-entry bookkeeping)
180.8% 179.2%
186.2%
180.5%
208.9%
199.6%
160%
170%
180%
190%
200%
210%
220%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
2016 2017 2018 2019 2020f 2021f
General Government Primary Balance (% of GDP)Interest Payments (% of GDP)General Government Balance (% of GDP)General government consolidated gross debt (% of GDP), rhs
1.9
-10.5
4.8
-16
-12
-8
-4
0
4
8
2018Q
1
2018Q
2
2018Q
3
2018Q
4
2019Q
1
2019Q
2
2019Q
3
2019Q
4
2020Q
1
2020Q
2
2019
2020f
2021f
Real GDP - Greece (% quarterly change)Real GDP - Greece (% annual change)Real GDP - Euro area (% annual change)
Budget 2021
Forecasts
19
Safeguarding employment amid a perfect storm Short-term Indices: Different Aspects of the Recessionary
Shock
Source: Bank of Greece
Source: ELSTAT, European Commission
Hard and soft high frequency data provide mixed evidence signaling a subdued pace
of economic recovery in the third quarter of 2020.
Despite the sharp GDP contraction, the swift policy response supported employment;
the employment rate fell by 2 pps m-o-m in May 2020 before resuming in an upward
course.
The unemployment rate stood at 16.8% in August 2020, down by almost 1 pps since
May 2020, broadly at the same levels compared to one year earlier (August 2019:
16.9%), despite the drop in expectations about future employment in services and
manufacturing.
Τhe external sector is expected to register a record decline in 2020, with net exports to
contribute negatively to GDP growth. Exports of services, in particular, are expected to
remain well below their steady state, as tourist arrivals are expected to only partially
recover in 2021.
Current Account Deficit worsened considerably as
tourism has been hit badly by the crisis
Source: ELSTAT, Bank of Greece, IOBE
Swift policy response supports employment despite the
deterioration in employment expectations
0
100
200
300
50
70
90
110
130
Jan
-19
Ma
r-19
Ma
y-1
9
Jul-1
9
Se
p-1
9
Nov-1
9
Jan
-20
Ma
r-20
Ma
y-2
0
Jul-2
0
Se
p-2
0
Jan
-19
Ma
r-19
Ma
y-1
9
Jul-1
9
Se
p-1
9
Nov-1
9
Jan
-20
Ma
r-20
Ma
y-2
0
Jul-2
0
Se
p-2
0
Jan
-19
Ma
r-19
Ma
y-1
9
Jul-1
9
Se
p-1
9
Nov-1
9
Jan
-20
Ma
r-20
Ma
y-2
0
Jul-2
0
Se
p-2
0
Manufacturing production andretail trade
Economic confidence Building activity and car sales
Manufacturing production index, s.a. Retail trade, volume indexEconomic Sentiment Indicators Retail Trade Confidence IndicatorService Sector Confidence Indicator Number of new private passenger cars, rhsBuilding activity (in volume), rhs
Index Jan. 2019=100 Index Jan. 2019=100
75
77
79
81
83
85
-55
-40
-25
-10
5
20
35
Jan
-18
Ap
r-18
Jul-
18
Oct-
18
Jan
-19
Ap
r-19
Jul-
19
Oct-
19
Jan
-20
Ap
r-20
Jul-
20
Oct-
20
Employment rate (%), rhsEmployment expectations in services over next 3 monthsEmployment expectations in manufacturing for the months aheadConsumers financial situation over next 12 months
COVID-19 Effect
0
1
2
3
4
5
6
7
8
-2
-1
0
1
2
Jan
-19
Fe
b-1
9
Ma
r-1
9
Ap
r-19
Ma
y-1
9
Jun
-19
Jul-
19
Au
g-1
9
Se
p-1
9
Oct-
19
Nov-1
9
Dec-1
9
Jan
-20
Fe
b-2
0
Ma
r-2
0
Ap
r-20
Ma
y-2
0
Jun
-20
Jul-
20
Au
g-2
0
Se
p-2
0
Current Account Balance (bn €) Tourist arrivals (in million), rhs
20
Ensuring Liquidity for Businesses and EU funding Support
Strong Credit rebound on the back of state guaranties
• Credit expansion to non-financial corporations (NFCs) – already in a positive territory
from Dec. 2018 - has skyrocketed from March 2020 onwards, supported by the
government interventions aiming to provide liquidity to the private corporations and
SMEs through the leverage by the banking sector. On the contrary, credit to
individuals continues to contract.
• Deposit inflows from the private sector to the banking system reached EUR 10.3 bn
in the first nine months of 2020, significantly higher compared to the same period in
2019 (EUR 4.75 bn), underpinned by the government revenue-side interventions,
the higher household forced and precautionary savings and the liquidity support to
businesses.
• Greece is expected to enjoy large spillover effects from the NG-EU, which is of great
importance for the recovery through the timely execution of the EU financing support
programmes.Source: Eurostat, European Commission, Autumn 2020 Economic Forecast
Narrowing the Gap between Credit and Deposits
Source: Bank of GreeceSource: Bank of Greece
Greece among the top recipients of the RRF grants
*Growth rates are derived from the differences in outstanding amounts taking into account for loan write-offs, exchange
rate valuations and reclassifications
-4
-2
0
2
4
6
8
10
Jan
-17
Ma
r-1
7
Ma
y-1
7
Jul-
17
Se
p-1
7
Nov-1
7
Jan
-18
Ma
r-1
8
Ma
y-1
8
Jul-
18
Se
p-1
8
Nov-1
8
Jan
-19
Ma
r-1
9
Ma
y-1
9
Jul-
19
Se
p-1
9
Nov-1
9
Jan
-20
Ma
r-2
0
Ma
y-2
0
Jul-
20
Se
p-2
0
Credit to non-financial corporations (NFCs)*
Credit to individuals and private non-profit institutions*
100110120130140150160170180190200
Jan
-17
Ma
r-1
7
Ma
y-1
7
Jul-
17
Se
p-1
7
Nov-1
7
Jan
-18
Ma
r-1
8
Ma
y-1
8
Jul-
18
Se
p-1
8
Nov-1
8
Jan
-19
Ma
r-1
9
Ma
y-1
9
Jul-
19
Se
p-1
9
Nov-1
9
Jan
-20
Ma
r-2
0
Ma
y-2
0
Jul-
20
Se
p-2
0
Credit Deposits
bn €
10.510.0 9.7
6.9 6.9 6.7 6.35.5 5.2
4.7 4.3 4.2 4.1 3.9 3.53.0
1.7 1.71.2 1.0 0.8 0.8 0.7 0.7 0.5 0.4 0.2
0
2
4
6
8
10
12
(% 2
020 G
DP
*)
RRF Grants (2021-2022 commitment) RRF Grants (2023 commitment)
*2020 estimation according to European Economic Forecast, Autumn 2020, 2018 prices
21
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
Pages
3
10
17
21
24
30
33
40
22
Alpha Bank endorses the
UNEP FI Principles for
Responsible Banking
First self-assessment
and disclosure
publication
Full implementation of
principles
Sept. 2019 Mar. 2021 Sep. 2023
2020 2022
Impact Analysis
Target Setting
Implementation of the Principles of Responsible Banking
▪ Alpha Bank actively participating in the global effort to build
a sustainable future for the economy and the planet, signed
the six Principles for Responsible Banking (PRB).
▪ For this effort, Alpha Bank has created a four-year plan
and has set targets for the implementation of the Principles
of Responsible Banking
▪ Alpha Asset Management A.E.D.A.K. was included, in December 2018, in the Principles for Responsible Investment, the leading
network for the promotion of responsible investments
United Nations Sustainable Development Goals with significant contribution from Alpha Bank
ESG - Responsible Banking
23
Alpha Bank demonstrates a positive trend in ESG scores and evaluations by international analysts throughout the years as result of actions and measures taken
regarding ESG issues based on international best practices.
2015 2016 2017 2018 2019 2020
MSCI ESG Rating
(scale CCC-AAA)B B BB BBB A Α Α
FTSE4Good Emerging Index 🗸 🗸 🗸 🗸🗸
ISS ESG Quality Score
(score 1-10, 1 indicates lower risk and better
disclosure)
Environment: 2
Social: 2
Governance: 8
November 2018
Environment: 1
Social: 2
Governance: 9
October 2019
Environment: 1
Social: 2
Governance: 4
October 2020
Vigeo Eiris Best Emerging Market Performers 🗸
Climate Change CDP Awareness/C Management/B- Awareness/C
Bloomberg Gender Equality Index🗸
(Index 2019)
🗸
(Index 2020)
Inclusion in Indices & ESG AnalyticsMemberships in Associations & Organisations
Alpha Bank Assessment based on Environmental, Social and Governance (ESG) Criteria
24
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
Pages
3
10
17
21
24
30
33
40
25
Gross organic NPE formation in Greece per segment
Note: Gross formation including curings, repayments, liquidations and debt forgiveness
Gross formation (Organic) - WholesaleEUR mn
(51)(11)
(40)
34 50
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Gross formation (Organic) - SBLEUR mn
Gross formation (Organic) - RetailEUR mn
(208)
(476)
(339)
(124)(94)
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
(104)
(223)(132)
(36) (0)
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Gross formation (Organic) - MortgagesEUR mn
(70)(139) (141)
(64) (65)
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Gross formation (Organic) - ConsumerEUR mn
(11)(34)
(114)(67) (28)
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
26
Auctions and repossession activity evolution
Auctioned properties (Conducted) per quarter 9M 20 successfully auctioned properties: Breakdown by
highest bidder
REO portfolio evolution (entries/ exits) – GreeceEUR mn
27%
73%
3rd parties
Alpha Bank
Q3 2019
40%42%
Q1 2019 Q2 2019 Q2 2020Q4 2019 Q3 2020
41%40%
0%31%
Q1 2020
36%
789
525
775
1.782
412
0
374
unsuccessful % of successful over conducted auctions
No conducted
auctions in Q2
due to Covid-19
REO Portfolio
30.9.20
-24-110
REO Portfolio
31.12.18
122
Acquisitions Sales REO Portfolio
31.12.19
22
Acquisitions Sales
€0.7bn€0.8bn €0.8bn
REO portfolio
4,2k properties
of €0.82bn value
Conducted auctioned property volumes impacted by notaries’ abstention and Covid-19
73% of successfully auctioned properties have been acquired by Alpha
For 2020 so far, disposed assets included larger tickets as well as granular sales
In Cyprus & SEE, the Bank has already concluded asset sales of circa €20mn
Until the end of the year the Bank is aiming to enter into sale agreements, amongst
others, for:
The sale of large properties on a portfolio or individual basis in Greece
Additional sales in Cyprus & SEE aiming to further reduce its REO portfolio
27
Detailed overview of Alpha Bank’s asset quality by portfolio – Greece
(€ bn) Wholesale SBL Mortgages Consumer Total
Gross loans 18.6 4.9 14.0 5.0 42.5
(-) Accumulated Provisions (2.8) (1.6) (1.9) (1.7) (8.0)
Net loans 15.8 3.3 12.1 3.3 34.5
NPLs 2.9 2.7 4.7 2.1 12.5
NPL ratio 15.8% 55.8% 33.7% 42.5% 29.4%
NPEs 5.2 3.4 6.9 2.9 18.3
NPE ratio 27.8% 68.4% 49.4% 57.2% 43.1%
NPL collateral 1.6 1.2 3.4 0.5 6.8
NPE collateral 3.1 1.6 5.3 0.6 10.6
Coverage ratio
NPLs 2.9 2.7 4.7 2.1 12.5
(+) Forborne NPLs < 90 dpds 1.9 0.6 2.1 0.7 5.4
(+) Unlikely to pay 0.3 0.0 0.1 0.0 0.4
NPEs 5.2 3.4 6.9 2.9 18.3
Forborne NPLs >90dpd 1.4 0.7 2.2 1.6 5.9
Forborne NPLs <90dpd 1.9 0.6 2.1 0.7 5.4
Performing forborne 0.3 0.7 2.3 0.5 3.8
Total forborne 3.6 2.1 6.6 2.8 15.1
95% 54% 57% 47% 39% 27%
82% 61% 64% 43%
56%
60% 45% 48% 73% 77% 22%
22% 54%
58%
151%
114% 102% 94%
113% 104% 104% 83%
118% 102%
NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE
Collateral
Cash
28
Detailed overview of Alpha Bank’s asset quality by portfolio – Group
(€ bn) Wholesale SBL Mortgages Consumer Total
Gross loans 21.6 5.0 17.1 5.5 49.1
(-) Accumulated Provisions (3.4) (1.6) (2.6) (1.9) (9.4)
Net loans 18.2 3.4 14.5 3.7 39.7
NPLs 3.7 2.8 5.9 2.3 14.7
NPL ratio 17.1% 55.9% 34.8% 41.8% 30.0%
NPEs 6.3 3.4 8.3 3.1 21.0
NPE ratio 29.2% 68.4% 48.4% 55.8% 42.8%
NPL collateral 2.0 1.2 3.9 0.5 7.8
NPE collateral 3.7 1.6 5.9 0.7 12.0
Coverage ratio
NPLs 3.7 2.8 5.9 2.3 14.7
(+) Forborne NPLs < 90 dpds 2.2 0.6 2.3 0.8 5.9
(+) Unlikely to pay 0.4 0.0 0.1 0.0 0.4
NPEs 6.3 3.4 8.3 3.1 21.0
Forborne NPLs >90dpd 1.6 0.7 2.9 1.7 6.9
Forborne NPLs <90dpd 2.2 0.6 2.3 0.8 5.9
Performing forborne 0.3 0.7 2.4 0.5 3.9
Total forborne 4.2 2.1 7.6 2.9 16.8
92% 54% 57% 47% 44% 31%
80% 60% 64% 45%
55%
59% 45% 47% 66% 72% 23%
23% 53%
57%
148%
113% 102% 94%
110% 103% 104% 83%
117% 102%
NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE
Collateral
Cash
29
Successful track record of NPE transactions; NPE loan disposals of c.€4.5bn on-balance sheet GBV corresponding to total claims of c.€8bn
“Corporate Loan Sale”
Size
€82mn Q4 2017 Syndicated non-performing corporate loan
Completion Transaction details
“Project Venus” c. €0.9bn Q1 2018Portfolio of non-performing unsecured consumer and small
business loans
“Project Mars”
€264mn Q2 2018Significant contribution in international assets deleveraging
“Project Jupiter” c. €1.0bn Q4 2018 SMEs loan portfolio secured with real estate assets
“Project Mercury” c. €1.1bn Q4 2018Portfolio of non-performing unsecured consumer and small
business loans
“Project Neptune”c. €1.1bn Q3 2020 SMEs loan portfolio secured with real estate assets
€22mn Q3 2017
“Corporate
Portfolio”
“Retail
Portfolio”
Positive financial impact and capital ratio accretive
transaction for the Group
30
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
Pages
3
10
17
21
24
30
33
40
31
0.8
Sep-20
(phased-in)
0.3
3.1
1.0
3.1
Sep-20
(fully loaded)
4.33.9
Group RWAs and Regulatory Capital
Group Risk Weighted AssetsEUR bn
(€0.2bn)
0.1
3.6 3.61.5
Jun-20
41.2
(0.3)
Credit Market
40.9
46.3
1.6
Sep-20
46.1
MarketCredit Operational
Credit Risk Weights per portfolio
60%
104%
73%
Performing Net NPE Total Loan PortfolioRWA Density
DTA & Tax Credit with CET1 CapitalEUR bn
DTA 250%
RWf
DTC 100%
RWf
CET1 7.9 6.6
IFRS9
DTC
Other DTA
IFRS 9 and B3 DTA amortisation
Amortisation 2020 2021 2022 2023 2024
IFRS 9 -239 -319 -398 -398
DTA Basel 3 -39 -39 -39 -39 -39
EUR mn
32
Regulatory Capital and Capital Requirements
EUR mn
8,4157,834 7,909 7,912
8,438
(581)
(993)
1,069 3 525
OrdinaryEquity
Intangibles Tangiblebookvalue
DTADeductionfrom CET1
Other CET1capital
Hybrids Tier 1 LowerTier II
TotalCAD
11.5% Tangible book value / Tangible Assets
Equity to regulatory capital bridge
2.5%
1.5%
4.5%
2.0%
3.0%
0.5%
2020 OCR
(pre)
4.5%
1.5%
3.0%
2.0%
2020 OCR
(post relief measures)
14.0%
11.0%
P2R
CCB
O-S II
AT1
Tier 2
Pillar 1
Composed by
CET 1 (1.7%)
AT1 (0.55%)
Tier 2 (0.75%)
Overall Capital Requirements
Composed
entirely by
CET 1
%
1| Excluding CCB 2.5% and OS-II buffer 0.5%
1
33
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
Pages
3
10
17
21
24
30
33
40
34
4.5
5.3
0.8
39.4
9.9
2.9
5.7
Jun-20
Balance sheet composition
Asset split
EUR bn
Liabilities and Equity splitEUR bn
68.6
Net
loans
PPE
DTA
Other
Securities
Cash
Due from Banks
Other (Incl. HFS) 3.7
8.4
1.5
25.8
15.0
2.2
11.9
Jun-20
Due to Banks
excl. ECB
40.9
ECB
Time
deposits
Core
deposits
Debt
securities
Equity
Other
68.6
17.1
24.8
4.2
5.3
0.8
39.8
10.5
2.8
5.1
Sep-20
68.6
Net
loans
PPE
DTA
Other
Securities
Cash
Due from Banks
Other (Incl. HFS) 3.8
8.5
1.4
27.3
14.4
1.3
11.9
Sep-20
Due to Banks
excl. ECB
41.7
ECB
Time
deposits
Core
deposits
Debt
securities
Equity
Other
68.6
35
Business Volumes
(€ mn) Sep 2020 Jun 2020 Mar 2020 Dec 2019 Sep 2019% Sep 2020/
Sep 2019
Group Gross Loans 49,148 48,756 49,095 48,731 49,147 0.0%
Mortgages 17,073 17,181 17,294 17,474 17,709 (3.6%)
Consumer Loans 4,208 4,207 4,218 4,258 4,327 (2.8%)
Credit Cards 1,309 1,297 1,310 1,415 1,351 (3.1%)
Small Business Loans 4,985 4,789 4,792 4,842 4,927 1.2%
Medium and Large Business Loans 21,574 21,281 21,482 20,741 20,832 3.6%
of which:
Greece 42,485 41,999 42,240 41,777 42,089 0.9%
Mortgages 13,955 14,049 14,144 14,333 14,540 (4.0%)
Consumer Loans 3,736 3,734 3,738 3,775 3,842 (2.8%)
Credit Cards 1,274 1,263 1,274 1,378 1,314 (3.0%)
Small Business Loans 4,920 4,724 4,726 4,776 4,859 1.3%
Medium and Large Business Loans 18,600 18,229 18,357 17,514 17,533 6.1%
of which: Shipping Loans 2,213 2,301 2,246 2,172 2,165 2.2%
Southeastern Europe 6,287 6,370 6,458 6,535 6,647 (5.4%)
Accumulated Provisions (9,437) (9,419) (9,422) (9,558) (9,800) (3.7%)
Group Net Loans 39,808 39,428 39,767 39,266 39,451 0.9%
Customer Assets 46,661 45,776 46,315 45,929 44,829 4.1%
of which:
Group Deposits 41,657 40,868 41,894 40,364 39,612 5.2%
Sight & Savings 27,288 25,845 24,826 23,362 22,841 19.5%
Time deposits & Alpha Bank Bonds 14,369 15,024 17,067 17,002 16,772 (14.3%)
Greece 35,804 34,991 36,081 34,450 33,682 6.3%
Sight & Savings 24,471 23,138 22,253 20,830 20,435 19.8%
Time deposits & Alpha Bank Bonds 11,333 11,852 13,829 13,620 13,246 (14.4%)
Southeastern Europe 5,267 5,290 5,202 5,266 5,214 1.0%
Money Market Mutual Funds 101 105 111 127 151 (33.1%)
Other Mutual Funds 1,530 1,485 1,313 1,789 1,659 (7.8%)
Private Banking 3,372 3,317 2,997 3,648 3,407 (1.0%)
36
Breakdown of loans portfolio – September 2020
Trade
13%
Agriculture
1%
Media &
Communication
1%
Energy
2%
Real Estate
4%
Tourism
5%
Construction
5%
Transportation
6%
Manufacturing
11%
Households
46%
Other
5%
€49.1bn
SBLs
10%Consumer loans
9%
Credit Cards
3%
Mortgages
35%
Wholesale loans
44%
Suezmax (Tankers)
10%
Product (Tankers)
12%
Passenger Vessels
4%
Handysize/Handymax (Bulk Carriers)
18%Capesize (Bulk Carriers)
11%
Panamax (Tankers)
3%
Panamax (Bulk Carriers)
21%
Afamax (Tankers)
3%
VLCC (Tankers)
4%
Containers
9%
LNG
5%
€49.1bn
€2.2bn
Total Group loans – per segmentEUR bn
Tankers
32%
Dry Bulk
50%
Group Loans portfolio structure EUR bn
Shipping loans portfolio structure
37
Revenue to be supported by increase in new financing of €4.2bn in 9M 2020 vs. € 2.5bn in 9M 2019
New disbursements – per categoryEUR mn
9M 2020 Business disbursements – per sector
Trade
20%
Agriculture
2%
Construction
4%Real Estate
5%
Other
7%
Transportation
18%
Energy
11%Manufacturing
18%
Tourism
11%
Entertainment
4%
Loan disbursements of €4.2bn in 9M 2020
94% to business, 6% to individuals
Business disbursements primarily towards sectors that drive the economy
such as transportation, manufacturing, trade and energy
Q1
19
Q2
19
Q3
19
9M
19
Q4
19
FY
19
Q1
20
Q2
20
Q3
20
9M
20
Individuals 48 70 75 193 119 312 64 84 87 235
Business 567 842 907 2,316 891 3,206 1,575 938 1,462 3,975
Total 615 911 982 2,509 1,010 3,518 1,639 1,022 1,549 4,210
38
Deposits flow per quarter
Alpha Bank deposits evolution in GreeceEUR bn
33.7 34.5 36.1 35.0 35.80.4
1.4 0.9 1.30.4
0.2
(2.0) (0.5)
Sep-19 Core Time Dec-19 Core Time Mar-20 Core Time Jun-20 Core Time Sep-20
Δ Time
Δ Core
33.7 34.5 36.1 35.0 35.80.4 1.2
(1.4)
0.70.4 0.4 0.3 0.1
Sep-19 Bus. Indiv. Dec-19 Bus. Indiv. Mar-20 Bus. Indiv. Jun-20 Bus. Indiv. Sep-20
Δ Individuals
Δ Business
Q4:
€0.8bn
Q1:
€1.6bn
Q2:
(€1.1bn)
Alpha Bank deposits evolution in GreeceEUR bn
Deposits breakdown – September 2020
Note: Business deposits include State deposits
Deposits breakdown – September 2020
Core68%
Time32%
Individuals71%
Business29%
Q3:
€0.8bn
39
Wealth management evolution
Asset Management balancesEUR mn
637 673 633 647
1,4201,548
1,278 1,300
6661
51 50
2,1232,282
1,962 1,997
Sep-19 Dec-19 Jun-20 Sep-20
Money Market Mutual Funds
Non Money Market Mutual Funds
Other AUM
Alpha Private Bank balancesEUR mn
341 437 486 525
2,918 2,934 2,779 2,764
1,164 1,167997 993
4,423 4,5394,262 4,282
Sep-19 Dec-19 Jun-20 Sep-20
Discretionary Advisory Execution Only
40
Alpha Bank
• 9M 2020 Highlights
• Financial Performance Analysis
• Macroeconomic Update
• Appendix
ESG
Asset Quality
Capital
Volumes
P&L
Pages
3
10
17
21
24
30
33
40
41
Net Interest Income
NII qoq evolutionEUR mn
Net Interest Income in Q3 2020 stood at €382 million, down by -2% q-o-q affected by
lower lending income, mainly due to the completion of the Neptune portfolio sale,
decreased average business loan balances and an adverse impact from market rates
on deposits which was partially offset by improved funding mix
5.1 4.3
NII
Q2 20
-9.5
Loans
-3.0
Deposits Funding Bonds
& Other
NII
Q3 20
Days effect
-5.9
390.7381.8
NII decompositionEUR mn
(50) (52) (48) (47) (51)(11) (10) (11) (8) (3)
397 399 390 391 386
47 50 51 54 49
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Bonds & other Loans Funding Deposits
383 387 381 391
- €9mn
382
42
Net Fee and Commission income
Net Fee & Commission Income evolution yoyEUR mn
Net Fee & Commission Income evolution qoqEUR mn
Net commission Income in Q3 20 at €85mn, up by €7mn or 10% qoq, mainly
attributed to increased performance of card business and higher volume of bond
loan’s issuances
In 9M 2020, net fee and commission income amounted to €25mn, a yearly
increase of 2%, supported by higher revenues from cards, increased fee
generation from asset management as well as on the back of an increased
contribution of investment banking, brokerage and bancassurance
+2%
43
2 2 3 2
48
9M 20Other
Commercial
Banking
IB &
Brokerage
Bancassurance
& Private
Banking
Loans Asset
Mgmt
195
8
Cards9M 19
(4)6
198
247
(1)
252
Commercial BankingAsset Gathering
& Bancassurance IB & Brokerage
15
63 2
15
Asset
Mgmt
60
IB &
Brokerage
2
Q2 20 Cards Loans Other
Commercial
Banking
77
Bancassurance
& Private
Banking
68
2
Q3 20
(1) (1) 0
85
+10%
43
Loan and deposit spreads
Net loan balances & spreadsEUR bn
Deposit mix & cost evolutionEUR bn, bps
Lending spreads (Greece and SEE) Deposit spreads (Greece and SEE)bps bps
End of
quarter
balances
39.5 39.3 39.8 39.4 39.8
402 402 400395 392
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Net Loans Group loans spread
35%
65%
% Total
862 854 855 858 845
579 588 568 568 571
422 417 416 422 417
398 397 393 386 380
251 251 251 250 249
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Consumer Credit
Small BusinessLoans
SEE
Large Corporates
Mortgages
22.8 23.4 24.8 25.8 27.3
16.8 17.0 17.1 15.0 14.4
39.6 40.4 41.9 40.9 41.7
(49) (50) (47) (45) (47)
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Core deposits Time deposits Group deposits spread
(9)(9) (7)
(15)(19)
(39)(45) (45) (45)
(51)
(78)(73)
(64)(56) (52)
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
SE Europe
Sight andSavings
TimeDeposits
44
Recurring Operating Expenses
Recurring OPEX evolution qoqEUR mn
Recurring operating expenses for the Group continued to decline, down by 3% y-o-y or
€23mn to €768mn, as a result of reduced General expenses and lower Staff Costs
9M 20 Staff Costs’ reduction of €20mn, mainly reflecting the impact from the Bank’s
headcount reduction due to the Voluntary Separation Scheme (VSS) implemented in our
operations in Greece during 2019
9M 20 General Expenses decrease of €12mn is attributed to lower NPL remedial
management costs as well as cost-containment initiatives in marketing expenses
9M 20 D&A increase of €8mn is mostly attributable to intangible assets capitalized expenses
in 9M 20 amounting to €91mn
Recurring OPEX evolution yoyEUR mn
(€23mn)
-3%
108 116
107
8 1 1
108
38 39
Q2 20 General
expenses
Staff costs D&A Q3 20
253 264
€10mn
+4%
343 331
341
8
322
107 115
Staff
costs
General
expenses
9M 19
768
(12) (20)
D&A 9M 20
General
expenses
Staff costs
Depreciation
& amortization
791
Depreciation
& amortization
General
expenses
Staff costs
Recurring operating expenses increase is due to low base of
G&A in Q2 due to the lockdown
1 | Cepal’s consolidation impacted Recurring expenses by €2.6mn
11
45
Operating Expenses
Recurring OPEX evolution
Employees Branches
EUR mnEUR mn 9M 19 9M 20 yoy %
Staff costs (341.4) (321.7) (5.8%)
General Administrative
expenses(342.5) (330.9) (3.4%)
Depreciation and
amortisation(107.2) (115.1) 7.4%
Recurring OPEX (791.2) (767.7) (3.0%)
Extraordinary costs (32.4) (20.6) …
Total OPEX (823.6) (788.4) (4.3%)
112 117 107 107 108
118 130106 108 116
3537
38 38 39
265284
251 253 264
Q3 19 Q4 19 Q1 20 Q2 20 Q3 20
Depreciation &amortisation
Generaladministrativeexpenses
Staff costs
13,856
11,863 11,72711,314 11,251
10,530 10,511 10,509 10,481
Dec-15 Dec-16 Dec-17 Dec-18 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20
FYROM
-240
VSS Cy
-249
Greece 9,687 8,888 8,667 8,147 8,080 7,354 7,330 7,321 7,296
Serbia
-836
Hilton
-323
VSS Gr
-523897
721670
629 600 580 556 549 534
Dec-15 Dec-16 Dec-17 Dec-18 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20
Bulg
-83
FYROM
-18
Serbia
-67
Greece2 626 533 483 443 414 394 369 361 347
1 | Cepal’s consolidation impacted Recurring expenses by €2.6mn
2 | Includes corporate and private banking centers. 3| including sabbaticals
1
VSS Gr
-836
3
46
SEE Operations
1| Country View. 2| Excluding €4.4mn of one-off expenses related to NPE management costs in Cyprus
EUR mn Δ% Δ% Δ% Δ%
Sep-20 Cyprus yoy Romania yoy Albania yoy Total SEE yoy
Deposits 2,145 (3.1%) 2,612 5.4% 510 (2.3%) 5,267 1.0%
Gross Loans 3,354 (9.6%) 2,654 0.6% 279 (6.9%) 6,287 (5.4%)
Mortgages 1,801 (6.2%) 1,219 5.6% 75 4.6% 3,094 (1.6%)
Consumer Credit 234 (2.3%) 228 (4.9%) 38 10.4% 499 (2.7%)
Businesses 1,320 (14.9%) 1,208 (3.0%) 166 (14.3%) 2,694 (9.9%)
NPE ratio 74.7% 6.6% 17.1%
NPE Cash coverage 53% 80% 39%
NPE Total coverage 99% 141% 131%
NPL ratio 61.9% 3.7% 12.4%
NPL Cash coverage 64% 142% 54%
NPL Total coverage 107% 204% 143%
Total Operating Income 73.4 (5.9%) 102.5 (1.7%) 14.1 (6.3%) 190.0 (3.7%)
Operating Expenses (pre O/H allocation)2 (56.0) 11.1% (77.4) (2.9%) (13.4) 11.6% (146.8) 3.3%
Impairment Losses (54.9) 0.7% 0.5 … (0.4) (85.2%) (54.8) (22.8%)
Profit Before Tax (pre O/H allocation) (37.5) 39.7% 25.5 … 0.4 (37.2%) (11.5) (25.9%)
Branches 22 130 34 186 1
Employees 702 1,985 420 3,107 13
1
47
Alpha Bank Group
(€ mn) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019qoq%
change
yoy %
change
Net interest income 381.8 390.7 381.2 387.1 383.2 (2.3%) (0.4%)
Net fee and commission income 84.8 77.5 89.2 93.1 95.6 9.5% (11.2%)
Income from financial operations 41.9 128.6 85.7 121.1 79.9 … …
Other Income 7.0 2.6 9.9 6.0 6.5 … …
Operating Income 515.5 599.3 566.0 607.4 565.1 (14.0%) (8.8%)
Staff costs (108.0) (106.7) (107.0) (116.7) (112.2) 1.2% (3.7%)
General administrative expenses (116.4) (108.4) (106.1) (130.2) (117.8) 7.4% (1.2%)
Depreciation and amortization (39.2) (38.4) (37.5) (37.3) (35.3) 2.3% 11.0%
Recurring Operating expenses (263.6) (253.5) (250.6) (284.2) (265.3) 4.0% 0.6%
Extraordinary costs (5.0) (7.4) (8.3) (66.9) (14.6) … …
Total Operating expenses (268.6) (260.8) (259.0) (351.1) (280.0) 3.0% (4.1%)
Impairment losses on loans (168.6) (260.6) (307.4) (244.8) (261.5) … …
Other impairment losses (2.0) (3.7) (9.0) (6.1) (3.0) … …
Profit / (Loss) before income tax 76.4 74.2 (9.4) 5.4 20.6 … …
Income Tax (32.5) 23.4 (1.5) 0.1 (15.9) … …
Profit / (Loss) after income tax from continuing
operations43.9 97.5 (10.9) 5.6 4.7 … …
Profit / (Loss) attributable to shareholders 43.8 97.5 (10.9) 5.4 4.8 … …
Net interest Margin (NIM) 2.2% 2.3% 2.3% 2.5% 2.4%
48
Group Results by Business Unit
(€ mn)
RetailCommercial &
CorporateSE Europe
Investment
Banking &
Treasury
Asset
ManagementOther Group
Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Operating Income 578.6 603.3 461.0 482.2 190.0 199.0 389.7 350.3 45.9 51.0 15.7 16.9 1,680.9 1,702.8
Net Interest Income 486.8 514.3 388.3 390.2 151.6 157.5 115.2 87.2 11.0 9.9 0.7 1.1 1,153.6 1,160.1
Net fee and Commission Income 82.8 83.9 79.2 93.1 25.5 23.1 27.0 13.5 37.1 33.5 (0.1) (0.2) 251.5 247.0
Trading & Other 9.0 5.2 (6.5) (1.0) 12.9 18.4 247.5 249.6 (2.2) 7.6 15.1 16.0 275.7 295.7
Operating Expenses (415.1) (445.2) (122.0) (133.3) (163.9) (152.7) (22.4) (20.8) (27.3) (26.0) (37.7) (45.6) (788.4) (823.6)
Staff Costs (166.7) (188.0) (54.7) (60.5) (70.6) (68.7) (9.5) (9.2) (14.9) (14.0) (5.4) (1.7) (321.8) (341.9)
General Administrative Expenses (187.1) (201.1) (45.1) (51.8) (74.6) (65.8) (10.1) (9.4) (9.3) (9.0) (25.3) (37.4) (351.5) (374.5)
Depreciation & Amortisation (61.3) (56.2) (22.2) (21.0) (18.8) (18.2) (2.8) (2.2) (3.1) (3.1) (6.9) (6.5) (115.1) (107.2)
Pre Provision Income (PPI) 163.5 158.1 339.0 348.9 26.1 46.3 367.2 329.5 18.6 25.0 (21.9) (28.6) 892.5 879.2
Impairment Losses on Loans (416.5) (435.9) (263.4) (241.7) (54.3) (71.4) (2.2) (1.1) (0.3) 0.1 0.0 0.0 (736.6) (750.0)
Other Impairment Losses 0.0 0.0 0.0 0.0 (0.5) 0.4 (13.4) 9.5 (0.8) 0.6 0.0 0.0 (14.7) 10.5
Profit / (Loss) before tax (253.0) (277.8) 75.6 107.2 (28.7) (24.6) 351.7 338.0 17.5 25.6 (21.9) (28.6) 141.2 139.7
49
Results: Retail Business Unit
(€ mn) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019
Operating Income 195.4 193.6 189.6 198.7 203.0
Net Interest Income 159.0 164.8 163.0 164.7 164.8
Net fee and Commission Income 31.5 27.3 24.0 32.2 35.9
Trading & Other 4.9 1.5 2.6 1.7 2.3
Operating Expenses (141.7) (138.6) (134.7) (150.1) (145.7)
Staff Costs (55.5) (56.3) (54.9) (61.9) (61.5)
General Administrative Expenses (65.3) (62.0) (59.8) (69.2) (65.6)
Depreciation and Amortisation (21.0) (20.3) (20.0) (19.0) (18.6)
Impairment losses on Loans (136.5) (125.6) (154.4) (123.7) (113.9)
Other Impairment Losses
Profit / (Loss) before tax (82.9) (70.6) (99.5) (75.1) (56.7)
RWA e 17,614 17,869 18,295 18,603 18,354
50
Results: Commercial & Corporate Business Unit
(€ mn) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019
Operating Income 149.4 158.4 153.2 119.6 166.0
Net Interest Income 127.4 133.5 127.4 129.2 128.7
Net fee and Commission Income 28.0 24.1 27.1 32.4 35.0
Trading & Other (6.0) 0.8 (1.3) (42.0) 2.2
Operating Expenses (42.5) (40.5) (39.0) (44.9) (42.0)
Staff Costs (18.7) (18.0) (18.0) (21.2) (19.7)
General Administrative Expenses (15.9) (15.3) (13.9) (16.6) (16.6)
Depreciation and Amortisation (7.9) (7.1) (7.1) (7.2) (5.7)
Impairment losses on Loans (39.9) (113.5) (109.9) (81.1) (121.7)
Other Impairment Losses - - - - -
Profit / (Loss) before tax 67.0 4.4 4.3 (6.4) 2.3
RWA e 15,177 16,257 16,349 16,245 16,831
51
Results: Asset Management Business Unit
(€ mn) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019
Operating Income 11.9 14.0 20.0 19.5 18.1
Net Interest Income 3.7 4.1 3.2 3.9 3.6
Net fee and Commission Income 12.0 10.2 14.9 14.5 12.5
Trading & Other (3.8) (0.2) 1.9 1.1 2.0
Operating Expenses (9.9) (8.4) (9.0) (9.3) (9.0)
Staff Costs (5.6) (4.5) (4.7) (5.0) (4.8)
General Administrative Expenses (3.2) (2.9) (3.2) (3.3) (3.0)
Depreciation and Amortisation (1.0) (1.1) (1.1) (1.1) (1.3)
Impairment losses on Loans (0.3) (0.0) 0.0 (0.1) 0.1
Other Impairment Losses (0.5) (0.0) (0.3) (0.1) (0.9)
Profit / (Loss) before tax 1.3 5.5 10.7 10.0 8.2
RWA e 338 347 362 362 362
52
Results: Investment Banking & Treasury Business Unit
(€ mn) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019
Operating Income 77.8 174.1 137.7 196.5 96.5
Net Interest Income 40.9 38.9 35.3 35.1 33.1
Net fee and Commission Income 4.6 7.9 14.5 5.3 4.5
Trading & Other 32.3 127.3 87.9 156.1 58.9
Operating Expenses (8.1) (7.1) (7.2) (7.9) (5.7)
Staff Costs (3.5) (3.0) (3.0) (3.6) (3.0)
General Administrative Expenses (3.5) (3.2) (3.4) (3.4) (2.4)
Depreciation and Amortisation (1.1) (0.9) (0.9) (0.9) (0.3)
Impairment losses on Loans (1.9) 1.8 (2.0) 3.5 (3.0)
Other Impairment Losses (1.5) (3.6) (8.3) (5.9) (2.2)
Profit / (Loss) before tax 66.3 165.2 120.2 186.2 85.5
RWA e 5,911 5,792 5,724 5,389 4,966
53
Results: SE Europe Business Unit
(€ mn) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019
Operating Income 63.9 60.7 65.4 66.6 67.2
Net Interest Income 50.3 49.3 52.0 52.9 53.7
Net fee and Commission Income 8.8 8.0 8.7 8.6 8.0
Trading & Other 4.7 3.5 4.7 5.1 5.5
Operating Expenses (52.7) (51.8) (59.4) (59.7) (53.0)
Staff Costs (23.2) (23.0) (24.4) (24.6) (24.2)
General Administrative Expenses (23.6) (22.3) (28.7) (29.0) (22.8)
Depreciation and Amortisation (5.9) (6.5) (6.3) (6.1) (6.1)
Impairment losses on Loans 10.1 (23.3) (41.1) (43.4) (22.9)
Other Impairment Losses (0.0) (0.1) (0.3) (0.0) 0.1
Profit / (Loss) before tax 21.3 (14.5) (35.5) (36.5) (8.7)
RWA e 4,287 4,361 4,661 4,719 4,760
54
Results: Other Business Unit
(€ mn) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019
Operating Income 17.2 (1.6) 0.2 6.5 14.4
Net Interest Income 0.3 0.2 0.2 1.3 (0.8)
Net fee and Commission Income (0.0) (0.1) (0.0) (0.0) (0.2)
Trading & Other 16.9 (1.7) (0.0) 5.2 15.4
Operating Expenses (13.7) (14.4) (9.6) (79.2) (24.5)
Staff Costs (1.5) (1.8) (2.2) (1.8) 0.9
General Administrative Expenses (9.8) (10.1) (5.3) (24.7) (22.0)
Depreciation and Amortisation (2.4) (2.5) (2.1) (3.1) (3.4)
Expenses for VSS (49.6)
Impairment losses on Loans - - - - -
Other Impairment Losses - - - - -
Profit / (Loss) before tax 3.5 (15.9) (9.5) (72.8) (10.1)
RWA e 2,826 2,327 2,165 2,482 2,572
55
Glossary (1/2)
APM Definitions Relevance of the metric Reference number Abbreviation
Accumulated Provisions and FV
adjustments
The item corresponds to (i) "the total amount of provision for credit risk that the Group has recognized and derive from contracts with
customers", as disclosed in the Consolidated Financial Statements of the reported period and (ii) the Fair Value Adjustments.
Standard banking
terminology1 LLR
Impairment losses on loansThe figure equals "Impairment losses and provisions to cover credit risk on loans and advances to customers" as derived from the
Consolidated Financial Statements of the reported period
Standard banking
terminology10 LLP
"Income from financial operations" or
"Trading Income"
The figure is calculated as "Gains less losses on derecognition of financial assets measured at amortised cost" plus "Gains less losses on
financial transactions and impairments on Group companies" as derived from the Consolidated Income Statement of the reported period.
Standard banking
terminology3
Core Operating Income
Operating Income less Income from financial operations less management adjustments on operating income for the corresponding period.
Management adjustments are: Euro -9.7 million related to Goodwill impairment of an associated company in Q1 19 and Euro 13.0 million
related to Insurance company compensation in Q4 18.
Profitability metric 5=4-3
Core Pre-Provision Income Core Operating Income for the period less Recurring Operating Expenses for the period. Profitability metric 5-7 Core PPI
Cost of RiskImpairment losses on loans for the period divided by the average Net Loans of the relevant period. Average balances is defined as the
arithmetic average of balance at the end of the period and at the end of the previous period.Asset quality metric 10/9 (avg) CoR
Deposits The figure equals "Due to customers" as derived from the Consolidated Balance Sheet of the reported period.Standard banking
terminology8
Extraordinary costs The figure equals the management adjustments on operating expenses.Standard banking
terminology
Fair Value adjustmentsThe item corresponds to the accumulated Fair Value adjustments for non-performing exposures measured at Fair Value Through P&L
(FVTPL).
Standard banking
terminologyFV adj.
Fully-Loaded Common Equity Tier 1 ratioCommon Equity Tier 1 regulatory capital as defined by Regulation No 575/2013 (Full implementation of Basel 3), divided by total Risk
Weighted Assets (RWAs)
Regulatory metric of capital
strengthFL CET 1 ratio
Gross Loans
The item corresponds to "Loans and advances to customers", as reported in the Consolidated Balance Sheet of the reported period, gross
of the "Accumulated Provisions and FV adjustments", excluding the accumulated provision for impairment losses on off balance sheet
items, as disclosed in the Consolidated Financial Statements of the reported period.
Standard banking
terminology2
Loan to Deposit ratio Net Loans divided by Deposits at the end of the reported period. Liquidity metric 9/8 LDR or L/D ratio
Net Interest Margin Net Interest Income for the period (annualised) and divided by the average Total Assets of the relevant period. Average balances is
defined as the arithmetic average of balance at the end of the period and at the end of the previous period.Profitability metric NIM
Net Loans The figure equals "Loans and advances to customers" as derived from the Consolidated Balance Sheet of the reported period.Standard banking
terminology9
Non Performing Exposures Collateral
Coverage Value of the NPE collateral divided by NPΕs at the end of the reference period. Asset quality metric 13
NPE collateral
Coverage
Non Performing Exposure Coverage Accumulated Provisions and FV adjustments divided by NPEs at the end of the reference period. Asset quality metric 14=1/12NPE (cash)
coverage
Non Performing Exposure ratio NPEs divided by Gross Loans at the end of the reference period. Asset quality metric 12/2 NPE ratio
56
Glossary (2/2)
APM DefinitionsRelevance of the
metric
Reference
numberAbbreviation
Non Performing Exposure Total
Coverage
Accumulated Provisions and FV adjustment plus the value of the NPE collateral divided by NPEs at the end of the reported period. NPE Total coverage equals the
sum of NPE coverage and NPE collateral coverage.Asset quality metric 13+14
NPE Total
coverage
Non Performing Exposures
Non-performing exposures are defined according to "EBA ITS on forbearance and Non Performing 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.
Asset quality metric 12 NPEs
Non Performing Loan Collateral
Coverage Value of collateral received for Non Performing Loans divided by NPLs at the end of the reference period. Asset quality metric 16
NPL collateral
Coverage
Non Performing Loan Coverage Accumulated Provisions and FV adjustments divided by NPLs at the end of the reference period. Asset quality metric 17=1/15NPL (cash)
Coverage
Non Performing Loan ratio NPLs divided by Gross Loans at the end of the reference period. Asset quality metric 15/2 NPL ratio
Non Performing Loan Total
Coverage
Accumulated Provisions and FV adjustments plus the value of the NPL collateral divided by NPLs at the end of the reference period. NPL Total coverage equals the
sum of NPL coverage and NPL collateral coverage.Asset quality metric 16+17
NPL Total
Coverage
Non Performing Loans Non Performing Loans are Gross loans that are more than 90 days past-due. Asset quality metric 15 NPLs
Operating Income The figure is calculated as "Total Income" plus "Share of profit/(loss) of associates and joint ventures" as derived from the Consolidated Income Statement of the
reported period, taking into account the impact from any potential restatement as described in Note 32 of the Consolidated Financial Statements.
Standard banking
terminology4
Other impairment losses The figure equals "Impairment losses on other financial instruments" as derived for the Consolidated Financial Statements of the reported period.Standard banking
terminology
Other IncomeThis item corresponds to the sum of "Dividend income", "Other income" and "Share of profit/(loss) of associates and joint ventures", as defined in the Consolidated
Balance Sheet of the reported period.
Standard banking
terminology
Pre-Provision Income Operating Income for the period less Total Operating Expenses for the period Profitability metric 4-6 PPI
Recurring Cost to Income ratio Recurring Operating Expenses for the period divided by Core Operating Income for the period. Efficiency metric 7/5 C/I ratio
Recurring Operating Expenses
Total Operating Expenses less management adjustments on operating expenses. Management adjustments on operating expenses 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, and
are quoted in the appendix of the Financial Report.
Efficiency metric 7 Recurring OPEX
Securities This item corresponds to the sum of "Investment securities" and "Trading securities", as defined in the Consolidated Balance Sheet of the reported period.Standard banking
terminology
Shareholders' Equity This item corresponds to "Equity attributable to equity owners of the Bank", as defined in the Consolidated Balance Sheet of the reported period.Standard banking
terminology
Tangible Book Value (or
Tangible Equity)
TBV (or TE) is the sum of "Total Equity" less "Goodwill and other intangible assets", less "Non-controlling interests" and less "hybrid securities", as defined in the
Consolidated Balance sheet at the reported period.
Standard banking
terminologyTBV or TE
Tangible Book Value (or
Tangible Equity) per share Tangible Book Value (or Tangible Equity) divided by the outstanding number of shares. Valuation metric TBV/share
Total AssetsThe figure equals "Total Assets" as derived from the Consolidated Balance Sheet of the reported period taking into account the impact from any potential
restatement, as described in Note 32 of the Consolidated Financial Statements.
Standard banking
terminology11 TA
Total Operating Expenses The figure equals "Total expenses before impairment losses and provisions to cover credit risk" as derived from the Consolidated Income Statement of the reported
period taking into account the impact from any potential restatement, as described in Note 32 of the Consolidated Financial Statements.
Standard banking
terminology6 Total OPEX
57
Alpha Bank Contacts
General Manager – CFO
Internet : www.alpha.gr
Reuters : ACBr.AT (shares)
Bloomberg : ALPHA GA (shares)
Alpha Bank Depository Receipts (ADRs)
Reuters : ALBKY.PK
Bloomberg : ALBKY US
Lazaros Papagaryfallou
+30 210 326 2261
Manager
Investor Relations Division
Dimitrios Kostopoulos
+30 210 326 2271
Deputy Manager
Investor Relations Division
Elena Katopodi
+30 210 326 2272
Senior
Investor Relations Officer
Stella Traka
+30 210 326 2274
Investor Relations Division
+30 210 326 2271
+30 210 326 2273
+30 210 326 2277
40 Stadiou Street,
102 52, Athens