1. No category

9M 2014 Results
Top Comprehensive
Assessment Performance
Consolidating Recovery
November 4, 2014
Table of Contents
Pages
I.
9M 2014 Results Highlights
3
II.
ECB Comprehensive Assessment
19
III.
Citibank Acquisition Update
25
IV.
Appendix
28
1.
Financial Results Overview
29
2.
International Operations
34
3.
Macroeconomic Overview
40
4.
Financials
45
This presentation contains forward-looking statements, which include comments with respect to our objectives and strategies, and the results of our operations and our business,
considering environment and risk conditions.
However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these
statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future Group
results to differ materially from these targets.
Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates, exchange rates and stock indices, the effects of competition in the areas in
which we operate, and changes in economic, political, regulatory and technological conditions. We caution that the foregoing list is not exhaustive.
When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events.
2013 Results
Results
FY 2013
9M
2014
Results
2
I. 9M 2014 Results Highlights
2013 Results
Results
FY 2013
9M
2014
Results
3
Key Highlights
 Comfortable capital buffers in both Baseline and Adverse scenarios of up to €3bn¹
Superior Comprehensive
Assessment outcome
 Pro-forma headline ratios positioning Alpha Bank amongst the top of the largest European listed banks
including Baseline capital position of 13.8% as of December 2016
 The lowest AQR adjustment among Greek banks of 1.8% on December 2013 CET1
Recent trends confirming
ongoing economic
recovery
 Real GDP growth in Greece expected at 2.9% in 2015
 Recovery expected already from 2014; employment showing encouraging trends
 Twin surpluses are expected to expand in 2014, reaching +2.0% and +1.8% for primary balances and
current account surpluses, respectively
 Tourism forecast receipts north of €13bn in 2014, up by c.10% yoy
 Continued improvement in PPI, with Q3 Core PPI of €282mn, an increase of 31% yoy
Continued improvement in
financial performance
 Strong delivery of our cost cutting program has front-loaded savings targeted in 2013
 Successful completion of Voluntary Separation Scheme (VSS) yielding €120mn fully phased in savings
 Strong CET1 fully loaded Basel III ratio of 14.9% as of September 2014 strengthened by the impact of
DTC legislation
 Citibank retail business acquisition completed and consolidated on September 30, 2014
Citibank retail business
consolidation supporting
top line and liquidity
 Fee and commission income to support revenues from Q4 2014 onwards
 Expected net income contribution of €50mn in 2016 on the back of cost and revenue synergies
 Loan to deposit ratio for Group and Greece of 115% and 110% respectively
2013 Results
Results
FY 2013
9M
2014
Results
¹ Static Baseline capital buffer
4
Recovery Prospects Are Further Strengthened
Solid signals of improving macroeconomic fundamentals
The Greek Shoots Of Recovery !
Real GDP growth
2.0%
-3.3%
2013
-1.1%
-0.3%
Q1 2014
Q2 2014
2.9%
1.9%
3.7%
Q3 2014E Q4 2014E
2014E
2015E
2016E
Primary Balance Evolution (% GDP) – General Government
1.1% 0.8%
1.0%
0.8%
1.4%
0.4%
1.8%
0.9%
1.0%
0.7%
2.0%
1.3%
0.6%
0.8%
0.1%
(0.4%)
Jan
Feb
Mar
(0.9%)
Apr
(1.0%)
May
2014
2013 Q1 2014 Q2 2014 Q3 2014
%yoy
%yoy
%yoy
0.7%
June
July
Aug
2013
Full
Year
GDP growth
Unemployment Rate (end period)
Economic Sentiment
Consumer Confidence
Business Expectations
Manufacturing
Retail Trade
Services
Services
Construction
1.4% 2.0%
1.8%
0.8%
Tourism Arrivals (in mn people)
Tourism Receipts (€ bn)
-0.9%
-1.2%
12
-5.0%
-5.6%
10
-10.0% -9.0% -8.7%
-10.4%
-12%
12
2009
2010
2011
2012
2013 2014e
Primary General Government Budget (% of GDP)
Current Account Balance (% of GDP)
*
Source: Bank of Greece
*Including capital transfers
2013 Results
Results
FY 2013
9M
2014
Results
20
14
-16%
2008
22
16
8
-12.1% -12.7%
2007
2,2%
July
31,5%
1,6% Jul-Aug
12,9%
-24,1%
July
6,2% Jul-Aug
-3,3%
27,3%
90,8
-69,3
-1,1%
27,1%
95,2
-61,3
-0,3%
26,7%
99,8
-50,3
…
…
101,4
-52,7
87,8
70,1
70,4
78,8
65,0
90,0
80,6
78,8
78,8
79,6
95,6
86,9
87,1
87,1
82,1
97,8
93,5
94,1
95,3
84,8
90,8
80,0
72,4
… -0,7% Jan-June
… 26,4%
July
102,2
Oct.
-50,9
Oct.
Sep
Sep
Sep
Aug
Sep
1%
0%
18
-3.3%
-8%
0,7%
36,0%
-0,6%
16,0%
17,4%
9,2%
14
0%
-4% -2.1%
-3,1%
21,3%
0,3%
20,6%
-17,0%
-1,4%
Employment Growth* (% monthly change)
External Tourism
4%
-8,4%
3,1%
-1,1%
10,8%
-25,6%
0,0%
Sources: Bank of Greece, IOBE, ELSTAT, SETE
Sources: Primary Balance: Bank of Greece, Ministry of Finance, State General Accounting Office, Real GDP growth: IMF
Twin Surpluses Again !
Retail Sales Volume
Automobile Sales
Manufacturing Production
Tourism Arrivals
Building Activity
Exports of goods (non-oil)
2014
available
period
-0,7% Jan-July
29,1% Jan-Sep
0,3% Jan-Aug
14,3% Jan-Sep
-4,3% Jan-July
4,5% Jan-Aug
6
-1%
-2%
6 month mov.avg.
-3%
10
2006 2007 2008 2009 2010 2011 2012 2013 2014f
* seasonally adjusted
Source: ELSTAT
Source: ELSTAT
5
9M 2014 Performance and Key Figures
Income Statement
Balance Sheet
(€ billion)
9M
2014
9M
2013 p.f.
Change
%
1,783.4
1,508.1
18.3%
(984.4)
(1,036.0)
(5.0%)
799.0
472.1
69.3%
676.7
746.6
(9.4%)
(1,080.6)
(1,474.1)
(26.7%)
Income tax
492.9
619.6
...
Profit/ (Loss) after income tax4
110.5
3,118.1
…
Net Interest Margin / Avg Total Assets (MARGIN)
2.6%
2.2%
Cost to Income ratio (excluding income from financial
operations, integration & extraordinary costs)
55.2%
67.2%
(€ million)
30/09/2014
31/12/2013
Assets
72.4
73.7
Net Loans
50.1
51.7
Deposits
43.5
42.5
Operating Income
(excl. income from financial operations)
Operating Expenses
before Integration & Extraordinary Costs 3
Core Pre Provision Income
(excl. income from financial operations & extraordinary costs3)
Eurosystem Funding1
7.9
13.7
Pre Provision Income
Shareholders’ Equity
8.5
8.3
Impairment Losses
Tangible Equity (TE)2
8.2
7.1
RWAs
53.6
50.9
CET1
15.9%
16.1%
TE / Tangible Assets
11.4%
9.7%
1
TBV / share (€)
0.64
0.65
RWAs / Tangible Assets
74%
69%
L / D (Net Loans / Deposits) - Group
115%
122%
L / D (Net Loans / Deposits) - Greece
110%
117%
Eurosystem Funding / Assets1
12%
20%
NPL ratio
33.6%
32.7%
Coverage
60%
54%
LLRs / Gross Loans
20%
18%
2013 Results
Results
FY 2013
9M
2014
Results
Excluding EFSF bonds used as collateral at the ECB
Equity = Total equity – goodwill – intangibles – minorities – hybrids – preference shares
3 Integration Costs of -€10.3mn in 9M 2014 and -€17.1mn in 9M 2013 p.f.. Extraordinary costs of -€198.4mn in 9M
2014 and €34.7mn in 9M 2013 p.f.
4 Including negative goodwill of €3,283.1 from Emporiki transaction in 9M 2013 and €21.5mn from Diners Club
acquisition in 9M 2014
2 Tangible
 Tangible Equity at €8.2bn
 Greek net loans to deposits reduced to 110% allowing decreased Eurosystem
funding
 Provisions stock at €12.7bn; NPLs cash coverage at 60%
 Core PPI of €0.8bn in 9Μ 2014 on the back of reduced cost of funding and lower
operating expenses
6
Very Strong Capital Position With No Minorities or Other Adjustments
Additionally Supported by the DTC Legislation
Basel III Common Equity Tier I (CET1) Ratio Build up
CET1
capital
(€mn)
Group RWAs development
(€ billion)
8,810
8,490
bps
16.3%
+16
(28)
CET1
Jun. 14
15.9%
14.9%
(1.0%)
vs. 12% as
of Jun. 14
before DTC
legislation
(29)
Q3 14
result
AFS
reserve
and other
RWA
decrease
CET1
Sep. 14
107%
8,117
Fully loaded
CET1
Sep. 14
54.1
53.6
1.2
3.1
1.2
3.1
49.8
49.2
Jun. 14
Sep. 14 est.
Credit Risk
Equity to Regulatory Capital bridge
TBV/
share
15.9%
CET1 ratio
8,223
266
8,490
Market Risk
Evolution of Tangible Book Value
(€ million)
8,526
Operational Risk
RWAs/
Net Loans
174
8,664
Decrease vs. Jun.14 driven
mainly by the Q3 loss of
€157mn and the reduction of
€124mn in the AFS reserve
€ 0.61
€ 0.64
(€ million)
(302)
Ordinary
Equity
2013 Results
Results
FY 2013
9M
2014
Results
Intangibles
Tangible
Regulatory CET1 capital
book value Adjustments
= Tier I
capital
Lower
Tier II
Total
CAD
6,632
7,129
Sep. 13
Dec. 13
8,293
8,603
8,223
Mar. 14
Jun. 14
Sep. 14
7
Continued Improvement in the Core PPI Driven by NII and
Fees & Commission Income Lines
PPI build-up and impact from trading and extraordinary items
incl. €194.5mn
VSS one-off cost
(€ million)
+5.7%
11
1
17
3
Improving operating trends
C/I
61%
(€ million)
54%
597
556
580
596
608
330
329
325
Q1 14
Q2 14
Q3 14
(200)
282
267
340
364
99
Q2 14
1
1
Δ NII
Δ Fees
Δ Other
Income &
OPEX
Q3 13
Q3 14
Core PPI
Trading
Income
Integration &
Extraordinary
Costs
Excluding trading income and €3mn of integration and extraordinary costs
Net Fee & Commission Income
Q4 13
Reported
Q3 14
Operating Income excl. Trading
Operating Expenses excl. one-offs
PPI trajectory towards off-setting provisions
(€ million)
(€ million)
295.8
+9.2%
11.0
490
449
395
Investment Banking
& Brokerage
270.9
349
337
292
294
299
Q1 14
Q2 14
Q3 14
22.7
7.1
Asset Management
16.7
Commercial
Banking
247.0
221
235
Q3 13
Q4 13
262.1
9M 13
2013 Results
Results
FY 2013
9M
2014
Results
9M 14
Ιmpairment losses on credit risk
PPI
8
Decreasing Funding Costs Continue to Support NII Development
in Q3 2014
Group NII decomposition
Run rate of Cost of Funding
(€ million)
~400mn
annualised
benefit
(€ million)
11
480
491
5
5
226
(10)
54
Eurosystem
Funding
(63)
126
(37)
17
172
Deposits
Δ
Loans
Q2 14
Δ
Deposits
Δ
Funding &
Other
Calendar
Effect
Average Q
for FY 2013
Q3 14
Δ between Maturing Deposits & Renewals
0.86%
1.15%
1.05%
0.71%
0.75%
0.60%
0.60%
0.41%
0.34%
0.31%
Average Q
for 9M 2014
0.57%
0.43%
0.50%
0.27%
17.3
17.2
17.3
3.4
3.3
3.1
ELA
0.13%
15.1
0.56%
0.52%
0.43%
Eurosystem
Funding
0.90%2
(€ billion)
0.93%
0.45%
Deposits
Central Bank Funding Average Balances & Cost
(EUR Individual Time Deposits)
1.29%1.18%
1.31%
1.13%
109
0.4
ECB
12.9
Funding
Cost 1
0.59%
13.9
13.8
14.2
14.7
0.18%
0.10%
Q3 13
2013 Results
Results
FY 2013
9M
2014
Results
Q4 13
Q1 14
Q2 14
Q3 14
Incl. €3.9bn
EFSF bonds
pledged
1
Funding cost excludes fees related to Government Guaranteed Bank Bonds;
2
Including fees related to Government Guaranteed Bank Bonds , the funding cost amounts to 0.90% for Q3 14
9
Sustained Repricing Efforts Drive Continued Improvement in Deposit
Contribution to NII
NII – Deposits Contribution
Strengthened deposit base
(€ billion)
(€ million)
42.0
42.5
+64mn
€43.5bn
+3.7% yoy
+1.5%
42.2
41.8
42.6
+0.9
(137)
(118)
(109)
(99)
Q1 14
Q2 14
Q3 14
(163)
Sep. 13
Dec. 13
Mar. 14
Jun. 14
Sep. 14
excl. Citi
Citi
Group Deposit Spread Evolution
Q3 13
Q4 13
Deposit Spreads
(bps)
(bps)
13
23
16
22
(5)
7
10
(18)
(3)
(36)
(146)
(110)
(127)
(101)
11
6
5
(2)
(16)
Sight and
Savings Greece
(93)
(241)
(230)
(213)
(193)
SE Europe
(266)
+53bps
Q3 13
Q4 13
Q1 14
Q2 14
Time
Deposits Greece
Q3 14
Q3 13
Total Deposits Spreads
2013 Results
Results
FY 2013
9M
2014
Results
Q4 13
Q1 14
Q2 14
Q3 14
1M Euribor Curve
10
Loan Volumes Close to Stabilization, Expecting to Ease Pressure on NII
NII – Loans Contribution
Group Net Loans Evolution
(€ billion)
458
454
450
448
446
450
+0.4
400
54.8
53.5
350
52.6
51.7
50.7
50.1
49.7
606
578
250
575
571
Jun. 13
Sep. 13
Dec. 13
Mar. 14
Jun. 14
Sep. 14
excl. Citi
(€ million)
300
619
Mar. 13
Loans NII
200
Citi
150
Group
Spreads
(bps)
100
Q3 13
Sources of potential loan production
Estimated
loan wallet (€bn)
Airports & Ports
(PPPs1 & Privatisations)
1
Q1 14
Q2 14
Q3 14
Lending Spreads
Projects in the pipeline
Renewable Energy
Q4 13
(bps)
940
925
923
918
928
>1.5
852
843
840
836
816
464
457
454
452
450
402
420
412
414
425
259
255
254
252
256
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
>1.5
Roads, Bridges & Tunnels
(PPPs1 & Privatizations)
>1.0
Other PPPs1 (Waste Management)
>0.5
Consumer Credit Greece
Small Business
Loans - Greece
Medium & Large
Business - Greece
SEE
Mortgages - Greece
PPPs: Public Private Partnerships
2013 Results
Results
FY 2013
9M
2014
Results
11
Operating Expenses Decrease by more than 5% yoy Driven by Staff Costs
Operating Expenses evolution2
(€ million)
Run rate of Operating Expenses2
(5.0%)
(52mn)
1,036
984
70
(45)
~88mn
annualised
benefit
(€ million)
% yoy
350
328
71
((8)
428
420
(1.8%)
Non
staff
172
493
(8.3%)
Staff
178
(14)
(8)
164
-€12mn FTE related
-€33mn Salary related
538
9M 131
Wages & Salaries General expenses
Wages & Salaries
1
General expenses
9M 14
Depreciation
Average Q
for FY 2013
164
Staff Costs Savings Non Staff Savings
Average Q
for 9M 2014
Emporiki is included from January 1, 2013 on a pro forma basis
integration and extraordinary costs
2 Excluding
General Expenses evolution
 Excluding remedial management expenses and crisis
driven costs3, operating expenses were down by 7.0% yoy
433
Remedial
management
/ Crisis driven
costs
72
Recurring
G&A
361
420
83
(6.7%)
 General expenses in particular were down by 6.7% yoy,
due to synergies realisation in IT and telecoms, product and
property related expenses
337
 Run rate of cost savings in 2014 results in an annualised
benefit of €88mn
3
9M 13
3 Pro
9M 14
forma to reflect transfer of ex-Emporiki in house operations to third party processing
2013 Results
Results
FY 2013
9M
2014
Results
12
Voluntary Separation Scheme Implemented by the Bank Contributes
Significantly to Cost Containment and Productivity Enhancement
Key financials
Impact on headcount and bank demographics
(headcount)
(€ million)
Payback Period:
19 months
(20%)
11,062
8,854
194
(2,208)
120
Greece pre VSS
VSS impact
Greece post VSS
Average age of participating
employees (51 years) has caused
the shift on average age
(years)
43
41
(2)
Net accounting cost
Annual benefit
Key characteristics
Implemented under close monitoring
to mitigate key talent attrition
and operational risks
Perimeter
average age
pre VSS
VSS impact
Perimeter
average age
post VSS
Key benefits
Total scheme cost in line with expectations
for the respective population
Annual benefit achieved will produce a
positive net effect within 19 months
Completed on 3/10/2014
with participation by 2,208 employees
Large scale program frontloading platform optimization
targets, allowing for selective talent acquisition going forward
Note: All figures excluding the effects of the acquisition of Citibank Greek Retail Operations
2013 Results
Results
FY 2013
9M
2014
Results
13
Strong Delivery on Cost Cutting Program has Frontloaded Cost Savings
Targeted in 2013
Run rate of operating expenses evolution1
Run rate of operating expenses vs. overall target
(€ million)
€mn annualized benefit
882
120
350
172
328
(30)
164
2014
reduction
effort
88
164
Average
Q for
9M 2014
VSS
impact
Average Q for
9M 2014
p.f. VSS
2014-2016
operating costs
reduction target
integration and extraordinary costs
Of which €12mm related to VSS
3
Headcount evolution
17,119
5,907
11,212
Sep. 13
+719
5,623
15,196
(2,208)
11,062
Δ Group
3
32
Non-staff cost reduction
Run rate of 9M 2014
achieved operating costs
reduction (annualized)
Annual
cost saving
impact from VSS
Excluding the effects of the acquisition of Citibank Greek Retail Operations
Sep. 14
Citi
VSS
1,145
5,623
450
9,573
695
Pro forma
Sep. 14
Sep. 13
Greece
2013 Results
Results
FY 2013
9M
2014
Results
Staff cost reduction
(o/w €12mm VSS related)
Branches evolution
16,685
(434)
56
134
1 Excluding
2
+120
Non-staff
298
164
(22)
178
Average Q
for FY 2013
220
Staff
€mn quarterly operating expenses
40%
already
locked-in
1,024
(121)
Δ Group
+20
1,044
405
405
619
639
Pro forma
Sep. 14
Citi
Sep. 14
Abroad
14
NPL Formation in the Last 12 months Reduced by 95%...
Total NPL formation¹
Business¹
(95%)
(€ million)
NPL ratio
Last 12-m formation
(1 year ago) +€3,067mn
(€ million)
NPL ratio
33.6% ²
34.3% ²
Last 12-m formation
+€150mn
+€1,447mn
+€435mn
943
791
787
546
471
228
158
413
322
116
241
171
178
162
(76)
(352)
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Q4 12
Q1 13
Q2 13
Q3 13
incl. Emporiki
¹ NPL formation excludes Citi bank retail operations impact; ² NPL ratio includes a fully provided for
amount of €89mn ΝPLs from Citi acquisition, o/w €49mn business and €40mn Consumer Credit
Q4 13
Q1 14
Q2 14
Q3 14
incl. Emporiki
Consumer Credit¹
Mortgages
NPL ratio
(€ million)
NPL ratio
(€ million)
41.3% ²
29.7%
+€959mn
+€661mn
(€320mn)
+€36mn
295
282
326
260
235
56
(31)
(63)
187
(4)
88
(21)
43
(41)
(54)
(222)
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
incl. Emporiki
2013 Results
Results
FY 2013
9M
2014
Results
Q1 14
Q2 14
Q3 14
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
incl. Emporiki
15
… Resulting in an Increased Coverage Ratio of 60%
Loan Loss Provisions1
Group NPLs and cash coverage evolution
438
(bps)
60%
58%
312
(€ million)
308
298
56%
285
253
505
497
Q4 12
490
479
Q1 13
Q2 13
Q3 13
Impairment Charge
1
449
395
Q4 13
Q1 14
54%
224
216
349
337
Q2 14
Q3 14
52%
52%
52%
51%
29%
30%
32%
33%
33%
33%
34%
34%
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
Cost of Risk
NPLratio
Cash coverage ratio
Including Emporiki since February 2013
Impairment Allowances and Coverage
(€ billion)
Group NPLs Coverage and Restructured loans
Coverage by segment, Group level
Coverage
21.1
21.1
2.8
119%
3.1
60%
12.7
2.0
18.3
10.7
12.7
6.2
Greece
Provisions Stock
International
109%
60%
60%
11.8
Business
16%
31%
81%
34%
Provisions Stock
Mortgages
23%
69%
8.1
NPLs
103%
75%
Group
NPLs
129%
2.5
2.1
71%
59%
59%
Restructured loans2 of €8.0bn
Business Mortgages Consumer
Loans
Credit
Cash
Coverage
Consumer
53%
Collateral
Coverage
Business
Mortgages
Consumer
2
The Group is preparing towards implementing the final draft technical standards on NPEs and Forborne exposures published by EBA,
therefore restructured loans definition will be accordingly amended to comply with the abovementioned definitions by the end of 2014
2013 Results
Results
FY 2013
9M
2014
Results
16
Continously Improving Liquidity Position of the Group and in Greece
Alpha Bank Customer Deposits vs. Greek System
Group Deposits
(€ billion)
(€ billion)
0.5%
Market
Share gain
0.5
0.9
163.1
164.7
(0.1)
% qoq
+1.6bn
+1.0%
Majority includes
non-costly sight
and savings
deposit (€0.6bn)
42.2
43.5
+1.4bn
+0.9bn
36.3
Jun. 14
Citi Greek Retail
Operations
Alpha Bank
Customer
Deposits
State Deposits
Sep. 14
Jun. 14
+0.5bn
Alpha
Δ Q3 14
Alpha Bank Customer Deposits
+3.8%
Citi
37.7
Sep. 14
Greek System (Bank of Greece)
Loan to Deposit Ratio normalizing
127%
125%
122%
122%
120%
(200)bps from the
Citi transaction
121%
 Loan to deposit ratio further decreased to 110% in
Greece
119%
117%
116%
114%
115%
110%
Jun. 13
2013 Results
Results
FY 2013
9M
2014
Results
Sep. 13
Dec. 13
Group
 Deposits increase corresponds to 26% deposit additions
in the market
Mar. 14
Jun. 14
Greece
 Citi transaction increased market share by 0.5%
Sep. 14
17
Another Successful Quarter of Improving the Eurosystem Funding
Reliance
Breakdown of Eurosystem Funding Utilization
Eurosystem Funding / Assets 1
(€0.6bn) impact
from Citi Transaction
14%
12%
(€ billion)
+0.4
(0.9)
(0.4)
(0.4)
13.2
11.9
Jun. 14
1 Excluding
Citi Loans
Citi Deposits
Deposits Increase
Loans Deleveraging
Sep. 14
EFSF bonds used as collateral at the ECB
ECB Collateral (Sep.14, cash values)
(€ billion)
11.9
€1.4bn
buffer
Usage
Pillar III
Alternative sources of funding available
Additional collateral
already pledged with ECB
New eligible collateral
Covered bonds repos
Shipping securitization
New senior unsecured
issuances
Non encumbered
maturing assets
13.3
1.0
EFSF Bonds
Bonds
4.0
1.7
Pillar II
6.2
Loans
0.4
ECB Collateral
2013 Results
Results
FY 2013
9M
2014
Results
In total, more than €6bn of cash values
18
II. ECB Comprehensive Assessment
2013 Results
Results
FY 2013
9M
2014
Results
19
Successful Completion of the Comprehensive Assessment under the
Static Assumptions with Strong Capital Buffers
Alpha Bank Comprehensive Assessment results summary (static assumptions)
Common Equity
Tier I (CET1) capital
Hurdle
rates
Excess capital to
threshold
Scenario
%
€mn
%
%
€mn
Baseline
13.8%
7,216
8.0%
+5.8%
+3,035
Adverse
8.1%
4,189
5.5%
+2.6%
+1,334
Overview AQR
 ECB Comprehensive Assessment producing excess capital of €1.3bn
to €3.0bn as of Dec-13, before further €1.8bn actions year-to-date
 The Comprehensive Assessment is composed of the sum of:
o AQR impact
o Stress Test (ST) impact (including impact of Join Up with AQR)
 Asset Quality Review has low impact on capital levels with c.180bps
impact on CET1 ratio
Overview Baseline (static)
Overview Adverse (static)
CET1
ratio
15.9%
14.0%
13.8%
14.0%
8.1%
RWAs
(€bn)
51.8
51.8
52.3
51.8
51.9
(€million)
8,211
(942)
7,269
(53)
7,216
+3,035
7,269
(3,080)
8% threshold
4,189
CET-I Capital
Dec-13
(-) AQR impact AQR adjusted
CET-I Capital
(-) Stress Test Adjusted CET-I Excess capital AQR adjusted
Effect
Capital after to 8% Threshold CET-I Capital
Baseline
Baseline
Scenario
Scenario
+1,334
5.5% threshold
(-) Stress Test Adjusted CET-I Excess capital
Effect
Capital after
to 5.5%
Adverse
Adverse
Threshold
scenario
Scenario
Note: Reported Dec-13 CET1 and RWA (starting point) based on ECB, Basel 3 adjusted, figures used in the Comprehensive Assessment
2013 Results
Results
FY 2013
9M
2014
Results
20
Additional 2014 Developments not included in the Static Scenario provide
Further Capital Cushions
Comprehensive Assessment results summary (static assumptions)
Developments with direct capital impact realised post Dec-13
Baseline Scenario
(€million)
(€million)
+2,223
(2,276)
7,269
7,216
128
+3,035
189
1,624
1,435
640
Dec. 13 AQR (+) Net Internal
adjusted CET1
Capital
Capital
Generation1
(-) CLPs
1,752
Adjusted CET1 Excess capital
Capital
to 8% Threshold
795
535
+
(€million)
Adverse Scenario
+1,692
7,269
260
Capital Increase &
prefs repayment
New DTA
recognition
Transformation of 9M'14 PPI overDTA to tax credit 2 performance vs.
stress test 3
Other 4
Total
(4,771)
4,189
Dec. 13 AQR (+) Net Internal
adjusted CET1
Capital
Capital
Generation1
260
(-) CLPs
+1,334
Adjusted CET1 Excess capital
Capital
to 5.5%
Threshold
1Includes PPI 2014-2016 (€3,000mn for the baseline scenario and €2,366mn for the adverse scenario) and other measures (AFS revaluation impact, DTA)
2Based on law 4303/2014 under adverse scenario
3 Based on €871mn realized PPI during 9M'14 (excl. VSS one-off cost) and €910mn FY'14 static assumptions adverse scenario PPI (€683mn assumed in 9M'14 for illustrative purposes)
4 Combined impact from reversal of the 17% haircut on the GGBs, arising from the repayment in kind of preference shares and AFS unrealized gain impact
2013 Results
Results
FY 2013
9M
2014
Results
21
AQR Adjustments to Non Performing Exposures Represent c.10% of
Pro Forma Balances
NPL to NPE bridge (€bn)
Dec-13
Total
NPL % total
Coverage on
Dec-13 provisions
Gross loans
Gross exposures
Gross exposures
62.8
64.9
64.9
32.7%
35.9%
40.0%
54%
48%
43%
20.5
+2.8
23.3
(+) Alignment to
simplified EBA definition
NPE
(pre AQR)
+2.7
26.0
 ECB methodology and non
performing exposures scope
adjustments represent
c.€2.8bn perimeter adjustment
as of December 2013
Non
performing
NPL
(reported)
Dec-13/Sep-14
Sep-14
Total
NPL % total
Coverage on
Sep-14 provisions
Gross loans
+€0.6bn
62.8
65.0
33.6%
37.1%
60%
53%
+3.0
21.1
(+) AQR adjustments
Dec-13/Sep-14
Gross exposures
24.1
Non
performing
 Reported non-performing
loans of €20.5bn as of
December 2013, representing
c.32.7% of total gross loans
portfolio
+€0.8bn
NPE
(post AQR)
 Estimated AQR adjustments of
€2.7bn on pre AQR NPE
balances represent c.10% of
the pro forma balances
 The minimum triggers and associated guidance around identifying
impacted future cash flows represents an ECB threshold
established for prudential purposes for the AQR.
This does not represent a minimum standard to be applied in
accounting.
 The ECB threshold can be considered to expire following the CA
AQR Manual
NPL
(reported)
(+) Alignment to simplified
EBA definition
NPE
Source: ECB 2014 Comprehensive Assessment (‘CA’) Results published on 26 October 2014, Alpha Bank estimates
2013 Results
Results
FY 2013
9M
2014
Results
22
….with Increased Cash Coverage Placing us in a Comfortable Position to
Meet New Regulatory Standards
Coverage
(€ million)
215%
1,081
1,113
1,080
NPL
formation
Increased
cash
coverage
LLP
780
432
CFR1
386
Collective2
295
Extrapolation3
502
395
349
337
228
158
Q1
Q2
116
Q3
300
9M'14
Provisions to ensure
60% coverage of
9M’14 NPL formation
LLP Allocation
AQR Adjustments
Source: ECB 2014 Comprehensive Assessment (‘CA’) Results published on 26 October 2014, Alpha Bank estimates; ¹ CFR (Credit File Review); ² Challenger Model recalibration; ³ CFR extrapolation on unsampled portfolios
 NPL formation during the first 3 quarters of the years reached c.€0.5bn
 Total loan loss provision charged during the period of €1.1bn
 Assuming a 60% coverage of newly formed NPLs leads to a provision build up of €0.3bn
2013 Results
Results
FY 2013
9M
2014
Results
23
Alpha Bank Ranks Well Compared to European Listed Peers
European Central Bank 2014 Comprehensive Assessment results overview
11.8%
16.5%
11.6%
14.9%
8.6%
14.3%
8.1%
13.8%
8.8%
12.5%
6.9%
12.4%
10.3%
12.3%
8.3%
12.0%
8.9%
11.9%
10.8%
11.6%
8.0%
11.4%
8.3%
11.2%
8.8%
11.1%
8.9%
11.1%
8.9%
10.9%
8.2%
10.9%
5.0%
10.8%
6.1%
10.7%
8.1%
10.6%
8.7%
10.4%
8.1%
10.3%
9.0%
10.2%
7.6%
10.2%
8.3%
10.2%
3.9%
10.2%
7.6%
10.1%
7.0%
10.1%
1.0%
9.5%
6.8%
9.5%
7.8%
9.5%
6.2%
9.0%
3.0%
8.8%
1.0%
8.8%
6.5%
8.7%
5.6%
8.5%
5.2%
8.3%
6.5%
8.0%
1.5%
7.7%
4.2%
7.2%
2.1%
7.2%
3.5%
6.9%
4.7%
6.7%
4.0%
6.5%
(0.5%)
6.2%
(0.1%)
6.0%
(2.4%) 2.3%
Adjusted CET1 ratio under Baseline scenario
Peer 41
Peer 40
Peer 39
Peer 38
Peer 37
Peer 36
Peer 35
Peer 34
Peer 33
Peer 32
Peer 31
Peer 30
Peer 29
Peer 28
Peer 27
Peer 26
Peer 25
Peer 24
Local peer 3 PF¹
Peer 23
Peer 22
Local peer 2 PF¹
Peer 21
Peer 20
Peer 19
Peer 18
Peer 17
Peer 16
Local peer 1 PF¹
Peer 15
Peer 14
Peer 13
Peer 12
Peer 11
Peer 10
Peer 9
Peer 8
Peer 7
Peer 6
Peer 5
Peer 4
Peer 3
Alpha
Peer 2
Alpha PF¹
Peer 1
Adjusted CET1 ratio under Adverse scenario
 Alpha Bank ranks third among listed European peers in terms of adjusted CET1 ratio under Baseline scenario, taking into account
the AQR results and the Stress Test results
 Compared to local banks, Alpha Bank is nearly 3.5 percentage points higher than its closest peers in terms of Baseline CET1 ratio
Source: ECB 2014 Comprehensive Assessment (‘CA’) Results published on 26 October 2014. Represented sample based on listed European peers subject to the CA. Results shown for Static approach
¹ Pro forma 2014 capital increase and net of preference shares repayment when applicable
2013 Results
Results
FY 2013
9M
2014
Results
24
III. Citibank Acquisition Update
2013 Results
Results
FY 2013
9M
2014
Results
25
Update on the Acquisition of Citibank Greek Retail Operations
Immediate Positive Benefits From the Acquisition
Timetable
Pro forma
Market positioning
AuMs (€bn)
3.7
1.1
4.8
+30%
Invested
clients¹ (#)
12K
5K
17K
+45%
Total Mass
Affluent & Affluent
clients (#)
112K
16K
128K
+14%
Sep. 14
 Consummation of the transaction
Oct. 14
 Business continuity for Citi Branches
 System integration, allowing Alpha Bank to
finalize implementation of its strategy:
o Redesigning of existing Alpha Bank
branches to further enhance retail
salesforce
o Citi relationship managers accessible to
Alpha Bank affluent clientele
Q3 15
Asset allocation of invested customers
Investments
14%
64%
18%
Deposits
86%
36%
82%
+30%
Balance sheet and operational metrics
+€0.4bn net loans
+20 “red carpet” branches
+€1.1bn AuM
+€0.9bn deposits
End
2015
 Full operational integration completed
Branch operating model evolution
Citi Branch
competitive advantage
with an affluent
Customer proposition
(Gold & Select)
Scale-up to Alpha
Bank’s network
Leverage Citi’s best
practices
¹ Invested clients are affluent customers (€60k+ in liquid assets) with more than 5% of assets invested in AuMs
2013 Results
Results
FY 2013
9M
2014
Results
26
Acquisition to Attract Many Clients Seeking Better Returns Improving
Alpha Bank’s Fee and Commissions Generation Capabilities
Dynamic decrease of interest rates on time deposits is already
prompting the clients to allocate more of their assets into
higher yield generating investments such as Mutual Funds
Time Deposit Costs in Greece (New Production, Sector data)
4.6%
4.3%
3.8%
Impact on Fee Income per annum
3.1%
2.8%
(€million)
Based on Q3’14 annualised data
2.8%
2.4%
Dec. 12 Mar. 13
2.1%
Italy
1.29%
Portugal
1.22%
France
1.04%
Spain
0.81%
Jun. 13 Sep. 13 Dec. 13 Mar. 14
15
~2x
12
57
30
1
Jun. 14 Aug. 14
Alpha Bank
Source: Bank of Greece, ECB, Hellenic Fund and Asset Management Association
Citi Greece AM
fee income as is
Revenue
Synergies
Pro forma
Evolution of Total Mutual Funds AuM in Greece (€mn)
Growth of AuM
prompted by
declining deposit
rates
Synergies estimate
6,899
7,015
€mm
6,976
Actions (full benefit in FY 2016)
6,253
6,177
5,948
5,883
Dec. 12 Mar. 13
5,814
Jun. 13 Sep. 13 Dec. 13 Mar. 14
Revenue synergies (F&C income)
15
Cost synergies
35
Total synergies
50
Jun. 14 Aug. 14
1 Asset
2013 Results
Results
FY 2013
9M
2014
Results
Management (AM) and Private Banking Fees
27
IV. Appendix
2013 Results
Results
FY 2013
9M
2014
Results
28
Group Loans
Group Loans (incl. Citi balances as of 30/09/2014)
Group Retail Loans (incl. Citi balances as of 30/09/2014)
(€ billion)
(€ billion)
(0.8%)
63.3
0.6
9.9
0.1%
34.3
21.4
Other
52.8
52.3
34.3
(1.0%)
21.1
Mortgages
Consumer Credit
SE Europe
(0.9%)
7.4
7.1
Greece
5.8
Sep. 13
0.4%
62.8
0.5
10.0
Sep. 14
0.9%
5.8
Sep. 13
SEE Loans
Small Business
Loans
Sep. 14
Group Wholesale Lending
(€ billion)
(€ billion)
9.9
0.1%
(2.3%)
10.0
Cyprus
5.1
5.2
Balkans
2013 Results
Results
FY 2013
9M
2014
Results
4.8
4.8
Sep. 13
Sep. 14
9M 2014 Results
29.1
28.5
Sep. 13
Sep. 14
International
Macro
Financials
29
Retail Lending
Consumer Credit Balances – Greece
Mortgage Balances - Greece
(incl. Citi balances as of 30/09/2014)
(€ billion)
(€ billion)
5.4%
(1.3%)
6.5
6.2
1.4
1.1
Credit cards
17.6
17.3
Sep. 13
(0.5%)
Sep. 14
5.1
5.1
Sep. 13
Sep. 14
Consumer loans
Small Business Lending Balances - Greece
(incl. Citi balances as of 30/09/2014)
(€ billion)
 Strict underwriting resulted in housing loans
rejection rate to reach 44%
1.0%
5.7
5.7
 New production mortgages LTV at 55%, total book
average LTV at 67%
 Consumer loan rejection rate at 71%
Sep. 13
2013 Results
Results
FY 2013
9M
2014
Results
Sep. 14
9M 2014 Results
International
Macro
Financials
30
Corporate Banking
Medium & Large Business Loans – Greece
Wholesale Loans Portfolio Structure – Group
(€ billion)
Wholesale
Loans
€28.5bn
Other , 12.6%
(2.8%)
Industry , 22.3%
Services, 6.7%
23.3
Real Estate,
7.9%
22.7
Shipping, 6.5%
Trade, 21.0%
Tourism, 6.5%
Sep. 13
Transportation,
1.3%
Sep. 14
Shipping Loans Balances
Construction ,
15.2%
Shipping Loans Portfolio Structure
(€ billion)
0.75
0.77
0.76
0.79
0.74
0.73
1.9
1.7
Dec. 10
1.6
0.73
1.8
Dry Bulk
44%
1.3
Dec. 11
Dec. 12
1
NPL ratio at 7%
Product
Tankers
15%
1
Sep. 13
Dec. 13 1
Jun. 14
1
Sep. 14
Handy
max/
Handy
size
24%
1
VLCC
8%
Loans Balances
Duration of loan
portfolio at 6 years
Panamax
14%
1.9
1.8
Capesize
6%

Passenger
10%
Containers

5%
Panamax
Aframax 7%
1%
Suezmax
10%
Tankers
41%
USD/EUR
Include Emporiki balances as of 31/3/2013
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
Macro
Financials
31
Deposit Evolution Breakdown
Deposits Evolution – Group
Customer Assets (incl. Citi balances as of 30/09/2014)
(€ billion)
(incl. Citi balances as of 30/09/2014)
(€ million)
44.8
Investment
Balances
1.8
0.8
0.1
Core Deposits
2.1
1.0
0.2
15,043
787
590
868
16,279
Q3 14
Sep. 14
459
27,255
Q3 14
Sep. 14
(1,009)
27.3
27.0
Liquidity
46.9
Sep. 13
Q4 13
Q1 14
Q2 14
Time Deposits
26,924
Transaction
Balances
Sight & Savings
Deposits
15.0
16.3
Sep. 13
Sep. 14
Time Deposits
Other Mutual
Funds
366
(269)
(225)
Money Morket
Mutual Funds
Private Banking
Sep. 13
Q4 13
Q1 14
Q2 14
On Balance Sheet
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
Macro
Financials
32
Wealth Management Evolution
Alpha Private Bank
Asset Management
(€ million)
(€ million)
3.580
3.297
1,824
2.759
276
2.145
2.016
1.582
1,075
166
857
1,065
120
1.083
1.181
821
1.333
672
483
93
99
102
65
88
Sep. 12
Sep. 13
Sep. 14
Sep. 12
Sep. 13
Discretionary
2013 Results
Results
FY 2013
9M
2014
Results
Advisory
Execution Only
Other AUM
9M 2014 Results
Non Money Market Mututal Funds
International
Macro
Sep. 14
Money Market Mutual Funds
Financials
33
International Presence Focused On Two Markets
Alpha Bank Sep.14 loan book
Greece 83%
International 17%
International loan portfolio split
Other
23%
Cyprus
49%
 Focused international operations
on two large markets Cyprus and
Romania essentially representing
c.80% of international business on
average
Romania
28%
Total = €62.8bn
Alpha Bank 9M 2014 PPI
Greece 84%
International 16%
Total = €10.5bn
International PPI breakdown
Other
15%
 Business focus on balancing
operations which drove loan
portfolio deleveraging from
€11.7bn in 2010 to €10.5bn in
Sep. 2014
Cyprus
53%
Romania
32%
Total = €0.9bn
Total = €0.1bn
Note: Alpha Bank loan book split based on gross loans; Alpha Bank PPI split adjusted for integration and extraordinary costs
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
Macro
Financials
34
With Good Prospects as Situation Improves Given Solid Position
Cyprus and Romania operations focus
(€ million)
Cyprus
Gross loans
 Operations in Cyprus represent the largest franchise
of Alpha Bank outside Greece, with 8.0% market
share in gross loans as of September 2014
Romania
5,151
2,938
Δ% yoy
0.3%
(1.9%)
Loans m.s.
8.0%
5.8%
Loans split
 Operations in Romania, where Alpha Bank has a
5.8% market share as of September 2014, generated
€49mn PPI, a 10.0% increase yoy
29%
47%
Mortgages
47%
61%
Businesses
Consumer
Other international operations
10%
(€ million)
Bulgaria
Serbia
668
767
373
68
Δ% yoy
1.6%
4.2%
2.0%
(1.0%)
Loans m.s.
2.3%
4.6%2
8.7%2
1.7%
NPL ratio
26.7%
17.0%
24.9%
26.6%
Deposits
471
441
473
89
23.5%
(19.0%)
-
11.9%
PPI 1
7
14
8
-1
Branches
86
81
41
18
Employees
769
1,170
397
241
6%
NPL ratio
36.8%
15.1%
Deposits
2,261
1,547
Δ% yoy
(1.9%)
14.8%
76
49
PPI 1
Loans
Δ% yoy
Branches
29
Employees
1
9M 2014, pre O/H allocation
2013 Results
Results
FY 2013
9M
2014
Results
Albania FYROM
968
2
149
2,011
As of August 2014
9M 2014 Results
International
Macro
Financials
35
Situation in Cyprus Has Been Improving on the Back of Implementation of
Troika Programme and Stabilizing Banking Sector
Key macroeconomic indicators
Real GDP growth
Nominal GDP (€ billions)
Primary Fiscal Balance (%
GDP)
Current account balance
(% GDP)
General government debt
(% GDP)
Unemployment rate
2008
2012
2013
2014F 2015F
2020F
Key measures undertaken
Current progress
3.6%
(2.4%)
(5.4%)
(3.2%) +0.4%
+1.8%
Disinvestment of the Greek operations of the three largest
domestic banks
 Completed
17.2
17.7
16.5
 Completed
3.8%
(3.2%)
(1.9%)
Resolution of the Cyprus Popular Bank (CPB) by transferring
assets, insured deposits, interbank liabilities and Emergency
Liquidity Assistance (ELA) to Bank of Cyprus (BoC)
Exit of BoC from resolution process
Successfully recapitalization at least €1 bn in July 2014
 Completed
Hellenic Bank recapitalisation (€358mm)
 Completed
Coops recapitalisation (€1.5bn)
 Completed
Imposition of temporary and proportionate restrictions on
financial flows
~ Ongoing – gradual
(15.6%)
(6.9%)
48.9%
86.6%
3.6%
Inflation (period average)
Cyprus banking sector recapitalization overview
11.9%
4.4%
(1.9%)
15.8
16.4
19.2
(1.0%) (1.0%)
+4.0%
(1.1%) +0.8%
112% 117.4%
15.9%
3.1%
126%
16.6% 16.1%
0.4%
0.0%
0.7%
(0.2%)
102.6%
10.3%
1.9%
€
Source: IMF October 2014
Easing of restrictive measures
€
Cash
withdrawal¹
Internal
transfers²
International
transfers³
Aug-13
Nov-13
Feb-14
300
500
500
500
5,000
5,000
300,000
500,000
no
limitation
1,000,000
no
limitation
1,000,000
Source: Central Bank of Cyprus, Ministry of Finance of Cyprus
¹ Legal person, per day per person; ² Cashless payment for purchase of goods
and services w/o mandatory justification to other credit institutions in Cyprus;
³ Cashless payment to institutions abroad, transactions within normal business
w/o Committee's approval
2013 Results
Results
FY 2013
9M
2014
Results

The recession milder than anticipated during
2014, supported by tourist activity and
relatively resilient consumption

GDP fell by-2.5% in Q2 2014, bringing
optimism for a better GDP figure in 2014 than
Troika’s estimate

GDP contraction is expected to stabilize and
growth currently forecasted for 2015

Troika programme (2013-2016) under full
implementation

In March 2014, Cypriot parliament approved a
roadmap for privatisations

The government has undertaken to raise
€1.4bn by 2018 by privatising the electricity
authority, EAC, the telecoms utility, CYta, and
the Cyprus ports authority which manages the
ports of Larnaca and Limassol

Rating Agencies in April 2014 upgraded
Cyprus credit rating status
Natural resources upside
Mar-13
Projections do not incorporate the potential upside
from natural gas resources
2011: Announcement of discovery of large gas reserves
offshore Cyprus
2015: Additional drilling gas potential and deep oil test
relaxation in progress
IMF:
Source: IMF, Research reports, Bloomberg
9M 2014 Results
International
Macro
Financials
36
Alpha Bank Is the Third Largest Bank in Cyprus and Its Smaller But Visible
Footprint Allows for Upside
Top Cypriot banks ranking
Deposits, €billion
13.8
Sight
24%
1
Time
75%
Savings
1%
 Alpha Bank ranks as the third largest bank in
Cyprus in terms of deposits with c.€2.3 billion of
deposits as of September 2014 of which 75%
comprised of time deposits
6.11
2.3
1
Bank of Cyprus data 30/6/14, Hellenic Bank data 30/9/14
Deposit evolution
Market Shares
4.7%
4.8%
Residents’
Market Shares
5.1%
5.5%
€ million
2013 Results
Results
FY 2013
9M
2014
Results
2,305
2,245
2,216
2,259
2,261
Sep. 13
Dec. 13
Mar. 14
Jun. 14
Sep. 14
9M 2014 Results
International
Macro
Financials
37
Romania’s Economy Has Already Starting Recovering, and the Banking
Sector Maintains Sufficient Capital Buffers and Provisions
Recent economic developments
2009
2010
2011
2013
2014 F
2019F
(6.6%)
(1.1%)
2.3%
3.5%
2.4%
2.5%
501
524
557
629
660
881
5.6%
6.1%
5.8%
4.0%
1.5%
2.9%
Structural fiscal balance
(% GDP)
(7.0%)
(5.8%)
(3.6%)
(1.8%)
(1.4%)
(1.0%)
Current account (% GDP)
(4.2%)
(4.4%)
(4.5%)
(1.1%)
(1.2%)
(3.3%)
External debt (% GDP)
68.7%
74.3%
75.2%
67.5%
61.1%
44.6%
30.9
36.0
37.3
34.1
31.6
35.9
2009
2010
2011
2012
2013
H1 2014
CAR
14.7%
15.0%
14.9%
14.9%
15.5%
17.0%
Tier I ratio
13.4%
14.2%
13.9%
13.8%
14.1%
14.0%
NPL ratio
7.9%
11.9%
14.3%
18.2%
21.9%
19.2%
RoA
0.2%
(0.2%)
(0.2%)
(0.6%)
0.0%
0.1%
RoE
2.9%
(1.7%)
(1.4%)
(5.9%)
0.1%
1.1%
Operating expenses/ operating
income
56%
64%
65%
68%
59%
56%
FX loans (% total loans)
60%
63%
63%
63%
61%
58%
FX deposits (% total deposits)
39%
36%
34%
36%
34%
35%
113%
118%
119%
115%
105%
104%
Real GDP growth
Nominal GDP (RON bn)
Inflation (average CPI)
Gross int’l reserves (€ bn)
 In March 2014, Romania and the International Monetary Fund (IMF)
have agreed on a US$ 4 billion loan to Bucharest, the IMF's new
loan to Bucharest is the third one after the beginning of the financial
crisis
 Growth momentum strengthened in Q4 2013,due to favourable
trends in the agricultural sector, improving economic and business
climate in Europe, increasing absorption of EU funds and a more
expansionary monetary policy. GDP growth projected at 2.5% in
2014-2015
 S&P and Moody’s upgraded Romania credit rating to investment
grade status
 Interest rate cutting cycle to end at 3.0%, in line with medium-term
inflation projections
Source: IMF October2014
Banking sector indicators
Loan / deposit ratio
 The Romanian banking sector maintains reassuring capital buffers
and provisions
 The sector has returned to profitability in 2013 following continued
losses in 2010-2012 due to the financial crisis
 Overall sector leverage has decreased by 1.5 percentage points
since 2011
 NPL ratio has increased primarily reflecting the weak economic
environment, previously weak credit standards, and difficulties in
removing NPLs from bank balance sheets. In Q2 2014 NPL ratio
stood at 19.2%
 However, provisions were sufficient to cover a comfortable 66.8
percent of NPLs in Aug.2014 (NBR, October 2014)
Source: IMF October 2014
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
Macro
Financials
38
Improving L/D Ratio and Increased Provisions in Romania
Liquidity has improved
Gross loans to deposits
222% 206% 199% 194% 190%
Gross loans evolution, € million
2,995
Sep. 13
2,933
Dec. 13
Deposits evolution, € million
2,874
Mar. 14
2,911
Jun. 14
2,938
Sep. 14
Loan loss provisions
1,348
1,424
1,447
1,500
1,547
Sep. 13
Dec. 13
Mar. 14
Jun. 14
Sep. 14
NPL ratio has stabilised
(€ million)
NPL ratio
14.1%
14.4%
14.4%
14.5%
15.1%
22
NPL coverage ratio evolution
17
14
7
9
Q3 13
Q4 13
2013 Results
Results
FY 2013
9M
2014
Results
Q1 14
Q2 14
Q3 14
9M 2014 Results
77%
77%
80%
79%
78%
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
International
Macro
Financials
39
The Greek Shoots Of Recovery !
GDP Growth
Liquidity Conditions Improved
4%
2%
(In € bn)
105
2013: -3.3%
2014: +0.7%
1.9%
1.9%
0%
-0.3%
100
-6%
-10%
GDP
Alpha Bank forecasts
€ 165 bn
ECB funding
100
85
€ 43 bn
50
80
-8%
€ 213 bn
Deposits
150
90
Economic
Sentiment
Loans
200
95
-2%
-4%
Sep14
250
0
75
Source: Bank of Greece
Source: ELSTAT, European Commission, Alpha Bank Forecasts
* Q3 2014 Economic sentiment index: July 2014
Private Consumption
50%
0
28%
Consumer Confidence Indicator, lhs
Private Consumption, rhs
Alpha Bank Forecasts, rhs
-10
40%
Unemployment
Rate
30%
26%
-20
24%
5%
-30
0%
-40
20%
10%
Hundreds
Labor Market Stabilizing
-50
-5%
-60
10%
Number of Employed (% yoy change)
Number of Unemployed (% yoy change)
0%
22%
-70
-10%
-80
-90
-10%
-15%
20%
Source: ELSTAT
2013 Results
Results
FY 2013
9M
2014
Results
* Q3 2014 Economic sentiment index: July 2014
Source: ELSTAT, IOBE
9M 2014 Results
International
International
Macro
Macro
Financials
Financials
40
Greece - SEE - EU: Comparing Recovery Performance
GDP Growth
Credit Expansion
Greece
Bulgaria
Romania
Serbia
EU
6%
Greece
20%
Bulgaria
Romania
Serbia
Euro Area
14.8%
4%
2%
10%
0%
8.5%
6.4%
4.1%
-2%
3.5%
3.8%
-4%
0%
-6%
1.9%
3.9%
1.0%
1.4%
-0.1%
-3.9%
4.5%
2.5%
0.2%
2.8%
-0.7%
-1.4%
0.0%
-3.1%
-8%
4.3%
-2.3%
-3.9%
-3.9%
-4.0%
1.0%
-1.0%
-2.0%
-3.0%
-6.5%
-10%
-10%
2009
2010
2011
2012
2013
2014f
Source: European Commission, Spring Forecasts
2009
2010
2011
2012
2013
2014f
Source: National Banks, Alpha Bank
Economic Sentiment
Competitiveness (REER based on ULC)
220
110
Bulgaria
Greece
Romania
EU 27
200
100
180
160
90
140
120
80
100
Bulgaria
Greece
Romania
EU
80
70
Source: European Commission
2013 Results
Results
FY 2013
9M
2014
Results
Source: European Commission
9M 2014 Results
International
International
Macro
Macro
Financials
Financials
41
SEE: Global Economic Weakening Is Affecting Recovery
Bulgaria
Romania
15%
500
15%
700
10%
500
400
10%
300
200
5%
100
0%
0
300
5%
100
0%
-100
-100
-5%
-200
-300
-10%
-5%
-300
-10%
-500
-400
-15%
-500
2010
2011
2012
Net FDI (in € mn, RHS)
Credit Expansion - YoY% (LHS)
2013
-15%
Industrial Production - YoY% (LHS)
2011
2012
Net FDI (in € mn, RHS)
Credit Expansion - YoY% (LHS)
Source: National Banks, National Statistical Surveys
2013
2014
Industrial Production - YoY% (LHS)
Source: National Banks, National Statistical Surveys
Serbia
GDP Growth YoY%
25%
500
400
300
200
100
0
-100
-200
-300
-400
-500
0%
-25%
2010
-700
2010
2014
2011
2012
Net FDI (in € mn, RHS)
Credit Expansion - YoY% (LHS)
2013
2014
Industrial Production - YoY% (LHS)
Bulgaria
6%
Serbia
4%
2%
0%
-2%
-4%
-6%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2010
Source: National Banks, National Statistical Surveys
Romania
2011
2012
2013
2014
Source: National Statistical Surveys, Eurostat
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
International
Macro
Macro
Financials
Financials
42
SEE: External Balances Slightly Improved, Capital Inflows Remained Weak
Mixed External Balance Conditions
Foreign Investors Remain Selective & Cautious
In € mn
4500
Romania
Bulgaria
Romania
In € mn
Serbia
6000
3500
2500
4000
1500
2000
500
0
-500
-2000
-1500
-4000
-2500
-6000
-3500
8M 2013
8M 2014
C/A
8M 2013
Net FDI
8M 2014
8M 2013
8M 2014
-8000
8M 2013
8M 2014
Net Other Financials
Source: National Banks
FDI inflows
Portfolio Investment
Other Capital
Gross Official Reserves / Short-Term External Debt
Bulgaria
In € mn
181%
1500
177%
170%
1000
500
0
143%
-500
-1000
-1500
-2000
8M 2013
Romania
Bulgaria
8M 2013
Source: National Banks
2013 Results
Results
FY 2013
9M
2014
Results
8M 2014
FDI inflows
8M 2014
Portfolio Investment
Other Capital
Source: National Banks
9M 2014 Results
International
International
Macro
Macro
Financials
Financials
43
SEE: Fiscal Consolidation Underway Amid Low Inflation
and Interest Rate Environment
Bulgaria
Romania
2.12
4.75
15%
4.50
2.08
12%
2.04
7%
2.00
4.00
1.96
3.75
1.92
2%
4.25
10%
5%
3.50
1.88
3.25
1.84
-3%
2008
1.80
2009
2010
HICP Inflation (LHS)
2011
2012
2013
Key Policy Rate (LHS)
2014
0%
2008
3.00
2009
2010
2011
HICP Inflation (LHS)
BGN per EUR (RHS)
Source: National Banks, National Statistical Surveys
2012
2013
Key Policy Rate (LHS)
2014
RON per EUR (RHS)
Source: National Banks, National Statistical Surveys
Serbia
General Government Balance
as % of GDP
20%
120
-0.8%
110
15%
-1.5%
-2.3%
-2.0%
-2.2%
-2.7%
-3.0%
100
10%
-5.0%
-5.5%-4.9%
90
-6.5%
5%
80
-8.8%
0%
2008
70
2009
CPI Inflation (LHS)
2010
2011
Key Policy Rate (LHS)
Source: National Banks, National Statistical Surveys
2013 Results
Results
FY 2013
9M
2014
Results
2012
2013
2011
2014
RSD per EUR (RHS)
2012
Bulgaria
2013
Romania
2014f
Serbia
Source: IMF, October 2014
9M 2014 Results
International
International
Macro
Macro
Financials
Financials
44
Alpha Bank Group
9M 2014
9M 2013 pro forma
yoy % change
1,443.2
1,191.9
21.1%
295.8
270.9
9.2%
Income from Financial Operations
86.4
256.9
(66.4%)
Other Income
44.4
45.4
(2.0%)
Operating Income
1,869.8
1,765.0
5.9%
Staff Costs
(493.1)
(538.0)
(8.3%)
General Expenses
(420.3)
(428.0)
(1.8%)
(71.0)
(69.9)
1.5%
(984.4)
(1,036.0)
(5.0%)
(10.3)
(17.1)
(39.9%)
(198.4)
34.7
…
Operating Expenses
(1,193.1)
(1,018.3)
17.2%
Impairment losses on credit risk
(1,080.6)
(1,474.1)
(26.7%)
Profit / (Loss) before income tax
(403.9)
(727.4)
(44.5%)
492.9
619.6
…
Profit/ (Loss) after income tax
89.0
(107.8)
…
Negative Goodwill from Diners / Emporiki Transactions
21.5
3,283.1
110.5
3,175.2
0.0
(57.1)
Profit / (Loss) attributable to shareholders
110.3
3,118.1
Net Interest Income / Average Assets - MARGIN
2.6%
2.2%
(€ million)
Net Interest Income
Net fee and commission income
Depreciation and amortization expenses
Operating Expenses before Integration and Extraordinary Costs
Integration costs
Extraordinary costs
Income Tax
Profit / (Loss) after income tax from continuing operations
Profit / (Loss) after income tax from discontinued operations
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
Macro
Financials
45
Alpha Bank Group
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
pro forma
Q1 2013
Net Interest Income
491.5
480.4
471.3
476.1
447.4
416.6
327.9
317.7
Net fee and commission income
100.9
99.7
95.2
106.7
95.3
92.4
83.2
75.9
Income from Financial Operations
17.1
26.8
42.5
1.6
5.2
57.8
193.9
191.9
Other Income
15.1
16.3
13.0
14.6
13.4
21.3
10.7
10.2
624.6
623.2
622.0
599.0
561.3
588.1
615.6
595.8
Staff Costs
(160.4)
(165.6)
(167.1)
(174.1)
(173.3)
(181.7)
(183.0)
(161.8)
General Expenses
(141.5)
(140.1)
(138.6)
(166.1)
(144.3)
(141.8)
(141.9)
(130.7)
Depreciation and amortization expenses
(23.4)
(23.8)
(23.8)
(23.4)
(22.8)
(22.7)
(24.5)
(22.6)
(325.3)
(329.5)
(329.6)
(363.6)
(340.3)
(346.3)
(349.4)
(315.1)
(2.9)
(2.1)
(5.3)
(10.3)
(10.8)
(5.6)
(0.6)
(0.6)
Extraordinary costs
(197.8)
(1.0)
0.4
(67.9)
14.5
22.9
(2.7)
(2.7)
Operating Expenses
(526.0)
(332.5)
(334.5)
(441.8)
(336.7)
(329.0)
(352.7)
(318.3)
Impairment losses on credit risk
(337.0)
(348.5)
(395.1)
(449.2)
(490.0)
(479.1)
(504.9)
(504.9)
Profit / (Loss) before income tax
(238.4)
(57.9)
(107.6)
(292.0)
(265.4)
(220.1)
(242.0)
(227.5)
60.0
419.4
13.5
81.6
41.6
105.6
472.4
472.4
(178.4)
361.6
(94.1)
(210.4)
(223.7)
(114.5)
230.4
244.9
21.5
0.0
0.0
0.0
0.0
0.0
3,283.1
3,283.1
(156.9)
361.6
(94.1)
(210.4)
(223.7)
(114.5)
3,513.5
3,528.0
0.0
0.0
0.0
0.0
(32.2)
(25.2)
0.3
0.3
(156.9)
361.4
(94.2)
(210.3)
(256.0)
(139.7)
3,513.7
3,528.2
2.7%
2.7%
2.6%
2.6%
2.4%
2.3%
1.8%
1.8%
(€ million)
Operating Income
Operating Expenses before Integration and Extraordinary
Costs
Integration costs
Income Tax
Profit/ (Loss) after income tax
Negative Goodwill from Diners / Emporiki Transaction
Profit / (Loss) after income tax from continuing operations
Profit / (Loss) after income tax from discontinued operations
Profit / (Loss) attributable to shareholders
Net Interest Income / Average Assets - MARGIN
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
Macro
Financials
46
Group Results by Business Unit
Retail
Commercial &
Corporate
SE Europe
Investment
Banking &
Treasury
Asset Management
Other
Group
Jan-Sep
Jan-Sep
Jan-Sep
Jan-Sep
Jan-Sep
Jan-Sep
Jan-Sep
(€ million)
2014
Operating Income
Net Interest Income
Net fee and Commission Income
Income from Financial Operations
Other Income
Operating Expenses
Staff Costs
General Expenses
Depreciation
Impairment Losses
Profit / (Loss) before tax
2013 Results
Results
FY 2013
9M
2014
Results
735.4
618.3
113.0
4.1
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
655.5
658.3
617.5
335.6
309.7
73.3
(14.9)
39.3
28.1
27.8
149.2
1,869.8
1,745.1
543.3
530.2
504.6
269.4
253.0
13.0
(137.4)
11.3
7.6
1.1
10.6
1,443.2
1,181.7
108.4
118.3
101.4
30.6
33.1
7.1
1.2
26.2
19.1
0.5
0.4
295.8
263.6
4.7
4.8
23.1
10.9
50.5
119.6
2.0
0.7
1.9
115.1
86.4
254.9
5.2
6.7
12.6
12.7
2.7
1.6
(0.2)
0.7
24.2
23.1
44.4
44.9
(126.8)
(121.5)
(201.5)
(205.9)
(20.9)
(21.4)
(22.5)
(19.1)
(242.3)
(53.5) (1,193.1)
(984.0)
(78.3)
(77.2)
(91.1)
(97.0)
(10.7)
(12.8)
(11.4)
(10.6)
(207.1)
(13.6)
(687.6)
(519.5)
(35.7)
(31.5)
(95.4)
(92.1)
(9.4)
(7.8)
(9.9)
(7.7)
(26.5)
(30.9)
(434.5)
(396.3)
(12.8)
(12.8)
(15.0)
(16.9)
(0.8)
(0.9)
(1.2)
(0.8)
(8.7)
(9.0)
(71.0)
(68.1)
(505.6)
(555.8)
(320.7)
(206.6)
-
25.9
(59.8)
(186.6)
(102.8)
52.4
3.8
-
(579.0)
(562.6)
(288.9)
(308.3)
(257.6)
(226.3)
(32.5)
(27.9)
(254.3)
(711.7)
(97.9)
(618.8)
9M 2014 Results
(36.4)
International
-
-
-
16.7
9.0
(214.4)
Macro
95.7
Financials
(1,080.6) (1,474.1)
(403.9)
(712.9)
47
Retail Business Unit: Results
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
248.9
245.5
241.1
247.9
231.8
223.0
200.7
210.7
205.5
202.0
203.0
192.5
182.8
168.0
Net fee and Commission Income
36.8
38.5
37.7
43.4
37.8
39.2
31.3
Income from Financial Operations
1.4
1.5
1.3
1.5
1.4
1.0
1.3
-
-
-
-
-
-
-
(€ million)
Operating Income
Net Interest Income
Other Income
Operating Expenses
(192.9)
(192.1)
(194.1)
(201.1)
(191.5)
(187.2)
(183.9)
Staff Costs
(92.3)
(97.5)
(99.2)
(102.7)
(105.1)
(109.6)
(93.7)
General Expenses
(89.9)
(83.5)
(84.2)
(88.2)
(76.4)
(72.8)
(77.2)
Depreciation
(10.7)
(11.2)
(10.7)
(10.2)
(10.0)
(4.9)
(13.0)
Impairment losses
(20.7)
(105.9)
(127.7)
62.6
(199.3)
(215.1)
(297.3)
35.3
(52.5)
(80.7)
109.4
(159.0)
(179.3)
(280.5)
19,642
18,775
18,800
Profit / (Loss) before tax
RWA e
2013 Results
Results
FY 2013
9M
2014
Results
20,111
20,302
20,065
9M 2014 Results
20,031
International
Macro
Financials
48
Commercial & Corporate Business Unit: Results
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
220.1
219.9
218.3
224.5
220.0
224.9
172.7
175.6
176.1
178.4
181.3
181.3
184.3
139.0
Net fee and Commission Income
41.5
40.7
36.1
39.6
35.9
34.6
30.9
Income from Financial Operations
1.2
1.5
2.0
1.5
0.5
3.7
0.7
Other Income
1.8
1.6
1.8
2.1
2.3
2.3
2.1
(42.0)
(42.2)
(42.7)
(43.1)
(41.9)
(40.4)
(39.2)
Staff Costs
(26.0)
(26.4)
(26.0)
(25.1)
(26.2)
(26.9)
(24.0)
General Expenses
(11.7)
(11.9)
(12.1)
(12.5)
(10.9)
(10.8)
(9.8)
(4.3)
(3.9)
(4.6)
(5.6)
(4.8)
(2.7)
(5.3)
(169.2)
(154.0)
(182.4)
(283.2)
(238.3)
(185.7)
(131.8)
8.9
23.7
(6.7)
(101.9)
(60.2)
(1.3)
1.7
19,157
19,629
(€ million)
Operating Income
Net Interest Income
Operating Expenses
Depreciation
Impairment losses
Profit / (Loss) before tax
RWA e
2013 Results
Results
FY 2013
9M
2014
Results
19,429
9M 2014 Results
19,574
International
20,835
Macro
22,567
23,796
Financials
49
Asset Management Business Unit: Results
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
13.6
13.0
12.7
13.9
9.3
10.9
7.9
Net Interest Income
4.1
3.6
3.5
3.0
2.7
2.2
2.6
Net fee and Commission Income
9.4
8.4
8.4
8.7
6.3
7.8
5.1
Income from Financial Operations
0.3
1.0
0.7
2.3
0.4
0.1
0.2
(0.2)
(0.0)
0.0
(0.1)
(0.1)
0.8
0.0
(7.4)
(7.5)
(7.7)
(7.2)
(6.4)
(6.1)
(6.6)
Staff Costs
(3.9)
(3.7)
(3.8)
(3.6)
(3.6)
(3.5)
(3.5)
General Expenses
(3.1)
(3.4)
(3.5)
(3.3)
(2.4)
(2.5)
(2.8)
Depreciation
(0.4)
(0.4)
(0.4)
(0.2)
(0.3)
(0.1)
(0.3)
Impairment losses
-
-
-
(0.0)
-
-
-
6.2
5.5
5.0
6.7
3.0
4.8
1.3
(€ million)
Operating Income
Other Income
Operating Expenses
Profit / (Loss) before tax
RWA e
2013 Results
Results
FY 2013
9M
2014
Results
330
326
322
9M 2014 Results
382
International
382
Macro
568
Financials
816
50
Investment Banking & Treasury Business Unit: Results
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
22.4
18.3
32.6
10.3
(7.4)
(9.8)
2.3
Net Interest Income
7.8
5.4
(0.3)
(16.4)
(25.6)
(38.3)
(73.4)
Net fee and Commission Income
2.2
1.9
3.0
4.6
4.1
0.0
(2.9)
Income from Financial Operations
12.0
9.2
29.3
21.5
13.8
27.7
78.1
0.4
1.8
0.5
0.5
0.4
0.8
0.5
(7.1)
(7.0)
(6.7)
(7.6)
(6.9)
(7.6)
(6.9)
Staff Costs
(3.6)
(3.5)
(3.5)
(3.6)
(3.8)
(4.8)
(4.2)
General Expenses
(3.2)
(3.2)
(3.0)
(3.8)
(2.8)
(2.6)
(2.4)
Depreciation
(0.3)
(0.3)
(0.3)
(0.3)
(0.3)
(0.2)
(0.4)
Impairment losses
-
-
-
-
-
-
-
(€ million)
Operating Income
Other Income
Operating Expenses
Profit / (Loss) before tax
RWA e
2013 Results
Results
FY 2013
9M
2014
Results
15.3
4,578
11.3
4,073
25.8
3,259
9M 2014 Results
2.7
3,226
International
(14.3)
4,057
Macro
(17.4)
4,505
Financials
(4.7)
4,561
51
SE Europe Business Unit: Results
Q3 2014
Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
112.8
113.6
109.2
119.5
110.4
100.4
98.9
Net Interest Income
92.9
89.3
87.1
94.1
90.1
82.2
80.7
Net fee and Commission Income
10.9
10.0
9.8
10.6
11.2
10.5
11.4
Income from Financial Operations
4.8
9.6
8.7
9.6
4.2
3.6
3.1
Other Income
4.3
4.6
3.6
5.2
4.8
4.1
3.7
(67.9)
(69.9)
(63.7)
(78.8)
(69.1)
(70.7)
(66.2)
Staff Costs
(30.5)
(30.4)
(30.2)
(32.1)
(33.4)
(32.6)
(31.0)
General Expenses
(32.5)
(34.3)
(28.6)
(41.4)
(30.3)
(31.1)
(30.7)
(4.9)
(5.2)
(4.9)
(5.3)
(5.4)
(7.0)
(4.5)
Impairment losses
(147.1)
(88.6)
(85.0)
(228.5)
(52.4)
(78.4)
(75.8)
Profit / (Loss) before tax
(102.2)
(44.9)
(39.5)
(187.9)
(11.1)
(48.6)
(43.0)
RWA e
8,595
(€ million)
Operating Income
Operating Expenses
Depreciation
2013 Results
Results
FY 2013
9M
2014
Results
8,832
8,784
9M 2014 Results
8,082
International
7,616
Macro
7,846
Financials
8,045
52
Other Business Unit: Results
Q3 2014
Q2 2014
Q1 2014
Q2 2013
Q1 2013
6.9
12.9
8.0
(17.0)
(2.7)
38.6
113.3
Net Interest Income
0.3
0.3
0.5
11.1
6.3
3.5
0.8
Net fee and Commission Income
0.1
0.2
0.2
(0.3)
0.1
0.2
0.1
Income from Financial Operations
(2.4)
4.0
0.4
(34.8)
(15.1)
21.7
108.5
8.8
8.4
7.0
7.0
6.0
13.2
3.9
(208.7)
(13.9)
(19.6)
(104.0)
(21.0)
(16.9)
(15.6)
(198.6)
(4.4)
(4.1)
25.1
(3.8)
(4.9)
(5.0)
General Expenses
(7.3)
(6.7)
(12.5)
(126.6)
(15.0)
(10.8)
(5.1)
Depreciation
(2.8)
(2.8)
(3.0)
(2.5)
(2.2)
(1.3)
(5.5)
Impairment losses
-
(0.0)
(0.0)
(0.0)
0.0
(0.0)
0.0
(1.0)
(11.6)
(121.1)
(23.7)
21.7
97.7
(€ million)
Operating Income
Other Income
Operating Expenses
Staff Costs
Profit / (Loss) before tax
RWA e
2013 Results
Results
FY 2013
9M
2014
Results
(201.9)
1,057
967
677
9M 2014 Results
Q4 2013
650
International
Q3 2013
610
Macro
354
311
Financials
53
SEE Balance Sheet Figures
(€ million)
Cyprus
Sep. 2014
Δ%
Romania
yoy
Loans
5,151
0.3%
Mortgages
2,441
Consumer
Credit
Δ%
Δ%
Bulgaria
yoy
Serbia
Yoy
Δ%
Δ%
Albania
yoy
Δ%
FYROM
Yoy
TOTAL
yoy
Δ%
yoy
2,938
(1.9%)
668
1.6%
767
4.2%
373
2.0%
68
(1.0%)
9,965
0.1%
(0.1%)
864
4.2%
152
(2.1%)
190
(5.2%)
67
(1.8%)
13
(12.4%)
3,727
0.4%
285
(0.3%)
296
(9.5%)
73
7.3%
125
(11.5%)
14
101.6%
22
0.0%
816
(4.2%)
Businesses
2,425
0.7%
1,777
(3.3%)
442
2.0%
452
14.7%
292
0.5%
33
3.6%
5,422
0.5%
Deposits
2,261
(1.9%)
2013 Results
Results
FY 2013
9M
2014
Results
1,547
14.8%
471
23.5%
441
9M 2014 Results
(19.0%)
473
International
-
89
Macro
11.9%
Financials
5,283
2.9%
54
SEE Main P&L Figures
(€ million)
Cyprus
Sep. 2014
Operating
Income
Δ%
Romania
Yoy
Δ%
Bulgaria
yoy
Δ%
Serbia
yoy
Δ%
Albania
Yoy
Δ%
FYROM
yoy
Δ%
TOTAL
yoy
Δ%
yoy
125.9
6.0%
113.6
5.3%
32.5
(3.2%)
42.4
23.8%
17.5
49.9%
3.6
6.7%
335.6
8.4%
50.1
(10.3%)
65.0
2.0%
25.1
(0.2%)
28.9
(0.1%)
9.9
0.8%
4.9
(9.1%)
183.9
(2.6%)
Impairment
Losses
252.0
101.7%
53.6
(1.7%)
5.7
(14.4%)
6.4
(49.9%)
3.9
(40.6%)
(0.9)
(171.6%)
320.7
55.2%
Profit Before
Tax (pre- O/H
(176.2)
184.3%
(5.0)
(51.7%)
1.7
(4.6%)
7.2
(198.6%)
3.6
(176.6%)
(0.4)
(88.4%)
(169.0)
97.0%
Operating
Expenses
(pre-O/H
allocation)
allocation)
Loan Market
Share
8.0%
5.8%
2.3%
4.6%1
8.7%1
1.7%
NPL Ratio
36.8%
15.1%
26.7%
17.0%
24.9%
26.6%
Branches
29
149
86
81
41
18
404
-45
968
2,011
769
1,170
397
241
5,556
-287
Employees
1
As of August 2014
2013 Results
Results
FY 2013
9M
2014
Results
9M 2014 Results
International
Macro
Financials
55
Alpha Bank Contacts
Mr. Vassilios Psaltis
General Manager – CFO
[email protected]
+30 210 326 2181
Mr. Lazaros Papagaryfallou
Executive General Manager
[email protected]
+30 210 326 4017
Mr. Dimitrios Kostopoulos
Manager
Investor Relations Division
Ms. Elena Katopodi
Assistant Manager
Investor Relations Division
Ms. Stella Traka
Senior Investor Relations Officer
Mr. Marios-Ioannis Deportou
Senior Investor Relations Officer
E-mail
Tel
: [email protected]
: +30 210 326 4082
+30 210 326 4199
+30 210 326 4010
+30 210 326 4182
+30 210 326 4165
+30 210 326 4185
ALPHA BANK
40, Stadiou Street, 102 52
Athens, Greece
Internet
Reuters
Bloomberg
2013 Results
Results
FY 2013
9M
2014
Results
: www.alpha.gr
: ACBr.AT (shares), GRALFAw.AT (warrants)
: ALPHA GA (shares), ALPHAW GA (warrants)
56