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Full Year 2009 Results
Full Year 2009 Results
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Table of Contents
Highlights of FY 2009 Results
Financial Review
This presentation contains forward-looking statements, which include comments with respect to our objectives and strategies, and the results of our operations and ourbusiness, 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 thatthese 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.
Segmental Report
Appendix:
Group Profit & Loss Quarterly 48Business Unit Financials 51
Contents: Page
3
26
34
Macroeconomic Environment 18
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4
2009: A Year of Significant Balance Sheet Strengthening
Key Developments
Romania
(23.8%)513.4391.5Net Profit excl. One-Off Tax
0.9%1,167.41,178.2Pre-Provision Income
2.0%1,178.31,201.9Operating Expenses
3,021
42,547
50,705
512.1
541.8
2,345.7
2008
(31.7%)349.8Net Profit Attributable to Shareholders
1.5%2,380.1Operating Income
5,372
42,916
51,400
676.3
2009
77.8%Shareholders Equity
0.9%Deposits
1.4%Net Loans
24.8%Impairment Losses
Change( million)
Benchmark Capital Base
Milestone 986mn capital increase completed in Q4 09
Core Tier I at 9%, Tier I at 11.7%
Tangible Equity1 at 4.3 bn
Strong Liquidity Profile
74% of Balance Sheet funded through customer deposits
Insignificant wholesale funding redemptions in 2010 of1bn 2
Ended 2009 as net lender in interbank market by 3.5bn
Current Greek Sovereign debt crisis leaves our P&L and
Balance Sheet unscathed
GGB portfolio at 2.8bn; most in HTM
AFS reserve increased by 57mn in 2009
Earnings capacity maintained in a very challenging
year
Pre-provision income at 1.2 bn equals 2008 and 2007
Impairment at 129 bps allows for a best-in-classcoverage of 55% especially given conservative nature of
loan portfolio
1 Tangible Equity defined as shareholders equity minus State preference shares, intangibles, minorities, and hybrid2As of March 2010
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8.0%
8.0%7.8%
12.7%
Dec. 08 Sep. 09 Dec. 09
Greece is experiencing an unprecedented
sovereign debt crisis
Deficit/GDP Estimates Change Abruptly
Comments:
10-year Spread
Expectation for GDP Growth Deteriorates 1
1.0
2.0
3.0
4.0
30/ 06/ 2009 30/ 08/ 2009 30/ 10/ 2009 30/ 12/ 2009 28/ 02/2010
Spread of 10y Greek bonds vs Bunds
(%)
12.1 bn
more deficitwithin 2009
The fiscal derailment in 2009 and the loss of credibility
concerning developments in state finances, have depressed
economic sentiment and recovery prospects of the Greekeconomy. That led the Greek government bond market into
turmoil with 10-year bonds and CDS spreads skyrocketing.
These negative developments and the continuous
disturbances in Greek government financing in Q1 2010 drive
estimates for a further GDP decline in 2010 to -2.5%-2.5%
0.5%
-2.0%
2.0%
2008 2009 2010 2010
1Alpha Bank Estimates
18.5 bn
30.6 bn
19.2 bn
Deficit
(Sep. 09 Estimate) (Mar.10 Estimate)
Max 396 bps
28/01/10
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6
and has introduced a rigorous consolidation plan
to reduce deficit under 3% by 2012
Deficit to GDP according to S&G Programme
Stability & Growth Programme 2010 implementation:
Debt to GDP according to S&G Programme
Current expenditure cuts of 4.0 bln (1.6% of GDP)
Current revenue increases of 5.8 bln (2.4% of GDP)
2010 deficit target well assured
Structural reform in the areas of: combating tax and social security contribution evasion (increasing the tax base),
social security (rationalising the link between benefits and contributions), and
public administration (reduction of employment, connecting payment to productivity, increasing
productivity and cost recovery)
2.8%2.0%
5.6%
8.7%
12.7%
2009 2010 2011 2012 2013
117.7%113.4%
120.6%120.4%113.4%
2009 2010 2011 2012 2013
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7
Significant Steps Taken in 2009 to Strengthen
the Balance Sheet:
Requlatory Ratios
Benchmark Capital Position
Basle III Proposals Will Have Insignificant Impact
17
5,973584
5,372940
69
(27)
383
3,021
986
Equity Dec. 08 12M
comprehensive
income
other Treasury Shares
Placement
Capital Increase Preference shares
from Govt
Scheme
Equity Dec.09 Minorities Hybrids Total Equity
Dec.09
( million)
11.7%
9.0%
6.5%
8.0%
9.8%
13.3%
Dec. 08 Dec. 09
Core Tier I Tier I Total CAD
1 Benchmark Capital Position
Alpha bank is effectively already compliant with
recent Basle III proposals
This is due to insignificant amounts in minorities,
goodwill and net deferred tax assets, which are
under Basle III proposals subtracted from Core
Tier I
+ 1.4 bn
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8
2%
12%
18%
23%
14%
1%
10%
21%
15%
25%
27%30%
4%
(0.6%)
14%
30%
Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09
Loans Deposits
Ample Liquidity Strong Deposit Franchise with a
measured use of the Balance Sheet
Deposits by Type
SavingsDeposits
20%
Time
Deposits
62%
Sight
Deposits
18%
Total = 42.9 billion
Core
deposits
38%
Deposit-Driven Funding Structure
Customer
Deposits
74%
Wholesale
Funding
9%
Equity
9%
Net
Interbank7%
Hybrid
1%
2
1 Excluding Liquidity raised by ABS
2Net Interbank = Due to Banks Due from Banks Cash
Loans/ Deposits 110%1
Balanced Development of the Banking Book Sources/uses of Funds (change Dec. 2009 vs Dec. 2008)
( billion)
Total Group
Loans:
53.0 bn
Total Group
Deposits:
42.9 bn
+4.3
+0.4
+3.5
+1.1+0.7
Securities
ECB/
InterbankBorrowing
InterbankLending
Loans
Deposits
2
84%
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9
0.9
2.9
1.7
Apha Bank
Participation
5.5 bn
Total
Government Plan
28 bn
Government Bonds
for Refinancing with
ECB
Debt Issuance using
State Guarantee
Preference Shares
placed with the State
0.9
1.0
1.1
Pre-Emptive Actions taken in 2009 to Strengthen
Liquidity Profile further
Public/Private New IssuesSecuritisations and Covered Bonds
Participations in Greek Government Scheme (Dec. 09) Participations in the IMF initiative in Romania/Serbia
( billion)
UtilisationAllocation
3.0
Romania: 12.9 billion IMF Stand-By Arrangement (SBA),
complemented by an additional 7bn of financial aid by
largest International Financial Institutions (IFIs)
Serbia: 2.9 billion IMF Stand-By Arrangement (SBA)
Alpha Bank has committed to maintain its exposure and
enhance its capital adequacy in both countries
Prospective meaningful reduction of minimum liquidity
reserves
2
750,000,00019017/09/12Senior17/09/09
Senior
Senior
TypeIssued
Amount
Spread
(bps) 1Maturity
Date
Issue
Date
1,500,000,000Total
250,000,00016512/02/1312/08/09
500,000,00028509/06/1109/06/09
7.6Total
Apr. 101.3Business LoansProsodos
25/02/100.6Credit CardsPisti
31/12/090.2LeasingIrida
20/05/091.6Business LoansEpihiro
23/02/090.8BondsTalanto
09/12/081.1Consumer LoansKatanalotika
15/07/082.0Mortgage LoansAlpha Covered Bonds
Settlement
Date
Issue
Amount bnLoan TypeName
1 Over mid-swaps
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0.3
0.4
0.51.2
1.2
1.0
3.0
0.7
1.3
0.40.3
0.3
0.6
2010 2011 2012 >2012
Senior Debt Subordinated Hybrid
10.3
1.1
ECB Funding Collateral Pool Evolution
Little Uncertainly in Wholesale Funding: Insignificant
Redemptions; Further ECB Utilization Capacity
2.3
2.0
1.9 1.9
5.23.5
0.8
Dec. 08 Dec. 09
Covered Bonds Bonds Securitis ations Govt Sche me
( billion)
ECB Funding - Collateral Ratings
1
6.2
11.4
1.0
5.2
Net Utilisation
Available ECB Collateral
Term Funding Maturity Profile
5.6 1.0
1.9
Outstanding Debt Maturing Debt
1.2
1.1
( billion)
New in 2009Dec. 09
Term Funding 2010 Monthly Maturities
0.4
0.05
0.55
0.3
0.1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
( billion)
0.9
2.3
0.4
3.0
0.7
2.00.1
2.0
AAA AA A BBB
Govt Scheme
Other Bonds
Securitizations and
Covered Bonds
Greek Bonds
3.1
6.7
0.70.9
( billion)
1Already repaid in 2010
2
1
1 Collaterals as of Dec. 09, ratings as of 15/3/2010
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Current Greek Sovereign Debt Crisis Leaves our
P&L and Balance Sheet Unscathed
Securities Portfolio Breakdown
AFS Reserve Movement
Greek Government Bond Portfolio Evolution
1.7 1.7
2.7 2.7 2.6
3.2
2.6
0.1
0.1
0.1
0.1
0.1
Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09
Held to Maturity Available for Sale Trading
( billion)
1.9
5.0 5.3
2.72.8
Average
Duration
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Earnings Capacity Further Loan Repricing
under way due to Recent Sovereign Crisis
Product
Tankers
10%
EuriborBased Pricing Loses its relevance
( million)
NII Loans Contribution
378 411433 457
Q1 09 Q2 09 Q3 09 Q4 09
Loans Spreads - Group
254 254 251 263
346330315290
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
(bps)
NII Small Dependency in Bonds
458(1)(4)(21)
24460
Q3 09 Loans Deposits Bonds Other Q4 09
( million)
0
1
2
3
4
5
6
02/01/2009 02/03/2009 02/05/2009 02/07/2009 02/09/2009 02/11/2009 02/01/2010 02/03/2010
Sp read o f 2 y Gr eek B on ds vs 2 year Ger man B on d Eu ri bo r 3m
(%)
4
52.2bn 52.2bn 52.6bn53.0bn
Balances at quarter end
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47 37 3321
(43)(34)(49)(62)
Q1 09 Q2 09 Q3 09 Q4 09
Time Deposits Sight & Savings Deposits
which causes further deposit repricing
Product
Tankers
10%
Core Deposit Balances Evolution New Time Deposit Customer rates Greece 1
( million)
1,780
(578)
302 256 16,24814,488
Dec. 08 Q1 09 Q2 09 Q3 09 Q4 09 Dec. 09
NII - Deposits Contribution
( million)
Deposit Spread Evolution
(1)(11)
(14)
74
128141146
(21)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
(bps)
4.7%
5.2%4.7%
4.4%
3.2% 3.1%
2.6%
1.3%
1.9%1.7%
1.9%
4.9%
Se p. 08 Oct. 08 Nov. 08 De c. 08 Jan. 09 Fe b. 09 M ar . 09 Ap r. 09 M ay. 09 Jun. 09 Se p. 09 De c. 09
1 Excluding Alpha Bank bonds
(15)(12) (1)
(22)13.9bn
27.1bn 26.7bn
16.2bn
Balances at quarter end
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1,202345
(24)
1,178
2008 Staff Cost General
Expenses
Depreciation 2009
Operating Expenses Contained for 2009
Operating Expenses yoy growth Operating Expenses
12.9% 13.4%14.1%
5.8%4.1%
2.9% 2.0%
14.9%
Q1 08 H2 08 9M 08 FY 08 Q1 09 H1 09 9M 09 FY 09
( million)
Freeze of
SEE Expansion
Cost/Income Evolution Comments:
47%46% 46%
50% 50%
2005 2006 2007 2008 2009
Cost growth decelerates to 2% yoy despite
having increased the platform in SEE by 24%
more Branches, on average, over the period
Important contribution to cost containment
comes from staff cost in Greece (-5%)
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Recent Developments in Greece
are Affecting NPL Formation Pace
Group Loans in Arrears (IFRS 7: past due > 90 days)
NPL Evolution by Segment
3.7% 3.5% 3.5%3.9% 4.3%
4.8%5.2%
5.7%5.1%
4.8% 4.4%
3.7%3.9%
Dec. 06 Mar . 07 Jun. 07 Sep. 07 Dec. 07 Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar . 09 Jun. 09 Sep. 09 Dec. 09
4.4%
4.1%
5.3%
4.0%4.1%
4.2%
5.9%5.8% 5.6%5.9%
3.8% 3.8%
4.2%
4.2% 4.0%
4.8%5.2%
5.8%
2.4% 2.5% 2.5%2.6%
3.1%3.3%
4.2%
5.0%
5.2%
Dec. 07 Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09
Consumer
Credit
BusinessLoans
Mortgages
NPL Evolution by Geography
6.1%
4.0%4.4%
4.0%4.2%4.1%
5.2%
4.8%
5.5%
2.6% 2.7%
3.1%2.7% 2.8%
3.4%4.0%
3.3%
4.1%
1.0% 0.8% 0.8% 0.8%
1.5%1.8%
2.7%
3.5%
4.1%
Dec. 07 Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09
Greece
Cyprus
SEE
1 SEE excludes Cyprus
NPL Quarterly Contribution by Geography
+40 bps +9 bps
+1 bps5.7%
5.2%
Sep. 09 Greece Cyprus Balkans Dec. 09
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Concentration in Low LGD Segments
Impairment Charges by Geography in Perspective
514
90
163
227
542
677
199
45227
2007 2008 2009
Greece SEE
(bps) 48 98
62 118
(m)
Impairment Charges by Segment (2009)
146
124
Concentration in Low LGD Segments
1 Greek Portfolio Only
LGDs (Dec.09)
Business 33%
Mortgages 10%
Consumer 70%
Geography Segment
Loans:
NPLs
Greece
79%
Balkans
13%
Cyprus
8%
Cyprus
6%
Balkans
9%
Greece
85%
Consumer
12%
Business
61%Mortgages
27%
Consumer
12%
Business
64%Mortgages
24%
60 114 129
53.0 bn
3.0 bn
(bps)
132
351
26Business Consumer Mortgages
Group
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-49-35 -46
721956
353 360 344 369
Mar.09 Jun.09 Sep.09 Dec.09
5.8% 5.9%
5.6%
5.9%
NPL
Impairment charges allow for strong coverage of NPLs1
NPLs Group Coverage
56%57%
61%60%
56%
53%
50%
55%
Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09
127%
Total coverage, incl. collaterals
133% 136% 140% 139% 135% 136%
NPLs Coverage By Geography
135%
NPLs Coverage By Segment
Consumer Credit NPLs Evolution
90%
9% 88%
18%
62%67%
Business Loans Consumer Credit Mortgages
Cash Coverage Collateral Coverage
1 Loans past due > 90 days
Cash Coverage
64% 66%Write-offs
New
Additions
79%
93%84%
77%88%50%
Greece Cyprus Balkans
Cash Coverage Collateral Coverage
157%
106%
71%
129%
161%
181%
Write-
offs
New
Additions
Write-
offs
New
Additions
64% 61% 66% 62%
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Macroeconomic Environment
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80
100
120
140
160
180
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Regional Economic Outlook Improving
International Competitiveness (Index)CDS Spreads
Source: National Central Banks, National Statistical Services, Eurostat, IMF, Bloomberg, Alpha Bank Research
GDP Growth
2.0%
-2.0%
-2.5%
1.7%
1.3%
1.1%
-4.0%
0.6%1.5%
6.0%
-5.1%
0.3%
2.5%1.5%
-7.1%
6.2%
2.6%
-3.0%
1.5%
5.4%
1.5%
0.3%
3.7%
-1.5%
2008 2009 2010 2011
Greece Eurozone Bulgaria
Romania Serbia Cyprus
f fe
GDP Growth
Credit Expansion
32%
4%
7%
8%9%
6%
-4%
19%14%
19%
9%11%
10%8%7%
34%
5%
0%
4%
16%
2008 2009e 2010f 2011f
Bulgaria Romania Serbia Cyprus Greece
0
100
200
300
400
500
600
700
800
2008 2009 2010
BulgariaRomaniaGreeceGermany
Romania
Bulgaria
Greece
Germany
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Greece: Stabilisation Brings Recovery From 2011
European Commission GDP Growth Forecasts
Source: National Central Banks, National Statistical Services, Eurostat, IMF, Bloomberg, Alpha Bank Research
FDI & Exports (2007)Economic Decline Reaches Bottom?
-15%
-10%
-5%
0%
5%
10%
2007 2008 2009 2010
40
60
80
100
120
140
Retail Sales (Excl. Fuel) (LHS) Industrial Production (LHS)Economic Sentiment (RHS)
Investment Driven Growth (% YoY)FDI & Exports (2007)GDP Growth And Its Components
2.0%
-2.0%
-2.5%
1.7%
4.5%
-5%
-3%
-1%
1%
3%
5%
7%
2007 2008 2009 2010 2011
Private Consumption Private InvestmentNet Exports GDP Growth
Investment Driven Growth (% YoY)FDI & Exports (2007)Current Account Improves ( billions)
19.2
13.6
11.6
10.4
19.8
15.3
16.410.7
47.5
35.4
5.78.9 9.810.6
Exports
Tourism
Oil
Imports
Income
BalanceEU
Transfers
Non Oil
Imports
Shipping
2008 2009
Investment Driven Growth (% YoY)FDI & Exports (2007)
12.2%12.9%
15.9%14.9%
17.6%
-1.8%
-2.8%
-0.8%
2.3%
3.0% 3.0% 3.9%
-4.8%-2.0%
2.3%
2007 2008 2009 2010 2011
Savings RatePrivate Consumption GrowthPrivate Disposable Income Growth
Savings to cushion GDP decline
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European Commission GDP Growth Forecasts. . . But Economic Impact Cushioned
by Lower Oil Prices ( billions)Early Signs of Improvement
0
1
2
3
4
5
6
7
8
9
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2008
2009
2010
0
15
30
45
60
2008 2009 2010 Alpha Bank Research
0
1
2
3
4
5
6
7
8
9
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2008
2009
2010
0
15
30
45
60
2008 2009 2010 Alpha Bank Research
Greece: Fiscal Consolidation A Key Priority
Source: National Central Banks, National Statistical Services, Eurostat, IMF, Bloomberg, Alpha Bank Research
European Commission GDP Growth Forecasts. . . But Economic Impact Cushioned
by Lower Oil Prices ( billions)
-7.8% -8.7%-5.6%
-2.8% -2.0%
-12.7%
92.2102.2
109.5114.5
98.1 100.3
99.9
98.990.0
101.3
95.889.3
2008 2009e 2010f 2011f 2012f 2013f
General Government Deficit % of GDPPrimary Current ExpenditureNet Current Revenue
Painful Adjustment Underway
bn
% GDP
. . . But Economic Impact Cushioned
by Lower Oil Prices ( billions)Debt to Decline from 2012
-3.2%
-7.7%
-3.5%
-0.2%
2.6% 3.1%
99.2%
113.4%120.4% 120.6%
117.7%113.4%
2008 2009e 2010f 2011f 2012f 2013f
General Primary Balance (% of GDP)
Public Debt (% of GDP)
0%
Primary Current Expenditure
Net Current Revenue
bn
bn
Jan-Feb 2010
2010 Forecast
bn
bn
: -9.3% y/y
: -7.2% y/y
Jan-Feb 2010
2010 Forecast
: 13.1% y/y
: 12.4% y/y
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3%
4%
5%
6%
7%
8%
9%
10%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009e
2010f
2011f
0%
8%
16%
24%
32%
40%
Greece: Real Estate Market Down But Not Out
Residential Construction Activity
35.2%
10.0%
4.6% 2.6% 4.2%
12.1%
-25.0%
-17.1%
5.7%
-19.5%
-3.4%-5.0%
1.5%
9.5% 11.4%
0%-5.0% -5.0%
11.9%10.6%
13.8% 13.3%
5.7% 2.8%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e 2010f 2011f
Building Permits (12-month MA)
House Price Growth (% YoY)
Residential Investment and Mortgage Growth Decline
Mortgage
Growth
Residential Investment/ GDP
Source: National Central Banks, National Statistical Services, Eurostat, IMF, Bloomberg, Alpha Bank Research
90
95
100
105
110
115
120
125
130
135
140
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
90
95
100
105
110
115
120
125
130
135
140
House Prices & Affordability (2000 = 100)
House Price/Rents
House Prices/Disposable Income
fe
Future Supply of New Homes Slows
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2006 2007 2008 2009
Building Permits
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Bulgaria
SEE: Recovery In The Making
RomaniaBulgaria
Serbia
Romania
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
2008 2009 2010
0
150
300
450
600
750
900
Net FDI (RHS)Industrial Production - YoY% (LHS)Credit Expansion - YoY% (LHS)
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
2008 2009 2010
0
50
100
150
200
250300
350
400
450
500
Net FDI
Industrial Production (YoY%)Credit Expansion - YoY% (LHS)
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2008 2009 2010
0
500
1,000
1,500
2,000
2,500
Net FDIIndustrial Production (YoY%)Credit Expansion - Yoy% (LHS)
7.0% 7.1%
-6.2%-5.4%
3.5%
-4.9%
-3.5%
6.8%-2.0%-2.3%
3.0%
4.6%6.4%
8.5%
-4.6%
-4.2%
8.2%9.3% 9.2%
-6.5%-7.1%
2.9%
-8.7%-6.2%
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
Bulgaria Serbia Romania
Demand Correction Underway
(GDP Growth YoY%)
Source: National Central Banks, Eurostat, IMF, Bloomberg, Alpha Bank Research
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24
-2
-1
0
1
2
3
4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009e 2010f
-10
-5
0
5
10
15
20
FDI
Bank Inflows
-4
-2
0
2
4
6
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009e 2010f
-20
-10
0
10
20
30
FDI
Bank Inflows2008 2009 2008 2009 2008 2009
Bulgaria Romania Serbia
Current Account Deficit Net FDI Other Net Capital Inflows
SEE: External Balance Restored
External Imbalances Shrink ( million)
Gross Official Reserves / Short-term External Debt
128%
156%
97%
148%
99%
213%
Bulgaria Romania
2007 2008 2009
-8,653
(-22.9%)
-2,912
(-6.7%)
Net FDI: 6,064
2,710
-16,157
(-12.3%)
9,310
4,768
-5,055
(-4.5%)
-6,089
(-17.3%)
1,8241,372
-1,743
(-6.5%)
Source: National Central Banks, Eurostat, IMF, Bloomberg, Alpha Bank Research
RomaniaSerbia
BulgariaCapital Inflows Set For Resurgence (in USD bn)
2008 2009
Net
Inflows
RomaniaBulgariaBulgaria (in USD bn)
2008 2009
Net
Inflows
Romania
Bulgaria
(% of GDP)
SEE M t E i & Fi l
7/30/2019 FY 2009 Results
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25
-7.2%
-3.2%
-1.0%
-5.9%
-4.0%
1.8%
-2.2%
-5.5%
-0.8%
Bulgaria Romania Serbia
2008 2009e 2010f
Bulgaria
Serbia
Romania
0%
3%
6%
9%
12%15%
18%
21%
24%
2005 2006 2007 2008 2009 2010
75
80
85
90
95
100
105
RPI Inflation (LHS) Key Policy Rate (LHS)RSD pe r EUR (RHS)
0%
3%
6%
9%
12%
15%
18%
21%
24%
2005 2006 2007 2008 2009 2010
1.80
1.84
1.89
1.93
1.98
2.02
2.06
2.11
2.15
HICP Inflation (LHS) Key Policy Rate (LHS)BGN pe r EUR (RHS)
0%
4%
8%
12%
16%
20%
24%
2005 2006 2007 2008 2009 2010
3.00
3.25
3.50
3.75
4.00
4.25
4.50
HICP Inflation (LHS) Key Policy Rate (LHS)RON per EUR (RHS)
SEE: Monetary Easing & Fiscal
Consolidation Underpin Recovery
General Government Balance
Source: National Central Banks, Eurostat, IMF, Bloomberg, Alpha Bank Research
7/30/2019 FY 2009 Results
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Financial Review
7/30/2019 FY 2009 Results
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27
4.5 4.4
6.96.7
Dec. 08 Dec. 09
Balkans
Cyprus 13.5 13.6
12.1 12.4
Dec. 08 Dec. 09
Medium-sizedBusinesses
Large Corporates
6.3 6.5
6.0 6.2
14.314.0
Dec. 08 Dec. 09
Mortgages
Consumer Credit
Small BusinessLoans
39.1 40.3
11.311.2
Dec. 08 Dec. 09
SE Europe
Greece
3%
2.0% 2.6%
1.5%
Group Loans Group Retail Loans
SEE Loans Group Wholesale Loans
( billion)
( billion)
( billion)
( billion)
Decline in Loan Growth Rates Stabilizes
25.6
26.0
52.0
53.0
1%
3%
26.3
27.0
4%
2%
0.4%
3%
11.2 11.3
(2%)
6%
1.3%
7/30/2019 FY 2009 Results
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28
Customer Assets
Solid Deposit Base
( billion)
On Balance Sheet
1Any reference to Time Deposits includes also Alpha Bank retail-targeted bonds, unless stated otherwise
6.5 6.8
12.7
14.7
23.1
21.3
1.30.5 0.3
1.32.72.3
Private Banking
Time Deposits
and Alpha Bank
Bonds 1
Other Mutual
Funds
Deposits (abroad)
Money Market
Mutual Funds
Savings and
Sight Deposits
(Domestic)
Investment
Balances
Liquidity
Transaction
Balances
Dec. 08 Dec. 09
(8%)
46.4 47.1
11%
1.4%
Deposits Evolution Group( million)
14,48816,248256302
(578)
1,780
Dec. 08 Q1 09 Q2 09 Q3 09 Q4 09 Dec. 09
28,05826,668742
(1,230)(949)
47
Dec. 08 Q1 09 Q2 09 Q3 09 Q4 09 Dec. 09
Core Deposits
Time Deposits:
Deposit Spreads Deterioration Spreads
7/30/2019 FY 2009 Results
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29
699
784842 859
923
735737733690
563
375341287 308324
163
233 234193
228
173171143 167
136
Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
Consumer Credit
Small Business Loans
SE Europe
Medium & Large
Business Loans
Mortgages
2952
79
112
252
119
74
30
78
45
-59
-92-112
-90 -92
Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009
Sight and Savings
SE Europe
Time Deposits
(bps)
(bps)
Deposit Spreads
Lending Spreads
Deposit Spreads Deterioration - Spreads
Repricing Continues
Net Interest Income Declines Marginally as Loan
7/30/2019 FY 2009 Results
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30
127
78
280 295308
337
411433
457
(22)(-0.9)(12)(15)
129128
378
3.2% 3.2%3.0%
2.7%2.5%
2.6%2.6%
2.4%
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09
Group Net Interest Income Group NII decomposition( million) ( million)
Net Interest Income Declines Marginally as Loan
Repricing does not Fully Offset Deposit Spread Erosion
NIM
Loans
Deposits
1,799 1,763
(2.0%)
465436
403442
460 458456442
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09
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31
55.2
33.9
36.2
28.5
316.4
373.0
2008 2009
Investment Banking
& Brokerage
Asset Management
Commercial &
Corporate Banking
64.4 45.4
(71.2)
126.1
2008 2009
Foreign Exchange Bonds & Other
Trading IncomeNet Fee & Commission Income Composition
Net Fees Affected by Low Volume Growth
( million) ( million)
464.4
378.8
(6.8)
171.5
(18.4%)
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32
139 139
420443
2008 2009
134 140
401362
2008 2009
4% 5% 3% 5%
20%26%
22%26%
24%
28%
23%
27%
Greece SEE Greece SEE
Staff Costs
General Expenses
Depreciation296 307
885869
2008 2009
Greece
SEE
2008 2009
48%
59%
48%
58%
Cost / Income Cost
Cost growth decelerating
( million)
2%
4%
Wages & Salaries
( million)
(5%)
SEE
Greece
General Expenses
1,201.91,178.3
5%
11%
589.5565.5
499.9
544.7
2.0%
SEE
Greece
9.0%
( million)
(4.1%)
Enhanced Capital Position - High Quality
7/30/2019 FY 2009 Results
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33
3.6
46.245.7
3.20.7
0.8
Dec. 08 Dec. 09
Market Risk
OperatinalRisk
Credit Risk
Enhanced Capital Position High Quality
Regulatory Equity Capital
Risk Weighted Assets
Capital Adequacy Build up
( billion)
49.6
(178)
4,254
(17)(584)
(940)
5,973
Equity PreferenceShares
Hybrid Minorities Goodwill &Other
Intangibles
Pro-formaTangible
Equity
( million)
Tangible Equity (Dec. 09)
Loans:
53,043
50.6
940940
6,718
4,539
5,918
43990
5,372
17
Statutory Equity Preference
Shares
Regulatory
Adjustments
Core Tier I Hybrid Preference
Shares
Tier I Total CAD
Minority
Interest
OrdinaryEquity
5,389
1 Hybrid, adjusted for intangibles
( million)
9.0%
13.3%
11.7%
1
7/30/2019 FY 2009 Results
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Segmental Report
7/30/2019 FY 2009 Results
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35
( million)( million)
Mortgage Balances - Greece
Mortgages: Subdued Demand
Comments:
Change in Loan Balances - Greece
( million)
114,000 107,000
Average NewLoan Size (in )
1,306
75
(94.3%)
11,23111,156
Dec. 08 Dec. 09
0.7%
352 424 350
180
(2) 74030
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09
9 Market share remains essentially unaffected at14%
9Last quarter the strongest in terms of demand
9 Emphasis in quality by maintaining strict creditcriteria and careful monitoring of delinquencies
9 With total book LTV of 54% and with new productionLTV at 52%, we are in a good position to weather the
deteriorating environment
Loan Rejection Rates Mortgages
40%
29%
Dec. 08 Dec.09
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36
Consumer Credit: Tightened underwriting
( million)
Loan Rejection Rates Consumer Loans
Change in Consumer Loan Balances - Greece
1,4551,378
Dec. 08 Dec. 09
Credit Card Balances - Greece
5.6%
Consumer Loan Balances - Greece
3,7323,567
Dec. 08 Dec. 09
4.6%
( million)
(71.5%)
( million)
60%
52%
Dec. 08 Dec. 09
583
166
28 (25)
9667
108
197178
100
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09
Micro and Small Business Lending:
7/30/2019 FY 2009 Results
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37
3,156 3,107
Dec. 08 Dec. 09
1,8662,036
Dec. 08 Dec. 09
g
Focus on underwriting criteria
( million)
9.1%
( million)
Balances (yoy growth) Balances (yoy growth)
Credit limits
up to
150,000
Credit limits
from 150,000
to 1mn
(1.6%)
748 mn of
Loans to SMEs
in 2009,
through theState Guarantee
Fund (TEMPME)
748 mn of
Loans to SMEs
in 2009,
through the
State Guarantee
Fund (TEMPME)
7/30/2019 FY 2009 Results
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38
469195
3,348
1,380 1,398
221
Dec. 07 Dec. 08 Dec. 09
Non Money MarketMutual Funds
Other AUM
4.9%
45.8%
62.3%
30.7
0.3
51.2
82.3
2008
(33.9%)20.3Profit Before Tax
(26.1%)60.8Operating Income
0.0Impairment Losses
4.0%
29.2%
66.6%
40.5
2009
Contribution to Profits
RAROC
Cost / Income
(20.9%)Operating Expenses
Change Alpha Private Bank & Alpha Asset Management
Wealth Management impacted by market turmoil
( million)
Asset Management Alpha Private Bank
( million)( million)
Alpha Private Bank
9 4.7 bn assets under management
9Alpha Bank London and Alpha Bank Jersey
303 218 215
1,615 1,483 1,555
2,9332,588
4,391
Dec. 07 Dec. 08 Dec. 09
Execution Only
Advisory
Discretionary
6,309
4,2894,703
3,817
1,601 1,593
Asset Management
9Activity in equity and balanced funds
7/30/2019 FY 2009 Results
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39
18,69618,017
Dec. 08 Dec. 09
(3.7)(1.3)(1.8)
92.9
66.084.7118.4
2008 NII Fee &
Commission
Other
Income
Operating
Expenses
Impairment
Losses
2009
5.9%17,03518,043RWA 1
18.9%
8.7%
30.9%
118.4
172.6
129.9
420.9
2008
(21.6%)92.9Profit Before Tax
14.9%483.7Operating Income
49.0%257.2Impairment Losses
18.5%
6.4%
27.6%
133.6
2009
Contribution to Profits
RAROC
Cost / Income
2.9%Operating Expenses
Change
Evolution of Profit Before Tax
Loans
Leadership in Corporate Banking maintained
( million)
3.8%
( million)
Business Loans Portfolio Structure - Group
2WKHU
6HUYLFHV
5HDO(VWDWH
6KLSSLQJ
7RXULVP
7UDQVSRUWDWLRQ
,QGXVWU\
&RQVWUXFWLRQ
7UDGH
Business
Loans 32.6 bn
1
Average balances
Relationshipdriven Shipping Exposure to First
7/30/2019 FY 2009 Results
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40
Loan Portfolio Breakdown
Outstanding Balances Clientele & Portfolio Characteristics( billion)
Relationship oriented finance
9 Traditional Greek shipowners (50 groups)
represent 95% of our first class clientele
9 90% operate a fleet of more than 5 vessels
Sound deposit gathering dynamics
Specialised management team with long sector
experience
Duration of loan portfolio at 6-7 years
LTV at 71% with average age of collateral
(vessels) at 10.5 years
Zero NPL experience over past 10 yearsProduct
Tankers
10%
Yachts 1% Coastal/
Ferry
7%Containers
7%
Aframax
1%
VLCC
10%
Suezmax
6%
Panamax
8%
Product
10%
Capesize
14%
Handymax/
Handysize
21%
Panamax
15%
Tankers
37%
Dry Bulk
50%
1.0
0.8
1.4
0.8
1.61.6
2.1
2.4
0.60.6
Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09
Loans Deposits
Class Greek names
SEE Contribution to Operating Results
ff
7/30/2019 FY 2009 Results
41/59
41
6,3306,103
Dec. 08 Dec. 09
16.8%8,79410,275RWA 1
17.9%
15.9%
59.5%
111.7
89.9
295.7
497.3
2008
(50.4%)55.4Profit Before Tax
5.5%524.8Operating Income
81.1%162.7Impairment Losses
11.0%
6.7%
58.4%
306.7
2009
Contribution to Group Profits
RAROC
Cost / Income
3.7%Operating Expenses
Change( million)
Affected by Impairments
Deposits
( million)
1,044 1,036
7,2767,279
2,877 3,035
Dec. 08 Dec. 09
Mortgages
Consumer Credit
Business Loans
Loans by Segment
( million)
1.3%
11,200
11,347
Dec. 09
Market Shares
Loan Market Share Evolution (Dec. 08 Dec. 09)
(pps)
-0.1
0.2
0.7
1.0
-1.3
-2.0Cyprus
FYROM
Bulgaria
Serbia
Romania
Albania
3.9%
6.9%
11.3%
15.5%
4.2%
8.9%
1 Cooperative banks not included
1
Average balances
3.7%
1
C St P iti i
7/30/2019 FY 2009 Results
42/59
42
403
377
2,192
2,369
1,8441,738
Dec. 09 Dec. 09
Mortgages
ConsumerCredit
Businesses
3,3413,489
Dec. 08 Dec. 09
+130bps2.8%4.1%NPL Ratio
3737Branches
(200)bps13.3%11.3%Loan Market Share 1
841
86.6
31.2
58.1
175.9
2008
(11.7%)76.5Profit Before Tax (pre- O/H allocation)
(2.6%)171.3Operating Income
11.9%34.9Impairment Losses
834
59.9
2009
(7)Employees
3.1%Operating Expenses
Change( million)
Cyprus Strong Positioning
( million)
Deposits Loans
4,4134,510
Loans & Deposits
(8%)
6%
(6%)
(4.2%)
(2.1%)
1 cooperative banks not included
R i C f ll B ilt O i P
7/30/2019 FY 2009 Results
43/59
43
1,700
1,467
Dec. 08 Dec. 09
386335
3,0223,144
793
762
Dec. 08 Dec. 09
Mortgages
ConsumerCredit
Businesses
+210bps0.5%2.6%NPL Ratio
200200Branches
+70bps8.2%8.9%Loan Market Share
2,651
45.8
33.2
105.7
184.6
2008
10.8%50.7Profit Before Tax (pre- O/H allocation)
20.2%221.8Operating Income
123.9%74.3Impairment Losses
2,562
96.9
2009
(89)Employees
(8.3%)Operating Expenses
Change( million)
4,170
Loans & Deposits
Romania Carefully Built Organic Presence
( million)
Deposits Loans
4,272
4%
4%
(13%)
15.9%
2%
Bulgaria Diligent Impairments Impact Profitability
7/30/2019 FY 2009 Results
44/59
44
424
279
Dec. 08 Dec. 09
778 753
11085
161 167
Dec. 08 Dec. 09
Mortgages
ConsumerCredit
Businesses
+480bps3.7%8.5%NPL Ratio
120120Branches
(10)bps4.0%3.9%Loan Market Share
994
(14.3)
9.2
32.1
27.0
2008
(37.8)Profit Before Tax (pre- O/H allocation)
28.6%34.7Operating Income
294.0%36.1Impairment Losses
989
36.5
2009
-5Employees
13.5%Operating Expenses
Change( million)
Bulgaria Diligent Impairments Impact Profitability
( million)
Deposits Loans
1,029
1,024
52%
0.5%
Loans & Deposits
Serbia Challenging Operating Environment
Takes Its Toll on the Bottom Line
7/30/2019 FY 2009 Results
45/59
45
398
325
Dec. 08 Dec. 09
723695
127
92
73
39
Dec. 08 Dec. 09
Mortgages
ConsumerCredit
Businesses+80bps3.1%3.9%NPL Ratio
+5162167Branches
20bps6.7%6.9%Loan Market Share
1,691
9.9
3.7
48.8
62.5
2008
(19.4)Profit Before Tax (pre- O/H allocation)
(32.6%)42.1Operating Income
99.1%7.4Impairment Losses
1,493
54.2
2009
(198)Employees
11.0%Operating Expenses
Change( million)
Takes Its Toll on the Bottom Line
( million)
Deposits Loans
923
826
Loans & Deposits
11.7%
22.6%
Albania Leading Position
7/30/2019 FY 2009 Results
46/59
46
375
456
Dec. 08 Dec. 09
8
324
383
5
149
134
Dec. 08 Dec. 09
Mortgages
ConsumerCredit
Businesses+390bps0.3%4.2%NPL Ratio
+64248Branches
+100bps14.5%15.5%Loan Market Share
329
11.2
4.1
11.7
27.0
2008
(16.6%)9.3Profit Before Tax (pre- O/H allocation)
(0.4%)26.9Operating Income
(38.8%)2.5Impairment Losses
349
15.0
2009
+20Employees
28.6%Operating Expenses
Change( million)
Albania Leading Position
( million)
Deposits Loans
525
478
9.7%
Loans & Deposits
(17.7%)
FYROM Balanced Presence
7/30/2019 FY 2009 Results
47/59
47
1240bps7.9%20.3%NPL Ratio
2525Branches
(130)bps5.5%4.2%Loan Market Share
276
(4.7)
5.5
7.0
7.7
2008
(2.9)Profit Before Tax (pre- O/H allocation)
30.0%10.1Operating Income
(14.8%)4.7Impairment Losses
265
8.3
2009
(11)Employees
18.5%Operating Expenses
Change( million)
81
59
Dec. 08 Dec. 09
53
47
78
55
22
25
Dec. 08 Dec. 09
Mortgages
ConsumerCredit
Businesses
FYROM Balanced Presence
( million)
Deposits Loans
124
156
Loans & Deposits
(20.7%)
(26.8%)
7/30/2019 FY 2009 Results
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Group Profit & Loss
Alpha Bank Group
7/30/2019 FY 2009 Results
49/59
49
-23.8%513.4391.5Net Profit excl. one-off Tax
-1.6%(112.2)(110.3)Income tax
10.1%
50.5%
2.6%
349.8
349.1
(42.4)
501.8
(676.3)
(91.8)
(544.7)
(565.5)
(1,201.9)
67.1
171.5
378.8
1,762.6
2,380.1
2009
15.7%
50.2%
3.0%
512.1
513.4
0.0
625.6
(541.8)
(88.9)
(499.9)
(589.5)
(1,178.3)
89.5
(6.8)
464.4
1,798.6
2,345.7
2008
24.8%mpairment losses
-31.7%Net Profit attributable to shareholders
-32.0%
-19.8%
3.2%
9.0%
-4.1%
2.0%
-25.0%
-18.4%
-2.0%
1.5%
% Change
2009/2008
Net Interest Income
Operating Income
Net Profit after tax
One-off tax
Profit before tax
Return on Equity After Tax and Minorities (ROE)
Cost / Income
Net Interest Margin
Depreciation and amortization expenses
General expenses
Staff costs
Operating Expenses
Other income
Income from financial operations
Net fee and commission income
( million)
p p
Alpha Bank Group
7/30/2019 FY 2009 Results
50/59
50
205.1209.7154.7(56.1)85.3128.6130.047.7Net Profit excl. one-off Tax
0.00.00.00.00.00.00.042.4One-off tax
0.5%
57.5%
2.6%
5.2
5.3
18.9
66.6
179.6
22.9
160.3
149.3
332.5
17.9
10.2
92.3
458.2
578.7
Q4 2009
15.4%
46.7%
2.6%
130.0
130.0
37.9
167.9
170.0
22.6
135.9
138.0
296.5
17.0
62.6
95.3
459.5
634.4
Q3 2009
16.3%
47.0%
2.5%
129.0
128.6
33.5
162.1
169.5
23.5
131.4
139.2
294.1
16.0
68.9
98.4
442.3
625.6
Q2 2009
24.5%
44.6%
3.2%
205.0
205.1
54.7
259.9
67.6
20.3
104.0
139.3
263.5
16.7
17.1
115.3
442.0
591.0
Q1 2008
11.3%
51.5%
2.4%
85.7
85.3
20.0
105.3
157.3
22.8
117.1
138.9
278.8
16.2
29.8
92.8
402.6
541.4
Q1 2009
(7.0%)
63.8%
2.7%
(55.8)
(56.1)
30.0
(86.1)
275.7
24.2
156.4
153.0
333.5
20.8
(45.0)
111.1
436.2
523.2
Q4 2008
74.4124.1mpairment losses
18.5%
48.5%
3.0%
153.7
154.7
34.1
188.8
22.6
120.7
151.3
294.5
25.6
(2.2)
119.4
464.5
607.4
Q3 2008
25.4%
45.9%
3.2%
209.1
209.7
53.3
263.1
21.9
118.9
146.0
286.7
26.5
23.2
118.5
455.9
624.2
Q2 2008
Net Profit attributable to shareholders
Net Interest Income
Operating Income
Net Profit after tax
Income Tax
Profit before tax
Return on Equity After Tax and Minorities (ROE)
Cost / Income
Net Interest Margin (net of impairment losses)
Depreciation and amortization expenses
General Expenses
Staff Costs
Operating Expenses
Other Income
Income from Financial Operations
Net fee and commission income
( million)
7/30/2019 FY 2009 Results
51/59
Business Unit Financials
Group Results by Business Unit
7/30/2019 FY 2009 Results
52/59
52
541.8676.3-(0.0)0.30.00.1-89.9162.7172.6257.2278.9256.4Impairment Losses
1,798.61,762.62.21.415.312.821.8121.0342.6415.7322.9388.91,093.8822.8Net Interest Income
625.6501.8(63.5)(11.4)30.720.28.8231.9111.655.4118.492.9419.7112.8Profit before tax
2,345.72,380.12.052.082.260.749.6270.6497.2524.8420.9483.71,293.9988.1Operating Income
589.5565.529.822.022.018.120.718.5138.6139.381.681.5296.7285.9Staff Costs
499.9544.721.723.227.220.618.218.9133.7140.237.942.4261.3299.4General Expenses
88.991.814.018.22.01.81.81.323.427.210.49.737.333.6Depreciation
(6.8)171.5(57.3)9.41.21.3(28.0)112.357.034.78.77.711.66.2Income from Financial Operations
Jan-DecJan-DecJan-DecJan-DecJan-DecJan-DecJan-Dec
50%50%122%62%67%82%14%59%58%31%28%46%63%Cost / Income Ratio
16%11%..46%29%2%49%16%7%9%6%40%10%Risk Adjusted Return on 8% Regulatory Capital
1,178.31,201.965.563.451.240.540.738.7295.7306.7129.9133.6595.3618.9Operating Expenses
89.567.158.842.20.40.712.610.312.010.53.33.02.50.5Other Income
464.4378.8(1.7)(1.0)65.345.943.227.185.764.086.084.1185.8158.8Net fee and Commission Income
20082009200820092008200920082009200820092008200920082009
GroupOtherAssetManagement
InvestmentBanking &
Treasury
SE EuropeCommercial &Corporate
Retail( million)
1
1 Including excess tier I regulatory capital of 739 mn in FY09 and 364 mn in FY08
1
Retail Business Unit: Results
7/30/2019 FY 2009 Results
53/59
53
69.9%
7.0%
14,335
20.2
55.6
8.3
90.7
76.9
175.9
0.1
1.5
33.0
217.1
251.7
Q4 2009
59.4%
15.8%
14,259
45.0
59.8
7.8
76.0
69.2
153.1
0.1
1.1
38.9
217.7
257.9
Q3 2009
60.4%
10.3%
14,150
29.2
68.9
8.7
71.8
69.0
149.4
0.1
1.8
44.4
201.1
247.5
Q2 2009
60.8%
6.6%
14,101
18.5
72.1
8.8
60.9
70.9
140.6
0.1
1.7
42.5
186.8
231.2
Q1 2009
51.4%
10.6%
14,018
29.7
124.2
9.2
77.6
76.0
162.8
0.6
3.1
51.7
261.3
316.7
Q4 2008
48.747.958.0Impairment losses
43.8%
47.4%
13,656
129.4
9.6
61.5
75.0
146.0
0.6
2.6
48.8
281.4
333.4
Q3 2008
44.3%
52.0%
12,972
134.9
9.4
62.7
73.1
145.2
1.1
3.0
44.3
279.6
328.0
Q2 2008
44.8%
51.1%
12,284
125.5
9.1
59.4
72.7
141.3
0.1
2.9
41.1
271.4
315.5
Q1 2008
Net Interest Income
Operating Income
Staff Costs
General Expenses
Depreciation
Income from Financial Operations
Cost / Income Ratio
Risk Adjusted Return on 8% RegulatoryCapital
RWA
Profit before tax
Operating Expenses
Other Income
Net fee and Commission Income
( million)
Commercial & Corporate Business Unit: Results
7/30/2019 FY 2009 Results
54/59
54
28.1%
4.7%
18,138
17.2
75.3
2.5
11.2
22.5
36.2
0.8
1.7
22.9
103.4
128.8
Q4 2009
26.8%
9.0%
18,061
32.5
58.7
2.3
11.3
19.8
33.3
0.8
1.8
20.6
101.4
124.6
Q3 2009
26.2%
8.3%
17,989
29.8
61.7
2.5
10.9
19.2
32.6
0.7
2.7
20.5
100.2
124.1
Q2 2009
29.6%
3.7%
17,982
13.3
61.5
2.5
9.0
20.0
31.5
0.8
1.5
20.2
83.9
106.3
Q1 2009
38.9%
-10.0%
17,805
(35.7)
94.2
2.7
11.7
22.8
37.3
0.8
2.3
20.6
72.0
95.8
Q4 2008
9.820.947.7Impairment losses
30.3%
8.5%
17,228
29.3
2.7
9.4
21.5
33.5
1.1
2.3
23.3
83.7
110.5
Q3 2008
27.2%
17.6%
16,762
58.9
2.6
8.2
19.1
29.8
0.8
3.0
21.4
84.4
109.5
Q2 2008
27.9%
20.2%
16,346
66.0
2.4
8.6
18.3
29.3
0.6
1.1
20.6
82.8
105.1
Q1 2008
Net Interest Income
Operating Income
Staff Costs
General Expenses
Depreciation
Income from Financial Operations
Cost / Income Ratio
Risk Adjusted Return on 8% RegulatoryCapital
RWA
Profit before tax
Operating Expenses
Other Income
Net fee and Commission Income
( million)
Asset Management Business Unit: Results
7/30/2019 FY 2009 Results
55/59
55
61.2%
36.5%
880
6.4
(0.0)
0.3
4.9
4.8
10.1
0.2
0.6
12.5
3.2
16.4
Q4 2009
65.9%
33.4%
878
5.8
(0.0)
0.5
6.6
4.2
11.2
(0.0)
0.3
13.2
3.7
17.0
Q3 2009
65.5%
30.0%
868
5.2
0.0
0.5
5.0
4.4
9.9
0.3
0.2
11.6
3.0
15.1
Q2 2009
76.3%
16.9%
861
2.9
(0.0)
0.5
4.1
4.7
9.3
0.2
0.3
8.7
3.0
12.2
Q1 2009
80.8%
15.2%
859
2.6
0.3
0.5
7.3
4.7
12.5
0.1
0.4
11.6
3.3
15.4
Q4 2008
(0.0)(0.0)0.0Impairment losses
60.6%
45.5%
856
7.7
0.5
5.6
5.8
11.9
0.1
0.1
15.8
3.6
19.7
Q3 2008
59.0%
55.0%
876
9.6
0.5
7.2
6.1
13.8
0.1
0.4
18.9
4.1
23.4
Q2 2008
54.8%
70.1%
765
10.7
0.5
7.0
5.5
13.0
0.1
0.3
19.1
4.3
23.7
Q1 2008
Net Interest Income
Operating Income
Staff Costs
General Expenses
Depreciation
Income from Financial Operations
Cost / Income Ratio
Risk Adjusted Return on 8% RegulatoryCapital
RWA
Profit before tax
Operating Expenses
Other Income
Net fee and Commission Income
( million)
Investment Banking & Treasury Business Unit:
Results
7/30/2019 FY 2009 Results
56/59
56
30.9%
18.0%
5,928
21.4
0.0
0.3
4.8
4.4
9.6
2.0
(2.0)
7.4
23.5
30.9
Q4 2009
11.5%
63.8%
6,027
76.9
(0.0)
0.3
5.0
4.7
10.0
2.2
50.6
6.8
27.2
86.8
Q3 2009
9.7%
75.4%
5,939
89.5
0.0
0.3
4.6
4.7
9.6
2.5
50.0
5.9
40.8
99.2
Q2 2009
17.9%
38.4%
5,730
44.0
0.0
0.3
4.5
4.7
9.6
3.6
13.7
7.0
29.3
53.7
Q1 2009
-194.0%
-16.1%
5,721
(18.4)
(0.0)
0.4
6.5
5.3
12.2
3.7
(22.3)
9.0
3.3
(6.3)
Q4 2008
0.00.10.1Impairment losses
-2052.3%
-8.8%
5,227
(9.2)
0.4
3.1
5.3
8.7
2.7
(18.5)
9.8
5.6
(0.4)
Q3 2008
34.3%
20.6%
4,579
18.8
0.2
4.3
5.4
9.8
4.3
7.6
11.8
5.2
28.7
Q2 2008
36.3%
19.8%
4,433
17.6
0.9
4.4
4.7
10.0
1.9
5.2
12.7
7.8
27.6
Q1 2008
Net Interest Income
Operating Income
Staff Costs
General Expenses
Depreciation
Income from Financial Operations
Cost / Income Ratio
Risk Adjusted Return on 8% RegulatoryCapital
RWA
Profit before tax
Operating Expenses
Other Income
Net fee and Commission Income
( million)
SE Europe Business Unit: Results
7/30/2019 FY 2009 Results
57/59
57
60.4%
3.3%
10,283
6.7
48.7
7.0
41.5
35.9
84.4
3.1
9.2
16.7
110.8
139.8
Q4 2009
54.7%
4.6%
10,273
9.5
51.6
7.0
31.6
35.1
73.6
2.3
6.7
16.3
109.4
134.7
Q3 2009
60.2%
5.6%
10,269
11.6
38.8
6.9
33.5
35.8
76.2
2.3
11.5
16.2
96.5
126.6
Q2 2009
58.6%
13.4%
10,273
27.6
23.6
6.4
33.6
32.5
72.5
2.8
7.3
14.7
98.9
123.7
Q1 2009
64.1%
-3.7%
10,177
(7.5)
56.9
6.9
45.1
36.0
88.1
3.6
19.3
18.7
96.0
137.5
Q4 2008
9.05.618.3Impairment losses
60.0%
17.6%
9,516
33.6
5.8
34.6
37.4
77.8
3.6
13.7
22.3
90.2
129.8
Q3 2008
59.4%
26.1%
8,199
42.7
5.5
31.0
34.1
70.6
2.3
11.5
22.6
82.5
118.9
Q2 2008
53.3%
29.5%
7,284
42.9
5.2
23.0
31.0
59.2
2.5
12.5
22.2
73.9
111.1
Q1 2008
Net Interest Income
Operating Income
Staff Costs
General Expenses
Depreciation
Income from Financial Operations
Cost / Income Ratio
Risk Adjusted Return on 8% RegulatoryCapital
RWA
Profit before tax
Operating Expenses
Other Income
Net fee and Commission Income
( million)
Other Business Unit: Results
7/30/2019 FY 2009 Results
58/59
58
564
(5.2)
(0.0)
4.4
7.2
4.8
16.4
11.7
(0.6)
(0.2)
0.2
11.2
Q4 2009
562
(1.8)
0.0
4.8
5.4
5.0
15.2
11.6
2.1
(0.4)
0.1
13.4
Q3 2009
567
(3.3)
(0.0)
4.7
5.6
6.2
16.5
10.1
2.6
(0.2)
0.6
13.2
Q2 2009
570
(1.1)
0.0
4.3
5.0
6.0
15.3
8.7
5.3
(0.2)
0.5
14.3
Q1 2009
528
(56.8)
0.0
4.5
8.1
8.2
20.8
11.9
(47.8)
(0.4)
0.3
(36.0)
Q4 2008
(0.0)0.0(0.0)Impairment losses
524
(2.0)
3.6
6.5
6.4
16.5
17.3
(2.4)
(0.5)
0.1
14.5
Q3 2008
605
(1.9)
3.7
5.5
8.2
17.4
18.0
(2.2)
(0.4)
0.1
15.5
Q2 2008
463
(2.8)
2.1
1.5
7.1
10.8
11.5
(5.0)
(0.4)
1.8
8.0
Q1 2008
Net Interest Income
Operating Income
Staff Costs
General Expenses
Depreciation
Income from Financial Operations
RWA
Profit before tax
Operating Expenses
Other Income
Net fee and Commission Income
( million)
Investor Relations Contacts
7/30/2019 FY 2009 Results
59/59
59
ALPHA BANK
40, Stadiou Street, 102 52
Athens, Greece
Internet : www.alpha.gr
Reuters : ACBr.AT
Bloomberg : ALPHA GA
Mr. Marinos Yannopoulos, General Manager and CFO, +30210 3262 366, [email protected]
Mr. Michael Massourakis, Senior Manager, Economic Research, +30210 3262 828, [email protected]
Mr. Vassilios Psaltis, Senior Manager, Corporate Planning & Controlling +30210 326 4 009, [email protected]
Mr. Dimitris Kostopoulos, Assistant Manager, Investor Relations, +30210 3264 195, [email protected]
Ms. Elena Katopodi, Investor Relations Officer, +30210 3264 184, [email protected]
Ms. Stella Traka, Investor Relations, +30210 3264 182, [email protected]