Eurobank Ergasiαs S.A

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Eurobank Ergasiαs S.A EUROBANK ERGASIΑS S.A. FINANCIAL REPORT for the period from January 1st to June 30th, 2017 According to article 5 of Law 3556/30.4.2007 Table of Contents I. Statements of the members of the Board of Directors (according to the article 5, par. 2 of l. 3556/2007) ΙΙ. Interim Directors’ Report III. Auditor’s Report on Review of Interim Financial Information IV. Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2017 V. Condensed Interim Financial Statements for the six months ended 30 June 2017 VI. Information of Group Eurobank Ergasias S.Α. 1.1-30.6.2017 pursuant to article 6 of l. 4374/2016 I. Statements of the members of the Board of Directors (according to the article 5, par.2 of the Law 3556/2007) EUROBANK ERGASIAS S.A. Statements of Members of the Board of Directors (according to the article 5, par. 2 of the Law 3556/2007) We declare that to the best of our knowledge: the financial statements for the six months period ended 30 June 2017, which have been prepared in accordance with the applicable accounting standards, present fairly the assets, liabilities, equity and results of the Bank and the companies included in the consolidation, and the report of the Board of Directors for the same period presents fairly the information required under paragraph 6 of article 5 of Law 3556/2007. Athens, 29 August 2017 Nikolaos V. Karamouzis Fokion C. Karavias Stavros E. Ioannou I.D. No ΑΒ – 336562 I.D. No ΑΙ - 677962 I.D. No AH - 105785 CHAIRMAN CHIEF EXECUTIVE DEPUTY OF THE BOARD OF OFFICER CHIEF EXECUTIVE DIRECTORS OFFICER ΙΙ. Interim Directors’ Report EUROBANK ERGASIAS S.A. REPORT OF THE DIRECTORS The directors present their report together with the accounts for the six months ended 30 June 2017. Profit or Loss The net profit attributable to Eurobank (or “the Bank”) shareholders for the first half of 2017 amounted to €76m (first half 2016: €106m profit) as set out in the consolidated income statement on page 2. Financial Results Review1 In June 2017, the completion of the second review of Greece’s current economic adjustment program has improved the economic environment and market expectations, as it reduced the uncertainties and risks that prevailed during the first months of 2017, which had a negative impact on the economic expansion and the business activity. In this demanding context, the Group remained profitable in the first half of 2017, improved further its capital and liquidity position and reduced the Non Performing Exposures (NPEs) stock in line with its main objectives. As at 30 June 2017 total assets, following the deleveraging, amounted to €64.0bn (Dec. 2016: €66.4bn). At the end of June 2017 gross customer loans reached €50.1bn (Dec. 2016: €50.7bn), of which €42.4bn in Greece and €7.7bn in Ιnternational Οperations. Business (wholesale and small business) loans stood at €26.4bn (Dec. 2016: €26.5bn) and accounted for 53% of total Group loans, while loans to households reached €23.7bn (Dec. 2016: €24.2bn), with mortgage portfolio constituting 35% and consumer loans 12% of the total portfolio. During the first half of 2017, deposits from Greek operations increased by €0.3bn to €23.7bn with the second quarter recording a rise of €0.7bn, more than offsetting the outflows of the first quarter, mainly driven by the improvement in depositors’ sentiment after the successful completion of the second review of the program. In addition, deposit balances from International Οperations decreased by €0.2bn to €10.4bn. Group deposits reached €34.1bn (Dec. 2016: €34.0bn) and as a result, the (net) loan–to– deposit (L/D) ratio stood at 114% for the Group (Dec. 2016: 115%). As at 30 June 2017, the Bank’s dependency on Eurosystem financing facilities stood at €13.8bn, of which €11.2bn funding from Emergency Liquidity Assistance (ELA) mechanism (Dec. 2016: €13.9bn, of which €11.9bn funding from ELA). As at 31 July 2017, the Eurosystem funding decreased further to €12.5bn, of which €9.9bn funding from ELA, mainly as a result of selective asset deleveraging, increased repo transactions and deposit inflows. In the same context, the Bank also reduced its participation in the second stream of the Hellenic Republic’s liquidity support plan (bonds guaranteed by the Greek Government) from a face value of €2.5bn on 31 December 2016 to a face value of €1.5bn on 30 June 2017. In the context of the European Stability Mechanism (ESM)/ European Financial Stability Facility (EFSF) decision for the implementation of the short-term Greek debt relief measures and the relevant Board of Directors (BoD) decision on 20 January 2017, the Bank has entered into an agreement with the EFSF, the Hellenic Republic, the Hellenic Financial Stability Fund (HFSF) and the Bank of Greece (BoG) on 16 March 2017 for the exchange of the EFSF floating rate notes, which had been used for the recapitalization of the Greek banking system, at their book value, with either cash or fixed rate ones with a longer maturity, which would be sold back, after a short holding period, to EFSF. In the first half of 2017, the Bank exchanged floating rate EFSF notes of face value of €2.5bn with fixed rate EFSF notes of equivalent face value, out of which notes of face value of €2.1bn were sold back to the EFSF. The above transactions had no effect in the Bank’s income statement (note 15 of the consolidated financial statements). Within a still challenging business environment, the six months’ pre-provision Income (PPI), decreased by 3.9% to €497m, due to lower other income (first half of 2016: €5172m, including the €53m gain arising from the VISA Europe shares sale transaction and the €55m gain on the acquisition of the Alpha Bank’s Branch in Bulgaria). Net interest income (NII) remained stable to €771m, carrying the positive effect from the lower funding cost due to the reduction in the cost of deposits, the lower dependency from the ELA mechanism and the decreased utilisation of Pillar II bonds (Law 3723/2008) as collateral for secured funding and the negative impact from loan deleveraging and lower lending spreads. Net interest margin (NIM) stood at 2.4% (first half 2016: 2.2%2) with second quarter reaching 2.43%. Fees and commissions amounted to €140m (first half 2016: €1172m) with improved capital markets fees and lower Greek Government guarantees related expenses. Trading and other activities recorded €75m gain (first half 2016: €1312m gain), including a) the €35m gain from credit risk valuation adjustment on derivatives with the Hellenic Republic as a result of the improvement in the short term tenors of Greek sovereign credit default swaps, b) the €24m gains 1 Definitions of the selected financial ratios and the source of the financial data are provided in the Appendix. 2 Comparative figures have been adjusted to exclude Grivalia subgroup operations, which have been classified as held for sale as of June 2017. € = Euro m = million bn = billion Page 1 of 12 EUROBANK ERGASIAS S.A. REPORT OF THE DIRECTORS arising from the sale of available-for-sale (AFS) shares and mutual funds and c) €16m gains on the sale of bonds positions. Cost containment efforts and initiatives continued and operating expenses were reduced amounting to €489m compared to €5022m in the first half of 2016, with the cost to income (C/I) ratio for the Group reaching 49.5% (first half 2016: 49.2%2), while the International Operations C/I ratio stood at 47.2%3 (first half 2016: 45.5%2). During the first half 2017, the new 90days past due loans (formation) was positive amounting to €245m (first quarter: €154m, second quarter: €91m), compared to €26m in the first half 2016 (first quarter 2016: €42m, second quarter 2016: €16m negative) while NPEs formation, amounted to €265m negative (first quarter 2017: €72m negative, second quarter 2017: €193m negative), compared to €862m positive in the first half of 2016 (first quarter 2016: €371m, second quarter 2016: €492m). As at 30 June 2017, 90days past due loans slightly decreased, mainly through write offs, to 34.6% of gross loans (end 2016: 34.7%) while NPEs were reduced to 44.1% of gross loans (end 2016: 45.2%). Loan provisions (charge) reached €372m or 1.9% of average net loans (first half 2016: €398m or 2.0%), driving the coverage ratio for 90 days past due portfolio to 65.3% (Dec. 2016: 66.1%) and the coverage ratio for NPEs to 51.1% (Dec. 2016: 50.7%). The Group recognised in the first half of 2017 other impairments losses, provisions and restructuring costs amounting to €26m (first half 2016: €542m), of which €12m related to the investment property portfolio and repossessed assets and €13m impairment losses on other assets and provisions on litigations and other operational risk events. Furthermore, for the operations of Grivalia subgroup, which have been classified as a disposal group held for sale, the Group recorded a profit of €11m after tax (including a deferred tax liability (DTL) of €3.4m on the taxable temporary differences (capital gains) associated with the investment in Grivalia Properties R.E.I.C.), which is almost entirely attributable to non controlling interests (discontinued operations, including Ukraine and insurance subsidiaries in first half 2016: €31m profit, of which €8m is attributable to non controlling interests). Overall, in the first half of 2017, the Group remained profitable, well supported by the steadily profitable International Operations, the improved core pre-provision income and effective NPEs management.
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