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Alpha Bank FY 2020 Results

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Alpha Bank FY 2020 Results Alpha Bank FY 2020 Results Investor Presentation March 23rd, 2021 Disclaimer This presentation has been prepared and issued by Alpha Bank solely for informational purposes. For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree to be bound by the following limitations: No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Bank (or any member of Alpha Bank’s Group) as to the accuracy, fairness, completeness, reliability or sufficiency of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty. The information contained in this presentation may contain and/or be based on information that has been derived from publicly available sources that have not been independently verified. Alpha Bank is not under any obligation to update, revise or supplement this presentation or any additional information or to remedy any inaccuracies in or omissions from this presentation. This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion. Certain statements in this presentation may be deemed to be “forward-looking”. You should not place undue reliance on such forward-looking statements. By their nature, forward- looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward- looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Alpha Bank’s operations, results of operations, financial position and the development of the markets and the banking industry in which it operates or is likely to operate may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the banking industry in which Alpha Bank operates is consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Alpha Bank’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Bank's financial position, operations, results of operations, growth, strategy and expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Alpha Bank to predict which factors they will be. In addition, Alpha Bank cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward looking statements. Alpha Bank disclaims any obligation to update any forward-looking statements contained herein, except as required pursuant to applicable law. 2 Pages • 2020 Highlights 3 • 2021 Outlook 8 Alpha Bank • Financial Performance Analysis 13 • Macroeconomic Update 20 • Appendix . ESG 24 . Asset Quality 26 . Capital 34 . Volumes 37 . P&L 45 3 2020 Highlights and 2021 Outlook NPE . Alpha Bank entered into definitive agreements with Davidson Kempner over its €10.8bn Galaxy portfolio and the sale of an 80% stake in Cepal; expected to complete in Q2 2021 Deleveraging . Post Galaxy, Alpha Bank’s NPE and NPL ratio1 in Greece is reduced to 24% and 13% respectively Business . In December 2020, the Bank entered into a long-term bancassurance partnership with Generali, which will be a key enabler for the acceleration of its bancassurance ambitions going forward Development . New disbursements in Greece of €5.6bn in 2020 (+60% vs. 2019), providing significant support to the economy . Improved Core PPI performance at €859mn (+3.4% y-o-y) in 2020 . Strong trading income of €690mn in 2020 allowed for increased impairments to account for future NPE reduction initiatives 2020 Financial . Impairment losses of €1,306mn in 2020, impacted by additional impairments of €283mn to account for Covid-19 and of €320mn in Performance anticipation of new transactions in 2021 . Group NPE cash coverage pro-forma for Galaxy at 50% and Group NPL coverage at 85% in 2020 . Total Capital ratio at 18.4% in December 2020, or 16.9% pro forma for Galaxy and Tier II issuance of €500mn in March 2021 . NPE transactions of €3.3bn in 2021. NPL and NPE ratios1 in Greece to decrease to <10% and <18% respectively 2021 Outlook . Capital preservation with NPE transactions’ impact being fully absorbed and ending Total Capital ratio at 16.8% 1|including senior notes on the ratio basis. 4 Alpha Bank delivered strong financial performance in FY 2020; Asset quality significantly improved Expansion of operating income Continued cost control Improvement in Core PPI Operating income, Euro mn Recurring operating expenses, Euro mn Core PPI, Euro mn 3.4% +12% -3.6% 831 859 2,591 1,080 2,321 1,042 2019 2020 2019 2020 2019 2020 Strengthening of capitalization levels NPE and NPE>90dpd ratios declined Cash Coverage strengthened Total Capital Ratio (%) Group % Group % 20pps +50bps -18pps 17.9% 18.4% 6pps 85% 45% -14pps 65% 30% 50% 26% 44% 16% 2019 1 2020 2019 2020 NPE ratio NPE>90dpd ratio NPE coverage NPE>90dpd coverage 1|pf for Galaxy, including senior notes on the ratio basis 5 Commercial Activity: Loan growth supported by deposits inflows with fee platform further strengthened Strong new disbursements despite macro headwinds Strong customer deposit inflows with a change in mix Greece, Euro bn Group, EUR bn Greece, EUR bn +2.1 +3.5 +3.6 5.6 o/w €5.3bn business 43.8 38.0 40.4 34.5 5.8 3% 4% State 3.5 Abroad 5.9 26% 35% Term 34.5 38.0 72% Core Greece 60% 2019 2020 Dec-19 Dec-20 Dec-19 Dec-20 Digital transformation accelerated shift to digital channels Exclusive bancassurance agreement with Generali until 2040 792,000 active 150 million ▪ On December 31, 2020, Generali acquired AXA Greek subsidiary, 92% of financial users in mobile logins in mobile becoming a #2 insurer in non-life and #3 player in health transactions banking banking insurance through digital +69% yoy in channels +45% yoy in ▪ Alpha Bank and Generali have renegotiated the exclusive 2020 2020 distribution agreement, that existed with AXA, by extending it Fee Income >145,000 until 2040 Generation Efficiency new users in wallets gains ▪ Such partnership entails certain future payments by Generali ~3.5 million to Alpha Bank, the amount of which will vary based on the transactions performance of the partnership in 2020 6 Swift execution of Galaxy during pandemic with clear timeline to closing Feb 2021 April 2021 Q2 2021 By H2 2021 Sale of 80% of New CEPAL Distribution of Carve-out of NPE Management unit onto CEPAL already Galaxy Hive-Down Galaxy Galaxy Notes to completed, with servicer currently fully operational Signing Completion1 Closing1 shareholders1 Davidson Alpha Bank Kempner 20% 80% New CEPAL Galaxy Securitisations 100% €10.8bn3 Senior notes Alpha . DK to acquire 51% of the €3.8bn 49%2 Bank . Long-term servicing agreement with New CEPAL, SPV I mezzanine and junior with a term of 13 years, for the management of our €1.9bn notes, while Alpha will Mezzanine initially retain a 49% stake. existing Retail and Wholesale NPEs in Greece of SPV II notes 44% of the notes are €8.9bn, as well as of any future flows of similar assets €5.7bn and early collections. New CEPAL will also manage intended to be subsequently the €10.8bn3 exposures under the Galaxy SPV IV Junior distributed to Securitisations and €4.6bn4 of exposures of third-party €3.2bn notes shareholders subject to 51% regulatory and corporate investors Davidson approvals HAPS guarantee Kempner 1| Subject to applicable corporate and regulatory approvals. 2| Alpha to initially hold 49% of the Mezzanine and Junior notes, with 44% to be distributed to shareholders subsequently; 5% to be retained as required by risk retention 7 rules. 3 | The amount of €10.8bn refers to the aggregate GBV as of the cut-off date of each respective SPV: 31.03.19 for SPVI, 30.06.19 for SPV II & IV. 4| Gross Book Value Pages • 2020 Highlights 3 • 2021 Outlook 8 Alpha Bank • Financial Performance Analysis 13 • Macroeconomic Update 20 • Appendix . ESG 24 . Asset Quality 26 . Capital 34 . Volumes 37 . P&L 45 8 Balance sheet clean-up continues unabated in 2021 NPE portfolio to decrease by a further 30% in 2021 Greece, Euro bn NPE ratio (Greece)¹ 52% 24% <18% NPE .
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