Optima bank

FY 2023 Results

6 March 2024

2023 was a milestone year

Record volumes

& Profits

Loans and depos increased more than 45% respectively

Profits above €100mn for the first time

IPO

Share capital increase of €151mn via an IPO, oversubscribed by 3.7x

Best bank in

Greece

Awarded by the FT

Executive Summary

2

Strong growth led to a record 2023 performance

Net Profit

ROTE

Loans

Deposits

Capital

Fully Loaded

FY 2023 adj:

FY 2023:

Total Capital of

€107.4m

29%

€2.5bn

€3.2bn 17.4%

(+152%)

FY 2023 rep.:

Loans Δ

Deposits Δ

€0.8bn

€1.0bn

€103m

(+143%)

(+45% YoY)

(+47% YoY)

First time distribution of profits to shareholders-Proposed DPS at €0.44 (32% payout)

Executive Summary

3

Optima bank was the outlier in 2023 posting

strong volume growth in a stagnant market

Depos quarterly growth

Quarterly credit growth

Market

Optima bank

Market

Optima bank

16.9%

12.3%

10.5%

10.0%

9.2%

9.4%

9.2%

1.6%

1.6%

2.3%

1.8%

0.5%

0.2%

-0.3%

-0.5%

-2.6%

26% of the FY2023 credit growth and 17% of the depos growth of the system is attributed to

Optima bank

Source: Optima bank, BoG

Executive Summary

4

€mn

Quarterly

profitability

43

FY 2022

Strong profitability, above the €100mn threshold

for the first time

Net profit adj.* grew 152% YoY

18

26

30

34

107

74

44

18

1Q 2023

1H 2023

9M 2023

FY 2023

*Net profit adjusted for one off expenses of €5.5mn relating to stock awards, €0.5mn one off revenues relating to real estate asset sale in 1Q 2023 and other one-off expenses of €0.46mn.

Executive Summary

5

€mn

NII

NFI

Core income

Opex adj.*

PPI adj.*

Impairments

Profit Before Tax

Net Profit adj/reported

EPS adj.* (€)

4Q 2023

43.3

9.6

52.8

(14.8)

43.1

(1.2)

38.1

33.8/30.9

0.46

Strong 4Q 2023 Results

3Q 2023

2Q 2023

1Q 2023

% YoY

% QoQ

38.3

33.4

27.3

102%

13%

8.2

7.5

6.8

43%

17%

46.5

41.0

34.1

88%

14%

(12.2)

(12.3)

(11.8)

35%

21%

39.3

33.0

25.8

89%

10%

(3.4)

(1.2)

(4.1)

(59%)

(65%)

33.8

31.7

22.3

88%

13%

29.9/28.0

25.7/25.7

18.0/18.4

114%

13%

0.41

0.35

0.25

114%

13%

*Adjusted figures to account for one off expenses; EPS calculated on post IPO sharecount

Executive Summary

6

€mn

NIM

NFM

Cost to Core

Income

TE (€mn)

FL CAD

Executive Summary

4Q 2023

4.58%

1.01%

28.0%

499

17.4%

Another set of strong KPIs in 4Q 2023

3Q 2023

2Q2023

1Q 2023

4.45% 4.45% 4.03%

0.95% 1.00% 1.00%

26.3% 30.0% 34.7%

318 288262

18.8% 12.8% 12.4%

7

€mn

FY 2023

NII

142.2

NFI

32.1

Core income

174.3

Opex adj.*

(51.1)

PPI adj.*

141.3

Impairments

(9.9)

Profit Before Tax

125.9

Net Profit

107.4/103

adj.*/reported

EPS adj.* (€)

1.46

*Adjusted figures to account for one off expenses; EPS calculated on post IPO sharecount

Executive Summary

FY 2023 EPS at 1.46, 152% higher YoY

FY 2022

% chg YoY

FY 2021

60.8

134%

27.0

22.244%15.8

83.0

110%

42.8

(41.6)23%(34.0)

54.7

158%

14.1

(6.7)47%(4.1)

48.1

162%

10.1

42.6/42.4 152%10.0

0.58

152%

0.14

8

NIM

NFM

Cost to Core

Income

ROTE

TE (€mn)

FL CAD

Best in class 2023 NIM at 4.39% and RoTE at 29%

FY 2023

FY 2022

FY 2021

4.39%2.57%2.05%

0.99%0.94%1.20%

29.3%50.1%79.4%

29.0%21.8%6.8%

499

243

148

17.4%13.3%13.9%

Executive Summary

9

Optima bank vs the market

Optima bank

Market*

ROTE

29%

14.6%

NIM

4.39%

2.66%

EU peers

@15.3%**

Cost to Core Income

29.3%

34.9%

Depos Growth YoY

47%

3.2%

Loan Growth YoY

45%

2.5%

NPE ratio

0.45%

4.82%

DTC/CET1

0%

60%

  • Factset, 4 Greek systemic banks * * Factset, average of the 29 largest EU banks

Executive Summary

10

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Optima Bank SA published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 12:04:19 UTC.