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 |
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
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.