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Press Release Q1 2021 Results : Resilient Core PPI performance , up 2.1 % y - o - y ; Profit / ( Loss ) After Tax of Euro -282.2 million on the back of upsized NPE portfolio sales impairments Main Highlights Solid Commercial Activity in Q1 2021 ● New disbursements in Greece of Euro 1.1 billion in Q1 2021 , providing significant support to the economy . Private sector deposits in Greece up by Euro 0.3 billion q - o - q , mainly reflecting higher household savings . Our Fee Franchise remained resilient , generating Euro 84.3 million of Fees vs. Euro 83.8 million in Q4 2020 , despite the challenging environment created by the pandemic . Core operating performance demonstrates resilience ● ● ● Core PPI¹ performance in Q1 2021 at Euro 236.6 million , up by 16.4 % q - o - q , driven by improved core revenue performance and operational efficiencies . Net Interest Income increased by + 3 % q - o - q , to Euro 399.6 million , mainly off the back of a substantially higher contribution from wholesale funding ; NII benefited in Q1 2021 by circa Euro 36 million in relation to the application of the -1 % negative rate granted by ECB due to the accomplishment of the objective related to TLTRO - III for the period June 2020 to March 2021 . Recurring Operating expenses decreased by 5.4 % q - o - q to Euro 258.4 million , primarily due to lower Staff and G & A expenses . In Q1 2021 , Total OPEX for the quarter amounted to Euro 418.4 million negatively affected by Euro 160.1 million² of Restructuring Costs and other one - off charges . Income from financial operations at Euro 60.9 million vs a strong trading line of Euro 429.7 million in the previous quarter , which benefited from a GGB swap arrangement with the Greek State , resulting in a gain of Euro 171 million and additional gains from our GGB portfolio . ● Pre - Provision Income generation of Euro 137.5 million vs. Euro 537.1 million in the previous quarter , impacted by one - off charges and lower trading gains . In Q1 2021 , impairment losses on loans came to Euro 390.6 million , out of which Euro 317 million was related to inorganic NPE actions with the majority attributed to the upsizing of our NPE portfolio sales perimeter in Cyprus ( " Project Sky " ) . ● Profit / ( Loss ) After Tax stood at Euro -282.2 million vs. Euro -29.7 million in Q1 2020 . ALPHA SERVICES AND HOLDINGS ● ● ● ● ¹ Core PPI in Q1 2021 includes Euro 25 million TLTRO - III benefit not accrued in H2 2020 . 2 In Q1 2021 , Restructuring charges are mainly attributed to Euro 97.2 million provision for VSS cost and Euro 19.2 million to replacement of infrastructure , while other one - offs mainly to Euro 26.8 million goodwill and intangible assets impairment . 1 Press Release Q1 2021 Results