Earnings release
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Results 1Q 2025 Press release | 14 May 2025
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2 Strong set of 1Q 2025 results driven by volumes growth and resilient spreads Κεφάλαια €4.0bn Loans Δ +42% YoY €1.2bn ROTE 24.8% Loans Net Profit €39.0mn +19% YoY Total capital ratio 13.42% Depos €4.8bn Deposits Δ €1.4bn +43% YoY ‘24 DPS €0.57 +30% Y oY
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1Q 2025 reported net profit stood at €39.0mn compared to €32.7mn in 1Q 2024, an increase of 19% ROTE stood at 24.8% 1Q 2025 credit expansion continued unabated with loan disbursements in the tune of €0.8bn, 21% higher YoY 1Q 2025 loan balances increased by €1.2bn YoY at €4.0bn, +42% YoY , while maintaining solid asset quality with NPE ratio at 0.90% Deposits rose by €1.4bn (+43% YoY) to €4.8bn Ample liquidity with loans to deposits ratio of 82%, LCR of 211% and NSFR of 126% 1 2 3 4 5 6 1Q 2025 key highlights 7 The 2024 dividend was set at €0.57 per share, 30% more than last year
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4 Despite international disruptions and the potential risk of trade wars impacting global economies, the Greek economy remains on a robust trajectory. Consensus forecasts indicate a GDP growth rate exceeding 2% in 2025. In 1Q 2025 the market recorded a decrease in deposits and a small increase in loans. We are optimistic about the prospects of the Greek banking system this year, anticipating growth in both loans and deposits despite the initial slow start. In this environment, Optima bank had another solid quarter, as we managed to increase both our loans and deposits. More specifically, our loan book now stands at €4.0 billion, +€1.2 billion up from last year, while our deposits stand at €4.8 billion, €1.4 billion higher YoY, allowing the bank to have a strong liquidity position. Our enlarged loan book allowed us to further enhance our net interest income, despite the ECB rate cuts that took place in the past few quarters. More specifically, our net interest income stood at €49.5 million, increased compared to €48.8 million in the 4Q 2024. We also remained focused on enhancing our fee generation, by leveraging our loan book but also by growing our assets under management. Our fees grew 23% year-on-year in 1Q 2025 at €12.1mn. Our net profit stood at €39 million in 1Q 2025, an increase of 19% compared to what we reported in 1Q 2024 and 22% higher compared to 4Q 2024. The RoTE of Optima bank stood at 24.8%, the highest in the Greek market and one of the highest in Europe. With these results, we are on the right path to achieve the target of 2025 of profitability in excess of €160 million. We see strong demand for loans from our clientele and we have built a healthy pipeline of projects, which will allow us to keep growing our market share. In this context, we plan to enhance our capital base by issuing a T2 capital instrument by the end of 2nd quarter 2025. This will allow us to continue growing our presence in the Greek market, while retaining high returns to our shareholders. Dimitris Kyparissis CEO, Optima bank Management statement
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NFM 1Q 2025 ΝΙΙ grew 11% YoY to €49.5mn due to 42% higher loan balances and resilient spreads NIM stood at 3.53% vs 4.48% in 1Q 2024, mainly due to the fall of the 3m Euribor Net fee and commission income grew 23% YoY at €12.1mn, driven by higher loan and asset management fees 5 Profitability Operating expenses were 15% higher YoY at €16.2mn. Staff costs were 18% higher YoY , while G&A costs were 11% higher YoY Cost to core income stood at 26.3% from 26.0% in 1Q 2024 NIM 4.48% 4.37% 4.20% 3.73% 3.53% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 0.99% 0.87% 0.86% 0.92% 0.86% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
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Cost to core income Operating expenses €mn 6 Cost of risk stood at 52bps compared to 72bps in the same period last year Net profit stood at €39.0mn vs €32.7mn in 1Q 2024 Profitability 7.4 7.5 8.0 9.8 8.7 4.9 3.0 4.5 4.6 5.4 1.9 2.1 2.0 2.3 2.2 14.1 12.5 14.5 16.7 16.2 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Staff costs G&A costs Depreciation 26.0% 24.7% 24.3% 27.5% 26.3% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025
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Deposits €mn Loans €mn Gross loans stood at €3.97bn, an increase of 42% compared to 1Q 2024 New disbursements in 1Q 2025 stood at €0.8bn compared to €0.6bn in the same period last year, with the overwhelming majority being corporate loans Deposits grew 43% YoY and 3% QoQ at €4.8bn 7 Balance sheet Loans to deposits stood at 82.1% from 82.9% in 1Q 2024. Other liquidity metrics remained robust with LCR at 210.8% and NSFR at 125.8%, while the bank retained zero ECB funding The NPE/NPL ratios remained at an industry low level of 0.90% and 0.41%. NPE coverage, including collaterals stood at 189% CET1 and Total Capital ratio, stood at 13.42%, including the impact from the first time adoption of Basel 4 1,187 1,175 1,196 1,374 1,676 1,573 2,005 2,155 2,519 2,757 2,967 3,200 3,192 3,331 3,715 4,132 4,643 4,773 FY 2023 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 Corporate Retail 1,791 2,092 2,303 2,505 2,767 3,042 667 701 759 802 891 927 2,458 2,793 3,062 3,307 3,657 3,970 FY2023 1Q 2024 1H 2024 9M 2024 FY 2024 1Q 2025 Corporate Retail
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NIM NFM Cost to core income Cost of risk NPE ratio CAR RoTE 4.48% 0.99% 26.0% 0.72% 1.11% 16.0% 25.4% 3.53% 0.86% 26.3% 0.52% 0.90% 13.4% 24.8% KPIs 8 Financial highlights Net interest income Net fees Trading & other income Total income Total operating expenses Pre-Provision income normalized Impairments Profit before tax Profit after tax reported 44.5 9.8 4.7 59.0 -14.1 44.9 -4.7 40.2 32.7 49.5 12.1 6.8 68.4 -16.2 52.2 -5.0 47.2 39.0 1Q 20241Q 2025 11% 23% 45% 16% 15% 16% 5% 18% 19% % changeP&L (€mn) Total assets Net loans Securities Deposits Tangible equity 4,069 2,763 719 3,331 532 5,686 3,920 746 4,773 648 40% 42% 4% 43% 22% Balance Sheet (€mn)
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9 Adjusted net profit: Net profit/loss adjusted after adding back one off expenses or deducting one off revenues Basic earnings per share (EPS): Net profit attributable to ordinary shareholders divided by the weighted average number of shares Common equity tier 1 (CET1): Common equity tier I regulatory capital as defined by Regulation (EU) No 575/2013 as in force. based on the transitional rules for the reported period. divided by total Risk Weighted Assets (RWA) Core operating income: The total of net interest income. net banking fee and commission income and income from non banking services Cost to core income ratio: Total operating expenses divided by total core operating income. Cost to income ratio: Total operating expenses divided by total operating income Cost of risk (CoR): Impairment charge in the P&L, annualized, divided by the average net loans over the period Earnings per share (EPS) underlying: Net profit attributable to ordinary shareholders excluding one off items, divided by the number of shares that resulted post the latest share capital increase Fees and commissions: The total of net banking fee and commission income and income from non banking services of the reported period Fully loaded common equity tier 1: Common Equity Tier I regulatory capital as defined by Regulation (EU) No 575/2013 as in force without the application of the relevant transitional rules for the reported period. divided by total Risk Weighted Assets (RWA) Gross loans: Loans and advances to customers at amortised cost before expected credit loss allowance for impairment on loans and advances to customers at amortized cost and Loans and advances to customers mandatorily measured at FVTPL Liquidity coverage ratio (LCR): total amount of high quality liquid assets over the net liquidity outflows for a 30-day stress period Loans to deposits ratio (L/D): Loans and advances to customers at amortised cost divided by due to customers at the end of the reported period Impairments on loans: Impairment charge for expected credit loss Glossary - Definition of alternative performance measures (APMs)
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10 Net loans: Gross loans and advances to customers at amortised cost after ECL allowance for impairments Net interest income: the net interest income from interest bearing assets for the reported period Net interest margin (NIM): the net interest income, annualized divided by the average balance of total assets Net profit on a recurring basis: Net profit/loss attributable to ordinary shareholders excluding one-off items Net stable funding ratio (NSFR): The NSFR refers to the portion of liabilities and capital expected to be sustainable over the time horizon considered by the NSFR over the amount of stable funding that must be allocated to the various assets, based on their liquidity characteristics and residual maturities Non performing exposures (NPEs): as per EBA guidelines, non performing exposures are exposures in arrears of more than 90 days past due or for which the debtor is unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any past- due amount or of the number of days past due Non performing loans (NPLs): Loans and advances to customers at amortised cost in arrears for 90 days or more NPE ratio: NPEs divided by Gross Loans NPL ratio: NPLs divided by Gross Loans NPE coverage: ECL allowance for loans and advances to customers divided by NPEs, excluding loans and advances to customers mandatorily measured at FVTPL, at year/period end NPL coverage: ECL allowance for loans and advances to customers divided by NPLs, excluding loans and advances to customers mandatorily measured at FVTPL, at year/period end Risk weighted assets (RWAs): Assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013 Tangible equity: Equity attributable to shareholders less goodwill, software and other intangible assets Return on tangible equity (RoTE): net profit annualized divided by average tangible equity for the period Return on tangible equity (RoTE) underlying: net profit excluding one off items, annualized divided by average tangible equity for the period Glossary - Definition of alternative performance measures (APMs)
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11 This is a press release of an exclusively informative nature, intended to provide general information about the bank. Your participation in any way in an event at which the press release is shown or your access to it in any other way constitutes an acknowledgment that you have read the terms hereof, which you understand and accept. This statement covers the press release, as well as any related material, oral or written information, presentation, comments, analyses, questions and answers related to it and the information contained therein. The bank takes appropriate measures in order to ensure that the content herein is true and accurate, however it does not make any warranty statement, does not provide a guarantee and does not undertake any commitment as to the completeness, accuracy, adequacy and impartiality of the information included in this information. No item or information listed herein is and cannot be taken, directly or indirectly, as such a statement or guarantee by the bank. Information herein (including market data and statistics) may be derived from publicly available sources that have not been independently verified, and forecasts, valuations and statistical analyzes are based on subjective estimates and assumptions and may use alternative methodologies that produce different results. The information contained herein does not take into account individual circumstances, investment objectives, financial ability, experience and knowledge and, therefore, in no way constitutes or may be construed, directly or indirectly, as a proposal or solicitation for carrying out transactions on the bank's shares, nor as a recommendation or advice for making relevant investment decisions. Before making any investment decision, please do your own research, analysis and confirmation of the information herein and seek independent legal, tax and financial advice from professionals. Statements, estimates and forecasts concerning mainly the bank's strategy, business objectives and development, the results of operations and its financial position, the evolution of the bank's branches of activity, as well as in general the economic and other conditions in Greece and abroad, are based on the bank's current view, based on information available to it at the time of writing and reflect current expectations and assumptions regarding future events and circumstances which, however, may not be verified. These statements are not guarantees of future performance and contain many risks, uncertainties, general and specific and assumptions that are difficult to predict by the bank and are beyond its control. You should not, therefore, rely on these statements, estimates and forecasts. The bank does not undertake any responsibility to update or revise the statements herein, unless otherwise required by applicable law. Disclaimer
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Investor Relations 32 Aigialeias & Paradeisou str. Tel: (+30)-210-81 73 000 investors@optimabank.gr Athens 15125 Greece OPTIMAr.AT OPTIMA GA ISIN: GRS533003000
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