Financial Strategy and Ecosystem Platform Expansion
2021 Achievements and Medium Term Strategy
Positive Net Result
•
Profit after tax and before non-recurring items of €91 mn
Profit after tax of €30 mn
Careful Cost Management
.
Total operating expenses¹ of €347 mn broadly flat yoy
•
C/I ratio at 60%¹ flat yoy
Strong Capital and Initiation of MREL issuance
•
CET1 ratio of 15.8% 2,3 and Total Capital ratio of 20.8% 2,3
•
•
Successful refinancing of Tier 2 at a significantly lower coupon rate
Inaugural issuance of €300 mn Senior Preferred notes; Interim MREL requirement as at 1 January 2022
achieved
Single Digit NPE ratio achieved a year earlier than anticipated
•
NPE ratio reduced to 7.5%² (3.1%² net), following NPE sale (Helix 3) signed in November 2021
Updated Medium Term Strategic Targets
•
ROTE >10% by 2025
NPE ratio c.5% by end-2022 and <3% by end-2025
•
Paving the way for dividend distribution4 from 2023 onwards
Announcement of ESG targets; Carbon Neutral by 2030 and Net Zero by 2050
7237
2)
3)
Excluding special levy on deposits and other levies/contributions
Pro forma for HFS
Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements
4) Subject to performance and relevant approvals
5View entire presentation