In further detail,
- Net interest income rose by 8.1% y-o-y in 9M2022 to €1.1bn, against €1.0bn in 9M2021, driven by bond income, lending and international business.
- Net fee and commission income expanded by 21.1% y-o-y to €395m, mainly due to fees from lending activities, Network operations and cards business. Fee and commission income accounted for 66 basis points of total assets in 9M2022.
- As a result of the above, core income grew by 11.3% y-o-y to €1.5bn in 9M2022. Other income climbed to €617m, from €66m in 9M2021, mainly due to trading gains from hedging instruments. Thus, total operating income increased by 50.4% y-o-y to €2.1bn in 9M2022.
- Operating expenses increased by 4.7% y-o-y to €681m, mainly due to SEE operations, with Greece being slightly up by 0.7% y-o-y. The cost to core income ratio improved to 46.1% in 9M2022, from 49.1% a year ago, while the cost to income ratio substantially declined to 32.5%, due to high trading gains.
- Core pre-provision income was up by 17.7% y-o-y to €795m and pre-provision income reached €1.4bn, from €741m in 9M2021.
- Loan loss provisions declined to €203m in 9M2022 and corresponded to 68 basis points of the average net loans in 9M2022.
- As a result of the above, core operating profit increased by 65.9% y-o-y to €592m in 9M2022, compared to €357m in 9M2021.
- Adjusted profit before tax amounted to €1.2bn and adjusted net profit totaled €932m in 9M2022. Net profit after tax stood at €1.1bn, compared to €216m in 9M2021 and include €231m gains from the completion of the spin-off of the merchant acquiring business (project “Triangle”).
- SEE operations were profitable, as the adjusted net profit reached €153m in the first nine months of the current year, from €111m the respective period of 2021. Core pre-provision income increased by 16.4% y-o-y and amounted to €223m, with core operating profit risingby 44.6% y-o-y to €197m in 9M2022. 46% of the adjusted net profit came from the operations in Bulgaria and 44%from those in Cyprus.
- The NPE ratio fell to 5.6%at the end of September and the stock of NPEs decreased to €2.4bn or €0.7bn after provisions. NPE formation was positive by only €12m in 9M2022. Provisions over NPEs reached 72.7%.
- CET1 and Total CAD reached 14.9%4 and 17.2%4 , up 160 bps and 150 bps respectively over 9M2021. The fullyloaded Basel III CET1 (FLB3 CET1) ratio grew to 14.2%4 , from 12.3% a year ago.
- Tangible book value per share increased by €0.21 in 9M2022 to €1.63.
