FY 2009 Results

7/30/2019 FY 2009 Results

1/59

March 16, 2010

Full Year 2009 Results

Full Year 2009 Results

7/30/2019 FY 2009 Results

2/59

2

Table of Contents

Highlights of FY 2009 Results

Financial Review

This presentation contains forward-looking statements, which include comments with respect to our objectives and strategies, and the results of our operations and ourbusiness, considering environment and risk conditions.

However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists thatthese statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could

cause future Group results to differ materially from these targets.

Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates, exchange rates and stock indices, the effects of competition in

the areas in which we operate, and changes in economic, political, regulatory and technological conditions. We caution that the foregoing list is not exhaustive.

When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events.

Segmental Report

Appendix:

Group Profit & Loss Quarterly 48Business Unit Financials 51

Contents: Page

3

26

34

Macroeconomic Environment 18

7/30/2019 FY 2009 Results

3/59

Highlights of FY 2009 Results

7/30/2019 FY 2009 Results

4/59

4

2009: A Year of Significant Balance Sheet Strengthening

Key Developments

Romania

(23.8%)513.4391.5Net Profit excl. One-Off Tax

0.9%1,167.41,178.2Pre-Provision Income

2.0%1,178.31,201.9Operating Expenses

3,021

42,547

50,705

512.1

541.8

2,345.7

2008

(31.7%)349.8Net Profit Attributable to Shareholders

1.5%2,380.1Operating Income

5,372

42,916

51,400

676.3

2009

77.8%Shareholders Equity

0.9%Deposits

1.4%Net Loans

24.8%Impairment Losses

Change( million)

Benchmark Capital Base

Milestone 986mn capital increase completed in Q4 09

Core Tier I at 9%, Tier I at 11.7%

Tangible Equity1 at 4.3 bn

Strong Liquidity Profile

74% of Balance Sheet funded through customer deposits

Insignificant wholesale funding redemptions in 2010 of1bn 2

Ended 2009 as net lender in interbank market by 3.5bn

Current Greek Sovereign debt crisis leaves our P&L and

Balance Sheet unscathed

GGB portfolio at 2.8bn; most in HTM

AFS reserve increased by 57mn in 2009

Earnings capacity maintained in a very challenging

year

Pre-provision income at 1.2 bn equals 2008 and 2007

Impairment at 129 bps allows for a best-in-classcoverage of 55% especially given conservative nature of

loan portfolio

1 Tangible Equity defined as shareholders equity minus State preference shares, intangibles, minorities, and hybrid2As of March 2010

7/30/2019 FY 2009 Results

5/59

5

8.0%

8.0%7.8%

12.7%

Dec. 08 Sep. 09 Dec. 09

Greece is experiencing an unprecedented

sovereign debt crisis

Deficit/GDP Estimates Change Abruptly

Comments:

10-year Spread

Expectation for GDP Growth Deteriorates 1

1.0

2.0

3.0

4.0

30/ 06/ 2009 30/ 08/ 2009 30/ 10/ 2009 30/ 12/ 2009 28/ 02/2010

Spread of 10y Greek bonds vs Bunds

(%)

12.1 bn

more deficitwithin 2009

The fiscal derailment in 2009 and the loss of credibility

concerning developments in state finances, have depressed

economic sentiment and recovery prospects of the Greekeconomy. That led the Greek government bond market into

turmoil with 10-year bonds and CDS spreads skyrocketing.

These negative developments and the continuous

disturbances in Greek government financing in Q1 2010 drive

estimates for a further GDP decline in 2010 to -2.5%-2.5%

0.5%

-2.0%

2.0%

2008 2009 2010 2010

1Alpha Bank Estimates

18.5 bn

30.6 bn

19.2 bn

Deficit

(Sep. 09 Estimate) (Mar.10 Estimate)

Max 396 bps

28/01/10

7/30/2019 FY 2009 Results

6/59

6

and has introduced a rigorous consolidation plan

to reduce deficit under 3% by 2012

Deficit to GDP according to S&G Programme

Stability & Growth Programme 2010 implementation:

Debt to GDP according to S&G Programme

Current expenditure cuts of 4.0 bln (1.6% of GDP)

Current revenue increases of 5.8 bln (2.4% of GDP)

2010 deficit target well assured

Structural reform in the areas of: combating tax and social security contribution evasion (increasing the tax base),

social security (rationalising the link between benefits and contributions), and

public administration (reduction of employment, connecting payment to productivity, increasing

productivity and cost recovery)

2.8%2.0%

5.6%

8.7%

12.7%

2009 2010 2011 2012 2013

117.7%113.4%

120.6%120.4%113.4%

2009 2010 2011 2012 2013

7/30/2019 FY 2009 Results

7/59

7

Significant Steps Taken in 2009 to Strengthen

the Balance Sheet:

Requlatory Ratios

Benchmark Capital Position

Basle III Proposals Will Have Insignificant Impact

17

5,973584

5,372940

69

(27)

383

3,021

986

Equity Dec. 08 12M

comprehensive

income

other Treasury Shares

Placement

Capital Increase Preference shares

from Govt

Scheme

Equity Dec.09 Minorities Hybrids Total Equity

Dec.09

( million)

11.7%

9.0%

6.5%

8.0%

9.8%

13.3%

Dec. 08 Dec. 09

Core Tier I Tier I Total CAD

1 Benchmark Capital Position

Alpha bank is effectively already compliant with

recent Basle III proposals

This is due to insignificant amounts in minorities,

goodwill and net deferred tax assets, which are

under Basle III proposals subtracted from Core

Tier I

+ 1.4 bn

7/30/2019 FY 2009 Results

8/59

8

2%

12%

18%

23%

14%

1%

10%

21%

15%

25%

27%30%

4%

(0.6%)

14%

30%

Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09

Loans Deposits

Ample Liquidity Strong Deposit Franchise with a

measured use of the Balance Sheet

Deposits by Type

SavingsDeposits

20%

Time

Deposits

62%

Sight

Deposits

18%

Total = 42.9 billion

Core

deposits

38%

Deposit-Driven Funding Structure

Customer

Deposits

74%

Wholesale

Funding

9%

Equity

9%

Net

Interbank7%

Hybrid

1%

2

1 Excluding Liquidity raised by ABS

2Net Interbank = Due to Banks Due from Banks Cash

Loans/ Deposits 110%1

Balanced Development of the Banking Book Sources/uses of Funds (change Dec. 2009 vs Dec. 2008)

( billion)

Total Group

Loans:

53.0 bn

Total Group

Deposits:

42.9 bn

+4.3

+0.4

+3.5

+1.1+0.7

Securities

ECB/

InterbankBorrowing

InterbankLending

Loans

Deposits

2

84%

7/30/2019 FY 2009 Results

9/59

9

0.9

2.9

1.7

Apha Bank

Participation

5.5 bn

Total

Government Plan

28 bn

Government Bonds

for Refinancing with

ECB

Debt Issuance using

State Guarantee

Preference Shares

placed with the State

0.9

1.0

1.1

Pre-Emptive Actions taken in 2009 to Strengthen

Liquidity Profile further

Public/Private New IssuesSecuritisations and Covered Bonds

Participations in Greek Government Scheme (Dec. 09) Participations in the IMF initiative in Romania/Serbia

( billion)

UtilisationAllocation

3.0

Romania: 12.9 billion IMF Stand-By Arrangement (SBA),

complemented by an additional 7bn of financial aid by

largest International Financial Institutions (IFIs)

Serbia: 2.9 billion IMF Stand-By Arrangement (SBA)

Alpha Bank has committed to maintain its exposure and

enhance its capital adequacy in both countries

Prospective meaningful reduction of minimum liquidity

reserves

2

750,000,00019017/09/12Senior17/09/09

Senior

Senior

TypeIssued

Amount

Spread

(bps) 1Maturity

Date

Issue

Date

1,500,000,000Total

250,000,00016512/02/1312/08/09

500,000,00028509/06/1109/06/09

7.6Total

Apr. 101.3Business LoansProsodos

25/02/100.6Credit CardsPisti

31/12/090.2LeasingIrida

20/05/091.6Business LoansEpihiro

23/02/090.8BondsTalanto

09/12/081.1Consumer LoansKatanalotika

15/07/082.0Mortgage LoansAlpha Covered Bonds

Settlement

Date

Issue

Amount bnLoan TypeName

1 Over mid-swaps

7/30/2019 FY 2009 Results

10/59

10

0.3

0.4

0.51.2

1.2

1.0

3.0

0.7

1.3

0.40.3

0.3

0.6

2010 2011 2012 >2012

Senior Debt Subordinated Hybrid

10.3

1.1

ECB Funding Collateral Pool Evolution

Little Uncertainly in Wholesale Funding: Insignificant

Redemptions; Further ECB Utilization Capacity

2.3

2.0

1.9 1.9

5.23.5

0.8

Dec. 08 Dec. 09

Covered Bonds Bonds Securitis ations Govt Sche me

( billion)

ECB Funding - Collateral Ratings

1

6.2

11.4

1.0

5.2

Net Utilisation

Available ECB Collateral

Term Funding Maturity Profile

5.6 1.0

1.9

Outstanding Debt Maturing Debt

1.2

1.1

( billion)

New in 2009Dec. 09

Term Funding 2010 Monthly Maturities

0.4

0.05

0.55

0.3

0.1

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

( billion)

0.9

2.3

0.4

3.0

0.7

2.00.1

2.0

AAA AA A BBB

Govt Scheme

Other Bonds

Securitizations and

Covered Bonds

Greek Bonds

3.1

6.7

0.70.9

( billion)

1Already repaid in 2010

2

1

1 Collaterals as of Dec. 09, ratings as of 15/3/2010

7/30/2019 FY 2009 Results

11/59

11

Current Greek Sovereign Debt Crisis Leaves our

P&L and Balance Sheet Unscathed

Securities Portfolio Breakdown

AFS Reserve Movement

Greek Government Bond Portfolio Evolution

1.7 1.7

2.7 2.7 2.6

3.2

2.6

0.1

0.1

0.1

0.1

0.1

Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09

Held to Maturity Available for Sale Trading

( billion)

1.9

5.0 5.3

2.72.8

Average

Duration

7/30/2019 FY 2009 Results

12/59

12

Earnings Capacity Further Loan Repricing

under way due to Recent Sovereign Crisis

Product

Tankers

10%

EuriborBased Pricing Loses its relevance

( million)

NII Loans Contribution

378 411433 457

Q1 09 Q2 09 Q3 09 Q4 09

Loans Spreads - Group

254 254 251 263

346330315290

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

(bps)

NII Small Dependency in Bonds

458(1)(4)(21)

24460

Q3 09 Loans Deposits Bonds Other Q4 09

( million)

0

1

2

3

4

5

6

02/01/2009 02/03/2009 02/05/2009 02/07/2009 02/09/2009 02/11/2009 02/01/2010 02/03/2010

Sp read o f 2 y Gr eek B on ds vs 2 year Ger man B on d Eu ri bo r 3m

(%)

4

52.2bn 52.2bn 52.6bn53.0bn

Balances at quarter end

7/30/2019 FY 2009 Results

13/59

13

47 37 3321

(43)(34)(49)(62)

Q1 09 Q2 09 Q3 09 Q4 09

Time Deposits Sight & Savings Deposits

which causes further deposit repricing

Product

Tankers

10%

Core Deposit Balances Evolution New Time Deposit Customer rates Greece 1

( million)

1,780

(578)

302 256 16,24814,488

Dec. 08 Q1 09 Q2 09 Q3 09 Q4 09 Dec. 09

NII - Deposits Contribution

( million)

Deposit Spread Evolution

(1)(11)

(14)

74

128141146

(21)

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

(bps)

4.7%

5.2%4.7%

4.4%

3.2% 3.1%

2.6%

1.3%

1.9%1.7%

1.9%

4.9%

Se p. 08 Oct. 08 Nov. 08 De c. 08 Jan. 09 Fe b. 09 M ar . 09 Ap r. 09 M ay. 09 Jun. 09 Se p. 09 De c. 09

1 Excluding Alpha Bank bonds

(15)(12) (1)

(22)13.9bn

27.1bn 26.7bn

16.2bn

Balances at quarter end

7/30/2019 FY 2009 Results

14/59

14

1,202345

(24)

1,178

2008 Staff Cost General

Expenses

Depreciation 2009

Operating Expenses Contained for 2009

Operating Expenses yoy growth Operating Expenses

12.9% 13.4%14.1%

5.8%4.1%

2.9% 2.0%

14.9%

Q1 08 H2 08 9M 08 FY 08 Q1 09 H1 09 9M 09 FY 09

( million)

Freeze of

SEE Expansion

Cost/Income Evolution Comments:

47%46% 46%

50% 50%

2005 2006 2007 2008 2009

Cost growth decelerates to 2% yoy despite

having increased the platform in SEE by 24%

more Branches, on average, over the period

Important contribution to cost containment

comes from staff cost in Greece (-5%)

7/30/2019 FY 2009 Results

15/59

15

Recent Developments in Greece

are Affecting NPL Formation Pace

Group Loans in Arrears (IFRS 7: past due > 90 days)

NPL Evolution by Segment

3.7% 3.5% 3.5%3.9% 4.3%

4.8%5.2%

5.7%5.1%

4.8% 4.4%

3.7%3.9%

Dec. 06 Mar . 07 Jun. 07 Sep. 07 Dec. 07 Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar . 09 Jun. 09 Sep. 09 Dec. 09

4.4%

4.1%

5.3%

4.0%4.1%

4.2%

5.9%5.8% 5.6%5.9%

3.8% 3.8%

4.2%

4.2% 4.0%

4.8%5.2%

5.8%

2.4% 2.5% 2.5%2.6%

3.1%3.3%

4.2%

5.0%

5.2%

Dec. 07 Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09

Consumer

Credit

BusinessLoans

Mortgages

NPL Evolution by Geography

6.1%

4.0%4.4%

4.0%4.2%4.1%

5.2%

4.8%

5.5%

2.6% 2.7%

3.1%2.7% 2.8%

3.4%4.0%

3.3%

4.1%

1.0% 0.8% 0.8% 0.8%

1.5%1.8%

2.7%

3.5%

4.1%

Dec. 07 Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09

Greece

Cyprus

SEE

1 SEE excludes Cyprus

NPL Quarterly Contribution by Geography

+40 bps +9 bps

+1 bps5.7%

5.2%

Sep. 09 Greece Cyprus Balkans Dec. 09

7/30/2019 FY 2009 Results

16/59

16

Concentration in Low LGD Segments

Impairment Charges by Geography in Perspective

514

90

163

227

542

677

199

45227

2007 2008 2009

Greece SEE

(bps) 48 98

62 118

(m)

Impairment Charges by Segment (2009)

146

124

Concentration in Low LGD Segments

1 Greek Portfolio Only

LGDs (Dec.09)

Business 33%

Mortgages 10%

Consumer 70%

Geography Segment

Loans:

NPLs

Greece

79%

Balkans

13%

Cyprus

8%

Cyprus

6%

Balkans

9%

Greece

85%

Consumer

12%

Business

61%Mortgages

27%

Consumer

12%

Business

64%Mortgages

24%

60 114 129

53.0 bn

3.0 bn

(bps)

132

351

26Business Consumer Mortgages

Group

7/30/2019 FY 2009 Results

17/59

17

-49-35 -46

721956

353 360 344 369

Mar.09 Jun.09 Sep.09 Dec.09

5.8% 5.9%

5.6%

5.9%

NPL

Impairment charges allow for strong coverage of NPLs1

NPLs Group Coverage

56%57%

61%60%

56%

53%

50%

55%

Mar. 08 Jun. 08 Sep. 08 Dec. 08 Mar. 09 Jun. 09 Sep. 09 Dec. 09

127%

Total coverage, incl. collaterals

133% 136% 140% 139% 135% 136%

NPLs Coverage By Geography

135%

NPLs Coverage By Segment

Consumer Credit NPLs Evolution

90%

9% 88%

18%

62%67%

Business Loans Consumer Credit Mortgages

Cash Coverage Collateral Coverage

1 Loans past due > 90 days

Cash Coverage

64% 66%Write-offs

New

Additions

79%

93%84%

77%88%50%

Greece Cyprus Balkans

Cash Coverage Collateral Coverage

157%

106%

71%

129%

161%

181%

Write-

offs

New

Additions

Write-

offs

New

Additions

64% 61% 66% 62%

7/30/2019 FY 2009 Results

18/59

Macroeconomic Environment

7/30/2019 FY 2009 Results

19/59

19

80

100

120

140

160

180

200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Regional Economic Outlook Improving

International Competitiveness (Index)CDS Spreads

Source: National Central Banks, National Statistical Services, Eurostat, IMF, Bloomberg, Alpha Bank Research

GDP Growth

2.0%

-2.0%

-2.5%

1.7%

1.3%

1.1%

-4.0%

0.6%1.5%

6.0%

-5.1%

0.3%

2.5%1.5%

-7.1%

6.2%

2.6%

-3.0%

1.5%

5.4%

1.5%

0.3%

3.7%

-1.5%

2008 2009 2010 2011

Greece Eurozone Bulgaria

Romania Serbia Cyprus

f fe

GDP Growth

Credit Expansion

32%

4%

7%

8%9%

6%

-4%

19%14%

19%

9%11%

10%8%7%

34%

5%

0%

4%

16%

2008 2009e 2010f 2011f

Bulgaria Romania Serbia Cyprus Greece

0

100

200

300

400

500

600

700

800

2008 2009 2010

BulgariaRomaniaGreeceGermany

Romania

Bulgaria

Greece

Germany

7/30/2019 FY 2009 Results

20/59

20

Greece: Stabilisation Brings Recovery From 2011

European Commission GDP Growth Forecasts


FDI & Exports (2007)Economic Decline Reaches Bottom?

-15%

-10%

-5%

0%

5%

10%

2007 2008 2009 2010

40

60

80

100

120

140

Retail Sales (Excl. Fuel) (LHS) Industrial Production (LHS)Economic Sentiment (RHS)

Investment Driven Growth (% YoY)FDI & Exports (2007)GDP Growth And Its Components

2.0%

-2.0%

-2.5%

1.7%

4.5%

-5%

-3%

-1%

1%

3%

5%

7%

2007 2008 2009 2010 2011

Private Consumption Private InvestmentNet Exports GDP Growth

Investment Driven Growth (% YoY)FDI & Exports (2007)Current Account Improves ( billions)

19.2

13.6

11.6

10.4

19.8

15.3

16.410.7

47.5

35.4

5.78.9 9.810.6

Exports

Tourism

Oil

Imports

Income

BalanceEU

Transfers

Non Oil

Imports

Shipping

2008 2009

Investment Driven Growth (% YoY)FDI & Exports (2007)

12.2%12.9%

15.9%14.9%

17.6%

-1.8%

-2.8%

-0.8%

2.3%

3.0% 3.0% 3.9%

-4.8%-2.0%

2.3%

2007 2008 2009 2010 2011

Savings RatePrivate Consumption GrowthPrivate Disposable Income Growth

Savings to cushion GDP decline

7/30/2019 FY 2009 Results

21/59

21

European Commission GDP Growth Forecasts. . . But Economic Impact Cushioned

by Lower Oil Prices ( billions)Early Signs of Improvement

0

1

2

3

4

5

6

7

8

9

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2008

2009

2010

0

15

30

45

60

2008 2009 2010 Alpha Bank Research

0

1

2

3

4

5

6

7

8

9

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2008

2009

2010

0

15

30

45

60

2008 2009 2010 Alpha Bank Research

Greece: Fiscal Consolidation A Key Priority


European Commission GDP Growth Forecasts. . . But Economic Impact Cushioned

by Lower Oil Prices ( billions)

-7.8% -8.7%-5.6%

-2.8% -2.0%

-12.7%

92.2102.2

109.5114.5

98.1 100.3

99.9

98.990.0

101.3

95.889.3

2008 2009e 2010f 2011f 2012f 2013f

General Government Deficit % of GDPPrimary Current ExpenditureNet Current Revenue

Painful Adjustment Underway

bn

% GDP

. . . But Economic Impact Cushioned

by Lower Oil Prices ( billions)Debt to Decline from 2012

-3.2%

-7.7%

-3.5%

-0.2%

2.6% 3.1%

99.2%

113.4%120.4% 120.6%

117.7%113.4%

2008 2009e 2010f 2011f 2012f 2013f

General Primary Balance (% of GDP)

Public Debt (% of GDP)

0%

Primary Current Expenditure

Net Current Revenue

bn

bn

Jan-Feb 2010

2010 Forecast

bn

bn

: -9.3% y/y

: -7.2% y/y

Jan-Feb 2010

2010 Forecast

: 13.1% y/y

: 12.4% y/y

7/30/2019 FY 2009 Results

22/59

22

3%

4%

5%

6%

7%

8%

9%

10%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009e

2010f

2011f

0%

8%

16%

24%

32%

40%

Greece: Real Estate Market Down But Not Out

Residential Construction Activity

35.2%

10.0%

4.6% 2.6% 4.2%

12.1%

-25.0%

-17.1%

5.7%

-19.5%

-3.4%-5.0%

1.5%

9.5% 11.4%

0%-5.0% -5.0%

11.9%10.6%

13.8% 13.3%

5.7% 2.8%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e 2010f 2011f

Building Permits (12-month MA)

House Price Growth (% YoY)

Residential Investment and Mortgage Growth Decline

Mortgage

Growth

Residential Investment/ GDP


90

95

100

105

110

115

120

125

130

135

140

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

90

95

100

105

110

115

120

125

130

135

140

House Prices & Affordability (2000 = 100)

House Price/Rents

House Prices/Disposable Income

fe

Future Supply of New Homes Slows

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2006 2007 2008 2009

Building Permits

7/30/2019 FY 2009 Results

23/59

23

Bulgaria

SEE: Recovery In The Making

RomaniaBulgaria

Serbia

Romania

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

2008 2009 2010

0

150

300

450

600

750

900

Net FDI (RHS)Industrial Production - YoY% (LHS)Credit Expansion - YoY% (LHS)

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2008 2009 2010

0

50

100

150

200

250300

350

400

450

500

Net FDI

Industrial Production (YoY%)Credit Expansion - YoY% (LHS)

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2008 2009 2010

0

500

1,000

1,500

2,000

2,500

Net FDIIndustrial Production (YoY%)Credit Expansion - Yoy% (LHS)

7.0% 7.1%

-6.2%-5.4%

3.5%

-4.9%

-3.5%

6.8%-2.0%-2.3%

3.0%

4.6%6.4%

8.5%

-4.6%

-4.2%

8.2%9.3% 9.2%

-6.5%-7.1%

2.9%

-8.7%-6.2%

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

Bulgaria Serbia Romania

Demand Correction Underway

(GDP Growth YoY%)

Source: National Central Banks, Eurostat, IMF, Bloomberg, Alpha Bank Research

7/30/2019 FY 2009 Results

24/59

24

-2

-1

0

1

2

3

4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009e 2010f

-10

-5

0

5

10

15

20

FDI

Bank Inflows

-4

-2

0

2

4

6

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009e 2010f

-20

-10

0

10

20

30

FDI

Bank Inflows2008 2009 2008 2009 2008 2009

Bulgaria Romania Serbia

Current Account Deficit Net FDI Other Net Capital Inflows

SEE: External Balance Restored

External Imbalances Shrink ( million)

Gross Official Reserves / Short-term External Debt

128%

156%

97%

148%

99%

213%

Bulgaria Romania

2007 2008 2009

-8,653

(-22.9%)

-2,912

(-6.7%)

Net FDI: 6,064

2,710

-16,157

(-12.3%)

9,310

4,768

-5,055

(-4.5%)

-6,089

(-17.3%)

1,8241,372

-1,743

(-6.5%)


RomaniaSerbia

BulgariaCapital Inflows Set For Resurgence (in USD bn)

2008 2009

Net

Inflows

RomaniaBulgariaBulgaria (in USD bn)

2008 2009

Net

Inflows

Romania

Bulgaria

(% of GDP)

SEE M t E i & Fi l

7/30/2019 FY 2009 Results

25/59

25

-7.2%

-3.2%

-1.0%

-5.9%

-4.0%

1.8%

-2.2%

-5.5%

-0.8%

Bulgaria Romania Serbia

2008 2009e 2010f

Bulgaria

Serbia

Romania

0%

3%

6%

9%

12%15%

18%

21%

24%

2005 2006 2007 2008 2009 2010

75

80

85

90

95

100

105

RPI Inflation (LHS) Key Policy Rate (LHS)RSD pe r EUR (RHS)

0%

3%

6%

9%

12%

15%

18%

21%

24%

2005 2006 2007 2008 2009 2010

1.80

1.84

1.89

1.93

1.98

2.02

2.06

2.11

2.15

HICP Inflation (LHS) Key Policy Rate (LHS)BGN pe r EUR (RHS)

0%

4%

8%

12%

16%

20%

24%

2005 2006 2007 2008 2009 2010

3.00

3.25

3.50

3.75

4.00

4.25

4.50

HICP Inflation (LHS) Key Policy Rate (LHS)RON per EUR (RHS)

SEE: Monetary Easing & Fiscal

Consolidation Underpin Recovery

General Government Balance


7/30/2019 FY 2009 Results

26/59

Financial Review

7/30/2019 FY 2009 Results

27/59

27

4.5 4.4

6.96.7

Dec. 08 Dec. 09

Balkans

Cyprus 13.5 13.6

12.1 12.4

Dec. 08 Dec. 09

Medium-sizedBusinesses

Large Corporates

6.3 6.5

6.0 6.2

14.314.0

Dec. 08 Dec. 09

Mortgages

Consumer Credit

Small BusinessLoans

39.1 40.3

11.311.2

Dec. 08 Dec. 09

SE Europe

Greece

3%

2.0% 2.6%

1.5%

Group Loans Group Retail Loans

SEE Loans Group Wholesale Loans

( billion)

( billion)

( billion)

( billion)

Decline in Loan Growth Rates Stabilizes

25.6

26.0

52.0

53.0

1%

3%

26.3

27.0

4%

2%

0.4%

3%

11.2 11.3

(2%)

6%

1.3%

7/30/2019 FY 2009 Results

28/59

28

Customer Assets

Solid Deposit Base

( billion)

On Balance Sheet

1Any reference to Time Deposits includes also Alpha Bank retail-targeted bonds, unless stated otherwise

6.5 6.8

12.7

14.7

23.1

21.3

1.30.5 0.3

1.32.72.3

Private Banking

Time Deposits

and Alpha Bank

Bonds 1

Other Mutual

Funds

Deposits (abroad)

Money Market

Mutual Funds

Savings and

Sight Deposits

(Domestic)

Investment

Balances

Liquidity

Transaction

Balances

Dec. 08 Dec. 09

(8%)

46.4 47.1

11%

1.4%

Deposits Evolution Group( million)

14,48816,248256302

(578)

1,780

Dec. 08 Q1 09 Q2 09 Q3 09 Q4 09 Dec. 09

28,05826,668742

(1,230)(949)

47

Dec. 08 Q1 09 Q2 09 Q3 09 Q4 09 Dec. 09

Core Deposits

Time Deposits:

Deposit Spreads Deterioration Spreads

7/30/2019 FY 2009 Results

29/59

29

699

784842 859

923

735737733690

563

375341287 308324

163

233 234193

228

173171143 167

136

Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

Consumer Credit

Small Business Loans

SE Europe

Medium & Large

Business Loans

Mortgages

2952

79

112

252

119

74

30

78

45

-59

-92-112

-90 -92

Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

Sight and Savings

SE Europe

Time Deposits

(bps)

(bps)

Deposit Spreads

Lending Spreads

Deposit Spreads Deterioration - Spreads

Repricing Continues

Net Interest Income Declines Marginally as Loan

7/30/2019 FY 2009 Results

30/59

30

127

78

280 295308

337

411433

457

(22)(-0.9)(12)(15)

129128

378

3.2% 3.2%3.0%

2.7%2.5%

2.6%2.6%

2.4%

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Group Net Interest Income Group NII decomposition( million) ( million)

Net Interest Income Declines Marginally as Loan

Repricing does not Fully Offset Deposit Spread Erosion

NIM

Loans

Deposits

1,799 1,763

(2.0%)

465436

403442

460 458456442

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

7/30/2019 FY 2009 Results

31/59

31

55.2

33.9

36.2

28.5

316.4

373.0

2008 2009

Investment Banking

& Brokerage

Asset Management

Commercial &

Corporate Banking

64.4 45.4

(71.2)

126.1

2008 2009

Foreign Exchange Bonds & Other

Trading IncomeNet Fee & Commission Income Composition

Net Fees Affected by Low Volume Growth

( million) ( million)

464.4

378.8

(6.8)

171.5

(18.4%)

7/30/2019 FY 2009 Results

32/59

32

139 139

420443

2008 2009

134 140

401362

2008 2009

4% 5% 3% 5%

20%26%

22%26%

24%

28%

23%

27%

Greece SEE Greece SEE

Staff Costs

General Expenses

Depreciation296 307

885869

2008 2009

Greece

SEE

2008 2009

48%

59%

48%

58%

Cost / Income Cost

Cost growth decelerating

( million)

2%

4%

Wages & Salaries

( million)

(5%)

SEE

Greece

General Expenses

1,201.91,178.3

5%

11%

589.5565.5

499.9

544.7

2.0%

SEE

Greece

9.0%

( million)

(4.1%)

Enhanced Capital Position - High Quality

7/30/2019 FY 2009 Results

33/59

33

3.6

46.245.7

3.20.7

0.8

Dec. 08 Dec. 09

Market Risk

OperatinalRisk

Credit Risk

Enhanced Capital Position High Quality

Regulatory Equity Capital

Risk Weighted Assets

Capital Adequacy Build up

( billion)

49.6

(178)

4,254

(17)(584)

(940)

5,973

Equity PreferenceShares

Hybrid Minorities Goodwill &Other

Intangibles

Pro-formaTangible

Equity

( million)

Tangible Equity (Dec. 09)

Loans:

53,043

50.6

940940

6,718

4,539

5,918

43990

5,372

17

Statutory Equity Preference

Shares

Regulatory

Adjustments

Core Tier I Hybrid Preference

Shares

Tier I Total CAD

Minority

Interest

OrdinaryEquity

5,389

1 Hybrid, adjusted for intangibles

( million)

9.0%

13.3%

11.7%

1

7/30/2019 FY 2009 Results

34/59

Segmental Report

7/30/2019 FY 2009 Results

35/59

35

( million)( million)

Mortgage Balances - Greece

Mortgages: Subdued Demand

Comments:

Change in Loan Balances - Greece

( million)

114,000 107,000

Average NewLoan Size (in )

1,306

75

(94.3%)

11,23111,156

Dec. 08 Dec. 09

0.7%

352 424 350

180

(2) 74030

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

9 Market share remains essentially unaffected at14%

9Last quarter the strongest in terms of demand

9 Emphasis in quality by maintaining strict creditcriteria and careful monitoring of delinquencies

9 With total book LTV of 54% and with new productionLTV at 52%, we are in a good position to weather the

deteriorating environment

Loan Rejection Rates Mortgages

40%

29%

Dec. 08 Dec.09

7/30/2019 FY 2009 Results

36/59

36

Consumer Credit: Tightened underwriting

( million)

Loan Rejection Rates Consumer Loans

Change in Consumer Loan Balances - Greece

1,4551,378

Dec. 08 Dec. 09

Credit Card Balances - Greece

5.6%

Consumer Loan Balances - Greece

3,7323,567

Dec. 08 Dec. 09

4.6%

( million)

(71.5%)

( million)

60%

52%

Dec. 08 Dec. 09

583

166

28 (25)

9667

108

197178

100

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Micro and Small Business Lending:

7/30/2019 FY 2009 Results

37/59

37

3,156 3,107

Dec. 08 Dec. 09

1,8662,036

Dec. 08 Dec. 09

g

Focus on underwriting criteria

( million)

9.1%

( million)

Balances (yoy growth) Balances (yoy growth)

Credit limits

up to

150,000

Credit limits

from 150,000

to 1mn

(1.6%)

748 mn of

Loans to SMEs

in 2009,

through theState Guarantee

Fund (TEMPME)

748 mn of

Loans to SMEs

in 2009,

through the

State Guarantee

Fund (TEMPME)

7/30/2019 FY 2009 Results

38/59

38

469195

3,348

1,380 1,398

221

Dec. 07 Dec. 08 Dec. 09

Non Money MarketMutual Funds

Other AUM

4.9%

45.8%

62.3%

30.7

0.3

51.2

82.3

2008

(33.9%)20.3Profit Before Tax

(26.1%)60.8Operating Income

0.0Impairment Losses

4.0%

29.2%

66.6%

40.5

2009

Contribution to Profits

RAROC

Cost / Income

(20.9%)Operating Expenses

Change Alpha Private Bank & Alpha Asset Management

Wealth Management impacted by market turmoil

( million)

Asset Management Alpha Private Bank

( million)( million)

Alpha Private Bank

9 4.7 bn assets under management

9Alpha Bank London and Alpha Bank Jersey

303 218 215

1,615 1,483 1,555

2,9332,588

4,391

Dec. 07 Dec. 08 Dec. 09

Execution Only

Advisory

Discretionary

6,309

4,2894,703

3,817

1,601 1,593

Asset Management

9Activity in equity and balanced funds

7/30/2019 FY 2009 Results

39/59

39

18,69618,017

Dec. 08 Dec. 09

(3.7)(1.3)(1.8)

92.9

66.084.7118.4

2008 NII Fee &

Commission

Other

Income

Operating

Expenses

Impairment

Losses

2009

5.9%17,03518,043RWA 1

18.9%

8.7%

30.9%

118.4

172.6

129.9

420.9

2008


14.9%483.7Operating Income

49.0%257.2Impairment Losses

18.5%

6.4%

27.6%

133.6

2009

Contribution to Profits

RAROC

Cost / Income

2.9%Operating Expenses

Change

Evolution of Profit Before Tax

Loans

Leadership in Corporate Banking maintained

( million)

3.8%

( million)

Business Loans Portfolio Structure - Group

2WKHU

6HUYLFHV

5HDO(VWDWH

6KLSSLQJ

7RXULVP

7UDQVSRUWDWLRQ

,QGXVWU\

&RQVWUXFWLRQ

7UDGH

Business

Loans 32.6 bn

1

Average balances

Relationshipdriven Shipping Exposure to First

7/30/2019 FY 2009 Results

40/59

40

Loan Portfolio Breakdown

Outstanding Balances Clientele & Portfolio Characteristics( billion)

Relationship oriented finance

9 Traditional Greek shipowners (50 groups)

represent 95% of our first class clientele

9 90% operate a fleet of more than 5 vessels

Sound deposit gathering dynamics

Specialised management team with long sector

experience

Duration of loan portfolio at 6-7 years

LTV at 71% with average age of collateral

(vessels) at 10.5 years

Zero NPL experience over past 10 yearsProduct

Tankers

10%

Yachts 1% Coastal/

Ferry

7%Containers

7%

Aframax

1%

VLCC

10%

Suezmax

6%

Panamax

8%

Product

10%

Capesize

14%

Handymax/

Handysize

21%

Panamax

15%

Tankers

37%

Dry Bulk

50%

1.0

0.8

1.4

0.8

1.61.6

2.1

2.4

0.60.6

Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09

Loans Deposits

Class Greek names

SEE Contribution to Operating Results

ff

7/30/2019 FY 2009 Results

41/59

41

6,3306,103

Dec. 08 Dec. 09

16.8%8,79410,275RWA 1

17.9%

15.9%

59.5%

111.7

89.9

295.7

497.3

2008




11.0%

6.7%

58.4%

306.7

2009

Contribution to Group Profits

RAROC

Cost / Income


Change( million)

Affected by Impairments

Deposits

( million)

1,044 1,036

7,2767,279

2,877 3,035

Dec. 08 Dec. 09

Mortgages

Consumer Credit

Business Loans

Loans by Segment

( million)

1.3%

11,200

11,347

Dec. 09

Market Shares

Loan Market Share Evolution (Dec. 08 Dec. 09)

(pps)

-0.1

0.2

0.7

1.0

-1.3

-2.0Cyprus

FYROM

Bulgaria

Serbia

Romania

Albania

3.9%

6.9%

11.3%

15.5%

4.2%

8.9%

1 Cooperative banks not included

1

Average balances

3.7%

1

C St P iti i

7/30/2019 FY 2009 Results

42/59

42

403

377

2,192

2,369

1,8441,738

Dec. 09 Dec. 09

Mortgages

ConsumerCredit

Businesses

3,3413,489

Dec. 08 Dec. 09

+130bps2.8%4.1%NPL Ratio

3737Branches

(200)bps13.3%11.3%Loan Market Share 1

841

86.6

31.2

58.1

175.9

2008

(11.7%)76.5Profit Before Tax (pre- O/H allocation)



834

59.9

2009

(7)Employees


Change( million)

Cyprus Strong Positioning

( million)

Deposits Loans

4,4134,510

Loans & Deposits

(8%)

6%

(6%)

(4.2%)

(2.1%)

1 cooperative banks not included

R i C f ll B ilt O i P

7/30/2019 FY 2009 Results

43/59

43

1,700

1,467

Dec. 08 Dec. 09

386335

3,0223,144

793

762

Dec. 08 Dec. 09

Mortgages

ConsumerCredit

Businesses


200200Branches

+70bps8.2%8.9%Loan Market Share

2,651

45.8

33.2

105.7

184.6

2008

10.8%50.7Profit Before Tax (pre- O/H allocation)



2,562

96.9

2009

(89)Employees

(8.3%)Operating Expenses

Change( million)

4,170

Loans & Deposits

Romania Carefully Built Organic Presence

( million)

Deposits Loans

4,272

4%

4%

(13%)

15.9%

2%

Bulgaria Diligent Impairments Impact Profitability

7/30/2019 FY 2009 Results

44/59

44

424

279

Dec. 08 Dec. 09

778 753

11085

161 167

Dec. 08 Dec. 09

Mortgages

ConsumerCredit

Businesses


120120Branches

(10)bps4.0%3.9%Loan Market Share

994

(14.3)

9.2

32.1

27.0

2008

(37.8)Profit Before Tax (pre- O/H allocation)



989

36.5

2009

-5Employees


Change( million)

Bulgaria Diligent Impairments Impact Profitability

( million)

Deposits Loans

1,029

1,024

52%

0.5%

Loans & Deposits

Serbia Challenging Operating Environment

Takes Its Toll on the Bottom Line

7/30/2019 FY 2009 Results

45/59

45

398

325

Dec. 08 Dec. 09

723695

127

92

73

39

Dec. 08 Dec. 09

Mortgages

ConsumerCredit

Businesses+80bps3.1%3.9%NPL Ratio

+5162167Branches

20bps6.7%6.9%Loan Market Share

1,691

9.9

3.7

48.8

62.5

2008




1,493

54.2

2009

(198)Employees


Change( million)

Takes Its Toll on the Bottom Line

( million)

Deposits Loans

923

826

Loans & Deposits

11.7%

22.6%

Albania Leading Position

7/30/2019 FY 2009 Results

46/59

46

375

456

Dec. 08 Dec. 09

8

324

383

5

149

134

Dec. 08 Dec. 09

Mortgages

ConsumerCredit

Businesses+390bps0.3%4.2%NPL Ratio

+64248Branches

+100bps14.5%15.5%Loan Market Share

329

11.2

4.1

11.7

27.0

2008

(16.6%)9.3Profit Before Tax (pre- O/H allocation)


(38.8%)2.5Impairment Losses

349

15.0

2009

+20Employees


Change( million)

Albania Leading Position

( million)

Deposits Loans

525

478

9.7%

Loans & Deposits

(17.7%)

FYROM Balanced Presence

7/30/2019 FY 2009 Results

47/59

47

1240bps7.9%20.3%NPL Ratio

2525Branches

(130)bps5.5%4.2%Loan Market Share

276

(4.7)

5.5

7.0

7.7

2008



(14.8%)4.7Impairment Losses

265

8.3

2009

(11)Employees


Change( million)

81

59

Dec. 08 Dec. 09

53

47

78

55

22

25

Dec. 08 Dec. 09

Mortgages

ConsumerCredit

Businesses

FYROM Balanced Presence

( million)

Deposits Loans

124

156

Loans & Deposits

(20.7%)

(26.8%)

7/30/2019 FY 2009 Results

48/59

Group Profit & Loss

Alpha Bank Group

7/30/2019 FY 2009 Results

49/59

49

-23.8%513.4391.5Net Profit excl. one-off Tax

-1.6%(112.2)(110.3)Income tax

10.1%

50.5%

2.6%

349.8

349.1

(42.4)

501.8

(676.3)

(91.8)

(544.7)

(565.5)

(1,201.9)

67.1

171.5

378.8

1,762.6

2,380.1

2009

15.7%

50.2%

3.0%

512.1

513.4

0.0

625.6

(541.8)

(88.9)

(499.9)

(589.5)

(1,178.3)

89.5

(6.8)

464.4

1,798.6

2,345.7

2008

24.8%mpairment losses

-31.7%Net Profit attributable to shareholders

-32.0%

-19.8%

3.2%

9.0%

-4.1%

2.0%

-25.0%

-18.4%

-2.0%

1.5%

% Change

2009/2008

Net Interest Income

Operating Income

Net Profit after tax

One-off tax

Profit before tax

Return on Equity After Tax and Minorities (ROE)

Cost / Income

Net Interest Margin

Depreciation and amortization expenses

General expenses

Staff costs

Operating Expenses

Other income

Income from financial operations

Net fee and commission income

( million)

p p

Alpha Bank Group

7/30/2019 FY 2009 Results

50/59

50

205.1209.7154.7(56.1)85.3128.6130.047.7Net Profit excl. one-off Tax

0.00.00.00.00.00.00.042.4One-off tax

0.5%

57.5%

2.6%

5.2

5.3

18.9

66.6

179.6

22.9

160.3

149.3

332.5

17.9

10.2

92.3

458.2

578.7

Q4 2009

15.4%

46.7%

2.6%

130.0

130.0

37.9

167.9

170.0

22.6

135.9

138.0

296.5

17.0

62.6

95.3

459.5

634.4

Q3 2009

16.3%

47.0%

2.5%

129.0

128.6

33.5

162.1

169.5

23.5

131.4

139.2

294.1

16.0

68.9

98.4

442.3

625.6

Q2 2009

24.5%

44.6%

3.2%

205.0

205.1

54.7

259.9

67.6

20.3

104.0

139.3

263.5

16.7

17.1

115.3

442.0

591.0

Q1 2008

11.3%

51.5%

2.4%

85.7

85.3

20.0

105.3

157.3

22.8

117.1

138.9

278.8

16.2

29.8

92.8

402.6

541.4

Q1 2009

(7.0%)

63.8%

2.7%

(55.8)

(56.1)

30.0

(86.1)

275.7

24.2

156.4

153.0

333.5

20.8

(45.0)

111.1

436.2

523.2

Q4 2008

74.4124.1mpairment losses

18.5%

48.5%

3.0%

153.7

154.7

34.1

188.8

22.6

120.7

151.3

294.5

25.6

(2.2)

119.4

464.5

607.4

Q3 2008

25.4%

45.9%

3.2%

209.1

209.7

53.3

263.1

21.9

118.9

146.0

286.7

26.5

23.2

118.5

455.9

624.2

Q2 2008

Net Profit attributable to shareholders

Net Interest Income

Operating Income

Net Profit after tax

Income Tax

Profit before tax

Return on Equity After Tax and Minorities (ROE)

Cost / Income

Net Interest Margin (net of impairment losses)

Depreciation and amortization expenses

General Expenses

Staff Costs

Operating Expenses

Other Income

Income from Financial Operations

Net fee and commission income

( million)

7/30/2019 FY 2009 Results

51/59

Business Unit Financials

Group Results by Business Unit

7/30/2019 FY 2009 Results

52/59

52

541.8676.3-(0.0)0.30.00.1-89.9162.7172.6257.2278.9256.4Impairment Losses

1,798.61,762.62.21.415.312.821.8121.0342.6415.7322.9388.91,093.8822.8Net Interest Income

625.6501.8(63.5)(11.4)30.720.28.8231.9111.655.4118.492.9419.7112.8Profit before tax

2,345.72,380.12.052.082.260.749.6270.6497.2524.8420.9483.71,293.9988.1Operating Income

589.5565.529.822.022.018.120.718.5138.6139.381.681.5296.7285.9Staff Costs

499.9544.721.723.227.220.618.218.9133.7140.237.942.4261.3299.4General Expenses

88.991.814.018.22.01.81.81.323.427.210.49.737.333.6Depreciation

(6.8)171.5(57.3)9.41.21.3(28.0)112.357.034.78.77.711.66.2Income from Financial Operations

Jan-DecJan-DecJan-DecJan-DecJan-DecJan-DecJan-Dec

50%50%122%62%67%82%14%59%58%31%28%46%63%Cost / Income Ratio

16%11%..46%29%2%49%16%7%9%6%40%10%Risk Adjusted Return on 8% Regulatory Capital

1,178.31,201.965.563.451.240.540.738.7295.7306.7129.9133.6595.3618.9Operating Expenses

89.567.158.842.20.40.712.610.312.010.53.33.02.50.5Other Income

464.4378.8(1.7)(1.0)65.345.943.227.185.764.086.084.1185.8158.8Net fee and Commission Income

20082009200820092008200920082009200820092008200920082009

GroupOtherAssetManagement

InvestmentBanking &

Treasury

SE EuropeCommercial &Corporate

Retail( million)

1

1 Including excess tier I regulatory capital of 739 mn in FY09 and 364 mn in FY08

1

Retail Business Unit: Results

7/30/2019 FY 2009 Results

53/59

53

69.9%

7.0%

14,335

20.2

55.6

8.3

90.7

76.9

175.9

0.1

1.5

33.0

217.1

251.7

Q4 2009

59.4%

15.8%

14,259

45.0

59.8

7.8

76.0

69.2

153.1

0.1

1.1

38.9

217.7

257.9

Q3 2009

60.4%

10.3%

14,150

29.2

68.9

8.7

71.8

69.0

149.4

0.1

1.8

44.4

201.1

247.5

Q2 2009

60.8%

6.6%

14,101

18.5

72.1

8.8

60.9

70.9

140.6

0.1

1.7

42.5

186.8

231.2

Q1 2009

51.4%

10.6%

14,018

29.7

124.2

9.2

77.6

76.0

162.8

0.6

3.1

51.7

261.3

316.7

Q4 2008

48.747.958.0Impairment losses

43.8%

47.4%

13,656

129.4

9.6

61.5

75.0

146.0

0.6

2.6

48.8

281.4

333.4

Q3 2008

44.3%

52.0%

12,972

134.9

9.4

62.7

73.1

145.2

1.1

3.0

44.3

279.6

328.0

Q2 2008

44.8%

51.1%

12,284

125.5

9.1

59.4

72.7

141.3

0.1

2.9

41.1

271.4

315.5

Q1 2008

Net Interest Income

Operating Income

Staff Costs

General Expenses

Depreciation


Cost / Income Ratio

Risk Adjusted Return on 8% RegulatoryCapital

RWA

Profit before tax

Operating Expenses

Other Income

Net fee and Commission Income

( million)

Commercial & Corporate Business Unit: Results

7/30/2019 FY 2009 Results

54/59

54

28.1%

4.7%

18,138

17.2

75.3

2.5

11.2

22.5

36.2

0.8

1.7

22.9

103.4

128.8

Q4 2009

26.8%

9.0%

18,061

32.5

58.7

2.3

11.3

19.8

33.3

0.8

1.8

20.6

101.4

124.6

Q3 2009

26.2%

8.3%

17,989

29.8

61.7

2.5

10.9

19.2

32.6

0.7

2.7

20.5

100.2

124.1

Q2 2009

29.6%

3.7%

17,982

13.3

61.5

2.5

9.0

20.0

31.5

0.8

1.5

20.2

83.9

106.3

Q1 2009

38.9%

-10.0%

17,805

(35.7)

94.2

2.7

11.7

22.8

37.3

0.8

2.3

20.6

72.0

95.8

Q4 2008


30.3%

8.5%

17,228

29.3

2.7

9.4

21.5

33.5

1.1

2.3

23.3

83.7

110.5

Q3 2008

27.2%

17.6%

16,762

58.9

2.6

8.2

19.1

29.8

0.8

3.0

21.4

84.4

109.5

Q2 2008

27.9%

20.2%

16,346

66.0

2.4

8.6

18.3

29.3

0.6

1.1

20.6

82.8

105.1

Q1 2008

Net Interest Income

Operating Income

Staff Costs

General Expenses

Depreciation


Cost / Income Ratio


RWA

Profit before tax

Operating Expenses

Other Income


( million)

Asset Management Business Unit: Results

7/30/2019 FY 2009 Results

55/59

55

61.2%

36.5%

880

6.4

(0.0)

0.3

4.9

4.8

10.1

0.2

0.6

12.5

3.2

16.4

Q4 2009

65.9%

33.4%

878

5.8

(0.0)

0.5

6.6

4.2

11.2

(0.0)

0.3

13.2

3.7

17.0

Q3 2009

65.5%

30.0%

868

5.2

0.0

0.5

5.0

4.4

9.9

0.3

0.2

11.6

3.0

15.1

Q2 2009

76.3%

16.9%

861

2.9

(0.0)

0.5

4.1

4.7

9.3

0.2

0.3

8.7

3.0

12.2

Q1 2009

80.8%

15.2%

859

2.6

0.3

0.5

7.3

4.7

12.5

0.1

0.4

11.6

3.3

15.4

Q4 2008

(0.0)(0.0)0.0Impairment losses

60.6%

45.5%

856

7.7

0.5

5.6

5.8

11.9

0.1

0.1

15.8

3.6

19.7

Q3 2008

59.0%

55.0%

876

9.6

0.5

7.2

6.1

13.8

0.1

0.4

18.9

4.1

23.4

Q2 2008

54.8%

70.1%

765

10.7

0.5

7.0

5.5

13.0

0.1

0.3

19.1

4.3

23.7

Q1 2008

Net Interest Income

Operating Income

Staff Costs

General Expenses

Depreciation


Cost / Income Ratio


RWA

Profit before tax

Operating Expenses

Other Income


( million)

Investment Banking & Treasury Business Unit:

Results

7/30/2019 FY 2009 Results

56/59

56

30.9%

18.0%

5,928

21.4

0.0

0.3

4.8

4.4

9.6

2.0

(2.0)

7.4

23.5

30.9

Q4 2009

11.5%

63.8%

6,027

76.9

(0.0)

0.3

5.0

4.7

10.0

2.2

50.6

6.8

27.2

86.8

Q3 2009

9.7%

75.4%

5,939

89.5

0.0

0.3

4.6

4.7

9.6

2.5

50.0

5.9

40.8

99.2

Q2 2009

17.9%

38.4%

5,730

44.0

0.0

0.3

4.5

4.7

9.6

3.6

13.7

7.0

29.3

53.7

Q1 2009

-194.0%

-16.1%

5,721

(18.4)

(0.0)

0.4

6.5

5.3

12.2

3.7

(22.3)

9.0

3.3

(6.3)

Q4 2008


-2052.3%

-8.8%

5,227

(9.2)

0.4

3.1

5.3

8.7

2.7

(18.5)

9.8

5.6

(0.4)

Q3 2008

34.3%

20.6%

4,579

18.8

0.2

4.3

5.4

9.8

4.3

7.6

11.8

5.2

28.7

Q2 2008

36.3%

19.8%

4,433

17.6

0.9

4.4

4.7

10.0

1.9

5.2

12.7

7.8

27.6

Q1 2008

Net Interest Income

Operating Income

Staff Costs

General Expenses

Depreciation


Cost / Income Ratio


RWA

Profit before tax

Operating Expenses

Other Income


( million)

SE Europe Business Unit: Results

7/30/2019 FY 2009 Results

57/59

57

60.4%

3.3%

10,283

6.7

48.7

7.0

41.5

35.9

84.4

3.1

9.2

16.7

110.8

139.8

Q4 2009

54.7%

4.6%

10,273

9.5

51.6

7.0

31.6

35.1

73.6

2.3

6.7

16.3

109.4

134.7

Q3 2009

60.2%

5.6%

10,269

11.6

38.8

6.9

33.5

35.8

76.2

2.3

11.5

16.2

96.5

126.6

Q2 2009

58.6%

13.4%

10,273

27.6

23.6

6.4

33.6

32.5

72.5

2.8

7.3

14.7

98.9

123.7

Q1 2009

64.1%

-3.7%

10,177

(7.5)

56.9

6.9

45.1

36.0

88.1

3.6

19.3

18.7

96.0

137.5

Q4 2008


60.0%

17.6%

9,516

33.6

5.8

34.6

37.4

77.8

3.6

13.7

22.3

90.2

129.8

Q3 2008

59.4%

26.1%

8,199

42.7

5.5

31.0

34.1

70.6

2.3

11.5

22.6

82.5

118.9

Q2 2008

53.3%

29.5%

7,284

42.9

5.2

23.0

31.0

59.2

2.5

12.5

22.2

73.9

111.1

Q1 2008

Net Interest Income

Operating Income

Staff Costs

General Expenses

Depreciation


Cost / Income Ratio


RWA

Profit before tax

Operating Expenses

Other Income


( million)

Other Business Unit: Results

7/30/2019 FY 2009 Results

58/59

58

564

(5.2)

(0.0)

4.4

7.2

4.8

16.4

11.7

(0.6)

(0.2)

0.2

11.2

Q4 2009

562

(1.8)

0.0

4.8

5.4

5.0

15.2

11.6

2.1

(0.4)

0.1

13.4

Q3 2009

567

(3.3)

(0.0)

4.7

5.6

6.2

16.5

10.1

2.6

(0.2)

0.6

13.2

Q2 2009

570

(1.1)

0.0

4.3

5.0

6.0

15.3

8.7

5.3

(0.2)

0.5

14.3

Q1 2009

528

(56.8)

0.0

4.5

8.1

8.2

20.8

11.9

(47.8)

(0.4)

0.3

(36.0)

Q4 2008

(0.0)0.0(0.0)Impairment losses

524

(2.0)

3.6

6.5

6.4

16.5

17.3

(2.4)

(0.5)

0.1

14.5

Q3 2008

605

(1.9)

3.7

5.5

8.2

17.4

18.0

(2.2)

(0.4)

0.1

15.5

Q2 2008

463

(2.8)

2.1

1.5

7.1

10.8

11.5

(5.0)

(0.4)

1.8

8.0

Q1 2008

Net Interest Income

Operating Income

Staff Costs

General Expenses

Depreciation


RWA

Profit before tax

Operating Expenses

Other Income


( million)

Investor Relations Contacts

7/30/2019 FY 2009 Results

59/59

59

ALPHA BANK

40, Stadiou Street, 102 52

Athens, Greece

Internet : www.alpha.gr

Reuters : ACBr.AT

Bloomberg : ALPHA GA

Mr. Marinos Yannopoulos, General Manager and CFO, +30210 3262 366, [email protected]

Mr. Michael Massourakis, Senior Manager, Economic Research, +30210 3262 828, [email protected]

Mr. Vassilios Psaltis, Senior Manager, Corporate Planning & Controlling +30210 326 4 009, [email protected]

Mr. Dimitris Kostopoulos, Assistant Manager, Investor Relations, +30210 3264 195, [email protected]

Ms. Elena Katopodi, Investor Relations Officer, +30210 3264 184, [email protected]

Ms. Stella Traka, Investor Relations, +30210 3264 182, [email protected]

Documents

FY 2009 Results