greekbanks.deloitte.30.9

8/14/2019 GreekBanks.Deloitte.30.9

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Highlights of theGreek Banking Sector (extracts)

Michael [email protected]

For more information on thisreport please contact:

Deloitte Business Solutions S.A250-254. Kifissias Ave.GR-152 31 Halandri, AthensTel: +30 210 6781100Fax: +30 210 6776190

8th January 2010

30th SEPTEMBER 2009 &31st DECEMBER 2008

FIGURES


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IMPORTANT NOTICE

1. The information included herein is based on the annual published and audited consolidated group financialstatements, other third party information and Deloitte calculations. Where reference is made to the 30thSeptember 2009 financial information, this is based on the published non-audited consolidated groupaccounting statements regarding the 9-month results of 2009 and consolidated group balance sheet as ofthat date. No adjustments have been made on the basis of notes to the banks financial statements andauditors qualifications.

2. Deloitte does not make any representation of any kind regarding the accuracy or completeness of theenclosed data, or any other information, contained in this presentation, nor does it assume any responsibilityor liability of any kind with respect thereto.

3. This report is a presentation of the main financial highlights and trends of the Greek Banking market. It is notintended to form the basis of any investment decision relating to the Banking sector in any jurisdiction. Eachrecipient must rely solely on its own independent appraisal and its own independent verification of theinformation in this presentation, as well as any other investigation it may deem necessary.

4. This presentation may not be photocopied, reproduced or distributed to others at any time without the prior

written consent of Deloitte.


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TABLE OF CONTENTS

1.0 Greek Banking Sector Compared to Euro Zone Banking Sector. 8

1.1 Introduction 9

1.2Total Lending Penetration in Greece and the Euro Zone (2007).. 10

1.3Income mix of Greek and European banks (2008).................................. 11

1.4Efficiency ratios of Greek and European banks (2008)...................................... 12

1.5Capital adequacy of Greek and European banks (2008)................................... 13

1.6Profitability ratios of Greek and European banks (2008)................................... 14

2.0 Greek Banking Sector Highlights. 15

2.1 Evolution of Total Lending in Greece and Breakdown by Type (2004-Oct. 2009).... 16

2.2Evolution of Deposits in Greece and Breakdown by Type (2004-Oct.2009)..... 17

2.3Evolution of Interest Rate Spreads in Greece (2003 Aug. 2009)............. 18

2.4Evolution of GreekBanksNon-Performing Loans (2003-2008)............................................ 19

2.5Evolution of GreekBanksCapital Adequacy (2003 2008)...... 20

2.6ListedBankson ASE Share Capital Increases in 2009.. 21


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TABLE OF CONTENTS

2.0 Greek Banking Sector Highlights (continued)2.7Competitive Positioning.. 22

2.8Balance Sheet Highlights as of 30.09.2009 / Consolidated Figures.. 23

2.9Balance Sheet Highlights as of 31.12.2008 / Consolidated Figures 24

2.10Growth & Comparison Relative to Largest Player (Assets, Loans, Deposits).. 25

2.11 Profitability Highlights.......................... 31

2.12Key Financial Ratios.. 33

2.13Operational Efficiency Comparison & Ratios 40


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TABLE OF CONTENTS

3.0 Performance of Greek Banking Stocks Listed on ASE.. 433.1 Athens Stock Market Performance (01.01.2004 31.12.2009) 44

3.2MajorBanksStock Market Performance (01.01.2004 31.12.2009). 45

3.3Small & MediumBanksStock Market Performance (01.01.2004 31.12.2009).. 46


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1.0 Greek Banking Sector Comparedto Euro Zone Banking Sector


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1.1 Introduction

The credit turmoil and the subsequent sharp deterioration of global markets added stress to the banking sector

as a whole, causing Greek banks to use part of the 28 bn. support package of the Bank of Greece (Central

Bank) and proceed also to share capital increases to bolster their capital strength in view of the need for higher

provisioning. The inherent weakness of the Greek economy with rising deficits and the highest debt to GDP ratio among

the E.U. countries leading to the successive downgrading of the country, had an additional unavoidable impact

on the banking sector itself and how international capital markets see it.

Despite the above, Greek banks managed to weather the crisis so far, largely due to their operational model,

their substantial capital adequacy plus the fact that Greek banks were little or not exposed at all to toxic

assets or structured products, because in the good times they were using their reserves to acquire banks in

S. E. Europe, as opposed to investing in problematic products.

Notwithstanding reduced profitability and increased regulatory requirements, following Basel II implementation,

the financial condition of the Greek banking system is sound, as confirmed also by recent credit ratings.

Recent increases of share capital bolstered even further their capital adequacy ratios, thus supporting the

stability of the banking system and facilitating future asset growth.

As illustrated in the following slides, there is still considerable favourable gap between Greek banks and

the average of the EU27 and no doubt the banking sector, is one of the healthiest sectors of the Greek

economy.

The recent turmoil unavoidably created much stress on the smaller banks, so 2010 and 2011 are expected to be

years of further consolidation in the Greek banking market with smaller banks expected either to be absorbed

by bigger banks or merged amongst themselves, notwithstanding the possibility of seeing also some mega

mergers amongst the larger banks. It takes one mega merger to fuel a chain reaction amongst the rest of

the group.

1.0 Greek Banking Sector Compared to Euro Zone Banking Sector


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1.2 Total Lending Penetration in Greece and the Euro Zone (2007)

Although total lending in Greece has grown rapidly over the last years, there is still room for considerablegrowth, as total lending penetration lags behind the EU average. Of course the increasing defaults, the needfor more provisioning and the need for stronger balance sheets, makes (correctly) Greek Banks moreapprehensive on lending in these times.

Highlight:


Source: ECB (Report on EU Banking Structures - October 2008)Notes: MU13 stands for the 13 EU countries that are part of the Monetary Union (Euro Zone).

Total Lending as % of GDP (2007)

288%

257%

221%

177%

158% 157%

136% 134% 130%114% 112%

87% 82%

0%

50%

100%

150%

200%

250%

300%

350%

UK Ireland Denmark Spain Portugal EU27 MU13 Sweden Germany France Italy Greece Finland
http://www.flags.net/country.php?country=ITAL&section=CURRhttp://www.flags.net/country.php?country=GERM&section=CURRhttp://www.flags.net/country.php?country=FRAN&section=CURRhttp://www.flags.net/country.php?country=SWDN&section=CURRhttp://www.flags.net/country.php?country=FINL&section=CURRhttp://www.flags.net/country.php?country=GREC&section=CURRhttp://www.flags.net/country.php?country=EUUN&section=CURRhttp://www.flags.net/country.php?country=EUUN&section=CURRhttp://www.flags.net/country.php?country=UNKG&section=CURRhttp://www.flags.net/country.php?country=DENM&section=CURRhttp://www.flags.net/country.php?country=IREL&section=CURRhttp://www.flags.net/country.php?country=SPAN&section=CURRhttp://www.flags.net/country.php?country=PORT&section=CURR


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1.3 Income mix of Greek and European banks (2008)

Unlike other European banks, net interest income accounts for more than 75% of Greek banks operatingincome. This is no surprise, given their operational model. Greek banks focused traditionally on commercialbanking and penetration in S.E. Europe, as opposed to trading and investment banking. Hence, theirsubstantial income from interest, but also their lack of exposure to toxic assets and structured products!


Breakdown of Income (2008)

%o

fTotalOperatingIncome

Highlight:

79%85%

63%

78%

43%

77%85%

66% 63% 61% 59%

35%

22%

24%

21%

37%

18%14%

31%

23% 26% 31%

-15% -7%

13%1%

20%

5% 2% 2%14% 13% 10%

-20%

0%

20%

40%

60%

80%

100%

Germany Denmark Spain Finland France Greece Ireland Italy Portugal Sweden UK

Source: ECB (Report on EU Banking Sector Stability August 2009)

Net Interest Income Net Fee Income Other Income
http://www.flags.net/country.php?country=GREC&section=CURRhttp://www.flags.net/country.php?country=DENM&section=CURRhttp://www.flags.net/country.php?country=UNKG&section=CURRhttp://www.flags.net/country.php?country=FINL&section=CURRhttp://www.flags.net/country.php?country=FRAN&section=CURRhttp://www.flags.net/country.php?country=SWDN&section=CURRhttp://www.flags.net/country.php?country=IREL&section=CURRhttp://www.flags.net/country.php?country=ITAL&section=CURRhttp://www.flags.net/country.php?country=SPAN&section=CURRhttp://www.flags.net/country.php?country=PORT&section=CURRhttp://www.flags.net/country.php?country=GERM&section=CURR


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1.4 Efficiency ratios of Greek and European banks (2008)

Despite asset growth, their large scale investments in S.E. Europe and increased statutory requirements,Greek banks managed to quickly streamline operations, thus exhibiting better than average efficiency ratioscompared to their major EU counterparts.


Cost / Income (2008)

Highlight:

75% 74%

67%

59% 55% 55%

54%53%

48% 47%

0%

10%

20%

30%

40%

50%

60%

70%

80%

France Denmark Italy UK Sweden Greece Portugal Finland Spain Ireland


Cost/Income(%

)
http://www.flags.net/country.php?country=GREC&section=CURRhttp://www.flags.net/country.php?country=DENM&section=CURRhttp://www.flags.net/country.php?country=UNKG&section=CURRhttp://www.flags.net/country.php?country=FINL&section=CURRhttp://www.flags.net/country.php?country=FRAN&section=CURRhttp://www.flags.net/country.php?country=SWDN&section=CURRhttp://www.flags.net/country.php?country=IREL&section=CURRhttp://www.flags.net/country.php?country=ITAL&section=CURRhttp://www.flags.net/country.php?country=SPAN&section=CURRhttp://www.flags.net/country.php?country=PORT&section=CURR


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1.5 Capital adequacy of Greek and European banks (2008)

The sharp deterioration of global macroeconomic outlook in 2008 added much stress to the European bankingsector. Many European banks had to participate in State bailout plans in 2008 & 2009 to support their capitaladequacy levels, and this is already reflected in their 2008 figures. The picture at the end of the 2009 is expected to be very much different from 2008, in favour of Greek banks.


Capital Adequacy Ratio (2008)

Highlight:

CapitalAdequacyRatio(%)


13.713.1 13.0 13.0

12.011.3

10.5 10.4 10.3 10.39.4

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Finland Denmark Germany UK Ireland Spain Sweden Italy France Portugal Greece
http://www.flags.net/country.php?country=GREC&section=CURRhttp://www.flags.net/country.php?country=DENM&section=CURRhttp://www.flags.net/country.php?country=UNKG&section=CURRhttp://www.flags.net/country.php?country=FINL&section=CURRhttp://www.flags.net/country.php?country=FRAN&section=CURRhttp://www.flags.net/country.php?country=SWDN&section=CURRhttp://www.flags.net/country.php?country=IREL&section=CURRhttp://www.flags.net/country.php?country=ITAL&section=CURRhttp://www.flags.net/country.php?country=SPAN&section=CURRhttp://www.flags.net/country.php?country=PORT&section=CURRhttp://www.flags.net/country.php?country=GERM&section=CURR


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1.6 Profitability ratios of Greek and European banks (2008)

Improved efficiency, accelerated credit expansion (also in emerging markets) and large spreads resulted inGreek banks exhibitingone of the highest profitability ratios, even in hard times.


Return on Equity (2008)

ROE(%)

Highlight:


12.2 12.110.7

8.3 8.1

3.5 2.9

0.4

-3.4

-9.7

-22.3-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

Spain Sweden Greece Finland Portugal Italy France Ireland Denmark UK Germany
http://www.flags.net/country.php?country=UNKG&section=CURRhttp://www.flags.net/country.php?country=GREC&section=CURRhttp://www.flags.net/country.php?country=FINL&section=CURRhttp://www.flags.net/country.php?country=FRAN&section=CURRhttp://www.flags.net/country.php?country=SWDN&section=CURRhttp://www.flags.net/country.php?country=IREL&section=CURRhttp://www.flags.net/country.php?country=ITAL&section=CURRhttp://www.flags.net/country.php?country=SPAN&section=CURRhttp://www.flags.net/country.php?country=PORT&section=CURRhttp://www.flags.net/country.php?country=DENM&section=CURRhttp://www.flags.net/country.php?country=UNKG&section=CURRhttp://www.flags.net/country.php?country=GERM&section=CURR


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2.0 Greek Banking Sector Highlights


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2.1 Evolution of Total Lending in Greece and Breakdown by Type (2004 Oct. 2009)

For years, Greek banks witnessed an unprecedented domestic credit expansion on the back of strong creditdemand, low interest rates and favorable economic environment. Mortgage and consumer lending, were themain drivers. However, economic slowdown, increasing provisioning and pressures to improve capitaladequacy, have led to more stringent credit criteria anda virtual halt on credit expansion.

Source: Bank of Greece (October 2009)

Note: Amounts include securitized loans. Growth rate for the 10-month period 2008 Oct. 2009 is annualized. Corporate credit includes corporate bonds


Breakdown of Credit in Greece only (2004 Oct. 2009)

Highlight:

CredittoEnterprises&Ho

useholds(bn.)

y-o-y growth rate

71.4 81.093.6

111.3132.5 132.6

34.145.4

57.1

69.4

77.7 79.7

18.5

23.5

28.7

34.8

39.5 39.3

124.0

149.9

179.5

215.4

249.7 251.619.4%

20.9%19.7%

20.0%

15.9%

0.9%0.0

50.0

100.0

150.0

200.0

250.0

300.0

2004 2005 2006 2007 2008 Oct-2009

Corporate Housing Consumer & Other % growth rate

2 0 G k B ki S Hi hli h


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2.2 Evolution of Deposits in Greece and Breakdown by Type (2004 Oct. 2009)

Deposits also increased, albeit at a lower pace, which indicates thatGreek banks have been leveraging upto continue their lending spree in this period. Following the interbank liquidity crunch, deposit gatheringaccelerated, though at a higher cost. Indicatively, time deposits rose to c. 60% of total deposits in 2008 fromc. 35% in 2005.


Breakdown of Deposits in Greece only (2004 Oct. 2009)

Highlight:

De

positsfromE

nterprises&

Households(bn.)


Note: Growth rate for the 10-month period 2008 Oct. 2009 is annualized.

y-o-y growth rate

74.0 79.8 77.9 73.6 67.3 73.1

45.357.6

73.699.3

138.5138.3

18.3

22.2

23.5

25.0

21.824.1

137.5

159.6

174.9

197.9

227.6235.5

9.0%

16.0%

9.6%

13.1%

15.0%

4.2%

0.0

50.0

100.0

150.0

200.0

250.0

2004 2005 2006 2007 2008 Oct-2009

Savings Deposit Time Deposits & Repos Sight Deposits % growth rate

2 0 G k B ki S t Hi hli ht


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2.3 Evolution of Interest Rate Spreads in Greece (2003 Aug. 2009)

Competition dynamics, as well as the liquidity crunch, resulted in decreasing interest rate spreads in theperiod 2003 - 2008. Spreads started increasing again, beginning 2009, following the liquidity crunch andincreasing cost of deposits, plus of course some credit risk premium pricing.



Interest Rate Spreads in Greece only (2003 Aug. 2009)

Highlight:

4.72% 4.72%4.52% 4.51%

4.14%

3.45%

3.87% 3.85%

2.77%2.53% 2.56%

2.89%3.09%

2.63%

2.35% 2.39%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

2003 2004 2005 2006 2007 2008 Jul-2009 Aug-2009

Greece

EU

2 0 Greek Banking Sector Highlights


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2.4 Evolution of Greek Banks Non-Performing Loans (2003 2008)

Theloan portfolio quality is probably the major concern of all at the moment.

Economic slowdown coupled with anticipated increase in the cost of funding due to the expected interestrates increase by the ECB and the downgrading of Greeces credit rating, will likely deteriorate the loanportfolio quality further, through an expected deepening of the crisis in early 2010.

To this end all banks have been increasing their impairment provisions drastically in 2008 and 2009 andproceeded to restructurings to avoid defaults.

Source: Bank of Greece (Governors reports 2004 2008)


NPL Ratio (2003 2008)

Highlight:

7.0% 7.0%

6.3%

5.4%

4.5%5.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2003 2004 2005 2006 2007 2008

Total Consumer Housing Corporate



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2.5 Evolution of Greek Banks Capital Adequacy (2003 2008)Reduced profitability or losses (particularly in 2008), Basel II implementation (effective from Jan. 2008) andan increase in risk weighted assets due to credit expansion, all had a negative impact on capital adequacyratios. Concerns over loan portfolio quality deterioration, adds significant stress to banks solvency. Thepicture is expected to be better at the end of 2009 for the larger banks due to ensuing share capitalincreases shown on the next page.

Source: Bank of Greece (Governors reports 2006 2008)

Note: Capital adequacy ratios reported on a Group level


Capital Adequacy & Tier 1 Ratio (2003 2008)

Highlight:

13.2%

12.2%

11.2%

9.5%

10.9%

9.9%9.2%

7.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2005 2006 2007 2008

Tier 1 & 2 Tier 1Tier 1 & 2 Tier 1



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2.6 Listed Banks on ASE Share Capital Increases in 2009

In order to weather the storm, the majority of the banks decided to participate in the state bailout plan, byissuing preferred shares.

Additionally, banks increased their efforts to raise equity capital despite adverse market conditions.

It is expected that Government injections alone will increase capital adequacy ratios by c. 190 bps.


Source:Published & Consolidated Financial Statements under IFRS, Press releases

Notes: Common shares capital increases were made with cash injection except for Piraeus, MPB and Bank of Cyprus where dividends were reinvested

1: Emporiki announced in late November an additional share capital increase of1 bn, which is pending Shareholders General Assembly approval

2:: HPB: Hellenic PostBank

Preferred shares issue Common shares issue

Amounts in mn.

Total share capital increase

1,597

950

1,926

402

675

849

0

751

253

176

80

210

2728

1

2

Grand total

7.9 bn

3

4

3: Aspis share capital increase has not yet beenconcluded

4: MPB: Marfin Popular Bank

1,247

986

32

849

526

152

176

120

2728

0 500 1,000 1,500

NATIONAL

EUROBANK

ALPHA

PIRAEUS

ATE BANK

EMPORIKI

MARFIN EGNATIA

HPB

ATTICA

GENIKI

PROTON

ASPIS

MPBBANK OF CYPRUS

350

950

940

370

675

225

100

80

90

0 500 1,000 1,500

NATIONAL

EUROBANK

ALPHA

PIRAEUS

ATE BANK

EMPORIKI

MARFIN EGNATIA

HPB

ATTICA

GENIKI

PROTON

ASPIS

MPBBANK OF CYPRUS



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2.7 Competitive Positioning

In the following slides we present the performance of Greek Banks during the periods 31.12.2005 30.09.2009 and

31.12.2005 31.12.2008, in terms of their main financial & operating figures. i.e.:

Total Assets

Loans

Deposits

Return on Average Equity (ROAE)

Return on Average Assets (ROAA)

Cost to Income Ratio

Branch and Employee Network Productivity Ratios


Financial Information is based on the annual published and audited consolidated group financial statements.

Where reference is made to the 30th September 2009 financial information, this is based on the published non-auditedconsolidated group accounting statements regarding the 9-month results of 2009 and consolidated group balance sheetas of that date.

No adjustments were made on the basis of the notes to the financial statements and auditors qualifications.



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2.8 Balance Sheet Highlights as of 30.09.2009 / Consolidated Figures2.0 Greek Banking Sector Highlights# Bank Name

Assets30.09.2009

( mn.)

RankDeposits

30.09.2009

( mn.)

RankLoans

30.09.2009

( mn.)

RankTotal Equity30.09.2009

( mn.)

Rank

1. NATIONAL 112,241 1 69,939 1 75,543 1 9,116 1

2. EUROBANK 84,263 2 47,394 2 55,215 2 4,467 2

3. ALPHA 68,806 3 41,919 3 51,012 3 4,413 3

4. PIRAEUS 52,252 4 30,266 4 37,451 4 3,600 4

5. ATE BANK 29,334 5 21,781 5 21,572 6 1,782 5

6. EMPORIKI 29,079 6 16,106 6 23,049 5 682 8

7. MARFIN EGNATIA 21,468 7 11,248 8 13,380 7 827 7

8. HPB 16,000 8 12,542 7 7,622 8 1,494 6

9. ATTICA 5,149 9 3,491 9 3,847 10 591 9

10. GENIKI 4,804 10 2,610 10 4,002 9 351 11

11. PROTON 2,788 11 1,426 12 1,050 12 360 10

12. ASPIS 2,576 12 1,924 11 1,949 11 88 12

Source: Published & Consolidated Financial Statements under IFRS. BANK OF CYPRUS & MPBs Published & Consolidated Financial Statements under IFRS in.Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements andauditorsqualifications.* MPB : On the basis of the published financial information as at 30 September 2009, MPB accounts also for MARFIN EGNATIA BANK that resulted from the merger of EGNATIA BANK, MARFIN BANK andLAIKI BANK (Hellas) Branch.

13.MPB*

(based in Cyprus)40,192 n/a 24,552 n/a 24,358 n/a 3,584 n/a

14. BANK OF CYPRUS(based in Cyprus)

37,194 n/a 28,576 n/a 24,816 n/a 2,359 n/a



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2.9 Balance Sheet Highlights as of 31.12.2008 / Consolidated Figures# Bank Name

Assets31.12.2008

( mn.)

RankDeposits

31.12.2008

( mn.)

RankLoans

31.12.2008

( mn.)

RankTotal Equity31.12.2008

( mn.)

Rank

1. NATIONAL 101,839 1 67,657 1 73,076 1 5,972 1

2. EUROBANK 82,202 2 45,656 2 55,878 2 3,587 2

3. ALPHA 65,270 3 42,547 3 50,705 3 3,021 3

4. PIRAEUS 54,890 4 28,381 4 38,313 4 2,876 4

5. EMPORIKI 30,029 5 18,364 6 23,710 5 227 12

6. ATE BANK 28,474 6 20,965 5 20,854 6 867 5

7. MARFIN EGNATIA 19,403 7 11,731 7 13,003 7 760 6

8. HPB 14,898 8 11,211 8 7,004 8 532 7

9. MILLENNIUM 6,104 9 3,234 9 4,794 9 314 9

10. GENIKI 4,967 10 2,535 12 4,109 10 226 1311. ATTICA 4,520 11 2,951 10 3,386 11 324 8

12. PROBANK 3,174 12 2,692 11 2,385 12 264 11

13. ASPIS 2,624 13 1,986 13 2,136 13 122 15

14. PROTON 1,980 14 918 15 1,182 15 268 10

15. FBB 1,800 15 1,349 14 1,467 14 145 14

16. PANELLINIA 834 16 494 16 634 16 79 16

17.

MPB*

(based in Cyprus) 38,367 n/a 24,828 n/a 23,427 n/a 3,430 n/a

18.BANK OF CYPRUS(based in Cyprus)

36,107 n/a 27,936 n/a 24,449 n/a 2,041 n/a

Source: Published & Consolidated Financial Statements under IFRS. BANK OF CYPRUS & MPBs Published & Consolidated Financial Statements under IFRS in.Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements andauditorsqualifications.* MPB : On the basis of the published financial information as at 31 December 2008, MPB accounts also for EGNATIA and MARFIN BANK following the triple merger effective from 12th December 2006.




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2.10 Growth & Comparison Relative to Largest Player (Assets)A. Growth in Assets (31.12.2005 30.09.2009 ) / Consolidated FiguresSuccessive share capital increases, increased borrowing from capital markets for more aggressive lending, expansionin S.E. Europe and high profitability in this nearly 4 - year period have shown a substantial increase in the balancesheets of most banks, butespecially the larger ones. Comparing this slide to the following one which is the real-yearperiod to the end of 2008, shows thestress of the first 9 months of 2009 on the growth of banks achieved in

this period.


Source: Published & Consolidated Financial Statements

C

ompoundedAnnualGrowth(CAGR)

inAssets(31.1

2.2

005

30

.09.2

009)

Total Assets as % of Total Assets of Largest Player

* Extraordinary growthrates exhibited by

PROTON and MARFINEGNATIA & MPB aredriven by the mergers

with OMEGA andMARFIN & LAIKI BANK

(Hellas) branch,respectively.5.0% 10.0%

Highlight:

NATIONAL18.0%

EUROBANK18.6%

ALPHA12.7%

PIRAEUS23.7%

ATE BANK9.6%

EMPORIKI10.5%

HPB9.0%

ATTICA21.1%

GENIKI8.8%

ASPIS4.3%

MPB37.1%

BANK OF CYPRUS14.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Total Assets

20 bn.

Large Banks

Medium Banks

Small Banks

Cyprus Banks

PROTON

86.0%

MARFINEGNATIA

63.5%

*

*

*



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2.10 Growth & Comparison Relative to Largest Player (Assets)B. Growth in Assets (31.12.2005 31.12.2008 ) / Consolidated Figures Large Greek banks have also established their footprint into the Balkan region; a strategy with certain

evident merits as well as risks

Notably, some of them have transformed through strategic acquisitions, intoeminent regional players.

As a result thegap betweenlargeand the rest of the banks increased

g g g

Com

poundedAnnualGrowth(

CAGR)

inA

ssets(31.1

2.2

005

31.12

.2008)

Total Assets as % of Total Assets of Largest Player

10.0%5.0%

Large Banks

Medium Banks

Small Banks

Cyprus Banks


Highlight:

* Extraordinary growthrates exhibited by

PROTON and MARFINEGNATIA & MPB aredriven by the mergers

with OMEGA andMARFIN & LAIKI BANK

(Hellas) branch,respectively.

NATIONAL19.0%

EUROBANK22.7%

ALPHA14.0%

PIRAEUS32.6%

EMPORIKI14.5%

ATE BANK11.0%HPB8.8%

MILLENNIUM28.7%

GENIKI12.4%

PROBANK23.3%

ATTICA21.6%

ASPIS6.0%

FBB18.0%

PANELLINIA

22.3%

MPB46.1%

BANK OF CYPRUS17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

PROTON

93.8%

Total Assets

20 bn.

MARFINEGNATIA

78.8%

*

*

*



28/50

27

2.10 Growth & Comparison Relative to Largest Player (Loans)C. Growth in Loans (31.12.2005 30.09.2009 ) / Consolidated Figures For many years, following consumer credit liberalization, banks exhibited an aggressive credit expansion culture,

leveraging up their balance sheets and enhancing their earnings through such a strategy.

Notwithstanding competition in loans, interest rate spreads are sti ll considerably higher than EU averages. Again, interesting to compare this slide which goes to 30/09/2009 with the next one which goes to 31/12/2008,

to see drastic reduction in lending in the first 9 months of 2009.

g g g

Loans to Customers as % of Loans to Customers of Largest Player

10.0%

MARFIN

EGNATIA58.7%


Highlight:

NATIONAL28.5%

EUROBANK21.5%

ALPHA18.1%

PIRAEUS26.6%

ATE BANK15.5%

EMPORIKI10.9%

HPB27.7%

ATTICA22.7%

GENIKI11.7%

ASPIS5.0%

MPB39.9%

BANK OF CYPRUS21.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

CompoundedAnnualGro

wth(CAGR)

inLoans(31.1

2.2

005

30.0

9.2

009)

PROTON

124.5%

Total Loans

10 bn.

Large Banks

Medium Banks

Small Banks

Cyprus Banks



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28

2.10 Growth & Comparison Relative to Largest Player (Loans)D. Growth in Loans (31.12.2005 31.12.2008 ) / Consolidated Figures Consumer and SME financing have been offering large spreads and growth opportunities both in Greece

and in the Balkans

C

ompoundedAnnualGrow

th(CAGR)

inLoans(31.1

2.2

00531.1

2.2

008)

Loans to Customers as % of Loans to Customers of Largest Player

10.0%


Highlight:

NATIONAL35.3%

EUROBANK28.0%

ALPHA22.8%

PIRAEUS35.4%

EMPORIKI14.9%

ATE BANK18.4%

HPB32.0%

MILLENNIUM32.1%

GENIKI15.8%

ATTICA23.7%

PROBANK34.4%

ASPIS9.6%

FBB23.3%

PANELLINIA27.9%

BANK OF CYPRUS26.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Total Loans

10 bn.

Large Banks

Medium Banks

Small Banks

Cyprus Banks

PROTON185.9%

MARFINEGNATIA

76.5%

MPB50.2%



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29

2.10 Growth & Comparison Relative to Largest Player (Deposits)E. Growth in Deposits (31.12.2005 30.09.2009 ) / Consolidated Figures Balance sheet leveraging increased dependence on financial markets and a more aggressive competition for deposits.

As a result, competition in attracting deposits peaked up in 2008 and so did their cost!

The liquidity crunch and the increasing difficulty to attract funds from international markets (especially at a time when

the country itself is downgraded), proved thatsuch a strategy is not sustainable in the long-term.

CompoundedAnnualGro

wth(CAGR)

inDeposits(31.1

2.2

005

30.0

9.2

009)

Deposits as % of Deposits of Largest Player

10.0%


Highlight:

NATIONAL13.6%

EUROBANK27.1%

ALPHA19.3%

PIRAEUS24.8%

ATE BANK5.9%

EMPORIKI2.0%

HPB6.4%

ATTICA16.7%

GENIKI1.6%

ASPIS5.6%

MPB27.4%

BANK OF CYPRUS12.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

PROTON161.7%

Total Deposits

10 bn.

MARFIN

EGNATIA46.9%

Large Banks

Medium Banks

Small Banks

Cyprus Banks



31/50


30

2.10 Growth & Comparison Relative to Largest Player (Deposits)F. Growth in Deposits (31.12.2005 31.12.2008 ) / Consolidated Figures The global crisis in the second part of 2008 and the need of major international financial institutions to draw

on State aid to avert failure, created aconfidence issue in Greece also, with a large shift of depositsfrom the smaller to the larger banksas evidenced by the difference in growth rates in this slide.

Large and State affiliated banks benefited most from this development.

CompoundedAnnualGrowt

h(CAGR)

in

Deposits(31.1

2.2

00531.1

2.2

008)

Deposits as % of Deposits of Largest Player

10.0%

Highlight:

NATIONAL16.0%

EUROBANK33.3%

ALPHA25.3%

PIRAEUS29.1%

EMPORIKI7.1%

ATE BANK6.0%

HPB4.0%

MILLENNIUM21.1%

GENIKI1.0%

ATTICA14.7%

PROBANK22.2%

ASPIS8.1%

FBB21.0%

PANELLINIA21.4%

MPB35.8%

BANK OF CYPRUS14.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

MARFINEGNATIA

64.1%

PROTON187.4%

Total Deposits

10 bn.

Large Banks

Medium Banks

Small Banks

Cyprus Banks



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31

2.11 Profitability Highlights

A. Profitability Highlights for the 9 months to 30.09.2009# Bank Name

Operating

Income

01.01. - 30.09.2009( mn.)

Operating

Expenses

01.01. - 30.09.2009( mn.)

Operating Profit

Before Provisions

01.01. - 30.09.2009( mn.)

Cost / Income

Ratio

01.01. - 30.09.2009(%)

Earnings

After Tax

01.01. - 30.09.2009( mn.)

1. NATIONAL 3,868 1,814 2,054 46.9% 1,010

2. EUROBANK 2,253 1,087 1,166 48.2% 280

3. ALPHA 1,804 869 935 48.2% 345

4. PIRAEUS 1,229 641 588 52.1% 219

5. ATE BANK 822 457 365 55.6% 82

6. EMPORIKI 577 500 77 86.7% (472)

7. MARFIN EGNATIA 336 202 134 60.2% (7)

8. HPB 378 192 186 50.8% 123

9. ATTICA 110 74 36 67.5% 9

10. GENIKI 147 119 28 81.2% (51)

11. PROTON 108 48 61 44.0% 16

12. ASPIS 54 74 (19) 135.4% (42)

Source: Published & Consolidated Financial Statements under IFRS. BANK OF CYPRUS & MPBs Published & Consolidated Financial Statements under IFRS in.Notes: No adjustments made on the basis of notes to the financial statements andauditorsqualifications.1: Operating Income includes: Net Interest Income. Net Commission Income. Income from Financial Transactions & Other Operating Income.2: Operating expenses include Personnel, Administration Expenses & Depreciation.

13. MPB*(based in Cyprus)

802 443 359 55.2% 144

14.BANK OF CYPRUS

(based in Cyprus)949 495 454 52.2% 265



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32

2.11 Profitability Highlights

B. Profitability Highlights for the year ended 31.12.2008

Source: Published & Consolidated Financial Statements under IFRS. BANK OF CYPRUS & MPBs Published & Consolidated Financial Statements under IFRS in.Notes: No adjustments made on the basis of notes to the financial statements andauditorsqualifications.1: Operating Income includes: Net Interest Income. Net Commission Income. Income from Financial Transactions & Other Operating Income.2: Operating expenses include Personnel, Administration Expenses & Depreciation.

17.MPB*(based in Cyprus)

1,085 591 494 54.5% 395


1,205 552 654 45.8% 502

# Bank Name

OperatingIncome

01.01. - 31.12.2008

( mn.)

OperatingExpenses

01.01. - 31.12.2008

( mn.)

Operating Profit BeforeProvisions

01.01. - 31.12.2008

( mn.)

Cost / IncomeRatio

01.01. - 31.12.2008

(%)

EarningsAfter Tax

01.01. - 31.12.2008

( mn.)1. NATIONAL 4,908 2,410 2,498 49.1% 1,546

2. EUROBANK 3,277 1,566 1,711 47.8% 652

3. ALPHA 2,339 1,178 1,160 50.4% 512

4. PIRAEUS 1,652 902 750 54.6% 315

5. EMPORIKI 757 666 90 88.1% (492)

6. ATE BANK 807 600 206 74.4% 28

7. MARFIN EGNATIA 438 283 155 64.6% 39

8. HPB 302 232 70 76.9% 3

9. MILLENNIUM 174 132 41 76.2% 15

10. GENIKI 194 164 30 84.4% (37)

11. ATTICA 145 96 49 66.0% 13

12. PROBANK 125 77 47 62.0% 20

13. ASPIS 73 109 (36) 149.5% (48)

14. PROTON 41 56 (15) 137.6% (62)

15. FBB 40 28 12 70.1% 0

16. PANELLINIA 29 22 7 75.3% 0



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33

2.12 Key Financial RatiosA. Key Financial Ratios as of 30.09.2009 / Consolidated Figures

#

Bank NameEquity / Assets (%)

30.09.2009Loans / Deposits (%)

30.09.2009

Return on AverageAssets (after tax)

ROAA* (%)

Return on AverageEquity (after tax)

ROAE* (%)1. NATIONAL 8.1% 108.0% 1.3% 17.8%

2. EUROBANK 5.3% 116.5% 0.4% 9.3%

3. ALPHA 6.4% 121.7% 0.7% 12.4%

4. PIRAEUS 6.9% 123.7% 0.5% 9.0%

5. ATE BANK 6.1% 99.0% 0.4% 8.3%

6. EMPORIKI 2.3% 143.1% (2.1%) (138.5%)

7. MARFIN EGNATIA 3.9% 119.0% (0.0%) (1.2%)

8. HPB 9.3% 60.8% 1.1% 16.2%

9. ATTICA 11.5% 110.2% 0.2% 2.6%

10. GENIKI 7.3% 153.3% (1.4%) (23.8%)

11. PROTON 12.9% 73.6% 0.9% 6.6%

12. ASPIS 3.4% 101.3% (2.2%) (53.4%)

Source: Published & Consolidated Financial S tatements under IFRS. BANK OF CYPRUS & MPBs Published & Consolidated Financial Statements under IFRS in.Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements and auditorsqualifications.*. ROAA and ROAE have been calculated on annual basis.

13.MPB*

(based in Cyprus)8.9% 99.2% 0.5% 5.5%

14.BANK OF CYPRUS

(based in Cyprus)6.3% 86.8% 1.0% 16.0%



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34

2.12 Key Financial Ratios

B. Key Financial Ratios as of 31.12.2008 / Consolidated Figures# Bank Name

Equity / Assets (%)

31.12.2008

Loans / Deposits (%)

31.12.2008

Return on Average

Assets (after tax)

ROAA (%)

Return on Average

Equity (after tax)

ROAE (%)

1. NATIONAL 5.9% 108.0% 1.6% 24.9%

2. EUROBANK 4.4% 122.4% 0.9% 16.6%

3. ALPHA 4.6% 119.2% 0.9% 16.0%

4. PIRAEUS 5.2% 135.0% 0.6% 10.6%

5. EMPORIKI 0.8% 129.1% (1.7%) (88.7%)

6. ATE BANK 3.0% 99.5% 0.1% 2.4%

7. MARFIN EGNATIA 3.9% 110.8% 0.2% 4.9%

8. HPB 3.6% 62.5% 0.0% 0.5%

9. MILLENNIUM 5.1% 148.2% 0.3% 4.9%

10. GENIKI 4.6% 162.1% (0.8%) (14.2%)

11. ATTICA 7.2% 114.7% 0.3% 3.9%

12. PROBANK 8.3% 88.6% 0.7% 7.8%

13. ASPIS 4.6% 107.5% (1.7%) (31.5%)

14. PROTON 13.5% 128.7% (2.8%) (19.5%)

15. FBB 8.1% 108.7% 0.0% 0.3%

16. PANELLINIA 9.5% 128.4% 0.0% 0.1%

Source: Published & Consolidated Financial Statements under IFRS. BANK OF CYPRUS & MPBs Published & Consolidated Financial Statements under IFRS in.Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements and auditorsqualifications.

17.MPB*(based in Cyprus)

8.9% 94.4% 1.1% 11.6%


5.7% 87.5% 1.5% 25.1%



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35

2.12 Key Financial RatiosC. Return on Average Assets (ROAA) (01.01.2009 30.09.2009 ) / Consolidated Figures Higher cost of funding, decreasing spreads, higher impairment provisions, lower or negative trading income,

credit deceleration and marked to market losses, resulted inlower profitability ratiosboth for the 9-monthsended on 30.09.2009 and for 2008.

C

ompoundedAnnualGrow

th(CAGR)

inAssets(31.1

2.2

005

30.0

9.2

009)

Annualised After Tax Return on Average Assets (%)

ROAA (01.01. 30.09.2009)Source: Published & Consolidated Financial Statements

Highlight:

NATIONAL1.3%EUROBANK

0.4%

ALPHA0.7%

PIRAEUS0.5%

ATE BANK0.4%

HPB1.1%

ATTICA0.2%

GENIKI(1.4%)

MPB0.5%

BANK OF CYPRUS1.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

(1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0%

Total Assets

20 bn.

Large Banks

Medium Banks

Small Banks

Cyprus Banks

EMPORIKI

(2.1%)

ASPIS(2.2%)

MARFINEGNATIA

(0.0%){63.5%}

PROTON0.9%

{86,0%}

2 12 K Fi i l R i



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36

2.12 Key Financial RatiosD. Return on Average Assets (ROAA) (01.01.2008 31.12.2008 ) / Consolidated Figures Yet, Greek banks exhibitedhigher profitability ratios than their European peers on average!

CompoundedAnnualGrowth(CAGR)

inAssets(31.1

2.2

005

31.12.2

008)

Annualised After Tax Return on Average Assets (%)

ROAA (01.01. 31. 12.2008)

Large Banks

Medium Banks

Small Banks

Cyprus Banks


Highlight:

NATIONAL1.6%

EUROBANK0.9%

ALPHA0.9%

PIRAEUS

0.6%

ATE BANK0.1%

HPB0.0%

MILLENNIUM0.3%

GENIKI(0.8%)

ATTICA21.6%

PROBANK0.7%

MPB1.1%

BANK OF CYPRUS1.5%

FBB18.0%

PANELLINIA22.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

(1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5%

Total Assets

20 bn.

PROTON

(2.8%){93.8%}

EMPORIKI

(1.7%)

ASPIS

(1.7%)

MARFINEGNATIA

0.2%{78.8%}

2 12 K Fi i l R ti



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37

2.12 Key Financial RatiosE. Return on Average Equity (ROAE) (01.01.2009 30.09.2009 ) / Consolidated Figures

Annualised After Tax Return on Average Equity (%)

ROAE (1.1. 30.09.2009)

Shareholders cannot complaint with such returns in the middle of the crisis. The question is howsustainable they are in 2010 with, no doubt, more defaults and an increased need for provisions.Highlight:

NATIONAL17.8%

EUROBANK9.3%

ALPHA12.4%

PIRAEUS9.0%

ATE BANK8.3%

ATTICA2.6%

MPB5.5%

BANK OF CYPRUS16.0%

HPB16.2%

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

(5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

CompoundedAnnualGrow

th(CAGR)

inAssets(31.1

2.2

0053

0.9.2

009)

PROTON6.6%

{86.0%}

GENIKI(23.8%)

EMPORIKI

(138.5%)

ASPIS(53.4%)

Total Assets

20 bn.

Large Banks

Medium Banks

Small Banks

Cyprus Banks

MARFINEGNATIA

(1.2%)

{63.5%}

2 12 Key Financial Ratios



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38

2.12 Key Financial Ratios

F. Return on Average Equity (ROAE) (01.01.2005 31.12.2008 ) / Consolidated Figures

Annualised After Tax Return on Average Equity (%)

ROAE (1.1. 31.12.2008)

CompoundedAnnualGrowth

(CAGR)

in

Assets(31.1

2.2

005

31.12

.2008)

ASPIS(31.5%)

NATIONAL24.9%EUROBANK

16.6%

ALPHA16.0%

PIRAEUS10.6%

ATE BANK2.4%

MILLENNIUM

4.9%

ATTICA3.9%

PROBANK7.8%

MPB11.6%

BANK OF CYPRUS25.1%

HPB

0.5%

FBB18.0%

PANELLINIA22.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

(5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EMPORIKI

(88.7%)

GENIKI(14.2%)

Total Assets

20 bn.

Large Banks

Medium Banks

Small Banks

Cyprus Banks

PROTON

(19.5%){93.8%}

MARFINEGNATIA

4.9%{78.8%}

2 12 Key Financial Ratios



40/50

CosttoIncom

eRatio(%)

Source: Published & ConsolidatedFinancial Statements under IFRS.

Notes: No adjustments made onthe basis of notes to the financialstatements and auditorsqualifications.

Cost to Income Ratio* (1.1 30.09.2009, 2008, 2007)

135

149

138

39

2.12 Key Financial RatiosG. Evolution of Cost to Income Ratio (1.1 - 30.09.2009,2008,2007) Major banks are more efficient, exhibiting cost to income ratios below 50% and illustrating that scale matters!

Deterioration in efficiency ratios in 2008 and in 2009 is driven mainly by reduced operating income.

Should this trend sustain, banks will need to focus on streamlining their operations and costs further.Highlight:

* Cost to Income Ratio expressedas Operating Expenses includingDepreciation, over OperatingIncome.

87

81

6

8

60

56

55

52

52

51

48

48

47

44

88

84

66

65

74

54

46

55

77

48 5

049

80

70

99

60

50

60

45

4 4 4

6

73

49

46

51

61

0

20

40

60

80

100

120

ASPIS

EMPORIKI

GENIKI

ATTICA

MARFIN

EGNATIA

ATE

BANK

MPB

BANKOF

CYRPUS

PIRAEUS

HPB

EUROBANK

ALPHA

NATIONAL

PROTON

2008

2007

30.09.2009

< 50%>50%

2 13 Operational Efficiency Comparison & Ratios



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40

2.13 Operational Efficiency Comparison & Ratios

A. Highlights as of 30.09.2009 / Consolidated Figures# Bank Name

Loans per Employee

( mn.)

Loans per Branch

( mn.)

Deposits per Employee

( mn.)

Deposits per Branch

( mn.)

1. NATIONAL 2.1 42.9 1.9 39.7

2. EUROBANK 2.3 31.7 2.0 27.2

3. ALPHA 3.4 47.9 2.8 39.3

4. PIRAEUS 2.7 41.8 2.2 33.8

5. ATE BANK 2.0 42.5 2.0 43.0

6. EMPORIKI 3.3 50.1 2.3 35.0

7. MARFIN EGNATIA 3.7 69.7 3.1 58.6

8. HPB 3.0 49.5 4.9 81.4

9. ATTICA 3.3 51.3 3.0 46.6

10. GENIKI 2.1 28.4 1.4 18.5

11. PROTON 1.9 32.8 2.6 44.6

12. ASPIS 1.8 27.1 1.8 26.7

Source: Published & Consolidated Financial Statements under IFRS, Hellenic Banking Association, BanksAnnual ReportsNotes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments made on the basis of notes to the financial statements and auditorsqualifications. Branches include allbranches both in Greece and of subsidiaries abroad. Number of Branches as of 31.12.2008. Employees include all Group employees.Circled figures indicate best performance in the sample




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41

2.13 Operational Efficiency Comparison & RatiosB. Employee Productivity Ratios as of 30.09.2009 / Consolidated Figures

Source: Published & Consolidated Financial Statements under IFRS.

Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments made on the basis of notes to the financial statements and auditorsqualifications. Employees figures includeall Group employees.

Assets, Deposits & Loans per Employee (30.09.2009)

(A

mountsin

mn.)

6.

3

6.0

5.1

4.6

4.5

4.4

4.2

3.8

3.6

3.1

3.1

2.8

2.6

2.4

4.9

3.1

2.6 2

.82

.83

.0

2

.3

2.2

2.0

2

.4

1.9 2

.0

1.4

1.8

3.0

3.7

1.9

2.8

3.4

3.3

3.3

2.7

2

.3

2.0

2.1

2.0 2

.1

1.8

0.0

1.0

2.0

3.0

4.0

5.0

6.0

HPB

MAR

FIN

EGN

ATIA

PRO

TON

MPB

AL

PHA

AT

TICA

EMPO

RIKI

PIRA

EUS

EUROB

ANK

BANKOF

CYR

PUS

NATIO

NAL

ATEB

ANK

GE

NIKI

AS

PIS

Deposits per Employee

Loans per Employee

Assets per Employee




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42

2.13 Operational Efficiency Comparison & RatiosC. Branch Productivity Ratios as of 30.09.2009 / Consolidated Figures

Source: Published & Consolidated Financial Statements under IFRS.Hellenic Banking Association, BanksAnnual Reports

Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments made on the basis of notes to the financial statements and auditorsqualifications. Number of branches as of31.12.2008. both in Greece and abroad.

Assets, Deposits & Loans per Branch (30.09.2009)

1

11

.8

103.9

87

.1

78

.5

68

.7

64

.8

64

.5

63

.7

63

.2

58

.4

57

.9

48

.4

35

.8

34

.1

58

.6

81

.4

4

4.6 4

8.0

46

.6 49

.8

39.3

39.7

35

.0

33

.843

.0

27

.2

26

.7

18

.5

69

.7

49

.5

32

.8

47

.6 51

.3

43

.2 47

.9

42

.95

0.1

41.8

42

.5

31

.7

27

.1

28

.4

0.0

20.0

40.0

60.0

80.0

100.0

120.0

MA

RFIN

EG

NATIA

HPB

PR

OTON

MPB

A

TTICA

BANKOF

CY

RPUS

A

LPHA

NATIONAL

EMP

ORIKI

PIR

AEUS

ATE

BANK

EURO

BANK

A

SPIS

G

ENIKI

Deposits per Branch

Loans per Branch

Assets per Branch

(A

mountsin

mn.)


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3.0 Performance of Greek Banking

Stocks Listed on ASE

3.1 Athens Stock Market Performance (01.01.2004 31.12.2009)

3.0 Performance of Greek Banking Stocks Listed on ASE


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3.1 Athens Stock Market Performance (01.01.2004 31.12.2009)

ASE General Index Vs FTSE / ATHEX Bank Index PerformancePeriod: 01.01. 2004 31.12.2009

BaseDate:1.1.20

04=100

TheBanking Sector Index has considerably outperformed the ASE General Indexover the period 2004 -2008,whereas from 2009 the Banking Index bears a strong pressure due to the economic turmoil.

However, following the capital markets turmoil, the correlation of the two indices has increased considerably.

Source: BloombergNote: FTSE / ATHEX Bank Index composition changed as of 2.1.2006

FTSE / ATHEXBANK Index

ASE GeneralIndex

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3.2 Major Banks Stock Market Performance (01.01.2004 31.12.2009)



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Major Banks Stock Market PerformancePeriod: 01.01. 2004 31.12.2009

The FTSE ATHEX Bank Index presented a sharp deterioration from January 2008 and onwards.

Only two banks outperformed the Bank index.

Except for ATE Bank and Emporiki all banks exhibited high volatility.

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3.2 Major Banks Stock Market Performance (01.01.2004 31.12.2009)

BaseDate:1.1.20

04=100

FTSE / ATHEX

BANK Index

ASE GeneralIndex

PIRAEUS

EUROBANK

ALPHA BANK

NATIONAL

ATE BANK

EMPORIKI

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3.3 Small & Medium Banks Stock Market Performance (01.01.2004 31.12.2009)



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None of the medium sized banks managed to outperform the ASE General Indexover the period underconsideration.

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FTSE / ATHEX

BANK Index

ASE GeneralIndex

ATTICA

GENIKI

ASPIS BANK

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Small & Medium Banks Stock Market PerformancePeriod: 01.01. 2004 31.12.2009


BaseDate:1.1.20

04=100

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