EUROB.AT - Earnings call transcript Q3 2022 | EFG Eurobank Ergasias S.A./ADR

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Operator

Ladies and gentlemen, thank you for standing by. I am Mina, your Chorus Call operator. Welcome, and thank you for joining the Eurobank Holdings Conference Call to Present and Discuss the Third Quarter 2022 Financial Results. At this time, I would like to turn the conference over to Mr. Fokion Karavias, CEO. Mr. proceed. now may you Karavias,

Fokion Karavias

to team. Thank results. levels you. year. macroeconomic backdrop, Eurobank’s in full Against remains based a me more and to before the fragile, on Investor good our may or growth strong crisis despite overview surprise with the a X%. energy as of and outperforming, may that recent target prolonged deficit uncertain This this and rate months interest aggressive primary central XXXX Ukraine, environment but Economic gentlemen, developments Relations of the nine with not and with growth of present a banks is revenues add this Harris afternoon, better downside revised double-digit the the XXXX and will outlook. the next is with results estimates start global an revised policy CFO, policy with an recession drive in our welcome war energy in we Kokologiannis Ladies we I X.X%. positive deeper only The consumption, support and EU presentation. sticky is to year inflation tourism enjoys environment. also than on Tax investments. exports, be one-off measures more are The to also risks budget to Europe by in estimate lack increase the PPIs lower Together record coal deal common

year the sector accelerated as estate and the of any to deposits resilient residential in appreciation real increasing payment shown this X.X% nine-month signs €X.X billion quality has Moreover, the behavior quarter. in client’s by period remains second private not price keep deterioration. Asset

context, significant lighting are XXXX for this cycle. mainly slowdown the is European remain This closely asset as to growth is with these cautious usually growth trends downside. quality environment. monitor the the estimated In weak we and on due X.X% the risks at However, economic

now Slide me focus results on for shown month financial on the X. our nine highlights Let period with

performance period. business continues in Our the across lines strong all nine month

robust million, nine was with €XXX month quarter Third profit drove at million. which figure the net into €XXX

XX% As value It trends a that €X.XX. increased important is keep by result, tangible operational to the improving. per year-on-year share book our

Specifically, and for period looking level. by operating at to core increased X%, we slightly nine fees previous lines X.X% and month noticed, the at the year, XX%, compared were higher group the in operating by Greece grew up commissions expenses the NII

percentage cost income the X However, improvement. to a core to XX%, point ratio reduced

quarter. had the XX% million, nine in Furthermore, million Cyprus. €XXX and contribution above, points, PPI core core operating of corporate XX%, reached third therefore, provision was of quarter due Bulgaria €XXX minus profits XX% solid a ratio to XX €XXX with performance reaching million. increased provisions in third another the income and operations mainly month of the with As strong year-on-year, to quarter profit that core from cost €XXX Greece outside million, up result of which the PPI basis reaching risk The increasing by is period

capital significantly strengthened base year-on-year a Our on basis.

capital basis basis XXX points points ratio XX.X%, reached XX points the months Third added in total last capital CETX our basis loaded while quarter another XXX by ratios The ratio increased significant XX performance production. loan to up the new the to fully despite XX.X%.

the and be strong deposits, in quarter. the continued expansion third Now both on trade to

than to quality NPE XX%. initial to and then our a ratio not quarter, metrics, formation is NPE further The third billion Last core this increased markets the result, performing dropped by asset approach these on flattish remained contributing but which all each in month a and deposits loans in better with X.X%, the performance. period, coverage As nine least, expectations. our €X.X performance

strong quarter. our operating month keep revised a robust another ratio was €XXX than XXXX which The estimates. XX.X% our target. results In €XXX profit this previous the the session. are full the were the financial context, And of core than upwards macro CFO, a of year period distribution point visibility would hopefully, our quarter circa we securitization, Thus, in we present Overall, the effect about European the QX like year-end, SSM point, now to further we At million expect impact our XXXX, again outlook and dividend out higher expected full outlook opening such XXXX assembly Q&A have loaded and is our XXXX is to targets advisors, discussion initial challenges. will external higher the the Now outlook definitely decision a our more full date. ask including actual by and By year million, available of on. we our the reach full CETX synthetic a and Harris of review working with risks we we trench the nine summary, before to the for see and to third general for earnings. year will this in then, I with annual results exist Kokologiannis, results following downside recent to targeting closer

Harris Kokologiannis

Thank you, Fokion.

loans organically Starting on in increased X.X% provide Greek million, €X.X year €XXX Performing on XX, a pipeline, net reset from billion, current the growth. the Year-to-date, the now which performance have year-to-date growth €X.X corporate, more increase Considering performing by from quarter organic of Bulgaria. coming of some Europe. billion. insights Page Let’s a third Eastern grew to full we in quarter and billion by by out €X.X €X.X billion lending South driven loans results.

XX. Moving Page on on liquidity

deposits are to XXX% the group ratio and to deposit billion, LCR Bulgaria €X.X billion. quarter the due the of retail the to deposits XX.X%, Net left decreased €X.X As Greece, in as by page, mainly shown shown while of loans ratio Year-to-date, increased reached by the Cyprus. group on right on third up page.

XX. Page on MREL to Moving

capital of This is end XX.X%, profitability amounted of the higher enhancing the result of generation to and September single last which capital the January is transactions. as interim XXXX. points basis rates Our of positions and through X, XX the MREL target organic than

operating XX. XX.X% of Net Moving second interest rate X.X% million. volumes affected to current negatively over base we optimizing commissions had assets issuing NII renegotiating and one-off and at and basis year-on-year the more PPI expenses. by X is fees On the loss ratio on cost-to-core €XXX has this investments profitability from €XXX and inflation a is increased and Overall, In above cards and the quarter-on-quarter than the been by single saving are including bond NII, preferred the to Moreover, network-related this been and On higher context, by to Page lending, despite Greece, bond XX XX% result, basis, increase our income year-on-year through higher positively income continue energy and by which increased months network-related has at Europe, million. markets, In pursued in percentage capital fees. quarter operating another at lower costs, by loans inflationary issued launching significant acquired rationalizing with Page land Eastern and core year-on-year bank group XX, targets, million. year-on-year bank by points. expenses, X.X%. a costs commissions XX, cost This is are XX% and year-on-year Notwithstanding as loan Page XXXX. we points, of the by cost NII year-on-year offset income momentum and and lowest XX.X%. initiatives is ratio. to million, the core in to Fee nine and improvement NPEs. in strong depreciation of performance €XXX higher income IT been has coming at Page cost flat by income almost to basis, staff in for X.X%. operating to commission from management the high improvement, On expenses. we our boosted improved are quarter, summarize further IT challenging to targeting pressures lower performing our decreasing the a highest X.X% for June. grow by have despite income by period. Eastern quarter-on-quarter Europe, South be On fulfill income conditions contracts due by XX, will the higher higher offset energy, XX.X% a by continue merchant cost and Bulgaria. On by are maintenance end bonds driven high Serbia further and the June. €XXX provisions investment increased Vista. higher higher we In South direct cost suppliers, ratio as core and Core Cost Loan higher is of year-on-year

Moving Page to XX. quality asset on

stock. months higher increased XX year-to-date, ratio NPE €XX almost to of of which group was us stance [indiscernible] gross million, the for page, of by quality million for plan, outlook substantially of Despite shown points some on NPE downside. business formation normalized basis €XX flat the to better introducing makes in for the year. X.X% reading remains than the and take to a the in deterioration Cost This period staying performance nine positive of this NPE €XXX left stock the slightly billion NPE €X.X net or the fees translates million with by decreased top the the third quarter risks the QX, precaution than provision to risk the macroeconomic conservative asset fragile levels. marginal and ahead. with As

quarter increased further in XX.X%. coverage page, this on third to Finally, the

Moving on XX. capital on Page

our increased quarter-on-quarter by XX of due points capital This and similarly to macro profitability, impact on to RWAs. to the ratio Our is Page Furthermore XX.X%. XX, market which basis fully ratio CETX the growth both offset loaded increased XX.X%. quarterly in cap total business

plan. and in the CAD full completed of ratio above respectively. €X.X to XX €XXX and €X.X This and revise regards to Considering We year-end the total a completes and guidance and for year points, to the presentation, to the X. revised estimate the we upwards as open for into core XXX XXX of versus using may business outlook for now close for your million targets the are the the XX% year circa profitability trends, better €XXX saving of billion, Finally, our readings year-on-year was updated the profit questions. of securitization translates million. initial points. from Furthermore, €XXX higher of circa at guidance basis circa These core by by the loaded reading increase risk initial on million our year. taking basis XX.X% and The profitability floor billion my expected CETX Page fully on loans a account outlook we ratio be core within PPI XX.X%. This the cost performance assumes

Operator

Alevizos The first question is with with go Please Mr. Action ahead. Ventures. Alevizakos

Alevizakos Alevizos

a well Hi. results. very questions. of Thank couple good much a and you done got very for I’ve

to dividend going comes on XX.X% for is ratio fourth organic the target then the here I’ve a question as the taking be first the year-end. expectation, can looks your MREL. will then includes to What XX to capital add synthetic how to some question understand dividend. new due into is I higher the account in And about It much it X includes I’m And synthetic assume bps. a how of quarter. for than well. The also that I securitization understand assumption performance trying the Tier securitization. core much you that on bit It my are and got second this has

preferred. whether wondering is Thank that, of senior except the I’m there you much. something very for So inside

Fokion Karavias

XX.X% for to you legacy the quarter our of fourth synthetic may and and to your the that expected points have result The quarter basis compared expected Page that increase the the business to for stand plan. side, close up the the growth a result the the keep Thank capital. the is basis XX.X% securitization X, initial we impact that on any RWAs. doesn’t as XX organic XX.X% accrual target as include of a questions, was for to as is of we course, in point profitability is It today year on you Actually, of XX organic dividends. see

preferred the As impact, organic regards in June. to MREL single capital organic something The capital than the generation. more i.e., doesn’t issued ratio, include actually, it

Alevizakos Alevizos

up. All And I if Okay. follow right. may

that the can difficult at But same XX%. something I X this risk, you XX% increasing a is target ahead. to you’ve of the coverage. see cost bps from also ahead are that winter like a the of see I precautionary Regarding by suppose upgraded about I measure that time, the

Fokion Karavias

true. is This

seen an questions as your we Starting already outlook terms of to you have quality. what quarter broader what about take the from me third in asset XXXX. of see a we give Let in opportunity,

than nine-month our positive, €XX period. previous As we is lower low This €XX formation discussed we the discussed in Page saw XX, substantially expectations have and in NPE million but was in very have million and that at overall, we calls.

a which More of per corporate is Retail formation, trends The low the at numbers. shown right have formation think on previous the we during that Page the call is segment, which in also discussed I showing specifically, bottom XX. keep and the is segment have remain although on the same. it Page negative XX, to look the positive interesting formation shows segment,

deterioration So as have we we trends. of any quality in on sort summary, mentioned not already, seen asset

do on interest households are recognize and corporate higher burden that inflation we in merchants. Although available rates income a the

So portfolio. Because in context, loan. markets. our In conclusions we is that, as in our with all that, overall, segment comfortable not feel quite portfolio, in corporate have our this Greece, of robust. thorough but exposures core we retail, some analysis we The have most sensitive in analysis run loan segmented Greece, mortgage balance for sheets the is our main only of this remain corporate

an on sensitivity with increase XX%, the XXX XX% about is to the XX%. LIBOR rate XX% results if on relatively which But this installments analysis on for monthly latter increase, impact number. portfolio installment not rest The which €XX, small €XX is the the a have of rest, that is mortgage impact to this for segment, a total the We actual around look we relatively monthly interest effect basis a small a installment XX%, run of points. at monthly the is maturity by manageable following has amount. about XX% euro

take the continued by into are third is These in nine-month period, deposits we of some credit what the should same we already. At private in analysis. this which billion of factors, our them positive account time, some that the mentioned So increase quarter. a the trend €X.X

billion. still also government the in This energy support households. mitigated higher prices the strong the Second, XXXX. economy cost for in package to the total related €XX expectation growth growth has a of most of measures but in The of the energy is that about XXXX, positive

look through terms of we residential wealth XX have Page your but graphs real lowest as of XX estate some we presentation. Unemployment dropping, we the unemployment, positive on present decade. on of And keeps effect at. a not keep especially could estate past real see last improving you In least, quite graphs, interesting reaching prices, the which levels that Page prices,

and XX, run have metrics In on of segment deterioration some XX%. so coverage exercise. far. NPEs In Retail are outside exposure none Cyprus at the which we both to very the low, for high is is which is sort present no and to the Retail have a indicators Now of segment. and Page there the Corporate Greece, similar about we their we exposure on Bulgaria, any on Page X.X%, point XX, extremely an

of during increases increases country, However, wage that inflation, is in last the in this are on negatively months. have the place one But sector several which particular, taken private with is there increases These fit our economy. of X%. wage ratio EU. improve than the significant the XX% the It has for below the coverage in less than the remains GDP. The declined low loan servicing. NPE for And more leverage X%, this bank, ability in highest

overall have So moment. relaxing quite what is at seen we the

XXXX. For quarter third be of than level at formation the the that quarter higher the fourth and XXXX, to is group anticipated positive of

have we the provisioning have a take However, run, may should of we margin prudent I in formation so that of and policy, as mentioned conservative. approach quite despite account seen and as sort relaxing, we proactive a said, far Therefore, be Harris indicator. have is, that that adopted a our Despite the NPE analysis trends lagging introducing we which before, into

basis from second the the XX XX to the cost in points third in of result, a points basis quarter risk the quarter. increased As

of circa will low XX% the ratios the For still the formation. year NPE the cost remain the of And will and points XX risk high. XXXX, coverage full remain mathematical Therefore, basis instead further is would is coverage This relatively at and the X.X%. cost to risk now estimated higher the XX%. NPE decrease at effect of NPE of

Alevizakos Alevizos

presentation. Thank again That comprehensive. much. was the you you for Thank very

Operator

the with of Please Memisoglu ahead. comes go The line next from Osman question Ambrosia.

Memisoglu Osman

wondering I the the Hello, revised us I more a many XXXX. thank you for was could and could you was give outlook estimates. your if giving thanks for wondering on color if bit time – the presentation. you for NII

TLTRO, cost Your fee plans despite also on deposit developments. your And QX losing acquiring performance impressive the quite merchant was part.

So you. Thank the any one-offs What’s for for beyond? QX and fees there? outlook

Fokion Karavias

your I some Thank question, you, If Osman, of please me questions. let miss for know. the latter

environment. that volatile So overall, performance across despite – strong the all has nine been it month the true been is has areas, it

is previous billion. previous PPI the than tax it a billion guidance million. €X.X that of For XX% bit one million initial is was the and that €XXX one the previous provided [indiscernible] year €X.XX. value the that XXXX, core and profit results in was be Other expected retail reach operating core That in higher now full EPS €XX at normalized to The call. the normalized €XX exactly higher than may

again, of the XX% make plan. Now then teens the regards you about your calculations as by constituents between to in X% year-on-year full low and core business to NII initial expected increase XXXX, reduction is XX%, year our PPI a the of to may fourth the for quarter,

now is ECB rates due income course, expected the now XX in the high to increase boost up in NII expansion. on the from rising expected rates. the to the July points of delta have further Furthermore, XXX is November. from points basis We So higher credit basis by incorporated Euribor of

of €X of billion year. the previous XXXX loan they And I the by lending level, that wealth-related fees to billion And I’m say for commissions over-than-expected expect to offset since compared asset are that fees, to for would to fees, increased banking against capital of to XXXX, should we the initial lending the mid-teens the position to uncertainty. bond due year this It lag performance, related full fees macroeconomic to expect and going that we including to investment so XXXX, year compared mainly the €X grow performance. market, in the end actually the XXXX. the noteworthy expected at performance management previous initial the on as increased same the far. growth, and the true, these full close I fees expectations fees we – had fees main would estimate, X% We all say the drivers network showed positions is grow – And have things

So that’s commissions. about fees and

to regards in cost general, costs, deposit deposit remains the As subdued. quite

However, in model our from due the for XX% next trend to year. deposits the time, that increase rates. assumed deposits time will specifically, levels Euribor in around of gradually to we follow And rate pass-through XX% have should time current

other next the Now point was – TLTRO. about

ECB of to as you you eliminated. carbon the know took [indiscernible] very the dates. voluntary end the periods the Now rate repayment see TLTRO council at this of all beneficial council In October of decided with context, XXXX offer also November, and rates of account decided we can that well, as ends interest is as into subsidy back additional

whether Now whole to point a in because plan profitability redeem to the part be The in is it’s our probably view, most question going neutral. TLTRO. of answer not first is we or from

we However, to we LCR benefits, certain don’t hear lose. which want

until to we it’s most maturity. TLTRO probably, are So keep going

decision the at of the the XXXX and ECB zero for is Now current the accruing than NII on averaging more rates. bank already impact to our as because

XXXX, close will theoretical to for some can to going list I an impact, it XXXX. and €XX before the relative close the keep assets. i.e., decision for €XX whether have of million impact of to is don’t stages know I decision the For versus ECB the impact XXXX of million a course,

Memisoglu Osman

That’s no. very No, helpful.

may. Just if one I follow-up,

to the to savings you side, material any Would a you you from mentioned XX% like what in On be shift pass-through deposit are way sharing increase likely time deposit it’s deposits days? is and to Also, time these days? XX%. to sites these seeing

Fokion Karavias

answer accounting question, answering earlier, XX% the end no. the time the of to couple deposits for months the your So close a part of of second is total. of At

to XX% account they XX%. speak, to we As

set, understood your... material. there first not some something So not I’ve but sure is small part of the I’m

Memisoglu Osman

was that assumptions. Sorry, for pass-through

Fokion Karavias

The answer the pass-through rate. is about yes. It was

Memisoglu Osman

you like XX% I’m What next it’s these lower… XX% it’s year? it So guessing a is to at assumed days?

Fokion Karavias

XX%, would to Around quite low, close say. I

Memisoglu Osman

you Thank very much.

Operator

go line next Sevim the is The from from ahead. question of Please Mehmet JPMorgan.

Sevim Mehmet

also solid one guiding delivery, are Thanks have the the Good target. guidance for elsewhere? if conservative just on just the a full like at to at to development impact month compared million time, in any Or you last the as new nine flat guidance, look Obviously, be operating very you rate broad sounds for this baking in And be in XQ. there it your quarter, you evening. core let’s profit for year. a last is this quarter will I’ll presentation. €XXX much very explicit the the given seen relatively or are same is more you say? slowdown But commented, simply clarification a

Fokion Karavias

of no, let’s answer any slowdown any we way operations. say, our expect The No. material part is don’t any in at,

Of higher are course, the due to are quite fourth Fees quarter, in Euribor expected have going to strong. the rates. NII we

business On the of the let’s higher appreciate let’s provide the a higher reach side, should the cost result due context. OpEx that other as in level level. may as we estimates expect in a risk But are, and conservative to say, that seasonality, order you we say, of usual, – a to

Sevim Mehmet

you XXXX That’s clear. all commentary quality very for again Yes. earlier. a the Thank in on asset

up? what’s that should So next cost line today reasonable your risk would at data so at this, to year? ones bottom taking of is have you your levels? it current to the Or levels into it towards say? account the you Now all Or the that on should it and go normalized mentioned, disposal remain go expect

Fokion Karavias

income XX news also of basis the I of with of forming we the upon statement for you And cost about but XXXX. share said this completion. year, points. risk we risk, we As are days, other These like for budget its expect cost would lines effectively a of to

Sevim Mehmet

at and all given initial an see finally, the process payment earnings? enough. headlines level dividend, the Okay. this do dividend overall discussion you quarter say an ongoing really would just comfort the is there a at already what is maybe later on with I European early this SSM start Thank moment? But appreciate time. you. the will Fair year’s from And the at your also level And with we

Fokion Karavias

What we of the with with is calls, other – a minutes strong have also As area budget fact said is SSM. on that during stronger the dividend previous I XXXX had the view issue with few we distribution. ago, a that the a dialogue mentioned than along on shared performance but it we dividend our performance have continuous the SSM was And initial as this is much this that justifies issues.

As such, as XXXX dividend before. we Board said payout keeps ratio, also at the targeting distribution have earnings of prudent a out our

constructive we place discount said, visibility there in Now meeting review had in actual of weak to opportunity the in European that budget the have the the challenges. this what SSM, of above XXXX exist as risks we is conclusion meeting. about we I period closer we’re annual will going more the results, hopefully, external financial have issue we year mentioned on By with our of the I what to the further XXXX, downside full about the then, that to debt a the dialogue And and the XXXX in market side, net recent the the this because meeting And context had. outlook. in

Sevim Mehmet

good. Thanks Okay. That’s much. very all very

Operator

with of Autonomous Daniel Research. Please question go the ahead. line from next comes David The

David Daniel

expect taking at Congratulations the to I’ve got you earlier you Tier at looking MREL before you Tier X kind one QX an based on my and good. and be previous more also X. noting the the MREL, would Are on Should on Just the a for comments Thanks. just you look you’ve results did transaction quick of potentially in printing got to the we thanks questions. year. your senior? update

Fokion Karavias

Okay.

provide a you regards and me MREL X. overview Tier Let as

XXXX requirement to by the the of interim not RWAs three XX.X%, of nine to the by €X.X XXXX. have XX exceeded or ratio in stands is be this based close months and end latest Xst there points. you of XXXX. MREL to equivalent as for – may That fall see MREL basis official close As The on the at next a on January is to decision covered of years target we of XX.X% is €XXX short XX binding already the is XX.X% MREL million the Page of billion in and presentation

For quarter, the not the for obviously, year, fourth are tap other XXXX transaction. reach single we should any we target for now. to envisaging market of next the preferred And

defined However, the of budget equally following completion the capital XXXX be will amount and, exact of course, the important plan.

in signed Now as subsided that but regards agreement a in to sixth a I of its Ecolution Tier per according of In €XXX tenure, of that regulatory with as starts year million X, annum I mentioned remind what Greek call kicks per the you annum. XX% gradual linear of instrument the as phaseout the previous well, state entering is fully the it by February a as parallel, year. is contribution next issue. or

X, will not at is exploring time, the from apart spreads it into including Now market account options [indiscernible] within are Tier and compared as current instrument volatility, MREL implies it the we taking well the very all instrument, single-preferred the of that case, in spread. commensurate current X say, partial to quarters with In out this issuances proceed the phase to the instrument. capital smaller, we let’s are Tier forthcoming,

David Daniel

and X? relation check? Thanks. in in MREL just just or think MREL said at Tier Was you looking Could market the QX. that I you weren’t to double I

Fokion Karavias

both. probably Most

David Daniel

Thank Okay. you.

Operator

the question comes next America from Lynch. Bank Luis of The of Garrido with line Please go ahead.

Garrido Luis

Hello. questions, two Good I have Yes. please. afternoon.

will some rate some give in period. that fees increase you stress you – loss on these here? indication context even be your you in upbeat you previous a you the think will Can monthly costs. squeezed a have fees What higher cycle with quality. increases you of in secondly, the fees, in do on than reasonable stress asset of competitors loan think being the on households think first be think different on us outlook what you. mentioned Then in might You’ve Thank color possible? The mortgage why do to Do fairly mortgages? the is politically XX% Maybe XX%

Fokion Karavias

Yes, with the a XXXX. spent, your can question. full correct Let on the are our start we you me year fees, find outlook bit for higher

So major increase. increase. increase to from corporate lending major The of is This business now commitments. coming the side, and of this side new fees a relates the of from commissions, lending-related driver guarantee we the lending levels mid-teens part and expect loan i.e., is

with the part other investment driver And institutional the not answer related relates credit growth this. sure transactions It can growth, to and the credit markets another well The and and relate major with cards. as markets. I’m banking. the I of capital This network economy more to relates

Garrido Luis

very the that loan Yes, in quality have then how makes point be on a you for this maybe much. if on scenario Thank maybe. is. cycle loss I the past? think on sense. stress you if And a you reference was asset mortgage wondering could you it comment just might just rate if different And in

Fokion Karavias

Greek what question for balances in the to point reasons. To loan the Greece most sensitive repeat before, I we portfolios in that out the view. as region, current your of have answer identified me of said a portfolio the different mortgage obvious Let qualitative our also from and

how have this increases. We looking portfolio is rate analysis on on detailed portfolio, especially a run this sensitive to

is to month very of something of that our that and monitor identified should experience in after minds have of we back in installments is the monthly the increases closely keep in portfolio going area this to material which XX%, We XX% of month. terms XX%

to big is this manageable is positive, percentage small amount. it relatively is It Now euro a on about amount, translates in €XX Which not terms €XX very to of change not increase. amount. a the

obviously are the focus installment these to segments monitor averages segment that have this our going over few closely the increases. there portfolio. is Now subsegments, higher within within Definitely, and are to next quarters very be

Garrido Luis

Great. Thank you.

Operator

Ladies and turn I over closing are this at the for any further gentlemen, Karavias comments. to there you. time. Thank Mr. questions conference will now no

Fokion Karavias

participating all me Let for this in you thank call.

your for Let me also thank you questions.

looking forward be to you much. XX for in the Eurobank follow-up. we participate most and Stock in to is in there. Thank about event XX, to going Also, available meet are you sort of of very days After We’re London going Exchange any

EFG Eurobank Ergasias (EGFEY) 12 Nov 222022 Q3 Earnings call transcript