Press release GENIKI Group: Financial results of the nine month period ended on September 30, 2012

Amounts in millions euro

1 Jul to
30 Sep

2011

1 Jul to
30 Sep

2012

%
change
1 Jan to
30 Sep

2011

1 Jan to
30 Sep

2012

%
change
Operating income 29.3 16.5 -43.81% 97.3 64.5 -33.74%

Operating expenses -32.2 -29.6 -8.19% -102.8 -91.9 -10.64%
Operating results before
provisions -2.9 -13.1 -5.5 -27.4

Provisions -180.6 -16.8 -377.2 -88.0
Impairment of assets 0.2 0.1 -2.6 -2.1
Impairment of GGB -149.5 0.0 -230.1 -15.3
Result before taxes -332.8 -30.0 -615.4 -132.9

Net result - Geniki Bank -326.9 -28.8 -601.3 -81.0
Net result - Group -333.7 -30.0 -617.8 -88.8
%
Amounts in millions euro Dec 2011 Sep 2012
change

For the nine-month period ended on September 30, 2012, the operating income amounted to 64.5 million EUR, displaying a decrease of 33.7% compared to the same period of 2011. The decrease is mainly due to the lower net interest income, which was strongly affected by the increase of the financing cost. The operating expenses (excluding provisions and impairment of assets) amounted to 91.9 million EUR, displaying a decrease of 10.6% compared to the related period of 2011. The Group continues to maintain a strict control over its costs. The cost reduction has been achieved through both operational and staff costs.


The operating results (before provisions and impairment of assets) amounted to -27.4 million EUR, compared to -5.5 million EUR of the related period in 2011. Despite the effective cost control policy, the deteriorating economic environment affected significantly the operating income and concluded to a negative operating result before provisions and impairment of the assets.

In a difficult economic environment, provisions for the non performing loans and other provisions, amounted to 88.0 million EUR, display a decrease of 76.7% compared to the related period of 2011.

The net loss of the Group amounted to 88.8 million EUR, compared to a net loss of 617.8 million EUR, of the same period of 2011.

As at September 30, 2012, loans and advances to customers amounted to 2,0 billion EUR, presenting a decrease of
23.84 % compared to December 2011.
As at September 30, 2012, the deposits and the repos amounted to 2,0 billion EUR, displaying an increase of 10.05
% compared to December 2011.

Other events

Geniki Bank announced that, on 19.10.2012, SOCIETE GENERALE entered into a definitive agreement with Piraeus
Bank for the sale of its participation of 99.08% in Geniki Bank.
The aquisition has been accomplished on December 14, 2012 and Piraeus Bank became the controlling shareholder of
Geniki Group.
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