EGFEY - Eurobank Ergasias Services and Holdings S.A. (EGFEY) Q4 2023 Earnings Call Transcript
2024-03-08 13:43:03 ET
Eurobank Ergasias Services and Holdings S.A. (EGFEY)
Q4 2023 Results Conference Call
March 07, 2024 11:00 AM ET
Company Participants
Fokion Karavias - CEO
Harris Kokologiannis - CFO
Conference Call Participants
Eleni Ismailou - Axia Ventures
Osman Memisoglu - Ambrosia Capital
Mehmet Sevim - JPMorgan
Dimitri Alex - Jefferies
Presentation
Operator
Ladies and gentlemen, thank you for standing by. I'm Poppy, your Chorus Call operator. Welcome, and thank you for joining the Eurobank Holdings Conference Call to present and discuss the Full Year 2023 Financial Results. All participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question-and-answer session. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Fokion Karavias, CEO. Mr. Karavias, you may now proceed.
Fokion Karavias
Thank you. Ladies and gentlemen, good afternoon, and welcome to our call. Together with me is our CFO, Harris Kokologiannis, and the Investor Relations team. I'm starting the call with a quick review of the 2023 performance and then focus on our business plan and the financial targets for the years 2024 to 2026. Harris will give you more details on the business drivers for the three-year period.
Finally, we will answer your questions. In 2023, Eurobank outperformed all targets set for the year with record core profit as shown on Pages 5 to 8. Core operating profit increased by close to 70% to €1.5 billion and return on tangible book value reached 18%. The Tangible book value per share increased by 21% to €2.07. In the last two years, tangible book value has grown by almost 50% cumulatively. Asset quality improved further with the NPS ratio declining to 3.5%, while coverage increased to 86%....
Eurobank Ergasias Services and Holdings S.A. (EGFEY) Q4 2023 Earnings Call Transcript