CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30.9.2023

(In accordance with International Accounting Standard 34)

Athens, 2 November 2023

	Condensed Interim Consolidated Income Statement 6
	Condensed Interim Consolidated Statement of Comprehensive Income 7
	Condensed Interim Consolidated Balance Sheet 8
	Condensed Interim Consolidated Statement of Changes in Equity 9
	Condensed Interim Consolidated Statement of Cash Flows 12
	Notes to the Condensed Interim Consolidated Financial Statements 13
	GENERAL INFORMATION 13
	ACCOUNTING POLICIES APPLIED 16
1.1	Basis of presentation 16
1.2	Significant accounting judgments and key sources of estimation uncertainty 24
	INCOME STATEMENT 28
2.	Net interest income 28
3.	Net fee and commission income and other income 29
4.	Gains less losses on financial transactions 31
5.	Other Income 32
6.	Staff costs 32
7.	General administrative expenses 32
8.	Impairment losses, provisions to cover credit risk and related expenses 33
9.	Impairment losses on fixed assets and equity investments 34
10.	Gains/(Losses) on disposal of fixed assets and equity investments 34
11.	Provisions and transformation costs 34
12.	Income tax 35
13.	Earnings/(losses) per share 38

	ASSETS 40
14.	Cash and balances with Central Banks 40
15. 16.	Due from banks 40 Loans and advances to customers 41
17.	Trading and Investment securities 43

	LIABILITIES 45
18.	Due to Banks 45
19.	Due to Customers 45
20.	Debt securities in issue and other borrowed funds 46
21.	Provisions 48
	EQUITY 50
22.	Share Capital, Share premium and Other Equity Instruments 50
	ADDITIONAL INFORMATION 52
23.	Contingent liabilities and commitments 52
24.	Group Consolidated Companies 59
25.	Segmental Reporting 64
26.	Exposure in credit risk from debt securities issued by the Greek State 65
27.	Financial instruments fair value disclosures 66
28.	Credit risk disclosures of financial instruments 73
29.	Capital Adequacy 86
30.	Related-party transactions 87
31.	Assets held for sale 89

Consolidated statement of balance sheet and income statement of "Alpha Bank S.A." 93 Corporate events relating to the Group structure 95 IFRS 17 adoption and restatement of financial statements 96 Discontinued Operations 103 Strategic plan 104 Events after the balance sheet date 105

Condensed Interim Consolidated Financial Statements as at 30.9.2023

Condensed Interim Consolidated Income Statement

(Amounts in thousands of Euro)

		From 1 January to		From 1 July to
			30.9.2022		30.9.2022
	Note	30.9.2023	as restated	30.9.2023	as restated
Interest and similar income		2,781,908	1,348,339	1,048,569	477,602
Interest expense and similar charges		(1,441,288)	(429,118)	(571,682)	(139,985)
Net interest income	2	1,340,620	919,221	476,887	337,617
- of which: net interest income based on the effective interest rate		1,395,489	946,009	499,211	336,413
Fee and commission income		342,627	363,404	125,267	107,758
Commission expense		(49,112)	(67,048)	(16,752)	(15,658)
Net fee and commission income	3	293,515	296,356	108,515	92,100
Dividend income		2,232	3,237	559	2,482
Gains less losses on derecognition of financial assets measured at amortised cost		(13,538)	(1,530)	(12,719)	813
Gains less losses on financial transactions	4	42,183	155,565	(1,031)	63,309
Other income	5	32,852	16,803	11,790	2,743
Total income from banking operations		1,697,864	1,389,652	584,001	499,064
Income from insurance contracts		3,755	2,194	1,425	862
Expense from insurance contracts		(1,466)	(778)	(482)	(293)
Financial income/(expense) from insurance contracts		(5,586)	22,997	2,195	8,549
Total income from insurance operations		(3,297)	24,413	3,138	9,118
Total income from banking and insurance operations		1,694,567	1,414,065	587,139	508,182
Staff costs	6	(289,675)	(276,652)	(98,590)	(91,963)
General administrative expenses	7	(299,828)	(314,373)	(92,513)	(98,487)
Depreciation and amortization		(126,641)	(117,082)	(44,364)	(37,910)
Total expenses		(716,144)	(708,107)	(235,467)	(228,360)
Impairment losses, provisions to cover credit risk and related expenses	8	(269,777)	(465,766)	(67,743)	(85,927)
Impairment losses on fixed assets and equity investments	9	2,512	(51,522)	3,200	(32,677)
Gains/(Losses) on disposal of fixed assets and equity investments	10	13,112	313,146	1,010	1,121
Provisions and transformation costs	11	(42,406)	(5,836)	(22,720)	3,752
Share of profit/(loss) of associates and joint ventures		619	5,293	36	3,777
Profit/(loss) before income tax		682,483	501,273	265,455	169,868
Income tax	12	(191,830)	(209,756)	(77,406)	(109,825)
Net profit/(loss) from continuing operations for the period after income tax		490,653	291,517	188,049	60,043
Net profit/(loss) for the period after income tax from discontinued operations			17,436		10,305
Net profit/(loss) for the period		490,653	308,953	188,049	70,348
Net profit/(loss) attributable to:
Equity holders of the Company		490,477	308,669	187,953	70,200
- from continuing operations		490,477	291,233	187,953	59,895
- from discontinued operations			17,436		10,305
Non-controlling interests		176	284	96	148
Earnings/(Losses) per share
Basic (€ per share)	13	0.2089	0.1315	0.0800	0.0299
Basic (€ per share) from continuing operations	13	0.2089	0.1241	0.0800	0.0255
Basic (€ per share) from discontinued operations	13		0.0074		0.0044
Diluted (€ per share)	13	0.2086	0.1313	0.0799	0.0299
Diluted (€ per share) from continuing operations	13	0.2086	0.1239	0.0799	0.0255
Diluted (€ per share) from discontinued operations	13		0.0074		0.0044

Condensed Interim Consolidated Statement of Comprehensive Income

(Amounts in thousands of Euro)

			From 1 January to	From 1 July to
			30.9.2022		30.9.2022
	Note	30.9.2023	as restated	30.9.2023	as restated
Net profit/(loss), after income tax, recognized in the Income Statement		490,653	308,953	188,049	70,348
Other comprehensive income
Items that may be reclassified subsequently to the Income Statement
Net change in investment securities' reserve measured at fair value through other comprehensive income		17,204	(184,384)	(10,590)	(22,373)
Net change in cash flow hedge reserve		20,089	(18,256)	7,811	(6,915)
Foreign currency translation net of investment hedges of foreign operations		(4,935)	(629)	(5,044)	1,939
Income tax	12	(9,802)	49,319	87	9,849
Items that may be reclassified subsequently to the Income Statement from
continuing operations		22,556	(153,950)	(7,736)	(17,500)
Items that may be reclassified subsequently to the Income Statement from discontinued operations			(15,127)		(11,447)
Items that will not be reclassified to the Income Statement
Remeasurement of defined benefit liability/ (asset)		17	31	(23)
Gains/(losses) from investments in equity securities measured at fair value through other comprehensive income		3,300	(1,708)	(1,697)	260
Income tax	12	(990)	771	604	(115)
Items that will not be reclassified to the Income Statement from continuing
operations		2,327	(906)	(1,116)	145
Other comprehensive income, after income tax, for the period		24,883	(169,983)	(8,852)	(28,802)
Total comprehensive income for the period		515,536	138,970	179,197	41,546
Total comprehensive income for the period attributable to:
Equity holders of the Company		515,360	138,686	179,101	41,398
- from continuing operations		515,360	136,377	179,101	42,540
- from discontinued operations			2,309		(1,142)
Non controlling interests		176	284	96	148

Condensed Interim Consolidated Balance Sheet

(Amounts in thousands of Euro)

			31.12.2022
	Note	30.9.2023	as restated
ASSETS
Cash and balances with central banks	14	7,086,919	12,894,774
Due from banks	15	1,533,935	1,368,135
Trading securities	17	66,385	4,261
Derivative financial assets		2,432,441	2,142,196
Loans and advances to customers	16	38,798,863	38,747,512
Reinsurance contract assets			159
Investment securities
- Measured at fair value through other comprehensive income	17	1,880,450	1,806,445
- Measured at amortized cost	17	13,722,755	11,336,249
- Measured at fair value through profit or loss	17	526,195	327,506
Investments in associates and joint ventures		98,857	98,665
Investment property		280,360	244,903
Property, plant and equipment		523,709	529,225
Goodwill and other intangible assets		499,216	474,683
Deferred tax assets		5,054,665	5,233,867
Other assets		1,211,103	1,287,686
		73,715,853	76,496,266
Assets classified as held for sale	31	676,356	1,516,514
Total Assets		74,392,209	78,012,780
LIABILITIES
Due to banks	18	7,786,236	14,344,851
Derivative financial liabilities		2,396,709	2,305,318
Due to customers	19	52,330,891	50,760,889
Insurance contract liabilities		370,741	247,054
Debt securities in issue and other borrowed funds	20	2,986,668	2,922,979
Liabilities for current income tax and other taxes		29,971	22,933
Deferred tax liabilities		19,492	21,155
Employee defined benefit obligations		23,987	23,881
Other liabilities		1,147,590	920,131
Provisions	21	141,826	168,260
		67,234,111	71,737,451
Liabilities related to assets classified as held for sale	31	793	10,661
Total Liabilities		67,234,904	71,748,112
EQUITY
Equity attributable to holders of the Company
Share capital	22	681,183	680,980
Amounts intended for Share Capital Increase	22	835
Share premium	22	4,780,812	5,259,115
Other Equity Ιnstruments	22	400,000
Special Reserve from Share Capital Decrease	22		296,424
Reserves	22	(229,559)	(273,048)
Retained earnings	22	1,509,112	284,123
Less: Treasury shares	22	(3,624)	(1,296)
		7,138,759	6,246,298
Non-controlling interests		18,546	18,370
Total Equity		7,157,305	6,264,668
Total Liabilities and Equity		74,392,209	78,012,780

^* Certain figures of the previous period have been restated as described in note 34.

Condensed Interim Consolidated Statement of Changes in Equity

(Amounts in thousands of Euro)

	Note	Share capital	Amounts intended for Share Capital Increase	Share premium	Special Reserve from Share Capital Decrease	Reserves	Amounts directly recognized in equity and associated with assets classified as held for sale	Retained Earnings as restated	Total as restated	Non controlling interests	Hybrid Securities	Total
Balance 31.12.2021		703,794		- 5,257,622	6,104,890	320,671	15,127	(6,366,258) 6,035,846		29,432	14,229	6,079,507
Impact from initial application of IFRS 17	34							15,476	15,476			15,476
Restated Balance 1.1.2022		703,794		- 5,257,622	6,104,890	320,671	15,127	(6,350,782) 6,051,322		29,432	14,229	6,094,983
Changes for the period 1.1 - 30.9.2022
Profit/(loss) for the period, after income tax*									308,669 308,669	284		308,953
Other comprehensive income for the period, after
income tax						(153,950)	(15,127)		(906) (169,983)			(169,983)
Total comprehensive income for the period, after
income tax		-	-	-	-	(153,950)	(15,127)		307,763 138,686	284	-	138,970
Share Capital Decrease through distribution in kind		(23,474)							(23,474)			(23,474)
Share Capital Increase through options exercise		429		1,043		(1,122)		79	429			429
Offsetting of Retained Earnings with Reserves						(5,808,466) (420,425)		6,228,891	-			-
Valuation reserve of employee stock option program						1,609			1,609			1,609
(Acquisitions), Disposals / Share capital increase and
other changes of ownership interests in subsidiaries									-	(8,167)		(8,167)
Appropriation of reserves						6,560		(6,560)	-			-
(Purchases), (Redemption)/ Disposals of hybrid
securities, after income tax									-		(14,229)	(14,229)
Amounts intended for Share Capital Increase			231						231			231
Dividend distribution									-	(4,583)		(4,583)
Expenses for share capital increase								(157)	(157)			(157)
Other						93		977	1,070			1,070
Balance 30.9.2022 as restated		680,749		231 5,258,665		296,424 (246,564)	-		180,212 6,169,717	16,966	-	6,186,683

The attached notes (pages 13 - 105) form an integral part of these interim consolidated financial statements.

* Certain figures of the previous period have been restated as described in note 34.

9 The amounts are presented in thousands of Euro unless otherwise indicated

(Amounts in thousands of Euro)

	Share capital	Amounts intended for Share Capital Increase	Treasury Shares	Share premium	Special Reserve from Share Capital Decrease	Reserves	Retained Earnings as restated	Total as restated	Non controlling interests	Total as restated
Balance 30.9.2022 as restated	680,749	231	-	5,258,665	296,424	(246,564)		180,212 6,169,717	16,966	6,186,683
Changes for the period 1.10 - 31.12.2022
Profit/(loss) for the period, after income tax*							60,784	60,784	23	60,807
Other comprehensive income for the period, after income tax						23,346	(6,708)	16,638		16,638
Total comprehensive income for the period, after income tax	-	-	-	-	-	23,346	54,076	77,422	23	77,445
Share Capital Increase through options exercise	231	(231)		450		(475)	25	-		-
Transfer						(51,444)	51,444	-		-
Acquisitions, Disposals, Share capital increase and other changes of ownership interests in subsidiaries								-	(171)	(171)
Sales and purchases of treasury shares			(1,296)					(1,296)		(1,296)
Valuation reserve of employee stock option program						405		405		405
Dividend distribution								-	1,552	1,552
Appropriation of reserves						1,541	(1,541)	-		-
Expenses for share capital increase							(22)	(22)		(22)
Other						143	(71)	72		72
Balance 31.12.2022 as restated	680,980	-	(1,296)	5,259,115	296,424	(273,048)		284,123 6,246,298	18,370	6,264,668

^* Certain figures of the previous period have been restated as described in note 34.

¹⁰ The amounts are presented in thousands of Euro unless otherwise indicated

(Amounts in thousands of Euro)

	Note	Share capital	Amounts intended for Share Capital Increase	Treasury Shares	Share premium	Other Equity Instruments	Special Reserve from Share Capital Decrease	Reserves	Retained Earnings as restated	Total	Non controlling interests	Total
Balance 1.1.2023 as restated		680,980	-	(1,296)	5,259,115	-		296,424 (273,048)		284,123 6,246,298	18,370	6,264,668
Changes for the period 1.1 - 30.9.2023
Profit/(loss) for the period, after income tax										490,477 490,477	176	490,653
Other comprehensive income for the year, after income tax								22,556	2,327	24,883		24,883
Total comprehensive income for the period, after income tax		-	-	-	-	-	-	22,556		492,804 515,360	176	515,536
Share Capital Increase through options exercise		203			507			(562)	55	203		203
Offsetting of Retained Earnings	22				(478,810)		(296,424)	(747)	775,981	-		-
Valuation reserve of employee stock option program								554	(52)	502		502
Sales and purchases of treasury shares				(2,328)					1,186	(1,142)		(1,142)
AT1 Capital instrument Issuance						400,000				400,000		400,000
Payment of AT1 interest, after income tax									(16,747)	(16,747)		(16,747)
Expenses for AT1 Capital instruments Issuance									(5,550)	(5,550)		(5,550)
Appropriation of reserves								21,890	(21,890)	-
Amounts intended for Share Capital Increase			835							835		835
Transfer								(222)	222	-		-
Expenses for share capital increase, after income tax									(18)	(18)		(18)
Other								21	(1,002)	(981)		(981)
Balance 30.9.2023		681,183	835	(3,624)	4,780,812	400,000		- (229,559)		1,509,112 7,138,759	18,546	7,157,305

^* Certain figures of the previous period have been restated as described in note 34.

¹¹ The amounts are presented in thousands of Euro unless otherwise indicated

Condensed Interim Consolidated Statement of Cash Flows

(Amounts in thousands of Euro)
	From 1 January to
		30.9.2023 30.9.2022 as restated
Cash flows from continuing operating activities
Profit/(loss) before income tax from continuing operations	682,483	501,273
Adjustments of profit/(loss) before income tax for:
Depreciation, impairment, write-offs and net result from disposal of property, plant and equipment	40,832	102,410
Amortization, impairment, write-offs of intangible assets	76,846	64,542
Impairment losses on financial assets, related expenses and other provisions	324,835	558,194
Gains less losses on derecognition of financial assets measured at amortised cost	13,538	1,530
Fair value (gains)/losses on financial assets measured at fair value through profit or loss	(158,146)	(217,574)
(Gains)/losses from investing activities	(120,250)	(326,555)
(Gains)/losses from financing activities	125,575	(67,028)
Share of (profit)/loss of associates and joint ventures	(619)	(5,293)
	985,094	611,499
Net (increase)/decrease in assets relating to continuing operating activities:
Due from banks	102,889	857,211
Trading securities and derivative financial instruments	(84,267)	(2,227)
Loans and advances to customers	(103,736)	(2,343,662)
Other assets	39,290	(361,819)
Net increase/(decrease) in liabilities relating to continuing operating activities:
Due to banks	(6,558,615)	376,669
Due to customers	1,570,002	3,105,321
Liabilities from insurance contracts	123,687	(9,070)
Other liabilities	146,881	115,798
Net cash flows from continuing operating activities before income tax	(3,778,775)	2,349,720
Income tax paid	(10,368)	(56,757)
Net cash flows from continuing operating activities	(3,789,143)	2,292,963
Net cash flows from discontinued operating activities		(791)
Cash flows from continuing investing activities
Proceeds from disposals of subsidiaries	353,690	214,820
Dividends received	2,232	3,237
Investments in associates and joint ventures	427
Acquisitions of investment property, property, plant and equipment and intangible assets	(121,444)	(62,821)
Disposals of investment property, property, plant and equipment and intangible assets	18,586	20,678
Interest received from investment securities	206,649	157,107
Purchases of Greek Government Treasury Bills	(1,531,548)	(902,177)
Proceeds from disposal and redemption of Greek Government Treasury Bills	1,549,089	828,013
Purchases of investment securities (excluding Greek Government Treasury Bills)	(3,796,530)	(3,763,223)
Disposals/maturities of investment securities (excluding Greek Government Treasury Bills)	1,283,401	1,008,560
Net cash flows from continuing investing activities	(2,035,448)	(2,495,806)
Net cash flows from discontinued investing activities		(90,731)
Cash flows from continuing financing activities
Share Capital Increase	1,038	429
Share Capital Increase expenses	(28)	(156)

AT 1 issuance	394,450
Payment for AT1 issuance	(23,750)
Proceeds from issue of debt securities and other borrowed funds	564,218
Repayments of debt securities in issue and other borrowed funds	(533,214)	(2,345)
Interest paid on debt securities in issue and other borrowed funds	(92,958)	(69,265)
(Purchases), (Redemption)/ sales of hybrid securities		(14,299)
Payment of lease liabilities	(22,761)	(26,332)
Dividends paid		(4,583)
Treasury Shares	(1,142)
Net cash flows from continuing financing activities	285,853	(116,551)
Net cash flows from discontinued financing activities		(10,081)
Effect of foreign exchange changes on cash and cash equivalents	(428)	(1,001)
Net increase/(decrease) in cash flows	(5,539,166)	(320,395)
Changes in cash equivalent from discontinued operations		(101,603)
Cash and cash equivalents at the beginning of the period	13,315,691	12,869,100
Cash and cash equivalents at the end of the period	7,776,525	12,548,705

^* Certain figures of the previous period have been restated as described in note 34.

Notes to the Condensed Interim Consolidated Financial Statements

GENERAL INFORMATION

The Alpha Services and Holding Group, (hereinafter the "Group"), which includes companies in Greece and abroad, offers the following services: corporate and retail banking, financial services, investment banking and brokerage services, insurance services, real estate management, hotel services.

On 16 April 2021, the demerger by way of hive-down of the banking business sector of Alpha Bank S.A. (the "Demerged") was completed and its core banking operations were contributed into a new company – credit institution which was registered under G.E.M.I. on the same date under the name "Alpha Bank S.A." (the "Beneficiary"). Specifically, Alpha Bank S.A substituted the Demerged as universal successor, in all of its assets and liabilities within the banking business sector transferred to it, as these are included in the Transformation balance sheet of 30.6.2020 and were formed until 16.4.2021, the completion date of the demerger.

The "Demerged" by assuming the 100% of the issued shares of Alpha Bank S.A., becomes the parent entity of the bank and its subsdiaries (Alpha Bank Group).

On 19.4.2021 the amendment of the Articles of Incorporation of the "Demerged" was approved, by virtue of the decision of the Ministry of Development and Investments number 45898/19.4.2021, and the banking license of the Demerged was revoked, while its corporate name changed to "Alpha Services and Holdings S.A."

As a result of the above it is noted that in the notes to the Financial Statements "Alpha Bank" (the "Demerged") and "Alpha Services and Holdings S.A." will be mentioned as "the Company", while "Alpha Bank S.A." after the demerger will be mentioned as "the Bank".

The Company's business scope is:

a. the direct and indirect participation in domestic and/or foreign companies and undertakings that already exist or will be established, of any form and objective whatsoever,

b. the design, promotion and distribution of insurance products in the name and on behalf of one or more insurance undertakings in the capacity of insurance agent in accordance with the applicable legislation,

c. the provision of supporting accounting and tax services to affiliated companies and third parties as well as the elaboration of studies on strategic and financial management and

d. the issuance of securities for raising regulatory capital, which are expected to have the form of debit/credit titles. 100% of rights of the Financial Stability Fund was retained after the completion of the Demerger.

The corporate name and distinctive title of the Company were established as "Alpha Services and Holdings S.A." and "Alpha Services and Holdings" respectively. The Company has its registered office at 40 Stadiou Street, Athens and is listed in the General Commercial Register with registration number 223701000 (ex societe anonym registration number 6066/06/B/86/05). Its duration has been set until 2100 and can be extended following a decision of the General Assembly.

On 18.1.2022 the Company was granted a license to operate as a Financial Holdings Company by the European Central Bank. The Company is managed by the Board of Directors, which represents the Company and is qualified to resolve on every action concerning its management, the administration of its property and the promotion of its scope of business in general.

The tenure of the Board of Directors which was elected by the Ordinary General Meeting of Shareholders on 22.7.2022 is quadrennial and may be extended until the termination of the deadline for the convocation of the next Ordinary General Meeting and until the respective resolution has been adopted.

The composition of the Board of Directors as at September 30 2023, is as follows:

CHAIR (Non-Executive Member)

Vasileios T. Rapanos

EXECUTIVE MEMBERS

Vassilios E. Psaltis, Chief Executive Officer (CEO) Spyros N. Filaretos, General Manager - Growth and Innovation

NON-EXECUTIVE MEMBER Efthimios O. Vidalis */**

INDEPENDENT NON – EXECUTIVE MEMBERS

Elli M. Andriopoulou */**** Aspasia F. Palimeri **/***

Panagiots I. – K. Papazoglou */*** Dimitris C. Tsitsiragos **/*** Jean L. Cheval */** Carolyn Adele G. Dittmeier */**** Elanor R. Hardwick **/**** Diony C. Lebot **/****

NON-EXECUTIVE MEMBER

(pursuant to the provisions of Law 3864/2010) Johannes Herman Frederik G. Umbgrove */**/***/**** SECRETARY Eirini E. Tzanakaki

The Board of Directors can set up the Executive Committee to which it delegates certain powers and responsibilities. The Executive Committee acts as a collective corporate body of the Company. The powers and authorities of the Committee are determined by way of a Chief Executive Officer Act, delegating powers and authorities to the Committee.

Indicatively, main responsibilities of the Committee include, but are not limited to, the preparation of the strategy, business plan and annual Budget of the Company and the Group for submission to and approval by the Board of Directors, as well as the annual and interim Financial Statements; the preparation of the Internal Capital Adequacy Assessment Process (ICAAP) Report and the Internal Liquidity Adequacy Assessment Process (ILAAP) Report; review and approval of the Company's policies; processes and systems related to Recovery Plan. Furthermore, the Committee is responsible for the implementation of the overall risk strategy, including the Company's risk appetite and its risk management framework-, an adequate and effective internal governance and internal control framework, the selection and suitability assessment process for Key Function Holders, the amounts, types and distribution of both internal capital and regulatory capital, and the targets for the liquidity management of the Company.

The composition of the Executive Committee as of 30.9.2023 is as follows:

CHAIRMAN

Vassilios E. Psaltis, Chief Executive Officer

MEMBERS

Spyros N. Filaretos, General Manager - Growth and Innovation Spyridon Α. Andronikakis, General Manager - Chief Risk Officer Lazaros A. Papagaryfallou, General Manager - Chief Financial Officer

Ioannis Μ. Emiris, General Manager of Wholesale Banking Isidoros S. Passas, General Manager of Retail Banking

Nikolaos R. Chryssanthopoulos, General Manager - Chief of Corporate Center Sergiu-Bogdan A. Oprescu, General Manager of International Network Anastasia C. Sakellariou, General Manager - Chief Transformation Officer Stefanos Ν. Mytilinaios, General Manager - Chief Operating Officer Fragkiski G. Melissa, General Manager - Chief Human Resources Officer Georgios V. Michalopoulos General Manager - Wealth Management and Treasury

* Member of the Audit Committee

^** Member of the Risk Management Committee

^*** Member of the Remuneration Committee

^**** Member of the Corporate Governance, Sustainability and Nominations Committee

There has been no change in the composition of the Executive Committee from 30.9.2023 and until the publication date of the consolidated financial statements.

The share of the company "Alpha Services and Holdings Societe Anonyme" (Ex "Alpha Bank S.A.) is listed in the Athens Stock Exchange since 1925 and is constantly included among the companies with the higher market capitalization. Additionally, the Company's share is included in a series of international indices, such as the MSCI Emerging Markets, MSCI Greece, FTSE All World and FTSE4 Good Emerging Index.

Apart from the Greek listing, the share of the Company is traded over the counter in New York (ADRs).

Total ordinary shares in issue as at 30 September 2023 were 2,348,908,567 ordinary, registered, voting, dematerialized shares with a face value of each equal to € 0.29, of which 211,138,299 shares are held by the Hellenic Financial Stability Funds ("HFSF") (9% of share capital).

During the first nine months of 2023, the average daily volume of shares exchanged per session was € 11,240.

The present consolidated financial statements have been approved by the board of directors on 2nd November 2023.

ACCOUNTING POLICIES APPLIED

1.1 Basis of presentation

The Group has prepared the condensed interim consolidated financial statements for the current period ended on 30.9.2023 in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, as it has been adopted by the European Union. Interim consolidated financial statements should be read in conjunction with the annual financial statements of the Group for the year ended 31.12.2022.

The accounting policies applied by the Group in preparing the condensed interim consolidated financial statements are the same as those stated in the published consolidated financial statements for the year ended on 31.12.2022, taking also into account:

a. IFRS 17 and the amendments to standards which were issued by the International Accounting Standards Board (IASB), adopted by the European Union and applied on 1.1.2023, for which further analysis is provided in note 1.1.2. and b. the change in presentation of the Income Statement in which the following lines were added:

Impairment losses on fixed assets and equity investments: includes the impairment or write-off losses recognized on property, plant and equipment, investment property, intangible assets, right of use assets, fixed assets classified within other assets as inventories, investments in associates and joint ventures and non-financial assets or disposal groups classified as held for sale.
Gains/(losses) from the disposal of fixed assets and equity investments: includes gains and losses from the disposal of property, plant and equipment, investment property, intangible assets, fixed assets classified within other assets as inventories, investments in associates and joint ventures and of non-financial assets or disposal groups classified as held for sale.
Provisions and transformation costs: includes the change in provisions for the period that are not related to credit risk coverage as well as the costs related to the Group's transformation projects.

The above change constitutes, under IAS 8, an accounting policy change and leads to the restatement of the comparative period. In note 34, the restatement in question is presented, while the previous way of presenting the above results is also visible.

It is noted that within the third quarter the Group applied interest rate risk hedge accounting on a deposit portfolio using the hedge accounting provisions adopted by the European Union (EU Carve-out) (note 19).

The financial statements have been prepared on the historical cost basis. However, some assets and liabilities are measured at fair value. Those assets are the following:

Securities held for trading
Derivative financial instruments
Loans and advances to customers measured at fair value through profit or loss
Investment securities measured at fair value through other comprehensive income
Investment securities measured at fair value through profit or loss
The contingent consideration recognized either as a result of a business combination in which the Group is the acquirer or in the context of asset disposal transactions in which the Group is the seller.

The consolidated interim financial statements are presented in Euro, rounded to the nearest thousand, unless otherwise stated.

1.1.1 Going concern

The interim consolidated financial statements as at 30.9.2023 have been prepared based on the going concern basis. For the assessment of going concern assumption, the Board of Directors considered current economic developments and made estimates for the shaping, in the near future, of the economic environment in which it operates. In this context, the Board of Directors assessed the following areas which are considered important:

Developments in the macroeconomic environment

The growth momentum during the first half of 2023 reflects the resilience of the Greek economy in the face of adverse external developments, following the war in Ukraine, the energy crisis and inflationary pressures. According to the latest data from ELSTAT (September 2023) the real GDP in the first half of 2023 increased by 2.4% on an annual basis, at a rate three times that of the Eurozone (0.8%) and one of the highest among the countries of the European Union (EU-27). Economic growth

came primarily from private consumption, which rose 2.8% in the first half of the year, contributing 2 percentage points to the annual GDP growth rate.

Investments registered an annual increase of 8.1% in the first half of 2023, maintaining their momentum and contributing to the change in GDP by 1.1 percentage points (pp). Regarding the analysis of investments by category, investments in housing and transport equipment increased at a strong rate, by 47.5% and 28.9% respectively, while investments in other non-residential constructions by 12.7% and other investments by 5.5%. Also, the contribution of net exports was marginally positive (0.1 p.p.), with the annual increase in exports (3.5%) exceeding the increase in imports (2.8%). Specifically, exports of goods increased more strongly (4.4%) than the corresponding imports (0.8%), while exports of services increased milder (3.7%) than imports (8.8%). Also, public consumption had a marginally positive contribution of 0.1 percentage points, which increased by 0.4% on an annual basis in the first half of the year, while on the contrary, inventories had a negative contribution (-0.9 p.p. incl. statistical differences).

The Harmonized Index of Consumer Prices (HICP) increased by an average of 9.3% in 2022, primarily due to rising global energy prices - given that Greece is a net energy importer - supply chain disruptions and shortages in raw materials. In the first nine months of 2023, the growth rate of the index has slowed down, gradually to 2.4% in September from 7.3% in January, while it is expected to formed, on average, to 4.2% according to the European Commission (European Economic Forecast , Spring, May 2023), to 4% according to the Ministry of Finance (Draft State Budget 2024, October 2023) and to 4.3% based on the most recent estimates of the Bank of Greece (Monetary Policy, June 2023) in the whole year. However, it is worth noting that the main categories of goods, the prices of which continue to rise and keep inflation in positive territory, are those of food and services.

GDP growth is also expected to slow in 2023 compared to 2022 due to the adverse effects of inflationary pressures on the purchasing power of European citizens and thus on private consumption and exports of services. The implementation of investments under the Recovery and Resilience Fund (Euro 7 billion) and the Public Investment Program (Euro 8.3 billion) and the strong rise in Foreign Direct Investment (FDI), however, are estimated to maintain the rate of change of GDP in positive territory, in 2023. The International Monetary Fund (World Economic Outlook, October 2023), the European Commission (European Economic Forecast, Spring, May 2023) and the Organization for Economic Co-operation and Development (OECD Economic Outlook, June 2023) predict GDP growth of 2.5%, 2.4% and 2.2% for 2023, while the Ministry of Finance (Draft State Budget 2024, October 2023) of 2.3% respectively. As for 2024, the same organizations predict positive economic growth rates between 1.9% and 3%, with the Ministry of Finance predicting a GDP increase of 3%.

The main uncertainty factors are the following:

-Geopolitical developments and inflationary pressures: The continuation and outcome of the war in Ukraine can undoubtedly affect the European economies, since the conflict in the territories of the European continent, as well as the energy dependence on Russia led to a sharp increase in energy prices in last year. It is noted, however, that concerns about Europe's energy sufficiency have eased. Both the high filling rate of natural gas storage tanks in Europe and the initiatives taken at European level to reduce natural gas consumption have contributed to this. The recent outbreak of war in the Middle East further increases uncertainty, while a possible escalation of the conflict involving countries with a significant role in the oil market (e.g. Iran) could trigger a new energy crisis and consequently inflationary pressures, burdening both the Greek and the European economy. -The slowdown or even the recession of the European economy could adversely affect domestic economic activity, given that 54% of Greek exports are directed to the European Union, while 60%-70% of tourist arrivals come from it. It is noted that according to the recent forecasts of the European Commission (European Economic Forecast, Summer, September 2023) the GDP in the European Union (EU-27) is expected to increase by 0.8% in 2023 and by 1.4% in 2024, versus previous forecasts for an increase of 1% and 1.7%, respectively.

-Furthermore, risks for the Greek economy arise due to the extreme weather phenomena that affected various regions of the country this summer, and especially the catastrophic floods in the region of Thessaly. In the short term, upward pressure is likely to be exerted on food prices, while, in the medium term, there may be a worsening of the trade balance due to both a reduction in exports of goods and the replenishment, through imports of goods, of lost agricultural and livestock production that was destined for domestic consumption. In addition, the reduction of capital used in the production process (buildings, machinery, land) is, in the long run, the most important challenge, as it adversely affects the productive capacity of the economy and,

consequently, the potential output. The negative effects are expected to be mitigated, to some extent, by measures taken at domestic and European level. Specifically, a supplementary budget of Euro 600 million was submitted to cover the first compensations. In addition, according to statements by the president of the European Commission, Greece can mobilize up to Euro 2.25 billion of unused European funds to carry out infrastructure projects, while a request to draw up to Euro 400 million in 2024 from the Solidarity Fund will be evaluated.

-The sharp increase in interest rates in the last year and consequently the cost of borrowing for households and businesses, which could delay the implementation of investment plans. Additionally, the increased cost of borrowing, combined with the effects of the energy crisis, following the phasing out of fiscal support measures for businesses and households, could create a new generation of Non-Performing Loans (NPLs), as the Report states Monetary Policy of the Bank of Greece (June 2023). -In addition, there are risks arising from the speed of absorption of the funds of the Recovery and Resilience fund and the implementation of the program, as well as possible delays in the implementation of reforms.

In conclusion, despite the volatile economic environment, as defined among others by geopolitical uncertainty, the maintenance of inflationary pressures and the sharp increase in interest rates by the main central banks, the Greek economy is expected to remain resilient, achieving in the two years 2023-24 higher GDP growth rates above European averages, supported by private consumption and rising investments.

Liquidity

Regarding the liquidity levels of the Group, it is noted that the unrestricted ability of the Bank to draw liquidity from the Eurosystem Mechanisms and from money markets (with or without collateral) is continued. The Board of Directors of the European Central Bank decided on a series of increases in its intervention interest rates, from the second half of 2022 onwards, in order to ensure a timely return of inflation to the medium-term target of 2%. As a result on 30.9.2023 the interbank interest rate of commercial bank deposits in the Central Bank of the Eurozone (deposit facility rate) has been formed at 4%. Additionally in October 2022 it decided to modify the terms of TLTRO III, with the aim of being compatible with the wider monetary policy normalization process. The Bank made use of the TLTRO III program of the European Central Bank and ensured long-term liquidity. In February and March 2023, in the context of optimizing the Group's liquidity management and having sufficient reserves, the Bank decided to prepay the amount of Euro 4 billion of the TLTRO-III program of the European Central Bank, following the relevant modification of its terms. In June 2023, an additional amount of Euro 4 billion was repaid at maturity of the program in question. Therefore, the total funding from the European Central Bank on 30.9.2023 amounts to € 5 billion (note 18). On 8.9.2023, the credit rating agency DBRS upgraded the credit rating of Greece to the BBBL level, which makes the Greek government bonds automatically acceptable, without the need for a waiver, as collateral for liquidity-absorbing operations by the European Central Bank. The Bank, continuing to implement the strategy of achieving the MREL targets in a sustainable manner, while improving its financial profile and diversifying its funding sources, issued in June 2023 a six-year senior preferred bond of Euro 500 million. Liquidity of Euro 400 million was also drawn from the issue of Additional Tier 1 bond in February 2023, as mentioned below in the capital adequacy section. In addition, within 2023 the total deposits increased by Euro 1.6 billion. As a result of the above, the liquidity ratios (liquidity coverage ratio and net stable funding ratio) exceed the supervisory limits that have been set. Moreover, considering the conditions that form the current economic environment, stress test exercises are carried out regularly (at least monthly) for liquidity purposes, in order to assess possible outflows (contractual or potential). The Group completes successfully the liquidity short term stress scenarios (idiosyncratic, systemic and combined), retaining a high liquidity buffer. As a result, based on the Group's plan as well as on internal stress tests the Group's liquidity is sufficient.

Capital Adequacy

On 30.9.2023, the Common Equity Tier I of the Group stands at 13.8%, while the Total Capital Adequacy Ratio at 18.1% (as further described in note 29), significantly increased and well above capital requirements, mainly due to the strong profitability of the nine-month period and the successful completion into the first nine months of 2023 of the scheduled transactions according to the Business Plan. Alpha Services and Holdings, in order to strengthen its capital, issued, on 8.2.2023, a perpetual Additional Tier I bond amounting to € 400 million. Taking into consideration the results of internal capital adequacy assessment process (ICAAP), the fact that Alpha Services and Holdings successfully concluded the EU-wide 2023 Stress Test as well as the actions that aim in the creation of internal capital through profitability, it is estimated that for the next 12 months the Total Capital Adequacy Ratio and the MREL ratio will remain higher than the required minimum levels.

Updated Strategic Plan up to 2025

According to the updated Strategic Plan for the period 2023-2025, the Group's Strategy is based on the following 6 pillars that will lead to an increase in the profitability of the Group as a whole:

Enhancing digital services and focusing on high value activities in retail banking
Reshaping the service model to increase market share in the Wealth Management sector
Maintaining of the leadership position in Wholesale Banking
Improving the profitability performance of the Group's international activities
Maintaining balance sheet resilience
Full adoption and utilization of ESG criteria as a catalyst for value creation

In the years 2023-2025, the Bank will focus on the following three financial priorities:

a) Increase in profitability
Significant improvement in profitability in all Business Units, and reallocation of funds due to further reduction of Non-Performing Exposures
Revenue boost supported by a strong performance in Net Interest Income
Disciplined cost management, thereby limiting the impact of inflationary pressures and reducing operating expenses through specific actions
Improvement of the Group's Cost-to-Income Ratio, as a result of increasing revenues and reducing costs.
b) Balance sheet resilience
Diversified and resilient balance sheet, with liquid assets
Reduction (above €1 billion) of non-performing exposures, mainly through organic deleveraging, further reduction of the NPE ratio and improvement of the NPE coverage ratio as well as further de-escalation of the Credit Risk Cost
Broad, well-diversified and resilient deposit base
c) Creation and distribution of capital
Capital creation due to significant returns within 3 years
Achieve a higher Common Equity Tier 1 Capital Ratio with full implementation of Basel III (FL CET1)
Resumption of dividend payment from 2023 earnings, subject to regulatory approval

Based on the above and taking into account:

the Group's capital adequacy ratio that is significantly higher than the required minimum levels, the MREL ratio that is higher than the intermediate target of 2024 by around 2 percentage points, as well as the specific actions the Bank has planned to further strengthen the ratios,
the satisfactory liquidity of the Group,
the actions included in the update strategic plan up to 2025,
the fact that any impact on the Group's financial result from inflation and increase in base rates is expected to be positive as it is estimated that the higher performance of operating income, as a result of the balance sheet structure, will exceed the expected increases in operating expenses,
the expected positive growth rate of the Greek Economy despite the adverse effects caused by inflationary pressures mainly in terms of energy prices and additionally the implementation of the National Recovery and Resilience Plan, within the framework of the EU's "Next Generation EU" program, through which Greece is expected to receive a total of €30.5 billion by 2026,
that despite the fact that the duration of the war between Russia and Ukraine and recent developments in Middle East may adversely affect the macroeconomic environment, the Group has significant buffers of capital adequacy and liquidity,
that the Group confirms its stability and resistance to external negative market factors based on:
- the Bank's broad and well-diversified deposit base with private deposits accounting for 70% of its total deposits
the absence of concentrations in deposits as well as the existence of low average balances,
the supervisory liquidity ratios that stand on a consistent basis above the supervisory requirements. In particular, the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) significantly increased and reached 191% and 126.7% respectively, mainly due to the increase of deposits, the repayment of TLTRO and the senior preferred issuance,
the maintenance of an investment portfolio, 86% of which consists of high-quality liquid assets and which, after the relevant interest rate risk hedges, presents a low repricing cycle,
the balanced interest rate risk profile on its banking book, responding successfully to interest rate shock scenarios (i.e. Economic Value of Equity/TIER I capital), with a balance sheet composition of predominantly floating rate loans,
as mentioned above, its strong capital adequacy and satisfactory liquidity,

the Board of Directors estimates that, at least for the next 12 months from the date of approval of the financial statements, the conditions for the application of the going concern principle for the preparation of its consolidated financial statements are met.

1.1.2 Adoption of new standards and of amendments to standards

The following are the new standards and the amendments to standards applied from 1.1.2023:

‣ International Financial Reporting Standard 17 "Insurance Contracts" and Amendment to International Financial Reporting Standard 17 "Insurance Contracts" (Regulation 2021/2036/19.11.2021).

On 18.5.2017 the International Accounting Standards Board issued IFRS 17 which replaces IFRS 4 "Insurance Contracts". In contrast to IFRS 4, the new standard introduces a consistent methodology for the measurement of insurance contracts. The key principles in IFRS 17 are the following:

An entity:

identifies as insurance contracts those contracts under which the entity accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder;
separates specified embedded derivatives, distinct investment components and distinct performance obligations from the insurance contracts;
divides the contracts into groups that it will recognise and measure;
recognises and measures groups of insurance contracts at:
- i. a risk-adjusted present value of the future cash flows (the fulfilment cash flows) that incorporates all of the available information about the fulfilment cash flows in a way that is consistent with observable market information; and
- ii. an amount representing the unearned profit in the group of contracts (the contractual service margin);
recognises the profit from a group of insurance contracts over the period the entity provides insurance cover, and as the entity is released from risk. If a group of contracts is or becomes loss-making, an entity recognises the loss immediately;
presents separately insurance revenue, insurance service expenses and insurance finance income or expenses; and
discloses information to enable users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the financial position, financial performance and cash flows of an entity.

On 25.6.2020 the International Accounting Standards Board issued an amendment to IFRS 17 which aimed to ease implementation of the standard and make it easier for entities to explain their financial performance. Additionally, with the amendment the effective date of the standard was postponed to 1.1.2023.

Finally, it is noted that under the Regulation of the European Union that adopted above standard, an entity may choose not to apply paragraph 22 of the standard, in accordance with which an entity shall not include contracts issued more than one year apart in the same group, to:

(a) groups of insurance contracts with direct participation features and groups of investment contracts with discretionary participation features and with cash flows that affect or are affected by cash flows to policyholders of other contracts; (b) groups of insurance contracts that are managed across generations of contracts and that meet the conditions laid down in Article 77b of Directive 2009/138/EC and have been approved by supervisory authorities for the application of the matching adjustment.

For the application of the new standard, a project was implemented in the subsidiary entity Alpha Life. As part of this project, management has assessed which contracts are in scope of IFRS 17. It was assessed whether the contracts expose the insurance company to significant insurance risk, thus included in scope of IFRS 17 as insurance contracts, whereas contracts not bearing significant insurance risk were reclassified retrospectively to investment contracts measured in accordance with IFRS9. Key decisions taken with regards to classification and measurement of insurance contracts are the following:

• Separating components from an insurance contract

The Group identified that insurance contracts within the standard (unit-linked) include an investment component, the amount of surrender value, that was not separated from the host insurance contract and was not recognized as distinct investment component.

• Level of aggregation

The Group has finalized the assessment of the level of aggregation of insurance contracts within IFRS 17 scope and the process of defining the level of aggregation, as well as the method for establishing the level of profitability of each contract. The same group includes contracts that are issued within a calendar year (annual cohort). The annual cohort of insurance contracts was determined based on the calendar year i.e. 1.1-31.12.

• Measurement

For the measurement of insurance contracts, the variable fee approach was used. More specifically, on initial recognition, the value of a group of insurance contracts issued corresponds to the sum of the following items:

a) fulfillment cash flows that include:

i) future cash flows estimated as at the effective date of the contract that are within the boundary of the insurance contract, ii) an adjustment to reflect the time value of money and the financial risks related to the future cash flows, to the extent that

the financial risks are not included in the estimates of the future cash flows, and

iii) a risk adjustment for non-financial risk.

b) the contractual service margin (unearned profit that will be recognized as insurance contract services are provided in the future).

• Contract boundary

Since insurance contracts do not offer additional coverage, the contract boundary was determined to be their contractual term.

• Fulfillment cash flows

The cash inflows and outflows taken into consideration in measurement are those that are directly related to the fulfillment of the contract, i.e., premiums, payments to a policyholder, insurance acquisition cash flows, administration costs etc. Since the measurement is performed at the group of contracts level, costs that fall within the scope of IFRS 17, the allocation method of costs based on their nature, and the parameters and assumptions incorporated into the actuarial models were determined.

• Discount rate

The discount rate applied to the estimates of the future cash flows is the risk-free yield curve as determined by ΕΙΟPA.

• Risk adjustment for non-financial risk

Risks covered are insurance risk and other non-financial risks such as risk of early termination due to non-payment and expenses risk. The cost of capital method was used to derive the risk adjustment for non-financial risk. In addition, the Group has elected not to disaggregate the change in the risk adjustment for non-financial risk, i.e., include the entire change as part of the insurance service result.

• Contractual service margin

The contractual service margin is determined on initial recognition of a group of insurance contracts at an amount that, at that date, is equal with an opposite sign to the estimated future cash flows. Subsequently, the amount of contractual service margin is adjusted for changes in the Group's share of the fair value of assets, the effect of any new contracts, changes in the fulfilment cash flows and in the amount recognized as insurance revenue for services provided during the period. The carrying amount of a group of insurance contracts at the end of each reporting period shall be the sum of:

1. The liability for remaining coverage (fulfillment cash flows related to future service allocated and the contractual service margin) and
1. The liability for incurred claims (fulfillment cash flows related to past service).

In this context the coverage units were determined in order for the carrying amount of the Contractual Service Margin at the end of the reporting period to be equally allocated to each coverage unit provided in the period and expected to be provided in the future. The methodology for the determination of coverage units has been determined by considering for each contract the

quantity of the benefits provided and the expected coverage duration, and in particular by taking into consideration the fund value.

The impact from the application of IFRS 17 on the financial statements of the Group is presented in note 34.

‣ Amendment to International Financial reporting Standard 17: "Insurance Contracts": Initial Application of IFRS 17 and IFRS 9 – Comparative information (Regulation 2022/1491/8.9.2022).

On 9.12.2021 the International Accounting Standards Board issued an amendment to IFRS 17 according to which entities are permitted on initial application of IFRS 17 to classify financial assets in the comparative period in a way that aligns with how the entity would classify them on IFRS 9 transition. The amendment specifies how this option is applied depending on whether the entity applies IFRS 9 for the first time at the same time as IFRS 17 or whether it has already applied it in a previous period. The adoption of the above amendment had no impact on the financial statements of the Group.

‣ Amendment to the International Accounting Standard 1 "Presentation of Financial Statements": Disclosure of accounting policies (Regulation 2022/357/2.3.2022).

On 12.2.2021 the International Accounting Standards Board issued an amendment to IAS 1 with which it clarified that:

An entity shall disclose material accounting policy information. Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of financial statements make.
Accounting policy information that relates to immaterial transactions is immaterial and need not be disclosed. Accounting policy information may nevertheless be material because of the nature of the related transactions even if the amounts are immaterial. However, not all accounting policy information relating to material transactions and other events is itself material.
Accounting policy information is material if users of an entity's financial statements would need it to understand other material information in the financial statements.
Accounting policy information that focuses on how an entity has applied an accounting policy is more useful to users of financial statements than standardized information or information that only summarizes the requirements of IFRSs.
If an entity discloses immaterial accounting policy information, such information shall not obscure material accounting policy information.

The adoption of the above amendment had no impact on the financial statements of the Group.

‣ Amendment to the International Accounting Standard 8 "Accounting Policies, Changes in Accounting Estimates and Errors": Definition of accounting estimates (Regulation 2022/357/2.3.2022).

On 12.2.2021 the International Accounting Standards Board issued an amendment to IAS 8 with which:

Defined accounting estimates as monetary amounts in financial statements that are subject to measurement uncertainty.
Clarified that an accounting policy may require items in financial statements to be measured in a way that involves measurement uncertainty. In such a case, an entity develops an accounting estimate. Developing accounting estimates involves the use of judgements and assumptions.
An entity uses measurement techniques and inputs to develop an accounting estimate.
An entity may need to change an accounting estimate. By its nature, a change in an accounting estimate does not relate to prior periods and is not the correction of an error. A change in an input or a change in a measurement technique are changes in accounting estimates unless they result from the correction of prior period errors.

The adoption of the above amendment had no impact on the financial statements of the Group.

‣ Amendment to International Accounting Standard 12 "Income Taxes": Deferred tax related to assets and liabilities arising from a single transaction (Regulation 2022/1392/11.8.2022)

On 7.5.2021 the International Accounting Standards Board issued an amendment to IAS 12 with which it narrowed the scope of the recognition exception according to which, in specific circumstances, entities are exempt from recognising deferred tax when they recognise assets or liabilities for the first time. The amendment clarifies that the exception no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences.

The adoption of the above amendment had no impact on the financial statements of the Group.

In addition, the International Accounting Standards Board has issued the following standards and amendments to standards which have not yet been adopted by the European Union and which have not been applied by the Group.

‣ Amendment to International Financial Reporting Standard 10 "Consolidated Financial Statements" and to International Accounting Standard 28 "Investments in Associates and Joint Ventures": Sale or contribution of assets between an investor

and its associate or joint venture.

Effective date: To be determined.

‣ International Financial Reporting Standard 14 "Regulatory deferral accounts"

Effective for annual periods beginning on or after 1.1.2016

The above standard does not apply to the financial statements of the Group.

‣ Amendment to International Financial Reporting Standard 16 "Leases": Lease liability in a sale and leaseback

Effective for annual periods beginning on or after 1.1.2024

The Group is examining the impact from the adoption of the above amendment on its financial statements.

‣ Amendment to the International Accounting Standard 1 "Presentation of Financial Statements": Classification of liabilities as current or non-current

Effective for annual periods beginning on or after 1.1.2024

The above amendment will have no impact on the financial statements of the Group since in Group's balance sheet liabilities are not classified as current and non-current.

‣ Amendment to the International Accounting Standard 1 "Presentation of Financial Statements": Non-current liabilities with covenants

Effective for annual periods beginning on or after 1.1.2024

The above amendment will have no impact on the financial statements of the Group since in Group's balance sheet liabilities are not classified as current and non-current.

‣ Amendment to the International Accounting Standard 7 "Statement of Cash Flows" and Amendment to the International Financial Reporting Standards 7 "Financial Instruments: Disclosures": Supplier Finance Arrangements

Effective for annual periods beginning on or after 1.1.2024

On 25.5.2023, the International Accounting Standards Board amended IAS 7 and IFRS 7 for the purpose of providing disclosures regarding supplier finance arrangements. These are agreements that companies enter into with third party finance providers, who undertake to repay amounts the entities owe their suppliers. Then the entity will have to repay the third-party finance provider based on the terms of the agreement between them. The amendment of the IAS 7 required the provision of information regarding the terms of the agreements in question, the carrying amount of the relevant liability on the balance sheet, the non-cash changes in the liability balances, the amounts with which third party finance providers have already repaid the suppliers and the range of payment due dates Also, IFRS 7 was amended to include access to such agreements with third finance providers in the liquidity risk disclosures.

The Group is examining the impact from the adoption of the above amendments on its financial statements.

‣ Amendment to the International Accounting Standard 12 "Income Taxes": International Tax Reform – Pillar Two Model Rules

Effective immediately and for annual periods beginning on or after 1.1.2023

On 23.5.2023, the International Accounting Standards Board issued an amendment to the IAS. 12 in order to provide guidance regarding the treatment of the provisions imposed through the Pillar Two Model Rules of the International Tax Reform. In particular, according to the amendment, an entity:

Shall neither recognize nor disclose information regarding deferred tax assets and liabilities arising from Pillar Two income tax.

-It shall disclose that it has applied above exception.

-It shall disclose separately its current tax expense (income) related to Pillar Two income taxes.

-In periods in which Pillar Two legislation has been enacted (or substantially enacted) but not yet in effect, it shall disclose known or reasonably estimable information that help users of financial statements understand its exposure to Pillar Two income taxes.

The Group is examining the impact from the adoption of the above amendment on its financial statements.

‣ Amendment to the International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates": Lack of exchangeability

Effective for annual periods beginning on or after 1.1.2025

On 15.8.2023, the International Accounting Standards Board issued an amendment to IAS 21 regarding currencies that lack exchangeability. The amendment clarifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. With the amendment disclosures are also added that enable users of financial statements to understand the impact of a currency that is not exchangeable.

The Group is examining the impact from the adoption of the above amendment on its financial statements.

Further analysis regarding the above standards that were issued before the publication date of the annual financial statements of 31.12.2022 is provided in note 1.1.2 of the annual financial statements as at 31.12.2022.

1.2 Significant accounting judgments and key sources of estimation uncertainty

Significant accounting judgments

The Group, in the context of applying accounting policies, makes judgments and assessments which have a significant impact on the amounts recognized in the financial statements. Those judgements relate to the following:

Business Model Assessment

The Group, on the initial recognition of a debt financial asset, exercises judgment in order to determine the business model in which it would be classified, taking into account the way of evaluating its performance, the risks associated with it as well as the expected frequency and value of sales. Also, on a quarterly basis, it exercises judgment in order to reassess the business models, taking into account the sales that have been made as well as any changes in the management operating model of the assets. Based on this assessment, it decides whether it should define new business models or in rare circumstances proceed with the reclassification of financial assets to another business model.

Assessment of whether contractual cash flows of a debt financial instrument represent solely payments of principal and interest on the principal amount outstanding (SPPI)

The Group, at initial recognition of a debt financial asset, assesses whether cash flows are solely payments of principal and interest on the principal amount outstanding. The assessment requires judgement mainly on:

Whether contractual terms that affect the performance of the instrument relate solely to credit risk, other basic lending risks and profit margin.
For loans in special purpose entities, whether there is a non-recourse feature. The assessment is based on specific index thresholds as well as on the evaluation of the adequacy of equity and of the collaterals that are not related to the asset being financed.
Whether in case of prepayment or extension the compensation received is considered fair.
Whether in loans with ESG (Environmental, Social, Governance) criteria, the change in credit spread based on the satisfaction of those ESG criteria is borrower specific and whether it relates to the change in credit risk and/or change in profit margin.

The application of different judgments could affect the amount of financial assets measured at fair value through profit or loss.

Significant judgements relating to the selection of methodologies and models for expected credit losses calculation

The Group, in the context of the application of its accounting policies for the measurement of the expected credit losses makes judgments in order to identify:

the criteria that indicate a significant increase in credit risk,
the selection of appropriate methodologies for expected credit loss estimation (expected credit loss calculation on an individual or on a collective basis),
the selection and development of appropriate models used to calculate the exposure at default (EAD) by financial instrument category, the probability of default (PD), the estimated expected credit loss at the time of default (LGD) as well as the selection of appropriate parameters and economic forecasts used in them,
the selection of appropriate macroeconomic parameters affecting the expected credit risk loss,

the selection of the parameters used in the models to determine the expected life and the date of initial recognition of revolving exposures,
the grouping of financial assets based on similar credit risk characteristics,
the methodology for the integration in the calculation of the expected credit losses of the management actions and the alternative ways of recovering the value of the loans.

Applying different judgments could significantly affect the financial instruments classified in stage 2 and/ or significantly differentiate expected credit loss calculations.

Income Tax (notes 12, 23)

The recognition of assets and liabilities for current and deferred tax is affected, inter alia, by the interpretation of the applicable tax legislation, the practical implementation of the relevant legislation and the settlement of disputes that might exist with tax authorities. When assessing the tax treatment of all significant transactions, the Group takes into account and evaluates all available data (Circulars of the Ministry of Finance, case law, administrative practices, etc.) and / or opinions received from internal and external legal advisers. Future tax audits and changes in tax legislation may result in the adjustment of the amount of assets and liabilities for current and deferred tax and in tax payments other than those recognized in the financial statements of the Group.

Classification of non-current assets held for sale (note 31)

The Group classifies non-current assets or disposal groups that are expected to be recovered principally through a sale transaction, along with the related liabilities, as held-for-sale when the asset is available for immediate sale in its present condition and its sale is highly probable to be completed within one year. The assessment of whether the above criteria are met requires judgment mainly as to whether the sale is likely to be completed within one year from the classification of the non-current assets or disposal group as held for sale. In the context of this assessment in which any previous experience from corresponding transactions is also considered, the Group takes into account elements such as any requirement for approvals (both regulatory and those given by the General Meeting and the Committees of the Group), the existence of offers (binding or not) and the status of the signed agreements with investors as well as of any conditions included in them. In addition, current economic conditions are taken into account which may affect the time of completion of sales transactions. In the event that the sale is not completed within one year from the classification of the non-current assets or disposal group as held for sale, judgment is exercised in order to assess whether the cause of the delay is outside the Group's control as well as whether the Group continues to be committed to the program for their disposal and the sale is considered likely to occur.

Assessment of control of over special purpose entities

The Group in the context of its actions for liquidity and its strategies for management of loans proceeds with the securitization of assets through the establishment of special purpose entities whose activities are guided by contractual agreements. The Group makes judgments in order to assess whether it controls those companies taking into account the possibility to make decisions on their relative activities as well as the degree of its exposure to the variability of their returns.

Key sources of estimation uncertainty

Key sources of estimation uncertainty used by the Group in the context of applying its accounting principles and relating to the carrying amount of assets and liabilities at the end of the reporting period are presented below. Final amounts in the next periods may be significantly different from those recognised in these financial statements.

Fair value of assets and liabilities (notes 27, 31)

For assets and liabilities traded in active markets, the determination of their fair value is based on quoted, market prices. In all other cases the determination of fair value is based on valuation techniques that use observable market data to the greatest extent possible. In cases where there is no observable market data, the fair value is determined using data that are based on internal estimates and assumptions i.e. determination of expected cash flows, discount rates, prepayment probabilities or counterparty default. Fair value measurement of receivables arising from sale transactions is based on significant unobservable

inputs such as the expected cash flows from the management of the underlying receivables portfolio and the business plan of the companies sold.

Estimates included in the calculation of expected credit losses of financial assets (notes 8, 28)

The measurement of expected credit losses requires the use of complex models and significant estimates of future economic conditions and credit behavior, taking into account the events that have occurred until reporting date. The significant estimates relate to:

the determination of the alternative macroeconomic scenarios and the cumulative probabilities associated with these scenarios,
the probability of default during a specific time period based on historical data, assumptions and estimates for the future,
the determination of the expected cash flows and the flows from the liquidation of collaterals for financial instruments,
the determination of the adjustments to the expected credit loss balance to incorporate recent developments and data that cannot be estimated through the models for the calculation of the parameters of expected credit loss and
the integration of loan portfolio sales scenarios taking into account on the one hand any factors that may hinder the realization of the sale and on the other hand the level of satisfaction of the conditions for the completion of the sale.

Impairment losses on investments in associates and joint ventures and on non - financial assets (note 9)

The Group, at each reporting date, assesses for impairment right-of-use assets, goodwill and other intangible assets, as well as its investments in associates and joint ventures and at least on an annual basis property, plant and equipment and investment property. Management estimates the recoverable amount of the assets, i.e. the higher between the fair value less costs to sell and value in use by performing an impairment exercise, which includes inputs and assumptions that are inherently uncertain. In cases where the sale of such items is imminent, the fair value derives from the estimated price of the transaction considering any other element that could impact the recoverable amount upon the completion of the transaction

Employee defined benefit obligations

Defined benefit obligations are estimated based on actuarial valuations, which are mainly conducted on an annual basis, that incorporate assumptions regarding discount rates, future changes in salaries and pensions, as well as the return on any plan assets. Any change in these assumptions will affect the amount of obligations recognized.

Provisions (note 11)

The amounts recognized by the Group in its financial statements as provisions are derived from the best estimate of the possible outflow required to settle the present obligation. This estimate is determined by Management after taking into account factors such as experience from relevant transactions, the degree of complexity of each case, the actions taken to settle it as well as expert reports when considered necessary. In case the amount recognized as a provision is affected by a variety of factors, its calculation is based on the weighting of all possible results. At each reporting date, provisions are revised to reflect current best estimates of the obligation.

Recoverability of deferred tax assets

The Group recognizes deferred tax assets to the extent that it is probable that it will have sufficient future taxable profit available, against which, deductible temporary differences and tax losses carried forward can be utilized.

The information stated in note 1.3 of annual financial statements of 31.12.2022 regarding the main categories of deferred tax assets recognized in the financial statements also applies as at 30.09.2023. Regarding the methodology applied for the recoverability assessment, what is stated in the aforementioned note of the annual financial statements is also applicable, taking also into consideration the elements that formed the result of the current period. In addition, it is noted that in the case of imminent transactions with third parties with a significant degree of complexity, the data included in the deferred tax assets recoverability exercise represent the best possible estimates of the Group, taking also into account the degree of implementation of each transaction. As the terms of the upcoming transactions become more specific, data are adjusted accordingly.

The estimates and judgments applied by the Group in making decisions and in preparing the financial statements are based on historical information and assumptions which at present are considered appropriate. The estimates and judgments are reviewed at each reporting period in order to take into account current conditions, and the effect of any changes is recognized in the period in which the estimates are revised.

INCOME STATEMENT

2. Net interest income

		From 1 January to	From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Interest and similar income
Due from banks	222,356	11,096	74,753	7,654
Loans and advances to customers measured at amortized cost	1,556,578	934,778	552,923	345,695
Loans and advances to customers measured at fair value through profit or loss	13,995	8,240	3,964	4,713
Trading securities	166	68	104	39
Investment securities measured at fair value through other comprehensive income	37,580	18,476	14,394	7,571
Investment securities measured at fair value through profit or loss	427	1,349	160	300
Investment securities measured at amortized cost	191,075	75,429	77,885	31,282
Derivative financial instruments	719,244	152,973	309,451	58,120
Finance lease receivables	10,702	8,893	3,671	2,626
Negative interest from interest bearing liabilities	23,933	132,310	8,435	16,703
Other	5,852	4,727	2,829	2,899
Total	2,781,908	1,348,339	1,048,569	477,602
Interest expense and similar charges
Due to banks	(238,174)	(8,319)	(70,188)	(2,600)
Due to customers	(248,190)	(51,561)	(106,643)	(23,896)
Debt securities in issue and other borrowed funds	(112,383)	(65,388)	(43,547)	(20,540)
Lease liabilities	(2,004)	(1,594)	(928)	(497)
Derivative financial instruments	(773,806)	(173,162)	(327,143)	(69,152)
Negative interest from interest bearing assets	(25,459)	(82,982)	(10,086)	(8,762)
Other	(41,272)	(46,112)	(13,147)	(14,538)
Total	(1,441,288)	(429,118)	(571,682)	(139,985)
Net interest income	1,340,620	919,221	476,887	337,617

Net interest income of the period increased compared to the corresponding period of 2022 mainly due to interest rates increase that has affected mainly the asset side of our balance sheet and specifically the loan and bond portfolios as well as the interest due from banks. Also, the repayments of the funding through TLTRO III program made in the first half of 2023 had a positive impact on the net interest income. The abovementioned increase was partially offset with the increased cost of funding due to changes in ECB rates, new bond issuances that took place in the fourth quarter of 2022 and second quarter of 2023, as well as the gradual increase in term deposit interest rates.

^* Certain figures of the previous period have been restated as described in note 34.

3. Net fee and commission income and other income

Net fee and commission income and other income

	From 1 January to		From 1 July to
	30.9.2023	30.9.2022 as restated	30.9.2023	30.9.2022 as restated
Loans	48,779	55,585	18,577	14,130
Letters of guarantee	39,516	34,101	13,148	12,248
Imports-exports	4,687	4,728	1,588	1,527
Credit cards	42,239	58,031	17,245	16,081
Fund transfers	49,917	40,195	18,129	14,405
Mutual funds	44,757	41,019	16,422	12,087
Advisory fees and securities transaction fees	615	2,096	242	1,438
Brokerage services	6,866	6,395	2,221	1,843
Foreign exchange fees	19,269	17,677	6,893	6,565
Insurance brokerage	16,108	17,022	5,822	4,889
Other	20,762	19,507	8,228	6,887
Total	293,515	296,356	108,515	92,100

Net fee and commission income during the nine-month period of 2023 has been affected by the decrease of commissions from loans, related mainly to arrangement fees for bond and syndicated loans, as well as the sale of merchant acquiring business of the Bank that took place on 30.6.2022. The above decrease was partially offset by increased fees from transactions and letter of guarantees.

Fee and commissions and other income

The table below presents, per operating segment, the income from contracts, that fall within the scope of IFRS 15:

	From 1 January to 30.9.2023
	Retail	Wholesale	Wealth Management & Treasury	International Operations	Non Performing Assets	Other/Elimination Center	Group
Fee and commission income
Loans	2,595	39,994	86	1,369	5,453		49,497
Letters of guarantee	1,656	33,159	670	1,798	2,233		39,516
Imports-exports	1,286	2,976		160	265		4,687
Credit cards	65,815			13,576			79,391
Fund transfers	29,891	6,088	1,919	11,609	367	43	49,917
Mutual funds			44,714	43			44,757
Advisory fees and securities transaction fees			336	280			616
Brokerage services			8,189	163			8,353
Foreign exchange fees	13,855	3,213	1,166	758	277		19,269
Insurance brokerage	13,481			2,626			16,108
Other	6,528	1,852	11,137	10,719	71	211	30,518
Total	135,108	87,281	68,217	43,100	8,666	254	342,627
Other Income
Other	2,509	626	11	2,994	1,810	6,288	14,238
Total	2,509	626	11	2,994	1,810	6,288	14,238

^* Certain figures of the previous period have been restated as described in note 34.

	From 1 January to 30.9.2022 as restated
	Retail	Wholesale	Wealth Management & Treasury	International Operations	Non Performing Assets	Other/Elimination Center	Group
Fee and commission income
Loans	2,815	50,042	268	646	2,743		56,514
Letters of guarantee	1,687	27,801	568	1,342	2,703		34,101
Imports-exports	1,070	3,025		210	423		4,728
Credit cards	81,249	19,882	60	11,550	753	1	113,494
Fund transfers	21,072	5,835	1,629	11,174	484		40,195
Mutual funds			40,921	98			41,019
Advisory fees and securities transaction fees		1,378	678	245			2,301
Brokerage services			7,706	140			7,845
Foreign exchange fees	12,639	3,097	1,059	678	203		17,677
Insurance brokerage	14,499			2,523			17,022
Other	5,304	1,412	10,604	10,735	156	297	28,508
Total	140,336	112,472	63,492	39,340	7,466	298	363,404
Other Income
Other	2,520	2,360	34	648	2,346	2,762	10,671
Total	2,520	2,360	34	648	2,346	2,762	10,671

	From 1 July to 30.9.2023
	Retail	Wholesale	Wealth Management & Treasury	International Operations	Non Performing Assets	Other/Elimination Center	Group
Fee and commission income
Loans	541	16,424		404	1,445		18,814
Letters of guarantee	547	11,115	218	519	749		13,148
Imports-exports	412	1,036		64	77		1,588
Credit cards	24,900			4,776			29,677
Fund transfers	10,767	2,175	734	4,346	105		18,127
Mutual funds			16,408	14			16,422
Advisory fees and securities transaction fees			119	123			242
Brokerage services			2,779	53			2,832
Foreign exchange fees	4,967	1,119	401	256	150		6,893
Insurance brokerage	4,924			897			5,821
Other	3,597	999	3,143	3,877	20	66	11,702
Total	50,654	32,868	23,804	15,329	2,546	66	125,267
Other Income
Other	833	35		1,097	616	141	2,722
Total	833	35	-	1,097	616	141	2,722

^* Certain figures of the previous period have been restated as described in note 34.

	From 1 July to 30.9.2022 as restated
	Retail	Wholesale	Wealth Management & Treasury	International Operations	Non Performing Assets	Other/Elimination Center	Group
Fee and commission income
Loans	1,069	11,944	67	339	980		14,399
Letters of guarantee	565	10,124	204	477	878		12,248
Imports-exports	347	1,019		53	108		1,528
Credit cards	23,988			4,176			28,164
Fund transfers	7,642	2,113	565	3,931	154		14,405
Mutual funds			12,065	23			12,087
Advisory fees and securities transaction fees		1,378	220	45			1,643
Brokerage services			2,282	38			2,320
Foreign exchange fees	4,662	1,153	408	268	73		6,564
Insurance brokerage	4,039			850			4,890
Other	1,726	495	3,377	3,642	52	219	9,511
Total	44,039	28,225	19,187	13,842	2,245	219	107,758
Other Income
Other	867	2,009	17	99	709	697	4,397
Total	867	2,009	17	99	709	697	4,397

Line "Other Income"of the Income Statement includes additional income streams, which are not included in the above table, as they do not fall within the scope of IFRS 15, such as operating lease income. The comparative figures have been adjusted to take into consideration the effects of the IFRS 17 implementation and the re-definition of segments as disclosed in Note 42 of the annual financial statements of 31.12.2022.

4. Gains less losses on financial transactions

	From 1 January to		From 1 July to
	30.9.2023	30.9.2022 as restated	30.9.2023	30.9.2022 as restated
Foreign exchange differences	28,228	29,004	7,403	9,779
Trading securities:
- Bonds	3,533	1,334	987	756
- Equity securities	1,425	(567)	(2,032)	(173)
Financial assets measured at fair value through profit or loss
- Loans	(1,187)	(8,272)	(1,269)	(6,673)
- Equity Securities	6,862	(2,621)	826	(3,109)
- Bonds	3,283	4,433	1,574	(1,367)
- Other securities	2,875	(25,231)	(1,330)	(8,603)
Financial assets measured at fair value through other comprehensive income
- Bonds and treasury bills	(209)	8,189	(499)	(1,149)
Derivative financial instruments	(1,729)	156,698	(5,940)	70,270
Other financial instruments	(856)	(6,564)	(797)	3,963
Changes in the cash flow estimates relating to the liability from insurance contracts measured in accordance with IFRS 9	(42)	(838)	46	(385)
Total	42,183	155,565	(1,031)	63,309

^* Certain figures of the previous period have been restated as described in note 34.

³¹ The amounts are presented in thousands of Euro unless otherwise indicated

5. Other Income

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
From operating lease income	16,022	10,138	7,511	3,849
Other	16,830	6,665	4,279	(1,106)
Total	32,852	16,803	11,790	2,743

6. Staff costs

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Wages and salaries	217,534	206,306	73,307	68,812
Social security contributions	44,130	44,785	15,184	14,694
Group employee defined benefit obligation	1,954	1,678	652	559
Other charges	26,057	23,883	9,447	7,898
Total	289,675	276,652	98,590	91,963

For the nine months of 2023, staff costs show an increase compared to the corresponding period of 2022 in wages and salaries, mainly due to the implementation of the Banks' Collective Labor Agreement from 1.12.2022 and increases of salaries that took place in the fourth quarter of 2022.

7. General administrative expenses

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Lease expenses	254	276	67	139
Maintenance of EDP equipment	29,572	22,728	10,991	6,371
EDP expenses	16,483	16,571	5,401	5,224
Marketing and advertising expenses	12,441	15,574	4,978	5,132
Telecommunications and postage	7,078	7,845	3,035	1,958
Third party fees	38,366	35,405	8,847	13,251
Contribution to the Deposit / Investment Guarantee and to the Resolution Funds	40,285	48,212	12,568	13,968
Consultants fees	7,028	6,294	2,112	1,587
Insurance	7,597	7,121	5,318	2,063
Electricity	8,864	10,820	3,087	4,294
Building and equipment maintenance	6,198	5,598	2,085	1,588
Security of buildings-money transfers	12,163	11,222	4,960	3,682
Cleaning expenses	2,987	3,069	1,093	1,315
Consumables	1,259	1,541	459	433
Commission for the amount of Deferred Tax Asset guaranteed by the Greek State	3,384	3,573	1,047	1,103
Taxes and Duties (VAT, real estate tax etc)	57,474	63,512	15,622	22,438
Other	48,395	55,012	10,843	13,941
Total	299,828	314,373	92,513	98,487

General administrative expenses present a decrease in the nine-month period of 2023 compared to the respective period of 2022, which is mainly driven by the disposal of the merchant acquiring business at the second quarter of 2022 and the decrease in Contributions to the Resolution Fund for the year 2023.

^* Certain figures of the previous period have been restated as described in note 34.

8. Impairment losses, provisions to cover credit risk and related expenses

The following table presents the impairment losses and provisions to cover credit risk on loans and advances to customers and other financial instruments, financial guarantee contracts, other assets, recoveries, commissions for credit protection through synthetic securitization transactions as well as servicing fees of non-performing loans. Servicing fees derive from the service agreement with Cepal for the management of non-performing loans.

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Impairment losses/(gains) on loans	195,341	411,812	48,461	57,747
Impairment (gain)/losses on advances to customers	1,343	(4,529)	3,261	690
Provisions/(Reversal of provisions) to cover credit risk on letters of guarantee, letters of credit and undrawn loan commitments	(527)	(1,279)	466	(2,300)
Losses from modifications of contractual terms of loans and advances to customers	26,463	11,045	8,376	4,632
Recoveries	(11,994)	(12,324)	(3,374)	(3,126)
Loans servicing fees	38,922	48,728	12,857	19,461
Impairment losses on other assets	640	584	855	187
Commission expenses for credit protection	22,902	14,487	10,312	5,611
Impairment losses, provisions to cover credit risk on loans and advances to customers and related expense (a)	273,090	468,524	81,214	82,902
Impairment losses on debt securities and other securities measured at amortized cost	(3,221)	(4,973)	(12,109)	1,169
Impairment losses on debt securities and other securities measured at fair value through other comprehensive income	(77)	1,975	(1,136)	2,131
Impairment losses on due from banks	(15)	240	(226)	(275)
Impairment losses, provisions to cover credit risk on other financial instruments (b)	(3,313)	(2,758)	(13,471)	3,025
Total (a) + (b)	269,777	465,766	67,743	85,927

Taking into account the developments regarding the sale transactions of NPE portfolios which are included in the Business plan for the management of non-performing exposures (NPE Business Plan), as described in note 31 "Assets Held for Sale", the calculation of expected credit losses incorporates a sale scenario with 100% probability, for the following portfolios:

Portfolio of non-performing wholesale loans ("Solar" and "Hermes" transactions) of which "Hermes" transaction was completed within May 2023
Portfolio of non-performing leases of Alpha Leasing S.A. ("Leasing" transaction).
Portfolio of non-performing exposures in Cyprus (Sky transaction) for which transaction was completed in June 2023.

In the current period an additional charge of € 51,5 mn. was recognised for the above mentioned portfolios. Additionally, a portfolio of retail unsecured loans ("Cell" transaction) was transferred to Assets Held for Sale in the third

quarter. The transaction was completed in October 2023.

More information about all the above transactions is provided in Note 31.

"Losses from modifications of contractual terms of loans and advances to customers" were affected by the cost of the initiative that the Bank announced on 11.4.2023 that from 2.5.2023 and for a period of 12 months will reward performing mortgage loan customers with floating-rate mortgage loans (as well as with floating consumer loans collateralized with a mortgage) by introducing a cap to the base rate, in order to protect borrowers against future increases in reference rates.

The introduction of the cap triggered a modification loss recognition of € 9 mn arising from those loans for which the cap was effective from 2.5.2023; the amount of modification loss will be amortised in interest income within a period of 12 months. The respective amount for Alpha Bank Cyprus and ACAC under the Reward Program for Performing Housing Loan Borrowers effective from August, is € 3 mn.

^* Certain figures of the previous period have been restated as described in note 34.

In June 2023 the Bank proceeded to a new synthetic securitization transaction of wholesale loans named Compass for which expenses of € 7.7 mn. in the nine-month period were recognised in the financial line "Commission expenses for credit protection". Reduction of impairment losses on debt and other securities are mainly due to improved credit ratings published in the third quarter of 2023.

9. Impairment losses on fixed assets and equity investments

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Impairment losses/write-offs on property plant and equipment, investment property, intangible assets and rigth-of-use assets	3,655	28,149	1,201	10,946
Impairment losses on equity investments	(139)	(2,049)	375	(3,121)
Impairment losses on inventories	387	26,026	29	26,026
Imairment losses on non-financial assets or disposal groups held for sale	(6,415)	(604)	(4,805)	(1,174)
Total	(2,512)	51,522	(3,200)	32,677

The figures in the table above include gain of € 8,387 (30.9.2022: loss € 56,772) related to reversal of impairment losses recognized based on the valuations received for certain real estate perimeters.

10. Gains/(Losses) on disposal of fixed assets and equity investments

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Gains/(losses) from disposal of equity investments	(1,721)	13,952	160	1,094
Gains/(losses) from disposal of property, plant and equipment, investment property and intangible assets	2,566	495	247	(160)
Gains/(losses) from disposal of inventories	349	1,990	(35)	295
Gains/(losses) from disposal of non-financial assets or disposal groups held for sale	11,918	296,709	638	(108)
Total	13,112	313,146	1,010	1,121

On 16.6.2023, the shares of the Group Company Sky CAC Ltd, were transferred to affiliated entities of Cerberus Capital Management L.P., resulting to the completion of the project SKY (note 31). As a result of this sale a gain of € 8,245 is recognised in line "Gains/(losses) from disposal of non-financial assets or disposal groups held for sale'. In 2022, line "Gains/(losses) from disposal of non-financial assets or disposal groups held for sale " includes a gain of € 296,380 resulting from the carve out of the merchant and acquiring business and the sale of 90.01% of the shares of Alpha Payment Services Company.

11. Provisions and transformation costs

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Transformation costs	1,357	5,686	884	1,816
Provisions for pending legal cases	3,739	13,051	(668)	4,742
Provisions for voluntary separations schemes	38,779	624	28	266
Other provisions	(1,469)	(13,525)	22,476	(10,576)
Total	42,406	5,836	22,720	(3,752)

During the nine-month period of 2023, the Executive Committee approved two new schemes, a Voluntary Separation Schemes program (VSS) and targeted separation program with a combined estimated cost of € 38,779 and is included in the line 'Provisions of voluntary separations schemes'.

'Other provisions' for the nine-month period of 2023, include the reversal of provisions of € 25,000 recognized in the previous year, relating to NPE/NPA transactions, provision of € 12,500 relating to measures announced by the Bank to enhance the national effort for the restoration of the serious damage caused by the natural disaster in the region of Thessaly and € 9,400 relating to the estimated loss recognized by the Group during the current period regarding administrative disputes and their possible settlement.

* Certain figures of the previous period have been restated as described in note 34.

³⁴ The amounts are presented in thousands of Euro unless otherwise indicated

12. Income tax

The income tax rate for legal entities is set to 22%, for the income of tax year 2021 and afterwards. For the financial institutions the income tax rate is 29%.

For the subsidiaries and branches operating in other countries, the applicable nominal tax rates for the year 2023 are as follows:

Cyprus	12.5	Luxembourg	24.94
Bulgaria	10	Jersey	10
Serbia	15	United Kingdom	25**
Romania	16	Ireland	12.5

The income tax in the Income Statement is analyzed as follows:

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Current tax	17,492	20,521	7,669	2,166
Deferred tax	174,338	189,235	69,737	107,659
Total	191,830	209,756	77,406	109,825

Deferred tax recognized in the income statement is attributable to temporary differences, the effect of which is analyzed in the table below:

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Debit difference of Law 4046/2012	33,416	33,416	11,139	11,139
Debit difference of Law 4465/2017	(11,198)	81,560	63,610	40,522
Write-offs, depreciation, impairment of plant, property and equipment and leases	(15,796)	(22,832)	(5,310)	(8,503)
Loans	148,587	37,207	(12,683)	(8,788)
Valuation of loans due to hedging	(2,038)	(3,833)	(2,576)	(3,808)
Defined benefit obligation and insurance funds	(47)	(70)	228	57
Valuation of derivative financial instruments	56,957	64,026	47,783	8,463
Valuation of liabilities to credit institutions and other borrowed funds due to fair value hedge	(3,770)	40,823	(3,012)	14,818
Valuation / Impairment of investments	11,586	(12,602)	7,582	2,250
Valuation / Impairment of debt securities and other securities	(37,455)	(54,864)	(35,557)	8,608
Tax losses carried forward	(3,272)	199	1,879
Other temporary differences	(2,632)	26,205	(3,346)	42,901
Total	174,338	189,235	69,737	107,659

Pursuant to article 24 par. 8 of Law 4172/2013, the new established credit institution Alpha Bank Societe Anonyme made use of the beneficial provisions of the law and postponed the depreciation for tax purposes of its fixed assets during the first three fiscal years. Based on Circular 1073/31.3.2015 of Independent Authority for Public Revenue, the deferral of tax depreciation does not include the amortization of the debit difference of article 27 par. 2 of Law 4172/2013 (loss from the exchange of Greek government bonds) and of the debit difference of article 27 par.3 of Law 4172/2013 (loss from final write-off or transfer of bad debts).

^* Certain figures of the previous period have been restated as described in note 34.

^** Legislation will be introduced in Spring Finance Bill 2023 to change corporation tax and set the main rate at 25% (companies with profits over £50,000) and the small profits rate at 19% (companies with profits under £50,000) for the financial year beginning 1 April 2023.

Αs of 30.9.2023, the amount of deferred tax assets which are in the scope of Law 4465/2017 and include the amount of the debit difference of Law 4046/2012 (PSI), amount to € 2.62 bn. (31.12.2022: € 2.74 bn.). A reconciliation between the effective and nominal income tax rate is provided below:

	From 1 January to
		30.9.2023		30.9.2022 as restated
	%		%
Profit / (Loss) before income tax		682,483		501,273
Income tax (nominal tax rate)	28.30	193,133	28.76	144,172
Increase / (Decrease) due to:
Non-taxable income	(0.34)	(2,353)	(0.64)	(3,230)
Non-deductible expenses	0.43	2,926	3.73	18,682
Offsetting of prior year tax losses			(0.16)	(791)
Non-recognition of deferred tax for tax losses carried forward	3.27	22,306	0.76	3,818
Non-recognition of deferred tax for temporary differences in the current period	0.04	260	3.15	15,795
Recognition of deferred tax for tax losses carried forward	(1.41)	(9,637)
Other tax adjustments	(2.17)	(14,805)	6.25	31,310
Income tax (effective tax rate)	28.12	191,830	41.86	209,756

	From 1 July to
	30.9.2023		30.9.2022 as restated
	%		%
Profit / (Loss) before income tax		265,455		169,868
Income tax (nominal tax rate)	29.06	77,128	28.96	49,196
Increase / (Decrease) due to:
Non-taxable income	(0.38)	(1,012)	(0.69)	(1,164)
Non-deductible expenses	0.28	743	5.99	10,183
Offsetting of prior year tax losses			0.63	1,066
Non-recognition of deferred tax for tax losses carried forward	(1.27)	(3,368)	(0.45)	(768)
Deductible temporary differences for which no deferred tax asset is recognised			4.01	6,814
Other tax adjustments	1.47	3,915	26.20	44,498
Income tax (effective tax rate)	29.16	77,406	64.65	109,825

The completion of project Sky was finalized in June of 2023, by which the Parent company, Alpha International Holdings, transferred the shares of its affiliate Sky CAC Ltd, to investors. In Sky CAC Ltd, prior to the sale, loans and real estate assets were transferred from other Cypriot companies of the Group. Upon the completion of the transaction a tax loss of € 65 mn. was recognised in the company books. The company did not calculate deferred tax asset of € 14 mn., due to the above tax loss because there are not enough tax profits expected in the future. The above mentioned amount of deffered tax asset, is presented in the line "non-recognition of deferred tax for tax losses carried forward" in the table above.

The nominal tax rate is the average tax rate resulting from the income tax, based on the nominal tax rate, and the pre-tax results, for the parent and for each of the Group's subsidiaries.

^* Certain figures of the previous period have been restated as described in note 34.

Income tax of other comprehensive income recognized directly in equity

	From 1 January to
		30.9.2023		30.9.2022
	Before	Income	After Income	Before	Income	After
	Income tax	tax	tax	Income tax	tax	Income tax
Amounts that may be reclassified to the Income Statement
Net change in the reserve of debt securities measured at fair value through other comprehensive income	17,204	(3,890)	13,314	(189,516)	45,612	(143,904)
Net change in cash flow hedge reserve	20,089	(5,826)	14,263	(18,256)	5,294	(12,962)
Foreign currency translation net of investment hedges of foreign operations	(4,935)	(86)	(5,021)	(11,393)	(818)	(12,211)
	32,358	(9,802)	22,556	(219,165)	50,088	(169,077)
Amounts that will not be reclassified to the Income Statement
Net change in actuarial gains/(losses) of defined benefit obligations	17	(19)	(2)	31	(36)	(5)
Gains/(Losses) from equity securities measured at fair value through other comprehensive income	3,300	(971)	2,329	(1,708)	807	(901)
	3,317	(990)	2,327	(1,677)	771	(906)
Total	35,675	(10,792)	24,883	(220,842)	50,859	(169,983)

The amounts in the above table also include the amounts related to discontinued operations.

	From 1 July to
	30.9.2023
	Before	Income	After	Before Income	Income	After
	Income tax	tax	Income tax	tax	tax	Income tax
Amounts that may be reclassified to the Income Statement
Net change in the reserve of debt securities measured at fair value						(13,358)
through other comprehensive income	(10,590)	2,680	(7,910)	(22,442)	9,084
Net change in cash flow hedge reserve	7,811	(2,265)	5,546	(6,915)	2,005	(4,910)
Foreign currency translation net of investment hedges of foreign	(5,044)	(328)	(5,372)	(9,449)	(1,230)	(10,679)
operations
	(7,823)	87	(7,736)	(38,806)	9,859	(28,947)
Amounts that will not be reclassified to the Income Statement
Net change in actuarial gains/(losses) of defined benefit obligations	(23)	1	(22)		(11)	(11)
Gains/(Losses) from equity securities measured at fair value through
other comprehensive income	(1,697)	603	(1,094)	260	(104)	156
	(1,720)	604	(1,116)	260	(115)	145
Total	(9,543)	691	(8,852)	(38,546)	9,744	(28,802)

^* Certain figures of the previous period have been restated as described in note 34.

13. Earnings/(losses) per share

a. Basic

Basic earnings/(losses) per share are calculated by dividing the net profit/(losses) for the period attributable to ordinary equity holders of the Company, with the weighted average number of ordinary shares of the Company outstanding during the period, excluding the weighted average number of own shares held, during the same period.

		From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Profit/(Loss) attributable to equity holders of the Company	490,477	308,669	187,953	70,200
Weighted average number of outstanding ordinary shares	2,348,008,987	2,347,233,149	2,349,341,790	2,347,411,265
Basic earnings/(losses) per share (in €)	0.2089	0.1315	0.0800	0.0299

		From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as

	30.9.2023	restated	30.9.2023	restated
Profit/(Loss) from continuing operations attributable to equity holders of
the Company	490,477	291,233	187,953	59,895
Weighted average number of outstanding ordinary shares	2,348,008,987	2,347,233,149	2,347,341,790	2,347,411,265
Basic earnings/(losses) per share (in €)	0.2089	0.1241	0.0800	0.0255

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Profit/(Loss) from discontinued operations attributable to equity holders of		17,436		10,305
the Company	-		-
Weighted average number of outstanding ordinary shares		2,347,233,149		2,347,411,265
Basic earnings/(losses) per share (in €)		0.0074		0.0044

In the context of Stock Options Plan through which stock options rights were granted to management and personnel of the Company and the Group, in January 2023, 700,783 options rights vested and exercised from the beneficiaries, in accordance with Performance Incentive Program for the years of 2018, 2019 and 2020. As a result of the above, 700,783 ordinary, registered, voting shares with nominal value of € 0.29 were issued in January, the Share Capital of the Company increased by € 203 and the share premium by € 507.

b. Diluted

Diluted earnings/(losses) per share are calculated by adjusting the weighted average number of ordinary shares outstanding during the period with the dilutive potential ordinary shares. The Company holds shares of this category, arising from a plan of awarding stock option rights to employees of the Company and other Group entities.

For the calculation of the diluted earnings per share, it is assumed that the option rights are exercised and that the related hypothetical inflows derive from the issuance of ordinary shares at the average market price of the year during which the options were outstanding. The difference between the number of options to be granted and the ordinary shares issued at the average market price for ordinary shares, is treated as issuance of ordinary shares without exchange.

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Profit /(Loss) attributable to equity holders of the Company	490,477	308,669	187,953	70,200
Weighted average number of outstanding ordinary shares	2,348,008,987	2,347,233,149	2,349,341,790	2,347,411,265
Adjustment for options	3,771,136	3,081,839	3,679,428	3,329,586
Weighted average number of outstanding ordinary shares for diluted
earnings per share	2,351,780,123	2,350,314,988	2,353,021,218	2,350,740,851
Diluted earnings/(losses) per share (in €)	0.2086	0.1313	0.0799	0.0299

^* Certain figures of the previous period have been restated as described in note 34.

³⁸ The amounts are presented in thousands of Euro unless otherwise indicated

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Profit/(Loss) from continuing operations attributable to equity holders of the Company	490,477	291,233	187,953	59,895
Weighted average number of outstanding ordinary shares	2,348,008,987	2,347,233,149	2,349,341,790	2,347,411,265
Adjustment for options	3,771,136	3,081,839	3,679,428	3,329,586
Weighted average number of outstanding ordinary shares for diluted earnings per share	2,351,780,123	2,350,314,988	2,353,021,218	2,350,740,851
Diluted earnings/(losses) per share (in €)	0.2086	0.1239	0.0799	0.0255

	From 1 January to		From 1 July to
		30.9.2022 as		30.9.2022 as
	30.9.2023	restated	30.9.2023	restated
Profit/(Loss) from discontinued operations attributable to equity holders
of the Company		17,436		10,305
Weighted average number of outstanding ordinary shares		2,347,233,149		2,347,411,265
Adjustment for options		3,081,839		3,329,586
Weighted average number of outstanding ordinary shares for diluted earnings per share		2,350,314,988		2,350,740,851
Diluted earnings/(losses) per share (in €)		0.0074		0.0044

^* Certain figures of the previous period have been restated as described in note 34.

ASSETS

14. Cash and balances with Central Banks

	30.9.2023	31.12.2022
Cash	445,398	462,437
Cheques receivables	3,475	6,379
Balances with Central Banks	6,638,046	12,425,958
Total	7,086,919	12,894,774
Less: Deposits pledged to Central Banks	(263,954)	(237,210)
Total	6,822,965	12,657,564

The Bank of Greece requires, that all financial institutions established in Greece maintain reserve deposits equal to 1% of its total customer deposits.

The foreign banking subsidiaries maintain reserve deposits in accordance with the requirements set by the respective Central Banks in their countries.

The decrease in the Balances with Central Banks is mainly due to the € 8 bn. of repayments made in 2023 for the TLTRO III program.

Cash and cash equivalents (as presented in the Interim Condensed Consolidated Statement of Cash Flows)

	30.9.2023	31.12.2022
Cash and balances with central banks	6,822,965	12,657,564
Securities purchased under agreements to resell (Reverse Repos)	492,515
Short-term placements with other banks	461,045	658,127
Total	7,776,525	13,315,691

15. Due from banks

	30.9.2023	31.12.2022
Placements with other banks	717,363	1,044,577
Guarantees for derivative securities coverage and repurchase agreements	276,964	356,764
Securities purchased under agreements to resell (Reverse Repos)	572,811
Loans to credit institutions	36,965	36,965
Less: Allowance for expected credit losses	(70,168)	(70,171)
Total	1,533,935	1,368,135

^* Certain figures of the previous period have been restated as described in note 34.

16. Loans and advances to customers

		31.12.2022 as
	30.9.2023	restated
Loans measured at amortized cost	38,610,943	38,877,422
Leasing	241,546	243,477
Less: Allowance for expected credit losses	(1,013,074)	(1,095,368)
Total	37,839,415	38,025,531
Advances to customers measured at amortized cost	281,068	225,099
Advances to customers measured at fair value through profit or loss	498,626	182,691
Loans to customers measured at fair value through profit or loss	179,754	314,191
Loan and advances to customers	38,798,863	38,747,512

Finance leases derive mainly from the activities of the subsidiary Alpha Leasing S.A. As at 30.9.2023, the gross balance of "Advances to customers measured at amortised cost" amounts to € 323,625 (31.12.2022: € 265,899) and expected credit losses amounts to € 42,557 (31.12.2022: € 40,800). The increase in "Advances to customers measured at amortized cost" is mainly due to the net receivable consideration amounting to € 9,225 from the sale of the non-performing loan portfolio ("Hermes" transaction) completed on 25.5.2023 and €48,055 from the sale of the non-performing loan portfolio ("Sky" transaction) completed on 16.6.2023.

The increase in the "Advances to customers measured at fair value through profit or loss" is mainly due to the amounts of € 156,264 and € 159,801 related to deferred considerations resulting from the sale of "Sky" and "Hermes" transactions respectively.

Loans measured at amortised cost

	30.9.2023	31.12.2022
Individuals
Mortgages:
- Non-securitized	6,528,347	6,719,743
- Securitized	2,598,166	2,629,573
Consumer:
- Non-securitized	871,386	895,339
- Securitized	632,752	710,517
Credit cards:
- Non-securitized	377,016	395,974
- Securitized	517,076	545,100
Other	2,750	1,425
Total loans to individuals	11,527,493	11,897,671
Corporate:
Corporate loans
- Non-securitized	19,790,149	19,236,553
- Securitized	1,493,946	1,657,853
Leasing
- Non-securitized	75,538	86,088
- Securitized	166,008	157,389
Factoring	613,675	723,642
Senior Notes	5,185,680	5,361,703
Total corporate loans	27,324,996	27,223,228
Total	38,852,489	39,120,899
Less: Allowance for expected credit losses	(1,013,074)	(1,095,368)
Total loans measured at amortized cost	37,839,415	38,025,531

^* Certain figures of the previous period have been restated as described in note 34.

In "Loans and Advances to customers measured at amortized cost" the Group has recognized the senior notes held by the Group, of Galaxy and Cosmos transactions completed in 2021.

The movement of allowance for expected credit losses on loans, that are measured at amortized cost, is presented below:

Allowance for expected credit losses

Balance 1.1.2022	2,077,358
Changes for the period 1.1 - 30.9.2022
Impairment losses for the period	395,530
Transfer of allowance for expected credit losses to Assets held for sale	(1,174,434)
Derecognition due to substantial modifications in loans contractual terms	(1,206)
Change in present value of the impairment losses	9,005
Foreign exchange differences	3,457
Disposal of impaired loans	(89)
Loans written-off during the period	(197,527)
Other movements	(793)
Balance 30.9.2022	1,111,301
Changes for the period 1.10 - 31.12.2022
Impairment losses for the period	65,956
Transfer of allowance for expected credit losses to Assets held for sale	(1,670)
Derecognition due to substantial modifications in loans contractual terms	(379)
Change in present value of the impairment losses	785
Foreign exchange differences	(1,252)
Disposal of impaired loans
Loans written-off during the period	(83,069)
Other movements	3,696
Balance 31.12.2022	1,095,368
Changes for the period 1.1 - 30.9.2023
Impairment losses for the period	147,677
Transfer of allowance for expected credit losses from / (to) Assets held for sale	(41,388)
Derecognition due to substantial modifications in loans contractual terms	(683)
Change in present value of the impairment losses	2,264
Foreign exchange differences	(247)
Disposal of impaired loans	(922)
Loans written-off during the period	(191,542)
Other movements	2,547
Balance 30.9.2023	1,013,074

"Impairment losses" for the period 1.1 – 30.9.2023, presented in the table above, do not include impairment losses of € 47,664 relating to impairment losses for loans that had been classified as held for sale, as well as the fair value adjustment of the contractual balance of loans which were impaired at their acquisition or origination (POCI), which does not affect the accumulated impairments as it is included in the carrying amount of the loans before impairments.

Finance lease receivable is analyzed by duration as follows:

	30.9.2023	31.12.2022
Up to 1 year	93,399	92,607
From 1 year to 5 years	149,126	141,450
Over 5 years	42,510	38,643
	285,035	272,700
Non accrued finance lease income	(43,489)	(29,223)
Total	241,546	243,477

The net amount of finance lease receivables are analyzed as follows, based on their duration:

	30.9.2023	31.12.2022
Up to 1 year	80,782	83,412
From 1 year to 5 years	125,295	125,368
Over 5 years	35,469	34,697
Total	241,546	243,477

Loans measured at fair value through profit or loss

	30.9.2023	31.12.2022
Corporate
Corporate loans
- Non-securitized	177,521	311,838
Galaxy and Cosmos securitization bonds	2,233	2,353
Total loans measured at fair value through profit or loss	179,754	314,191

The above balances as of 30.9.2023 include loans which are held within the "hold to sell" business model as well as loans for which it was assessed that their contractual cash flows do not meet the solely payments of principal and interest (SPPI) test. During the nine months of 2023 the Bank sold loans amounting € 151,658 which were held within the "hold to sell" business model. In the context of the Cosmos and Galaxy transactions, the mezzanine, and junior notes, which were retained by the Bank (5%), were recognized in "Loans and advances measured at fair value through profit and loss".

17. Trading and Investment securities

i. Trading portfolio

An analysis of trading securities per type is provided in the following tables :

	30.9.2023	31.12.2022
Bonds:
- Greek Government	8,962	338
- Greek Treasury Bills	19,620
- Other Sovereign	16,130
- Other issuers	1,253	91
Equity securities
- Listed	20,420	3,832
Total	66,385	4,261

ii. Investment Portfolio

	30.9.2023	31.12.2022
Investment Securities measured at fair value through other comprehensive income	1,880,450	1,806,445
Investment Securities measured at fair value through profit or loss	526,195	327,506
Investment Securities measured at amortized cost	13,722,755	11,336,249
Total	16,129,400	13,470,200

The portfolio of investment securities is analyzed in the tables below per classifications category and type of security.

a. Investment securities measured at fair value through other comprehensive income

	30.9.2023	31.12.2022
Greek Government
- Bonds	290,710	308,947
- Treasury bills	866,063	835,047
Other Governments
- Bonds	406,285	345,899
Other issuers
- Listed	265,433	278,955
- Non listed	1,884	1,848
Equity securities
- Listed	25,588	13,459
- Non listed	24,487	22,290
Total	1,880,450	1,806,445

b. Investment securities measured at fair value through profit or loss

	30.9.2023	31.12.2022
Other issuers
- Listed	10,097	11,397
- Non listed	3,378	2,191
Equity securities
- Listed	71,969	6,774
- Non listed	48,984	41,789
Other variable yield securities	391,767	265,355
Total	526,195	327,506

Securities measured at fair value through profit or loss include securities for which it was assessed that their contractual cash flows do not meet the solely payments of principal and interest criteria (SPPI) as required by IFRS 9, as well as equity securities which have been classified in this category.

c. Investment securities measured at amortized cost

	30.9.2023	31.12.2022
Greek Government
- Bonds	6,349,018	5,458,911
- Treasury bills	34,625
Other Governments
- Bonds	4,086,989	3,292,913
Other issuers
- Listed	3,249,272	2,581,567
- Non listed	2,851	2,858
Total	13,722,755	11,336,249

For the above securities measured at amortized cost the recognized accumulated impairment amounts to € 19,565 (31.12.2022: € 28,087). The carrying amount before impairment amounts to € 13,742,320 (31.12.2022 € 11,364,336).

LIABILITIES

18. Due to Banks

	30.9.2023	31.12.2022
Deposits:
- Current accounts	246,555	133,010
- Term deposits:
Central Banks	5,081,411	12,806,994
Other credit institutions	73,668	171,288
Cash collateral for derivative margin account and repurchase agreements	940,411	729,466
Securities sold under agreement to resell (Repos)	996,558	32,070
Borrowing funds	441,923	466,787
Deposits on demand:
- Other credit institutions	5,710	5,236
Total	7,786,236	14,344,851

Total funding through TLTRO III program as of 30.9.2023 reduced to € 5.037 bn. following € 8 bn. of total repayments, made in the first half of 2023. Interbank repo transactions increased compared to 31.12.2022 with the use of sovereign and corporate bonds as collateral, to diversify funding sources while repaying TLTRO III financing. Borrowing funds relate to the liabilities of the Bank to the European Investment Bank.

19. Due to Customers

	30.9.2023	31.12.2022 as restated
Deposits:
- Current accounts	22,700,328	24,511,965
- Savings accounts	14,034,064	15,767,148
- Term Deposits	14,897,184	9,790,559
Deposits on demand	45,827	48,117
Insurance contracts liabilities measured under IFRS 9	546,747	514,965
	52,224,150	50,632,754
Checks and money orders payable	106,741	128,135
Total	52,330,891	50,760,889

Amounts due to customers increased by € 1,570 mn. since 31.12.2022 due to the increased savings from retail and wholesale customers as a result of the increase of interest rates offered on term deposits.

For interest rate risk management purposes, the Bank within the 3rd quarter 2023 has initiated, through derivative contracts, fair value hedge accounting for a portfolio of deposits of nominal value of 1 bn. As at 30.9.2023 the amount of adjustment of deposits for fair value measurement attributable to the hedged risk is € 1.1 mn.

^* Certain figures of the previous period have been restated as described in note 34.

⁴⁵ The amounts are presented in thousands of Euro unless otherwise indicated

20. Debt securities in issue and other borrowed funds

i. Covered Bonds*

Balance 1.1.2023	710,258
Changes for the period 1.1 – 30.9.2023
Maturities / Repayments	(515,333)
Interest Expense	8,455
Financial (gain)/losses	68
Foreign Exchange differences	136
Balance 30.9.2023	203,584

The following tables present additional information for the above-mentioned covered bond issuances:

a. Held by the Group

Issuer	Currency	Interest rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Alpha Bank S.A	Euro	3m Euribor+0.50%, Minimum 0%	23.1.2025	1,000,000	1,000,000
Alpha Bank S.A	Euro	3m Euribor+0.50%, Minimum 0%	23.1.2025	1,000,000	1,000,000
Alpha Bank S.A	Euro	3m Euribor+0.50%, Minimum 0%	23.1.2025	400,000	-
Alpha Bank S.A	Euro	2.50%	5.2.2023	-	1,000
Total				2,400,000	2,001,000

The Bank issued on 24.2.2023 under the Covered Bond Programme II a bond of a €400 million nominal value bearing a coupon equal to 3-month Euribor plus a margin of 0.5% with a 0% minimum value. The bond was purchased entirely by the Bank.

b. Held by third parties

Issuer	Currency	Interest rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Alpha Bank S.A.	Euro	2.5%	5.2.2023	-	499,000
Alpha Bank Romania S.A.	Euro	6m Εuribor+1.5%	16.5.2024	200,000	200,000
Total				200,000	699,000

The covered bond issue with a € 500 million nominal value was fully redeemed on the maturity date 5.2.2023.

ii. Common bond loans

The Bank issued on 13.2.2023 under the Euro Medium Term Note Programme a preferred senior note of a € 70,000 nominal value with maturity date 13.2.2029 and call date 13.2.2028, bearing a fixed annual coupon equal to 6.75% up to the call date, which is reset thereafter to a new rate effective up to maturity date calculated as the annual swap rate plus a margin of 4.04%.

The Bank issued on 27.6.2023 under the Euro Medium Term Note Programme a preferred senior note of a € 500,000 nominal value with maturity date 27.6.2029 and call date 27.6.2028, bearing a fixed annual coupon equal to 6.875% up to the call date, which is reset thereafter to a new rate effective up to maturity date calculated as the annual swap rate plus a margin of 3.793%.

A senior preferred note with a nominal value of € 31,227 was fully redeemed on the call date 14.2.2023.

Balance 1.1.2023	1,294,648
Changes for period 1.1 – 30.9.2023
New issues	564,218
Repurchase	(1,987)
Maturities / Repayments	(61,255)
Hedging adjustment	(3,851)
Financial (gain)/losses	347
Interest Expense	69,141
Balance 30.9.2023	1,861,261

^*Financial disclosures regarding covered bond issues, as provided by the 2620/28.8.2009 Act of the Bank of Greece, have been published on Alpha Bank S.A.'s website.

Detailed information for the issuances of common bond loans is presented in the following tables:

a. Held by the Group

Issuer	Currency	Interest Rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Alpha Bank S.A.	Euro	2.50%	23.3.2028	2,000	5,000
Alpha Bank S.A.	Euro	7.5%	16.6.2027	3,000	8,000
Alpha Bank S.A.	Euro	6.75%	13.2.2029	5,000
Alpha Bank S.A.	Euro	6.875%	27.6.2029	5,000
Total				15,000	13,000

b. Held by third parties

Issuer	Currency	Interest Rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Alpha Bank S.A.	Euro	2.50%	23.3.2028	498,000	495,000
Alpha Bank S.A.	Euro	3.00%	14.2.2024		31,227
Alpha Bank S.A.	Euro	7.00%	1.11.2025	400,000	400,000
Alpha Bank S.A.	Euro	7.50%	16.6.2027	447,000	442,000
Alpha Bank S.A.	Euro	6.75%	13.2.2029	65,000
Alpha Bank S.A.	Euro	6.875%	27.6.2029	495,000
Total				1,905,000	1,368,227

iii. Liabilities from the securitization of loans and receivables

Liabilities arising from the securitization of consumer, corporate loans and credit cards are not included in "Debt securities in issue", as the corresponding securities of a nominal amount € 1,441,800 (31.12.2022: € 1,441,800), are held by the Group.

Detailed information for the above liabilities is presented in the following table:

Held by the Group

Issuer	Currency	Interest Rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Epihiro Plc LDN - Class A	Euro	6m Euribor +0.3%, minimum 0%	20.1.2035	400,000	400,000
Epihiro Plc LDN - Class B	Euro	6m Euribor, minimum 0%	20.1.2035	100,000	100,000
Pisti 2010-1 Plc LDN - Class A	Euro	2.50%	24.2.2026	294,200	294,200
Pisti 2010-1 Plc LDN - Class B	Euro	1m Euribor, minimum 0%	24.2.2026	172,800	172,800
Irida Plc LDN - Class A	Euro	3m Euribor +0.3%, minimum 0%	3.1.2039	261,100	261,100
Irida Plc LDN - Class B	Euro	3m Euribor, minimum 0%	3.1.2039	213,700	213,700
Total				1,441,800	1,441,800

iv. Liabilities from the securitization of non-performing loans

Issuer	Currency	Interest Rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Gemini Cοre Securitisation DAC	Euro	3m Euribor +0.4%, minimum 0%	27.6.2050	5,418,925	6,106,385
Total				5,418,925	6,106,385

On 28.6.2021, the Bank carried out a securitization transaction of an NPE portfolio managed by Cepal, the amount of which may vary on a continuous basis depending on whether specific eligibility criteria are met. In particular, the loans were transferred to the special purpose company Gemini Core Securitisation Designated Activity Company based in Ireland, which issued a bond with an initial nominal value of € 8,712,547 which was purchased entirely by the Bank. The nominal value of the bond amounts to € 5,418,925 as at 30.9.2023 (31.12.2022: € 6,106,385). As the bond is held by the Bank, the liability from the said securitization is not included in the account "Debt securities in issue and other borrowed funds".

v. Subordinated debt (Lower Tier II, Upper Tier II)

Balance 1.1.2023	918,073
Changes for the period 1.1 - 30.9.2023
Maturities / Repayments	(47,597)
Hedging adjustments	15,188
Interest Expense	36,159
Balance 30.9.2023	921,823

Detailed information for the above issuances is presented in the following table:

a. Held by the Group

Issuer	Currency	Interest Rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Alpha Services and Holdings S.A.	Euro	4.25%	13.2.2030	14,200	14,200
Alpha Services and Holdings S.A.	Euro	5.50%	11.6.2031	10,000	10,000
Total				24,200	24,200

b. Held by third parties

Issuer	Currency	Interest Rate	Maturity	Nominal Value
				30.9.2023	31.12.2022
Alpha Services and Holdings S.A.	Euro	4.25%	13.2.2030	485,800	485,800
Alpha Services and Holdings S.A.	Euro	5.50%	11.6.2031	490,000	490,000
Total				975,800	975,800

Total of debt securities in issue and other borrowed funds as at 30.9.2023 2,986,668

21. Provisions

	Provisions for pending legal cases Provisions to cover credit risk		Other provisions	Total
Balance 1.1.2022	34,439	42,683	84,470	161,592
Changes for the period 1.1 - 30.9.2022
Provisions / (Reversals)	13,051	(1,279)	8,361	20,133
Provisions used	(744)		(33,850)	(34,594)
Transfers / Reclassifications	1,160			1,160
Foreign exchange differences	(463)	466	38	41
Balance 30.9.2022	47,443	41,870	59,019	148,332
Changes for the period 1.10 - 31.12.2022
Provisions / (Reversals)	(241)	(917)	28,769	27,611
Provisions used	(15,520)		(7,063)	(22,583)
Transfers / Reclassifications		179	14,477	14,656
Foreign exchange differences	447	(349)	146	244
Balance 31.12.2022	32,129	40,783	95,348	168,260
Changes for the period 1.1 - 30.9.2023
Provisions / (Reversals)	1,467	(527)	34,955	35,895
Provisions used	(1,888)		(44,995)	(46,883)
Transfers / Reclassifications			(15,300)	(15,300)
Foreign exchange differences	(1)	(84)	(61)	(146)
Balance 30.9.2023	31,707	40,172	69,947	141,826

As at 30.9.2023, the balance of provisions to cover credit risk amounts to € 40,172 (31.12.2022: € 40,783) includes:

€ 7,010 (31.12.2022: € 6,257) provisions for undrawn loan commitments
€ 33,161 (31.12.2022: € 34,526) provisions relating to letters of guarantees and letters of credits.

As at 30.9.2023, the balance of other provisions amounts to € 69,947 (31.12.2022: € 95,348) mainly relates to:

€ 30,748 (31.12.2022: € 27,826) provisions for voluntary separation schemes (VSS) and targeted separation schemes, which is calculated as follows:
- ➢ During the first half of 2023, the Executive Committee approved two new schemes, a VSS program and targeted separation program with a combined estimated cost of € 63,652 (€ 59,750 for the Bank and € 3,902 for the other Group entities).
- ➢ As a result of the new schemes, provisions that were related to the previous 2021 VSS totaling € 24,894 were released, thus a net cost of € 38,779 was recognized in profit and loss.
- ➢ Regarding the new provision of € 63,652, an amount of € 38,706 has been utilized by 30.9.2023.
€ 4,842 (31.12.2022: € 3,594) provisions for anticipated cost of employees who have already left the Bank making use of the long-term leave in the context of the separation schemes that was in force for the period 2016 to 2021.

€ 12,457 (31.12.2022: € 58,195) relating to provisions for the possible outcome of contractual commitments in the context of sale transactions.
€ 12,500 (31.12.2022: € 0) relating to measures announced by the Hellenic Bank Association to enhance the national effort for the restoration of the serious damage caused by the natural disaster in the region of Thessaly.
€ 9,400 (31.12.2022: € 0) relating to the estimated loss recognized by the Group during the current period regarding administrative disputes and their possible settlement.

It is noted that following IFRS 17 application, the caption 'Insurance Provisions' no longer exists and the relevant amounts as at 31.12.2022 have been restated as disclosed in note 34.

EQUITY

22. Share Capital, Share premium and Other Equity Instruments

a. Share Capital

		Changes for the period from 1.1 to 30.9.2023
	Opening Balance as	Shares from Share Capital Increase	Balance as at	Share Capital paid
	at 1.1.2023	through stock options exercise	30.9.2023	as at 30.9.2023
Number of ordinary registered shares	2,348,207,784	700,783	2,348,908,567	681,183

The Company's share capital as at 30.9.2023 amounts to € 681,183 (31.12.2022: € 680,980) divided into 2,348,908,567 (31.12.2022: 2,348,207,784) ordinary, registered shares with voting rights with a nominal value of € 0.29 each (31.12.2022: € 0.29).

In the context of Stock Options Plan through which stock options rights could be granted to management and personnel of the Company and the Group, in January 2023, 700,783 options rights vested and exercised from the beneficiaries, in accordance with Performance Incentive Program for the years of 2018, 2019 and 2020.

As a result of the above, 700,783 ordinary, registered, voting shares with nominal value of € 0.29 were issued in January and the Share Capital of the Company increased by € 203.

Treasury shares

Subsidiary company Alpha Finance performs transactions with the shares of the parent company Alpha Services and Holdings S.A. in the context of market making. As at 30.9.2023 the carrying amount of the treasury shares was € 3,624. Below are described the transactions of treasury shares of the subsidiary of the Group.

	Number of shares	Value
Balance 1.1.2023	1,343,335	1,296
Purchase	12,673,256	18,364
Sale	(11,336,265)	(16,036)
Balance 30.9.2023	2,680,326	3,624

b. Share premium

Balance 1.1.2023	5,259,115
Increase in share premium through the stock options exercise	507
Losses netted off against Retained Eranings	(478,810)
Balance 30.9.2023	4,780,812

Share premium as at 30.9.2023 amounted to € 4,780,812 (31.12.2022: € 5,259,115).

Considering the share capital increase described above from the exercise of the option rights of the Company's shares, the share premium increased by € 507 resulting from the fair value measurement, οn the date of awarding to the key management personnel, of the option right, which were exercised from the beneficiaries during the exercise period.

The Annual General Meeting of Shareholders held at 27.7.2023 decided on the partial net-off of the share premium reserve with the Retained Loss account as at 31.12.2022

c. Statutory Reserve

Balance 1.1.2023	79,114
Statutory reserve formation	21,890
Net-off with Retained Earnings account	(747)
Balance 30.9.2023	100,257

The Annual General Meeting of Shareholders held at 27.7.2023 approved the offsetting of € 747 with Retained Earnings as of 31.12.2022

d. Other Εquity Instruments

On 1 February 2023, the Company issued additional Tier 1 instruments ("AT1 Notes") amounting to € 400,000 in order to strengthen its regulatory capital position. The bonds are indefinite, with an adjustment clause, a maturity of 5.5 years and a yield of 11.875%.

"AT1 securities" are structured to qualify as Additional Tier 1 instruments in accordance with the applicable capital rules at the relevant issue date. "AT 1 securities" are redeemable in their entirety, at the choice of the issuer, in case of specific changes in the tax or regulatory treatment of the securities. Interest on the securities is due and payable only at the sole discretion of the Company, which may at any time and for any reason cancel (in whole or in part) any interest payment that would otherwise be payable on any interest payment date.

Based on the above characteristics, the instrument is recognized as an equity item while interest repayments are recognized as a dividend deducting equity.

For the aforementioned Notes the Company paid in August 2023 interest amounting to € 23,750 before tax.

e. Amounts intended for Share Capital Increase

In the context of Stock Options Plan through which stock options could be granted to key management and employees of the Company and the Group, in September 2023 2,789,104 option rights vested and exercised from the beneficiaries, in accordance with Performance Incentive Program for the years of 2020 and 2021. From the above mentioned options 2,648,860 had an exercise price of € 0.30 and 140,244 options had an exercise price of € 0.29. As a result, a cash amount of € 835 has been deposited to the Company's bank account and has been recognized in Equity as "Amounts intended for Share Capital Increase» since the share capital increase process has not been completed as of 30.9.2023.

The approval of the said stock option exercise was granted by the Business Registry on 5.10.2023. Following the approval, the Share Capital of the Company was increased by € 809 by issuing 2,789,104 783 ordinary, registered, voting shares with nominal value of € 0.29. The remaining amount of € 26, arising from the difference between the exercise price and the nominal value of the 2,648,860 shares, was credited to the Share Premium reserve.

f. Retained Earnings

The Annual General Meeting of Shareholders held on 27.7.2023 decided, among other things, not to distribute dividends to the Shareholders of the Company for the financial year 2022 in accordance with the applicable legal and regulatory framework.

Τhe above Annual General Meeting approved the offsetting of the Retained Loss account as at 31.12.2022 by the amount of € 775,982 in order of the priority, with the Ordinary Reserve of € 747, with the Special Reserve of article 31 of Law 4548/2018 amounting to € 296,424 and with the Share premium account of € 478,810.

ADDITIONAL INFORMATION

23. Contingent liabilities and commitments

a. Legal issues

There are certain legal claims against the Group, deriving from the ordinary course of business. In the context of managing the operational risk events and based on the applied accounting policies, the Group has established internal controls and processes to monitor all legal claims and similar actions by third parties in order to assess the probability of a negative outcome and the potential loss. For cases where there is a significant probability of a negative outcome, and the result may be reliably estimated, the Group recognizes a provision that is included in the Balance Sheet under "Provisions". As of 30.09.2023 the amount of the provision stood at € 31,706 (31.12.2022: € 32,129).

For those cases, that according to their progress and the assessment of the legal department as at 30.09.2023, a negative outcome is not probable or the possible loss cannot be estimated reliably due to the complexity of the cases and their duration, the Group has not established a provision. As of 30.09.2023 the legal claims against the Group for the above cases amount to € 126,064 (31.12.2022: € 90,566) and € 134,726 (31.12.2022: € 470,563), respectively.

According to the legal department's estimation, the ultimate settlement of the claims and lawsuits is not expected to have a material effect on the financial position or the operations of the Bank.

b. Tax issues

According to art.65A of Law 4174/2013 from the year 2011, the statutory auditors and auditing firms that conduct mandatory audits of societe anonymes are required to issue an annual tax compliance report regarding the application of the tax provisions in certain tax areas. Based on art.56 of Law 4410/3.8.2016 tax compliance reports are optional for the years from 1.1.2016 and thereon. Nevertheless, the intention of the Bank and the companies included in its Group is to continue receiving such tax compliance report.

Alpha Services and Holdings S.A. has been audited by the tax authorities for the years up to and including 2010 as well as for the year 2014. Years 2011 to 2016 are considered as closed, in accordance with the Ministerial Decision 1208/20.12.2017 of the Independent Public Revenue Authority. For the years from 2011 up to an including 2021 the Company has received tax compliance report, according to the article 82 of Law 2238/1994 and the article 65A of Law 4174/2013, with no qualification. Tax audit in connection with the tax compliance report of 2022 is in progress.

Alpha Bank S.A. has received a tax compliance report for its first tax year from 1.7.2020 to 31.12.2021, with no qualification. Tax audit in connection with the tax compliance report of 2022 is in progress.

The Bank's branch in London has been audited by the tax authorities up to and including 2016, the end of operation of which was declared in the Companies Register on 23.12.2020.

The Bank's branch in Luxembourg started its operation on June 2020 and has not been tax audited since its operation.

Based on Ministerial Decision 1006/5.1.2016 there is no exemption from tax audit by the tax authorities to those entities that have been tax audited by the independent statutory auditor and they have received an unqualified tax compliance report. Therefore, the tax authorities may reaudit the tax books.

Additional taxes, interest on late submission and penalties may be imposed by tax authorities, as a result of tax audits for unaudited tax years, the amount of which cannot be accurately determined.

The Group's subsidiaries have been audited by the tax authorities up to and including the year indicated in the table below:

Name	Year
Banks
1. Alpha Bank S.A.	*
2. Alpha Bank London Ltd (voluntary settlement of tax obligation)	2020
3. Alpha Bank Cyprus Ltd	2017
4. Alpha Bank Romania S.A.	2019
Leasing Companies
1. Alpha Leasing S.A.**	2016
2. Alpha Leasing Romania IFN S.A.	2014
3. ABC Factors S.A.**	2016
Investment Banking
1. Alpha Finance A.E.P.E.Y. / * (partial tax audit for financial years 2017-2018 in progress)	2016
2. Alpha Ventures S.A. / *	2016
3. Alpha A.E. Ventures Capital Management – AKES / *	2016
4. Emporiki Ventures Capital Developed Markets Ltd	2018
5. Emporiki Ventures Capital Emerging Markets Ltd	2018
Asset Management
1. Alpha Asset Management A.E.D.A.Κ. / *	2016
2. ABL Independent Financial Advisers Ltd (voluntary settlement of tax obligation)	2020
Insurance
1. Alpha Insurance Agents S.A. / * (the merger process was completed on 28.07.2023)	2016
2. Alpha Insurance Brokers Srl	2006
3. Alphalife A.A.E.Z. / *	2016
Real Estate and Hotel
1. Alpha Astika Akinita S.A.**	2016
2. Alpha Real Estate Management and Investments S.A.	2016
3. Alpha Real Estate Bulgaria E.O.O.D. (commencement of operation 2007)	*
4. Chardash Trading E.O.O.D. (commencement of operation 2006)	*
5. Alpha Real Estate Services Srl (commencement of operation 1998)	*
6. Alpha Investment Property Attikis S.A. (commencement of operation 2012) * / **	2016
7. AGI-RRE Participations 1 Srl (commencement of operation 2010)	*
8. Stockfort Ltd (commencement of operation 2010)	2018
9. Romfelt Real Estate SA	2015
10. AGI – RRE Poseidon Srl (commencement of operation 2012)	*
11. Alpha Real Estate Services LLC (commencement of operation 2010)	2018
12. AGI – BRE Participations 2 E.O.O.D. (commencement of operation 2012)	*
13. AGI – BRE Participations 2BG E.O.O.D. (commencement of operation 2012)	*
14. AGI – BRE Participations 4 E.O.O.D. (commencement of operation 2012) (tax audit is in progress for the years 2020-2021)	*
15. APE Fixed Assets A.E. / *	2016
16. SC Carmel Residential Srl (commencement of operation 2013)	*
17. Alpha Investment Property Neas Kifisias S.A. (commencement of operation 2014) *	2016
18. Alpha Investment Property Kalirois S.A. (commencement of operation 2014) *	2016
19. AGI-Cypre Tochni Ltd (commencement of operation 2014 - the company was transferred on 16.06.2023)	2018
20. AGI-Cypre Mazotos Ltd (commencement of operation 2014 - the company was transferred on 16.06.2023)	2018
21. Alpha Investment Property Livadias S.A. (commencement of operation 2014) *	2016
22. Asmita Gardens Srl	2015
23. Cubic Center Development S.A. (commencement of operation 2010)	2020
24. Alpha Investment Property Neas Erythreas S.A. (commencement of operation 2015)	*
25. AGI – SRE Participations 1 DOO (commencement of operation 2016)	*

^* These companies have not been audited by the tax authorities since commencement of their operations.

^** These companies received tax certificate for the years 2011 up to and including 2021 without any qualification whereas the years up to and including 2016 are considered as closed in accordance with the circular POL.1208/2017.

^*** These companies have been audited by the tax authorities up to and including 2009 in accordance with Law 3888/2010 which relates to voluntary settlement for the unaudited tax years.

Name	Year
Real Estate and Hotel (continue)
26. Alpha Investment Property Spaton A.E. (commencement of operation 2017)	*
27. Alpha Investment Property Kallitheas A.E. (commencement of operation 2017)	*
28. Kestrel Enterprise E.O.O.D. (commencement of operation 2013)	*
29. Alpha Investment Property Irakleiou A.E (commencement of operation 2018)	*
30. AGI-Cypre Property 2 Ltd (commencement of operation 2018)	2018
31. AGI-Cypre Property 4 Ltd (commencement of operation 2018 - the company was transferred on 16.06.2023)	2018
32. AGI-Cypre Property 5 Ltd (commencement of operation 2018)	2018
33. AGI-Cypre Property 6 Ltd (commencement of operation 2018 - the company was transferred on 16.06.2023)	2018
34. AGI-Cypre Property 7 Ltd (commencement of operation 2018)	2018
35. AGI-Cypre Property 8 Ltd (commencement of operation 2018)	2018
36. AGI-Cypre Property 9 Ltd (commencement of operation 2018 - the company was transferred on 16.06.2023)	2018
37. AGI-Cypre Property 12 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
38. AGI-Cypre Property 13 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
39. AGI-Cypre Property 14 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
40. AGI-Cypre Property 15 Ltd (commencement of operation 2018)	2018
41. AGI-Cypre Property 16 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018

42. AGI-Cypre Property 17 Ltd (commencement of operation 2018)	2018
43. AGI-Cypre Property 18 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
44. AGI-Cypre Property 19 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
45. AGI-Cypre Property 20 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
46. AGI-Cypre RES Pafos Ltd (commencement of operation 2018 - the company was transferred on 16.06.2023)	2018
47. AGI-Cypre P&F Nicosia Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
48. ABC RE P2 Ltd (commencement of operation 2018)	2018
49. ABC RE P3 Ltd (commencement of operation 2018)	2018
50. ABC RE L2 Ltd (commencement of operation 2018)	2018
51. AGI-Cypre RES Nicosia Ltd (commencement of operation 2018 - the company was transferred on 16.06.2023)	2018
52. AGI-Cypre P&F Limassol Ltd (commencement of operation 2018 - the company was transferred on 16.06.2023)	2018
53. AGI-Cypre Property 21 Ltd (commencement of operation 2018)	2018
54. AGI-Cypre Property 22 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
55. AGI-Cypre Property 23 Ltd (commencement of operation 2018- the company was transferred on 16.06.2023)	2018
56. AGI-Cypre Property 24 Ltd (commencement of operation 2018)	2018
57. ABC RE L3 Ltd (commencement of operation 2018)	2018
58. ABC RE P&F Limassol Ltd (commencement of operation 2018)	2018
59. AGI-Cypre Property 25 Ltd (commencement of operation 2019)	*
60. AGI-Cypre Property 26 Ltd (commencement of operation 2019- the company was transferred on 16.06.2023)	*
61. ABC RE COM Pafos Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
62. ABC RE RES Larnaca Ltd (commencement of operation 2019)	*
63. AGI-Cypre P&F Pafos Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
64. AGI-Cypre Property 27 Ltd (commencement of operation 2019)	*
65. ABC RE L4 Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
66. ABC RE L5 Ltd (commencement of operation 2019)	*
67. AGI-Cypre Property 28 Ltd (commencement of operation 2019- the company was transferred on 16.06.2023)	*
68. AGI-Cypre Property 29 Ltd (commencement of operation 2019- the company was transferred on 23.01.2023)	*
69. AGI-Cypre Property 30 Ltd (commencement of operation 2019)	*
70. AGI-Cypre COM Pafos Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
71. ΑΕP Industrial Assets Μ.Α.Ε. (commencement of operation 2019)	*
72. AGI-Cypre Property 31 Ltd (commencement of operation 2019- the company was transferred on 16.06.2023)	*
73. AGI-Cypre Property 32 Ltd (commencement of operation 2019- the company was transferred on 16.06.2023)	*
74. AGI-Cypre Property 33 Ltd (commencement of operation 2019)	*
75. AGI-Cypre Property 34 Ltd (commencement of operation 2019)	*
76. Alpha Group Real Estate Ltd (commencement of operation 2019)	*

* These companies have not been audited by the tax authorities since commencement of their operations.

***** The companies became part of the Group in 2017 through the bankruptcy process and have not been tax audited since then.

Name	Year
Real Estate and Hotel (continue)
77. ABC RE P&F Pafos Ltd (commencement of operation 2019)	*
78. ABC RE P&F Nicosia Ltd (commencement of operation 2019)	*
79. ABC RE RES Nicosia Ltd (commencement of operation 2019)	*
80. AIP Residential Assets Rog S.M.S.A (commencement of operation 2019)	*
81. AIP Attica Residential Assets I S.M.S.A. (commencement of operation 2019)	*
82. AIP Thessaloniki Residential Assets S.M.S.A. (commencement of operation 2019)	*
83. AIP Cretan Residential Assets S.M.S.A. (commencement of operation 2019)	*
84. AIP Aegean Residential Assets S.M.S.A. (commencement of operation 2019)	*
85. AIP Ionian Residential Assets S.M.S.A. (commencement of operation 2019)	*
86. AIP Urban Cetres Commercial Assets S.M.S.A. (commencement of operation 2019)	*
87. AIP Thessaloniki Commercial Assets S.M.S.A (commencement of operation 2019)	*
88. AIP Commercial Assets Rog S.M.S.A. (commencement of operation 2019)	*
89. AIP Attica Retail Assets I S.M.S.A. (commencement of operation 2019)	*
90. AIP Attica Residential Assets III S.M.S.A. (commencement of operation 2019)	*
91. AIP Attica Residential Assets II S.M.S.A. (commencement of operation 2019)	*
92. AIP Retail Assets Rog S.M.S.A. (commencement of operation 2019)	*
93. AIP Land II S.M.S.A. (commencement of operation 2019)	*
94. ABC RE P6 Ltd (commencement of operation 2019 - the company was transferred on 31.03.2023)	*
95. AGI-Cypre Property 35 Ltd (commencement of operation 2019- the company was transferred on 16.06.2023)	*
96. AGI-Cypre P&F Larnaca Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
97. AGI-Cypre Property 37 Ltd (commencement of operation 2019)	*
98. AGI-Cypre RES Ammochostos Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
99. AGI-Cypre Property 38 Ltd (commencement of operation 2019)	*
100. AGI-Cypre RES Larnaca Ltd (commencement of operation 2019- the company was transferred on 16.06.2023)	*
101. ABC RE P7 Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*

102. AGI-Cypre Property 42 Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023) 103. ABC RE P&F Larnaca Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)
104. Krigeo Holdings Ltd (commencement of operation 2019)	*

105. AGI-Cypre Property 43 Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
106. AGI-Cypre Property 44 Ltd (commencement of operation 2019 - the company was transferred on 16.06.2023)	*
107. AGI-Cypre Property 45 Ltd (commencement of operation 2020 - the company was transferred on 16.06.2023)	*
108. AGI-Cypre Property 40 Ltd (commencement of operation 2020)	*
109. ABC RE RES Ammochostos Ltd (commencement of operation 2020)	*
110. ABC RE RES Paphos Ltd (commencement of operation 2020 - the company was transferred on 16.06.2023)	*
111. Sapava Ltd (commencement of operation 2020)	*
112. AGI-Cypre Property 46 Ltd (commencement of operation 2020 - the company was transferred on 16.06.2023)	*
113. AGI-Cypre Proprety 47 Ltd (commencement of operation 2020)	*
114. AGI-Cypre Proprety 48 Ltd (commencement of operation 2020)	*
115. Alpha Credit Property 1 Ltd (commencement of operation 2020)	*
116. Office Park 1 Srl (commencement of operation 2020)	*
117. AGI-Cypre COM Nicosia Ltd (commencement of operation 2020 - the company was transferred on 16.06.2023)	*
118. AGI-Cypre Property 49 Ltd (commencement of operation 2020 - the company was transferred on 16.06.2023)	*
119. AGI-Cypre Property 50 Ltd (commencement of operation 2020 - the company was transferred on 16.06.2023)	*
120. AGI-Cypre COM Larnaca Ltd (commencement of operation 2020 - the company was transferred on 16.06.2023)	*
121. Acarta Construct Srl	2014
122. AGI-Cypre Property 51 Ltd (commencement of operation 2021 - the company was transferred on 16.06.2023)	*
123. AGI-Cypre Property 52 Ltd (commencement of operation 2021)	*
124. AGI-Cypre Property 53 Ltd (commencement of operation 2021 - the company was transferred on 16.06.2023)	*
125. Alpha Credit Properties Ltd (commencement of operation 2021 - the company was transferred on 16.06.2023)	*
126. AGI-Cypre Property 54 Ltd (commencement of operation 2021 - the company was transferred on 16.06.2023)	*

^* These companies have not been audited by the tax authorities since commencement of their operations.

Name	Year
Real Estate and Hotel (continue)
127. AGI-Cypre Property 55 Ltd (commencement of operation 2021 - the company was transferred on 16.06.2023)	*
128. Engromest (commencement of operation 2021)	*
129. AGI-Cypre Property 56 Ltd (commencement of operation 2022)	*
130. AIP Urban Cetres ΙΙ S.M.S.A. (commencement of operation 2022)	*
131. AIP Attica Retail Assets IV S.M.S.A. (commencement of operation 2022)	*
132. Startrek Properties Μ.Α.Ε. (commencement of operation 2022)	*
133. Nigrinus Ltd (commencement of operation 2022)	*
134. Skyline Properties Μ.Α.Ε. (commencement of operation 2022)	*
135. Athens Urban Cetres Ι S.M.S.A. (commencement of operation 2022)	*
136. Athens Urban Cetres ΙΙ S.M.S.A. (commencement of operation 2022)	*
137. AIP Urban Cetres IΙΙ S.M.S.A. (commencement of operation 2023)	*
Special purpose and holding entities
1. Alpha Group Jersey Ltd (the company was dissolved on 30.12.2022)	****
2. Alpha Group Investments Ltd (commencement of operation 2006)	2018
3. Ionian Equity Participations Ltd (commencement of operation 2006)	2018
4. AGI – BRE Participations 1 Ltd (commencement of operation 2009)	2018
5. AGI – RRE Participations 1 Ltd (commencement of operation 2009)	2018
6. Katanalotika Plc (voluntary settlement of tax obligation)	2020
7. Epihiro Plc (voluntary settlement of tax obligation)	2020
8. Irida Plc (voluntary settlement of tax obligation)	2020
9. Pisti 2010 - 1 Plc (voluntary settlement of tax obligation)	2020
10. Alpha Shipping Finance Ltd (voluntary settlement of tax obligation)	2020
11. Alpha Quantum D.A.C. (commencement of operation 2019)	*
12. AGI – RRE Poseidon Ltd (commencement of operation 2012)	2018
13. AGI – RRE Hera Ltd (commencement of operation 2012)	2018
14. Alpha Holdings S.M.S.A. **	2016
15. AGI – BRE Participations 2 Ltd (commencement of operation 2011)	2018
16. AGI – BRE Participations 3 Ltd (commencement of operation 2011)	2018
17. AGI – BRE Participations 4 Ltd (commencement of operation 2010)	2018
18. AGI – RRE Ares Ltd (commencement of operation 2010)	2018
19. AGI – RRE Artemis Ltd (commencement of operation 2012)	2018
20. AGI – BRE Participations 5 Ltd (commencement of operation 2012)	2018
21. AGI – RRE Cleopatra Ltd (commencement of operation 2013)	2018
22. AGI – RRE Hermes Ltd (commencement of operation 2013)	2018
23. AGI – RRE Arsinoe Ltd (commencement of operation 2013)	2018
24. AGI – SRE Ariadni Ltd (commencement of operation 2013)	2014
25. Zerelda Ltd (commencement of operation 2012)	2018
26. AGI-Cypre Evagoras Ltd (commencement of operation 2014)	2018
27. AGI-Cypre Tersefanou Ltd (commencement of operation 2014)	2018
28. AGI-Cypre Ermis Ltd (commencement of operation 2014)	2018
29. AGI – SRE Participations 1 Ltd (commencement of operation 2016)	2018
30. Alpha Credit Acquisition Company Ltd (commencement of operation 2019)	2021

31. Alpha International Holdings S.M.S.A. (commencement of operation 2020)	*
32. Gemini Core Securitisation D.A.C. (commencement of operation 2021)	*
33. SKY CAC Ltd (commencement of operation 2021 - the company was transferred on 16.06.2023)	*
34.AGI - BRE Bistrica EOOD	*
35. AGI - BRE Vasil Levski EOOD	*
36. AGI - BRE Ekzarh Yosif EOOD	*
Other Companies
1. Alpha Bank London Nominees Ltd	****

* These companies have not been audited by the tax authorities since commencement of their operations.

** These companies received tax certificate for the years 2011 up to and including 2021 without any qualification whereas the years up to and including 2016 are considered as closed in accordance with the circular POL.1208/2017.

**** These companies are not subject to a tax audit.

*** These companies have been audited by the tax authorities up to and including 2009 in accordance with Law 3888/2010 which relates to voluntary

settlement for the unaudited tax years.

**** These companies are not subject to a tax audit.

Name	Year
Other Companies (continue)
2. Alpha Trustees Ltd (commencement of operation 2002)	2018
3. Kafe Alpha S.A. / *	2016
4. Alpha Supporting Services S.A. / *	2016
5. Real Car Rental S.A. / *	2016
6. Commercial Management and Liquidation of Assets-Liabilities S.A. / *	2016
7. Alpha Bank Notification Services S.A.	*

In December 2022, the European Council adopted the EU Directive 2022/2523 for a global minimum tax that is expected to be used by individual jurisdictions. The goal of the framework is to reduce the shifting of profit from one jurisdiction to another, in order to reduce global tax obligations in corporate structures. In March 2022, the OECD released detailed technical guidance on Pillar Two of the rules. As at the date of approval of the interim financial statements, none of the jurisdictions where the Group operates have enacted legislation to incorporate these tax changes into domestic law. Therefore, the Group is unable to determine the potential effect of any future changes to legislation. Alpha Services and Holdings is nonetheless taking every necessary action to assess the potential impact of those rules on the Group.

c. Off Balance Sheet commitments

The Group, as part of its normal course of business, enters into contractual commitments, that in the future may result in changes in its asset structure. These commitments are monitored in off balance sheet accounts and relate to letters of credit, letters of guarantee and liabilities from undrawn loan commitments as well as guarantees given for bonds issued and other guarantees to subsidiary companies.

Letters of credit are used to facilitate trading activities and relate to the financing of contractual agreements for the transfer of goods locally or abroad, through direct payment to the third party on behalf of the Group's customers. Letters of credit, as well as letters of guarantee, are commitments under specific terms and are issued by the Group for the purpose of ensuring that its customers will fulfill the terms of their contractual obligations.

In addition, contingent liabilities for the Group arise from undrawn loan commitments that can be utilized only if certain requirements are fulfilled by counterparties.

The outstanding balances are as follows:

	30.9.2023	31.12.2022
Letters of credit	39,254	45,960
Letters of guarantee and other guarantees	5,028,793	4,605,197
Undrawn loan commitments		4,886,404

The Group measures the expected credit losses for all the undrawn loan commitments and letters of credit/letters of guarantee, which are included in the caption of Balance Sheet "Provisions". Expected credit losses of the aforementioned exposures as of 30.09.2023 amounts to € 40,172 (31.12.2022: € 40,783).

Alpha Bank S.A. has also committed to contribute to the share capital of the joint venture Alpha TANEO AKES up to the amount of € 65 (31.12.2022: € 19).

^* These companies have not been audited by the tax authorities since commencement of their operations.

d. Pledged assets

Pledged assets, as at 30.9.2023 and 31.12.2022 are analyzed as follows:

• Cash and balances with Central Banks:

As at 30.9.2023 Cash and balances with Central Banks of € 263.954 (31.12.2022: € 237,210) relating to the Group's obligation to maintain deposits in Central Banks according to percentages determined by the respective country. The amount of reserved funds that Alpha Bank S.A. has to maintain to the Bank of Greece on average for the period from 20.9.2023 to 31.10.2023, amounts to € 473,735 (31.12.2022: € 464,867).

• Due from Banks:
- i. Placements amounting to € 197,347 (31.12.2022: € 204,622) relate to guarantees provided, mainly, on behalf of the Greek Government.
- ii. Placements amounting to € 276,964 (31.12.2022: € 351,764) have been provided as guarantee for derivative and other repurchase agreements (repos).
- iii. Placements amounting to € 43,926 (31.12.2022: € 266,060) have been provided for Letter of Credit or Guarantee Letters that the Bank issue for facilitating customer imports.
- iv. Placements amounting to € 29,702 (31.12.2022: € 24,496) have been provided to the Resolution Fund as irrevocable payment commitment, as part of the 2016 up to 2023 contribution. This commitment must be fully covered by collateral exclusively in cash, as decided by the Single Resolution Board.
- v. Placements amounting to € 45,662 (31.12.2022: € 22,935) have been used as collateral for the issuance of bonds with nominal value of € 2,400,000 (31.12.2022: € 2,001,000) held by the Bank, as mentioned under "Loans and advances to customers".
• Loans and advances to customers:
- i. Loans of € 5,209,093 (31.12.2022: € 5,818,822) have been pledged to central banks for liquidity purposes.
- ii. Corporate loans, finance lease receivables and credit cards of carrying amount of € 977,089 (31.12.2022: € 1,180,756) have been securitized for the issuance of Special Purpose Entities' corporate bond of a nominal value of € 1,441,800 (31.12.2022: € 1,441,800) held by the Bank.
- iii. Shipping loan of carrying amount of € 0 (31.12.2022: € 65,058), has been securitized for the purpose of financing the Group's Special Purpose Entity.
- iv. An amount of nominal value € 270 (31.12.2022: € 402) which relates to corporate loans, has been pledged as collateral for other loan facilities.
- v. An amount of mortgage loans of a carrying amount of € 2,623,446 (31.12.2022: € 3,154,105) has been used as collateral in the following covered bond issuance programs: Covered Bonds Issuance Program I and Covered Bond Issuance Program II and in Direct Issuance of Covered Bonds Program of Alpha Bank Romania. The nominal value of the aforementioned bonds amounted to € 2,600,000 (31.12.2022: € 2,700,000) out of which the Bank owns € 2,400,000 (31.12.2022: € 2,001,000). Of this amount € 2,240,000 (31.12.2022: € 2,001,000) has been pledged to Central Banks for liquidity purpose and € 160,000 (31.12.2022: € 0) has been pledged as collateral in repo transactions.
- vi. Galaxy senior bonds with a carrying amount € 301,669 (31.12.2022: € 0), which are recognized in loans at amortized cost, have been pledged as collateral in repo transactions.

• Investments securities:

i. Greek Government Bonds with a carrying amount of € 82,011 (31.12.2022: € 5,442,303) have been pledged as collateral to the European Central Bank for liquidity purposes.
ii. Greek Treasury Bills with a carrying amount of € 0 (31.12.2022: € 259,477), have been pledged as collateral to the European Central Bank for liquidity purposes.
iii. Bonds issued by other governments with a carrying amount of € 714,637 (31.12.2022: € 3,916,931) have been pledged as a collateral to the European Central Bank for liquidity purposes.
iv. Securities issued by the European Financial Stability Fund (EFSF) with a carrying amount of € 0 (31.12.2022: € 188,431), have been pledged to the European Central Bank for liquidity purposes.
v. Greek Government Bonds with a carrying amount of € 460,864 (31.12.2022 € 33,604) have been pledged as a collateral in repo transactions.
vi. Greek Treasury Bills with a carrying amount of € 394,172 (31.12.2022: € 396,126) have been pledged as collateral in the context of derivative transactions with the Greek State.
vii. Greek Treasury Bills with a carrying amount of € 0 (31.12.2022: € 986) have been pledged as collateral in the context of derivative transactions with customers.
viii. Greek Government Bonds with a carrying amount of € 644 (31.12.2022: € 0) have been pledged as collateral in the context of derivative transactions with customers.
ix. Greek Treasury Bills with a carrying amount € 0 (31.12.2022: € 1,097) have been pledged as collateral in repo transactions.
x. Corporate bonds with a carrying amount € 243,261 (31.12.2022: € 2,762) have been pledged as collateral in repo transactions.

Additionally, the Group has obtained:

i. The Group has also received Greek bonds of nominal value of € 9,400 (31.12.2022: € 6,000) and fair value of € 8,737 (31.12.2022: € 5,281) collateral in the context of derivative transactions with customers.
ii. The Group has received bonds with a nominal value of € 586,627 (31.12.2022 € 0) and a fair value of € 572,749 (31.12.2022 € 0) as collateral in the context of reverse repo transactions, which are not included in its assets. Out of these bonds, a covered bond issued by the Bank with nominal amount € 80,515 (31.12.2022 € 0) and fair value € 81,163 (31.12.2022 € 0) has been pledged as a collateral in a repo transaction.

24. Group Consolidated Companies

The consolidated financial statements, apart from the parent company Alpha Financial Services and Holdings S.A., include the following entities:

a. Subsidiaries

				Group's ownership interest %
Name		Country	30.9.2023	31.12.2022
	Banks
1	Alpha Bank S.A.	Greece	100.00	100.00
2	Alpha Bank London Ltd	United Kingdom	100.00	100.00
3	Alpha Bank Cyprus Ltd	Cyprus	100.00	100.00
4	Alpha Bank Romania S.A.	Romania	99.92	99.92
	Financing companies
1	Alpha Leasing S.A.	Greece	100.00	100.00
2	Alpha Leasing Romania IFN S.A.	Romania	100.00	100.00
3	ABC Factors S.A.	Greece	100.00	100.00
	Investment Banking
1	Alpha Finance A.E.P.E.Y.	Greece	100.00	100.00
2	Alpha Ventures S.A.	Greece	100.00	100.00
3	Alpha S.A. Ventures Capital Management - AKES	Greece	100.00	100.00
4	Emporiki Ventures Capital Developed Markets Ltd	Cyprus	100.00	100.00
5	Emporiki Ventures Capital Emerging Markets Ltd	Cyprus	100.00	100.00
	Asset Management
1	Alpha Asset Management M.F.M.C.	Greece	100.00	100.00
2	ABL Independent Financial Advisers Ltd	United Kingdom	100.00	100.00
	Insurance
1	Alpha Insurance Agents S.A.	Greece		100.00
2	Alpha Insurance Brokers S.R.L.	Romania	100.00	100.00
3	Alphalife A.A.E.Z.	Greece	100.00	100.00
	Real Estate and Hotel
1	Alpha Astika Akinita S.A.	Greece	93.17	93.17
2	Alpha Real Estate Management and Investments S.A.	Greece	100.00	100.00
3	Alpha Real Estate Bulgaria E.O.O.D.	Bulgaria	93.17	93.17
4	Chardash Trading E.O.O.D.	Bulgaria	100.00	100.00
5	Alpha Real Estate Services S.R.L.	Romania	93.17	93.17
6	Alpha Investment Property Attikis S.A.	Greece	100.00	100.00
7	AGI-RRE Participations 1 S.R.L.	Romania	100.00	100.00
8	Stockfort Ltd	Cyprus	100.00	100.00
9	Romfelt Real Estate S.A.	Romania	99.99	99.99
10	AGI-RRE Poseidon S.R.L.	Romania	100.00	100.00

				Group's ownership interest %
Name		Country	30.9.2023	31.12.2022
11	Alpha Real Estate Services LLC	Cyprus	93.17	93.17
12	AGI-BRE Participations 2 E.O.O.D.	Bulgaria	100.00	100.00
13	AGI-BRE Participations 2BG E.O.O.D.	Bulgaria	100.00	100.00
14	AGI-BRE Participations 4 E.O.O.D.	Bulgaria	100.00	100.00
15	APE Fixed Assets S.A.	Greece	72.20	72.20
16	Alpha Investment Property Neas Kifissias S.A.	Greece	100.00	100.00

17	Alpha Investment Property Kallirois S.A.	Greece	100.00	100.00
18	AGI-Cypre Tochni Ltd	Cyprus		100.00
19	AGI-Cypre Mazotos Ltd	Cyprus		100.00
20	Alpha Investment Property Livadias S.A.	Greece	100.00	100.00
21	Asmita Gardens S.R.L.	Romania	100.00	100.00
22	Cubic Center Development S.A.	Romania	100.00	100.00
23	Alpha Investment Property Neas Erythreas S.A.	Greece	100.00	100.00
24	AGI-SRE Participations 1 D.O.O.	Serbia	100.00	100.00
25	Alpha Investment Property Spaton S.A.	Greece	100.00	100.00
26	Alpha Investment Property Kallitheas S.A.	Greece	100.00	100.00
27	Kestrel Enterprise E.O.O.D.	Bulgaria	100.00	100.00
28	Alpha Investment Property Irakleiou S.A.	Greece	100.00	100.00
29	AGI-Cypre Property 2 Ltd	Cyprus	100.00	100.00
30	AGI-Cypre Property 4 Ltd	Cyprus		100.00
31	AGI-Cypre Property 5 Ltd	Cyprus	100.00	100.00

32	AGI-Cypre Property 6 Ltd	Cyprus		100.00
33	AGI-Cypre Property 8 Ltd	Cyprus	100.00	100.00
34	AGI-Cypre Property 7 Ltd	Cyprus	100.00	100.00
35	AGI-Cypre Property 9 Ltd	Cyprus		100.00
36	AGI-Cypre Property 12 Ltd	Cyprus		100.00
37	AGI-Cypre Property 13 Ltd	Cyprus		100.00
38	AGI-Cypre Property 14 Ltd	Cyprus		100.00
39	AGI-Cypre Property 15 Ltd	Cyprus	100.00	100.00
40	AGI-Cypre Property 16 Ltd	Cyprus		100.00
41	AGI-Cypre Property 17 Ltd	Cyprus	100.00	100.00
42	AGI-Cypre Property 18 Ltd	Cyprus		100.00
43	AGI-Cypre Property 19 Ltd	Cyprus		100.00
44	AGI-Cypre Property 20 Ltd	Cyprus		100.00
45	AGI-Cypre RES Pafos Ltd	Cyprus		100.00

46	AGI-Cypre P&F Nicosia Ltd	Cyprus		100.00
47	ABC RE P2 Ltd	Cyprus	100.00	100.00
48	ABC RE P3 Ltd	Cyprus	100.00	100.00
49	ABC RE L2 Ltd	Cyprus	100.00	100.00
50	AGI-Cypre RES Nicosia Ltd	Cyprus		100.00
51	AGI-Cypre P&F Limassol Ltd	Cyprus		100.00
52	AGI-Cypre Property 21 Ltd	Cyprus	100.00	100.00
53	AGI-Cypre Property 22 Ltd	Cyprus		100.00
54	AGI-Cypre Property 23 Ltd	Cyprus		100.00
55	AGI-Cypre Property 24 Ltd	Cyprus	100.00	100.00
56	ABC RE L3 Ltd	Cyprus	100.00	100.00
57	ABC RE P&F Limassol Ltd	Cyprus	100.00	100.00
58	AGI-Cypre Property 25 Ltd	Cyprus	100.00	100.00
59	AGI-Cypre Property 26 Ltd	Cyprus		100.00
60	ABC RE COM Pafos Ltd	Cyprus		100.00

61	ABC RE RES Larnaca Ltd	Cyprus	100.00	100.00
62	AGI-Cypre P&F Pafos Ltd	Cyprus		100.00
63	AGI Cypre Property 27 Ltd	Cyprus	100.00	100.00
64	ABC RE L4 Ltd	Cyprus		100.00
65	ABC RE L5 Ltd	Cyprus	100.00	100.00
66	AGI-Cypre Property 28 Ltd	Cyprus		100.00
67	AGI-Cypre Property 29 Ltd	Cyprus		100.00
68	AGI-Cypre Property 30 Ltd	Cyprus	100.00	100.00
69	AGI-Cypre COM Pafos Ltd	Cyprus		100.00
70	AIP Industrial Assets Athens S.M.S.A.	Greece	100.00	100.00
71	AGI-Cypre Property 31 Ltd	Cyprus		100.00
72	AGI-Cypre Property 32 Ltd	Cyprus		100.00
73	AGI-Cypre Property 33 Ltd	Cyprus	100.00	100.00

74	AGI-Cypre Property 34 Ltd	Cyprus	100.00	100.00
75	Alpha Group Real Estate Ltd	Cyprus	100.00	100.00
76	ABC RE P&F Pafos Ltd	Cyprus	100.00	100.00

				Group's ownership interest %
Name		Country	30.9.2023	31.12.2022
77	ABC RE P&F Nicosia Ltd	Cyprus	100.00	100.00
78	ABC RE RES Nicosia Ltd	Cyprus	100.00	100.00
79	AIP Industrial Assets Rog S.M.S.A	Greece	100.00	100.00
80	AIP Attica Residential Assets I S.M.S.A	Greece	100.00	100.00
81	AIP Thessaloniki Residential Assets S.M.S.A.	Greece	100.00	100.00
82	AIP Cretan Residential Assets S.M.S.A	Greece	100.00	100.00
83	AIP Aegean Residential Assets S.M.S.A	Greece	100.00	100.00

84	AIP Ionian Residential Assets S.M.S.A	Greece	100.00	100.00
85	AIP Commercial Assets City Centres S.M.S.A	Greece	100.00	100.00
86	AIP Thessaloniki Commercial Assets S.M.S.A.	Greece	100.00	100.00
87	AIP Commercial Assets Rog S.M.S.A.	Greece	100.00	100.00
88	AIP Attica Retail Assets I S.M.S.A.	Greece	100.00	100.00
89	AIP Attica Retail Assets III S.M.S.A.	Greece	100.00	100.00
90	AIP Attica Retail Assets II S.M.S.A.	Greece	100.00	100.00
91	AIP Retail Assets Rog S.M.S.A.	Greece	100.00	100.00
92	AIP Land II S.M.S.A	Greece	100.00	100.00
93	ABC RE P6 Ltd	Cyprus		100.00
94	AGI-Cypre Property 35 Ltd	Cyprus		100.00
95	AGI-Cypre P&F Larnaca Ltd	Cyprus		100.00
96	AGI-Cypre Property 37 Ltd	Cyprus	100.00	100.00
97	AGI-Cypre RES Ammochostos Ltd	Cyprus		100.00

98	AGI-Cypre Property 38 Ltd	Cyprus	100.00	100.00
99	AGI-Cypre RES Larnaca Ltd	Cyprus		100.00
	100 ABC RE P7 Ltd	Cyprus		100.00
	101 AGI-Cypre Property 42 Ltd	Cyprus		100.00
	102 ABC RE P&F Larnaca Ltd	Cyprus		100.00
	103 Krigeo Holdings Ltd	Cyprus	100.00	100.00
	104 AGI-Cypre Property 43 Ltd	Cyprus		100.00
	105 AGI-Cypre Property 44 Ltd	Cyprus		100.00
	106 AGI-Cypre Property 45 Ltd	Cyprus		100.00
	107 AGI-CYPRE PROPERTY 40 LTD	Cyprus	100.00	100.00
	108 ABC RE RES Ammochostos Limited	Cyprus	100.00	100.00
	109 ABC RE RES Paphos Limited	Cyprus		100.00
	110 Sapava Limited	Cyprus	100.00	100.00
	111 AGI-Cypre Property 46 Limited	Cyprus		100.00

	112 AGI-Cypre Property 47 Limited	Cyprus	100.00	100.00
	113 AGI-Cypre Property 48 Limited	Cyprus	100.00	100.00
	114 Alpha Credit Property 1 Limited	Cyprus	100.00	100.00
	115 Office Park I SRL	Romania	100.00	100.00
	116 AGI-Cypre Com Nicosia Limited	Cyprus		100.00
	117 AGI-Cypre Property 49 Limited	Cyprus		100.00
	118 AGI-Cypre Property 50 Limited	Cyprus		100.00
	119 AGI-Cypre Com Larnaca Limited	Cyprus		100.00
	120 Acarta Construct SRL	Romania	100.00	100.00
	121 AGI-Cypre Property 51 Limited	Cyprus		100.00
	122 AGI-Cypre Property 52 Limited	Cyprus	100.00	100.00
	123 AGI-Cypre Property 53 Limited	Cyprus		100.00
	124 Alpha Credit Properties Limited	Cyprus		100.00
	125 AGI-Cypre Property 55 Limited	Cyprus		100.00
	126 AGI-Cypre Property 54 Limited	Cyprus		100.00

	127 Engromest	Romania
	128 S.C. Carmel Residential Srl	Romania	100.00	100.00
	129 AGI-Cypre Property 56 Limited	Cyprus	100.00	100.00
	130 AIP Commercial Assets ΙΙ S.M.S.A	Greece	100.00	100.00
131	AIP Attica Retail Assets IV S.M.S.A.	Greece	100.00	100.00
	132 Startrek Real Estate Μ.S.A.	Greece	100.00	100.00
	133 Nigrinus Limited	Greece	100.00	100.00
	134 Skyline Properties Μ.S.A.	Greece	100.00	100.00
	135 Athens Commercial Assets I	Greece	100.00	100.00
	136 Athens Commercial Assets II	Greece	100.00	100.00
	Special purpose and holding entities
1	Alpha Group Investments Ltd	Cyprus	100.00	100.00
2	Ionian Equity Participations Ltd	Cyprus	100.00	100.00

3	AGI-BRE Participations 1 Ltd	Cyprus	100.00	100.00
4	AGI-RRE Participations 1 Ltd	Cyprus	100.00	100.00
5	SKY CAC LIMITED	Cyprus		100.00

				Group's ownership interest %
Name		Country	30.9.2023	31.12.2022
6	Katanalotika Plc	United Kingdom
7	Epihiro Plc	United Kingdom
8	Irida Plc	United Kingdom
9	Pisti 2010-1 Plc	United Kingdom
10	Alpha Shipping Finance Ltd	United Kingdom
11	Alpha Quantum DAC	Ireland
12	AGI-RRE Poseidon Ltd	Cyprus	100.00	100.00
13	AGI-RRE Hera Ltd	Cyprus	100.00	100.00
14	Alpha Holdings Μ.S.A.	Greece	100.00	100.00
15	AGI-BRE Participations 2 Ltd	Cyprus	100.00	100.00
16	AGI-BRE Participations 3 Ltd	Cyprus	100.00	100.00
17	AGI-BRE Participations 4 Ltd	Cyprus	100.00	100.00
18	AGI-RRE Ares Ltd	Cyprus	100.00	100.00
19	AGI-RRE Artemis Ltd	Cyprus	100.00	100.00
20	AGI-BRE Participations 5 Ltd	Cyprus	100.00	100.00
21	AGI-RRE Cleopatra Ltd	Cyprus	100.00	100.00
22	AGI-RRE Hermes Ltd	Cyprus	100.00	100.00
23	AGI-RRE Arsinoe Ltd	Cyprus	100.00	100.00
24	AGI-SRE Ariadni Ltd	Cyprus	100.00	100.00
25	Zerelda Ltd	Cyprus	100.00	100.00
26	AGI-Cypre Evagoras Ltd	Cyprus	100.00	100.00
27	AGI-Cypre Tersefanou Ltd	Cyprus	100.00	100.00
28	AGI-Cypre Ermis Ltd	Cyprus	100.00	100.00
29	AGI-SRE Participations 1 Ltd	Cyprus	100.00	100.00
30	Alpha Credit Acquisition Company Ltd	Cyprus	100.00	100.00
31	Alpha International Holdings Μ.S.A.	Greece	100.00	100.00
32	Gemini Core Securitisation Designated Activity Company	Ireland
33	AIP Commercial Assets III .M.S.A.	Greece	100.00
34	AGI-BRE Bistrica EOOD	Bulgaria	100.00
35	AGI-BRE Vasil Levski EOOD	Bulgaria	100.00
36	AGI-BRE Ekzarh Yosif EOOD	Bulgaria	100.00
	Other companies
1	Alpha Bank London Nominees Ltd	United Kingdom	100.00	100.00
2	Alpha Trustees Ltd	Cyprus	100.00	100.00
3	Kafe Alpha S.A.	Greece	100.00	100.00
4	Alpha Supporting Services S.A.	Greece	100.00	100.00
5	Real Car Rental S.A.	Greece	100.00	100.00
6	Emporiki Management S.A.	Greece	100.00	100.00
7	Alpha Bank Notification Services S.A.	Greece	100.00	100.00

b. Joint ventures

			Group's ownership interest %
Name		Country	30.9.2023	31.12.2022
1	APE Commercial Property S.A.	Greece	72.20	72.20
2	APE Investment Property S.A.	Greece	71.08	71.08
3	Alpha TANEO KES	Greece	51.00	51.00
4	Rosequeens Properties Ltd	Cyrprus	33.33	33.33
5	Panarae Saturn LP	Jersey	61.58	61.58
6	Alpha Investment Property Commercial Stores S.A.	Greece	70.00	70.00
7	Iside spv Srl	Italy

c. Associates

			Group's ownership interest %
Name		Country	30.9.2023	31.12.2022
1	ΑEDEP Thessalias and Stereas Ellados	Greece	50.00	50.00
2	ALC Novelle Investments Ltd	Cyrprus	33.33	33.33
3	Banking Information Systems S.A.	Greece	23.77	23.77
4	Propindex AEDA	Greece	35.58	35.58
5	Olganos S.A.	Greece	30.44	30.44
6	Alpha Investment Property Elaiona S.A	Greece	50.00	50.00
7	Zero Energy Buildings Energy Services S.A.	Greece	43.87	43.87
8	Perigenis Commercial Assets S.A.	Greece	32.00	32.00
9	Cepal Holdings S.A.	Greece	20.00	20.00
10	Aurora SME I DAC	Ireland
11	Alpha Compass DAC	Ireland
12	Nexi Payments Hellas S.A.	Greece	9.99	9.99

Detailed information on corporate events for the companies included in the consolidated financial statements is set out in note 33.

With respect to subsidiaries the following are noted:

The subsidiary Stockfort Ltd is a group of companies that includes the company Pernik Logistics Park E.O.O.D.
The Group hedges the foreign exchange risk arising from the net investment in subsidiaries through the use of derivatives in their functional currency.

With respect to Joint Ventures the following are noted:

Τhe Bank has obtained bonds issued by the Iside Spv Srl, which was established in order to serve the financing activities of corporates. Since the basic operations of the company is related with the issued bonds and the respective decisions are taken commonly with the other creditor, the Group exercises common control.
APE Investment Property A.E. is the parent company of a group that includes the subsidiaries Symet S.A., Astakos Terminal S.A., Akarport S.A. and NA.VI.PE S.A.
The Group of APE Investment Property A.E. has been classified as asset held for sale and is measured in accordance with IFRS 5 (note 31).

With respect to Associates the following are noted:

The Group's associates include the special purpose company Alpha Compass DAC through which the Bank in June 2023 made a synthetic securitization transaction of wholesale loans, as well as the special purpose company Aurora SME I DAC through which the Bank in December 2021 made a synthetic securitization transaction of small and medium and large business loans. While the activities and returns of the above companies are predetermined, the Bank reserves the right to make decisions on specific core activities that arise if the special purpose companies suffer a credit event and/or if the collateral of the bond issued to the third party is downgraded. Therefore, the Bank exerts a significant influence on the special purpose companies. As the Bank does not participate in their share capital and has no exposure to any of their equity instruments, the equity method is not applicable.
The 9.99% interest in Nexi Payments Hellas S.A. is classified as investment in associates since the Group exercises significant influence over the associate as the Bank has representation to the Board of Directors of the company and participates in the decision making of the main operations.

25. Segmental Reporting

In the fourth quarter of 2022, the Executive Committee, which is the ultimate decision maker on the basis of which segment performance is targeted, monitored, and assessed, decided to proceed to the change of the operating segments, through which it manages the Group's activities, in order to be consistent with the organizational and operational changes that resulted from the implementation of the Transformation Program. The allocation of activities to the new operating segments reflects a customer-centric approach with emphasis on client's asset management operations, the operation of the International Business Network and the management of Non-Performing Assets based on a separate segment.

(Amounts in mn. Euro)
	1.1 – 30.9.2023
	Retail	Wholesale	Wealth Management & Treasury	International Operations	Non Performing Assets	Other/Elimination Center	Group
Net interest income	472.1	437.5	182.4	194.2	51.7	2.7	1,340.6
Net fee and commission income	100.0	85.2	64.7	34.5	8.6	0.5	293.5
Other income	13.4	15.0	(0.9)	17.9	9.0	6.1	60.5
Total income	585.5	537.7	246.2	246.6	69.3	9.3	1,694.6
Of which income between operating segment	13.5	17.2	4.5	(3.1)	(12.0)	(20.1)
Total expenses	(303.7)	(103.2)	(68.0)	(142.0)	(62.6)	(36.6)	(716.1)
Impairment losses and provisions to cover credit risk and other related expenses	(43.4)	(24.8)	(0.1)	(7.3)	(196.2)	(1.3)	(273.1)
Impairment losses on other financial instruments	0.3		2.9				3.2
Gains/(Losses) on fixed assets and equity investments		0.2	0.2		16.7	(1.4)	15.7
Provisions and transformation costs	(39.8)	(17.2)	(7.1)	(0.1)	24.4	(2.6)	(42.4)
Share of profit/(loss) of associates and joint ventures						0.6	0.6
Profit/(losses) before income tax	198.9	392.7	174.1	97.2	(148.4)	(32.0)	682.5
Income tax							(191.8)
Profit/(losses) after income tax							490.7
Assets 30.9.2023	12,777.6	20,935.7	24,611.7	8,099.0	3,845.8	4,122.4	74,392.2
Liabilities 30.9.2023	34,389.7	8,688.1	15,093.4	7,429.7	478.9	1,155.1	67,234.9
Depreciation and Amortization	(64.1)	(19.8)	(12.7)	(15.4)	(10.4)	(4.2)	(126.6)
Investments in associates and joint ventures							98.9

Losses before income tax expense of the operating segment "Other / Elimination Center" amounting in total to € 32.0 mn. includes expenses from elimination between operating segments of € 0.6 mn. and expenses from other operations of € 31.4 mn. These unallocated amounts refer to results from operations that do not represent a separate operating segment.

		(Amounts in mn. Euro)

	1.1 - 30.9.2022 as restated
	Retail	Wholesale	Wealth Management & Treasury	International Operations	Non Performing Assets	Other/Elimination Center	Group
Net interest income	288.4	370.5	60.3	120.6	87.8	(8.4)	919.2
Net fee and commission income	96.6	101.3	58.9	32.2	7.1	0.3	296.4
Other income	8.0	15.5	159.1	13.2	(11.8)	14.6	198.6
Total income	393.0	487.3	278.3	166.0	83.1	6.5	1,414.2
Of which income between operating segment	14.8	15.8	9.6	(5.5)	(14.3)	(20.4)
Total expenses	(310.3)	(111.4)	(60.3)	(133.3)	(65.5)	(27.3)	(708.1)
Impairment losses and provisions to cover credit risk and other related expenses	(61.4)	(9.9)	(0.1)	15.7	(413.0)		(468.7)
Impairment losses on other financial instruments	0.3		4.7	(2.1)			2.9
Gains/(Losses) on fixed assets and equity investments	158.2	139.4	0.1	(0.1)	(48.0)	12.0	261.6
Provisions and transformation costs	(2.8)	(2.8)	(0.7)	0.4		0.1	(5.8)
Share of profit/(loss) of associates and joint ventures						5.3	5.3
Profit/(losses) before income tax from continued operations	177.0	502.6	222.0	46.6	(443.4)	(3.4)	501.4
Income tax							(209.8)
Profit/(losses) after income tax from continued operations							291.6
Profit/(losses) after income tax from discontinued operations				17.4			17.4
Profit/(losses) after income tax							309.0
Assets 31.12.2022	12,674.2	21,237.0	27,695.7	7,546.0	4,912.9	3,947.0	78,012.8
Liabilities 31.12.2022	32,860.7	8,719.6	21,675.7	7,023.4	1,092.0	376.7	71,748.1
Depreciation and Amortization	(56.9)	(20.5)	(10.0)	(14.8)	(9.5)	(5.4)	(117.1)
Investments in associates and joint ventures							98.7

64 The amounts are presented in thousands of Euro unless otherwise indicated

The comparative figures have been adjusted to take into consideration the effects of the IFRS 17 implementation, the impact from the reclassification of credit card related expenses from "General Administration expenses" to "Commission expenses", the impact of the changes from the new presentation of Income Statement and the re-definition of segments as disclosed in Note 42 of the annual financial statements of 31.12.2022.

Profit before income tax expenses of operating segment "Other/Elimination Center" amounting in total of € 3.4 mn. includes income from elimination between operating segments of € 0.85 mn. and expenses from other operations of € 4.25 mn. These unallocated amounts refer to results from operations that do not represent a separate operating segment.

26. Exposure in credit risk from debt securities issued by the Greek State

The following table presents the Group's total exposure in debt securities issued by Greek State:

	30.9.2023		31.12.2022
Portfolio	Nominal value	Carrying amount	Nominal value	Carrying amount
Securities measured at fair value through other comprehensive income	1,193,803	1,156,773	1,180,545	1,143,994
Securities measured at amortized cost	6,349,415	6,383,643	5,162,023	5,458,911
Trading	30,320	28,582	363	338
Total *	7,573,538	7,568,998	6,342,931	6,603,243

* Information regarding the pledging of the securities included in the tables above is provided in Note 23.

The Group's exposure to Greek State, for financial instruments other than securities, is presented in the table below:

On balance sheet

	Carrying amount
	30.9.2023	31.12.2022
Derivative financial instruments-assets	53,035	86,208
Derivative financial instruments-liabilities	(648,410)	(626,564)

The Group's exposure to loans granted to public sector entities/organizations as of 30.9.2023 amounted to € 37,986 (31.12.2022: € 27,292). As at 30.9.2023, the Group has recognized accumulated impairment for the above-mentioned loans amounted to € 609 (31.12.2022: € 771).

In addition, the balance of Group's loans that are guaranteed by the Greek State as of 30.9.2023 amounted to € 6,127,702 (31.12.2022: € 6,622,624). This category includes the senior notes of Galaxy and Cosmos securitization transactions and loans guaranteed by the Greek State either directly or through Joint Ministerial Decisions, loans guaranteed by Hellenic Development Bank S.A. The Group has recognized accumulated impairment for the above-mentioned loans amounted to € 46,405 (31.12.2022: € 45,375).

Off balance sheet exposure

	30.9.2023		31.12.2022
	Nominal value	Carrying amount	Nominal value	Carrying amount
Greek Government Bonds received as collateral for derivatives transactions	9,400	8,737	6,000	5,281
Greek Government Bonds received as collateral for funding purposes	374,142	368,063

27. Financial instruments fair value disclosures

Fair value of financial instruments measured at amortized cost

	30.9.2023		31.12.2022 as restated
	Fair value	Carrying amount	Fair value	Carrying amount
Financial Assets
Loans and advances to customers	38,422,610	38,120,483	37,124,769	38,250,934
Investment securities	12,597,806	13,722,755	9,973,427	11,336,249
Financial Liabilities
Due to customers	52,163,249	52,330,891	50,618,807	50,760,889
Debt securities in issues and other borrowed funds	3,048,864	2,986,668	2,817,461	2,922,979

The above table set out the fair values and carrying amounts of those financial assets that are not measured at fair value.

The fair value of loans and advances to customers measured at amortised cost is estimated using a model for discounting the contractual future cash flows until maturity. The components of the discount rate are the interbank market yield curve, the liquidity premium, the operational cost, the capital requirement, and the expected loss rate.

For the loans that for credit risk purposes are classified as impaired and are individually assessed for impairment, the model uses the expected future cash flows excluding expected credit losses. For the fair valuation of the impaired loans which are collectively assessed for impairment, estimates are made for principal repayment after considering the allowance for expected credit losses. The discount rate of impaired loans is constituted of the interbank market yield curve, the liquidity premium, the operational cost, and the capital requirement.

The fair value of debt securities classified as Loans and advances to customers and measured at amortized cost, is being calculated through the use of a model for discounting the contractual future cash flows considering their credit risk.

The fair value of investment and debt securities is calculated on the basis of market prices, where there is an active market. In other cases, the discounted cash flow method is applied, where all substantial variables are based either on observable data or on a combination of observable and unobservable market data.

The fair value of deposits is estimated based on the interbank market yield curve the operational cost and the liquidity premium until their maturity.

The fair value of liabilities from insurance contracts measured under IFRS 9, which is included in "Due to customers", is calculated using the Market Consistent Embedded Value (MCEV).

The fair value of the remaining financial assets and liabilities which are measured at amortised cost does not differ materially from their respective carrying amount.

^* Certain figures of the previous period have been restated as described in note 34.

Fair Value hierarchy - financial assets and liabilities measured at fair value

	30.9.2023
	Level 1	Level 2	Level 3	Total fair value
Derivative financial assets	3,983	2,428,458		2,432,441
Trading securities
- Bonds and Treasury bills	44,712	1,253		45,965
- Shares	20,420			20,420
Securities measured at fair value through other comprehensive income
- Bonds and Treasury bills	1,781,691	48,366	318	1,830,375
- Shares	24,128		25,947	50,075
Securities measured at fair value through profit or loss
- Bonds and Treasury bills			13,475	13,475
- Other variable yield securities	376,559	13,272	1,936	391,767
- Shares	6,723	105,430	8,800	120,953
Loans measured at fair value through profit or loss			179,754	179,754
Advances to customers measured at fair value through profit or loss			498,626	498,626
Derivative financial liabilities	112	2,396,597		2,396,709

	31.12.2022
	Level 1	Level 2	Level 3	Total fair value
Derivative financial assets	712	2,141,484		2,142,196
Trading securities
- Bonds and Treasury bills	429			429
- Shares	3,832			3,832
Securities measured at fair value through other comprehensive income
- Bonds and Treasury bills	1,674,200	96,184	312	1,770,696
- Shares	11,653		24,096	35,749
Securities measured at fair value through profit or loss
- Bonds and Treasury bills	2,760		10,828	13,588
- Other variable yield securities	248,168	15,251	1,936	265,355
- Shares	6,773	32,990	8,800	48,563
Loans measured at fair value through profit or loss			314,191	314,191
Advances to customers measured at fair value through profit or loss			182,691	182,691
Derivative financial liabilities	107	2,305,211		2,305,318

The above tables present the fair value hierarchy of financial instruments measured at fair value per fair value hierarchy level based on the significance of the data used for its determination. The valuation methodology of debt securities is approved by the Asset Liability Committee.

Level 1 includes securities which are traded in an active market and exchange-traded derivatives.

Level 2 includes securities whose fair value is calculated based on non-binding market prices provided by dealers-brokers or securities whose fair value is estimated based the income approach methodology with the use of interest rates and credit spreads which are observable in the market.

Level 3 includes securities the fair value of which is estimated using significant unobservable inputs

The fair value calculation methodology has not been amended as consequence of the Russia Ukraine war. It is noted that specifically for securities whose fair value is calculated based on market prices, bid prices are used and daily checks are performed with regards to their change in fair value.

The fair value of loans measured at fair value through profit or loss, is estimated based on the valuation methodology as described above in the disclosure of fair value for loans measured at amortized cost. Given that the data used for the calculation of fair value are non-observable, loans are classified at Level 3.

Shares which are traded in active market are included in Level 1. Shares, the fair value of which is computational, are classified to Level 2 or Level 3, depending on the extent of the contribution of unobservable data in the calculation of the fair value. The fair value of non-listed shares, as well as shares not traded in an active market is determined either based on the Group's share on the issuer's equity or by the multiples valuation method or the estimations made by the Group regarding the future profitability of the issuer considering the expected growth rate of its operations, as well as the weighted average rate of capital return which is used as discount rate.

Income methodologies are used for the valuation of over-the-counter derivatives: discounted cash flow models, option calculation models, or other widely accepted economic valuation models.

The valuation methodology of the over-the-counter derivatives is approved by the Assets Liabilities Committee. Mid prices are considered as both long and short positions may be open. Valuations are checked on a daily basis with the respective prices of counterparty banks or central clearing houses in the context of the daily process of provision of collaterals and settlement of derivatives. If the non-observable inputs used for the determination of fair value are significant, then the above financial assets are classified as Level 3 or otherwise as Level 2.

In addition, the Group calculates the credit valuation adjustment (CVA) in order to consider, the counterparty credit risk for the OTC derivatives. In particular, taking into consideration its own credit risk, the Group calculates the bilateral credit valuation adjustment (Bilateral CVA/BCVA) for the OTC derivatives held on a counterparty level according to netting and collateral agreements in force. BCVA is calculated across all counterparties with a material effect on the respective derivative fair values taking into consideration the default probability of both the counterparty and Group, the impact of the first time of default, the expected OTC derivative exposure, the loss given default of the counterparty and of Group and the specific characteristics of netting and collateral agreements in force.

Collaterals and derivatives exposure per counterparty simulate throughout the life of respective financial assets. Calculations performed depend largely on observable market data. Market quoted counterparty and Bank's CDS spreads are used in order to derive the respective probability of default, a market standard recovery rate is assumed for developed market counterparties, correlations between market data are considered and subsequently a series of simulations is performed to model the portfolio exposure over the life of the related instruments. In the absence of observable market data, the counterparty probability of default and loss given default are determined using the Group's internal models for credit rating and collateral valuation. BCVA model is validated from an independent division of the Group according to best practices.

A breakdown of BCVA across counterparty sectors and credit quality (as defined for presentation purposes of the table " Loans by credit quality and IFRS 9 Stage") is given below:

	30.9.2023	31.12.2022
Category of counterparty
Corporates	195	403
Governments	976	856

	30.9.2023	31.12.2022
Hierarchy of counterparty by credit quality
Strong	1,154	364
Satisfactory	17	895

The table below presents the valuation methods used for the measurement of Level 3 fair value:

	30.9.2023
	Total Fair Value	Fair Value	Valuation Method	Significant Non-observable Inputs
Bonds measured at fair value through other comprehensive income	318		318 Based on issuer price / Cash flow discount with an estimate of the bond yield	Issuer price
Shares measured at fair value through other comprehensive income	25,947	25,947	Discounted cash flows / Multiples valuation	Future profitability of the issuer, expected growth rate / Valuation indexes / WACC
Bonds measured at fair value through profit or loss	13,475		13,475 Based on issuer price / Discounted cash flows with estimation of credit risk	Issuer price / Credit spread
Shares measured at fair value through profit or loss	8,800	8,800	Discounted cash flows / Multiples valuation method / Expected transaction price	Future profitability of the issuer, expected growth rate / Valuation indexes
Other variable yield securities	1,936	1,936	Discounted cash flows	Future profitability of the issuer
Loans measured at fair value through profit or loss	179,754	179,754	Discounted cash flows with interest being the underlying variable, considering the counterparty's credit risk	Expected loss and cash flows from counterparty' credit risk
Advances to customers measured at fair value through profit or loss	498,626	498,626	Discounted cash flows of the underlying receivables portfolio / Discounted cash flows of estimated revenue / EBITDA	Cash Flows from the management of the underlying receivables portfolio / Revenue growth rate / EBITDA

Advances to customers measured at fair value through profit or loss measured at fair value through profit or loss includes earn out and contingent considerations for which the methodology followed is described below.

In relation to the valuation of the earn-out consideration (from the buyer to the Bank in the context of the disposal of the 80% of the equity shares of the former subsidiary) which is related to the estimated earnings before depreciation, tax, and interest (EBITDA) of Cepal Holdings for the next six years, the base scenario of the company's business plan was taken into consideration.

Based on this scenario (which is in line with the valuation of 20% of the Bank's investment in the company), the valuation of the earn-out consideration is zero.

In the context of the sale of Alpha Payment Services S.M.S.A. to Nexi S.p.A., the Bank reserves the right to repurchase in the fourth year after the completion of the transaction part of the shares that will correspond to a participation between 24% and 39% in the company for a fixed strike price.

According to the estimated figures of the company, the value of this option as of 30.9.2023 is zero.

The contingent consideration related to the sale of NPE portfolios is based on the estimated net recoveries of the underlying portfolio's under the base scenario of the Business Plan as agreed between the parties. The expected earn-out consideration, based on the above base case assumptions, have been further discounted to their present value based on their projected payment period.

	31.12.2022
	Total Fair Value	Fair Value	Valuation Method	Significant Non-observable Inputs
Bonds measured at fair value through other comprehensive income	312		312 Based on issuer price / Cash flow discount with an estimate of the bond yield	Issuer price
Shares measured at fair value through other comprehensive income	24,096		24,096 Discounted cash flows / Multiples valuation) / WACC	Future profitability of the issuer, expected growth / Valuation ratios / Average weighted cost of capital
Bonds measured at fair value through profit or loss	10,828		10,828 Based on issuer price / Discounted cash flows with estimation of credit risk	Issuer price / Credit spread -Future Cashflows
Shares measured at fair value through profit or loss	8,800	8,800	Discounted cash flows / Multiples valuation method / Expected transaction price	Future profitability of the issuer, expected growth rate / Valuation indexes
Other variable yield securities	1,936	1,936	Discounted cash flows	Future profitability of the issuer
Loans measured at fair value through profit or loss	314,191	314,191	Discounted cash flows with interest being the underlying instruments, considering the counterparty's credit risk	Expected loss and cash flows from counterparty's credit risk
Advances to customers measured at fair value through profit or loss	182,691	182,691	Discounted cash flows of the underlying receivables portfolio / Discounted cash flows of estimated revenue / EBITDA	Cash Flows from the management of the underlying receivables portfolio / Revenue growth rate / EBITDA

The Group reassesses the fair value hierarchy on an instrument-by-instrument basis at each reporting period and proceeds with the transfer of financial instruments, when required, based on the data at the end of each reporting period.

Within the current reporting period bonds of a total amount of € 56,362 have been transferred from Level 2 to Level 1 due to the bid-ask spread being inside the limit range set for a market to be classified as active. In addition, bonds of a total amount of € 3,499 have been transferred from Level 1 to Level 2 due to the bid-ask spread being outside the limit range set for a market to be classified as active.

Within the previous reporting period bonds of a total amount of € 64,804 have been transferred from Level 1 to Level 2 due to the bid-ask spread being outside the limit range set in order for a market to be classified as active.

A reconciliation of the movement of financial assets measured at fair value and classified at Level 3.

	30.9.2023 Assets
	Securities measured at fair value through other comprehensive income	Securities measured at fair value through profit or loss	Loans measured at fair value through profit or loss	Other receivables measured at fair value
Balance 1.1.2023	24,409	21,564	314,191	182,691
Total gain or loss recognized in Income Statement	86	3,004	11,931	2,553
- Interest	116	450	10,197	4,056
- Gains less losses on financial transactions		2,554	1,734	(1,503)
- Impairment losses	(30)
Purchases / Disbursements / Initial Recognition	2,746		37,653	313,383
Total gain/(loss) recognized in Equity – (OCI)	(82)
Total gain/(loss) recognized in Equity – (R/E)	(367)
Repayments	(527)	(357)	(32,363)
Sales / Derecognition			(151,658)
Balance 30.9.2023	26,265	24,211	179,754	498,627
Gain/(loss) included in the income statement and relate to financial instruments included in the balance sheet at the end of the reporting period 1.1 - 30.9.2023	86	3,002	9,138	2,553
- Interest	116	448	6,641	4,056
- Impairment losses	(30)
- Gain less losses on financial transaction		2,554	2,497	(1,503)

	31.12.2022
	Assets
	Securities measured at fair value through other comprehensive income	Securities measured at fair value through profit or loss	Loans measured at fair value through profit or loss	Other receivables measured at fair value
Balance 1.1.2022	37,919	46,095	159,696	40,000
Total gain or loss recognized in Income Statement		7,558	9,943	324
- Interest		915	6,323	324
- Gains less losses on financial transactions		6,643	3,620
Total gain/(loss) recognized in Equity – (R/E)	(92)
Purchases / Disbursements / Initial Recognition	890	325	272,014	141,902
Sales / Derecognition		(1,058)
Repayments	(2,208)	(9,928)	(66,092)
Transfer in Level 3 from Level 2	428
Transfer to assets held for sale			(55,095)
Balance 30.9.2022	36,937	42,992	320,466	182,226
Changes for the period 1.10 - 31.12.2022
Total gain or loss recognized in Income Statement		164	1,881	465
- Interest		398	4,192	465
- Gains less losses on financial transactions		(234)	(2,311)
Total gain/(loss) recognized in Equity – (R/E)	(10,913)
Purchases / Disbursements / Initial Recognition	128		843
Sales / Derecognition	(486)	(21,288)
Repayments	(1,141)	(304)	(8,999)
Transfer in Level 3 from Level 2	(116)
Transfer to assets held for sale
Balance 31.12.2022	24,409	21,564	314,191	182,691
Gain/(loss) included in the income statement and relate to financial instruments included in the balance sheet at
the end of the reporting period 1.1 - 30.9.2022		7,424	4,836	324
- Interest		915	4,881	324
- Gains less losses on financial transactions		6,509	(45)

Within the comparative reporting period a security has been transferred from Level 2 to Level 3 due to lack of observable inputs in the market.

A sensitivity analysis of financial instruments classified at Level 3 of fair value hierarchy and of which their valuation was based on significant non-observable data as at 30.9.2023 is depicted below:

			Non-observable inputs change	Total effect in income statement		Total effect in Equity
	Significant Non observable inputs	Quantitative information on non observable inputs		Favorable variation	Unfavorable variation	Favorable variation	Favorable variation
Bonds measured at fair value through other comprehensive income	Issuer price	Average issuer price equal to 3.25%	Variation ± 10% in issuer price			9	(9)
Shares measured at fair value through other comprehensive income	Valuation indexes / WACC	Valuation P/BV 0.60, WACC +1%	Vatiation ± 10% in P/B and ±1% in WACC			410	(410)
Bonds measured at fair value through profit or loss	Issuer price / Credit spread	Average issuer price equal to 81% /Average credit spread equal to 759 bps	Variation ± 10% in issuer price, ± 10%	1,201	(1,177)
Loans measured at fair value through profit or loss	Expected credit loss and cash flows from credit risk of the counterparty	Weighted Average Spread for Credit Risk, Liquidity Premium & Operational Risk equal to 12.86%	Decrease of the expected cash flows by 10% on loans individually assessed	3	(3)
Advances to customers measured at fair value through profit or loss	Cash flows from management of underlying receivables portfolio	Value of property collateral € 607.6 mn. and third-party receivables € 42.4 mn.	Variation ± 4% to property collateral valuation. Variation ± 33% to third party receivables	9,000	(7,000)
	Contingent consideration - Rate of increase in revenue Nexi Payments Hellas S.A. by 2025	Average revenue increase 15% by year between 2022 and 2025	+/- 20%	3,761	(1,847)
	Contingent consideration- EBITDA of Cepal Holdings for the next 6 years	Estimated profits of the company Cepal Holdings	± 10% in estimated profits of the company	3,120
	Contingent consideration related to NPE portfolio sales	Weighed average cost of capital	± 10% in WACC	3,514	(3,501)
Total				20,599	(13,528)	419	(419)

A sensitivity analysis of financial instruments classified at Level 3 the valuation of which was based on significant unobservable
data as at 31.12.2022 is depicted in the table below:

	Significant Non	Quantitative information	Non-observable inputs	Total effect in income statement		Total effect in Equity
	observable inputs	on non-observable inputs	change	Favorable variation	Unfavorable variation	Favorable variation	Favorable variation
Bonds measured at fair value through other comprehensive income	Issuer price		Issuer price equal to 7.0% Variation ± 10% in issuer price			20	(20)
Shares measured at fair value through other comprehensive income	Future profitability of issuer, expected growth / Valuation indexes / Weighted average cost of capital	Valuation index P/BV 0.48x, P/BV, WACC	Variation ± 10% in P/B. WACC ±1%			350	(380)
Bonds measured at fair value through profit or loss	Issuer price / Credit spread	Average issuer price equal to 76% Average credit spread equal to 1,722 bps	Variation ± 10% in issuer price, ± 10% n adjustment of estimated / Credit Risk	1,009	(986)
Loans measured at fair value through profit or loss	Expected credit loss and cash flows from credit risk of the counterparty	Average credit spread, liquidity premium and operational risk equal to 41.27%	Decrease of the expected cash flows by 10% on loans individually assessed	1,161	(1,161)
Shares at fair value through profit or loss	Future profitability of issuer, expected growth / Valuation indexes	Adjustment of cash flows discount based on the Buyer's business plan (expected average percentage of completion 90%)	Business plan percentage of completion: application of scenarios of change of the expected cash flows of BP by ± 20%	2,100	(1,500)
	Cash flows from management of underlying receivables portfolio	Value of property collateral € 607.6 mn. and third-party receivables € 42.4 mn.	Variation ± 4% to property collateral valuation. Variation ± 33% to third party receivables	9,000	(7,000)
Advances to customers measured at fair value through profit or loss	Contingent consideration - Rate of increase in revenue Nexi Payments Hellas S.A. by 2025 Contingent	Average revenue increase 15% by year between 2022 and 2025	± 20%	3,761	(1,847)
	consideration- EBITDA of Cepal Holdings for the next 6 years	Estimated profits of the company Cepal Holdings	± 10% in estimated profits of the company	3,120
Total				20,151	(12,494)	370	(400)

For shares at fair value through profit or loss for the current period, no substantial change results from the sensitivity analysis. It is also noted that there are no correlations between the unobservable data that significantly affect the fair value.

28. Credit risk disclosures of financial instruments

This note provides additional disclosures regarding credit risk for the categories of financial instruments for which expected credit losses are recognized, in accordance with the provisions of IFRS 9. In particular, it presents the classification of financial instruments in stages as well as the movement of the allowance for expected credit losses per stage.

a. Due from banks

	30.9.2023
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Balance 30.9.2023
Carrying amount (before allowance for expected credit losses)	1,534,142		69,961		1,604,103
Allowance for expected credit losses	(207)		(69,961)		(70,168)
Net carrying amount	1,533,935	-	-	-	1,533,935

	31.12.2022
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Balance 31.12.2022
Carrying amount (before allowance for expected credit losses)	1,368,345		69,961		1,438,306
Allowance for expected credit losses	(210)		(69,961)		(70,171)
Net carrying amount	1,368,135	-	-	-	1,368,135

	Allowance for expected credit losses
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Balance 1.1.2022	206	-	69,961		70,167
Changes for the period 1.1 - 30.9.2022
Net measurement of expected credit losses (a)					-
Impairment losses on new receivables/ securities (b)	596				596
Change in credit risk parameters (c)	(356)				(356)
Impairment losses on receivables/ securities (a)+(b)+(c)	240	-	-	-	240
Derecognition of financial assets					-
Foreign exchange and other movements	(21)				(21)
Balance 30.9.2022	425	-	69,961	-	70,386
Changes for the period 1.10 - 31.12.2022
Net measurement of expected credit losses (a)					-
Impairment losses on new receivables/ securities (b)	(121)				(121)
Change in credit risk parameters (c)	(92)				(92)
Impairment losses on receivables/ securities (a)+(b)+(c)	(213)	-	-	-	(213)
Derecognition of financial assets					-
Foreign exchange and other movements	(2)				(2)
Balance 31.12.2022	210	-	69,961	-	70,171
Changes for the period 1.1 – 30.9.2023
Net measurement of expected credit losses (a)	351				351
Impairment losses on new receivables/ securities (b)	(366)				(366)
Change in credit risk parameters (c)					-
Impairment losses on receivables/ securities (a)+(b)+(c)	(15)	-	-	-	(15)
Derecognition of financial assets					-
Foreign exchange and other movements	12				12
Balance 30.9.2023	207	-	69,961	-	70,168

b. Loans to customers measured at amortized cost

For credit risk disclosure purposes, the allowance for expected credit losses of loans measured at amortised cost also includes the fair value adjustment for the contractual balance of loans which were impaired at their acquisition or origination (POCI) since the Group, from credit risk perspective, monitors the respective adjustment as part of the allowance. These loans were recognized either in the context of acquisition of specific loans or companies (i.e., Emporiki Bank and Citibank's retail operations in Greece), or as a result of significant modification of the terms of the previous loan resulted to derecognition. Relevant adjustment has also been made at the carrying amount of loans before allowance for expected credit losses.

It is noted that the credit risk tables do not include the outstanding balances and allowance for expected credit losses of loans that have been classified as assets held for sale.

The following table below presents loans and finance leasing measured at amortized cost by IFRS 9 stage:

	30.9.2023
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
MORTGAGE
Carrying amount (before allowance for expected credit losses)	5,084,914	2,125,999	1,148,432	772,650	9,131,995
Allowance for expected credit losses	(3,907)	(69,773)	(209,329)	(69,451)	(352,460)
Net Carrying Amount	5,081,007	2,056,226	939,103	703,199	8,779,535
CONSUMER
Carrying amount (before allowance for expected credit losses)	746,489	279,730	255,751	231,346	1,513,316
Allowance for expected credit losses	(4,475)	(31,897)	(104,815)	(39,388)	(180,575)
Net Carrying Amount	742,014	247,833	150,936	191,958	1,332,741
CREDIT CARDS
Carrying amount (before allowance for expected credit losses)	749,061	107,250	39,219	2,178	897,708
Allowance for expected credit losses	(3,328)	(13,533)	(24,466)	(1,588)	(42,915)
Net Carrying Amount	745,733	93,717	14,753	590	854,793
SMALL BUSINESSES
Carrying amount (before allowance for expected credit losses)	816,855	698,629	462,175	191,330	2,168,989
Allowance for expected credit losses	(2,571)	(33,061)	(145,883)	(62,320)	(243,835)
Net Carrying Amount	814,284	665,568	316,292	129,010	1,925,154
TOTAL RETAIL LENDING
Carrying amount (before allowance for expected credit losses)	7,397,319	3,211,608	1,905,577	1,197,504	13,712,008
Allowance for expected credit losses	(14,281)	(148,264)	(484,493)	(172,747)	(819,785)
Net Carrying Amount	7,383,038	3,063,344	1,421,084	1,024,757	12,892,223
CORPORATE LENDING AND PUBLIC SECTOR
Carrying amount (before allowance for expected credit losses)	23,484,395	1,198,481	325,646	159,384	25,167,906
Allowance for expected credit losses	(11,793)	(15,289)	(138,896)	(54,735)	(220,713)
Net Carrying Amount	23,472,602	1,183,192	186,750	104,649	24,947,193
TOTAL LOANS
Carrying amount (before allowance for expected credit losses)	30,881,714	4,410,089	2,231,223	1,356,888	38,879,914
Allowance for expected credit losses	(26,074)	(163,553)	(623,389)	(227,482)	(1,040,498)
Net Carrying Amount	30,855,640	4,246,536	1,607,834	1,129,406	37,839,416

	31.12.2022
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
MORTGAGE
Carrying amount (before allowance for expected credit losses)	5,372,526	1,952,784	1,249,105	781,596	9,356,011
Allowance for expected credit losses	(3,366)	(61,008)	(210,436)	(73,942)	(348,752)
Net Carrying Amount	5,369,160	1,891,776	1,038,669	707,654	9,007,259
CONSUMER
Carrying amount (before allowance for expected credit losses)	710,713	295,818	353,714	256,323	1,616,568
Allowance for expected credit losses	(5,305)	(33,786)	(159,666)	(53,855)	(252,612)
Net Carrying Amount	705,408	262,032	194,048	202,468	1,363,956
CREDIT CARDS
Carrying amount (before allowance for expected credit losses)	771,595	105,498	61,606	7,357	946,056
Allowance for expected credit losses	(3,631)	(13,713)	(41,624)	(6,310)	(65,278)
Net Carrying Amount	767,964	91,785	19,982	1,047	880,778
SMALL BUSINESSES
Carrying amount (before allowance for expected credit losses)	823,776	738,299	517,502	220,023	2,299,600
Allowance for expected credit losses	(2,580)	(34,268)	(166,385)	(76,414)	(279,647)
Net Carrying Amount	821,196	704,031	351,117	143,609	2,019,953
TOTAL RETAIL LENDING
Carrying amount (before allowance for expected credit losses)	7,678,610	3,092,399	2,181,927	1,265,299	14,218,235
Allowance for expected credit losses	(14,882)	(142,775)	(578,111)	(210,521)	(946,289)
Net Carrying Amount	7,663,728	2,949,624	1,603,816	1,054,778	13,271,946
CORPORATE LENDING AND PUBLIC SECTOR
Carrying amount (before allowance for expected credit losses)	23,068,699	1,440,881	272,212	158,621	24,940,413
Allowance for expected credit losses	(16,480)	(19,006)	(121,902)	(29,342)	(186,730)
Net Carrying Amount	23,052,219	1,421,875	150,310	129,279	24,753,683
TOTAL LOANS
Carrying amount (before allowance for expected credit losses)	30,747,309	4,533,280	2,454,139	1,423,920	39,158,648
Allowance for expected credit losses	(31,362)	(161,781)	(700,013)	(239,863)	(1,133,019)
Net Carrying Amount	30,715,947	4,371,499	1,754,126	1,184,057	38,025,629

"Purchased or originated credit impaired loans" (POCI) include loans amounting to € 724,113 as at 30.9.2023 (31.12.2022: € 765,451) which are not credit impaired/non performing.

The following table depicts the movement in the allowance for expected credit losses of loans measured at amortized cost:

	30.9.2023
		Allowance for expected credit losses
	Retail lending					Corporate lending and public sector				Total
	Stage 1 Stage 2		Stage 3	Purchased or originated credit impaired loans (POCI)	Total			Stage 1 Stage 2 Stage 3	Purchased or originated credit impaired loans (POCI)	Total			Stage 1 Stage 2 Stage 3	Purchased or originated credit impaired loans (POCI)	Total
Balance 1.1.2023		14,882 142,775	578,111	210,521		946,289 16,480 19,006		121,902		29,342 186,730		31,362 161,781	700,013		239,863 1,133,019
Changes for the period 1.1 - 30.9.2023
Transfers to Stage 1 from Stage 2 or 3		39,249 (36,718)	(2,531)		-		3,094 (2,844)	(250)		-		42,343 (39,562)	(2,781)		-
Transfers to Stage 2 from Stage 1 or 3		(4,380) 66,234	(61,854)			- (1,063)	2,822	(1,759)		-		(5,443) 69,056	(63,613)		-
Transfers to Stage 3 from Stage 1 or 2		(150) (30,199)	30,349		-	(32)	(768)	800		-		(182)(30,967)	31,149		-
Net remeasurement of expected credit losses (a)	(35,531)	4,886	25,297	(6,747)		(12,095) (4,419)	(431)	12,155		15,660 22,965	(39,950)	4,455	37,452	8,913	10,870
Impairment losses on new loans (b)	3,696			(210)	3,486	6,915			(1,004)	5,911	10,611			(1,214)	9,397
Change in risk parameters (c)	(2,452)	2,325	88,414	29,158			117,445 (5,185) (7,050)	8,260	9,400	5,425		(7,637) (4,725)	96,674	38,558	122,870
Impairment losses on loans (a)+(b)+(c)	(34,287)	7,211	113,711	22,201		108,836 (2,689)	(7,481)	20,415		24,056 34,301	(36,976)	(270)	134,126	46,257	143,137
Derecognition of loan	(1)	(15)	(1,057)	(1)	(1,074)	(135)	(9)	(382)	(5)	(531)	(136)	(24)	(1,439)	(6)	(1,605)
Write offs		(387) (1,309)	(140,224)	(52,095)	(194,015)		(47)	(2,083)		(62) (2,192)			(387) (1,356) (142,307)		(52,157) (196,207)
Foreign exchange differences and other movements	(808)	358	584	249		383 (3,863)	4,610	(703)	1,005	1,049	(4,671)	4,968	(119)	1,254	1,432
Change in the present value of the impairment losses			450	556	1,006			956	399	1,355			1,406	955	2,361
Reclassification of allowance for expected credit losses from / (to) "Assets held for sale"	164	(73)	(33,046)	(8,684)	(41,639)	-	-	-	-	-	164	(73)	(33,046)	(8,684)	(41,639)
Balance 30.9.2023		14,282 148,264	484,493	172,747		819,786 11,792	15,289	138,896		54,735 220,712		26,074 163,553	623,389		227,482 1,040,498

	31.12.2022
	Allowance for expected credit losses
	Retail lending							Corporate lending and public sector				Total
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired loans (POCI)	Total	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired loans (POCI)	Total	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired loans (POCI)	Total
Balance 1.1.2022	12,089	163,844	625,968		246,473 1,048,374		35,914 20,485	910,946	147,587	1,114,932	48,003	184,329	1,536,914		394,060 2,163,306
Changes for the period 1.1 - 30.9.2022
Transfers to Stage 1 from Stage 2 or 3	38,034	(35,823)	(2,211)		-		4,529 (4,189)	(340)		-	42,563	(40,012)	(2,551)		-
Transfers to Stage 2 from Stage 1 or 3	(5,288)	69,742	(64,454)		-	(3,278)	3,740	(462)		-	(8,566)	73,482	(64,916)		-
Transfers to Stage 3 from Stage 1 or 2	(420)	(59,459)	59,879		-		(6) (1,079)	1,085		-	(426)	(60,538)	60,964		-
Net remeasurement of expected credit losses (a)	(34,121)	14,778	44,945	(1,746)	23,856	(3,790)	2,103	53,277	(321)	51,269	(37,911)	16,881	98,222	(2,067)	75,125
Impairment losses on new loans (b)	4,293			(732)	3,561	6,916				6,916	11,209			(732)	10,477
Change in risk parameters (c)	(284)	17,954	126,570	37,202	181,442		(19,539) (6,080)	130,932	15,266	120,579	(19,823)	11,874	257,502	52,468	302,021
Impairment losses on loans (a)+(b)+(c)	(30,112)	32,732	171,515	34,724		208,859 (16,413) (3,977)		184,209	14,945		178,764 (46,525)	28,755	355,724	49,669	387,623
Derecognition of loan	(1)	(181)	(283)	-	(465)	(361)	(346)	(74)	(8)	(789)	(362)	(527)	(357)	(8)	(1,254)
Write offs	(25)		(2,938) (120,381)		(35,138) (158,482)			(37,945)	(7,334)	(45,279)	(25)	(2,938)	(158,326)		(42,472) (203,761)
Foreign exchange differences and other movements	(384)	284	(668)	908	140	(2,060)	1,757	3,283	995	3,975	(2,444)	2,041	2,615	1,903	4,115
Change in the present value of the impairment losses			(1,416)	133	(1,283)			6,460	1,118	7,578			5,044	1,251	6,295
Reclassification of allowance for expected credit losses from to "Assets her for sale"	(1)		(1,248) (123,406)		(42,602) (167,257)			(80) (911,697)		(125,335) (1,037,112)	(1)		(1,328) (1,035,103)		(167,937) (1,204,36 9)
Balance 30.9.2022	13,892	166,953	544,543	204,498	929,886		18,325 16,311	155,465	31,968	222,069	32,217	183,264	700,008		236,466 1,151,955
Changes for the period 1.10 - 31.12.2022					-					-
Transfers to Stage 1 from Stage 2 or 3	19,864	(19,060)	(804)		-		3,827 (3,827)			-	23,691	(22,887)	(804)		-
Transfers to Stage 2 from Stage 1 or 3	(1,365)	18,202	(16,837)		-	(877)	2,449	(1,572)		-	(2,242)	20,651	(18,409)		-
Transfers to Stage 3 from Stage 1 or 2	(180)	(16,293)	16,473		-	(6)	(9)	15		-	(186)	(16,302)	16,488		-
Net remeasurement of expected credit losses (a)	(17,777)	2,330	9,125	(1,104)	(7,426)	(3,351)	153	(329)	20	(3,507)	(21,128)	2,483	8,796	(1,084)	(10,933)
Impairment losses on new loans (b)	1,490			(43)	1,447	3,835			(33)	3,802	5,325			(76)	5,249
Change in risk parameters (c)	(488)	(9,131)	77,099	21,151	88,631	6,651	173	(25,206)	1,480	(16,902)	6,163	(8,958)	51,893	22,631	71,729
Impairment losses on loans (a)+(b)+(c)	(16,775)	(6,801)	86,224	20,004	82,652	7,135		326 (25,535)	1,467	(16,607)	(9,640)	(6,475)	60,689	21,471	66,045
Derecognition of loan		(22)	(105)	(15)	(142)	(164)	(82)	20	(11)	(237)	(164)	(104)	(85)	(26)	(379)
Write offs	(9)	(678)	(53,494)	(14,189)	(68,370)			(7,077)	(9,852)	(16,929)	(9)	(678)	(60,571)	(24,041)	(85,299)
Foreign exchange differences and other movements	(545)	474	2,506	71	2,506	(11,760)	3,838	95	5,722	(2,105)	(12,305)	4,312	2,601	5,793	401
Change in the present value of the impairment losses			(528)	(33)	(561)			492	48	540			(36)	15	(21)
Reclassification of allowance for expected credit losses from to "Assets her for sale"			133	185	318			(1)		(1)			132	185	317
Balance 31.12.2022	14,882	142,775	578,111	210,521	946,289		16,480 19,006	121,902	29,342	186,730	31,362	161,781	700,013		239,863 1,133,019

The Group has recognized allowance for expected credit losses for the undrawn loan commitments, letters of credit and letters of guarantee, the reconciliation of which is presented in the following table:

	30.9.2023
	Stage 1	Stage2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Balance 1.1.2023	5,317	3,499	31,966	1	40,783
Changes for the period 1.1 - 30.9.2023
Transfers to Stage 1 from Stage 2 or 3	515	(512)	(3)		-
Transfers to Stage 2 from Stage 1 or 3	(326)	337	(11)		-
Transfers to Stage 3 from Stage 1 or 2		(78)	78		-
Net remeasurement of expected credit losses (a)	(1,756)	727	(28)		(1,057)
Impairment losses on new exposures (b)	5,558				5,558
Change in risk parameters (c)	(1,760)	(240)	(3,028)		(5,028)
Impairment losses (a) + (b) + (c)	2,042	487	(3,056)	-	(527)
Foreign exchange differences and other movements	(2,047)	229	1,734		(84)
Balance 30.9.2023	5,501	3,962	30,708	1	40,172

			31.12.2022
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Balance 1.1.2022	3,248	3,215	36,220	1	42,684
Changes for the period 1.1 - 30.9.2022
Transfers to Stage 1 from Stage 2 or 3	2,466	(2,246)	(220)		-
Transfers to Stage 2 from Stage 1 or 3	(264)	977	(713)		-
Transfers to Stage 3 from Stage 1 or 2	(2)	(10)	12		-
Net remeasurement of expected credit losses (a)	(1,836)	(1,147)	(548)		(3,531)
Impairment losses on new exposures (b)	3,761		-		3,761
Change in risk parameters (c)	(1,104)	1,159	(1,563)	(1)	(1,509)
Impairment losses (a)+(b)+(c)	821	12	(2,111)	(1)	(1,279)
Foreign exchange differences and other movements	(1,712)	1,690	487	1	466
Balance 30.9.2022	4,557	3,638	33,675	1	41,871
Changes for the period 1.10 - 31.12.2022
Transfers to Stage 1 from Stage 2 or 3	764	(558)	(206)	-	-
Transfers to Stage 2 from Stage 1 or 3	(55)	1,594	(1,539)	-	-
Transfers to Stage 3 from Stage 1 or 2	(1)	(1)	2	-	-
Net remeasurement of expected credit losses (a)	(526)	(1,998)	25	-	(2,499)
Impairment losses on new exposures (b)	6,238			-	6,238
Change in risk parameters (c)	(870)	253	(4,040)	-	(4,657)
Impairment losses (a)+(b)+(c)	4,842	(1,745)	(4,015)	-	(918)
Foreign exchange differences and other movements	(4,790)	571	4,049	-	(170)
Balance 31.12.2022	5,317	3,499	31,966	1	40,783

The total amount recognized by the Group to cover the credit risk arising from contracts with customers amounts to € 1,123,227 as of 30.9.2023 (31.12.2022: € 1,214,602), taking into account the expected credit risk losses of loans which are measured at amortized cost that amount to € 1,040,498 (31.12.2022: € 1,133,019), the expected credit risk losses of letters of guarantee, credit guarantees and undisbursed loan commitments that amount to € 40,172 (31.12.2022: € 40,783) and expected credit risk losses for receivables from customers that amount to € 42,557 (31.12.2022: € 40,800).

The Group closely monitors the evolving energy crisis and the impact on inflation due to the Russia-Ukraine conflict as well as the rise in interest rates and assesses their impact on its business activity, financial position, and profitability. As the crisis evolves and the facts change, the Group may proceed to appropriate adjustments to its strategy, business plan and financing plan on a case-by-case basis if this is deemed necessary.

In the context of inflationary pressures and the increase in borrowing costs for households and businesses, as well as the general uncertainty that exists in the economic environment, the Group included in the ECL allowance on its balance sheet as at 30.9.2023 additional Post Model Adjustment (PMA) provisions for non-performing retail loans allocated to Stage 3 totaling to € 131.5 mn. (31.12.2022: € 168.2mn.).

The Group estimates allowance for expected credit losses based on the weighted probability of three alternative scenarios. More specifically, the Group makes forecasts for the possible evolution of macroeconomic variables that affect the level of allowance for expected credit losses of loan portfolios under a baseline and under two alternative macroeconomic scenarios (an upside and a downside one) and also assesses the cumulative probabilities associated with these scenarios.

The macroeconomic variables affecting the level of expected credit losses are the Gross Domestic product (hereinafter "GDP"), the unemployment rate, inflation, and forward-looking prices of residential and commercial real estates. Especially in Greece, the macroeconomic variables per year for the period 2023-2026, which affect both the estimation of the Probability of Default and the estimation of the Loss Given Default when calculating the expected credit loss as of 30.9.2023 are the following:

Downside scenario	2023	2024	2025	2026
Real GDP growth (% change)	1.6%	0.4%	0.2%	(0.2)%
Unemployment (% change)	11.5%	11.6%	11.8%	11.9%
Inflation (% change)	4.8%	3.9%	3.0%	2.7%
RRE prices (% change)	4.6%	(0.1)%	(1.0)%	(1.1)%
CRE Price Index (% change)	2.2%	0.9%	0.7%	0.9%

Baseline scenario	2023	2024	2025	2026
Real GDP growth (% change)	2.6%	2.4%	2.1%	1.6%
Unemployment (% change)	11.2%	10.3%	9.5%	8.9%
Inflation (% change)	4.1%	3.0%	2.2%	2.0%
RRE prices (% change)	7.2%	2.9%	1.6%	1.1%
CRE Price Index (% change)	3.3%	2.5%	2.7%	2.6%

Upside scenario	2023	2024	2025	2026
Real GDP growth (% change)	3.6%	4.5%	4.0%	3.4%
Unemployment (% change)	10.9%	9.1%	7.1%	5.9%
Inflation (% change)	3.4%	2.1%	1.4%	1.3%
RRE prices (% change)	9.9%	6.0%	4.1%	3.0%
CRE Price Index (% change)	4.3%	4.3%	5.1%	4.8%

Respectively, the macroeconomic variables per year for the period 2023-2026 that affected the expected credit risk loss of 31.12.2022, are the following:

Downside scenario	2023	2024	2025	2026
Real GDP growth (% change)	(0.6)%	0.4%	0.3%	(0.2)%
Unemployment (% change)	12%	13.3%	12.8%	12.8%
Inflation (% change)	6.2%	3.7%	3.2%	2.9%
RRE prices (% change)	4.6%	(0.1)%	(1.0)%	(1.1)%
CRE Price Index (% change)	2.4%	0.9%	0.6%	0.9%

Baseline scenario	2023	2024	2025	2026
Real GDP growth (% change)	1.5%	2.3%	2.0%	1.3%
Unemployment (% change)	12.1%	11.3%	10.3%	10.0%
Inflation (% change)	5.3%	2.7%	2.2%	2.1%
RRE prices (% change)	7.2%	2.9%	1.6%	1.1%
CRE Price Index (% change)	3.4%	2.5%	2.7%	2.6%

Upside scenario	2023	2024	2025	2026
Real GDP growth (% change)	3.5%	4.1%	3.5%	3.0%
Unemployment (% change)	11.1%	9.3%	7.9%	7.2%
Inflation	4.4%	1.6%	1.4%	1.3%
RRE prices (% change)	9.9%	6.0%	4.1%	3.0%
CRE Price Index (% change)	4.5%	4.4%	5.2%	4.9%

In the countries where the Group operates mainly, the average per year for the period 2023-2025 that affects the expected credit risk loss of 30.9.2023, is presented in the following tables:

	2023 - 2025
CYPRUS	Downside scenario	Baseline scenario	Upside scenario
Real GDP growth (% change)	1.3%	2.7%	4.1%
Unemployment (% change)	7.5%	6.1%	4.6%
RRE prices (% change)	2.2%	4.0%	5.6%
CRE Price Index (% change)	0.5%	1.9%	3.3%

	2023 - 2025
ROMANIA	Downside scenario	Baseline scenario	Upside scenario
Real GDP growth (% change)	1.8%	2.8%	3.7%
Unemployment (% change)	6.3%	5.8%	4.8%
Inflation (% change)	8.2%	6.2%	4.4%
RRE prices (% change)	2.4%	5.0%	7.0%
CRE Price Index (% change)	(0.6)%	5.7%	7.7%

Respectively, the average for the period 2023-2025 of the macroeconomic variables that affect the expected credit risk loss of 31.12.2022, is presented in the following tables:

	2023 – 2025
CYPRUS	Downside scenario	Baseline scenario	Upside scenario
Real GDP growth (% change)	0.2%	5.2%	2.7%
Unemployment (% change)	8.1%	4.2%	6.1%
RRE prices (% change)	2.1%	6.0%	4.3%
CRE Price Index (% change)	1.9%	5.8%	3.9%

	2023 – 2025
ROMANIA	Downside scenario	Baseline scenario	Upside scenario
Real GDP growth (% change)	2.0%	3.0%	3.9%
Unemployment (% change)	6.4%	5.9%	4.9%
Inflation (% change)	8.7%	6.7%	4.9%
RRE prices (% change)	3.4%	6.0%	8.0%
CRE Price Index (% change)	0.4%	6.7%	8.7%

The baseline scenario is supported by a consistent economic description and constitutes the most likely scenario according to the current economic conditions and the Group's basic assessment of the course of the economy. The cumulative probabilities of the macroeconomic scenarios for the Greek economy indicate that the economy performs better or worse than forecasts of the baseline scenario and the alternative scenarios, i.e. the upside and downside scenario. For each one of the alternative scenarios, the allowance for expected credit losses is calculated and weighted against the probability of each scenario in order to calculate the weighted expected credit loss. The cumulative probability for the Bank assigned to the baseline scenario remained 60%, while cumulative probability assigned to the downside and upside scenario remained 20% for each of the scenario. For Cyprus, the cumulative probability assigned to the baseline scenario remained 70% and 15% for downside scenario and upside scenario. For Romania, the cumulative probability assigned remained 50% for baseline scenario, 40% for downside scenario and 10% for upside scenario.

Should the downside scenario be weighted with 100% probability, expected credit losses would have been higher by € 89.3mn. as of 30.9.2023 (31.12.2022: € 87.5 mn.).

In the event of a 100% probability of upside scenario expected credit losses would have been lower as of 30.9.2023 by € 92.3mn. (31.12.2022: € 85.8 mn.).

The following table provides more details around the impact per stage.

(Amounts in millions of Euro)

		Downside scenario		Baseline scenario	Upside scenario
	30.9.2023	31.12.2022	30.9.2023	31.12.2022	30.9.2023	31.12.2022
Retail Exposures	75.9	69.6	(1.8)	(2.9)	(73.8)	(68.9)
Stage 1	4.6	3.7	(0.5)	(0.9)	(8.6)	(8.0)
Stage 2	44.5	36.7	(1.0)	(1.6)	(38.5)	(32.4)
Stage 3	26.8	29.3	(0.3)	(0.4)	(26.7)	(28.5)
Wholesale Exposures	13.4	17.9	(3.9)	(2.2)	(18.5)	(16.9)
Stage 1	3.6	4.6	(2.1)	(0.9)	(8.0)	(7.5)
Stage 2	6.7	10.3	(1.9)	(0.9)	(7.3)	(6.2)
Stage 3	3.1	3.0	0.0	(0.3)	(3.3)	(3.2)
Total	89.3	87.5	(5.7)	(5.1)	(92.3)	(85.8)

Furthermore, should the expected life of the revolving credit exposures classified in Stage 2 increase by one year, the Expected Credit Losses are expected to increase by € 4.1 mn. on 30.9.2023 (31.12.2022: € 4.5 mn.)

In the context of the activation of the Early Warning mechanism for the Bank's customers (Businesses/Individuals) operating in areas affected by fires and floods throughout Greece, dedicated instructions were provided in order to assess the potential impact in terms of Credit Risk.

In more detail, the competent Business Units and the Branch Network have communicated with their customers in order to understand:

the magnitude of the problem they are facing either in the operation of their businesses or with any damages in their properties
the type of support that may be needed from the Bank's side (new financing, restructuring / debt settlements, etc.).

The competent Credit and Arrears Committees are informed in order to take the appropriate decisions. Especially for borrowers who are not in default status (based on the credit risk classification), the competent Committee should assess the following:

Whether the company faces or is about to face Financial Difficulty in repaying its debts, due to significant damages suffered from the natural disasters directly or indirectly. In these cases, the companies should be flagged in the Bank's systems with «Financial Difficulty».
Whether the business is unable or will be unable to repay its debts, therefore it should be classified as UTP (Default).

In addition, the following actions are carried out under the responsibility of the Business Units:

If the Bank has collateral on a damaged property, customers are informed that they can request insurance compensation against fire or flood, as long as their insurance is in force and covers the specific risks. The way in which the insurance compensation money will be used, is subject of assessment by the competent Credit and Arrears Committees. Especially for customers under the management of CEPAL, the relevant assessment should be sent to the competent Bank's Arrears Committees.
Regardless of the exposure, and in case the Bank has collateral on a property located in the affected areas, an order should be given either to Alpha Astika Akinita or to another certified appraisal company within the panel of certified appraisal companies that are accepted by the Bank, in accordance with the provisions of the Group Loan Collateral Policy, for an immediate revaluation of the collateral with an internal inspection.

Furthermore, the Hellenic Banking Association Board on the 13th of September 2023 decided the following measures to aid the victims in Thessaly:

The Four Systemic Banks, have decided to contribute to the restoration efforts of damages with 50 million euros, which will be allocated and provided mostly for infrastructure, in collaboration with related ministries, local government, and social and economic agencies of the region.
Payment of instalments of up to date loans by individuals and businesses will be suspended to 31.12.2023.
The entirety of court and non-court related collection procedures for individuals and businesses will be suspended to 31.12 2023.

• Banks are prepared to propose tailor made mid-term solutions for every business, so that they can overcome this difficult situation and continue to offer to the local community and the employment.

This measure is applicable to exposures <90 days past due as of 31.8.2023 and the eligible individuals or businesses should submit their application to the Bank in order to be assessed for the instalment suspension eligibility.

Based on the postal codes announced by the Government, the eligible perimeter is approximately Eur 850mn. In terms of Stage and Forbearance classification the following approach will be applied:

Exposures with past due up to 30 days as of 31.8.2023 (Bucket 0) will be classified as Stage 2 without a new Forbearance classification
Exposures with past due more than 30 days as of 31.8.2023 (Bucket 1+) will be classified as a new Forbearance classification
The monitoring and collection process remains unchanged. Whenever there is a trigger, either during or after the measure expires, appropriate assessment will be performed in order to ensure offering a more sustainable solution as well as correct classification.

Up to 30.9.2023, no active application exists and therefore no adjustment has been performed in terms of stage and forbearance classification. The impact on ECL allowance is not considered material.

c. Investment securities

i. Securities measured at fair value through other comprehensive income

The following table presents the classification of investment securities per stage and the movement of allowance for expected credit losses per stage:

	30.9.2023
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Greek Government bonds
Allowance for expected credit losses	(664)				(664)
Fair value	1,156,773				1,156,773
Other Government bonds
Allowance for expected credit losses	(196)				(196)
Fair value	406,285				406,285
Other securities
Allowance for expected credit losses	(737)	(67)	(2,158)		(2,962)
Fair value	265,115	1,884	318		267,317
Total securities measured at fair value through other comprehensive income
Allowance for expected credit losses	(1,597)	(67)	(2,158)	-	(3,822)
Fair value	1,828,173	1,884	318	-	1,830,375

	31.12.2022
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Greek Government bonds
Allowance for expected credit losses	(1,821)				(1,821)
Fair value	1,143,994				1,143,994
Other Government bonds
Allowance for expected credit losses	(75)				(75)
Fair value	345,899				345,899
Other securities
Allowance for expected credit losses	(1,036)	(89)	(2,128)		(3,253)
Fair value	278,643	1,848	312		280,803
Total securities measured at fair value through other comprehensive income
Allowance for expected credit losses	(2,932)	(89)	(2,128)	-	(5,149)
Fair value	1,768,536	1,848	312	-	1,770,696

Except for the above securities, in the portfolio of investment securities measured at fair value through other comprehensive income, shares measured at fair value of € 50,075 (31.12.2022: € 35,749) are also included.

	Allowance for expected credit losses
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired loans (POCI)	Total
Balance 1.1.2022	20,406	2,099	-	-	22,505
Changes in period 1.1 - 30.9.2022
Reclassification of the Bank portfolio	(15,234)	(1,817)			(17,051)
Transfer to Stage 2 from Stage 1 or 3	(10)	10
Transfer to Stage 3 from Stage 1 or 2		(369)	369
Net measurement of expected credit losses (a)		379	1,954		2,333
Impairment losses on new receivables/securities (b)	1,273				1,273
Change in credit risk parameters (c)	(905)	(137)			(1,042)
Reclassification of the portfolio of the subsidiaries (d)	(576)				(576)
Impairment losses (a)+(b)+(c)+(d)	(208)	242	1,954	-	1,988
Derecognition of financial assets	(1,381)				(1,381)
Foreign exchange and other movements	(2)		(18)		(20)
Balance 30.9.2022	3,571	165	2,305	-	6,041
Changes in period 1.10 - 31.12.2022
Transfer to Stage 1 from Stage 2 or 3	152	(152)
Transfer to Stage 2 from Stage 1 or 3	(6)	6
Transfer to Stage 3 from Stage 1 or 2
Net measurement of expected credit losses (a)	(149)	84			(65)
Impairment losses on new receivables/securities (b)	116	-			116
Change in credit risk parameters (c)	17	(13)	(30)		(26)
Reclassification of the portfolio of the subsidiaries (d)	(422)				(422)
Impairment losses (a)+(b)+(c)+(d)	(438)	71	(30)	-	(397)
Derecognition of financial assets	(348)		(201)		(549)
Foreign exchange and other movements	1	(1)	54		54
Balance 31.12.2022	2,932	89	2,128	-	5,149
Changes in period 1.1 - 30.9.2023
Net measurement of expected credit losses (a)
Impairment losses on new receivables/securities (b)	428				428
Change in credit risk parameters (c)	(512)	(22)	29		(505)
Impairment losses (a)+(b)+(c)	(84)	(22)	29	-	(77)
Derecognition of financial assets	(1,251)				(1,251)
Foreign exchange and other movements			1		1
Balance 30.9.2023	1,597	67	2,158	-	3,822

In the expected credit losses in Stage 1 of the period 1.1-30.9.22 an additional income of € 13 has been recognized in the income statement which corresponds to the change of accumulated impairments between the closing and the opening date of the period resulting from the purchases of securities at fair value through other comprehensive income portfolio which were agreed but not settled between these two dates. The said accumulated impairment, depending on the securities valuation, is recognized either in "Other assets" or in "Other liabilities".

ii. Securities measured at amortised cost

The following table presents the classification of investment securities per stage and the movement of allowance for expected credit losses per stage:

	30.9.2023
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Greek Government bonds
Carrying amount (before allowance for expected credit losses)	6,390,627				6,390,627
Allowance for expected credit losses	(6,984)				(6,984)
Net Carrying Amount	6,383,643	-	-	-	6,383,643
Other Government bonds
Carrying amount (before allowance for expected credit losses)	4,089,552				4,089,552
Allowance for expected credit losses	(2,563)				(2,563)
Net Carrying Amount	4,086,989	-	-	-	4,086,989
Other securities
Carrying amount (before allowance for expected credit losses)	3,255,644		6,497		3,262,141
Allowance for expected credit losses	(5,562)		(4,456)		(10,018)
Net Carrying Amount	3,250,082	-	2,041	-	3,252,123
Total securities measured at amortized cost
Carrying amount (before allowance for expected credit losses)	13,735,823	-	6,497	-	13,742,320
Allowance for expected credit losses	(15,109)	-	(4,456)	-	(19,565)
Net Carrying Amount	13,720,714	-	2,041	-	13,722,755

	31.12.2022
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Greek Government bonds
Carrying amount (before allowance for expected credit losses)	5,474,719				5,474,719
Allowance for expected credit losses	(15,808)				(15,808)
Net Carrying Amount	5,458,911	-	-	-	5,458,911
Other Government bonds
Carrying amount (before allowance for expected credit losses)	3,293,681				3,293,681
Allowance for expected credit losses	(768)				(768)
Net Carrying Amount	3,292,913	-	-	-	3,292,913
Other securities
Carrying amount (before allowance for expected credit losses)	2,585,657	10,278			2,595,935
Allowance for expected credit losses	(8,018)	(3,492)			(11,510)
Net Carrying Amount	2,577,639	6,786	-	-	2,584,425
Total securities measured at amortized cost
Carrying amount (before allowance for expected credit losses)	11,354,057	10,278	-	-	11,364,335
Allowance for expected credit losses	(24,594)	(3,492)	-	-	(28,086)
Net Carrying Amount	11,329,463	6,786	-	-	11,336,249

		Allowance for expected credit losses
	Stage 1	Stage 2	Stage 3	Purchased or originated credit impaired (POCI)	Total
Balance 1.1.2022	15,372	-	-	-	15,372
Changes for the period 1.1 - 30.9.2022
Reclassification of the Bank's portfolio	15,234	1,817			17,051
Impairment losses on new receivables/securities (a)	3,888				3,888
Change in credit risk parameters (b)	(9,060)	(439)			(9,499)
Reclassification of the portfolio of the subsidiaries (c)	576				576
Impairment losses (a)+(b)+(c)	(4,596)	(439)	-	-	(5,035)
Derecognition of financial assets	(81)				(81)
Foreign exchange and other movements	8				8
Balance 30.9.2022	25,937	1,378	-	-	27,315
Changes for the period 1.10 - 31.12.2022
Transfer to Stage 1 from Stage 2 or 3	3	(3)			-
Remeasurement of expected credit losses (a)	(3)				(3)
Impairment losses on new receivables/securities (b)	2,216				2,216
Change in credit risk parameters (c)	(3,690)	2,117			(1,573)
Reclassification of the portfolio of the subsidiaries (d)	422				422
Impairment losses (a)+(b)+(c)+(d)	(1,055)	2,117	-	-	1,062
Derecognition of financial assets	(284)				(284)
Foreign exchange and other movements	(7)				(7)
Balance 31.12.2022	24,594	3,492	-	-	28,086
Changes for the period 1.1 - 30.9.2023
Transfer to Stage 3 from Stage 1 or 2		(3,325)	3,325
Remeasurement of expected credit losses (a)			4,438		4,438
Impairment losses on new receivables/securities (b)	3,348				3,348
Change in credit risk parameters (c)	(11,366)	(167)	526		(11,007)
Impairment losses (a)+(b)+(c)	(8,018)	(167)	4,964	-	(3,221)
Derecognition of financial assets	(1,447)				(1,447)
Amounts used for write off			(3,833)		(3,833)
Foreign exchange and other movements	(20)				(20)
Balance 30.9.2023	15,109	-	4,456	-	19,565

29. Capital Adequacy

The policy of the Group is to maintain strong capital ratios and capital buffers over requirements in order to secure that the business plan will be achieved and to ensure trust of depositors, shareholders, markets, and business partners. Share capital increases are conducted following resolutions of the General Meeting of Shareholders or the Board of Directors, in accordance with articles of incorporation or the relevant laws.

For the period that the Hellenic Financial Stability Fund (HFSF) participates in the Share Capital of the Company, the purchase of treasury shares is not permitted without its consent, based on the relevant provisions of the Relationship Framework Agreement (RFA) signed between the Company and the HFSF.

The Capital Adequacy ratio compares the Group's regulatory capital with the risks that it undertakes (Risk Weighted Assets - RWAs). Regulatory capital includes Common Equity Tier 1 (CET1) capital (share capital, reserves, minority interests), Additional Tier1 capital (hybrid securities) and Tier 2 capital (subordinated debt). RWAs include the credit risk of the investment portfolio (including also counterparty credit risk and CVA risk), the market risk of the trading portfolio and the operational risk. Alpha Bank S.A., as a systemic bank, and therefore its Parent company Alpha Services and Holdings S.A., is supervised by the Single Supervisory Mechanism (SSM) of the European Central Bank (ECB), to which reports are submitted every quarter. The supervision is conducted in accordance with the European Regulation 575/2013 (CRR) as amended, inter alia, by Regulation (EU) 876/2019 (CRR 2) and the relevant European Directive 2013/36 (CRD IV), as incorporated into the Greek Law through the Law 4261/2014 as amended, inter alia, by Directive (EU)2019/878 (CRD V) and incorporated by Law 4799/2021. For the calculation of capital adequacy ratio the above regulatory framework is followed. In addition:

Besides the 8% capital adequacy limit, there are applicable limits of 4.5% for CET 1 ratio and 6% for Tier 1 ratio.
The maintenance of capital buffers additional to the CET1 capital are required. In particular the Combined Buffer Requirement (CBR) consisting of:
- o The Capital conservation buffer stands at 2.5%.
- o the following capital buffers set by the Bank of Greece through its Executive Committee Acts:
  - countercyclical capital buffer, equal to "zero percent" (0%) for the first,second and third quarter of 2023.
  - other Systemically Important Institutions (O-SII) buffer, which will gradually rise to "one percent" (1%) from 1.1.2019 to 1.1.2023. For 2023, the O-SII buffer stands at 1.00%.

These limits should be met on a consolidated basis.

The following table presents the capital adequacy ratios of the Group:

	30.9.2023	31.12.2022
Common Equity Tier I Ratio	13.8%	13.2%
Tier I Ratio	15.0%	13.2%
Total Capital Adequacy Ratio*	18.1%	16.2%

The above capital ratios include period profits post a provision for dividend payout according to the dividend policy. Excluding the provision for dividend at 9M 2023, capital ratios increase by c. 30bps and the Total Capital ratio would stand at 18.4%.

Taking into consideration the 2022 SREP decision, ECB notified Alpha Services and Holdings S.A., that for 2023 it is required to meet the minimum limit for consolidated Overall Capital Requirements (OCR), of at least 14.61% (OCR includes for Q3 2023 the CCB Capital Buffer of 2.5% the O-SII buffer of 1% and the CCyB of 0.11% which mainly derives from the contribution of subsidiaries).

The ΟCR consists of the minimum limit of the total Capital adequacy Ratio (8%), in accordance with art. 92(1) of the CRR, the additional regulatory requirements of Pillar2 (P2R) in accordance with article 16(2) (a) of the Council Regulation EU 1024/2013 (3%), as well as the combined buffers' requirements (e.g. CCB, OSII, CCyB), in accordance with Article 128 (6) of Directive 2013/36/EU. The minimum rate should be kept on an on-going basis, considering the CRR/CRD Transitional Provisions.

^* Supervisory disclosures regarding capital adequacy and risk management in accordance with Regulation 575/2013 (Pillar III) will be published on the Bank's website.

⁸⁶ The amounts are presented in thousands of Euro unless otherwise indicated

Minimum requirements for own funds and eligible liabilities (MREL)

On 21 March 2023, Alpha Bank S.A. received a communication letter from the European Single Resolution Board including its decision for the minimum requirements for own funds and eligible liabilities (MREL). The requirements are based on the Recovery and Resolution Directive ("BRRD2"), which was incorporated into the Greek Law 4799/2021 on 18.5.2021. At the same time, by the same decision, the Resolution Authority defined the single point of entry (SPE) resolution strategy. According to the decision, from 1 January 2026 Alpha Bank S.A. is required to meet, on a consolidated basis, minimum MREL of 23.60% of the risk-weighted assets and 5.91% of the Leverage ratio. The letter also sets out the intermediate MREL targets to be met from 1 January 2023, i.e. 19.94% of the risk-weighted assets and 5.91% of the leverage ratio. The final MREL ratio, expressed as a percentage of risk-weighted assets, does not include the Combined Buffer Requirement (CBR). Furthermore, the Resolution Authority has decided that Alpha Bank S.A. is not subject to requirement for subordinated MREL. Minimum requirements for own funds and eligible liabilities (MREL), including the transition compliance period, are in line with the expectations of Alpha Bank S.A..

As of 30 September 2023, Group's MREL ratio stood at 24.43%. The ratio includes the profit of the financial reporting period that ended on 30 September 2023 post a provision for dividend payout. Excluding the provision for dividend, the MREL ratio increases by c. 30 bps and stands at 24.74%. The final targeted MREL ratio is updated annually by the SRB.

30. Related-party transactions

The Company and the other companies of the Group enter into transactions with related parties in the normal course of business. These transactions are performed at arm's length and are approved by the respective bodies. Credit limits provided are in line with the credit and pricing policy of the Group.

a. The outstanding balances of the Group's transactions with key management personnel, consisting of members of the Bank's Board of Directors and the Executive Committee, their close family members and the entities controlled by them, as well as the results related to these transactions are as follows:

	30.9.2023	31.12.2022
Assets
Loans and advances to customers	3,719	3,911
Liabilities
Due to customers	4,228	5,058
Employee defined benefit obligations	228	213
Debt securities in issue and other borrowed funds	4,745	3,622
Total	9,201	8,893
Letters of guarantee and approved limits	308	382

		From 1 January to
	30.9.2023	30.9.2022
Income
Interest and similar income	134	36
Fee and commission income	2	2
Other Income	2	1
Total	138	39
Expenses
Interest expense and similar charges	106	63
Commission expense		6
General administrative expenses		0
Remuneration of Board members, salaries and wages	5,410	5,220
Total	5,516	5,289

In addition, according to the decision of the General Meeting of Shareholders held at 29.6.2018, a compensation scheme is operating for the Bank's Senior Management, the terms of which were specified through a Regulation issued subsequently. The program is voluntary, does not constitute business practice and it may be terminated in the future by a decision of the General Meeting of the Shareholders. The program provides incentives for the eligible personnel to comply with the terms of

departure, proposed by the Bank, thus ensuring the smooth (only during the period and under the terms and conditions approved by the Bank) departure and succession of Senior Management.

b. The outstanding balances with the Group's associates as well as the results related to these transactions are as follows:

	30.9.2023	31.12.2022
Assets
Loans and advances to customers	123,790	98,491
Other Assets	79,439	65,168
Total	203,229	163,659
Liabilities
Due to customers	36,147	44,494
Other Liabilities	68,616	62,750
Total	104,763	107,244

	From 1 January to
	30.9.2023	30.9.2022
Income
Interest and similar income	11,065	2,423
Fee and commission income	14	8
Gains less losses on financial transaction	1,862
Other income	2,625	2,531
Total	15,566	4,962
Expenses
Gains less losses on financial transaction		199
General administrative expenses	25,159	16,325
Other expenses	22,466	11,553
Total	47,625	28,077

c. The outstanding balances with the Group's joint ventures as well as the results related to these transactions are as follows:

	30.9.2023	31.12.2022
Assets
Loans and advances to customers	58,149	58,692
Other Assets	317	175
Total	58,466	58,867
Liabilities
Due to customers	10,196	7,143
Total	10,196	7,143

	From 1 January to
	30.9.2023	30.9.2022
Income
Interest and similar income	2,921	400
Fee and commission income		459
Other income	152	150
Gains less losses on financial transaction
Total	3,073	1,009
Expenses
Gains less losses on financial transaction	3,966	497
Total	3,966	497

d. The Hellenic Financial Stability Fund (HFSF) exerts significant influence on the Company. In particular, in the context of Law 3864/2010 and based on the Relationship Framework Agreement ("RFA") dated 23.11.2015, which replaced the previous one signed in 2013, HFSF has participation in the Board of Directors and other significant Committees of the Company. Therefore, according to IAS 24, HFSF and its related entities are considered related parties for the Company. The outstanding related party transactions with HFSF are as follows:

	From 1 January to
	30.9.2023	30.9.2022
Income
Fee and commission income	6	5

e. TEA Group Alpha Services and Holdings, founded in March 2023, is a post-employment benefit plan for the benefit of the employees of the Group of Alpha Services and Holdings, with a salaried mandate relationship or with a dependent work relationship of indefinite duration. More specifically the subsidiary companies participating are ABC Factors S.A., Alpha Asset Management A.E.D.A.K, Alpha Bank S.A., Alpha Finance A.E.P.E.Y., Alpha Leasing S.A., Alpha Astika Akinita S.A., Alpha Services and Holdings S.A., Alpha Supporting Services S.A., Alphalife A.A.E.Z.

The results related to the transactions with TEA are as follows:

	From 1 January to
	30.9.2023	30.9.2022
Expenses
Staff cost and expenses	7,470

TEA Group Alpha Services and Holdings keeps a deposit with Alpha Bank amounting to € 8.8 mn. as at 30.9.2023

31. Assets held for sale

	30.9.2023	31.12.2022
Non performing loans and assets portfolio in Cyprus - Sky project	30,407	661,066
Non performing loans portfolio	177,724	381,691
Skyline Project	412,050	394,359
APE Investment Property S.A.	42,300	42,300
Investment Property of Alpha Leasing S.A.	5,294	15,351
Startrek Project	7,859	7,859
Other real estate properties	722	801
AGI-BRE Paricipations 4 EOOD		12,354
Pernik Logistics Park EOOD		734
Total	676,356	1,516,514

Liabilities related to assets classified as held for sale

	30.9.2023	31.12.2022
Other Liabilities –Sky project		1,223
Other Liabilities	793	9,438
Total	793	10,661

The Group has initiated the process for the sale of selected subsidiaries, joint ventures, non-performing loan portfolios, as well as real estate properties and other fixed assets. As a result, certain assets and liabilities have been classified as "Assets Held for Sale" in accordance with IFRS 5.

Non-performing loans continue to be measured in accordance with the provisions of IFRS 9, however, for those loans measured at amortised cost, the estimate of expected credit loss incorporates the sale scenario with 100% probability weight, taking into consideration the interested / preferred investors' prices. Similarly, for loans measured at fair value through profit or loss the determination of fair value is based on investors' prices.

Fair values of other assets classified as Held for sale are measured at each reporting period in accordance with the methods referred to in note 1.2.7 of the Group Annual Financial Statements for 2022, considering offers from the investors for the items included in the perimeter that is expected to be transferred in conjunction with Management decisions for the completion of the transactions. Fair vales in terms of fair value hierarchy are classified as Level 3, since they make use of data from market research, estimates and data which refer to financial assets of similar characteristics and therefore make use of significant non-observable market input.

Non-performing exposure portfolio and real estate in Cyprus-Project Sky

In September 2021, the Group commenced the process for the sale of a Cypriot portfolio consisting of non-performing loans, investment properties, properties repossessed from auctions and special purposes entities owning properties repossessed from auctions. On 24.12.2021 binding offers were received and on 27.12.2021 the Executive Committee of the Bank approved the commencement of bilateral discussions with the preferred bidder for the finalization of an agreement. On 12.2.2022 the binding sales agreement for the sale of the above portfolio was signed and as at 31.12.2021 the portfolio was classified as a disposal group

held for sale. In April 2023 the parties signed an amended sale agreement based on which long-stop date was extended while the perimeter of the transaction and the amount and the structure of the consideration were amended as well.

On 16.6.2023, the shares of the Group Company Sky CAC Ltd, that held the portfolio, were transferred to an affiliate of Cerberus Capital Management L.P., resulting in the completion of the project. The Group received an upfront consideration of € 348,819 and recognized deferred consideration of € 202,920. As a result, in the first half of 2023 additional losses were recognized of € 5,214 in "Impairment losses on fixed assets and equity investments" in relation to real estate assets, € 45,555 as an additional impairment loss relevant to the loan portfolio and a gain of € 8,245 in "Gains/(losses) from disposal of non-financial assets or disposal groups held for sale".

In addition, loans with net book value of € 30,407 were not included in the above conclusion of the transaction due to their operational and business peculiarities. The parties remain committed to finding a way to transfer the loans to the investor at the earliest possible and thus the assets have remained classified as held for sale.

The above loans portfolio is included in the operating segment "Non – Performing Assets" of note 25 "Segmental Reporting".

Non-performing loans portfolio

Loan portfolio – Project Hermes

In the first half of 2022, the Group commenced the process for the sale of large and SME corporate collateralized loans and advances. On 29.6.2022 the Executive Committee approved the continuation of the sale's process, pursuant to the received offer that is subject to the investor's confirmatory due diligence. Considering the above the Group classified on 30.6.2022, the loan portfolio as "Assets Held for Sale". It is noted that in the first quarter of 2023 the transaction was restructured so that the portfolio is sold to two different investors (tranches A and B) with respective binding offers received.

On 25.5.2023, the Group completed the disposal of tranches A and B, with total net book value of € 225,735. The Group received an upfront payment of € 91,112 less transaction costs and provisions for future claims of € 33,872 and recognized deferred consideration of € 167,221 (of which € 158,093 is conditional earn out based on the performance of the portfolio), resulting to a loss of € 1,274, recognised in "Gains less losses on derecognition of financial assets measured at amortised cost".

A portfolio of loans with net book value as at 30.9.2023 of € 11,710 (Hermes tail) was not part of the above sale transaction due to their operational and business peculiarities. The Group and the investor are examining ways for completing their transfer by the end of 2023. For this reason, they have remained classified as assets held for sale.

The aforementioned loan portfolio is included in "Non-Performing Assets" segment for operating segment disclosure purposes (note 25).

Loan portfolio – Project Leasing

In the first half of 2022, the Group initiated the process for the sale of leasing portfolio. On 29.6.2022 the Executive Committee approved the sale of this portfolio to the preferred investor and as a result the Group classified the loan portfolio as "Assets Held for Sale" on 30.6.2022. The transaction will be completed once the Group proceeds with the corporate transformation of Alpha Leasing which will be structured in a way that takes advantage of the provisions of the newly reformed demerger laws and will be subject to regulatory approvals. Furthermore, there is a lengthy legalization process in order for the properties to be ready to be transferred to the investor, upon the request of the investor. For these reasons, the transaction will take longer to be completed, however the parties remain committed to the sale and an updated binding offer (which is not materially different from the initial offer) has been received from the investor in July 2023. As a result the assets have remained classified as Held for Sale and the transaction is expected to be completed in the second semester of 2024. The net carrying amount of the portfolio as at 30.9.2023 was € 51,574 (31.12.2022: € 59,851).

The aforementioned loan portfolio is included in "Non-Performing Assets" segment for operating segment disclosure purposes (note 25).

Loan portfolio – Project Solar

In the first half of 2022, the Bank commenced the process for the sale of a portfolio consisting of syndicated secured corporate non-performing loans. The transaction is structured with the participation of all four systemic banks with a joint securitization and notes issuance scheduled. Out of the notes to be issued the banks will retain 100% of the senior notes, 5% of mezzanine and junior subordinated notes and they will proceed through the bidding process, to the sale of 95% of mezzanine and junior subordinated notes. In addition, for the purpose of obtaining a state guarantee through the Hercules II program, an application was submitted in August 2022 and a supplementary application in October 2022. As a result of the above, the Group classified this loan portfolio as "Assets Held for sale" on 30.6.2022. Binding offers were submitted by the investors in December 2022, and in April 2023 a preferred investor was selected following an ExCo decision. On 1.11.2023 the Bank and the investor signed a binding agreement.

The Solar Transaction is subject to customary conditions for such transactions including, among others, the issuance of the Ministerial Decision on the provision of the guarantee under the "Hercules" Hellenic Asset Protection Scheme (HAPS) (Greek Law 4649/2019) regarding the senior notes and the issuance of the supervisory approval with regard to the Significant Risk Transfer (SRT) of the underlying loan portfolio by the Single Supervisory Mechanism (the "SSM").The sale transaction is expected to be completed once the above procedures are concluded. The net carrying amount of the loan portfolio as at 30.9.2023 was € 55,670 (31.12.2022: € 61,690). The aforementioned loan portfolio is included in "Non-Performing Assets" segment for operating segment disclosure purposes (note 25).

Loan portfolio – Project Cell

In the third quarter of 2023, the Group commenced the process for the sale of mainly unsecured non performing loans. On 25.8.2023 the binding agreement was signed and the transaction was completed in October 2023. Considering the above, as at 30.9.2023 the Group classified the loan portfolio as "Assets Held for sale", with a net carrying amount of € 40,690.

The aforementioned loan portfolio is included in "Non-Performing Assets" segment for operating segment disclosure purposes (note 25).

Other loans portfolios

As at 30.9.2023, the Bank continues to classify a portfolio of loans which are not part of a wider transaction as "Assets Held for sale". The portfolio is consisted of loans with a net carrying amount of € 18,080 (31.12.2022: € 18,080) and relates to loans measured at fair value through profit and loss. The aforementioned loan portfolio is included in "Non-Performing Assets" segment for operating segment disclosure purposes (note 25).

Real Estate portfolio

Project Skyline

In July 2022, the Group commenced the process for the sale of a portfolio of investment and owned-occupied properties as well as assets classified in "Other Assets". In the context of the Skyline transaction, the Group is expected to transfer to a third investor the shares of the newly established special purpose entity ("Skyline"), to which specific properties or/and specific shareholdings investments of Group subsidiaries will be transferred. These Group subsidiaries have Group properties in their assets. In the third quarter of 2022, the Executive Committee approved the selection of a preferred investor and the commencement of negotiations on the details of the transaction. As a result and taking into consideration that the Group has assessed that the completion of the transaction within the following 12 months will take place, the criteria for classifying the properties and participations as a held for sale disposal group were met within the third quarter of 2022. On 6.2.2023 the Group announced that it entered into a definitive agreement with the consortium comprised of Dimand S.A. and Premia Properties R.E.I.C. for the formation of an equity partnership in real estate investment through the sale of a € 438 mn. real estate portfolio. The definite agreement provides for the acquisition of the real estate portfolio through successive transfers from the Group company Skyline Akinita Single Member, SA ("Skyline") and the acquisition of the majority stake 65% of the Skyline company by Premia Properties R.E.I.C. The exclusive provider of real estate management services will be the subsidiary of the Group, Alpha Astika Akinita S.A. The transaction is expected to be completed within 2023.

The carrying amount of the held for sale disposal group of the Group as of 30.9.2023 amounts to € 412,050. Upon valuation at the lower of the carrying amount and the fair value less cost to sell a reversal of impairment of € 7,777 was recognized in "Impairment losses on fixed assets and equity investments" for the period to 30.9.2023. The measurement of the fair value was based on the consideration that the Group expects to receive from the transfer of the aforementioned properties. The above real estate properties are included in the operating segment "Non-Performing Assets" of note 25 "Segmental Reporting"".

APE Investment Property S.A.

On February 2021, the Bank signed with a Consortium a Sale and Purchase Agreement, for the sale of its shares in the company. The contractual period provided under the SPA was set to 24 months (February 2023) so as to cater for the Covid outbreak. Under the SPA the Bank has the option to extend the long stop date for an additional six months. On January 2023, the Bank approved the prolongation of the transaction finalization. The transaction requires certain regulatory pre-requisites in order to be completed and hence the investor requested further extension up to 17 months for its conclusion. The company is included in "Non-Performing Assets" segment for operating segment disclosure purposes (note 25).

Investment properties Alpha Leasing S.A.

This category includes investment properties of Alpha Leasing S.A. which meet the criteria to be classified as held for sale in accordance with IFRS 5. Within 2023 properties with book value € 3,363 were sold for a gain of € 67, whilst properties with net book value of € 6,694 were reclassified from assets held for sale to investment properties as they seized to meet the Held for sale criteria, in accordance with IFRS 5. The carrying amount of the properties as of 30.9.2023 amounts to € 5,294. It is noted that the aforementioned properties of Alpha Leasing are included in "Non-Performing Assets" segment for operating segment disclosure purposes (note 25).

Project Startrek

In the third quarter of 2022, the Bank initiated the process of selling the portfolio of properties that were classified under "Other Assets". The context of the transaction is the transfer of these assets to the Group's special purpose entity and in turn the transfer of the shareholding of the latter to an investor. Considering that the sale transaction is expected to be completed within 12 months, the underlying properties were classified during the third quarter of 2022 as a disposal group held for sale. The properties were valued at the lower value between the carrying amount and the fair value less cost to sell, which resulted in a loss of € 1,286 at 31.12.2022 and was included in the "Impairment losses on fixed assets and equity investments". In 2023 there was no additional impairment. The carrying amount of the properties as of 30.9.2023 amounts to € 7,859 and their fair value has been measured based on the investor's consideration. The transaction is expected to be completed by the emd 2023 The above real estate properties are included in the operating segment "Non-Performing Assets" of note 25 "Segmental Reporting".

Other real estate properties

Other real estate properties classified as "Assets held for Sale" include assets with carrying amount of € 722 (31.12.2022: € 801). The properties are included in "Non-Performing Assets" segment for operating segment disclosure purposes. (note 25).

AGI-BRE Participations 4 EOOD and Pernik Logistics Park EOOD

At 30.9.2023, the companies were no longer classified as held for sale since they seized to meet the Held for sale criteria, in accordance with IFRS 5. There was no gain or loss from the reclassification.

32. Consolidated statement of balance sheet and income statement of "Alpha Bank S.A."

Alpha Service and Holdings S.A. Group consolidates Alpha Bank Group, which is the most significant component of the Group as well as the subsidiary Alphalife S.A..

The consolidated balance sheet and income statement of Alpha Bank Group are presented below:

Consolidated Balance Sheet

	30.9.2023	31.12.2022
ASSETS
Cash and balances with central banks	7,086,919	12,894,774
Due from banks	1,533,935	1,368,135
Trading securities	69,711	5,604
Derivative financial assets	2,459,997	2,142,196
Loans and advances to customers	38,808,656	38,746,852
Investment securities
- Measured at fair value through other comprehensive income	1,426,356	1,323,254
- Measured at fair value through profit or loss	162,872	77,662
- Measured at amortized cost	13,625,434	11,309,210
Investments in associates and joint ventures	98,526	98,418
Investment property	280,360	244,903
Property, plant and equipment	523,607	529,183
Goodwill and other intangible assets	499,140	474,582
Deferred tax assets	5,027,224	5,210,746
Other assets	1,175,763	1,258,600
	72,778,500	75,684,119
Assets classified as held for sale	676,356	1,516,514
Total Assets	73,454,856	77,200,633
LIABILITIES
Due to banks	7,786,236	14,345,052
Derivative financial liabilities	2,396,709	2,305,318
Due to customers	51,795,276	50,256,601
Debt securities in issue and other borrowed funds	3,015,998	2,948,647
Liabilities for current income tax and other taxes	26,416	17,910
Deferred tax liabilities	18,820	18,564
Employee defined benefit obligations	23,969	23,868
Other liabilities	1,136,814	906,504
Provisions	141,433	167,865
	66,341,671	70,990,329
Liabilities related to assets classified as held for sale	793	10,661
Total Liabilities	66,342,464	71,000,990
EQUITY
Equity attributable to holders of the Company
Share capital	4,678,199	4,678,199
Share premium	1,125,000	1,125,000
Special Reserve from Share Capital Decrease	245,640	519,800
Reserves	(172,509)	(209,994)
Additional Tier 1 Capital	400,000
Retained earnings	817,516	68,268
	7,093,846	6,181,273
Non-controlling interests	18,546	18,370
Total Equity	7,112,392	6,199,643
Total Liabilities and Equity	73,454,856	77,200,633

Consolidated Income Statement

Comparative figures of 30.9.2022 were restated due to the change in the presentation of the expenses related to credit cards transactions as well as expenses related to the issuance of credit cards from"General Administration expenses" to "Commission expenses" and restatement between "Other expenses" and "Gain less losses on financial transactions" and also the reclassification due to the change in the presentation of the Consolidated Income Statement. (note 34)

	From 1 January to
	30.9.2023	30.9.2022 as restated
Interest and similar income	2,772,947	1,338,850
Interest expense and similar charges	(1,439,744)	(427,321)
Net interest income	1,333,203	911,529
Fee and commission income	343,760	363,452
Commission expense	(49,778)	(68,036)
Net fee and commission income	293,982	295,416
Dividend income	1,935	3,016
Gains less losses on derecognition of financial assets measured at amortised cost	(13,634)	(1,521)
Gains less losses on financial transactions	66,160	140,985
Other income	32,221	17,570
Total income from banking operations	1,713,867	1,366,995
Staff costs	(288,600)	(275,651)
General administrative expenses	(292,559)	(309,636)
Depreciation and amortization	(126,589)	(117,036)
Total expenses	(707,748)	(702,323)
Impairment losses, provisions to cover credit risk and related expenses	(270,105)	(465,391)
Impairment losses of fixed assets and equity investments	2,512	(51,519)
Gains/(Losses) on disposal of fixed assets and equity investments	13,112	313,146
Provisions and transformation costs	(42,406)	(5,836)
Share of profit/(loss) of associates and joint ventures	619	5,293
Profit/(loss) before income tax	709,851	460,365
Income tax	(198,274)	(195,780)
Net profit/(loss) from continuing operations for the period after income tax	511,577	264,585
Net profit/(loss) for the period after income tax from discontinued operations		17,436
Net profit/(loss) for the period	511,577	282,021
Net profit/(loss) attributable to:
Equity holders of the Company	511,401	281,737
- from continuing operations	511,401	264,301
- from discontinued operations		17,436
Non-controlling interests	176	284

Total Assets and Total Liabilities of Alpha Bank Group are lower than Total Assets and Total Liabilities of Alpha Services and Holdings Group, by € 937 mn. and € 892 mn. respectively. As a result, Total Equity of the Alpha Bank Group, amounting to € 7,112 mn., is lower than the Total Equity of Alpha Services and Holdings Group, by € 38 mn. The variance is attributed to the balances of the companies that are not consolidated at Alpha Bank Group level and to the intercompany balances of the assets and liabilities of Alpha Services and Holdings S.A. and its subsidiaries with the Alpha Bank Group. Profit after income tax of Alpha Bank Group for the nine-month period ended 30.9.2023 amounted to € 512 mn. and is higher by € 21 mn. compared to Profit after income of Alpha Services and Holdings S.A. Group, mainly due to the result of the companies not being consolidated at Alpha Bank Group level and to the intercompany income and expenses of Alpha Services and Holdings S.A. and its subsidiaries with the Alpha Bank Group.

33. Corporate events relating to the Group structure

On 23.1.2023, the sale of the Bank's subsidiary AGI Cypre Property 29 LTD was completed.
On 17.3.2023 the Group's subsidiary AGI BRE Participations 4 LTD, proceeded in the share capital increase in cash of its subsidiary AGI BRE Partcipations 4 Eood, for the amount of € 336.
On 29.3.2023 the Group's subsidiary, Alpha Group Real Estate Limited, proceeded to the establishment of the subsidiary AEP Eppagelmatikon Akiniton III S.M.S.A., headquartered in Greece.
On 30.03.2023 the Boards of "Alpha Services and Holdings" (Absorbing Entity) and "Alpha Insurance Agents Single Member S.A." (Absorbed Entity) decided the merger by way of absorption pursuant to L. 4601/2019, L. 4548/2018 art.16 par. 18 of L. 2515/1997, art. 54 of L. 4172/2013 and art. 61 of L. 4435/2016. For this reason the Merging companies prepared a Draft Merger Agreement that was submitted in the General Commercial Registry (GEMI) on 31.3.2023.
On 31.3.2023 the Group's subsidiary, Sky CAC Ltd, proceeded to the sale of its subsidiary ABC RE P6 LTD.
On 11.4.2023 the Bank's subsidiary Alpha Group Investments Ltd paid amount of € 1,000 in cash, as an advance against a future share capital increase of its subsidiary company, Skyline Real Estate SMSA.
On 24.4.2023 the Bank participated in the share capital increase in cash of Attica Bank, for the amount of € 9,999.99.
On 28.4.2023, as part of the restructuring of Frigoglass A.B.E.E., an exchange was carried out involving the bond of Frigoglass Finance BV maturing in 2025 with a face value of € 10,000. The exchange involved a new bond from Frigo DebtCo Plc. with a face value of € 5,800 and 10,000 shares of the company Frigo New Co 1 Limited (equivalent to a 3.65% ownership stake).
On 29.5.2023 the establishment of SPVs AGI-BRE BISTRICA EOOD, AGI-BRE VASIL LEVSKI EOOD and AGI-BRE EKZARH YOSIF EOOD, from the spin-off of SPV AGI-BRE PARTICIPATIONS 4 EOOD was completed.
On 30.5.2023 the sale of the Bank's participation in Cana S.A. was completed.
On 16.6.2023 the sale of a Cypriot NPEs portfolio of a total Gross Book Value and Real Estate properties of € 2,300,000 as at 31.12.2022 (Project Sky) to an affiliate of Cerberus Capital was completed, through the sale of Sky CAC Ltd, a subsidiary of Alpha International Holdings S.A.. In this context, on 31.5.2023 Alpha Bank participated in the share capital increase in cash of Alpha International Holdings Single Member S.A., for the amount of € 217,000 and on 13.6.2023 Alpha International Holdings Single Member S.A. proceeded subsequently in the share capital increase in cash of Sky CAC Ltd, for the amount of € 209,500. Moreover, on 16.6.2023, the sale of the 46 SPVs, AGI-Cypre MAZOTOS LTD, AGI-Cypre TOCHNI LTD, AGI-Cypre Property 4 LTD, AGI-Cypre Property 6 LTD, AGI-Cypre Property 9 LTD, AGI-Cypre Property 12 LTD, AGI-Cypre Property 13 LTD, AGI-Cypre Property 14 LTD, AGI-Cypre Property 16 LTD, AGI-Cypre Property 18 LTD, AGI-Cypre Property 19 LTD, AGI-Cypre Property 20 LTD, AGI-Cypre Property 22 LTD, AGI-Cypre Property 23 LTD, AGI-Cypre Property 26 LTD, AGI-Cypre Property 28 LTD, AGI-Cypre Property 31 LTD, AGI-Cypre Property 32 LTD, AGI-Cypre Property 35 LTD, AGI-Cypre Property 42 LTD, AGI-Cypre Property 43 LTD, AGI-Cypre Property 44 LTD, AGI-Cypre Property 45 LTD, AGI-Cypre Property 46 LTD, AGI-Cypre Property 49 LTD, AGI-Cypre Property 50 LTD, AGI-Cypre Property 51 LTD, AGI-Cypre Property 53 LTD, AGI-Cypre Property 54 LTD, AGI-Cypre Property 55 LTD, AGI-CypreRES Pafos LTD, AGI-Cypre P&F Nicosia LTD, AGI-Cypre RES Nicosia LTD, AGI-Cypre P&F Limassol LTD, AGI-Cypre P&F Pafos LTD, AGI-Cypre COM Pafos LTD, AGI-Cypre COM Nicosia LTD , AGI-Cypre COM Larnaca LTD, AGI-Cypre P&F Larnaca LTD, AGI-Cypre RES Ammochostos LTD, AGI-Cypre RES Larnaca LTD, ALPHA Credit Properties LTD, ABC RE L4 LTD, ABC RE P&F Larnaca LTD, ABC RE P7 LTD, ABC RE RES Pafos LTD, ABC RE COM Pafos LTD, was completed for the amount of € 77,100. Finally, on 16.6.2023, Sky CAC Ltd proceeded with the sale of REOs for the amount of € 44,230.
On 23.6.2023 the sale of the Bank's participation in Yellow Pages of Greece S.A. was completed.
On 29.6.2023 the Bank's subsidiary Alpha Holdings S.M.S.A. participated in the share capital increase in cash of Alpha Leasing S.A., for the amount of € 15,029.
On 28.07.2023 the merger process by way of absorption of "ALPHA INSURANCE AGENTS SINGLE MEMBER SOCIETE ANONYME" by "ALPHA SERVICES AND HOLDINGS S.A." was completed.
On 8.8.2023 the Bank acquired an equity stake of 4.9% in Prodea Investments with a cash amount € 64,474 and a price per share of € 5.15.
On 11.8.2023 the Bank paid amount of € 216,600 in cash, as an advance that corresponds to its 72.2% share against a future share capital increase amounting to € 600,000 of its subsidiary company, APE fixed Assets.

34. IFRS 17 adoption and restatement of financial statements

The new standard IFRS 17 was applied on 1.1.2023 retrospectively. The application of the new standard resulted in the following changes in the Group 's balance sheet:

− Liabilities from insurance contracts are no longer presented in caption "Provisions"
− Liabilities from insurance contracts that are measured in accordance with IFRS 17 are presented in the new caption "Liabilities from insurance contracts".
− Liabilities from insurance contracts that fall within the scope of IFRS 9 are included in caption "Due to customers". The liabilities are measured at amortised cost using the effective interest rate method.
− Assets from reinsurance contracts are presented in the new caption "Reinsurance contract assets "
− Since all rights and obligations deriving from insurance contracts are recognized on a net basis, receivables from insurance contracts and deferred acquisition costs are no longer presented in "Other assets".

The following table presents the estimated impact on Balance Sheet from the transition to the new standard. Based on the table, the total positive impact on the Group 's equity as of 1.1.22 amounts to € 15.48 mn. (after tax) resulting from the change in measurement of insurance contracts, as well as from the (retrospective) reclassification of contracts not included within the scope of IFRS 17. The total negative impact on the Group 's equity as of 31.12.2022, respectively, amounts to € 12.7mn. (after tax).

	1.1.2022 as		published Reclassifications Remeasurements	1.1.2022 as restated
ASSETS
Cash and balances with central banks	11,803,344			11,803,344
Due from banks	2,964,056			2,964,056
Trading securities	4,826			4,826
Derivative financial assets	941,609			941,609
Loans and advances to customers	36,860,414	(189)		36,860,225
Reinsurance contracts assets		189		189
Investment securities
- Measured at fair value through other comprehensive income	6,634,120			6,634,120
- Measured at amortized cost	3,752,748			3,752,748
- Measured at fair value through profit or loss	253,346			253,346
Investments in associates and joint ventures	68,267			68,267
Investment property	425,432			425,432
Property, plant and equipment	737,813			737,813
Goodwill and other intangible assets	478,183			478,183
Deferred tax assets	5,427,516			5,427,516
Other assets	1,572,797	(7,264)		1,565,533
	71,924,471	(7,264)	-	71,917,207
Assets classified as held for sale	1,431,485			1,431,485
Total Assets	73,355,956	(7,264)	-	73,348,692
LIABILITIES
Due to banks	13,983,656			13,983,656
Derivative financial liabilities	1,288,405			1,288,405
Due to customers	46,969,626	532,955	(23,023)	47,479,558
Insurance contracts liabilities		132,218	3,181	135,399
Debt securities in issue and other borrowed funds	2,593,003			2,593,003
Liabilities for current income tax and other taxes	59,584			59,584
Deferred tax liabilities	23,011		4,365	27,376
Employee defined benefit obligations	29,448			29,448
Other liabilities	888,030			888,030
Provisions	834,029	(672,437)		161,592
	66,668,792	(7.264)	(15.476)	66,646,052
Liabilities related to assets classified as held for sale	607,657			607,657
Total Liabilities	67,276,449	(7.264)	(15.476)	67,253,709
EQUITY
Equity attributable to holders of the Company
Share capital	703,794			703,794
Share premium	5,257,622			5,257,622
Special Reserve from Share Capital Decrease	6,104,890			6,104,890
Reserves	320,671			320,671

	1.1.2022 as		published Reclassifications Remeasurements	1.1.2022 as restated
Amounts directly recognized in equity and associated with assets classified as held for sale	15,127			15,127
Retained earnings	(6,366,258)		15,476	(6,350,782)
	6,035,846	-	15,476	6,051,322
Non-controlling interests	29,432			29,432
Hybrid securities	14,229			14,229
Total Equity	6,079,507	-	15,476	6,094,983
Total Liabilities and Equity	73,355,956	(7.264)	-	73,348,692

Regarding the Income Statement, the application of the new standard resulted in the following changes:

− Results from insurance contracts are no longer included in caption "Other income".
− For insurance contracts and reinsurance contracts included in scope of IFRS 17:
a) insurance revenue and insurance service expenses are presented separately in captions "insurance revenue" and "insurance expenses" respectively, whereas their total is presented in caption "Net Insurance income".
b) insurance finance income or expenses are separately presented in caption "Finance income/(expense) from insurance contracts ".
- o For insurance contracts included in scope of IFRS 9, interest accreted based on the effective interest method is presented in caption "Interest expense and similar charges", whereas changes in the carrying amount of the liability due to the re estimation of expected cash flows are presented in caption "Gains less losses on financial transactions".

During the third quarter of 2023, the Group amended the presentation of its Income Statement in order for the following captions to be distinctly presented:

Impairment losses on fixed assets and equity investments
Gains/ (losses) on disposal of fixed assets and equity investments
Provisions and transformation costs

It has been evaluated that by using the amended presentation, the structure of the Income Statement is improved, and additional information is provided regarding the results derived from specific activities that were previously being included in different captions of the Income Statement.

Furthermore the Group restated the presentation of expenses related to customer transactions from"General Administration expenses" to "Commission expenses"and items from "Other expenses" to "Gain less losses on financial transactions". The above restatements will better present the nature of the expense according to the product related. As a result of the above changes, the restatements of Income Statement, Statement of Comprehensive Income, Balance Sheet, and Statement of Cash Flows of the comparative period is present below.

Consolidated Income Statement

	From 1 January to 30.9.2022
	As published	IFRS 17 Restatement	Reclassification of expenses related to customer transactions	Total	Reclassification due to change in the presentation	As restated
Interest and similar income	1,348,339			1,348,339		1,348,339
Interest expense and similar charges	(423,389)	(5,729)		(429,118)		(429,118)
Net interest income	924,950	(5,729)	-	919,221	-	919,221
- of which: net interest income based on the effective interest rate	951,891	(5,729)		946,162		946,162
Fee and commission income	363,705	(301)		363,404		363,404
Commission expense	(65,522)	351	(1,877)	(67,048)		(67,048)
Net fee and commission income	298,183	50	(1,877)	296,356	-	296,356
Dividend income	3,237			3,237		3,237
Gains less losses on derecognition of financial assets measured at amortised cost	(1,530)			(1,530)		(1,530)
Gains less losses on financial transactions	468,784	(838)	(7,283)	460,663	(305,098)	155,565
Other income	72,591	(51,939)		20,652	(3,849)	16,803
Total income from banking operations	1,766,215	(58,456)		(9,160) 1,698,599	(308,947)	1,389,652
Income from insurance contracts		2,194		2,194		2,194
Expense from insurance contracts		(778)		(778)		(778)
Financial income/(expense) from insurance contracts		22,997		22,997		22,997
Total income from insurance operations	-	24,412	-	24,412	-	24,412
Total income from banking and insurance operations	1,766,215	(34,044)		(9,160) 1,723,011	(308,947)	1,414,064
Staff costs	(277,264)	(12)		(277,276)	624	(276,652)
General administrative expenses	(322,114)	178		1,877 (320,059)	5,686	(314,373)
Depreciation and amortization	(117,079)	(3)		(117,082)		(117,082)
Other expenses	(54,132)		7,283	(46,849)	46,849	(0)
Total expenses	(770,589)	163		9,160 (761,266)	53,159	(708,107)
Impairment losses, provisions to cover credit risk and related expenses	(465,704)	(62)		(465,766)		(465,766)
Impairment losses of fixed assets and participations				0	(51,522)	(51,522)
Gains/(Losses) on disposal of fixed assets and participations				0	313,146	313,146
Provisions and transformation costs				0	(5,836)	(5,836)
Share of profit/(loss) of associates and joint ventures	5,293			5,293		5,293
Profit/(loss) before income tax	535,215	(33,942)	-	501,273	-	501,273
Income tax	(217,219)	7,463		(209,756)		(209,756)
Net profit/(loss) from continuing operations for the period after income tax	317,996	(26,479)	-	291,517	-	291,517
Net profit/(loss) for the period after income tax from discontinued operations	17,436			17,436		17,436
Net profit/(loss) for the period	335,432	(26,479)	-	308,953	-	308,953
Net profit/(loss) attributable to:
Equity holders of the Company	335,148	(26,479)	-	308,669	-	308,669
- from continuing operations	317,712	(26,479)		291,233		291,233
- from discontinued operations	17,436			17,436		17,436
Non-controlling interests	284			284		284

	From 1 July to 30.9.2022
	As published	IFRS 17 Restatement	Reclassification of expenses related to customer transactions	Total	Reclassificatio n due to change in the presentation	As restated
Interest and similar income	477,602			477,602		477,602
Interest expense and similar charges	(138,565)	(1,420)		(139,985)		(139,985)
Net interest income	339,037	(1,420)	-	337,617	-	337,617
- of which: net interest income based on the effective interest rate	337,986	(1,573)		336,413		336,413
Fee and commission income	107,891	(133)		107,758		107,758
Commission expense	(18,401)	117	2,626	(15,658)		(15,658)
Net fee and commission income	89,490	(16)	2,626	92,099	-	92,099
Dividend income	2,482			2,482		2,482
Gains less losses on derecognition of financial assets measured at amortised cost	813			813		813
Gains less losses on financial transactions	63,058	(385)	(2,431)	60,242	3,067	63,309
Other income	43,080	(35,319)	(4,852)	2,909	(167)	2,742
Total income from banking operations	537,960	(37,140)	(4,657)	496,163	2,900	499,063
Income from insurance contracts		862		862		862
Expense from insurance contracts		(293)		(293)		(293)
Financial income/(expense) from insurance contracts		8,549		8,549		8,549
Total income from insurance operations	-	9,118	-	9,118	-	9,118
Total income from banking and insurance operations	537,960	(28,022)	(4,657)	505,281	2,900	508,181
Staff costs	(92,113)	(116)		(92,229)	266	(91,963)
General administrative expenses	(97,183)	(493)		(2,626) (100,302)	1,816	(98,486)
Depreciation and amortization	(37,901)	(9)		(37,910)		(37,910)
Other expenses	(30,105)		7,283	(22,822)	22,822
Total expenses	(257,302)	(619)		4,657 (253,264)		24,904 (228,360)
Impairment losses, provisions to cover credit risk and related expenses	(85,864)	(62)		(85,926)		(85,926)
Impairment losses of fixed assets and participations					(32,677)	(32,677)
Gains/(Losses) on disposal of fixed assets and participations					1,121	1,121
Provisions and transformation costs					3,752	3,752
Share of profit/(loss) of associates and joint ventures	3,777			3,777		3,777
Profit/(loss) before income tax	198,571	(28,702)	-	169,869	-	169,869
Income tax	(116,133)	6,308		(109,825)		(109,825)
Net profit/(loss) from continuing operations for the period after income tax	82,438	(22,394)	-	60,044	-	60,044
Net profit/(loss) for the period after income tax from discontinued operations	10,305			10,305		10,305
Net profit/(loss) for the period	92,743	(22,394)	-	70,349	-	70,349
Net profit/(loss) attributable to:
Equity holders of the Company	92,595	(22,394)	-	70,201	-	70,201
- from continuing operations	82,290	(22,394)		59,896		59,896
- from discontinued operations	10,305			10,305		10,305
Non-controlling interests	148			148		148

Consolidated Statement of Comprehensive income

	From 1 January to
	30.9.2022 as published	IFRS 17 Restatement	30.9.2022 as restated
Net profit/(loss), after income tax, recognized in the Income Statement	335,432	(26,479)	308,953
Other comprehensive income
Items that may be reclassified subsequently to the Income Statement
Net change in investment securities' reserve measured at fair value through other comprehensive income	(184,384)		(184,384)
Net change in cash flow hedge reserve	(18,256)		(18,256)
Foreign currency translation net of investment hedges of foreign operations	(629)		(629)
Income tax	49,319		49,319
Items that may be reclassified subsequently to the Income Statement from continuing operations	(153,950)	-	(153,950)
Items that may be reclassified subsequently to the Income Statement from discontinued operations	(15,127)	-	(15,127)
Items that will not be reclassified to the Income Statement
Remeasurement of defined benefit liability/ (asset)	31		31
Gains/(losses) from investments in equity securities measured at fair value through other comprehensive income	(1,708)		(1,708)
Income tax	771		771
Items that will not be reclassified to the Income Statement from continuing operations	(906)	-	(906)
Other comprehensive income, after income tax, for the period	(169,983)	-	(169,983)
Total comprehensive income for the period	165,449	(26,479)	138,970
Total comprehensive income for the period attributable to:
Equity holders of the Company	165,165	(26,479)	138,686
- from continuing operations	162,856	(26,479)	136,377
- from discontinued operations	2,309		2,309
Non controlling interests	284	-	284

	From 1 July to
	30.9.2022 as	IFRS 17	30.9.2022 as
	published	Restatement	restated
Net profit/(loss), after income tax, recognized in the Income Statement	92,743	(22,394)	70,349
Other comprehensive income
Items that may be reclassified subsequently to the Income Statement
Net change in investment securities' reserve measured at fair value through other comprehensive income	(22,373)		(22,373)
Net change in cash flow hedge reserve	(6,915)		(6,915)
Foreign currency translation net of investment hedges of foreign operations	1,939		1,939
Income tax	9,849		9,849
Items that may be reclassified subsequently to the Income Statement from continuing operations	(17,500)	-	(17,500)
Items that may be reclassified subsequently to the Income Statement from discontinued operations	(11,447)	-	(11,447)
Items that will not be reclassified to the Income Statement
Remeasurement of defined benefit liability/ (asset)			-
Gains/(losses) from investments in equity securities measured at fair value through other comprehensive income	260		260
Income tax	(115)		(115)
Items that will not be reclassified to the Income Statement from continuing operations	145	-	145
Other comprehensive income, after income tax, for the period	(28,802)	-	(28,802)
Total comprehensive income for the period	63,941	(22,394)	41,546
Total comprehensive income for the period attributable to:
Equity holders of the Company	63,793	(22,394)	41,398
- from continuing operations	64,935	(22,394)	42,540
- from discontinued operations	(1,142)		(1,142)
Non controlling interests	148	-	148

Consolidated Balance Sheet

	31.12.2022 as	IFRS 17	31.12.2022 as
	published	Restatement	restated
ASSETS
Cash and balances with central banks	12,894,774		12,894,774
Due from banks	1,368,135		1,368,135
Trading securities	4,261		4,261
Derivative financial assets	2,142,196		2,142,196
Loans and advances to customers	38,747,816	(304)	38,747,512
Reinsurance contracts assets		159	159
Investment securities
- Measured at fair value through other comprehensive income	1,806,445		1,806,445
- Measured at amortized cost	11,336,249		11,336,249
- Measured at fair value through profit or loss	327,506		327,506
Investments in associates and joint ventures	98,665		98,665
Investment property	244,903		244,903
Property, plant and equipment	529,225		529,225
Goodwill and other intangible assets	474,683		474,683
Deferred tax assets	5,232,364	1,503	5,233,867
Other assets	1,294,955	(7,269)	1,287,686
	76,502,177	(5,911)	76,496,266
Assets classified as held for sale	1,516,514		1,516,514
Total Assets	78,018,691	(5,911)	78,012,780
LIABILITIES
Due to banks	14,344,851		14,344,851
Derivative financial liabilities	2,305,318		2,305,318
Due to customers	50,245,924	514,965	50,760,889
Insurance contracts liabilities		247,054	247,054
Debt securities in issue and other borrowed funds	2,922,979		2,922,979
Liabilities for current income tax and other taxes	22,926	7	22,933
Deferred tax liabilities	23,487	(2,332)	21,155
Employee defined benefit obligations	23,881		23,881
Other liabilities	920,097	34	920,131
Provisions	921,111	(752,851)	168,260
	71,730,574	6,877	71,737,451
Liabilities related to assets classified as held for sale	10,661		10,661
Total Liabilities	71,741,235	6,877	71,748,112
EQUITY
Equity attributable to holders of the Company
Share capital	680,980		680,980
Share premium	5,259,115		5,259,115
Special Reserve from Share Capital Decrease	296,424		296,424
Reserves	(273,048)		(273,048)
Retained earnings	296,911	(12,788)	284,123
Less: Treasury shares	(1,296)		(1,296)
	6,259,086	(12,788)	6,246,298
Non-controlling interests	18,370		18,370
Total Equity	6,277,456	(12,788)	6,264,668
Total Liabilities and Equity	78,018,691	(5,911)	78,012,780

Consolidated Statement of Cashflows

	From 1 January to
	30.9.2022 as	IFRS 17	30.9.2022 as restated
	published	Restatement
Cash flows from continuing operating activities
Profit/(loss) before income tax from continuing operations	535,215	(33,942)	501,273
Adjustments of profit/(loss) before income tax for:
Depreciation, impairment, write-offs and net result from disposal of property, plant and equipment	102,410		102,410
Amortization, impairment, write-offs of intangible assets	64,542		64,542
Impairment losses on financial assets and other provisions	524,251	33,942	558,194
Gains less losses on derecognition of financial assets measured at amortised cost	1,530		1,530
Fair value (gains)/losses on financial assets measured at fair value through profit or loss	(217,574)		(217,574)
(Gains)/losses from investing activities	(326,555)		(326,555)
(Gains)/losses from financing activities	(67,028)		(67,028)
Share of (profit)/loss of associates and joint ventures	(5,293)		(5,293)
	611,499	-	611,499
Net (increase)/decrease in assets relating to continuing operating activities:
Due from banks	857,212		857,212
Trading securities and derivative financial instruments	(2,227)		(2,227)
Loans and advances to customers	(2,343,662)		(2,343,662)
Other assets	(361,819)		(361,819)
Net increase/(decrease) in liabilities relating to continuing operating activities:
Due to banks	376,669		376,669
Due to customers	3,124,226	(18,905)	3,105,321
Liabilities from insurance contracts	-	(9,070)	(9,070)
Other liabilities	87,823	27,975	115,798
Net cash flows from continuing operating activities before income tax	2,349,721	-	2,349,721
Income tax paid	(56,757)		(56,757)
Net cash flows from continuing operating activities	2,292,963	-	2,292,963
Net cash flows from discontinued operating activities	(791)	-	(791)
Cash flows from continuing investing activities
Proceeds from disposals of subsidiaries	214,820		214,820
Dividends received	3,237		3,237
Acquisitions of investment property, property, plant and equipment and intangible assets	(62,821)		(62,821)
Disposals of investment property, property, plant and equipment and intangible assets	20,678		20,678
Interest received from investment securities	157,107		157,107
Purchases of Greek Government Treasury Bills	(902,177)		(902,177)
Proceeds from disposal and redemption of Greek Government Treasury Bills	828,013		828,013
Purchases of investment securities (excluding Greek Government Treasury Bills)	(3,763,223)		(3,763,223)
Disposals/maturities of investment securities (excluding Greek Government Treasury Bills)	1,008,560		1,008,560
Net cash flows from continuing investing activities	(2,495,806)	-	(2,495,806)
Net cash flows from discontinued investing activities	(90,731)		(90,731)
Cash flows from continuing financing activities
Share Capital Increase	429		429
Share Capital Increase expenses	(156)		(156)
Repayments of debt securities in issue and other borrowed funds	(2,345)		(2,345)

Interest paid on debt securities in issue and other borrowed funds	(69,265)		(69,265)
(Purchases), (Redemption)/ sales of hybrid securities	(14,299)		(14,299)
Payment of lease liabilities	(26,332)		(26,332)
Dividends paid	(4,583)		(4,583)
Net cash flows from continuing financing activities	(116,551)		(116,551)
Net cash flows from discontinued financing activities	(10,081)		(10,081)
Effect of foreign exchange changes on cash and cash equivalents	(1,001)		(1,001)
Net increase/(decrease) in cash flows	(320,394)	-	(320,394)
Changes in cash equivalent from discontinued operations	(101,603)		(101,603)
Cash and cash equivalents at the beginning of the period	12,869,100		12,869,100
Cash and cash equivalents at the end of the period	12,548,705		12,548,705

It is noted that the estimated impact from the application of IFRS 17 may be amended until the Group's financial statements as at 31.12.2023 are finalized.

35. Discontinued Operations

On 18.7.2022, as part of project Riviera, the sale of the shares of the Group's Alpha Bank Albania, by subsidiary company Alpha Bank International Holdings to OTP Bank plc, was completed.

The activities of Alpha Bank Albania were constituting for the Group a distinct geographical area of operations that is included in the "International operations" sector for information purposes by operational sector, and therefore were characterized as "discontinued operations".

Consequently, the results related to the aforementioned items that were sold was presented in aggregate as results from discontinued operations in a separate line of the Income Statement and , Other Comprehensive Income.

	From 1 January to	From 1 July to
	30.9.2022	30.9.2022
Ιnterest and similar income	10,445	1,567
Ιnterest and similar expense	(1,581)	(178)
Net interest income	8,864	1,389
Fee and comission income	2,854	459
Commissions expenses	(259)	(60)
Net income from fees and commissions	2,595	399
Gain less losses on derecognition of financial assets measured at amortized cost	(432)	(432)
Gains less losses on financial transactions	7,574	7,342
Other income	240	(21)
Staff Costs	(3,226)	(482)
General Administrative Expenses	(4,507)	(717)
Depreciation	(1,663)	(173)
Other expenses	87	(2)
Net profit/(loss) before impairment losses and provisions to cover risk	9,535	7,302
Impairment losses, credit risk provisions and related expenses	(3,098)	209
Profit/(loss) before income tax	6,436	7,511
Income tax	(109)	(76)
Net earnings/(losses) after income tax	6,327	7,435
Valuation gain/(losses) after income tax	11,109	2,869
Net earnings/(losses) after income tax from discontinued operations	17,436	10,305
Net change in the reserve of bonds valued at fair value through the other comprehensive income	(5,132)	(69)
Foreign currency translation net of investment hedges of foreign operations	(10,764)	(11,388)
Income tax	769	9
Amounts reclassified to the Income Statement from discontinued operations	(15,127)	(11,448)
Net earnings/(losses) after income tax	2,309	(1,143)

36. Strategic plan

In June 2023, Alpha Services and Holding Group, in which the Company is the Parent, announced its updated Strategic Plan for the period 2023 - 2025, laying the foundations for value creation and further strengthening of profitability focusing on the following key pillars:

a) Enhancing digital services and focusing on high-value segments in Retail Banking.
b) Reforming the service model to increase market share in Wealth Management sector
c) Capitalizing on leadership in Wholesale Banking
d) Improvement of profitability performance from the Group's international activities
e) Maintaining balance sheet resilience
f) Full adoption and utilization of ESG criteria as a catalyst for value creation

The strategic pillars aim to support the following key economic priorities, taking into account inflationary pressures as well as expected interest rate hikes by the European Central Bank:

• Profitability uplift (EPS growing by > 20% CAGR)

‒ Significant improvement in profitability in all Business Units, and reallocation of capital due to the further reduction of Non-Performing Exposures (increase of the Group's RoCET1 by 6% by 2025 to >16%)

‒ Revenue growth supported by a strong performance in Net Interest Income: annual revenue growth of 5%, largely attributable to annual credit growth of approximately 7% as well as the favorable environment of rising interest rates, resulting in an increase in Net Interest Income of €0.4 billion. (or 9% annual growth) and fee and commission income by €0.1 billion

‒ Disciplined cost management, thus limiting the impact of inflationary pressures and reducing Operating Expenses (approximately -3% per annum) through specific actions

‒ Improvement of the Group's Cost-to-Income Ratio by 14%, as a result of revenue enhancement and cost reduction, approaching 40% in 2025

Balance Sheet resilience
- ‒ Diversified and resilient balance sheet (<80% LDR, approximately 85% of HQLA securities), with liquid assets

‒ Reduction (over €1 billion) of non-performing exposures, mainly through organic deleveraging, further decline of the NPE Ratio to approximately 4% and improvement of the NPE Coverage Ratio to approximately 60% as well as further reduction of the Cost of Credit Risk

‒ Broad, well-diversified and resilient deposit base (around 70% of deposits are insured), growing by around 3% per year, approaching around 50% of time deposits

Capital generation and distribution
- ‒ € 2.3bn of capital generation on the back of strong returns and DTAs usage over 3 years
- ‒ Achieve a higher Common Equity Tier 1 ratio with full implementation of Basel III (FL CET1) against management's ` target of 13%.
- ‒ Resumption of dividend payments from 2023 profits, subject to regulatory approval

37. Events after the balance sheet date

On 20.10.2023 the disposal of a Portfolio of Retail Unsecured Non-Performing Loans, of a total outstanding balance of Euro 1.5 billion, to Hoist Finance AB was completed (the "Cell Transaction").
On 23.10.2023 the Group and Unicredit S.p.A announced their agreement to achieve a strategic partnership through the completion of the following individual transactions:
- o The merger of their subsidiary banks in Romania. Upon completion of the above transaction, which is expected within 2024 and is subject to the prior completion of the due diligence process, the receipt of the relevant corporate approvals and the required regulatory approvals and consents, the Group will retain a 9.9% stake in new shape.
- o The acquisition by Unicredit of 51% of the subsidiary Alpha Life and the distribution of Unicredit onemarkets mutual funds through the Bank's network. The completion of the said transaction, which is expected within 2024, is subject to the prior completion of the due diligence process, the receipt of the relevant corporate approvals and the required regulatory approvals and consents.

The completion of the above transactions is expected to strengthen the Group's capital reserves by more than 100 basis points, while the exact impact on the results and capital adequacy ratios will be determined upon completion of the due diligence process and the finalization of the contractual texts.

o The acquisition by Unicredit of all of the shares held by the Financial Stability Fund in Alpha Services and Holdings, amounting to 9%. Unicredit has already submitted the relevant offer, while in the event of non-completion it has committed to acquiring an equity stake of up to 5% directly from the market.
On 1.11.2023 the execution of a binding agreement between the four systemic banks, namely Alpha Bank S.A., the National Bank of Greece S.A., Eurobank S.A. and Piraeus Bank S.A. respectively (the "Banks"), and Waterwheel Capital Management, L.P., acting as investment manager on behalf of an affiliated entity managed by it ("Waterwheel Capital") with respect to the sale to Waterwheel Capital of 95% of the Mezzanine notes and of 95% of the Junior notes to be issued in the context of the concurrent securitization by the Banks of a portfolio consisting primarily of Non-Performing Exposures with a total gross book value of approximately € 1,200,000 as at the cut off date (the "Solar Transaction").

Athens, 2 November 2023

THE CHAIRMAN OF THE BOARD OF DIRECTORS THE CHIEF EXECUTIVE OFFICER

THE GENERAL MANAGER AND CHIEF FINANCIAL OFFICER

THE ACCOUNTING AND TAX MANAGER

VASILEIOS T. RAPANOS ID No ΑΙ 666242

VASSILIOS E. PSALTIS ID No ΑΙ 666591

LAZAROS A. PAPAGARYFALLOU ID No ΑΚ 093634

MARIANA D. ANTONIOU ID No Χ 694507

AI Terminal

Alpha Services and Holdings S.A.

2639_10-q_2023-11-03_f2e8abe4-acf0-42f1-a31b-803d9349c596.pdf

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 30.9.2023

Condensed Interim Consolidated Financial Statements as at 30.9.2023

Condensed Interim Consolidated Income Statement

Condensed Interim Consolidated Statement of Comprehensive Income

Condensed Interim Consolidated Balance Sheet

Condensed Interim Consolidated Statement of Changes in Equity

(Amounts in thousands of Euro)

(Amounts in thousands of Euro)

Condensed Interim Consolidated Statement of Cash Flows

Notes to the Condensed Interim Consolidated Financial Statements

GENERAL INFORMATION

CHAIR (Non-Executive Member)

EXECUTIVE MEMBERS

NON-EXECUTIVE MEMBER Efthimios O. Vidalis ***/****

NON-EXECUTIVE MEMBER

CHAIRMAN

MEMBERS

ACCOUNTING POLICIES APPLIED

1.1 Basis of presentation

1.1.1 Going concern

Developments in the macroeconomic environment

The main uncertainty factors are the following:

Liquidity

Capital Adequacy

Updated Strategic Plan up to 2025

1.1.2 Adoption of new standards and of amendments to standards

• Level of aggregation

• Measurement

• Contract boundary

• Discount rate

• Contractual service margin

and its associate or joint venture.

‣ Amendment to the International Accounting Standard 7 "Statement of Cash Flows" and Amendment to the International Financial Reporting Standards 7 "Financial Instruments: Disclosures": Supplier Finance Arrangements

‣ Amendment to the International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates": Lack of exchangeability

1.2 Significant accounting judgments and key sources of estimation uncertainty

Significant accounting judgments

Business Model Assessment

Assessment of whether contractual cash flows of a debt financial instrument represent solely payments of principal and interest on the principal amount outstanding (SPPI)

Significant judgements relating to the selection of methodologies and models for expected credit losses calculation

Income Tax (notes 12, 23)

Classification of non-current assets held for sale (note 31)

Assessment of control of over special purpose entities

Key sources of estimation uncertainty

Fair value of assets and liabilities (notes 27, 31)

Estimates included in the calculation of expected credit losses of financial assets (notes 8, 28)

Impairment losses on investments in associates and joint ventures and on non - financial assets (note 9)

Employee defined benefit obligations

Provisions (note 11)

Recoverability of deferred tax assets

INCOME STATEMENT

2. Net interest income

3. Net fee and commission income and other income

Fee and commissions and other income

4. Gains less losses on financial transactions

5. Other Income

6. Staff costs

7. General administrative expenses

8. Impairment losses, provisions to cover credit risk and related expenses

9. Impairment losses on fixed assets and equity investments

10. Gains/(Losses) on disposal of fixed assets and equity investments

11. Provisions and transformation costs

12. Income tax

Income tax of other comprehensive income recognized directly in equity

13. Earnings/(losses) per share

a. Basic

b. Diluted

ASSETS

14. Cash and balances with Central Banks

Cash and cash equivalents (as presented in the Interim Condensed Consolidated Statement of Cash Flows)

15. Due from banks

16. Loans and advances to customers

Loans measured at amortised cost

Allowance for expected credit losses

Loans measured at fair value through profit or loss

17. Trading and Investment securities

i. Trading portfolio

ii. Investment Portfolio

NON-EXECUTIVE MEMBER Efthimios O. Vidalis */**