Very solid 2023 results driven by a record level of lending activity

Higher recurring net income despite a disrupted economic environment

• Recurring net banking income moderately down at EUR 198 million (-6% vs 2022) despite a disrupted economic environment and the full-year impact of 2022 loan volumes constrained by the usury rate for the local public sector
• Operating expenses at EUR 118 million (-5.6% vs 2022), reflecting a tight control of general and administrative costs (+1% vs 2022) in a context of continued inflationary pressures in 2023
• Reversal in cost of risk (-2 basis points) and non-performing exposures at an all-time low of 0.2% of assets, reflecting the excellent credit quality of asset portfolio
• Recurring net income of EUR 65 million (+4.8% vs 2022) illustrating the performance of public development bank model