NINE MONTH 2003 RESULTS

NINE MONTH 2003 RESULTS

(According to International Accounting Standards)

NINE MONTH 2003 RESULTS

(According to International Accounting Standards)Substantial Increase in Profitability – Net profit at € 194 million (+23.5%)Robust Organic Growth – Loans up 22.7% Improving Efficiency - Cost to Income ratio at 58%
EFG Eurobank Ergasias announces consolidated financial results for the nine months of 2003 according to both International Accounting Standards and Greek Accounting Standards. 9M 2003 accounts include Romanian Banc Post (fully consolidated since November 2002), Bulgarian Post Bank (accounted for using the equity method since September 2002) and Serbian Postbanka (fully consolidated as of April 2003). In the nine months of 2003, consolidated profit before tax (after minorities) of EFG Eurobank Ergasias amounted to € 271 million, recording an increase of 26% compared to the nine months of 2002. Net profit after tax attributable to shareholders increased by 23.5% vis-à-vis the respective period in 2002, reaching € 194 million. This dynamic performance reflects the deepening presence of Eurobank’ s business units in the fastest growing and most profitable market segments during the year 2003, following the upgrade and unification of technological infrastructure at all distribution networks and the corporate framework redesign project for the whole Group, which contributed to rising efficiency at all levels.KEY BALANCE SHEET FIGURES (9M 03) Total Assets advanced 9%, amounting to € 25.4 billion in the nine months of 2003, compared to € 23.3 billion a year ago, mainly driven by loans. More specifically:

Total Loans grew by 22.7% year on year at the end of September 2003, reaching € 15.3 billion ¹. In the Greek market, in the nine months of 2003, Business Lending, including loans to small, medium-sized and large enterprises, increased 14% to € 9.4 billion, while Household Lending, comprising mortgage and consumer credit, expanded by 32% year on year to € 6.2 billion. More specifically, Consumer Credit reached € 3.4 billion, of which € 153 million came from the consolidation of UnitBank, recording an increase of 30.7% on a comparable basis, while Mortgage Credit expanded by 27%, reaching € 2.7 billion. The dynamic growth of Household Lending has raised its contribution to the total loan portfolio to 40%, from 36% at the end of September 2002. The quality of the loan portfolio is high, with organic non-performing loans (NPLs) standing at 2.9% of the total loan book at the end of September 2003. The coverage ratio stands at 83% in the nine months of 2003, relative to 80% the respective period a year ago, and it is one of the highest in the Greek banking system.

Customer Deposits ¹ excluding repos recorded a notable rise of 13% year on year and amounted to € 14.5 billion. Total Customer Funds, including customer deposits, repos, mutual funds and other investment products, increased 3% and stood at € 23.8 billion at current prices. Shareholders’ Equity strengthened 10.6% year on year and exceeded € 2 billion at the end of September 2003. This figure includes all the necessary adjustments on valuations of the various portfolios, as well as liabilities to third parties. The Capital Adequacy Ratio stands at 11.4% and comprises almost solely Tier 1 capital. INCOME STATEMENT (9M 2003)Net Interest Income recorded an increase of 17.6% and reached € 622 million, from € 529 million in the nine months of 2002, mainly driven by the substantial growth of the loan portfolio. More specifically, net interest income generated by the margin on loans rose a strong 32.5%. In the third quarter of 2003, net interest income reached a new high of € 215 million and was 4.3% higher relative to the previous quarter of the year. Overall, net interest income accounted for 72% of consolidated total operating income. In addition, the net interest margin (net interest income over average total assets) remains above 3%, signifying the strong position of the Group in the market’s most profitable segments. Net Fee and Commission Income, which stems from a wide range of operations, was also strong, rising by 21.1% to € 214 million, compared to € 177 million in the nine-month period to September 2003. Specifically in the third quarter of 2003, net fees and commissions amounted to € 77 million, recording a strong rise of 31.6% over the same quarter of 2002 and 7.9% compared to the previous quarter of 2003. This is largely attributed to fees from capital markets operations, which grew by 13.7% year on year and 28% over the second quarter of 2003 and to fees from wealth management, which improved by 14% in the nine months of 2003. At the end of September 2003, net fee and commission income accounted for 24.7% of total operating income. The dynamic rise of net interest income and net fee and commission income led to a 18.5% increase in the Group’ s Core Income to € 836 million in the nine months of 2003. On a quarterly basis, the third quarter’ s Core Income of € 292 million is the highest ever recorded by Eurobank at a group level and exceeds the respective third quarter 2002 figure by 22% and second quarter 2003 by 5.2%. In the nine-month period of 2003, core income contributed 97% to total operating income. Other, Non- core, Income amounted to € 29 million, from € 3 million in the nine months of 2002 and includes the aggregate result of Dividend Income, Net trading income, Gains less Losses from other Securities and Other Operating Income. The increase in non-core income is mainly due to the partial recovery of capital markets since the second quarter of 2003. In the third quarter of 2003 a stabilisation in equity markets and a price correction in bond markets was recorded. Consequently, Total Operating Income advanced dynamically by 22.1% to € 865 million at the end of September 2003. On a quarterly basis, total operating income amounted to € 300 million and was 34% higher than the respective quarter of 2002. For the period ended September 30, Operating Expenses grew 6.1% on a comparable basis2 to € 461 million. In the third quarter, staff expenses remained unchanged at second quarter levels (€ 94 million), whereas administrative expenses rose by 1%. As a result of the strong growth in revenues and the containment of costs, the Group’ s cost-to-income ratio, including the Balkan subsidiaries, fell to 58.2%, while the efficiency ratio in Greece improved to 56.4% in the nine months of 2003 (compared to 61% in the same period of 2002), which is one of the lowest ratios in the Greek banking system. Bad debt provisions stood at € 102 million at the end of September and account for 93 bps of the Bank’s average loan portfolio. This level of provisioning reflects the strict credit risk management policy followed by EFG Eurobank Ergasias. The dynamic growth in revenues along with the containment of cost growth resulted in the rise of Core Profit (core income less operating expenses and provisions) by 12.5% in the nine-month period of 2003. On a quarterly basis, Core Profit in the third quarter posted a significant increase of 20.5% over the second quarter of 2003. Nine-month Profit before tax after minorities came to € 271 million, up 26%, while net profit after tax and minorities improved by 23.5% to € 194 million. The substantial improvement in the profitability of the Group led to a rise in (after-tax) return on average Assets from 0.88% in the first half of 2003 το 0.93% in the nine months of the same year. Similarly, (after-tax) return on average Equity, at a capital adequacy ratio of 11.4%, increased to 13.2%, compared to 10.9% in the nine-month period of 2003, while the Return on Required Equity (corresponding to a capital adequacy ratio of 8%) reached 18% .

EFG Eurobank ΕrgasiasKey Figures According to International Accounting
Standards (in million euros)

9M 2003

% change

Figures of Balkan subsidiaries
9M 2003

BALANCE SHEET

Total Assets ³	25.437	23.340	9,0 %	727⁴
Net Loans & Advances to Customers ³	15.303	12.476	22,7 %	240
Due to Customers ³	16.418	16.761	-2 %	443
Shareholders' Equity	2.025	1.831	10,6 %	138⁴

INCOME STATEMENT

Net Interest Income	622	529	17,6 %	29,9
Net Commision Income	214	177	21,1 %	19,6
Core Income	836	706	18,5 %	49,5
Total Operating Income	865	709	22,1 %	53,7
Core Profit	231	205	12,5 %	1,5
Profit before tax after minorities	271	215	25,9 %	4,7
Net profit after tax & minorities	194	157	23,5 %	3,2
³excluding settlement balances ⁴includes € 17.9 m corresponding to 46% of the equity of Bulgarian Post Bank, accounted for as an associate under the Equity Method

FINANCIAL RESULTS ACCORDING TO GREEK GAAP According to Greek GAAP, the results for the Group of EFG Eurobank Ergasias in the nine months of 2003 are as follows: Total Assets increased 9.2% to € 25.2 billion in the nine-month period of 2003, from € 23.1 billion the same period a year ago. Loans and advances to clients reached € 15.3 billion, from € 12.5 billion, while Customer Deposits stood at € 16.5 billion, from € 16.8 billion at the end of September 2002. Total Shareholders’ Equity strengthened 4% to € 2 billion. Net Interest Income posted a rise of 18.2% and amounted to € 628 million, from € 531 million, while the net interest margin remained above 3%. Net commission income recorded a growth of 22.2% to € 218 million. As a result, Core Income (net interest income and net fee and commission income) reached € 846 million, from € 709 million in 9M 2002 and Total Operating income advanced 26.4% to € 892 million. Consolidated profit before tax after minorities increased 36%, amounting to € 271 million, whereas consolidated net profit after tax and minorities rose 28.5 % to € 190 million.
¹Excluding settlement balances
²Excluding Balkan subsidiaries