During the year under review the Bank continued collecting deposits from both local and foreign clients while it continued to increase its client base in Corporate and Investment Banking, which has still been the Bank’s main source of income. 2013 was also the year when the Bank continued to capitalize on the developing of its core and internet banking system as well as the continued setting up of the basic operational infrastructure in anticipation of the launch of the business model.

Operating income

• Total operating income was EUR 1,125,583 in 2013 (2012: EUR 972,115).

• Net interest income was EUR 213,995 (2012: EUR 262,246).

• Net fee and commission income reached EUR 686,596 (2012: EUR 616,761).

• Trading income amounted to EUR 96,317 (2012: EUR 47,038).

• Other income amounted to EUR 128,675 (2012: EUR 46,070).

Operating expenses

• Total operating expenses were EUR 1,060,908 in 2013 (2012: EUR 929,717).

• Personnel expenses amounted to EUR 468,560 in 2013 (2012: EUR 419,663) of which national insurance contributions amounted to EUR 20,157 (2012: EUR 19,212).

• Other personnel expenses reached EUR 20,313 (2012: EUR 18,367).

• Personnel-related expenses were 44.2% of total costs (2012: 45.1%).

• General and administrative expenses were EUR 458,192 in 2013 (2012: EUR 426,399).

• Professional fees normally include legal fees and IT and other outsourcing expenses.

• General and administrative expenses were 43.2% of total costs (2012: 45.9%).

• The share of license and regulatory license fees including depositors’ compensation scheme was EUR 44,120 in 2013 (2012: EUR 62,335). The share was 4.2% of total costs (2012: 6.7%).

• Depreciation and amortisation was EUR 134,156 in 2013 (2012: EUR 63,873), representing 12.6% of total costs (2012: 6.9%).

Tax

The current year tax charge of EUR 26,902 (2012: EUR 19,105) is resulting from current tax payable of EUR 48,940 and a movement in deferred tax of (EUR 22,038) which is mainly being driven by unrealised trading income and differences between the net book value of the tangible assists and their respective tax written down values.

Net result

Net profit after tax and amortisation for the financial year ended 31 December 2013 was EUR 37,773 (2012: EUR 23,293).

BALANCE SHEET AND OFF-BALANCE SHEET

Nemea Bank’s total assets stood at EUR 8,535,627 as at 31 December 2013 (2012: EUR 8,346,554).