Corporate presentation. September 2018

Transcription

1 Corporate presentation September 2018

2 Important Notice Forward Looking Information No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by National Bank of Greece (the Group) as to the accuracy or completeness of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty. Although the statements of fact and certain industry, market and competitive data in this presentation have been obtained from and are based upon sources that are believed to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed. All opinions and estimates included in this presentation are subject to change without notice. The Group is under no obligation to update or keep current the information contained herein. In addition, certain of these data come from the Group s own internal research and estimates based on knowledge and experience of management in the market in which it operates. Such research and estimates and their underlying methodology have not been verified by any independent source for accuracy or completeness. Accordingly, you should not place undue reliance on them. Certain statements in this presentation constitute forward-looking statements. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. As a result, you are cautioned not to place any reliance on such forward-looking statements. Nothing in this presentation should be construed as a profit forecast and no representation is made that any of these statement or forecasts will come to pass. Persons receiving this presentation should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecast periods, which reflect the Group s view only as of the date hereof. 1 Legal

3 Table of Contents 1 Overview 2 Financial Highlights 3 Profitability 4 Asset Quality 5 Liquidity 6 Macro 7 Appendix I Appendix II: Financials

4 Overview 1

5 Comprehensive strategy to tap the Greek recovery potential Utilize high coverage to work through NPLs Deploy liquidity to support the recovery of the Greek economy Improve profitability to allow for strong organic capital generation 4 Overview

6 Successfully completed all major strategic objectives since the 2015 recapitalization Consistently delivering on all strategic objectives Recapitalization following the AQR results Restructuring plan approval by EC Completed divestments of FB, Astir & PE funds in line with the restructuring plan Increased loan loss coverage to the highest levels among peers Optimized collateral and liquidity management Exceeded NPE and NPL reduction targets Completion of VES of c1.200 employees, sets the basis for Opex reduction FY.17 Group OpEx declines by 6% yoy Exceeded 2017 NPE reduction targets by more than 0.83 b Divestments of UBB & Vojvo enhance further capital and liquidity position ELA elimination 1.5b loan disbursements to corporates Successful ST result on the back of high CET1 Return to profitability on the back of substantially lower CoR Liquidity to be channeled towards healthy corporates Enhancing outperformance buffer on NPE reduction Disposal of 2b of unsecured retail NPLs at c6c, representing the most capital accretive unsecured loan sale in the Greek market VES of 500 employees near completion Divestments of NBG Albania and SABA Revised strategy and changed leadership 5 Overview

7 Positioning to take advantage of gradual economic recovery in the following years Medium Term Strategic objectives A Aid pre provision income growth B Improve asset quality C Normalize the liquidity position - Satisfy healthy corporate credit demand induced by a growing economic environment, benefiting NIM through mix improvement and NII through levering up - Capitalize on leading debit card position to increase POS fees as well as e-banking transaction fees and lending related fees - Further staff cost reduction to improve efficiency - Utilize high coverage to work through NPE reduction as per the new SSM targets - Achieve all asset quality KPIs agreed with SSM - Increase restructuring efforts, containing re-defaults - Accelerating utilization of liquidation measures to allow for effective signaling towards strategic defaulters - Establish a sizable and recurring presence in the primary wholesale funding markets - Capitalize on leading brand name to attract deposit inflows - Proceed with additional sales and securitizations of secured and unsecured portfolios 6 Overview

8 FY15 1 1Q16 2 2Q16 3 3Q16 4 4Q16 5 1Q17 6 2Q17 7 3Q17 8 4Q17 9 1Q Q18 12 FY18 13 FY19 NPEs decline for 9 straight quarters adding up to a reduction of 5.5b; 2Q18 NPE stock achieves FY.18 SSM target Bank NPE reduction targets (SSM perimeter) ( b) 2017 NPE operational performance ahead of targets NPEs Q.18 target exceeded by 1.3b Operational targets submitted to the SSM commit to a reduction of NPLs and NPEs by 7.5b and 8.4b over the period , equal to a reduction of c.50% and c.40% respectively Upon achieving these targets in 2019, NPL and NPE ratios will have been reduced by c.15ppts, with NPE coverage around 55% Reduction of 5.5b to date, is in part due to negative NPE formation (- 2.1b) and due to write offs (- 3.4b of which c. 2b subsequently sold) NPLs Remaining NPE reduction at 2.9b ( b) 21.5 Total targeted: - 8.4b FY15 Done Remaining FY19 NPE reduction target 7 Overview

9 Texas ratios above 100% for all banks, NBG at 1.4x Peer Group 1 : NPE & Coverage (Group) Peer Group 1 : 90dpd & Coverage (Group) Peer Group 1 : net NPΕs/TBV (Group) 55% 52% NPE ratio 42% 41% 90dpd ratio 31% 33% 36% 33% TBV ( b) Coverage ratio 60% 49% 50% 56% Coverage ratio 83% 81% 73% 70% Unprovided NPEs ( b) 1.38x 3.07x 1.84x 1.74x Texas ratio 2 NBG Peer 1 Peer 2 Peer 3 NBG Peer 1 Peer 2 Peer 3 NBG Peer 1 Peer 2 Peer 3 1. Latest available data, 2. Texas ratio=net NPEs/TBV 8 Overview

10 P/TBV Asset quality developments affect market valuation NBG Bank NPE stock 4Q16-2Q18 P/TBV vs unprovided NPLs / TBV latest* NPE stock ( b) b - 0.3b - 0.2b - 0.7b 0.3 NBG b Alpha Eurobank b Piraeus 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q Unprovided NPLs/TBV *Mkt prices as at September 12 th, Overview

11 CET1 ratio at 16.2%, comfortably above regulatory requirements CET 1 ratio 16.5% 16.2% Pro forma for the 1H18 PAT and the Pro forma for the 1H18 PAT and the completed Albania sale (July), CET1 stands at 16.4% Albania sale (July), CET1 stands at 16.4% Pro forma for the 1H18 PAT and the Including 1H18 PAT and the completed Albania sale (July)Albania sale (July), CET1 stands at 16.4% 13.0% OCR: % DTC: 4.7b 9.375% CET1: 9.375% CET1: 6.0b CET1: 5.8b CET1: 4.6b 1Q18 2Q Regulatory Requirement CET1 FL 2Q18 RWAs ( bn) Overview

12 Superior liquidity gives NBG the opportunity to reclaim profitable market share in the corporate segment Domestic L:D ratio (%) 2Q18 ELA exposure ( b) latest available Peer 2 Peer Peer 1 NBG Q17 3Q17 4Q17 1Q18 2Q18 Corporate loans market shares* 2Q18 NBG Peer 1 Peer 2 Peer 3 Total & Core deposit market shares* 2Q18 Gross Loans 19.1% Performing Loans 23.0% 33.5% 27.9% 26.2% 26.0% 23.1% 21.2% Core deposits Total deposits 31.7% 28.2% 30.0% 29.8% 22.6% 21.2% 19.2% 17.3% NBG Peer 1 Peer 2 Peer 3 NBG Peer 1 Peer 2 Peer 3 * Market shares calculated over the sum of the four systemic banks 11 Overview

13 Financial Highlights 2

14 NBG s NPE reduction stands 1.3b ahead of the target, fulfilling already the FY.18 SSM requirement Asset Quality, Liquidity & Capital Highlights Domestic NPE stock reduction continues for 9 straight quarters NPE reduction continues, driven by negative formation of 0.3b and write offs of 0.2b, reducing the stock by 0.5b in 2Q Key Ratios - Group Liquidity 2Q18 1Q18 FY17 2Q17 Net NPE reduction achieved since end-2015 at 5.5b, exceeding 2Q18 SSM target by 1.3b; reduction is attributable to negative NPE formation of - 2.1b, with the remainder arising from fully provided write offs, c. 2b of which subsequently sold Disposal of 2.0b of unsecured retail NPLs at a consideration of c.6% of the principal amount, represents the most capital accretive transaction for an unsecured portfolio in the Greek market (+18bps) and is testament to NBG s asset quality NPE and NPL coverage at sector leading levels of 60% and 84%, combines with the lowest NP levels in Greece LCR ratio exceeds 100% Domestic deposits pick up in 2Q despite further relaxation of capital controls Following ELA elimination, LCR currently stands at 117% Removal of the ECB s waiver was absorbed without any impact on liquidity or funding cost as Greek sovereigns were replaced with investment grade covered bonds Superior liquidity position and lowest funding cost competitive advantages, will become increasingly important as demand for credit picks up CET1 ratio at 16.2% CET1 at 16.2%, factoring in BROM and Albania impairment charges. Pro forma for the 1H18 PAT and the reduction in RWAs following the completion of NBG Albania sale in July, CET1 stands at 16.4% and 13.0% taking into account the IFRS9 full impact Loans-to-Deposits ratio 1 74% 76% 77% 86% ELA exposure ( b) LCR 2 86% 66% 41% n/a Profitability NIM (bps) Cost of Risk (bps) Risk Adjusted NIM Asset quality NPE ratio 42.1% 42.7% 43.7% 45.0% NPE coverage ratio 60.2% 60.2% 61.2% 55.7% Capital CET1 ratio CRD IV FL 16.2% 16.5% 16.7% 16.3% RWAs ( bn) FY17 restated for IFRS9 FTA, 2. LCR at 117% as of end July 18, 3.Risk Adjusted NIM= NIM-Cost of Risk 13 Highlights

15 1H18 PAT from continued operations turns to a profit of 41m vs a loss of 59m in 1H17 P&L Highlights Group P&L 1H18 group PAT from continued operations at 41m vs losses of 59m in 1Η17, reflects mainly two P&L movements: A reduction in group core income (-19% yoy) driven by lower NII (-22.5% yoy) reflects one off impacts from IFRS9 FTA (1Q) and the repricing of part of the mortgage book contractually linked with 1yr Greek T-bills (2Q), accountable for c.40% of the drop, as well as due to sustained deleveraging on the retail book and restructurings A sharp reduction in credit risk charges dropping by 64% yoy, translating into a CoR of 103bps in 1H.18 vs 261bps in 1H17; 2Q.18 credit risk charge stood at 38m implying a CoR of just 50bps, benefitting from recoveries arising out of the sale of the 2.0b unsecured NPL book; adjusting 2Q18 CoR for one offs still yields a low underlying CoR in 2Q18 qoq of the order of 110bps Non core income did not impact 1H.18 performance on a yoy basis, but was unsupportive in 2Q, creating a negative P&L swing of - 41m due to a small trading loss in 2Q due to a deterioration in international markets Group OpEx in 1H.18, up by 2%, is bound to return to negative growth rates upon completion of the ongoing VES program, benefitting 2H personnel costs m 1H18 1H17 YoY 2Q18 1Q18 QoQ NII % % Net Fees & Commissions % % Core Income % % Trading & other income % (16) 25 n/m Income % % Operating Expenses (468) (457) +2% (238) (231) +3% Core PPI % % PPI % % Provisions (158) (432) -64% (38) (120) -69% Operating Profit 69 (33) n/m % Other impairments (10) (9) +14% (11) 1 n/m PBT 59 (42) n/m % Taxes (18) (17) +4% (12) (6) >100% PAT (cont. ops) 41 (59) n/m % PAT (discont. ops) 38 (68) n/m % One-offs (40) - - (40) - Minorities (20) (16) +21% (10) (10) -6% PAT 19 (143) n/m (15) 34 n/m 14 Highlights

16 Profitability 3

17 1H18 group operating profit reaches 69m ( 44m in 2Q) relative to a loss of 33m in 1H17, on lower CoR Group operating result bridge ( m) Group core operating margin decomposition 1 (bps) Group core operating profit ( m) Group core PPI margin (bps) Group CoR (bps) H17 ΔNII Δnon core income ΔOpEx Δfees Δprovisions 1H18 Group core operating margin (bps) Q18 2Q18 Group PPI by region ( m) Group PPI bridge ( m) SEE & Other QoQ 145 NII drop reflects a 8m negative one off impact from Greek Tbill linked mortgages repricing Trading income swing of - 44m due to CVA adjustments Greece % -46.7% % 1Q18 2Q18 1Q18 ΔNII Δfees Δnon core income ΔOpEx 2Q18 1. Core PPI margin & CoR are calculated over net loans 16 Profitability

18 2Q NII is affected by a one off mortgage repricing, lower bond income and deleveraging on the retail book Greece Domestic NII breakdown NIM Risk Ad. NIM 1 2Q17 3Q17 4Q17 1Q18 2Q18 Loans Deposits Securities Eurosystem & wholesale NII drop reflects a 8m negative one off impact from Greek Tbill linked mortgages repricing 48 CoR Subs & other Q17 3Q17 4Q17 1Q18 2Q18 Total Evolution of domestic net loans ( b) Domestic NII evolution ( m) Q18 Mortgages Consumer SBLs Corporate 2Q18 1Q18 Loans Deposits Securities Eur/stem & wholesale Subs & other 2Q18 1, Risk Adjusted NIM= NIM-Cost of Risk 17 Profitability

19 Domestic deposits up in 2Q, drive an 8% growth yoy despite the relaxation of capital controls Greek deposit yields (bps) Greek deposits evolution ( b) % 70% 71% 68% 68% Core deposits/total +8.4% yoy Time b yoy Time Total Sight & other Core Savings Market share at 36% 2Q17 3Q17 4Q17 1Q18 2Q18 2Q17 3Q17 4Q17 1Q18 2Q18 18 Profitability

20 Lending yield drops due to mortgage repricing; corporate balances stabilize on disbursements of 0.6b in 2Q18 Greek lending yields 1 (bps) Greek loan evolution ( b) Consumer Lending yield (bps) Net loans Performing loans SBLs % qoq Corporate Corporate SBL Consumer Mortgages Mortgages 2Q17 3Q17 4Q17 1Q18 2Q18 2Q17 3Q17 4Q17 1Q18 2Q18 1: Calculated on performing loans including FNPEs<90dpd 19 Profitability

21 1H18 domestic fees up by +2.8% (including ELA fees) despite weakness in non core banking fees Group fee income by region excl. ELA fees ( m) Domestic fees excl. ELA fees ( m) 0.38% 0.43% 0.41% 0.38% 0.42% Fees/Assets 1 ELA cost YoY % +2.8% Fund mgm, Brokerage & other Total SEE & Other % Wholesale Banking Fees Retail Banking Fees Greece Q17 1Q18 2Q18 Column1 1H17 1H18 2Q17 1Q18 2Q18 Column1 1H17 1H18 1: Excluding assets held for sale 20 Profitability

22 Greek headcount at 9.6K vs 15.0K pre crisis; on going VES for c500 FTEs to benefit the P&L in 2H18 onwards Group OpEx by category ( m) Group OpEx evolution ( m) Greece Group 1H18 1H17 yoy 1H18 1H17 yoy Personnel % % Total G&A & other G&As % % Depreciation % % Total % % Q17 3Q17 4Q17 1Q18 2Q18 Staff Domestic OpEx evolution ( m) Headcount evolution ( 000) Total G&A & other SEE & Other Staff Greece Q17 3Q17 4Q17 1Q18 2Q18 FY09 1 FY14 FY15 FY16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 1. Excludes Ethniki Insurance, UBB, BROM, Vojvo & NBG Albania employees 21 Profitability

23 Asset quality 4

24 Negative NPE formation (pre write offs) continues, driving the NPE stock meaningfully lower Domestic NPE stock per category 2Q18 ( b) Domestic NPE stock movement ( b) FNPE & other impaired dpd Mortgages Consumer SBL Corporate Domestic NPE stock evolution ( b) NPE flows ( m, SSM perimeter) NPE ratio % 45.3% 44.1% 43.1% 42.6% FNPEs & other impaired 90dpd NPE inflows NPE outflows Q17 3Q17 4Q17 1Q18 2Q18 Recoveries, liquidations sales & other Q17 3Q17 4Q17 1Q18 2Q18 1 FY17 restated for IFRS9 23 Asset quality

25 Negative NPE formation (pre write offs) accelerates in 2Q, aided by the sale of the unsecured retail porfolio Mortgages ( m) Consumer ( m) NPE formation* ( m) Q17 3Q17 4Q17 1Q18 2Q Q17 3Q17 4Q17 1Q18 2Q18-51 SBLs ( m) Corporate ( m) Of which: - 207m from sales - 30m from liquidations 2Q17 3Q17 4Q17 1Q18 2Q18 2Q17 3Q17 4Q17 1Q18 2Q18 2Q17 3Q17 4Q17 1Q18 2Q18 * SSM perimeter 24 Asset quality

26 Negative 90dpd formation in 2Q is aided by the unsecured retail NPL sale Mortgages ( m) Consumer ( m) Domestic 90dpd formation ( m) Q17 3Q17 4Q17 1Q18 2Q Q17 3Q17 4Q17 1Q18 2Q SBLs ( m) Corporate ( m) Of which: - 203m from sales - 30m from liquidations Q17 3Q17 4Q17 1Q18 2Q Q17 3Q17 4Q17 1Q18 2Q Q17 3Q17 4Q17 1Q18 2Q18 25 Asset quality

27 Lowest 90dpd and NPE ratios in Greece, combine with the highest cash coverage Domestic 90dpd ratios Domestic 90dpd NPE bridge ( bn) Collateral coverage 1 70% 12% 58% 55% 58% 34% 37% 116% 57% 92% 20% 30.4% 30.5% SEE & other: 90dpd ratio: 32% Coverage: 63% Cash coverage 54% 120% 84.0% 82.8% Mortgages Consumer SBL Corporate Total GRE Group 90dpd FNPE <30 FNPE Other impaired NPEs Domestic NPE ratios and coverage Domestic forborne stock ( bn) Collateral coverage 1 72% 13% 60% 56% 59% 44% 46% 94% 66% 80% 36% 42.6% 42.1% SEE & other: NPE ratio: 32% Coverage: 62% FPE FNPE<30 dpd 3.5 Cash coverage 67% 60.1% 60.2% 42% Mortgages Consumer SBL Corporate Total GRE Group FNPE >90dpd 2.8 FNPE 31-90dpd 0.8 LLAs/ Gross loans 19% 43% 53% 24% 25% 1. Cash provisions incorporate additional haircuts on the market value of collateral to account for the prospect of distressed sale; all numbers bank level 26 Asset quality

28 NPE ratios drop meaningfully despite deleveraging (Group) Group loan staging and evolution ( b) Group S2 ratios and coverage (%) Group S3 ratios and coverage (%) Δ S % 42.0% Ratio S % 19.3% Ratio 56.1% 56.0% Coverage S % 7.0% Coverage Asset quality

29 NBG s auctioning activity gathers pace # of planned auctions ( )* Auctions outcome (NBG) # of auctions evolution (NBG, Held) 1, Suspended 39% 1,276 1, % Not successful 605 Held 61% 29% Successful 22 NBG Peer 1 Peer 2 Peer 3 YtD 1Q18 2Q18 July '18 * Source: Lawyers Insurance Fund 28 Asset quality

30 NPL projects completed and in the pipeline Schedule Portfolio Status Size Estimated completion Transaction details Consumer unsecured Closed 76m June 2016 Priced at 16c Project Earth Closed 2.0b July 2018 Secured SBL/SME Launched c. 1.0b 1Q19 Unsecured retail Scheduled 0.7b 2Q19 Capital accretive (+18bps) and P&L positive. Priced at 6c Granular portfolio of secured SBL and small SMEs Granular portfolio of credit cards, consumer loans & SBs 29 Asset quality

31 Liquidity 5

32 Total Eurosystem exposure reduced by c. 20b and ELA reduced by c. 18b, aided by the divestment plan, interbank access, deleveraging and deposit inflows Eurosystem and Interbank funding evolution (all amounts in bn and cash equivalents) Collateral optimization Interbank funding -4,0bn Eurosystem exposure ECB ELA Interbank Waiver 8.2 Pillars Reinstate cancellation ment Issuance of covered bond Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Aug-18 Key drivers of ELA elimination: Jun-17 Market access through interbank repos transactions & bond issuance ( 0.75b) Divestments proceeds ( 3.5b) Deposit inflows ( 3.9b) Loan deleveraging ( 6.2b) 31 Liquidity

33 Superior liquidity and cost of funding will allow NBG to reclaim corporate market share Peer group analysis: liquidity position (Group) Peer Group: Domestic funding cost 2 ELA/ Assets 1 0% 0% 1% 1% % 0.58% 0.69% 0.64% NBG Peer 1 Peer 2 Peer 3 NBG Peer 1 Peer 2 Peer 3 Domestic L:D ratio evolution NBG domestic deposit flows per quarter ( b) Peer domestic L:D ratio 3 141% 138% 134% 131% 131% 128% 124% 91% 91% 89% NBG Greece 86% 87% 85% 83% 119% 110% 107% % 75% 73% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q161Q17 2Q17 3Q17 4Q17 1Q18 2Q b b 1: Excl. EFSF & ESM bonds 2: Estimated based on latest available funding balances & yields 3: Peer average data excluding NBG, based on latest available data 32 Liquidity

34 Macro 6

35 :6M Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun :Q2 2007:Q1 2007:Q4 2008:Q3 2009:Q2 2010:Q1 2010:Q4 2011:Q3 2012:Q2 2013:Q1 2013:Q4 2014:Q3 2015:Q2 2016:Q1 2016:Q4 2017:Q3 2018:Q2 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Improving confidence, following the successful completion of the 3rd Programme, along with healthy growth in goods exports and tourism will increasingly support activity in H2:2018 Economic sentiment & real GDP growth PMI & Capacity utilization y-o-y index Index % GDP growth (left axis) EC Economic sentiment indicator (right axis) PMI, deviat. from 50 (left axis) Capacity utilization (right axis) Tourism: Arrivals & Revenue (excluding cruises) Trade of goods & services y-o-y y-o-y, m m.a y-o-y, -20 y-o-y m m.a Tourist arrivals (excl. cruises, y-o-y) Tourism receipts (excl. cruises, y-o-y) Exports of goods (excl. oil & ships, 12m m.a., left axis) Imports of goods (excl. oil & ships, 12m m.a., left axis) Total services receipts (12m m.a., right axis) Sources: EL.STAT., Bank of Greece, EU Commission & PMI Markit 34 Macro

36 7-Mar Mar-18 4-Apr Apr-18 2-May May May Jun Jun Jul Jul-18 8-Aug Aug-18 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug The activation of a new set of medium-term debt relief measures and the agreement on a credible post-programme surveillance framework will eventually support market sentiment General Government Debt as percent of GDP Government Gross Financing needs as percent of GDP % GDP % GDP % GDP % GDP deferral of amortization and interest payments on 96.4 bn of EFSF loans Excluding new debt relief measures Including new debt relief measures Excluding new debt relief measures Including new debt relief measures Greek & Italian Government bond yields Greece s Sovereign ratings % Italy Investment grade Index value: 21 corresponds to AAA rating and 0 to selective default status m T-bill 10yr Italian GB 5yr GGB 7yr GGB 10yr GGB Fitch Moody's S&P Latest BB- B3 B+ Outlook stable positive positive Sources: EL.STAT., Bloomberg, PDMA, EU Commission & NBG estimates 35 Macro

37 late- Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 H1:2010 H2:2010 H1:2011 H2:2011 H1:2012 H2:2012 H1:2013 H2:2013 H1:2014 H2:2014 H1:2015 H2:2015 H1:2016 H2:2016 H1:2017 H2:2017 Q1:2018 Q2:2018 Macroeconomic improvements are becoming more broad-based in Greece against a backdrop of higher volatility in international markets LFS Employment & ERGANI net flows Real estate prices (y-o-y) thsnd persons % 4,5 3,5 2,5 1,5 0,5-0,5-1, y-o-y 2018 Q2: +0.8% y-o-y Net hiring (ERGANI data, s.a., thsnd persons, 2m m.a., left axis) Employment (LFS, %, s.a. data, y-o-y, 2m m.a., right axis) Inflows of foreign direct investment in Greece Office prices (Athens, y-o-y) Retail prices (Athens, y-o-y) House prices (total, y-o-y) Increased sources of volatility internationally mn 3.6 bn in FY: bn in 6M:2018 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 % lira/euro Non-residents direct investment in Greece EUR-TRY exchange rate (right axis) Italian Government bond yield (%, left axis) Sources: EL.STAT., Greek Ministry of Labour, Bank of Greece, Bloomberg & NBG estimates 36 Macro

38 Appendix I 7

39 NBG delivery of medium term targets envisaged in the 2015 capital raise A) Funding Cost Improvement B) Business Mix Optimization & Income growth Greece 2Q15 2Q18 Δ Time deposits repricing (bps) Reduction of ELA ( b) Elimination of Pillar bonds ( b) Deposit inflows ( b) C) Efficiency Improvement Gross Corporate loans / Total loans (%) D) CoR Evolution Greece 2Q15 1 2Q18 3 Δ bps Lending yield 2 (bps) Net Interest Income ( m) Net Interest Margin (bps) Fee Income / Assets (bps) Greece 2Q15 1 2Q18 3 Δ # of employees (in 000s) Employee wage bill ( m, ann.) Greece FY14A FY17A 2Q18A CoR (bps) P&L charge ( m, annualized) 1, Q15 figures include the Ethniki Insurance Company 2. Down due to restructuring impact 3. Excludes the Ethniki Insurance company agreed to be sold 4. Expected NBG inflows in the 2 years following the imposition of capital controls at c. 3-4b, actual experienced at 3.9b 5. CoR adjusted for one offs including a capital gain due to the 2b unsecured retail NPL sale 38 Appendix I

40 Capital controls framework Cash withdrawal limit 100% of cash deposited after can be withdrawn 840 equivalent per fortnight per customer (applicable up to ) equivalent per month per customer (applicable from ) equivalent per month per customer (applicable from equivalent per month per customer (applicable from Purchase of Greek mutual funds Allowed New account opening Allowed for existing (as of ) customers Subject to specific criteria, e.g. primary payroll account, for new customers Greek capital market instruments Allowed Additional account beneficiary Allowed for existing (as of ) customers Prohibited for new customers Foreign investments liquidation Proceeds can be re-invested Transfers from abroad 100% of incoming funds can be re-transferred abroad 10% of incoming funds received before can be withdrawn 30% of incoming funds received between and can be withdrawn 50% of incoming funds received after can be withdrawn Change of Custodian Bank Prohibited when changing to foreign custodian Outgoing wire transfers abroad Private individuals can transfer up to 1,000 per month Trade related payments < 350k approval at bank level Weekly limit for bank-level committee at 112mn > 350k approval by the Banking Transactions Approval Committee Time deposit break Allowed Early loan repayment Allowed 39 Appendix I

41 RWA Evolution Asset-liability mix Evolution of RWAs ( b) Asset mix ( b) Liability mix ( b) 61.8 Interbank placements; 2.0 Securities; 6.9 EFSF/ESM bonds & other; Cash; 4.4 Interbank liabil, 4.8 ECB, 2.8 Savings; Domestic net loans; 28.6 Current & Sight; 8.2 Domestic deposits 39.3 SEE & Other net loans, 1.7 Time & Other; 12.5 DTA, 4.9 Other, 13.2 SEE & Other deposits; 1.9 Other Liabil; 7.8 Total equity and minorities; 5.1 Debt securities; 1.2 RWAs 2015 RWAs 2016 RWAs H18 Assets Liabilities 40 Appendix I

42 NBG Shareholder structure as at September 2018 Domestic pension funds & other 0.3% Domestic retail investors 7.2% HFSF 40.4% Int'l Institutionals 48.7% Domestic private & public legal entities 3.4% Domestic investors: 10.9% 41 Appendix I

43 Appendix II: Financials

44 Group Balance Sheet & P&L Balance Sheet Group P&L Group m 2Q18 1Q18 4Q17* 3Q17 2Q17 Cash & Reserves Interbank placements Securities Loans (Gross) Provisions (10 118) (10 439) (11 135) (10 868) (10 937) Goodwill & intangibles Tangible assets DTA Other assets Assets held for sale Total assets Interbank liabilities Due to customers Debt securities Other liabilities Hybrids Liabilities held for sale Minorities Equity Total liabilities and equity m 2Q18 1Q18 4Q17 3Q17 2Q17 NII Net fees Core Income Trading & other income (16) (39) (29) Income Operating Expenses (238) (231) (248) (237) (229) Core Pre-Provision Income Pre-Provision Income Provisions (38) (120) (200) (155) (200) Operating Profit (38) (42) (38) Other impairments (11) 1 (19) 3 (1) PBT (57) (39) (39) Taxes (12) (6) (4) (6) (10) PAT (cont. ops) (60) (44) (49) PAT (discount. ops) (200) 20 (99) One-offs (40) Minorities (10) (10) (5) (10) (7) PAT (15) 34 (265) (35) (156) *4Q17 figures are pro-froma for IFRS9 accounting standard 43 Appendix II

45 Regional P&L: Greece, SEE & other Greece SEE & Other m 2Q18 1Q18 4Q17 3Q17 2Q17 NII Net fees Core Income Trading & other income (17) (39) (29) Income Operating Expenses (220) (213) (228) (219) (211) Core Pre-Provision Income Pre-Provision Income Provisions (35) (121) (189) (151) (199) Operating Profit (36) (48) (48) Other impairments (10) 1 (16) 4 (1) PBT (52) (44) (49) Taxes (8) (4) (3) (4) (8) PAT (cont. ops) (55) (49) (57) PAT (discount. ops) One-offs (40) Minorities (9) (9) (4) (10) (7) PAT (16) 26 (43) (40) (42) m 2Q18 1Q18 4Q17 3Q17 2Q17 NII Net fees Core Income Trading & other income Income Operating Expenses (18) (18) (20) (19) (18) Core Pre-Provision Income Pre-Provision Income Provisions (3) 1 (11) (4) (0) Operating Profit 7 12 (2) 6 11 Other impairments (1) (0) (3) (0) (1) PBT 6 12 (5) 6 10 Taxes (3) (1) (0) (1) (2) PAT (cont. ops) 3 11 (5) Appendix II

46 Definition of financial data & ratios used Name Abbreviation Definition Common Equity Tier 1 Ratio Common Equity Tier 1 Ratio Fully Loaded CET1 Ratio CET1 CRD IV FL CET1 capital as defined by Regulation No 575/2013, with the application of the regulatory transitional arrangements for IFRS 9 impact (H1.18) over RWAs CET1 capital as defined by Regulation No 575/2013, without the application of the regulatory transitional arrangements for IFRS 9 impact (H1.18) over RWAs Core Deposits - Consists of current, sight and other deposits, as well as savings accounts, and exclude repos and time deposits Core Income CI Net Interest Income ( NII ) + Net fee and commission income Core Operating Result (Profit / (Loss)) - Core income less operating expenses and provisions (credit provisions and other impairment charges) Core Operating Margin - Core operating profit / (loss) annualized over average net loans Core Pre-Provision Income Core PPI Core Income less operating expenses Core Pre-Provision Margin Core PPI margin Core PPI annualized over average net loans Cost of Risk / Provisioning Rate CoR Credit provisions of the period annualized over average net loans Cost-to-Core Income Ratio C:CI Operating expenses over core Income Cost-to-Income Ratio C:I Operating expenses over total income Equity/Book Value BV Equity attributable to NBG shareholders Deposit Yields - Annualized interest expense on deposits over deposit balances Forborne - Forborne Non-Performing Exposures Forborne Performing Exposures Funding cost/cost of funding - FNPEs FPEs Exposures for which forbearance measures have been extended according to EBA ITS technical standards on Forbearance and Non-Performing Exposures Exposures with forbearance measures that meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures Exposures with forbearance measures that do not meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures and forborne exposures under probation period The blended cost of deposits, ECB refinancing, repo transactions, ELA funding (until late November 2017), as well as covered bonds and securitization transactions Gross Loans - Loans and advances to customers before allowance for impairment Liquidity Coverage Ratio LCR The LCR refers to the liquidity buffer og High Quality Liquid Assets (HQLAs) that a Financial Institution holds, in order to withstand net liquidity outflows over a 30 calendar-day stresses period Loan Yield - Annualized loan interest income over gross performing loan balances Loans-to-Deposits Ratio L:D Net loans over total deposits, period end 45 Appendix II

47 Definition of financial data & ratios used Name Abbreviation Definition Net Interest Margin NIM NII annualized over average interest earning assets.the latter include all assets with interest earning potentials and includes cash and balances with central banks, due from banks, financial assets at fair value through profit or loss (excluding Equity securities and mutual funds units), loans and advances to customers and investment securities (excluding equity securities and mutual funds units). Net Loans - Loans and advances to customers Net Profit / (Loss) - Profit / (loss) for the period attributable to NBG equity shareholders Non-Performing Exposures NPEs Non-Performing Exposures Coverage Ratio NPE coverage Non-Performing Exposures Formation NPE formation Net increase/(decrease) of NPEs, before one-offs Non-Performing Exposures Ratio NPE ratio Non-performing exposures over gross loans, period end Non-performing exposures are defined according to EBA ITS technical standards on Forbearance and Non- Performing Exposures as exposures that satisfy either or both of the following criteria: a) Material exposures which are more than 90 days past due b) The debtor is assessed as unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any past due amount or of the number of days past due. Stock of provisions (allowance for impairment for loans and advances to customers) over non-performing exposures, excluding loans mandatorily classified as FVTPL,period end Non-Performing Loans NPLs Loans and advances to customers in arrears for 90 days or more 90 Days Past Due Coverage Ratio Stock of provisions over loans and advances to customers in arrears for 90 days or more excluding loans 90dpd coverage mandatorily classified as FVTPL, period end 90 Days Past Due Formation Net increase / (decrease) of loans and advances to customers in arrears for 90 days or more, before write-offs and 90dpd formation after restructurings 90 Days Past Due Ratio 90dpd ratio/ NPL Loans and advances to customers in arrears for 90 days or more over gross loans, period end ratio Operating Expenses OpEx, costs Personnel expenses + General, administrative and other operating expenses ( G&As ) + Depreciation and amortisation on investment property, property & equipment and software & other intangible assets. For H1.18, operating expenses excludes the VES cost of 40m. Operating Profit / (Loss) - Total income less operating expenses and provisions (credit provisions and other impairment charges) Pre-Provision Income PPI Total income less operating expenses, before provisions (credit provisions and other impairment charges) PAT (Continuing Operations) Risk Weighted Assets RWAs Profit for the period from continuing operations. For H1.18, PAT (continuing operations) excludes the VES cost of 40m. Assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013 Tangible Equity / Book Value TBV Common equity less goodwill & intangibles (goodwill, software and other intangible assets) Total deposits - Due to customers 46 Appendix II

48 Contact details Paul Mylonas CEO Ioannis Kyriakopoulos Group CFO Greg Papagrigoris Head of IR Maria Kanellopoulou Investor Relations Ilias Katsikalis Investor Relations This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. No part of this presentation may be construed as constituting investment advice or recommendation to enter into any transaction. No representation or warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future to transact any securities will conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax, accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation.