National Bank of Greece

Transcription

1 National Bank of Greece Q Results August 28 th, 2014

2 Q Results: Highlights

3 National Bank of Greece Results Result Highlights CET1 ratio increases 16.2% post 2.5bn capital increase Group PAT at 965m, H1.14 at 1.1bn Excluding one offs, PAT at 74m, 7 th consecutive profitable quarter Operating profit at 48m, as Group Core Income strengthens further (+2%qoq) Group NIM (+8bps qoq at 325bps) improves in Greece and Turkey Group cost cutting is impressive (H1.14: -12% yoy) 90dpd formation in Greece on a decelerating trend (-16% qoq) Allows a reduction in Group credit risk charges to 223bps Finansbank s profitability surges upwards, bouncing back from lows PAT at TL246m (+28% qoq) and +159% vs Best in class liquidity position (domestic L:D at 83%) Net 1 ECB funding lowered to just 4.4% of assets NBG set to fund the recovery of the Greek economy Already 0.4bn disbursed in 1: Excluding EFSF Bonds page 3

4 Q Results: The Greek Economy

5 Q3.01 Q3.02 Q3.03 Q3.04 Q3.05 Q3.06 Q3.07 Q3.08 Q3.09 Q3.10 Q3.11 Q3.12 May-07 Dec-07 Jul-08 Feb-09 Sep-09 Apr-10 Nov-10 Jun-11 Jan-12 Aug-12 Mar-13 Oct-13 May-14 Q1.05 Q1.06 Q1.07 Q1.08 Q1.09 Q1.10 Q1.11 Q1.12 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Macroeconomic environment National Bank of Greece Results Economy exits recession, competitiveness increases + sovereign risk subsides rapidly GDP growth and economic sentiment indicator Greek 10-year Gov.bond spread over bund % q-o-q annualized in Q2: % GDP, q-o-q (s.a., annualized, left axis) GDP, y-o-y (left axis) ESI NBG weights (right axis) 10y government bond spread over bund Unit labour cost Labor market shows tentative sings of stabilization Index, 2001= % Employment growth (left axis) Greece Euro area Source: ELSTAT, ECB, EU Commission, Bloomberg Unemployment rate (right axis) page 5

6 f Jan-07 Aug-07 Mar-08 Oct-08 May-09 Dec-09 Jul-10 Feb-11 Sep-11 Apr-12 Nov-12 Jun-13 Jan-14 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec f Macroeconomic environment National Bank of Greece Results Fiscal consolidation and external adjustment continue unabated Greece State budget primary balance (% GDP) General government fiscal balances 3 1 % of GDP* % of GDP * excluding SMP and ANFA revenue Primary balance Cyclically adusted primary balance Total Balance Current account balance (% GDP) Goods exports & tourism revenue (y-o-y) 5 0 % of GDP % Greece Euro area Goods exports excl. oil & ships (y-o-y, 12m ma) Tourism revenue, gross (y-o-y, 12m ma) Source: IMF, Bank of Greece, Ministry of Finance page 6

7 Q Results

8 Highlights National Bank of Greece Results Group PPI absorbs CoR, yielding consistently positive operating results Pre-Provision Earnings Highlights Q2 Group PPI of 390m absorbs declining credit risk charges of 342m (-5% qoq), producing a positive operating profit ( 48m) for the 4 th quarter since Q2 core income (+2% qoq) reflects recovering NII and Fee income (+1% qoq, +6% qoq), despite sustained deleveraging in Greece Group NIM (+8bps qoq) reflects positive NIM dynamics in Greece and Turkey Impressive cost containment in Greece (-16% yoy) drives H1.14 Group OpEx down by 12% yoy Group credit risk charges are reduced by 17% yoy and 5% qoq, reflecting the sustained deceleration in 90dpd formation Q2 Group PAT of 965mn, benefits from additional off balance sheet DTA recognition, bringing NBG closer to domestic peer practice Finansbank s recovery accelerates in Q2, bouncing back strongly from the trough levels of : Core PPI: +18% qoq PAT: +28% qoq (TL 246m) SEE produces a quarterly PAT of 15m (+8% qoq) Consolidated P&L Account mn H1.14 H1.13 yoy% qoq% NII % % Net fees % % Insurance income % % Trading & other income % (20) 44 - Income % % Operating Expenses (1 010) (1 153) -12% (504) (506) -0% Pre-Provision Income % % Loan Provision Charges (705) (853) -17% (342) (362) -5% Operating Profit 123 (61) % Impairments & other one-offs >100% >100% Taxes 26 (52) - 46 (20) - Minorities & non cash chrg (27) (14) +88% (14) (13) +8% Attributable PAT >100% >100% page 8

9 Highlights National Bank of Greece Results NPL formation decelerates, liquidity improves, capital adequacy strengthens Domestic Asset Quality Liquidity Capital Pre-Provision Earnings The reduction in the formation of domestic past due loans gathers pace in dropping 16% qoq to 262m, to about 1/4 th the peak levels of 2012 domestic provisioning charges are reduced further with CoR declining at 264bps vs 270bps in. Domestic cash coverage of 90dpd loans at 56% Eurosystem exposure slashed by 7bn in and 9.7bn ytd, to comprise just 4.1% of Group assets on a net basis* L:D at 83% domestically, and 94% for the Group, driven by strong deposit gathering in key regions: Greece +13% yoy, Turkey +7% yoy CET I ratio at 16.2% benefits from Q2 profitability, additional DTA recognition and the 2.5bn capital increase completed in May. Pro forma for fully loaded BS-III / CRD4 CET ratio stands at 11.4%* *: exposure to Eurosystem and total assets net of EFSF bonds *: includes BoGapproved capital actions and IRB on Finansbank Domestic: +90dpd flows 117% 115% Group & Domestic L:D CET I 16.2% dpd formation % qoq % 109% 108% 105% 102% 101% 96% 93% 97% 97% 93% 94% CT I CET I 10.3% 10.5% RWAs: 58.4bn 88% 90% 84% 83% +0 FY.13 Q2.12 Q3.12 Q4.12 Q2.12 Q3.12 Q4.12 page 9

10 Results National Bank of Greece Results Group NIM rebounds aided by recovery in key geographies: Greece +8bps qoq, Turkey +12bps qoq Pre-Provision Group Earnings Income Group Net Interest Margin & NII mn H1.14 H1.13 yoy% qoq% Group NIM - bps Group NII qoq breakdown ( mn) NII % % Net fees % % Insurance income % 17-15% Core income % % Non core income % (20) - Total Group Income % 894-5% Q4.12 mn qoq Greece % Turkey % SEE & Int l % Group NII % Greece: NII & NIM Turkey: NII & NIM SEE: NII & NIM NII ( mn) NIM (bps) NII (TL mn) NII ( mn) NIM (bps) LT avg 580bps NII ( mn) NIM (bps) page 10

11 Q2.10 Q2.11 Q2.12 Q2.10 Q2.11 Q2.12 Results National Bank of Greece Results Impressive Group cost containment (-12% yoy) is led by domestic cost cutting (-16% yoy) Group Operating Expenses Greece mn H1.14 H1.13 yoy% qoq% Greece % % Personnel expenses % % G&A s % 67 +5% Depreciation % 26 +7% due to advertising Personnel expenses - mn % vs Q G&As & Depreciation - mn -17% vs Q Turkey % 180-5% SEE & other % 62 +2% Group Opex % 504-0% mn H1.14 H1.13 yoy% qoq% Personnel exp % % G&As % 175-5% 80% Domestic C:I ratio 79% -24% pps yoy 80% Group C:I ratio -4% pps yoy Depreciation % 51 +9% Group Opex % 504-0% 70% 60% 50% 55% 70% 60% 50% 59% 55% 40% 40% H1.13 H1.14 H1.13 H1.14 page 11

12 Results National Bank of Greece Results 90dpd formation decelerates across all regions: Greece, Turkey and SEE +90dpd Evolution +90dpd flows & CoR 23% 21% 19% 17% 16,5% Group: +90dpd 19,0% 18,2% 20,8% 19,8% +20bps qoq 21,9% 22,5% 23,0% 23,2% Coverage at 56% 32% 29% 26% 23% 20% Greece: +90dpd 23,1% 21,9% 19,3% 24,3% +60bps qoq adjusted for deleveraging impact 28,4% 29,3% 27,4% 25,9% 27,1% Coverage at 56% Group: +90dpd flows flows -46% yoy % Q2.12 Q3.12 Q % Q2.12 Q3.12 Q Q2.12 Q3.12 Q4.12 7% Turkey: +90dpd SEE: +90dpd 28% 600 Group Cost of Risk- bps 6% 5% 4% 5,5% 5,2% 5,8% 5,2% Incl. TL 0.5bn NPL sale 5,4% 6,1% 6,0% 90dpd ratio benefits from the TL 0.7bn retail NPL portfolio sale in May 5,5% 26% 24% 23,1% 23,3%24,1% 22% 24,4% 24,6% 23,9% 24,8% 24,4% % Q3.12 Q % Q3.12 Q Q3.12 page 12

13 Results National Bank of Greece Results Strong liquidity profile: net Eurosystem exposure at just 4% over assets, domestic L:D at 83% Loans / Deposits Eurosystem Funding ( bn) Greece: Deposits Evolution Group 117% 115% 112% 112% 109% 106% Greece 108% 105%102% 101% 96% 93% 97% 97% 88% 90% 93% 94% 84% 83% 33 30,9 100% ELA 27,5 25,5 100% ECB 22,2 20,7 18,0 Net ECB exposure / Assets at 4.4%* 11,0 mn qoq yoy Savings % +2% Sight % +21% Time deposits % +12% Customer deposits % +10% State & Public entities % >100% Total % +13% Q1.12 Q2.12 Q3.12 Q4.12 Q3.12 Q4.12 (*) excl. EFSF bonds Eurosystem funding and Total Assets Greece: Deposits SEE: Deposits Turkey: Deposits 38,9 40,1 40,6 45,1 43,7 45,9 Greece: 46.0bn +13% yoy 5,1 5,2 5,3 5,6 5,5 5,4 SEE: 5.4bn +1% yoy TL retail bonds TL 37.7bn + 7%yoy Q4.12 Q4.12 page 13

14 National Bank of Greece Results NBG CET1 Ratio under CRD4 rules at 16.2% in NBG Capital Position Well Capitalized in European Context Basel III 1 Fully Loaded CET1 Ratio (Pro forma) Peer 3 Peer % 16.2% +570bps qoq 11.4% Excludes longer term capital actions executable until 2018 Peer 10 NBG Pro Forma Peer 15 Peer 2 Peer 4 Peer % Peer 6 Buffer Above 8% Peer 8 Peer 12 Peer 5 Peer 9 Peer 14 CRD IV CET I CRD IV CET I Pro Forma Basel 3 Fully Loaded CET1* Peer 13 Peer 11 Median: 10.5% *: includes only the BoG approved capital actions and IRB on Finansbank 1: all data A, except for domestic peers () page 14

15 National Bank of Greece Q Results: Greece

16 Segment review: Greece National Bank of Greece Results PAT at 871mn and H1.14 PPI up 2.6x yoy Pre-Provision Earnings Highlights Domestic PAT of 871m, benefits from additional off balance sheet DTA recognition H1.14 pre provision income of 419m, up by 2.6x yoy is driven by strong performance in: NII (+11% yoy) on the back of lower funding costs Fee income recovery (+51% yoy) Impressive cost containment of (-16% yoy), driven by personnel cost cuts (-18% yoy) Further credit risk charge normalization (H1.14: -18% yoy, : -4% qoq) reflects abating 90dpd formation levels Business lending volumes start to pick up: net disbursements of 194m in June Domestic liquidity profile is further reinforced: Eurosystem funding is reduced further in by 7bn to 11bn, comprising just 4.4% of assets on a net basis (excl. EFSF notes) Private deposits (excl. State) are up by 10% yoy and 1.5% qoq L:D at an advantageous 83%, is set to aid economic recovery going forward P&L Account mn H1.14 H1.13 yoy% qoq% NII % % Net fees % % Insurance income % % Core Income % % Trading & other income 43 (28) - (2) 45 - Income % % Wages & Salaries (338) (412) -18% (169) (169) +0% G&As & Depreciation (180) (202) -11% (93) (87) +6% Operating Expenses (518) (614) -16% (262) (257) +2% Pre-Provision Income >100% % Loan Provision charges (517) (633) -18% (253) (264) -4% Operating Profit (98) (473) -79% (74) (23) >100% Impairments & other one-offs >100% >100% Taxes >100% 68 (1) - Minorities & non-cash charges (27) (12) >100% (14) (13) +8% Attributable PAT >100% >100% Highly successful 5yr bond issue in April: 750mn senior unsecured Priced through the sovereign at a yield of 4.5% page 16

17 FY.12 Apr14 May14 Jun14 FY.12 Segment review: Greece National Bank of Greece Results Business lending volumes start to pick up in June as net disbursements reach 194mn Domestic Loan Book Domestic Mortgages* Domestic Consumer Lending* Gross Balances ( bn) 6,3 6,3 6,3 6,3 6,2 6,1 44,7 44,3 44,7 46,5 46,5 46,0 45,5 +2% yoy 18,6 18,8 18,5 18,4 18,2-2.1% yoy -2.0% yoy (*) Gross balances (*) Gross balances Domestic Business Lending Net Balances ( bn) 39,1 38,6 38,3 39,7 39,3 38,7 38,0-2% yoy Corporate Lending (>2.5mn)* 16,2 17,1 17,3 17,2 16,9 16,8 17,0 Net funding of + 194mn mom to large corporate and shipping companies +4.7% yoy 3,7 SBLs ( bn)* 4,3 4,3 4,2 4, % yoy (*) Gross balances (*) Gross balances page 17

18 Q1.12 Q2.12 Q3.12 Q4.12 May13 Jun13 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 Mar14 Apr14 May 14 Jun 14 Jul 14 Segment review: Greece National Bank of Greece Results Time deposit repricing continues unabated, while corporate spreads stabilize Domestic Spreads Domestic Net Interest Income Lending Spreads (match-maturity; bps) NII Breakdown (match-maturity; mn) qoq Mortgages Consumer loans SBLs Total retail Corporate lending Total lending Deposit Spreads (match-maturity; bps) qoq Core deposits Time mn qoq Core deposits Term deposits Deposit NII Retail loans Corporate loans Lending NII Bonds Eurosystem funding Funding gap Subsidiaries & Other Domestic NII Funding mix ( bn) Further de-escalation of time deposit spreads NBG Term Deposits: New Production Spreads Total deposits Domestic deposits ECB Funding ELA 4,0% ,0% 2,0% 20bps below backbook spreads ,0% page 18

19 National Bank of Greece Q Results: Turkey

20 Segment review: Turkey Profit recovery continues in National Bank of Greece Results Highlights Profit & Loss Account P&L account Profitability accelerates further in as PAT reaches TL 246m relative to TL 192m in (+28% qoq) and TL95m in Pre provision earnings, adjusted for trading losses of TL45m in, grow 18% qoq driven by core income recovery and impressive cost containment Core income keeps recovering (+2% qoq) as NII increases by +1% qoq in and fees grow by an impressive +7% qoq OpEx growth decelerates on the back of FTE reduction Provision charges down by 13% qoq on improving 90dpd formation; coverage at 68% Liquidity profile is solid: Deposits +7% yoy, driven by growth in low cost current accounts (+17% yoy), comprising 14% of total deposits Eurobond issuance of USD 500mn in April was met by high international investor demand Best in class capital adequacy at 16.5% TL mn H1.14 H1.13 yoy% qoq% Net interest income % % Net fees % % Trading & other income (67) 92 - (58) >100% Income % % Operating expenses (1 101) (980) +12% (521) -10% Pre-provision income % % Provisions (407) (360) +13% (190) -13% Operating Profit % % Income tax (112) (170) -34% (60) +16% Minority (2) (2) +11 (1) >100% Attributable PAT % % Highly successful Eurobond issuance in April 2014: Raised USD 500mn, with 5 years maturity Fixed coupon rate, 6.25% p.a. Oversubscribed c.3x page 20

21 Segment review: Turkey National Bank of Greece Results Core PPI is up +18% qoq, driven by core income recovery and impressive cost containment NII and NIM Yields Net Interest Margin (bps) Net Interest Income (TL mn) Key Product Yields (bps) bps qoq TL 777mn +1% qoq -14% TL time deposit yield below 9% in Q3.14 qoq TL Mortgages TL Credit Cards TL Consumer lending TL SME lending TL Time Deposits FC Time Deposits Fees Operating Expenses Net Fees (TL mn) Breakdown 300 TL 299mn +7% qoq TL mn qoq yoy Wages & Salaries % 232-3% 200 G&A % 249-2% Depreciation % % 100 Total OpEx % 524-0% qoq yoy 0 FTEs Branches page 21

22 Segment review: Turkey National Bank of Greece Results Sustained business model shift towards SMEs: business balances exceed 50% of loans Gross Loans (TL bn) Retail Lending (TL bn) Business Lending (TL bn) 43,7 45,2 47,7 48,0 50,7 50.5bn 50,5 +12% yoy 25,9 26,0 26,1 26,0 25,7 24.8bn -5% yoy -4% qoq 17,8 19,2 21,6 22,0 25,0 25.8bn +34% yoy +3% qoq Total Deposits (TL bn) Demand deposits (TL bn) Branches TL retail bonds TL 37.7bn + 7% yoy 3,7 4,4 4,4 +67% 5,4 +17% yoy 4,9 14% 5.2bn % of total deposit pool Average branch age (years) Share of branches aged <5 years Young branch network Finansbank Peer 1 Peer 2 Peer 3 Peer % 29% 23% 17% 21% Deposits per branch (TRY mn) Source: The Banks Association of Turkey page 22

23 Segment review: Turkey National Bank of Greece Results CoR reduces further as 90dpd formation levels improve in NPL Formation Provision Coverage 5,5% 5,8% 5,2% 5,4% 6,1% 6,0% 5,5% ratio benefits from NPL portfolio sale in May 75% 69% 71% 68% 71% 68% Benefits from TL 0.5bn retail NPL portfolio sale Q4.12 Provision Charge (TL mn) Pre-provision margin (bps) TL 190mn 391 Pre Provision Margin (bps) 409 bps 2.6x Cost of Risk 156 bps 184 Cost of Risk (bps) 156 bps page 23

24 Segment review: Turkey National Bank of Greece Results Strong capital adequacy and low leverage support balance sheet expansion Capital Adequacy Securities / Total Assets (%) (TRY mn) Core Tier I Tier II and Deductions Total Capital % 53% 12,8 14, % 54% 77% 23,4 18,6 19,2 AFS / Total Securities RWAs Core Tier I Ratio 12.5% Total CAR 16.5% Peer 3 Finansbank Peer 4 Peer 1 Peer 2 BRSA Consolidated CAR (%) vs. peers Assets / Equity (x) , ,5 8,9 8,9 9,6 14,0 14,3 14,5 14,8 Peer 1 Peer 4 Peer 2 Peer 3 Finansbank BRSA Consolidated Finansbank Peer 2 Peer 3 Peer 1 Peer 4 BRSA Consolidated page 24

25 National Bank of Greece Q Results: Southeastern Europe

26 Segment review: SEE National Bank of Greece Results SEE: profitability keeps recovering on core income growth, cost containment and CoR normalization Pre-Provision Earnings Highlights P&L Account SEE business profitability improves further: H1.14 PAT at 30m (4x H1.13 PAT) H1 NII and fees up by 9% yoy NIM settles at 345bps (+32bps yoy, -9bps qoq) Cost containment is sustained, with H1 costs -6% yoy 90dpd improves by 40bps qoq to 24.4% allowing CoR to drop to 139bps; coverage at 53.5% Aided by, H1.14 PPI recovers sharply (+32% yoy), on strong core income growth (+9% yoy), good cost containment (-6% yoy) and lowering credit risk charges (-20% yoy) Liquidity improves as credit conditions remain tight: Deposits +1% yoy, deleveraging softens (net loans -3% yoy) L:D ratio at 100% mn H1.14 H1.13 yoy% qoq% NII % 68 +1% Net fees % 20 +1% Core Revenues % 88 +1% Trading & other income % 2-13% Income % 90 +1% Operating Expenses (103) (109) -6% (52) +1% Pre-provision income % 38-1% Provisions (40) (50) -20% (19) -11% Operating Profit 37 8 >100% % Other impairment (5) (2) +92% (4) >100% Taxes (2) 1 - (0) -97% Minority (1) (0) +100% (0) +19% Net income 30 7 >100% 15 +8% page 26

27 Segment review: SEE National Bank of Greece Results Core income growth and cost containment drive H1.14 PPI growth of +32% yoy Income Asset yields and funding cost 6,17% 5,98% 5,79% 5,88% 5,68% 5,69% Asset yield +1bps qoq -29bps yoy mn NII +1% qoq mn Fees +1% qoq bps NIM 3,42% 3,24% 3,03% 7,8 7,9 8,0 2,67% 7,7 2,35% 2,28% 7,6 7,9 IEAs Funding cost -7bps qoq -96 bps yoy Opex and C:I Pre-provision income mn OpEx -6% yoy % C:I mn Pre-prov. -1% qoq bps Pre-provision margin -1bps qoq H1.13 H1.14 page 27

28 Q2.12 Segment review: SEE National Bank of Greece Results Balanced liquidity profile with net loans fully funded by deposits Deposits Deposits per country 5,2 5,3 5,6 5,5 5,4 5.4bn +1% yoy +0% qoq corporate retail Bulgaria 2.5bn -4% yoy -4%qoq Romania 0.9bn +6% yoy +7% qoq FYROM 1.0bn +6% yoy +2% qoq Serbia 0.8bn Albania +7% yoy +5% qoq 0.2bn +4% yoy +0% qoq 6M.13 6M.14 6M13 6M.14 6M.13 6M.14 6M.13 6M.14 6M.13 6M.14 Gross Loans Net Loans:Deposits Commercial gap 6,4 6,3 6,3 6,2 6,2 6.2bn -2% yoy 0% qoq 108% 104% 99% 99% 100% Down from peak of 200% 100% L:D -4pps yoy -1pps qoq Commercial gap mn (net loans deposits) (11) page 28

29 Segment review: SEE National Bank of Greece Results Recoveries in Q2 drive credit risk normalization Charge-offs & Cost of Risk Cash coverage % mn charge-offs bps provision run rate 49% 51% 51% 52% 52% 54% Bulgaria Romania FYROM Serbia 52% 47% 59% 89% +90dpd generation ( m) +90dpd ratio ,1% 24,4% 24,6% 23,9% 24,8% 24,4% mn -47 page 29

30 National Bank of Greece Appendix

31 Appendix National Bank of Greece Results NBG Group: Summary Financials Consolidated Profit & Loss Account mn H1.14 H1.13 yoy% qoq% NII % % Net fees % % Insurance income % % Trading & other income % (20) 44 - Income % % Operating Expenses (1 010) (1 153) -12% (504) (506) -0% Pre-Provision Income % % Loan Provision Charges (705) (853) -17% (342) (362) -5% Operating Profit 123 (61) % Other impairments (14) (9) (5) +91% Cash PBT % % Taxes 26 (52) - 46 (20) - Minorities & non cash chrg (27) (14) +88% (14) (13) +8% Attrib. PAT (before one-offs) % % DTA & other one-offs >100% >100% Attributable PAT >100% >100% Balance Sheet mn H1.14 H1.13 yoy% qoq% Cash & Reserves % % Interbank placements % % Securities % % Loans (gross) % % Provisions (9 197) (8 157) +13% (9 080) +1% Goodwill & Intangibles % % Tangible assets % % Other assets % % Total Assets % % Interbank & Securities Repos % % Due to customers % % Debt securities % % Other liabilities % % Hybrids % 80 0% Minorities >100% % Equity % % Total liabilities & equity % % page 31

32 Appendix National Bank of Greece Results Turkey: Summary Financials Profit & Loss Account TL mn H1.14 H1.13 yoy% qoq% Net interest income % % Net fees % % Trading & other income (67) 92 - (58) >100% Income % % Operating expenses (1 101) (980) +12% (521) -10% Pre-provision earnings % % Provisions (407) (360) +13% (190) -13% Income tax (112) (170) -34% (60) +16% Minority (2) (2) +11% (1) >100% Attributable PAT % % Summary Balance Sheet TL mn yoy% qoq% Cash & reserves % % Interbank placements % % Investment & Trading Securities % % Loans (net) % % Tangible assets >100% % Goodwill & intangibles % % Other assets % % Total Assets % % Interbank liabilities % % Due to customers % % Borrowed funds % % Other liabilities % % Minorities % % Equity % % Total liabilities & equity % % page 32

33 National Bank of Greece Contact details Paula Hadjisotiriou Deputy CEO Paul Mylonas Deputy CEO Greg Papagrigoris Head of IR 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.