National Bank of Greece Q1.2014 Results May 28 th, 2014
Q1.2014 Results: Highlights
National Bank of Greece Results Result Highlights Post the 2.5bn capital increase and before capital actions, CET1 1 ratio at 15.4% 2 Group PAT in the black for a 6 th consecutive quarter at 181mn Operating profit (PPI less Provisions) doubles qoq to 76mn Group NII remains resilient +7% yoy, 0% qoq in stable currency terms Group cost cutting (-10% yoy) is driven by impressive results in domestic personnel cost containment (-19% yoy) Group Cost to income ratio already at 54%, Domestic at 52% 90dpd formation in Greece and Turkey on a continuous decelerating trend (-6% and - 66% qoq) despite seasonality Finansbank on a positive trajectory, bounces back from lows: PAT at TL192mn (+102% qoq) Industry leading L:D ratio at 93%, with Greece at 84% Following the capital raising and the 5 yr bond issue at a yield of 4.5%, ECB funding down to 14.5bn, 3 of which 7.1bn through EFSF bonds 1 Common Equity Tier 1, CRD ІV rules for 2014 2 Pro forma for the completed 2.5bn capital increase, Finansbank IRB, and Astir Hotel sale; excluding BoG approved capital actions deliverable by Sep.14 3 Date as of 19 May 14 page 3
Highlights National Bank of Greece Results Positive Group PAT for a 6 th quarter in a row driven by the doubling of Operating Profit Pre-Provision Earnings Highlights Consolidated P&L Account PPI of 438mn (+25% yoy) absorbs declining credit risk charges of 362mn (-15% yoy), producing operating profit of 76mn Group PAT, is in the black for a 6 th consecutive quarter Group NII stripping off the TL translation impact - keeps recovering in Greece and SEE, displaying remarkable resilience in Turkey: Greece: +14% yoy SEE: +9% yoy Turkey: -2% yoy (TL terms), despite a strong Cost containment accelerates in Greece (-16% yoy ) driving Group OpEx down by 10% yoy Credit risk charges are reduced further by 15% yoy and 7% qoq, driven by reduced 90dpd formation (-32% yoy, -6% qoq) Finansbank starts to recover from the tough levels of : Core income: +1% qoq OpEx: -6% qoq PPI: +24% qoq PAT: +102% (TL 192mn) SEE produces a quarterly PAT of 14mn 750mn 5yr senior unsecured bond issue priced through the sovereign at a yield of 4.5% mn yoy% qoq% NII 751 772-3% 776 `-3% Net fees 129 135-4% 136-5% Insurance income 20 14 +39% 17 +18% Trading & other income 44 (7) - 131-66% Income 944 915 +3% 1 060-11% Operating Expenses (506) (563) -10% (638) -21% Pre-Provision Earnings 438 352 +25% 422 +4% Loan Provision Charges (362) (428) -15% (388) -7% Operating Profit 76 (76) - 34 >100% Impairments & other one-offs 138 117 +18% 535-74% Taxes (20) (7) >100% (18) +11% Minorities & non cash chrg (13) (7) +86% (4) >100% Attributable PAT 181 27 >100% 547-67% page 4
Highlights National Bank of Greece Results NPL Formation decelerates further, liquidity improves, capital adequacy is strengthened Asset Quality Liquidity Capital Pre-Provision Earnings Formation of domestic past due loans dropped further to 312mn in Q1, reduced by 32% yoy and 6% qoq, supporting a decelerating trend for 6 quarters in a row domestic provisioning charges reduced by 17% at 270bps vs 324bps in. Domestic coverage at 56%, up by 270bps yoy Eurosystem exposure reduced by 6.2bn ytd, to just 7% of Group assets L:D at 84% domestically, and 93% for the Group, driven by strong deposit gathering in the key regions: Greece +15% yoy, Turkey +23% yoy reported CET I ratio at 10.5% Pro forma for the 2.5bn capital increase and before capital actions*, CΕT I at 15.4% +1.200 +1.031 Domestic: +90dpd flows Group & Domestic L:D 117% 115% CET I 15,4% +800 +400 +1.028 +487 +457 +90dpd formation -32% yoy +378 +382 +332 +312 112% 106% 108% 112% 105% 102% 109% 97% 97% 93% 101% 96% 93% 90% 88% 84% EBA CT I CET I 10,3% 10,5% RWAs: 57.7bn +0 Q2.12 Q3.12 Q4.12 Q1.12 Q2.12 Q3.12 Q4.12 FY.13A A *PF *: Pro forma for the 2.5bn cap. increase, FB IRB and Astir hotel sale, before capital actions 1,040mn page 5
Highlights National Bank of Greece Results Gradual NII recovery in Greece, resilience in Turkey despite systemic pressures (-2%qoq) Pre-Provision Group Earnings Income Group Net Interest Margin & NII mn yoy% qoq% NII 751 772-3% 776-3% +0% Adjusted for stable TL terms 400 Group NIM - bps Group NII yoy breakdown ( mn) mn yoy Net fees 129 135-4% 136-5% Insurance income 20 14 +39% 17 +18% Core income 900 922-2% 929-3% Non core income 44 (7) - 131-66% Total Group Income 944 915 +3% 1 060-11% +1% Adjusted for stable TL terms 370 340 310 359 364 346 325 326 317 Q4.12 Greece 418 365 +14% Turkey 254 336-2% SEE & Int l 79 72 +11% Group NII 751 772 +7% In TL terms Adjusted for stable TL terms Greece: NII & NIM Turkey: NII & NIM SEE: NII & NIM NII ( mn) 365 388 393 413 418 NIM (bps) 252 260 251 260 266 NII (TL mn) 903 788 794 787 770 NII ( mn) 336 376 303 284 254 NIM (bps) 721 643 591 LT avg 580bps 556 512 NII ( mn) 62 62 62 66 67 NIM (bps) 322 314 312 332 354 page 6
Q1.10 Q1.11 Q1.12 Q1.10 Q1.11 Q1.12 Highlights National Bank of Greece Results Personnel costs in Greece down by 19% reflecting the successful completion of the large scale VRS Group Operating Expenses Greece mn yoy% qoq% Greece 257 306-16% 326-21% Personnel expenses 169 208-19% 212-20% G&A s 63 73-13% 85-25% Depreciation 24 25-2% 29-15% Turkey 190 195-2% 246-23% SEE & other 60 63-4% 67-10% Group Opex 506 563-10% 638-21% -6% on a stable currency and like for like basis 300 250 200 150 100 50 Personnel expenses - mn 271 255 234-38% vs Q1.10 208 169 160 140 120 100 80 60 40 20 0 116 G&As & Depreciation - mn -25% vs Q1.10 104 93 98 87 mn yoy% qoq% Personnel exp. 276 323-14% 340-19% 80% Group C:I ratio G&As 183 190-4% 249-26% Depreciation 47 50-7% 49-4% Group Opex. 506 563-10% 638-21% 70% 60% 50% 62% 60% -8% pps yoy 54% Group C:I at 54% the lowest since 2011 40% page 7
Highlights National Bank of Greece Results 90dpd formation normalizes in Turkey, decelerates further in Greece +90dpd Evolution +90dpd flows & CoR Group: +90dpd Greece: +90dpd +1.600 Group: +90dpd flows 23% 21% 19% 17% 16,5% 19,0% 18,2% 20,8% 19,8% 21,9% 22,5% 23,0% 29% 26% 23% 20% 23,1% 21,9% 19,3% 24,3% 25,9% 27,1% 27,4% 28,4% +1.200 +800 +400 +1.244 +1.162 +662 +617 +563 +476 flows -38% yoy +403 +380 15% Q2.12 Q3.12 Q4.12 17% Q2.12 Q3.12 Q4.12 +0 Q2.12 Q3.12 Q4.12 7% Turkey: +90dpd 28% SEE: +90dpd 600 Group Cost of Risk- bps 6% 5,5% 5,2% 5% 4% 5,8% Incl. TL 0.5bn NPL sale 5,2% 5,4% 6,1% 6,0% NPL ratio to benefit c.100bps in Q2.14 from TL 0.7bn retail NPL portfolio sale in May 26% 24% 22% 24,1% 23,3% 23,1% 24,4% 24,6% 23,9% 24,8% 500 400 300 200 418 271 271 247 250 236 3% Q3.12 Q4.12 20% Q3.12 Q4.12 100 Q3.12 page 8
Highlights National Bank of Greece Results Sustained deposit gathering across regions reduces further Group and Domestic L:D to 93% and 84% Loans / Deposits Eurosystem Funding ( bn) Greece: Deposits Evolution Group 112% 106% Greece 117% 115% 112% 109% 108% 105% 102% 101% 96% 93% 97% 97% 93% 88% 90% 84% 33 30,9 100% ELA 27,5 25,5 22,2 20,7 18,0 14,5 100% ECB. Adj. for 7.1bn EFSF bonds net Eurosystem exposure / Assets at 7.2%* mn ytd yoy Savings 15 414 15 722-2% +2% Sight 6 365 6 773-6% +15% Time deposits 21 943 21 233 +3% +17% Customer deposits 43 722 43 727 +0% +11% State & Public entities 2 178 0 - >100% Total 45 900 43 727 +5% +15% Q1.12 Q2.12 Q3.12 Q4.12 Q3.12 Q4.12 May.14 (*) excl. EFSF bonds Eurosystem funding and Total Assets Greece: Deposits SEE: Deposits Turkey: Deposits 38,9 40,1 40,6 45,1 43,7 Greece: 45.9bn +15% yoy 5,1 5,2 5,3 5,6 5,5 SEE: 5.4bn +2% yoy TL retail bonds 32.8 35.1 36.6 37.3 TL 40.4bn + 23%yoy Q4.12 Q4.12 page 9
National Bank of Greece Results Significantly Strengthened NBG CET1 Ratio Under Basel III NBG Capital Position Well Capitalized in European Context Basel III 1 Fully Loaded CET1 Ratio (Pro forma) Basis for Upcoming ECB AQR NBG Estimate of Basel III Impact Including Full Phasing (Applicable 2024) Peer 1 Peer 2 NBG Pro Forma 11.6% Peer 3 Peer 4 4.9% 2.3% 17.7% Peer 5 Peer 6 Peer 7 10.5% (6.1)% 11.6% Peer 8 Peer 9 Buffer Above 8% Peer 10 Peer 11 Peer 12 Peer 13 CRD IV CET I 2.5bn Capital Increase (Pro forma IRB & Astir) BoG Approved Capital Actions Pro Forma CET I Fully Loaded Basel 3 Impact Pro Forma Basel 3 Fully Loaded CET1 Peer 14 Peer 15 Median: 10% page 10
National Bank of Greece Q1.2014 Results: Greece
Segment review: Greece National Bank of Greece Results Operating Profit broadly to break even driven by NII recovery, cost containment and lower CoR Pre-Provision Earnings Highlights domestic operating result (- 23mn), is driven by strong performance in all key areas: NII recovers (+14% yoy) driven by lower funding costs Impressive cost containment (-16% yoy), driven by personnel cost reduction (-19% yoy) Further normalization of credit risk charges (-17% yoy) due to lower formation; coverage at 56% PPI of 241mn (6.5x PPI) comes close to absorbing loan loss provisions of 264mn, producing a small operating loss of 23mn PAT reaches 104mn driven by operating profit improvement and additional DTA 90dpd formation levels drop further in Q1 to 312mn (-6% qoq) and (-32% yoy) Deposits up 5% qoq, drive L:D further down to 84%, close to pre crisis levels. Eurosystem funding reduced further by 7.7bn since the beginning of the year, at just 7% over assets. (excl. EFSF notes) P&L Account mn yoy% qoq% NII 418 365 +14% 413 +1% Net fees 14 5 >100% 19-26% Insurance income 20 14 +41% 17 +20% Trading & other income 45 (42) - 131-66% Income 497 343 +45% 579-14% Wages & Salaries (169) (208) -19% (212) -20% G&As & Depreciation (88) (98) -11% (113) -22% Operating Expenses (257) (306) -16% (326) -21% Pre-Provision Earnings 241 37 >100% 254-5% Loan Provision charges (264) (318) -17% (275) -4% Operating Profit (23) (281) -92% (21) +9% Impairments & other one-offs 141 117 +21% 541-74% Taxes (1) 30 - (12) -92% Minorities & non-cash charges (13) (5) >100% (4) >100% Attributable PAT 104 (138) - 504-79% Highly successful 5yr bond issue in April: 500mn senior unsecured Priced through the sovereign at a yield of 4.5% page 12
FY.12 FY.12 FY.12 FY.12 Segment review: Greece National Bank of Greece Results Corporate book grows +9% yoy and total book +4% Domestic Loan Book Domestic Mortgages* Domestic Consumer Lending* Gross Balances ( bn) 6,4 6,3 6,2 6,3 6,3 6,2 44,3 44,7 45,5 46,4 46,0 +4% yoy 18,9 18,7 18,4 18,8 18,5 18,4-1.5% yoy -2.0% yoy -12% from Q2.10 peak -15% from Q2.10 peak (*) Gross balances (*) Gross balances Domestic Business Lending Net Balances ( bn) Corporate Lending (>2.5mn)* SBLs ( bn)* 38,6 38,3 39,7 39,3 38,7 +0% yoy 15,7 15,7 15,4 17,0 17,3 17,2 +9.1% yoy -9% from Q2.10 peak 3,7 3,6 3,6 4,2 4,3 4,2 +17% yoy -3% from Q2.10 peak (*) Gross balances (*) Gross balances page 13
Q1.12 Q2.12 Q3.12 Q4.12 Segment review: Greece National Bank of Greece Results NII driven by repricing of time deposits and lower eurosystem funding dependence Domestic Spreads Domestic Net Interest Income Lending Spreads (match-maturity; bps) NII Breakdown (match-maturity; mn) qoq Mortgages 233 241-8 Consumer loans 925 921 +4 SBLs 662 716-55 Total retail 379 397-17 Corporate lending 409 437-28 Total lending 392 413-21 Deposit Spreads (match-maturity; bps) qoq Core deposits -12-20 +8 Time -229-264 +35 Total deposits -129-147 +20 mn qoq Core deposits -6-11 +5 Term deposits -141-157 +16 Deposit NII -148-168 +20 Retail loans 210 222-12 Corporate loans 173 177-4 Lending NII 383 399-16 Bonds 55 53 +2 Eurosystem funding -3-14 +11 Funding gap 62 68-6 Subsidiaries & Other 69 75-6 Domestic NII 419 413 +6 Funding mix ( bn) Domestic deposits ECB Funding ELA 80 60 7 11 3 0 0 0 6 24 22 25 31 25 21 18 24 20 40 9 20 40 37 37 39 40 41 45 44 46 0 Further de-escalation of time deposit spreads Lowering of Eurosystem dependence NBG Term Deposits: New Production Spreads 4,0% 3,0% 2,0% 1,0% 30bps below backbook spreads page 14
National Bank of Greece Results National Bank of Greece Q1.2014 Results: Turkey page 15
Segment review: Turkey marks the beginning of recovery in Turkey National Bank of Greece Results Highlights Profit & Loss Account P&L account PAT at TL 192mn (+102% qoq) in a difficult, yet improving banking environment Core income is recovering (+1% qoq), despite monetary policy tightening: NII resilient in (-2% qoq) Impressive growth in fees (+10% qoq) OpEx down 13% qoq (6% qoq adjusted for like for like) reflects zero branch openings Provision charges down -17% qoq reflect improving 90dpd formation, driving coverage levels +3ppts, qoq to 71% Liquidity profile improves further: Solid credit expansion (+6% qoq) remains fully funded by new deposits (+8% qoq) Eurobond issuance of USD 500mn in April was met by high international investor demand Best in class capital adequacy at 16% TL mn qoq% yoy% Net interest income 770 787-2% 788-2% Net fees 280 254 +10% 255 +10% Trading & other income (9) (2) >100% 60 - Income 1 041 1 039 +0% 1 103-6% Operating expenses (579) (667) -13% (457) +27% Pre-provision earnings 462 372 +24% 647-29% Provisions (218) (262) -17% (194) +12% Operating Profit 244 110 121% 453-54% Income tax (52) (16) >100% (89) -42% Minority (0) 0 - (1) -50% Attributable PAT 192 95 >100% 362-47% 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 16
Segment review: Turkey National Bank of Greece Results Core income up qoq on resilient NII and supportive fees NII and NIM Yields Net Interest Margin (bps) Net Interest Income (TL mn) Key Product Yields (bps) 800 700 600 500 643 721 591 Since Q1, loan repricing has continued while time deposit cost has been declining 556 512 900 800 700 600 500 400 TL 770mn -2% qoq -2% 800 600 400 qoq TL Mortgages 1 045 1 017 +28 TL Credit Cards 2 461 2 362 +99 TL Consumer lending 1 819 1 769 +50 TL SME lending 1 411 1 329 +82 400-44bps qoq 300 200 200 0 3M.13 3M.14 TL Time Deposits 993 873 +120 FC Time Deposits 276 312-36 Fees Operating Expenses Net Fees (TL mn) Breakdown 300 TL 280mn +10% qoq TL mn qoq yoy Wages & Salaries* 235 262-10% 198 +19% 200 100 300 250 200 150 +10% G&A, Depreciation 344 356-3% 259 +33% Total OpEx 579 667-13% 457 +27% *: excluding cash bonuses qoq yoy 0 100 3M.13 3M.14 FTEs 15 039* 15 129-90 13 624 +1 415 Branches 674 674-592 +82 *: as of April 14 page 17
Segment review: Turkey National Bank of Greece Results Successful business model shift towards SMEs is fully funded by deposit gathering Gross Loans (TL bn) Retail Lending (TL bn) Business Lending (TL bn) 43,7 45,2 47,7 48,0 50.7bn 50,7 +16% yoy +6% qoq 25,9 26,0 26,1 26,0 25.7bn -1% yoy -1% qoq 17,8 19,2 21,6 22,0 25.0bn +40% yoy +14% qoq Total Deposits (TL bn) Demand deposits (TL bn) Branches TL retail bonds 32.8 35.1 36.6 37.3 11% TL 40.4bn + 23% yoy + 8% qoq 3,7 +30% +6% yoy yoy+67% 4,4 4,4 5,4 12% 4.9bn % 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 4 7.1 12.1 23.6 21.3 28.6 32% 30% 22% 15% 22% Deposits per branch (TRY mn) 59 105 94 91 92 Source: The Banks Association of Turkey page 18
Segment review: Turkey National Bank of Greece Results 90dpd formation abates NPL Formation Provision Coverage 5,5% 5,8% 5,2% 5,4% 6,1% 6,0% 75% 69% 71% 68% 71% Benefits from TL 0.5bn retail NPL portfolio sale NPL ratio to benefit c.100bps in Q2.14 from TL 0.7bn retail NPL portfolio sale in May Q4.12 Provision Charge (TL mn) Pre-provision margin (bps) 262 194 166 222 TL 218mn 627 Pre Provision Margin (bps) 391 bps 184 bps 188 Cost of Risk (bps) 2.1x Cost of Risk 184 bps 3M.13 3M.14 page 19
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 7 521 Tier II and Deductions 2 668 Total Capital 10 188 67% 53% 12,9 14,0 14.0 78% 55% 76% 24,4 18,4 19,3 AFS / Total Securities RWAs 63 510 Core Tier I Ratio 11.8% Total CAR 16.0% Peer 3 Finansbank Peer 4 Peer 1 Peer 2 BRSA Consolidated CAR (%) vs. peers Assets / Equity (x) 16.0 8,9 8.9 8,9 9,2 9,4 9,6 14,3 14,5 15,1 13,5 Peer 1 Peer 4 Peer 2 Peer 3 Finansbank BRSA Consolidated Finansbank Peer 2 Peer 3 Peer 1 Peer 4 BRSA Consolidated page 20
National Bank of Greece Q1.2014 Results: Southeastern Europe
Segment review: SEE National Bank of Greece Results SEE: profitable, self funded and well capitalized Pre-Provision Earnings Highlights P&L Account SEE business remains profitable: PAT at 14mn (+8% yoy) NII and fees continue recovering in Q1, up by 9% yoy NIM picks up (+22bps qoq) as funding costs improve Cost containment is sustained, -4% yoy Overall PPI up by 27% yoy Liquidity improves as deposits grow and credit conditions remain tight: Deposits +2% yoy, deleveraging continues (loans -3% yoy) L:D ratio at 101% Commercial gap at 28mn in Q1 vs 1.52bn in Dec.11 mn yoy% qoq% NII 67 62 +9% 66 +1% Net fees 20 18 +9% 21-4% Core Revenues 87 80 9% 87 +0% Trading & other income 2 4-43% 2 +33% Income 90 84 +7% 89 +1% Operating Expenses (51) (53) -4% (55) -7% Pre-provision earnings 39 30 +27% 34 +14% Provisions (21) (16) +35% (12) +70% Operating Profit 17 15 +18% 21-19% Other impairment (1) (2) -50% (4) -75% Taxes (2) 1 - (2) +13% Net income 14 13 +8% 15-7% page 22
Segment review: SEE National Bank of Greece Results NIM(+22bps qoq) benefits from declining funding costs and increased asset yields Income Asset yields and funding cost 6,17% 5,98% 5,79% 5,88% 5,69% Asset yield -19bps qoq -48bps yoy 62 62 62 66 67mn NII +1% qoq 18 19 21 21 20mn Fees -4% qoq 322 313 312 332 354bps NIM 3,42% 3,24% 3,03% 2,35% 2,67% 7,4 7,3 7,6 7,4 7,6 Funding cost -32bps qoq -107 bps yoy Opex and C:I Pre-provision earnings 53 51mn OpEx -4% yoy 64 64 64 62 57% C:I 30 30 30 34 39mn Pre-prov. +14% qoq 213 217 220 247 284 284bps Pre-provision margin +37bps qoq page 23
Q1.12 Segment review: SEE National Bank of Greece Results Balanced liquidity profile as deposit gathering combines with minor deleveraging Deposits Deposits per country 5,2 5,3 5,6 5,5 5.4bn +2% yoy -2% qoq corporate retail Bulgaria 2.6bn +2% yoy -3%qoq Romania 0.8bn -1% yoy -7% qoq FYROM 1.0bn +5% yoy +0% qoq Serbia 0.7bn Albania +2% yoy -0% qoq 0.2bn +9% yoy +3% qoq Loans Loans:Deposits Commercial gap 6,4 6,3 6,3 6,2 6.2bn -3% yoy 0% qoq 108% 104% 99% 99% Down from peak of 200% 101% L:D -7pps yoy +2pps qoq Commercial gap mn (net loans deposits) 1.357 414 28 page 24
Segment review: SEE National Bank of Greece Results 90dpd generation although volatile due to corporate delinquencies remain low Charge-offs & Cost of Risk Cash coverage % 29 corporate recoveries -13 34 18 12 21mn charge-offs 203 246 130 90 incl. corporate recoveries 155bps provision run rate 49% 51% 51% 52% 52% Bulgaria Romania FYROM Serbia 49% 46% 59% 90% +90dpd generation ( m) +90dpd ratio 41 8 14 47mn 24,1% 24,4% 24,6% 23,9% 24,8% -47 page 25
National Bank of Greece Appendix
Appendix National Bank of Greece Results NBG Group: Summary Financials Consolidated Profit & Loss Account mn yoy% qoq% NII 751 772-3% 776-3% Net fees 129 135-4% 136-5% Insurance income 20 14 39% 17 +18% Trading & other income 44 (7) - 131-66% Income 944 915 +3% 1 060-11% Operating Expenses (506) (563) -10% (638) -21% Pre-Provision Earnings 438 352 +25% 422 +4% Loan Provision Charges (362) (428) -15% (388) -7% Core Profit 76 (76) - 34 >100% Other impairments (5) 276-4 - Cash PBT 71 200-64% 38 +87% Taxes (20) (7) 100% (18) +11% Minorities & non cash chrg (13) (7) 86% (4) >100% Attrib. PAT (before one-offs) 38 186-80% 16 >100% DTA & other one-offs 143 (159) - 531-73% Attributable PAT 181 27 >100% 547-67% Balance Sheet mn yoy% qoq% Cash & Reserves 5 881 5 895-0% 5 910-0% Interbank placements 3 082 3 750-18% 2 847 +8% Securities 26 126 18 041 +45% 26 522-1% Loans (gross) 70 450 70 908-1% 70 140 +0% Provisions (9 080) (7 610) +19% (8 851) +3% Goodwill & Intangibles 1 707 2 159-21% 1 708 0% Tangible assets 2 074 1 780 +17% 1 755 +18% Other assets 11 274 9 231 +27% 10 899 +8% Total Assets 111 964 104 154 +7% 110 930 +1% Interbank & Securities Repos 25 043 31 670-21% 27 898-10% Due to customers 65 888 60 486 +9% 62 876 +5% Debt securities 3 879 3 787 +2% 3 807 +2% Other liabilities 9 060 9 937-9% 8 474 +7% Hybrids 80 170 53%- 80 +0% Minorities 694 71 >100% 684 +1% Equity 7 320 (1 968) - 7 111 +3% Total liabilities & equity 111 964 104 154 +8% 110 930 +1% page 27
Appendix National Bank of Greece Results Turkey: Summary Financials Profit & Loss Account TL mn qoq% yoy% Net interest income 770 787-2% 788-2% Net fees 280 254 +10% 255 +10% Trading & other income (9) (2) >100% 60 - Income 1 041 1 039 +0% 1 103-6% Operating expenses (579) (667) -13% (457) +27% Pre-provision earnings 462 372 +24% 647-29% Provisions (218) (262) -17% (194) +12% Income tax (52) (16) >100% (89) -42% Minority (0) 0 - (1) -50% Attributable PAT 192 95 >100% 362-47% Summary Balance Sheet TL mn qoq% yoy% Cash & reserves 8 602 8 256 +4% 6 602 +30% Interbank placements 5 070 2 377 >100% 930 >100% Investment & Trading Securities 8 773 9 021-3% 6 845 +28% Loans (net) 48 500 46 034 +5% 41 833 +16% Tangible assets 1 514 555 >100% 489 >100% Goodwill & intangibles 217 211 +3% 187 +16% Other assets 5 093 4 505 +13% 1 406 >100% Total Assets 77 770 70 958 +10% 58 291 +33% Interbank liabilities 11 532 8 459 +36% 3 315 >100% Due to customers 40 367 37 290 +8% 32 810 +23% Borrowed funds 11 001 10 722 +3% 9 071 +21% Other liabilities 4 897 4 726 +4% 4 148 +18% Minorities 168 155 +8% 155 +9% Equity 9 805 9 606 +2% 8 792 +11% Total liabilities & equity 77 770 70 958 +10% 58 291 +33% page 28
National Bank of Greece Contact details Petros Christodoulou Deputy CEO +30210 334 3909 pchristodoulou@nbg.gr Paula Hadjisotiriou Group CFO +30210 334 3051 phadjisotiriou@nbg.gr Paul Mylonas Group CRO +30210 334 1521 pmylonas@nbg.gr Greg Papagrigoris Head of IR +30210 334 2310 papagrigoris.gr@nbg.gr ir@nbg.gr 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.