NBG Group: Full-Year Results 2013
http://www.helex.gr/documents/10180/43440/...b-4cec-ab65-22deb7f58fa1Business performance: Net profit for full-year 2013: €809 million for the Group,
vs. losses of €2,140 million in 2012.
Positive performance in terms of net profit qoq at €547
million, reflecting clear improvement in the domestic
economic climate.
Profit before provisions grew 50% on an annual basis, to
€1,551 million. The provision charge stood at €1,627
million vs. €2,532 million in 2012, down by 36% on
2012, as new loan impairments wane.
Profitability of
subsidiaries:
Particularly strong input from the Group’s Turkish
franchise, Finansbank, posting net profit of €439
million, down by only 9% on a constant currency basis,
despite the difficult conditions prevailing in the local
market in the second half of 2013.
Positive input also from the Group’s SE Europe
businesses, posting net profit of €32 million in 2013, vs.
losses of €65 million in 2012.
Asset quality and
provisions:
New loan delinquencies in Greece declined further to
€332 million, thereby posting deceleration over five
consecutive quarters. New NPLs for full-year 2013 down
by 57% yoy.
The ratio of 90+ dpds stood at 22.5% for the Group and
27.4% for the domestic loan book, up by only 30 basis
points in Q4.
The Group and the Bank maintain a strong coverage
ratio at 56%, up by 3 percentage points yoy, the highest
among its peers.
Reducing costs: Operating costs in Greece reduced by 5% and in SE
Europe by 4% yoy. Substantial 8% reduction in staff
expenses in Greece, backed by the implementation of a
new Collective Labour Agreement in H2.2013.
Cumulative 22% decline in domestic operating costs
since 2009, reflecting mainly a 25% reduction in staff
expenses over the same period. A further substantial
reduction will be posted as a result of the highly
successful early retirement scheme in which over 2,500
Bank staff participated, the cost of which was
incorporated fully into the Q4.2013 results.
Capital adequacy: Pro-forma Core Tier I stands at 11.2%