N ti National Bank of Greece l B k f G 1 st Quarter 2013 Results 1 - - PowerPoint PPT Presentation

SLIDE 1

N ti l B k f G National Bank of Greece

1st Quarter 2013 Results 1 Quarter 2013 Results

May 24th , 2013

SLIDE 2

National Bank of Greece | Q1.13 Results

Q1 2013 Highlights

Highlights

Consolidated Profit & Loss Account



Q1.13 Attributable PAT reaches €186mn, the 2nd consecutive

€ mn Q1.13 Q1.12 yoy% Q4.12 qoq% NII 772 909 ‐15% 800 ‐3%



quarter with positive bottom line. Pre‐provision earnings up by 44% yoy at €352mn, supported by a bottoming out of NII (‐3% qoq) and the absence of the trading losses suffered in Q1 12



NII 772 909 15% 800 3% Net fees 135 127 +6% 126 +7% Insurance income 14 45 ‐68% 32 ‐55% Core Revenues 922 1 081 ‐15% 958 ‐4%

losses suffered in Q1.12. Loan provision charges decline due to a clear moderation in the generation of domestic past due loans beginning in Q4.12 and continuing in Q1.13.



Trading & other income (7) (276) ‐97% 40 ‐ Income 915 805 +14% 998 ‐8% Operating Expenses (563) (560) +1% (637) ‐12%

g Q Rationalization of operating expenses continues, spearheaded by Greece: ‐24% since 2010 and ‐10% yoy.

Pre‐Provision Earnings 352 245 +44% 361 ‐3% Loan Provision Charges (428) (505) ‐15% (659) ‐35% Other impairments 276 (72) ‐ 343 ‐20%



Over and above the record profitability achieved in Turkey during 2012, attributable PAT in Q1.13 is up by 23% yoy driven by core income growth (+21% yoy) / h h l l

 

Taxes (7) 71 ‐ (143) ‐95% Minorities & non‐cash charges (7) (3) +96% (6) +19%

• Attrib. PAT (before one‐offs)

186 (265) ‐ (104) ‐

Group L/D continues to improve approaching the 100% level, with at a best in class 95% domestically; strong deposit gathering continues in Turkey and SEE, resulting in the closure

• f funding gaps



Impairment of Eurobank (159) ‐ ‐ ‐ ‐ FB Insurance sale and one‐offs ‐ ‐ ‐ 140 ‐ PSI impact (after tax) ‐ (466) ‐ 279 ‐

page 2

Proforma Core Tier 1 ratio at 9.3%

Attributable PAT 27 (731) ‐ 315 ‐91%



SLIDE 3

National Bank of Greece | Q1.13 Results

Group top line supported by strong core income generation in Turkey, and the bottoming out of NII pressure in Greece

Highlights

Pre‐Provision Earnings Group Income Group Net Interest Margin & NII

400 383

400

€ mn Q1.13 Q1.12 yoy% NII

772 909 ‐15%

Net fees

135 127 +6% € mn Q1.13 Q4.12 Δqoq Greece 365 358 +7 Group NIM ‐ bps Group NII qoq breakdown (€mn)

361 359 346

310 340 370

Insurance income

14 45 ‐69%

Core Revenues

922 1081 ‐15%

Trading & other Income

(7) (276) ‐97% Turkey 336 363 ‐27 SEE & Int’l 72 78 ‐6 Group NII 772 800 ‐28

Closing of duration gap

310 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Greece: NII & NIM Turkey: NII & NIM SEE: NII & NIM

Total Group Income

915 805 +14% Group NII 772 800 ‐28

347 726 752 844 788 702

NII (TL mn) NIM (bps) NII (€mn) NIM (bps)

Greece: NII & NIM Turkey: NII & NIM SEE: NII & NIM

569

NII (€mn) NIM (bps)

377 330 299 263

252

616 262 313 333 363 336 586 677 662 702 643 78 64 66 60 63 62 569 461 394 358 365

NII (€mn)

377 312 329 306 327 322

page 3

244

252

Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

SLIDE 4

National Bank of Greece | Q1.13 Results

OpEx rationalization continues: Greece ‐10% yoy, ‐24% since 2010

Highlights

Group Operating Expenses Greece

€ mn Q1.13 Q1.12 yoy% Personnel expenses 323 342 ‐6% G&As 190 169 +12%

271 255

300

Personnel expenses ‐ €mn G&As & Depreciation ‐ €mn 115

130

‐23% ‐24% G&As 190 169 +12% Depreciation 50 48 +4% Operating expenses 563 560 +1%

235 208

200 250

104 93 88

90 110 100 150 1.10 1.11 1.12 1.13

€ mn Q1.13 Q1.12 yoy%

50 70 1.10 1.11 1.12 1.13 Q1 Q1 Q1 Q1

Greece 306 328 ‐7%

Personnel expenses

208 235 ‐12%

G&A’s

63 68 ‐8% 10%

Personnel expenses ‐ YoY growth G&As & Depreciation ‐ YoY growth

Q1 Q1 Q1 Q1 10%

‐10%

Depreciation

25 25 +0%

Integration costs

10 ‐ ‐

Turkey 195 166 +18%

+5% ‐6% ‐8%

‐12%

‐20% ‐10% 0%

+5% ‐10% ‐11%

‐5%

‐20% ‐10% 0%

page 4

Turkey 195 166 +18% SEE & other 63 66 ‐5%

20% Q1.10 Q1.11 Q1.12 Q1.13 20% Q1.10 Q1.11 Q1.12 Q1.13

SLIDE 5

National Bank of Greece | Q1.13 Results

Marked deceleration in 90dpd formation in Greece in Q4.12 is confirmed in Q1.13

Highlights

+90dpd Evolution CoR, Pre‐provision margin & +90dpd flows

19.0% 19.8%

21% +1 060 +1 244 +1 162 +1 200 +1 600

21.9% 23.1% 24.3%

22% 26% 56% 54% 54% Group: +90dpd Greece: +90dpd Group: Cash Coverage Group: +90dpd flows

54%

16.5% 18.2%

17% 19% +1 060 +662 +400 +800 +1 200

13.0% 15.9% 19.3% 20.0% 21.0% 21.9%

14% 18% 22% 56% 54% 53% 54%

• excl. deleverage

effect

+616

14.4%

13% 15% Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 +0 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 10% 14% Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 434 418 415 500 600 Group Cost of Risk‐ bps

22.3% 23.1% 23.3% 24.1%

26% 30% 7% 8%

5.8%

Turkey: +90dpd SEE: +90dpd 311 418 415

271

200 300 400

21.0% 22.3%

14% 18% 22%

5.0% 5.1% 5.2% 5.5%

3% 4% 5% 6%

page 5

100 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 10% Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 2% 3% Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

SLIDE 6

National Bank of Greece | Q1.13 Results

Group L:D approaches 100% and Greece at a best in class 95%, as deposit recovery extends across all geographies

Highlights

Loans / Deposits Turkey: Deposits SEE: Deposits

4.7 4.7 4.9 5.1

TL 35.2bn

+ 23%yoy

SEE: €5.3bn

+11% yoy +4% qoq

105% 106% 110% 108% 102% 110% 111% 109% 111% 116% 114% 107%

104%

adjusted for €0.6bn covered bonds

Group

TL retail bonds 35.1 28.7 29.1 32.4 92% 104% 105% 106% 105% 108% 99%

95%

Greece

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Greece: Deposits Evolution

Q1.11 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Eurosystem Funding (€bn)

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

31.2 32.0 34.7 33.0 30.9 27.5

34.5% 34.1% 35.1% 34.8% 35.1% 34.8% 34.7% Savings Market Shares ‐ %

€mn Q1.13 Q4.12 qoq Savings 15 119 15 650 ‐3%

€24.5bn ECB / €3.0bn ELA 100% ELA 19.6% 22.0% 22.9% 23.3% 23.8% 23.8% 24.8% Time deposits

Sight 5 545 5 327 +4% Time deposits 18 389 17 052 +8% Customer deposits 39 053 38 030 +3%

Sight 9.8bn EFSF bonds h b d

page 6

Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 14.9% 15.6% 15.3% 16.1% 15.9% 15.9% 16.1%

Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 State & Public entities 995 852 +17% Total 40 048 38 882 +3%

that can be repoed in the market; Net Eurosystem 17% of Group Assets

SLIDE 7

National Bank of Greece | Q1.13 Results

Pro‐forma Core Tier 1 ratio of the Group at 9.3%

Highlights

P f C bi d C it l Ad Proforma Combined Capital Adequacy

€mn 31.3.13 Proforma 31.3.13 Core Tier I 5 075 5 135

Including the LME for the Lower Tier 1 (€170mn pool)

Core Tier I 5 075 5 135 Lower Tier I 561 561 Total Capital 5 636 5 696

• c. €3.6bn of RWAs reduction arising from the implementation
• f Finansbank’s IRB roll out plan;

bj t t l t l

RWAs 58 945 55 345 Core Tier I ratio 8.6% Total CAD 9.6% 10.3%

9.3%

subject to regulatory approval

page 7

SLIDE 8

N ti l B k f G National Bank of Greece

1st Quarter 2013 Results: Greece 1 Quarter 2013 Results: Greece

May 24th , 2013

SLIDE 9

National Bank of Greece | Q1.13 Results

The bottoming out of the negative drivers on NII and the moderation in npl creation results in a positive bottom line, excluding one‐offs Segment review: Greece NII bottoms out in Q1 13; headwinds set to reverse



€ mn

Q1.13 Q1.12 yoy% Q4.12 qoq%

NII 365 569 ‐36% 358 +2%

NII bottoms out in Q1.13; headwinds set to reverse gradually through the year as funding mix improves Cost cutting continues unabated: ‐10% yoy, driven by personnel costs cuts of 12% yoy in Q1.13



365 569 36% 358 2% Net fees 5 9 ‐40% (1) ‐ Insurance income 14 35 ‐59% 27 ‐48% Core Banking Revenues 385 613 ‐37% 385 0%



Asset quality deterioration moderates substantially for a second quarter in a row at +120bps, pushing CoR down to 329bps while maintaining provision coverage t hi h l l (53%)



Trading & other income (42) (273) ‐85% 26 ‐262% Income 343 341 +1% 410 ‐16% Wages & Salaries (208) (235) ‐12% (207) +0%

at a high level (53%) In line with improvement in the credit profile of the Greek sovereign, write backs continue amounting to €276mn in Q1 13

G&As & Depreciation (98) (93) +5% (114) ‐14% Operating Expenses * (306) (328) ‐7% (321) ‐5% Pre‐Provision Earnings 37 12 >100% 89 ‐58%



€276mn in Q1.13 FBB purchase and assumption of asset and liabilities:

− €1.1bn of gross loans with provisions to be determined by an independent auditor, c.€1bn of deposits and c. 0.7bn of

Loan Provision charges (318) (419) ‐24% (523) ‐39% Other impairments 276 (72) ‐ 343 ‐20% Taxes 30 98 ‐69% (108) ‐128%



p , f p f EFSF notes − RWAs to be capitalized by HFSF at 9% − 19 branches, 260 employees

Minorities & non‐cash charges (6) (3) >100% (5) 20%

• Attrib. PAT (before one‐offs)

20 (384) ‐ (203) ‐ Other one‐offs** (159) (466) ‐ 279 ‐

page 9

Attributable PAT (139) (850) ‐84% 77 ‐

* incl. €10mn integration costs ** €159mn Eurobank m‐t‐m

SLIDE 10

National Bank of Greece | Q1.13 Results

Deleveraging in the domestic book continues leading the L:D ratio close to 90%

Segment review: Greece

Domestic Loan Book Domestic Mortgages

46.3 45.8 45.1 44.7 44.3

Gross balances

19.6 19.3 19.1 18.9 18.7

Balances (€bn)

‐4.5% yoy

Market (yoy) €mn Market NBG Corporate & SBLs ‐3.4% ‐3.7%

42.1 41.2 40.0 39.2 38.6

‐8% yoy ‐4% yoy

Mortgages ‐3.2% ‐4.5% Consumer ‐5.3% ‐3.5% Total ‐3.5% ‐4.2% Net balances

‐10% from Q2.10 peak Q1.12 Q2.12 Q3.12 FY.12 Q1.13

Domestic Business Lending

Q1.12 Q2.12 Q3.12 FY.12 Q1.13

Domestic Consumer Lending Domestic Business Lending

SBLs (€bn)

16 3 16 2 Corporate Lending (>2.5mn) 6.5 6.5 6.5 6.4 6.3

‐4.0% yoy Domestic Consumer Lending

16.3 16.2 15.9 15.7 15.7

‐3.8% yoy

3.8 3.8 3.7 3.7 3.6

‐5.2% yoy

‐14% from ‐22% from ‐17% from

page 10

Q1.12 Q2.12 Q3.12 FY.12 Q1.13 Q1.12 Q2.12 Q3.12 FY.12 Q1.13 Q1.12 Q2.12 Q3.12 FY.12 Q1.13 14% from Q1.10 peak 22% from Q1.10 peak f Q2.11 peak

SLIDE 11

National Bank of Greece | Q1.13 Results

NII stabilizes in the quarter while it is set to improve markedly following the ongoing rebalancing in the funding mix

Segment review: Greece

Domestic Spreads Domestic Net Interest Income

€ mn Q1.13 Q4.12 qoq Retail loans 288 309 ‐21 Corporate loans 197 202 5 Lending Spreads (match‐maturity; bps) Q1.13 Q4.12 qoq Mortgages 257 248 +9 C l 926 909 16

NII Breakdown

Corporate loans 197 202 ‐5 Lending NII 485 511 ‐26 Core deposits ‐14 ‐13 ‐1 Term & other deposits ‐107 ‐98 ‐9 Consumer loans 926 909 +16 SBLs 687 592 +95 Total retail 415 407 +8 Corporate lending 407 353 +54 Deposit NII ‐121 ‐110 ‐11 Bonds 76 129 ‐53 Eurosystem funding ‐88 ‐196 +108 Other NII 6 24 ‐17 Total lending 412 385 +26 Deposit Spreads (match‐maturity; bps) Participation in the GGBs buy‐back program Reversal of Eurosystem mix from 100% ELA to 90% ECB Other NII 6 24 ‐17 Domestic NII 358 358 Q1.13 Q4.12 qoq Core deposits ‐28 ‐23 ‐5 Time ‐265 ‐266 +1 Total deposits ‐132 ‐123 ‐8

Funding mix (€bn) Term Deposits: New Production Rates

100% ELA to 90% ECB p Q1.13 Q4.12 qoq Market Rates (bps)

2% 3% 4% 5% 6%

Market (BoG) NBG 30 24 27 25 24 9 25 4 4 7 11 24 31 3

40 60 80 Domestic deposits ECB Funding ELA page 11

Euribor 1M 12 11 +1 Euribor 3M 21 20 +2

0% 1% Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13

Euribor 45 43 42 40 37 37 39 40

20 Q2.11 Q3.11 Q4.11 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

SLIDE 12

N ti l B k f G National Bank of Greece

1st Quarter 2013 Results: Turkey 1 Quarter 2013 Results: Turkey

May 24th , 2013

SLIDE 13

National Bank of Greece | Q1.13 Results

Profitability growth continues unabated while the second investment grade upgrade provides further boost to earnings prospects

Segment review: Turkey

TL mn Q1.13 Q1.12 yoy% Q4.12 qoq%

Summary P&L Profit & Loss Account

A strong Q1 leads to double digit growth in core profitability despite the loss of revenue from the insurance business in Q4.12:



TL mn Q1.13 Q1.12 yoy% Q4.12 qoq% Net interest income

788 616 +28% 844 ‐7%

Net fees

255 225 +13% 242 +5%

Insurance income

23 ‐100% 12 ‐100%

— PAT at TL 362mn up by +23% yoy and +22% qoq — ROE at c.17% and ROA at 2.5% Core revenues on a positive annual path, +21% yoy: NII growth: +28% yoy



Core Revenues

1 043 864 +21% 1 098 ‐5%

Trading & other income

60 (13) ‐ 22 >100%

Income

1 103 851 +30% 1 119 ‐1%

Operating expenses

457 (390) +17% (564) 19%

— NII growth: +28% yoy — Highest NIM amongst peers: 643bps in Q1.13, +58bps yoy — Deposit cost continues to decline from its peak in Q2.12 mitigating sector – wide downward asset repricing

% %

Operating expenses

‐457 (390) +17% (564) ‐19%

Pre‐provision earnings

647 461 +40% 555 +16%

Provisions

‐194 (97) >100% (165) +18%

Taxes

‐89 (67) +32% (91) ‐2%

— Continued growth in fees and commissions: +13% yoy and +5% qoq leading to a high fees/income ratio of 24% L:D at comfortable levels: — Total deposits up +23% yoy and Bank L:D ratio at 110%, including TL



Minority

‐1 (2) ‐50% (1) ‐46%

Attributable PAT (before

• ne –offs)

362 295 +23% 298 +22%

FB Insurance sale & one‐offs

‐ ‐ ‐ 323 ‐100%

Total deposits up +23% yoy and Bank L:D ratio at 110%, including TL

2.4bn retail bonds issuance

C:I ratio at the impressive rate of 41% in Q1.13 vs. 46% in Q4.12. OpEx growth yoy incorporates an elevated inflation rate and a much larger b h t k

70

b h



Attributable PAT

362 295 +23% 621 ‐42%

branch network, +70 new branches yoy Asset quality trend in line with soft landing: — NPL generation +33 bps qoq and +81 bps yoy Provisions of TL 194mn maintain high coverage at 75%



Turkey is rated investment grade by two of the

page 13

— Provisions of TL 194mn maintain high coverage at 75% Strongest capitalisation amongst main peers, CAR at 19.0%, provides Finansbank a competitive edge in supporting future growth



Turkey is rated investment grade by two of the major credit rating agencies following the upgrade by Moody’s in May and Fitch in November 2012

SLIDE 14

National Bank of Greece | Q1.13 Results

NII and NIM advance yoy supported by a significant improvement in deposit spreads

Segment review: Turkey

NII and NIM

N I M i (b ) ( )

Yields

Q1.13 Q4.12 qoq TL Mortgages 1 145 1 145 TL Credit Cards 2 751 2 860 ‐109

TL 788 mn

702

700 800

Net Interest Margin (bps) Net Interest Income (TL mn)

643

700 800 900

Key Product Yields (bps)

+28% ‐7% qoq

TL Consumer lending 1 994 2 030 ‐35 TL SME lending 1613 1 683 ‐70 TL Time Deposits 747 830 ‐83 USD Ti D i 277 320 43

400 500 600

+58bps yoy ‐58bps qoq

200 400 600 800 1000 200 300 400 500 600

+28%

‐83

Closing of duration gap

USD Time Deposits 277 320 ‐43

Operating Expenses

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

3m.12 3m.13

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Fees

‐43 TL mn 3m.13 QoQ YoY W & S l i 198 31% +12% Breakdown Fees (TL mn)

TL 255mn

5% +13% yoy

Wages & Salaries 198 ‐31% +12% G&A, Depreciation 259 ‐19% +21% Total OpEx 457 ‐24% +17%

100 200

+5% qoq

page 14

3m.13 QoQ YoY FTEs 13 624 +485 + 1 466 Branches 592 +11 +70

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

SLIDE 15

National Bank of Greece | Q1.13 Results

Healthy loan portfolio growth; lending focus remains on high return segments

Segment review: Turkey

Business Lending (TL bn) Retail Lending (TL bn) Gross Loans (TL bn)

Market share 8.5% Market share 3.2% Market share 5.1%

16.0 16.8 17.3 17.4 20.7 22.0 23.7 25.1

36.6 38.8 40.9 42.5

43.7bn

+19% yoy

+3% qoq

17.8bn

+12% yoy

+2%qoq

+25% yoy

+3% qoq

25.9bn

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

TL Deposits (TL bn) Total Deposits (TL bn) Branches

28.7 29.1 20.8 20.1 21.6 22.7

+9% yoy 35.2bn 22.7bn

69%

% of total deposit pool

72% 69% 71%

TL 2.4bn retail bond

Market share 4.5%

TL 2.9bn retail bond

35.1

71% Young branch network

Finansbank Peer 4 Peer 2 Peer 3 Peer 1 A b h 32.4 114 119 113 108

+23% yoy

+0% qoq 110%

Loans : Depos (*)

+0% qoq

Average branch age (years) 6.9 29.1 23.2 20.8 11.8 Share of branches aged <5 years 32% 26% 29% 27% 36% Deposits per branch

page 15

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

*Bank only

• Incl. TL 2.4bn

retail bonds

Source: The Banks Association of Turkey

Deposits per branch (TRY mn) 55 80 78 75 96

SLIDE 16

National Bank of Greece | Q1.13 Results

NPL evolution consistent with the risk‐return balance of lending focus and lack of npl sales; sustained high coverage

Segment review: Turkey

Provision Coverage NPL Formation

5.0% 5.1% 5.2% 5.5%

5.8%

77% 79% 80% 78%

75%

b +33bps +8bps +11bps +28bps

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Pre‐provision margin (bps) Provision Charge (TL mn)

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 169 183 165

TL 194mn 627bps

97

522 110 Cost of Risk (bps)

188bps

3.3x Cost of Risk

188b

page 16

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 3m.12 3m.13

188bps

SLIDE 17

National Bank of Greece | Q1.13 Results

Strong capital base can comfortably support balance sheet growth

Segment review: Turkey

Capital Adequacy

(TRY mn) Q1 13 2012 Q1 12 (TRY mn) Q1.13 2012 Q1.12 Core Tier I 7 318 7 064 6 196 Tier II and Deductions 2 309 2 300 1 864 Total Capital 9 627 9 364 8 060 RWAs 50 614 48 720 45 929 Core Tier I Ratio 14.5% 14.5% 13.5% Total CAR 19.0% 19.2% 17.5%

Assets / Equity – Q1.13 CAR (%) vs peers – Q1.13

8.2 8.2 8.4 15.2 16.1 16.8 17.3

19.0

7.3 7.4

7.3

page 17

Finansbank Peer 2 Peer 1 Peer 4 Peer 3 Peer 3 Peer 4 Peer 1 Peer 2 Finansbank

BRSA Consolidated BRSA Consolidated

SLIDE 18

N ti l B k f G National Bank of Greece

1st Quarter 2013 Results: Southeastern Europe 1 Quarter 2013 Results: Southeastern Europe

May 24th , 2013

SLIDE 19

National Bank of Greece | Q1.13 Results

Segment review: SEE

Return to profitability on the back of asset quality stabilisation

Bottom line turns positive after five negative quarters, with improving core profitability and declining provisions



Profit & Loss Account

Top line stabilises after several quarters of decline: – NII flattens at a quarterly average of €63m over the past five quarters, supported by the moderation in NPL

€ mn Q1.13 Q1.12 yoy% Q4.12 qoq% NII 62 64 ‐4% 63 ‐2% Net fees 18 19 ‐5% 21 ‐11%



formation – Further cost cutting with opex ‐3% yoy (‐20% over the past 4 years) A t lit li

Core Revenues 80 83 ‐4% 84 ‐4% Trading & other income 4 2 >100% 4 +0% Income 83 85 ‐1% 88 ‐4% Operating Expenses (53) (55) ‐3% (62) ‐13%

 Asset quality normalises:

– +90dpd formation at €41m or 73 bps in Q1.13 – Provision coverage excl. collaterals kept at 49%

Operating Expenses (53) (55) 3% (62) 13% Pre‐provision earnings 30 30 +2% 26 +18% Provisions (16) (39) ‐60% (49) ‐68% Other impairment (2) (0) >100% (6) ‐68%

  Liquidity profile improves strongly:

– Increase in deposit market share with deposits up +11% yoy and +4% qoq – L:D ratio drops further to 108%, steadily diminishing the

Taxes 1 2 ‐70% 3 ‐74% Net income 13 (7) n/a (27) n/a



L:D ratio drops further to 108%, steadily diminishing the commercial gap (net loans less deposits) – Significant surplus of equity over commercial gap (2.7x)

page 19

SLIDE 20

National Bank of Greece | Q1.13 Results

Segment review: SEE

Flattening out of top line

Asset yields and funding cost Income

115 99 94 88 88 81 78 64 66 60 63

€62

6.95% 6.72% 6.41% 6.66% 6.49% 3 8% Asset yield ‐17bps qoq ‐46bps yoy Euribor ‐52ps yoy Sofibor ‐117bps yoy Robor +102bps yoy

5 quarter average

• f €63mn

NIM ‐5bps qoq

322bps

64 60 63 NII ‐2% qoq

€62mn

312 329 306 327 7.7 7.7 7.5 7.5 7.4 3.78% 3.51% 3.44% 3.59% 3.42% Avg IBAs ‐4% yoy €0 3bn Funding cost ‐16bps qoq ‐36 bps yoy

Pre‐provision earnings

Q1.10 Q4.10 Q2.11 Q4.11 Q2.12 Q4.12

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Opex and C:I

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 ‐€0.3bn

Pre provision earnings

55

Opex and C:I 64%

€53mn

65 65 63 68

Opex ‐20% since 2009

30 30 32 26 195 221 Pre‐provision margin

212bps

Pre‐prov. earnings +18% qoq

€30mn

C:I

€53mn

€24mn

• pex

‐3% yoy

€22mn

G&As ‐3% yoy Personnel

page 20 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 3M.12 3M.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 3M.12 3M.13

Personnel ‐1% yoy

SLIDE 21

National Bank of Greece | Q1.13 Results

Segment review: SEE

Significant improvement in liquidity profile

Deposits Deposits per country

4.7 4.9 5.1

€5.3bn

+11% yoy +4% qoq

€2.5bn

%

€0.8bn

2%

€1.0bn €0.7bn

21%

€0.2bn

+4% Bulgaria Romania FYROM Serbia Albania corporate

+4% qoq

5.4% 5.7%

5.7%

Deposit market share +15% yoy +4%qoq +2% yoy +4% qoq +4% yoy +1% qoq +21% yoy +5% qoq +4% yoy +2% qoq retail corporate

Loans

Q1.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Loans:Deposits Commercial gap and equity cover

3M.12 3M.13 3M.12 3M.13 3M.12 3M.13 3M.12 3M.13 3M.12 3M.13

6.7 6 5

€6 4b p g p q y

+€735mn +486 +217 ‐27 ‐135

surplus Down from peak of 200% in FY08 Deficit of €2.5bn in FY08 6.7 6.5

€6.4bn

‐4% yoy ‐1% qoq

6.6% 6.3%

6.3%

Loan market

129% 113%

L:D ‐21pps yoy 6pps qoq

108%

1 357 1 227 977 680 460

Commercial gap (net loans – deposits) Equity

turns into a surplus of €735m

Equity 2.7x

page 21

Q1.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 share Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

‐6pps qoq

1 222 1 200 1 194 1 166 1 195 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

q y commercial gap

SLIDE 22

National Bank of Greece | Q1.13 Results

NPL formation normalises

Segment review: SEE

Cash coverage % Charge‐offs & Cost of Risk

405 337 39 35 60 49 29

49% total

45% Bulgaria

65% retail

49% 254 234 337

provision run rate

109bps

net charge‐

• ffs

€16mn

29

‐13

46% 92% 55% Romania FYROM Serbia

corporate recoveries

+90dpd ratio +90dpd generation (€m)

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.13

p p g ( )

104 70 22.2% 23.1% 23.3%

+90dpd %

24.1% €41mn

70 44 22 21.1%

• excl. deleverage effect

21.8%

page 22

Q1.12 Q2.12 Q3.12 Q4.12 Q1.13 Q1.12 Q2.11 Q3.12 Q4.12 Q1.13

SLIDE 23

N ti l B k f G National Bank of Greece

Appendix Appendix

May 24th , 2013

SLIDE 24

National Bank of Greece | Q1.13 Results

NBG Group: Summary Financials

Appendix

€ mn Q1.13 Q1.12 yoy% Q4.12 qoq% C h & R 5 895 4 057 45% 4 500 31%

Proforma Balance Sheet Consolidated Profit & Loss Account

€ mn Q1.13 Q1.12 yoy% Q4.12 qoq% NII 772 909 15% 800 3% Cash & Reserves 5 895 4 057 +45% 4 500 +31% Interbank placements 3 750 4 093 ‐8% 4 318 ‐13% Securities 18 041 18 935 ‐5% 19 648 ‐8% Loans (gross) 70 908 69 647 +2% 70 509 +1% NII 772 909 ‐15% 800 ‐3% Net fees 135 127 +6% 126 +7% Insurance income 14 45 ‐68% 32 ‐55% Core Revenues 922 1 081 15% 958 4% Provisions (7 610) (5 569) +37% (7 277) +5% Goodwill & Intangibles 2 159 2 196 ‐2% 2 138 +1% Tangible assets 1 780 2 012 ‐12% 1 969 ‐10% Core Revenues 922 1 081 ‐15% 958 ‐4% Trading & other income (7) (276) ‐97% 40 ‐ Income 915 805 +14% 998 ‐8% Operating Expenses (563) (560) +1% (637) ‐12% Other assets 9 231 8 644 +7% 8 993 +3% Total Assets 104 154 104 015 +0% 104 798 ‐1% Interbank & Securities Repos 31 670 35 252 ‐10% 33 972 ‐7% Operating Expenses (563) (560) +1% (637) ‐12% Pre‐Provision Earnings 352 245 +44% 361 ‐3% Loan Provision Charges (428) (505) ‐15% (659) ‐35% Other impairments 276 (72) ‐ 343 ‐20% Due to customers 60 486 57 419 +5% 58 722 +3% Debt securities 3 787 2 730 +39% 3 772 +0% Other liabilities 9 937 9 665 +3% 10 375 ‐4% Other impairments 276 (72) 343 20% Taxes (7) 71 ‐ (143) ‐95% Minorities & non‐cash charges (7) (3) +96% (6) +19%

• Attrib. PAT (before one‐offs)

186 (265) ‐ (104) ‐ Hybrids 170 183 ‐7% 172 ‐1% Minorities 71 79 ‐11% 70 +1% Equity (1 968) (1 312) +50% (2 284) ‐14% Total liabilities & equity 104 154 104 015 +0% 104 798 ‐1%

• Attrib. PAT (before one offs)

186 (265) (104) Impairment of Eurobank (159) ‐ ‐ ‐ ‐ FB Insurance sale and one‐offs ‐ ‐ ‐ 140 ‐ PSI impact (after tax) ‐ (466) ‐ 279 ‐

page 24

Total liabilities & equity 104 154 104 015 +0% 104 798 ‐1% PSI impact (after tax) (466) 79 Attributable PAT 27 (731) ‐ 315 ‐91%

SLIDE 25

National Bank of Greece | Q1.13 Results

Turkey: Summary Financials

Appendix

Profit & Loss Account Summary Balance Sheet

TL mn Q1 13 Q1 12 yoy% Q4 12 qoq% TL mn Q1.13 Q1.12 yoy% Q4.12 qoq% TL mn Q1.13 Q1.12 yoy% Q4.12 qoq% Net interest income 788 616 +28% 844 ‐7% Net fees 255 225 +13% 242 +5% Insurance income 23 ‐100% 12 ‐100% TL mn Q1.13 Q1.12 yoy% Q4.12 qoq% Cash & reserves 6 602 4 278 +54% 5 409 +22% Interbank placements 930 809 +15% 2 782 ‐67% Investment & Trading Securities 6 845 6 819 ‐0% 7 409 ‐8% L ( t) 41 833 35 221 19% 40 727 3% Trading & other income 60 (13) ‐ 385 ‐84% Income 1 103 851 +30% 1 483 ‐26% Operating expenses (457) (390) +17% (605) ‐24% Pre‐provision earnings 647 461 +40% 879 ‐26% Loans (net) 41 833 35 221 +19% 40 727 +3% Tangible assets 489 422 +16% 458 +7% Goodwill & intangibles 187 154 +22% 181 +3% Other assets 1 406 1 879 ‐25% 1 699 ‐17% Pre‐provision earnings 647 461 +40% 879 ‐26% Provisions (194) (97) >100% (165) +18% Income tax (89) (67) +32% (91) ‐2% Minority (1) (2) ‐50% (1) ‐46% Total Assets 58 291 49 582 +18% 58 666 ‐1% Interbank liabilities 3 315 3 622 ‐8% 3 920 ‐15% Due to customers 32 810 28 658 +14% 32 161 +2% Attributable PAT 362 295 +23% 621 ‐42% Borrowed funds 9 071 5 920 +53% 9 241 ‐2% Other liabilities 4 148 4 199 ‐1% 4 654 ‐11% Minorities 155 161 ‐4% 152 +2% Equity 8 792 7 021 +25% 8 539 +3% Total liabilities & equity 58 291 49 582 +18% 58 666 ‐1%

page 25

SLIDE 26

N ti l B k f G National Bank of Greece

Contact details

Petros Christodoulou

Contact details

Paul Mylonas

Deputy CEO +30210 334 3909 pchristodoulou@nbg.gr Chief of Strategy & Head of International +30210 3341 521 pmylonas@nbg.gr

Gregory Papagrigoris

Head of IR +30210 3342 310

George Angelides

Head of Finance +30210 3695 429

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

papagrigoris.gr@nbg.gr aggelidis.g@nbg.gr

• 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. Thi i i i f d l ki Th f d l ki i l i k d i i h ld This presentation contains certain forward‐looking statements. These forward‐looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward‐looking statements. Due to these uncertainties and risks, readers are cautioned not to place undue reliance on such forward‐looking statements. National Bank of Greece S.A disclaims any obligation to update any forward‐looking statements contained herein, except as required pursuant to applicable law.