NBG Q1 10 Results Presentation

N ti
National Bank of Greece
lB k fG
1st Quarter 2010 Results
Quarter 2010 Results
May 26th, 2010
Highlights National Bank of Greece | Q1.10 Results
Key Messages
 Profits remain in the black, hurt by exceptional taxes
(€93 ) d di l
(€93mn) and trading losses (€134mn) and the still high level
(€134 ) d h ill hi h l l
Profit & Loss Account
€ mn Q1.10 Q4.09 qoq% Q1.09 yoy%

of provision (€314mn)
NII 1 035 1 038 ‐0% 945 +10%
 International subsidiaries provide €154mn of profits for the
Group as they recover from their recession especially FB
Group, as they recover from their recession, especially FB Net fees 164 175 ‐6% 166 ‐1%
Core Banking Revenues 1 199 1 213 ‐1% 1 111 +8%

 NIM remains above 400bps despite increased funding
pressures Trading & other income (129) (251) ‐49% 117 ‐
Income 1 070
1 070 962 +11% 1 228
1 228 ‐13%
13%
 Cost control leads to a reduction in operating expenses by
13% qoq with the C/I ratio in low 40s in FB and SEE Operating Expenses (605) (694) ‐13% (565) +7%

Pre‐provision earnings 465 268 +74% 662 ‐30%
CoR flat as improvements in asset quality in the
international businesses offset the deterioration in the
international businesses offset the deterioration in the Provisions (314) (323) ‐3% (235) +34%
domestic market
Taxes (19) 33 ‐ (89) ‐79%
 Successful liquidity buffers with turnaround in deposit
outflow from May
outflow from May
Minorities & non‐cash charges (19) (16) +18% (22) ‐11%
Attrib. PAT (before one‐off taxes) 114 (38) ‐ 317 ‐64%
 Equity broadly unchanged despite mtm of GGBs, helped by
TRY appreciation
Windfall Taxes (93) (49) +90% ‐ ‐
Attributable PAT 21 (87) ‐ 317 ‐93%
page 2
An ambitious fiscal reform program
Budget Implementation (% GDP) Fiscal Measures 2010* (% GDP)
y , g
So far this year, the deficit is running at half the level of that in 2009 Ambitious program to achieve a fiscal adjustment equivalent to 5.5% of GDP in ‘10
p g j q %
% of GDP Jan Mar May Cum. Impact
4months Full Year
VAT hikes ‐ 0.5 0.3 0.8
‘09 ‘10 ‘09 ‘10 Increase in excise taxes 0.5 0.6 0.2 1.3
y
Taxation system reform 0.7 ‐ ‐ 0.7
1 N R
1. Net Revenues 61
6.1 68
6.8 20 4
20.4 23 1
23.1
Other measures* 0.6 0.3 ‐ 0.9
2. Expenditure 9.3 8.6 30.2 29.2 Total Revenue 3.7
Public sector wage containment 0.5 0.3 0.5 1.3
3. Public Investment Budget, net 1.4 0.9 3.2 2.5
Pension bill containment 0.2 0.2 0.7 1.1
CG Budget Balance (1‐2‐3) ‐4.5 ‐2.7 13.0 8.6 Public investment program cuts ‐ 0.3 0.2 0.5
Other measures 0.1 ‐ 0.5 0.7
Cumulative yoy change Total Expenditures 3.6

Total Measures 7.3
Implementation on track despite the late start
Implementation on track, despite the late start
*including one‐offs; source: MNEC and NBG calculations
+20%
+15%
Debt Dynamics
Revenue yoy % change
+10% Annual Target p p p
Successful implementation will put the debt on a sustainable downward path
+5%
Level of General
0 Government Debt (%GDP)
GDP growth (yoy)
1% 162% 145% 129%
Annual Expenditure Target in 2024, assuming level of
‐5% Debt 2014: 150% of GDP
Primary outlays yoy % change 2% 138% 122% 107%
and annual real interest
‐10%
10%
rate 3.5% for the whole 3% 117% 103% 89%
‐15% period
Jan‐10 Feb‐10 Mar‐10 Apr‐10
3% 4% 5%
Primary Surplus (% of GDP) page 3
Structural reforms: Boost economy’s capacity to produce, save and export
• Establishment of large tax payers unit • Reform collective wage bargaining
T R f
Tax Reform • Increase effective penalties for tax
I ff i li f
Labour market • Eliminate asymmetric arbitration
evasion • Minimum wages for long‐term
Tackling tax evasion (4 pps of • Audit of high wealth individuals to unemployment and youth
maximize return More flexible wage system
GDP shortfall to EU average)
• Containment of total spending increases to +2.5
pps of GDP in the next 4 decades vs. 12.5 pps
under a no‐policy change assumption P bli Health System
Public H lth S t • Management accounting and financial
Management accounting and financial
Pension System • Universally binding rules from January 2013 with system in hospitals
substantially lower entitlements: savings from mismanagement • Merger of health funds to a single fund
Reform to ease the fiscal ‐ Calculation of pensions benefits on the basis of (equivalent to several pps of
pressure from ageing lifetime earnings
GDP)
‐ Accumulation rate reduced to 1.2/year (after
40
40 years a 50 year replacement rate)
50 l )
• Indexation of pensions to inflation from 2013
• Μerger of the existing pension funds into three
funds
• Restrict early retirement provisions
• One‐stop shop (reduction of costs and delays to
the creation of new employment)
Modernizing public • Reorganization of local government to Business Environment • Management and divestment of state enterprises
reduce size and improve efficiency (railway and state transport)
administration • Single payment authority for wages
Si l t th it f • Opening of restricted professions (legal,
Opening of restricted professions (legal
Liberalize private sector and pharmacy, road haulage
Reducing the role of the State
• Improve procurement process private investment • Liberalization of network industries (transport and
energy)
• EU services directive (tourism, education, retail)
page 4
1Q.10: Resilient core banking revenues despite challenging domestic macro situation
Group NII+ Fees
Pre‐Provision Earnings Group Net Interest Income & Margin
Core banking revenues resilient
Core banking revenues resilient NII and NIM at record levels despite rising funding costs
NII and NIM at record levels despite rising funding costs
NII (€mn) NIM (bps)
1 213 €1 199mn 1038 1035
1 111
+8% yoy 414
‐1% qoq
401
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09 Q4.09 Q1.10
Greece: NII + Fees & NIM Turkey: NII + Fees & NIM SEE: NII + Fees & NIM
Deposit spreads and slow loan growth impact top line Margin c. 700bps, despite negative repricing gap Top line stable

NII + Fees (€mn) NIM (bps) NII + Fees (TRYmn) NIM (bps) NII + Fees (€mn) NIM (bps)
684
747 757
337 140 487 487
731 662 696

326
137
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
page 5
Pre‐provision earnings capacity sustained across all geographies
Greece: Pre‐provision earnings Turkey: Pre‐provision earnings SEE: Pre‐provision earnings
Down primarily on account of trading losses

Down primarily on account of trading losses On track for double digit annual growth
On track for double digit annual growth Emerging stronger as the macro outlook brightens
Emerging stronger as the macro outlook brightens
€mn € mn
TRY mn
+5% yoy
338
72 excl. trading +24% qoq Trading result
324 14
Trading result excl. trading
273 11 9
57 excl. trading 8 70
0 +20% yoy
392 58
63
+11% qoq
+9% yoy
43
+11% qoq
360
‐21 353
T di
Trading result
l
‐154
Q1.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10
Pre‐provision margin (bps) vs. CoR (bps) Pre‐provision margin (bps) vs. CoR (bps) Pre‐provision margin (bps) vs. CoR (bps)
2.3x 1.5x 1.5x CoR coverage 2.8x 2.1x 4.3x CoR coverage 2.0x 1.2x 1.4x CoR coverage
282 275 639 630 372

596
 pre‐provision margin  pre‐provision margin 327  pre‐provision margin
224 excl. trading (bps)
excl. trading (bps) 280 excl. trading (bps)
 Cost of Risk (bps)  Cost of Risk (bps)
178 272 260
153
125 285
230  Cost of Risk (bps)
Cost of Risk (bps) 140
147
Q1.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10
page 6
Asset quality trajectory broadly unchanged
Group NPLs & +90dpd Group Cost of Risk & Pre‐provision Margin
NPLs +90dpd
7% CoR, bps Pre‐provision margin, bps
7.1%8% 200 189
6.0% +72bps 500
+62bps 7%
6% 180 367
5.4% 400
+62bps 150
6%
4.9%
+63bps +70bps
6.4%
300 267
5% 143
4.4% 5.8%
+50bps 5%
5.2% 200 157
100
4% 3.7% +50bps
4.5% 4% 100
+70bps
3% 3% 50 0
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q3.08
Q4.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.10
Gross NPL flow (before write‐offs) Cash Coverage
h
NPLs
(€mn) Q1.10 Q4.09 Q3.09 Q2.09 +90dpd
70%
66% 63%
64% 63%
Greece +360 +329 +299 +318 58% 56% 53% 54% 53%
Turkey +65 +92 +73 +106
SEE & Cyprus +117 +68 +123 +58
Group +542 +489 +495 +481
Q1.09
Q2.09
Q3.09
Q4.09
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10 Q1.10
page 7
Asset quality deteriorates in Greece, improves in Turkey and temporarily picks up in SEE
Greece (+90dpd) Turkey (+90dpd) SEE (+90dpd)
5.8% 5.8%
6.9% 5.4% incl. legacy loans
6.0% ‐2bps
9.4%
4.9%
5.3% +40ps
+89bps
7.8% 8.1%
4.8% +64bps 6.8%
4.2% +49bps +126bps
58b
+58bps 3.9% 30b
+30bps
5.5%
+100bps
+54bps +101bps
+130bps
Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1.09 Q2.09 Q3.09 Q4.09 Q1.10
monthly +90dpd formation (€mn) monthly +90dpd formation (TRYmn) monthly +90dpd formation (€mn)
Sep.09
Sep.09
Mar.09
Jun.09
Mar.10
Dec.08
Dec.09
Mar.09
Mar.10
Dec.08
Jun.09
Dec.09
Dec.08
Sep.09
Dec.09
Mar.09
Jun.09
Mar.10
100% 80%
CoR (bps) 285 264 272 300
60% CoR (bps) 178 300 CoR (bps) 260
153 180 80% 70%
250
60% 200
40% 60%
120
50% 150
147150 +90dpd Coverage 66% 65%
40%
+90dpd Coverage
+90dpd Coverage 48% 46% 40% 100
20% 60
20% +90dpd Coverage 71% 73%
30% 50
0% 0 0% 0 20% 0
page 8
Securities portfolio
Fixed Income Portfolio GGBs Maturity Profile
Breakdown 31.3.10
2010 1.0
€5.3bn mature
Hellenic EU Turkish Global Corpo 2011 1.0 by 2014
€bn Republic Govies Sovereign Financials rates Total
2012 08
0.8
Trading 1.6 ‐ 0.2 0.6 0.2 2.5
2013 1.4
AFS 4.6 0.7 2.3 1.2 0.4 9.3 2014 1.1
2015 1.2
HTM & LaR
HTM & LaR 13.2 0.1 ‐ 0.8 ‐ 14.2
2016 0.7
Total 19.5 0.8 2.5 2.6 0.6 26.0
2017 2.2
GGB spreads
1 800
1 600
Average Prices by Book
GGB10yr Spread
1 400 GGB3yr Spread
1 200
1 200 Trading
T di AFS HTM & LaR
HTM & L R
1 000
800 Carrying amount 92.5 92.5 92.4
600
400 Mark‐to‐market 92.5 92.5 88.6
200
0 % ‐ ‐ ‐4%
14/10/09
28/10/09
11/11/09
25/11/09
23/12/09
30/9/09
9/12/09
6/1/10
20/1/10
3/2/10
17/2/10
3/3/10
17/3/10
31/3/10
14/4/10
28/4/10
12/5/10
page 9
Domestic deposit attrition ends
Loans / Deposits Turkey: Deposits SEE: Deposits
adjusted for €1.4bn covered bonds
98% 18.9 TRY 19.1bn 4.7 SEE: €4.7bn

95% 95% +12% yoy 4.2
94% 94%
17.0
+11% yoy
Group
86%
83% 84% 84%
81%
Greece
Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1.09 FY.09 Q1.10 Q1.09 FY.09 Q1.10
Greece: Market Shares Greece: Customer Deposits Evolution
40% ‐1.2bn ytd

€mn Q1.10 %qoq %yoy Monthly Deposit Flow:
Savings 33.0% +1.5
35% €bn +1.1
31.6% 32.0%
Savings 24 502 +1% +12% +1.0
30%
Sight 4 297 ‐10% +5% +0 4
+0.4
25%
23.7% +0.5
Total deposits 23.7% 23.5% Time deposits 25 737 ‐4% ‐11%

20%
‐0.5
‐0.1
15%
Other 1 095 ‐2% ‐19%
‐0.5
‐1.0
10% Total 55 631 ‐2% ‐1% ‐0.9 ‐1.0
‐1.5
Feb08
Apr08
Sep09
June08
Aug08
Oct08
Jan09
Mar09
May09
Jul09
Nov09
Jan10
Mar10
Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 19 May
page 10
Robust liquidity profile with untapped wholesale funding capacity
Group funding structure Collateral pool & Interbank funding
Cash value of ECB funding

5.1bn 5%
collateral utilized as
Net interbank of 31.3.10 €14.9 bn
14.9bn 14%
ECB repos €23.7 bn Net secured funding
€6 2 bn
€6.2 b
3.1bn 3%
Senior debt Unutilized collateral
31st March 2010 €2.6 bn
€4.7 bn State‐guaranteed
37.8bn 37%
Term deposits
Term deposits
€1 3 bn
€1.3 b Corporate loans
Work in €1.2 bn
Covered bond program
Inexpensive,
progress
€3.5 bn New covered bond progr.
undated deposits
with a blended €2.0 bn Corporate loans
cost of just 15bps
cost of just
32.8bn 32%
Core deposits
ECB Collateral: Cash/Face Value
95%
Equity, Prefs & hybrid securities 9.7bn 9% Greece activate Eurozone officials approve
€30bn package €110bn of emergency
90% loans to Greece
85%
80%
75%
31‐Mar 7‐Apr 14‐Apr 21‐Apr 28‐Apr 5‐May 12‐May 19‐May
page 11
Equity position exceptionally strong in the face of unprecedented conditions
Capital adequacy Accounting Equity EuroBanks: Core Tier I Ratio Ranking
2% 4% 6% 8% 10% 12% 14% 16% 18%

Equity 31.12.09 8 453
€mn 31.12.09 31.3.10
Upper Tier I 8 996 9 108 PAT Q1.10 +21
Lower Tier I 1 257 1 255

AFS movement ‐236
‐97 mn
Goodwill & Intangibles (2 662) (2 815)
TRY hedge ‐64
Tier I Capital 7 590 7 548
C Ti I C it l
Core Tier I Capital 6 723
6 723 6 682
6 682 FX translation
FX translation +181 NBG
NBG
Equity 31.3.10 8 356
Tier I Ratio 11.3% 11.1%
Core Tier I Ratio 10.0% 9.9%

Sector
Pro‐forma Basel III Ratios: 31.3.10
Core Tier 1 Ratio * 9.3%
Tier 1 Ratio * 10.6%
Net Stable Funding Ratio 101%
Core Funding Ratio 70%
* Excludes minority interests that will not qualify as Tier 1
under Basle III
page 12
N ti
lB k fG
1st Quarter 2010 Segment Results: Greece
Quarter 2010 Segment Results: Greece
May 26th, 2010
Segment review: Greece National Bank of Greece | Q1.10 Results
Core banking revenues support pre‐provision profitability
 Excluding GGB trading losses, resilient pre‐provision € mn Q1.10 Q4.09 qoq% Q1.09 yoy%

margin amply covering Cost of Risk of 178bps
NII 657 659 0% 605 +8%
 NII resilient despite rising term deposit spreads Net fees 75 88 ‐15% 82 ‐9%
 Expenses markedly down 11%qoq and below

Operating Expenses markedly down
Operating and below Core Banking Revenues
Core Banking Revenues 731 747
747 ‐2% 688
688 6%
the 2009 quarterly average (€384mn vs. €412mn) Trading & other income (158) (269) ‐41% 77 ‐
 Loan growth +7.0%yoy in line with market Income 573 479 20% 764 ‐25%
Operating Expenses (384) (430) ‐11% (364) 6%

 NPL dynamics deteriorating modestly despite
VRSs & Performance pay (4) (34) ‐88% (5) ‐11%
unprecedented macro pressures
Pre‐provision earnings 184 14 >100% 396 ‐53%
 Cash coverage steady at 59%
Cash coverage steady at
Provisions (219) (187) 17% (143) 53%
 Windfall taxes comprise: Taxes 11 42 ‐74% (58) ‐
— Additional Corporate Income Tax of €38mn for 2009 Minorities & non‐cash charges (17) (15) 16% (19) ‐9%
— Unrecoverable balance of withholding taxes of Attrib. PAT (before one‐off taxes) (40) (145) ‐72% 176 ‐

€55mn on GGBs Windfall Tax (93) (49) 90% ‐ ‐
Attributable PAT (133) (194) ‐31% 176 ‐
page 14
Maintaining market share in a tough environment
Domestic Loan Book Domestic Mortgages
Balances (€bn) Market Growth YoY Balances Outstanding (€bn) Market Share
50.6 51.0 +7.0% yoy €mn * Market NBG

20.5
20.8 +8%yoy
47.7 Q1 disbursements 25.1
Corporate & SBLs +4.3% +5.4% of €546mn
f 24.8
25.2%
24.5 28% market
Mortgages +3.5% +8.3% share in
19.2 24.1
disbursements
Consumer +1.0% +8.1% 23.8
Total market +3.5% +7.0%
* Source: Bank of Greece
Q1.09 FY.09 Q1.10 Q1.09 FY.09 Q1.10
Mar.09
Sep.09
Mar.10
Dec.08
Dec.09
Jun.09
Domestic Business Lending
Domestic Business Lending Domestic Consumer Lending
Domestic Consumer Lending
Corporate Lending (>2.5mn) SBLs (€bn) Balances Outstanding (€bn) Market Share
17.9 +4% yoy
+4% yoy
5.2
5.0 +12% yoy
+12% yoy
7.3 7.3 +8% yoy
17.5
20.0%
20 0%
17.3 19.4
4.5
19.0
18.3
6.8
17.8
Mar.09
Dec.08
Sep.09
Dec.09
Dec.09
Jun.09
Q1.09 FY.09 Q1.10 Q1.09 FY.09 Q1.10 Q1.09 FY.09 Q1.10
page 15
Resilient Net Interest Income despite funding pressures
Domestic Spreads Domestic NII & NIM Time Deposits
Lending Spreads Net Interest Margin (bps) Net Interest Income (€mn) New production rates
bps Q1.10 Q4.09 qoq 5%

360 700
657 Market (BoG)
Mortgages 388 391 ‐3 659 4%
337
340 650
C
Consumer lending
l di 1102 1082 +20
20 3%
Small business lending 511 524 ‐13 320 600

2%
325
Total retail 565 565 +0 NBG
300 550 1% Euribor
Corporate lending 309 296 +13
280 500 0%
Total lending 476 472 +4
Q4.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Feb09
Mar09
Apr09
May09
Jul09
Aug09
Sep09
Dec09
Feb10
Mar10
Jan09
Jun09
Oct09
Nov09
Jan10
Q3.08
Q4.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Deposit Spreads
b
bps Q1 10
Q1.10 Q4 09
Q4.09 qoq NII Breakdown
NII Breakdown
Core deposits 17 20 ‐3
Domestic Loans Domestic Deposits Bonds
Term deposits ‐69 ‐50 ‐19
‐0.10% 3.4%
Total deposits ‐23 ‐11 ‐12 ΔRate +8mn
4.7%
‐15mn
15mn 3.2%
‐0.20% ΔRate ‐3mn
Spread
3.0%
Spread
Spread
‐0.30%
Market Rates NII Q4.09 +3mn
4.5% +2mn 2.8%
+1mn
NII Q4.09
‐0.40% NII Q4.09
bps Q1.10 Q4.09 qoq 2.6%
Euribor 1M 42 45 ‐3 4.3% ‐0.50% 2.4%
53
54
55
56
57
58
48
49
50
51
15.0
15.5
16.0
16.5
17.0
ΔVolume ΔVol
Euribor 3M 66 72 ‐6 ΔVolume
Avrg balance Avrg balance Avrg balance
page 16
Credit losses held back due to the large share of secured lending
Gross NPL flow (before write‐offs) Retail Delinquencies: Time Series (€mn)
Total Domestic Retail Lending Mortgages: +180dpd formation
(€mn) Q1.10 Q4.09 Q3.09 Q2.09
+200 +100
Mortgages 47% +163 +115 +111 +86
(€mn) (€mn)
of total +160
Consumer lending
Consumer lending +169 +148 +144 +164 +70
+120
Small Business +15 +40 +38 +33 +40
+80
Corporate +12 +25 +7 +34
+10
+40
Total Greece
Total Greece +360 +329 +299 +318
+0 ‐20
Dec‐08
Dec‐09
Aug‐08
Oct‐08
Feb‐09
Apr‐09
Jun‐09
Aug‐09
Oct‐09
Feb‐10
Apr‐10
Aug‐08
Oct‐08
Dec‐08
Feb‐09
Apr‐09
Jun‐09
Aug‐09
Oct‐09
Dec‐09
Feb‐10
Apr‐10
Cash Coverage (before collaterals) Consumer lending: +90dpd formation SBLs: +90dpd formation
p
+100 +100
Cash Coverage (before collaterals) Corporate Book (€mn) (€mn)
+70 +70
Mortgages 16% 4.9% 140% 1.5% Large Corp.

+40 +40
Consumer 62% 14.7% 114% 3.1% Commercial
+10 +10
SBLs 115% 5.9% 102% 0.7% Shipping
Npls coverage ‐20 ‐20
(before collaterals) Npls (% loans)
NPLs (% loans)
Jul‐08
Sep‐08
Marr‐09
Mayy‐09
Jul‐09
Sep‐09
Marr‐10
Novv‐08
Jan‐09
Novv‐09
Jan‐10
Dec‐08
Dec‐09
Aug‐08
Oct‐08
Feb‐09
Apr‐09
Jun‐09
Aug‐09
Oct‐09
Feb‐10
Apr‐10
Npls coverage (before collaterals)
page 17
N ti
lB k fG
1st Quarter 2010 Segment Results: Finansbank
Quarter 2010 Segment Results: Finansbank
May 26th, 2010
Segment review: Finansbank National Bank of Greece | Q1.10 Results
Solid loan growth and improved asset quality boost profitability
Summary P&L
+14% yoy and + 5%
 Loan growth continues strongly:
qoq, +22bps market share yoy to
+22bps market share yoy to 6.2%
6 2%
Profit & Loss Account
TRY mn Q1 10
Q1.10 Q4 09
Q4.09 qoq%
% Q1 09
Q1.09 yoy%
%
Net interest income 526 549 ‐4% 482 +9%

 Deposit gathering remains solid: local currency deposits
+34% yoy and +6% qoq Net fees 137 135 +1% 135 +1%
Trading & other income
& other income 36 33 +10% 68 ‐46%
46%
‐3bps qoq, at
 Asset quality improves: NPL ratio down
5.7%, while coverage ticks up to 74%
Income 699 718 ‐3% 685 +2%
Operating expenses (296) (322) ‐8% (268) +10%
 Despite closing repricing gap, margin at c. 700bps

Despite closing repricing gap, margin at c. 700bps levels Pre‐provision earnings
Provisions
403
(91)
396
(169)
+2%
‐46%
417
(129)
‐3%
‐29%
 L:D at
Comfortable liquidity position: Liquidity ratio of 20% and
120%
Income tax (53) (19) >100% (59) ‐9%
Minority (4) (4) +19% (5) ‐22%
 Profitability is strong: GOP margin well over 4x cost of Attrib. PAT 254 204 +24% 224 +14%
risk, RoE at 21%, RoA at 3%
 Core Tier 1 ratio at 13.9%, CAR at 17.7%, reflecting a
f g
strong capital base and internal capital generation
page 19
Top line growth momentum holds up
Earnings Momentum NII and NIM
O
Opex ‐8% qoq (or +3% excl. variable pay)
8% ( 3% l i bl ) Net Interest Margin (bps)
(b ) Net Interest Income (TRY mn)
TRY 674mn 800
TRY 526mn
600 Banking income up
500
+8% yoy +9% yoy
696bps
300 Fl t
Flat yoy 400
650
0 603 300
TRY 296mn
OpEx
OpEx growth 500
(+10% yoy
+10% yoy)
) in
in 200
‐300
Q3.08
Q4.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
line with
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
inflation
Earnings Quality Operating Expenses
Pre‐provision earnings (TRY mn) Breakdown G&As
400 150
TRY mn Q1.10 Q4.09 qoq TRY128mn
TRY 403mn
‐1% yoy
Pre‐provision
Pre provision Wages & Salaries
Wages & Salaries 142 139 +2% 100
200
earnings, up +2%
qoq Other Expenses 154 147 +4% 50
0 Total OpEx 296 287 +3%

TRY 91mn 0
Q1..09
Q2..09
Q3..09
Q4..09
Ave. 09
Q1..10
Provisions
‐200
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
page 20
Asset growth accelerates backed by continued expansion of retail deposits
Gross Loans (TRY bn) Retail Lending Business Lending
5.0%
8 9%
8.9% 4.8%
26.6 8.1%
Mortgages 10.6%
25.3 Credit Cards 12.1%
23.4
22.8
23.9 +14% yoy Consumer 5.0% Market share
Market share
+5% qoq
TRY 13.3bn 12.9 TRY13.2bn

10.5
+27% yoy +6% yoy
+4% qoq Volumes +3%qoq
Volumes
Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1 09

Q1.09 Q2 09
Q2.09 Q3 09
Q3.09 Q4 09
Q4.09 Q1 10
Q1.10
Q1.09 Q2.09 Q3.09 Q4.09 Q1.10
Deposits (TRY bn) TRY Deposits (TRY bn) Deposits Market Share
13.5
19.1 12.7
18.9
3.9%
+12% yoy +34% yoy 3.9%
17 0
17.0 Total Deposits
Total Deposits
+1% qoq 10.1 9.9
+6% qoq
15.9 9.4
15.1 3.6%
4.1%
TRY d
TRY deposits
it
page 21
Strong capital base and funding structure support future balance sheet growth
Funding structure (TRY bn) Loans : Deposits* (%) Wholesale funding redemptions (TRY mn)
57% of funding emanates from deposits 140
2010 313
Net interbank 1.7bn 5%
131 130 2011 592
130
Wholesale Funding 4.1bn 12% 2012 697
120 2013 645
120
2014 554
115 2015 340

110
0
Q3.08
Q4.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
2016 nilil
17.2bn 52%
Term deposits
>2016 941
*Bank only
Capital ratios Liquidity reserves
Solid capital base Ample untapped funding reserves
Demand deposits 6%
1.9bn
Core Tier I: 13.9% Unrepoed securities: TRY 3.4bn
8.3bn 25%
Equity & Other Total CAR: 17.7% Issuance programme: ~USD 750mn
page 22
Asset quality improves, CoR halved, amply covered by pre‐provision earnings
NPL formation Collections (TRY mn)
Total NPLs
Total NPLs Bank NPL Growth Rate
a G o t ate Monthly collections
Monthly collections
5.7%
5.7% 2009 Average 26
22.5%
‐3bps
+40bps Jan. 2010 30
+60bps
7.9% Feb. 2010 36
3.8%
+90bps 2.5%
Mar. 2010 47
Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 07 May Apr. 2010 44
Provision charge (TRY mn) Provision coverage (%) Pre‐provision margin

p g ((bps)
p)
Asset quality improvements reduce charge‐offs… …further improve cash coverage… …and widen GOP “jaws”
169 72% 74%

70% 68% 69%
648bps
p
129 121
120
TRY 91mn
>4x Cost of Risk
147bps
147bps
p
Cost of Risk (bps)
page 23
N ti
lB k fG
1st Quarter 2010 Segment Results: Southeastern Europe
Quarter 2010 Segment Results: Southeastern Europe
May 26th, 2010
Segment review: SEE National Bank of Greece | Q1.10 Results
SEE: profitability on the uptick while asset quality trends in line with expectations
 Business model intact with significant recovery of earnings: Profit & Loss Account
– Top line resilience with total income of €148m up +13% yoy € mn Q1.10 Q4.09 qoq% Q1.09 yoy%
and +3% qoq
NII 115 117 ‐2% 105 +9%
– Cost reduction (‐2% yoy and ‐12% qoq) improves efficiency;
Net fees 22 23 ‐6% 20 10%
C:I best ever at 43%
Core Banking Revenues 137 140 ‐2% 125 +9%
– Pre‐provision earnings increase to €84m, up +27% yoy and
+18% qoq Trading & other income 11 4 >100% 6 +76%
 Profitable in all countries with net income of €32m, ‐3% yoy and Income
O
Operating Expenses
ti E
148
(64)
144
(73)
+3% 131
(65)
+13%
+76%
76% qoq ‐12%
12% ‐2%
2%
Pre‐provision earnings 84 71 +18% 66 +27%

 Small contraction of loan portfolio to €7.9bn in line with the Provisions (49) (52) ‐6% (29) +69%
market
Taxes ((3)) ‐ >100% ((4)) ‐16%
 Improving liquidity:
Attrib. PAT 32 18 +76% 33 ‐3%
– Deposits grow +11% yoy to €4.7bn
– L:D ratio improves to 158% (‐28 pps yoy)
 Asset quality trend in line, with a temporary pick up in Bulgaria:
– Cost of Risk flat qoq at 260 bps
g at 67%
– Cash coverage
page 25
Earnings and profits pick up ahead of the anticipated recovery in the region
Income Opex and C:I
Strong operating income with resilient top line… … along with cost containment…
72
117 65
144 €147mn 105 €115mn €63mn 50 50
131 487
operating NII 487bps Opex 48
income +9% yoy NIM ‐2% yoy
+3% qoq ‐2% qoq +56bps yoy ‐12%qoq
+13% yoy flat qoq 43%
431 C:I
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10
Pre‐provision earnings Pre‐provision earnings per country
… provide for solid pre‐provision earnings… …absorbing Cost of Risk in all countries
CoR (mn) Pre‐prov. earnings (mn)

€84mn 450bps Albania
72 71 ‐1 2
66 68 Pre‐prov. Pre‐provision
earnings
i 372 margin ‐3
3 4 Serbia
+18% qoq + 78bps qoq ‐6 7 FYROM
320
+27% yoy
‐10 24 Romania
‐29 48 Bulgaria
‐49 84 SEE
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
page 26
Asset quality in line; Bulgaria temporary outlier
Charge offs & Cost of Risk Cash coverage %
Flat CoR with pre‐provision earnings cover of 1.7x Adequate cash coverage of 67%
51 52
€49mn Bulgaria
44 272 71%
54%
charge‐offs 264
260bps
29
227 provision
67% Romania 77%
run rate Coverage FYROM 96%
140 Serbia 75%
Albania 47%
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
NPL formation NPL formation per country (€m)
Formation temporarily surges on lumpy corporate events in Bulgaria (€74m) Bulgaria trend corrects post Q1
110
112 €115mn 9.4% incl. legacy
NPL 90 Bulgaria
formation 7.6%
74 69 6.3% 70
+90dpd %
51 50
30
Romania
10
Other
‐10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
April
20May
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
page 27
Liquidity improves as deposits register double digit growth
Loans Deposits
Loan portfolio declines Customer deposits continue rising, improving L:D ratio
4.7 €4.7bn
4.8
8.2 4.7
8.0 €7.9bn €4.6bn 186%
4.2 flat qoq
‐1% qoq corporate
t +11% yoy
‐4% yoy 3.4 3.3
160%
€3.3bn 158%
retail L:D
‐28pps yoy
Q1.09 FY.09 Q1.10 Q1.09 FY.09 Q1.10

Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Deposits per country Market shares
Cross‐border funding
Attributable PAT
Improvement in all countries Sustainable market share in deposits
3M.09 3M.10
134 178 Albania

9.1% 8.7%
8 7% 6.2% 6.2%
6 2%
512 552 Serbia
8.5% Deposit
788 826 FYROM Loan market share
market share +2 bps yoy
811 1 066 Romania ‐ 60bps yoy
1 988 2 089 Bulgaria
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
page 28
N ti
lB k fG
Appendix I: SEE countries 1st Quarter 2010 Results
Appendix I: SEE countries 1 Quarter 2010 Results
May 26th, 2010
Appendix I: SEE countries National Bank of Greece | Q1.10 Results
Bulgaria: Q1 npl formation trend eases off after quarter‐end
P&L NPL % Cost of risk & Cash Coverage %

Specific corporate credit events in Q1 push ratio .. but high collateralisation (115%) softens the
€ mn Q1.10 Q1.09 yoy% up +250bps impact on Cost of Risk
NII 58 49 +20% 345

9.8% 333bps
market* run rate
Fee & other income 12 11 +5% 8.2% 164
8.2%
Operating expenses (22) (24) ‐10% 5.7% NBG npl % 70
63
54%
Pre‐provision earnings 48 36 +35%
coverage
Charge‐offs
g ((29)) ((15)) +88%
Q1.09 Q2.09 Q3.09 Q4.09 Q1.10
Attributable profit 17 18 ‐4% Q1.09 Q4.09 Q1.10
* source: “Bad & Restructured loans”, Central Bank of Bulgaria
Loans & Deposits Pre‐provision earnings NIM & C:I
€ mn Q1.10 qoq% yoy% Pre‐provision earnings on the uptick …with stable spreads and improving efficiency
Retail loans 1 515 ‐1% ‐4% 47 €48mn 490 518bps 527

527bps
+3% qoq pre‐provision
p
Corporate loans 2 402 ‐3% ‐5% NIM
margin 41
34
Loans 3 917 ‐2% ‐4% 31%
C:I
Deposits 2 089 ‐0% +5%
L:D (LCY) 163%
Q4.09 Q1.10 Q4.09 Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09Q4.09Q1.10
page 30
Romania: profitability strengthens while asset quality remains at the lower end of the market
€ mn Q1.10 Q1.09 yoy% One of the lowest ratios in the market.. … with high coverage
NII 30 31 ‐2% 13.4%

market*
11.8%
173
204 204bps
Fee & other income 12 3 >100% run rate
139
7.2% 108
Operating expenses (18) (17) +7% 6.5% 6.7% NBG * 90 89 89%
Pre‐provision earnings 24 17 +36% 4.1% coverage
2.7%
NBG npl %
Charge‐offs
g (10)
( ) ((9)) +9% 3.5%
1.7%
Attributable profit 12 7 +71% Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10
* Loss Ratio: as defined by the Central Bank of Romania
€ mn Q1.10 qoq% yoy% Strong pre‐provision earnings… .. …from both the top line & improved efficiency
Retail loans 980 +2% ‐2% 475bps 57

€24mn pre‐provision 425
448bps 50
margin NIM
Corporate loans
Corporate loans 1 128
1 128 ‐0% ‐3% +62% qoq
q q 44%
14 395 C:I
Loans 2 108 +1% ‐2%
+ 40bps market
Deposits 1 066 +0% +32% share yoy 259
L:D (LCY)
L:D (LCY) 74%
Q4.09 Q1.10 Q4.09 Q1.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09Q4.09Q1.10
page 31
FYROM: market leader with resilient profitability
€ mn Q1.10 Q1.09 yoy% NPL ratio picks up but generation flat qoq … with consistently high coverage
412
NII 11 10 +9% 374bps
10.1%
incl.
legacy run rate
Fee & other income 4 4 +12% 130
npls 96 96 96%
Operating expenses (7) (7) +9% 6.9% 86 coverage
5.8% 5.9%
5.2% 5.1% npl %
Pre‐provision earnings 7 7 +11%
Charge‐offs (6) (2) >100%
Attributable profit 1 4 ‐75% Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10
€ mn Q1.10 qoq% yoy% Resilient pre‐provision earnings Efficiency improves further
Retail loans 423 +0% +6% 436bps

414 53
7
€7mn pre‐provision 430 50%
Corporate loans
Corporate loans 322 1%
‐1% 7%
‐7% +9%qoq margin p
431bps
NIM C:I
Loans 745 ‐0% ‐0%
Deposits 826 ‐1% +5%
L:D (LCY) 63%
Q4.09 Q1.10 Q4.09 Q1.10 Q4.09 Q1.10 Q4.09 Q1.10
page 32
Serbia: cost base improves further as restructuring delivers results
P&L NPL % Cash Coverage %

in LCY
€ mn Q1.10 Q1.09 yoy% Moderate NPL formation.. ..keeping a high coverage
eq.%
NII 13 13 ‐4% +1%

22.5% incl.
77 75 75%
Fee & other income 4 5 ‐20% ‐16% legacy npls coverage
Operating expenses (13) (15) ‐9% ‐4%

8.1% 8.8%
5.70%
Pre‐provision earn. 4 4 ‐7% ‐3% npl %
NPLs up
+€3mn qoq
Charge‐offs (3) 0 n/a n/a
Attributable profit 1 4 ‐78% ‐77% Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q3.09 Q4.09 Q1.10
Loans & Deposits Footprint NIM & Opex
€ mn Q1.10 qoq% yoy% Restructuring continues.. .. delivering improved cost base

Retail loans 242 ‐4% ‐14% 204 19
2 650
Corporate loans 621 ‐1% ‐5%
2 618 528 521 15
171 employees p
491bps €13mn
branches NIM
Gross Loans 863 ‐2% ‐8% Opex
Net loans 718 ‐3% ‐7%
Deposits 552 ‐1% +8%
L:D (LCY) 63%
Q1.09 Q1.10 Q1.09 Q1.10 Q1.09 Q4.09 Q1.10 Q1.09Q4.09Q1.10
page 33
Albania: NPLs decrease as intensified collection efforts start paying off
€ mn Q1.10 Q1.09 yoy% Lower NPL ratio following intensified collections Increased coverage in a secured portfolio
NII 3 2 +24% 12.8% 300

12.0%
11.5% 156
Fee & other income 1 2 ‐56% 90
8 5%
8.5% 9.0% +80bps ‐126bps
126bps npl %
npl % 90bps
run rate
Operating expenses (2) (2) +15% +300bps 47
47%
40 coverage
Pre‐provision earnings 2 3 ‐38% 35
Charge‐offs (1) (2) ‐72%
Attributable profit 1 0 >100% Q1.09 Q2.09 Q3.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10
Loans & Deposits NII and pre‐provision margin NIM & C:I
€ mn Q1.10 qoq% yoy% Top line steady yoy.. Total income negatively affected by FCY translation
Retail loans 154 +1% ‐4% 382

508
€3mn
Corporate loans
Corporate loans 126 3%
‐3% 6%
‐6% 2 NII 57%
+24%yoy 258bps 379bps 42 C:I
Loans 280 ‐1% ‐5% Pre‐provision NIM
margin
Deposits 178 +7% +32%
L:D (LCY) 34%
3M.09 3M.10 3M.09 3M.10
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
3M.09 3M.10
page 34
N ti
lB k fG
Appendix II: Cyprus & Other international 1st Quarter 2010 Results
Appendix II: Cyprus & Other international 1 Quarter 2010 Results
March 26th, 2010
Appendix II: Cyprus & Other international National Bank of Greece | Q1.10 Results
Cyprus: steady profitability of a mainly corporate portfolio
P&L Income NIM & C:I
€ mn Q1.10 Q1.09 yoy% Sustained top line… …partly absorbs increased expenses
NII 10 10 +1%
Fee & other income 2 2 ‐3%
10 10 €10mn 292 54 57 61%
288bps C:I
NII
NIM
Operating expenses (7) (6) +15% +1% qoq
+1%yoy
Pre‐provision earnings 4 5 ‐16%
Charge‐offs (2) (3) ‐32%
Attributable profit 1 2 ‐55%
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q1.09 Q4.09 Q1.10
Q1.09 Q4.09 Q1.10
Loans & Deposits Pre‐provision earnings Cost of risk %
€ mn Q1.10 qoq% yoy% …defensive pre‐provision earnings Lower cost of risk adequate for maintaining coverage
182
Retail loans 155 ‐0% +2%
98bps
5 257 run rate
run rate
Corporate loans 920 ‐3% +8% €4mn 191bps
‐13%qoq 63%
pre‐provision 63%
Loans 1 075 ‐3% +7%
margin coverage
Deposits 699 +3% +6%
Q4.09 Q1.10 Q4.09 Q1.10 Q1.09 Q1.10
page 36
N ti
lB k fG
Appendix III
Appendix III
May 26th, 2010
1st Quarter 2010 Results
Appendix III National Bank of Greece | Q1.10 Results
NBG Group: Summary Financials
Profit & Loss Account Summary Balance Sheet
€ mn Q1.10 Q4.09 qoq% Q1.09 yoy% € mn Q1 10
Q1.10 Q4 09
Q4.09 qoq% yoy%
Net Interest Income 1 035 1 038 ‐0% 945 +10% Cash & Reserves 3 772 4 253 ‐11% ‐0%
Net fees 164 175 ‐6% 166 ‐1% Interbank & Securities Repos 6 063 3 708 +64% >100%
Trading income (134) (231) ‐42% 109 n/a
Securities 26 792 26 000 +3% +9%
Oth i
Other income 5 (20) ‐ 8 ‐41%
41%
Loans (gross) 73 131 71 593 +2% +8%
Income 1 070 962 +11% 1 228 ‐13%
Provisions (2 748) (2 459) +12% +57%
Personnel expenses (375) (398) ‐6% (345) +9%
Goodwill & Intangibles 2 575 2 487 +4% +8%
G&As (178) (192) ‐7% (172) +3%
Tangible assets
Tangible assets 2 095
2 095 2 099
2 099 ‐0%
0% ‐1%
1%
Depreciation (48) (48) ‐1% (45) +7%
Performance pay ‐ (34) ‐100% ‐ Other assets 5 856 5 714 +2% ‐3%
VRS (5) (22) ‐80% (4) +13% Total Assets 117 537 113 394 +4% +9%
Operating Expenses (605) (694) ‐13% (565) +7%
Pre Provision Earnings 465 268 +74% 662 ‐30% Interbank & Securities Repos 26 015 21 643 +20% +37%
Provisions (314) (323) ‐3% (235) +34% Due to customers 70 538 71 194 ‐1% +2%
PBT 152 (55) ‐ 428 ‐65% Debt securities 3 148 3 085 +2% ‐18%
Taxes ((19)) 33 n/a
/ ((89)) ‐79%
Other liabilities
h l bl 8 088 7 644 +6% +7%
Minorities (12) (10) +24% (13) ‐4%
Hybrids & Minorities 1 391 1 374 +1% ‐27%
Non‐cash charges (7) (6) +8% (9) ‐21%
Equity 8 356 8 453 ‐1% +36%
Attr. Income (before one‐off taxes) 114 (38) ‐ 317 ‐64%
Windfall tax
Windfall tax (93) (49) +90% ‐ Total liabilities & equity
q y 117 537 113 394 +4% +9%
Attributable Income 21 (87) ‐ 317 ‐93%
page 38
P&L account: Segments Results
Greece SEE & Other International Finansbank
€ mn Q1.10 Q4.09 qoq% Q1.09 yoy% Q1.10 Q4.09 qoq% Q1.09 yoy% Q1.10 Q4.09 qoq% Q1.09 yoy%
NII 657 659 ‐0% 605 +8% 127 128 ‐1% 117 +9% 252 250 +1% 223 +13%
Commissions 75 88 ‐15% 82 ‐9% 24 26 ‐6% 22 +10% 65 61 +7% 63 +5%
Insurance income 23 12 +100% 25 ‐5% ‐ ‐ ‐ ‐ ‐ 5 8 ‐35% 2 >100%
Trading & other income
Trading & other income (182)
(182) (281)
(281) ‐35% 52 ‐ 12
12 4
4 >100% 9
9 +34% 12
12 7
7 +83% 29 ‐59%
Income 573 479 +20% 764 ‐25% 162 158 +3% 147 +10% 335 327 +3% 317 +6%
Personnel expenses (271) (301) ‐10% (253) +7% (35) (34) +4% (36) ‐1% (68) (63) +8% (56) +22%
G&As (87) (101) ‐14% (81) +7% (30) (34) ‐13% (30) ‐2% (61) (56) +9% (60) +2%
Depreciation (27) (28) ‐4% (29) ‐8% (9) (9) ‐4% (8) +14% (12) (11) +9% (8) +54%
Performance pay & VRS (4) (34) ‐88% (5) ‐11% (0) (6) ‐91% ‐ ‐ ‐ (16) ‐100% ‐ ‐
Operating Expenses (388) (464) ‐16% (368) +6% (74) (83) ‐10% (74) +1% (142) (147) ‐4% (124) +14%
Pre‐provision earnings 184 14 >100% 396 ‐53% 88 75 +18% 73 +20% 193 180 +7% 193 +0%
Provisions (219) (187) +17% (143) +53% (51) (58) ‐12% (32) +60% (44) (77) ‐43% (60) ‐27%
Taxes 11 42 ‐74% (58) ‐ (4) (1) >100% (4) +16% (26) (8) >100% (27) ‐5%
Minorities & non‐cash charges (17) (15) +16% (19) ‐9% (0) 0 ‐ (0) ‐61% (2) (2) +26% (3) ‐19%
Attributable PAT (before one‐offs) (40) (145) ‐72% 176 ‐ 32 15 >100% 37 ‐13% 122 93 +32% 103 +18%
Windfall tax
Windfall tax (93)
(93) (49)
(49) +90% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Attributable PAT (133) (194) ‐31% 176 ‐ 32 15 >100% 37 ‐13% 122 93 +32% 103 +18%
Investment & Trading Securities 14 721 15 111 ‐3% 13 242 +11% 584 557 +5% 360 +62% 2 589 3 120 ‐17% 2 232 +16%
LaR Securities 8 898 7 212 +23% 8 668 +3% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Net Loans 49 397 49 131 +6% 46 644 +1% 8 574 8 721 ‐2% 8 915 ‐4% 12 413 11 281 +10% 10 238 +21%
Deposits 55 631 56 847 ‐2% 56 337 ‐1% 5 594 5 562 +1% 5 017 +12% 9 312 8 785 +6% 7 641 +22%
page 39
Finansbank: Summary Financials
Profit & Loss Account Summary Balance Sheet
TRY mn Q1 10
Q1.10 Q4 09
Q4.09 qoq% Q1 09
Q1.09 yoy% TRY mn
TRY mn Q1.10 Q4.09 qoq% Q1.09 yoy%
Net interest income 526 549 ‐4% 482 +9% Cash & reserves 1 788 1 829 ‐2% 2 395 ‐25%
Net fees 137 135 +1% 135 +1% Interbank placements 2 346 1 134 >100% 1 070 >100%
Investment & Trading Securities 4 545 5 918 ‐23% 4 957 ‐8%

Trading income 11 43 ‐73% 57 ‐80%
L
Loans (net)
( t) 25 461
25 461 24 308 +5%
5% 22 741 +12%
12%
Other income 25 (9) ‐368% 10 +140%
Tangible assets 395 402 ‐2% 386 +2%
Income 699 718 ‐3% 685 +2%
Goodwill & intangibles 86 75 +15% 60 +44%
Operating expenses (296) (322) ‐8% (268) +10%
Other assets 898 1 128 ‐20% 1 555 ‐42%
Pre‐provision earnings 403 396 +2% 417 ‐3%
Total Assets 35 520 34 794 +2% 33 164 +7%
Provisions (91) (169) ‐46% (129) ‐29%
Income tax (53) (19) >100% (59) ‐9%

Interbank liabilities 2 912 3 298 ‐12% 3 347 ‐13%
Minority (4) (4) +19% (5) ‐22%
Due to customers 19 101 18 929 +1% 16 992 +12%
Attrib. PAT 254 204 +24% 224 +14%
Borrowed funds 4 622 4 381 +6% 5 948 ‐22%
Other liabilities 3 624 3 320 +9% 2 411 +50%
Minorities 152 148 +3% 135 +12%
Equity 5 108 4 718 +8% 4 330 +18%
Total liabilities & equity 35 520 34 794 +2% 33 164 +7%
page 40
SEE and Other International: P&L and key Balance Sheet items
SEE & International SEE
SEE Cyprus Other
€ mn Q1.10 Q4.09 qoq% Q1.09 yoy% Q1.10 Q4.09 qoq% Q1.09 yoy% Q1.10 Q4.09 qoq% Q1.09 yoy% Q1.10 Q4.09 qoq% Q1.09 yoy%
Net Interest Income 127 128 ‐1% 117 +9% 115 117 ‐2% 105 +9% 10 10 +1% 10 +1% 2 2 +5% 2 +13%
Net fees 24 26 ‐6% 22 +10% 22 23 ‐6% 20 +10% 1 1 ‐20% 1 +4% 1 1 ‐0% 1 +28%
Trading & other income 12 4 >100% 9 +34% 11 3 >100% 6 +77% 1 1 ‐10% 1 ‐14% 0 1 ‐52% 2 ‐85%
Income 162 158 +3% 147 +10% 148 144 +3% 131 +13% 11 12 ‐2% 11 +1% 3 3 ‐7% 4 ‐28%
Personnel expenses (35) (34) +4% (36) ‐1% (28) (27) +3% (30) ‐5% (5) (4) +20% (5) +12% (2) (2) ‐17% (1) +44%
G&As (30) (34) ‐13% (30) ‐2% (27) (31) ‐13% (28) ‐5% (1) (2) ‐25% (1) +21% (1) (1) ‐7% (1) +39%
Depreciation (9) (9) ‐4% (8) +14% (8) (9) ‐6% (7) +11% (0) (0) +45% (0) +53% (0) (0) +14% (0) +79%
VRS & performance pay
VRS & performance pay (0) (6) ‐91% ‐ ‐ (0) (5) ‐94% 0 ‐ 0 (0) ‐76% 0 ‐13% ‐ ‐ ‐ ‐ ‐
Operating Expenses (74) (83) ‐10% (74) +1% (64) (72) ‐12% (65) ‐2% (7) (7) +6% (6) +15% (4) (4) ‐5% (2) +51%
Pre‐provision earnings 88 75 +18% 73 +20% 84 71 +18% 66 +27% 4 5 ‐13% 5 ‐16% (1) (1) +2% 2 n/a
Provisions (51) (58) ‐12% (32) +60% (49) (52) ‐6% (29) +69% (2) (6) ‐64% (3) ‐32% (0) (0) >100% 0 ‐
AFS & LaR recycling 0 (0) ‐100% 0 ‐ 0 (0) ‐100% 0 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Taxes (4) (1) >100% (4) +16% (3) (0) >100% (4) ‐16% (1) (0) >100% (0) >100% 0 0 ‐ 0 ‐88%
Minorities &non‐cash charge (0) 0 n/a (0) ‐61% (0) 0 ‐ (0) ‐61% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Attributable PAT 32 15 >100% 37 ‐13% 32 18 +76% 33 ‐3% 1 (2) n/a 2 ‐55% (1) (1) +4% 2 n/a
Net Loans 8 574 8 721 ‐2% 8 915 ‐4% 7 432 7 560 ‐2% 7 892 ‐6% 973 1 009 ‐4% 916 +6% 169 152 +11% 107 +58%
Customer Deposits 5 594 5 562 +1% 5 017 +12% 4 711 4 715 ‐0% 4 234 +11% 699 680 +3% 661 +6% 184 167 +10% 123 +50%
page 41
N ti
lB k fG
Contact details
Contact details
Anthimos Thomopoulos Paul Mylonas
CFO / COO Chief Economist – Chief of Strategy
+30210 3343 921 +30210 3341 521
athom@nbg.gr pmylonas@nbg.gr
Gregory Papagrigoris
Investor Relations Manager
+30210 3342 310
+30210 3342 310
papagrigoris.gr@nbg.gr

NBG Q1 10 Results Presentation

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

NBG Q1 10 Results Presentation

Uploaded by

Copyright:

Available Formats

N ti

€ mn Q1.10 Q4.09 qoq% Q1.09 yoy%

Core Banking Revenues 1 199 1 213 ‐1% 1 111 +8%

Attrib. PAT (before one‐off taxes) 114 (38) ‐ 317 ‐64%

Attributable PAT 21 (87) ‐ 317 ‐93%

Cumulative yoy change Total Expenditures 3.6

Greece: NII + Fees & NIM Turkey: NII + Fees & NIM SEE: NII + Fees & NIM

Deposit spreads and slow loan growth impact top line Margin c. 700bps, despite negative repricing gap Top line stable

731 662 696

Greece: Pre‐provision earnings Turkey: Pre‐provision earnings SEE: Pre‐provision earnings

Down primarily on account of trading losses

Pre‐provision margin (bps) vs. CoR (bps) Pre‐provision margin (bps) vs. CoR (bps) Pre‐provision margin (bps) vs. CoR (bps)

282 275 639 630 372

Q1.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10 Q1.09 Q4.09 Q1.10

Group NPLs & +90dpd Group Cost of Risk & Pre‐provision Margin

Turkey +65 +92 +73 +106

SEE & Cyprus +117 +68 +123 +58

Group +542 +489 +495 +481

Greece (+90dpd) Turkey (+90dpd) SEE (+90dpd)

monthly +90dpd formation (€mn) monthly +90dpd formation (TRYmn) monthly +90dpd formation (€mn)

AFS 4.6 0.7 2.3 1.2 0.4 9.3 2014 1.1

Loans / Deposits Turkey: Deposits SEE: Deposits

98% 18.9 TRY 19.1bn 4.7 SEE: €4.7bn

Greece: Market Shares Greece: Customer Deposits Evolution

40% ‐1.2bn ytd

Total deposits 23.7% 23.5% Time deposits 25 737 ‐4% ‐11%

Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 19 May

Group funding structure Collateral pool & Interbank funding

Cash value of ECB funding

Capital adequacy Accounting Equity EuroBanks: Core Tier I Ratio Ranking

2% 4% 6% 8% 10% 12% 14% 16% 18%

Upper Tier I 8 996 9 108 PAT Q1.10 +21

Lower Tier I 1 257 1 255

Core Tier I Ratio 10.0% 9.9%

 Excluding GGB trading losses, resilient pre‐provision € mn Q1.10 Q4.09 qoq% Q1.09 yoy%

 NII resilient despite rising term deposit spreads Net fees 75 88 ‐15% 82 ‐9%

 Expenses markedly down 11%qoq and below

the 2009 quarterly average (€384mn vs. €412mn) Trading & other income (158) (269) ‐41% 77 ‐

 Loan growth +7.0%yoy in line with market Income 573 479 20% 764 ‐25%

Operating Expenses (384) (430) ‐11% (364) 6%

 Windfall taxes comprise: Taxes 11 42 ‐74% (58) ‐

— Additional Corporate Income Tax of €38mn for 2009 Minorities & non‐cash charges (17) (15) 16% (19) ‐9%

— Unrecoverable balance of withholding taxes of Attrib. PAT (before one‐off taxes) (40) (145) ‐72% 176 ‐

Attributable PAT (133) (194) ‐31% 176 ‐

Balances (€bn) Market Growth YoY Balances Outstanding (€bn) Market Share

50.6 51.0 +7.0% yoy €mn * Market NBG

Total market +3.5% +7.0%

Corporate Lending (>2.5mn) SBLs (€bn) Balances Outstanding (€bn) Market Share

Domestic Spreads Domestic NII & NIM Time Deposits

Lending Spreads Net Interest Margin (bps) Net Interest Income (€mn) New production rates

bps Q1.10 Q4.09 qoq 5%

Small business lending 511 524 ‐13 320 600

Euribor 1M 42 45 ‐3 4.3% ‐0.50% 2.4%

Mortgages 16% 4.9% 140% 1.5% Large Corp.

Net interest income 526 549 ‐4% 482 +9%

Operating expenses (296) (322) ‐8% (268) +10%

 Despite closing repricing gap, margin at c. 700bps

Minority (4) (4) +19% (5) ‐22%

 Profitability is strong: GOP margin well over 4x cost of Attrib. PAT 254 204 +24% 224 +14%

risk, RoE at 21%, RoA at 3%

Pre‐provision earnings (TRY mn) Breakdown G&As

0 Total OpEx 296 287 +3%