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Q1.16 Financial Results
May 26, 2016
1 National Bank of Greece Q1.16 results
No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be
accepted by National Bank of Greece (the Group) as to the accuracy or completeness of the information contained in
this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty.
Although the statements of fact and certain industry, market and competitive data in this presentation have been
obtained from and are based upon sources that are believed to be reliable, their accuracy is not guaranteed and any
such information may be incomplete or condensed. All opinions and estimates included in this presentation are
subject to change without notice. The Group is under no obligation to update or keep current the information
contained herein.
In addition, certain of these data come from the Group’s own internal research and estimates based on knowledge
and experience of management in the market in which it operates. Such research and estimates and their underlying
methodology have not been verified by any independent source for accuracy or completeness. Accordingly, you
should not place undue reliance on them.
Certain statements in this presentation constitute forward-looking statements. Such forward looking statements are
subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties
include, among other factors, changing economic, financial, business or other market conditions. As a result, you are
cautioned not to place any reliance on such forward-looking statements. Nothing in this presentation should be
construed as a profit forecast and no representation is made that any of these statement or forecasts will come to
pass. Persons receiving this presentation should not place undue reliance on forward-looking statements and are
advised to make their own independent analysis and determination with respect to the forecast periods, which reflect
the Group’s view only as of the date hereof.
Legal
Important Notice – Forward Looking Information
Table of Contents
1 Financial Highlights
2 Liquidity
3 Profitability
4 Asset quality
5 Capital
6 Macro
7 Appendix
Financial Highlights
1
4 National Bank of Greece Q1.16 results
€ m 1Q16 4Q15 3Q15 2Q15 1Q151Q16/
4Q15
NII 479 474 472 463 497 1%
Fees & Commissions1 73 75 66 78 72 -3%
Pillar-2 costs (30) (54) (53) (48) (43) 44%
Insurance income 18 29 21 30 32 -38%
Trading & other income (6) 108 (178) 80 (111) n/m
Income 534 632 328 603 447 -16%
Operating Expenses (309) (333) (325) (325) (316) -7%
Core PPI 231 190 180 198 242 21%
PPI 225 298 3 278 131 -25%
Provisions (158) (739) (256) (2 329) (352) -79%
Operating Profit 67 (441) (253) (2 050) (221) n/m
Other impairments (34) (247) (51) (134) (37) -86%
PBT 33 (688) (304) (2,185) (257) n/m
Taxes (7) (62) 518 540 (5) n/m
PAT (cont. ops) 26 (750) 214 (1 645) (263) n/m
PAT (discount. ops) 71 (1 160) (595) 34 114 n/m
Minorities (10) (2) (12) (5) (10) >100%
Other one-offs - (138) (9) - - n/m
Attributable PAT 87 (2 050) (401) (1 616) (159) n/m
P&L Highlights
1. Excludes Pillar-2 costs
Domestic PAT breaks even; Group PAT ex Turkey at €26m
Highlights
Group P&L
Group core PPI at €231m (+21% qoq), driven by domestic core PPI,
up by 23% qoq at €189m, on the back of core income pick up and
lower costs
• Q1.16 domestic PBT positive for the first time since Q1.13 reflecting
the sharp decline in provisions (-79% qoq)
• Domestic core income up by 4% qoq, driven by sustained time deposit
repricing (-31bps qoq), and further ELA reduction (-€3.2bn qoq on
average balance basis); as well as lower fee expenses resulting from a
sharp reduction in Pillar exposure
• Personnel expenses in Greece, down by 4% yoy,
Group PAT from continued operations at €26m reflects domestic
CoR normalization and core income improvement, as well as
reduced risk charges in the international business
5 National Bank of Greece Q1.16 results
Improving liquidity profile, encouraging formation trends, strong capital position
Liquidity, Asset Quality & Capital Highlights Key Ratios
1Q16 4Q15 3Q15 2Q15 1Q15
Liquidity
L/D ratio 92% 91% 96% 99% 96%
ELA exposure (€ bn) 11.0 11.5 15.6 17.6 13.9
Pillar exposure (nominal) 7.1 11.8 18.0 16.9 16.9
Profitability
NIM (bps) 280 280 279 264 278
Cost / Core income 57% 64% 64% 62% 57%
Asset quality
90dpd ratio 33.6% 33.1% 33.0% 31.5% 31.4%
90dpd coverage ratio 74.5% 74.6% 71.3% 72.3% 59.7%
Cost of Risk (bps) 162 746 251 2 195 325
Capital
CET1 phased-in 17.2%1 17.5%1 9.6% 9.5% 12.1%
CET1 ratio CRD4 FL 16.7%1 16.8%1 8.8% 8.7% 8.7%
RWAs (€ b) 40.41 40.31 60.7 62.9 64.7
1. Pro-forma for Finansbank, Astir Palace and NBGI divestments and CoCos repayment
Nominal Pillar exposure is reduced drastically to €3bn in May vs €18b in Q3.15
• Elimination of Pillar 3 and reduction of Pillar 2 exposures, implies an annualized fee
saving of more than €160m. Pillar 2 elimination to save an additional €40m of
annualized fees.
• Finansbank sale and its sub debt repayment to boost liquidity by €3.5bn in June
• Best-in-class L:D ratio at 91% in Greece (92% at Group level), provides NBG with a
unique funding advantage ahead of the Greek economic recovery
• Domestic deposit stock at levels slightly above Q2.15
Sustained low formation allows domestic CoR to normalize
• Q1 domestic retail formation remained negative (-€136m), reflecting recoveries in
mortgage and consumer loans; SB segment recorded near zero formation
• Excluding limited large corporate accounts already classified as NPEs, underlying
formation in this segment was negative; mid-size corporate formation stood at just
€10m
• Reflecting corporate formation and the impact of deleveraging (+30bps), domestic
90dpd ratio settled at 34.7% (+60bps qoq)
• Q1.16 provisioning run rate dropped to 164bps, relative to an AQR adjusted run rate
of 329bps in Q4.15. 90dpd coverage remained unchanged at a sector high of 77%
CET 1 pro-forma1 ratio at 17.2%
• CET1 ratio on a CRD IV FL basis at 16.7%1, including CoCos, CET 1 at 21.9%1
• Group RWAs at 40.4b1 of which €34.6b in Greece
• Capital to be further enhanced by implementation of the restructuring plan
Highlights
Liquidity
2
7 National Bank of Greece Q1.16 results
Deposit evolution by geography (€ bn)
39.0
35.535.8 36.6 35.7
6.5 6.0 6.1 6.3 6.3
1Q15 2Q15 3Q15 4Q15 1Q16
Deposits slightly above Q2.15 levels; loanbook keeps contracting
Liquidity
Gross loans’ evolution by geography (€ bn)
46.0 45.8 44.9 44.7 44.3
7.7 7.6 7.6 7.3 7.2
1Q15 2Q15 3Q15 4Q15 1Q16
YoY
-8.5%
-2.4%
Group
ex-TUR
SEE &
Other
Greece
SEE &
other
Greece
45.5 41.5 41.9 43.0 42.0 53.7 53.4 52.5 52.0 51.5
YoY
-3.7%
-6.6%
-4.1%-7.6%
-9.1%+0.9%
+2.2%
Group
ex-TUR
-0.5%-2.0%-0.5%
-2.5%
-0.9%
8 National Bank of Greece Q1.16 results
95%
98%
94%
90%91%
96%
99%
96%
91%92%
101%
107%
104%
97%96%
1Q15 2Q15 3Q15 4Q15 1Q16
Greece
-2.2
-4.8
-3.6
0.30.8
-0.9
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
L:D ratio evolution
L:D at 91% provides NBG with a unique liquidity advantage
Greek deposit flows per quarter (€ bn)
Liquidity
-€10.6 bn +€0.2 bn
Group (excl. TUR)
SEE & Other
Seasonally
lowest
quarter of
the year
9 National Bank of Greece Q1.16 results
EFSF / ESM
8.8
Other
0.9 1.5
2.8
1.0
9.0
3.2
ELA
17.5
Pillar-2
Cov. bonds
Greek Sov.
Credit claims
Securitizations
14.29.8 10.0 10.1
12.5 11.89.6
13.917.6 15.6 11.5
11.011.2
14.2
23.6
27.625.6
24.022.8
20.8
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 17-May
Peer group analysis3: liquidity position as at 31Mar16
Eurosystem collateral cash values (€ bn) | May 2016Eurosystem funding (€ bn)
1. Pro-forma for Finansbank, Astir Palace, NBGI sales and CoCos repayment
2. Excl. EFSF & ESM bonds and Finansbank
3. Peer comparison is based on results released until May 26, 2016
Pillar exposure reduced to €3bn from €18bn in Q3.15 (nominal terms)
Liquidity
ELA
ECB
ECB:
€ 9.7bn
Pillar-2 & 3
bonds
(cash value)
Other ELA
collateral
(cash value)
Cash value of eligible collateral:
€ 27.2bn
9.9
6.43.8
1.5
5.7
5.17.2
9.6
15.6
11.5 11.0 11.1
6.4
ELA Sep-15 ELA Dec-15 ELA Mar-16 ELA 17 May Undrawn
liquidity
(€ bn)
11.016.1
19.6 18.3
NBG Peer 1 Peer 2 Peer 3
16% 30% 29%ELA /
Assets2
L:D ratio
GRE91% 150%146%
ELA
exposure
(€ bn)
23%
131%
No Pillar-3
Expected capital
actions liquidity
impact of €4.0bn
Profitability
3
11 National Bank of Greece Q1.16 results
Group Core PPI decomposition by region (€ m)
200
155139
153
189
42
43
41
37
42
242
198
180190
231
1Q15 2Q15 3Q15 4Q15 1Q16
Domestic Core PPI up +23% qoq, reflects core income recovery and lower costs
Profitability
Domestic Core PPI bridge
153 +4
-10
+24
+18 189
4Q15 ΔNII Δfees &
Insurance
Δ Pillar II
costs
ΔOpEx 1Q16
Greece
SEE &
Other +14%
+23%
qoq
+23%
qoq+21%
-€10m from
insurance
subsidiary
12 National Bank of Greece Q1.16 results
SEE & Other
Greece
414379 389 392 396
269
249267 269 268
1Q15 2Q15 3Q15 4Q15 1Q16
NII (€m) NIM (bps)
Domestic NII picks up on the back of improving funding costs
Profitability
Domestic NII quarterly evolution (€ m)
Domestic NII breakdown
392
-17
+14 +9
-1 -2
396
4Q15 Δloans Δdepos ΔEurosystem
& wholesale
ΔSecurities Subs & other 1Q16
83 84 83 82 83
332354 356 355 361
1Q15 2Q15 3Q15 4Q15 1Q16
NII (€m) NIM (bps)
1Q15 2Q15 3Q15 4Q15 1Q16
Retail loans 240 226 223 213 207
Corporate 208 204 211 198 188
Deposits -106 -94 -80 -69 -55
Bonds 81 83 85 86 85
Eurosystem & wholesale -23 -54 -58 -49 -40
Subs & other 15 12 10 13 11
Total 414 379 389 392 396
1Q16 funding cost
saving of €23m
excl. Pillar-2 fee
saving of €24m
13 National Bank of Greece Q1.16 results
15.2 14.216.4 17.4 17.7
5.6 6.2
6.57.4 6.6
18.215.1
13.011.8 11.5
39.0
35.5 35.8 36.635.7
1Q15 2Q15 3Q15 4Q15 1Q16
Time
Sight &
other
Savings
-2.5% qoq
Greek deposit yields (bps)
26 25 25 24 24
188185 185
163
132
104101
90
77
62
1Q15 2Q15 3Q15 4Q15 1Q16
Time deposit repricing continues, -31bps qoq; new production yield at 88bps
Profitability
Greek deposits evolution (€ bn)
Time
Total
New production
yield
at 88 bps
53% 57% 64% 68% 68% Core deposits/total
Mkt share 34%
Core
14 National Bank of Greece Q1.16 results
Greek lending yields (bps)
264 263 262 264 261
933 933 934956 953
679652
673658
672
436 430 421 420 421
1Q15 2Q15 3Q15 4Q15 1Q16
Lending yields remain resilient as rates move deeper into negative territory
Profitability
Greek loan evolution (€ bn)
18.1 18.0 17.8 17.7 17.5
5.6 5.5 5.5 5.5 5.4
4.1 4.2 4.1 4.1 4.0
18.1 18.1 17.6 17.5 17.4
46.0 45.8 44.9 44.7 44.3
417 411 408 408 409
1Q15 2Q15 3Q15 4Q15 1Q16
Corporate
SBL
Consumer
Mortgages
Consumer
SBLs
Corporate
Mortgages
Total lending yield (bps)
-0.9% qoq
37.1 34.8 33.8 33.0 32.5 Net loans
15 National Bank of Greece Q1.16 results
49 53
4250 50
3230
21
29
18
2325
23
24
23
104108
86
103
91
1Q15 2Q15 3Q15 4Q15 1Q16
Greece1
SEE &
Other
Insurance
Group fees & insurance income (€ m)
1. Excl. Pillar-2 bond fee charges
Fee line recovers, reflecting part of the benefit from the sharp drop in Pillar costs
Profitability
Domestic fees1 & insurance decomposition (€ m)
-43 -48 -53 -54 -30 Pillar 2 cost
38
2 4 43
3
56 5
24
24
20
2422
16
15
13
1517
33
3
2 3
32 29
1926
16
1Q15 2Q15 3Q15 4Q15 1Q16
Insurance
Fund management
Banking fees
Corporate lending
Retail lending
Custody, brokerage
inv. Banking
0.47% 0.52% 0.42% 0.50% 0.44% Fees1/Assets
50
42
5349
81 82 62 76 66
-2%
-38%
qoq
Total
Total
50
16 National Bank of Greece Q1.16 results
56%
62%
65%
63%
56%
1Q15 2Q15 3Q15 4Q15 1Q16
Domestic OpEx evolution (€ m)
Group OpEx by category (€ m)
Domestic costs are down by 4% yoy, supporting C:I recovery
Profitability
Headcount evolution (‘000)
Domestic cost-to-core income evolution
1Q16 1Q15 yoy
Personnel 196 199 -1.5%
G&As 83 88 -5.7%
Depreciation 30 29 +3.4%
Group 309 316 -2.2%
167 167 163 168 161
85 90 96 9482
252 257 259 262243
1Q15 2Q15 3Q15 4Q15 1Q16
15.012.2 12.0 12.0
10.1
7.9 7.8 7.6
25.1
20.1 19.8 19.6
FY09 1 FY14 FY15 1Q16
G&A &
other
Staff
SEE &
Other
Greece
Asset quality
4
18 National Bank of Greece Q1.16 results
75% 65% 69%64%
34%
40%37% 35%
NBG Peer 1 Peer 2 Peer 3
33641
406
86 127323
2,302
232
671
134
1Q15 2Q15 3Q15 4Q15 1Q16
90dpd flows (€ m) Provisions (€ m)
Greece: 90dpd formation and provisions
Greece: 90dpd ratio and coverage
60.7%
74.9% 73.4%76.8% 76.5%
32.0% 32.1%33.8% 34.1% 34.7%
1Q15 2Q15 3Q15 4Q15 1Q16
1. CoR (bps) adjusted for AQR charges, calculated on net loans
2. Texas Ratio: (NPEs-Provisions)/TBV
3. Peer comparison is based on results released until May 26, 2016
Aided by reduced formation and high coverage levels, Q1.16 CoR charges begin to
normalize (164bps)
Asset Quality
Peer Group analysis3: asset quality (Group)
Group: 90dpd ratio and coverage
59.9%
72.3% 71.3% 74.6% 74.5%
31.4% 31.5%33.0% 33.1% 33.6%
1Q15 2Q15 3Q15 4Q15 1Q16
351 400 271 329 164CoR1(bps)
SEE & other:
90dpd ratio: 27.0%
Coverage: 58.3%
Coverage
ratio
90dpd
ratio
1.6x 2.6x 1.8x 2.1xTexas
ratio2
Includes
AQR Includes
AQR
19 National Bank of Greece Q1.16 results
74 71121
154
281
37
122
-133 -117
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
SBLs (€ m)
Mortgages1 (€ m)
6 6 31 36 5385
35
-3
10
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
1. Mortgage formation up to 3Q14 Is on 180dpd basis; 4Q14 onwards is on a 90dpd basis
Retail formation remains negative, underlying corporate formation is close to zero
Asset quality
Corporate (€ m)
Consumer (€ m)
47 22 14 15 42 2176
-22 -26
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
134 16381
28
-42-101
173246 260
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Incl. €272m from
three large
corporate accounts
already classified as
NPEs
20 National Bank of Greece Q1.16 results
Domestic 90dpd restructuring flows (€ m)
NPE stock evolution (€ bn)Domestic delinquency formation (€ m)
14.7 14.7 15.2 15.3 15.4
5.46.1
6.16.7 6.6
20.120.8
21.322.0 22.0
1Q15 2Q15 3Q15 4Q15 1Q16
FNPEs & other
impaired
90dpd
NPE stock stabilizes
Asset quality
312262 246
214
336
41
406
86127
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
747831
627
485
356
1,072
510
812
609
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Incl. €272m from
three large
corporate accounts
already classified as
NPEs
21 National Bank of Greece Q1.16 results
NPE ratios and coverage per segment
90dpd ratios per segment
Coverage of 90dpd loans at 77%; more than 2/3rds of FNPEs<90dpd are <30dpd
Asset quality
Forborne stock breakdown (€ bn)
90dpd – NPE bridge (€ bn)
Cash
coverage
Cash
coverage
13% 55% 48% 26% 27%LLAs/
Gross loans
15.4
4.50.7
1.3 22.0
90dpd FNPE <30 FNPE 31-90 Other impaired NPEs
41%
97%
75%
109% 77%
31%
56%
63%
25%
35%
Mortgages Consumer SBL Corporate Total GRE
27%
80%66%
62% 54%
47%
69% 72%
41%50%
Mortgages Consumer SBL Corporate Total GRE
FNPE<30 dpd
4.5
FNPE 31-89dpd
0.7
FNPE >90dpd
2.8
FPE 1.5
9.5
Collateral
coverage
81% 7% 64% 47% 56%
Capital
5
23 National Bank of Greece Q1.16 results
17.5%17.2%
16.7%
4Q15 1Q16 CRD 4 fully loaded
Peer Group analysis2: CET1 Capital ratios3
Ordinary equity to CET 1 reconciliation (€ bn)CET 1 ratio
7.1 7.0
2.0
-0.1
0.2
-0.2
2.0
9.1 9.0
Ordinary
equity
GW &
intangibles
Minority
interest
Other CET1
1. Includes Finansbank, Astir Palace and NBGI divestments, excludes CoCos
2. Peer comparison is based on results released until May 26, 2016
3. Excl. CoCos and State prefs.
CET1 ratio at 17.2%1 or 16.7%1 on a CRD4 FL basis
Capital
RWAs
(€ bn)
40.3
CET1:
€7.0bn
CET1:
€7.0bn
16.7%
13.0%16.0%
13.1%
17.2%
13.7%
16.7%
14.1%
NBG Peer 1 Peer 2 Peer 3
CoCos
Excluding CoCos
(+500ps)
TBV €7.0bn
Phased-in
Fully loaded
40.4 40.3
CET1:
€6.7bn
Macro
6
25 National Bank of Greece Q1.16 results
GDP growth (y-o-y and q-o-q)
Source: EL.STAT., Greek MinFin
Gen. Government: Total and primary balance
Unemployment rate and employment growth
-0.4% q-o-q &
-1.3% y-o-y in
Q1:16, expansion in
H2:2016 according
to EU Commission
-9
-7
-5
-3
-1
1
3
-9
-7
-5
-3
-1
1
3
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2009 2010 2012 2013
2014 2015 2016
% GDP
surplus
deficit
State budget primary balance (% GDP)
-8
-6
-4
-2
0
2
-12
-9
-6
-3
0
3
200
9:Q
4
201
0:Q
2
201
0:Q
4
201
1:Q
2
201
1:Q
4
201
2:Q
2
201
2:Q
4
201
3:Q
2
201
3:Q
4
201
4:Q
2
201
4:Q
4
201
5:Q
2
201
5:Q
4
201
6:Q
2
201
6:Q
4
GDP (q-o-q, s.a., right axis) GDP growth (y-o-y, s.a., left axis)
%
forecasts
0
5
10
15
20
25
-10
-8
-6
-4
-2
0
2
4
6
Feb
-08
Oct-
08
Jun
-09
Feb
-10
Oct-
10
Jun
-11
Feb
-12
Oct-
12
Jun
-13
Feb
-14
Oct-
14
Jun
-15
Feb
-16
Employment growth (left axis) Unemployment rate (right axis)
%y-o-y
-12
-10
-8
-6
-4
-2
0
-12
-10
-8
-6
-4
-2
0
201
0
201
1
201
2
201
3
201
4
201
5
Gen. Government Total balance
Gen. Government Primary balance
Primary balance (Programme target)
% GDP
Greece: Recession is mild and fiscal over-performance in 2015 has been verified
Primary balance,
2015 (as % of
GDP): +0.7% vs.
target of -0.25%
26 National Bank of Greece Q1.16 results
GDP spending side decomposition Current account balance (% GDP)
-10
-5
0
5
10
15
20
-10
-5
0
5
10
15
20
Feb
-11
Jul-
11
Dec-
11
May-
12
Oct
-12
Mar-
13
Aug
-13
Jan-1
4
Jun
-14
No
v-14
Apr-
15
Sep
-15
Feb
-16
Goods exports excl. oil & ships (y-o-y, 12m ma)
Tourism revenue, gross (y-o-y, 12m ma)
%
-20
-15
-10
-5
0
5
-20
-15
-10
-5
0
5
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
201
6f
Greece Euro area
% GDP
Goods exports & tourism revenue (y-o-y change)
30
40
50
60
70
80
90
510152025303540455055
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
Exports(left axis) Imports (left axis)
Investment (left axis) Private consumption (right axis)
% GDP
70
80
90
100
110
120
70
80
90
100
110
120
200
4
200
5
200
6
200
7
200
8
200
9
201
0
201
1
201
2
201
3
201
4
201
5
201
6*
Germany Ireland Greece Spain Portugal
Index 2004=100,Performance relative to 37 industrial countries
Cost competitiveness – ULC based exchange rate
Source: EL.STAT., Bank of Greece, AMECO, OECD
Domestic and external rebalancing continues
27 National Bank of Greece Q1.16 results
Greece - Construction confidence & public investment
Greece - Business & consumer confidence indicators Greece - Manufacturing production and PMI
Greek & Portuguese 10y Gov. Bond spread over bund
-85
-75
-65
-55
-45
-35
-25
-15
-5
5
-50
-40
-30
-20
-10
0
10
20
Jun
-11
Aug
-11
Oct
-11
Dec-
11
Feb
-12
Apr-
12
Jun
-12
Aug
-12
Oct
-12
Dec-
12
Feb
-13
Apr-
13
Jun
-13
Aug
-13
Oct
-13
Dec-
13
Feb
-14
Apr-
14
Jun
-14
Aug
-14
Oct
-14
Dec-
14
Feb
-15
Apr-
15
Jun
-15
Aug
-15
Oct
-15
Dec-
15
Feb
-16
Apr-
16
Industrial (left axis) Services (left axis)
Retail (left axis) Consumer (right axis)
-22
-18
-14
-10
-6
-2
2
6
-22
-18
-14
-10
-6
-2
2
6
Apr-
08
Aug
-08
Dec-
08
Apr-
09
Aug
-09
Dec-
09
Apr-
10
Aug
-10
Dec-
10
Apr-
11
Aug
-11
Dec-
11
Apr-
12
Aug
-12
Dec-
12
Apr-
13
Aug
-13
Dec-
13
Apr-
14
Aug
-14
Dec-
14
Apr-
15
Aug
-15
Dec-
15
Apr-
16
PMI, deviation from 50
Manufacturing production (3m m.a., y-o-y change)
-120
-70
-20
30
80
130
-70
-60
-50
-40
-30
-20
-10
Jul-
12
Oct
-12
Jan-1
3
Apr-
13
Jul-
13
Oct
-13
Jan-1
4
Apr-
14
Jul-
14
Oct
-14
Jan-1
5
Apr-
15
Jul-
15
Oct
-15
Jan-1
6
Apr-
16
Construction Confidence (left axis)
PIP Disbursements (y-o-y, 3m mov avg, right axis)
%
0
5
10
15
20
25
30
35
May-
10
Sep
-10
Jan-1
1
May-
11
Sep
-11
Jan-1
2
May-
12
Sep
-12
Jan-1
3
May-
13
Sep
-13
Jan-1
4
May-
14
Sep
-14
Jan-1
5
May-
15
Sep
-15
Jan-1
6
May-
16
Greece: 10y Government bond spread over bund
Portugal: 10y Government bond spread over bund
%
Source: EL.STAT., Bank of Greece, Markit, EU Commission, Bloomberg
Review completion to boost liquidity and confidence, ameliorating fiscal pressure on
disposable income; 2H16 recovery to be supported by anticipated ECB decisions
Appendix
7
29 National Bank of Greece Q1.16 results
Balance Sheet | Group
Group Balance Sheet & P&L
P&L | Group
€ m 1Q16 4Q15 3Q15 2Q15 1Q15
Cash & Reserves 1 873 2 208 1 982 2 074 1 982
Interbank placements 2 753 2 799 2 788 3 002 3 295
Securities 25 337 24 852 22 233 22 584 23 383
Loans (Gross) 51 512 51 969 52 477 53 444 53 723
Provisions (12 909) (12 843) (12 357) (12 204) (10 094)
Goodwill & intangibles 142 147 259 273 284
Tangible assets 1 315 1 325 1 384 1 413 1 467
DTA 5 093 5 096 5 104 4 582 4 014
Other assets 8 686 7 912 8 089 7 791 9 553
Assets held for sale 27 941 27 767 28 580 30 233 31 366
Total assets 111 743 111 232 110 538 113 192 118 972
Interbank liabilities 25 003 25 166 26 948 28 963 25 327
Due to customers 42 047 42 959 41 890 41 496 45 525
Debt securities 1 279 1 252 1 960 1 874 1 895
Other liabilities 9 621 8 387 8 836 8 535 11 006
Hybrids - - 83 83 83
Liabilities held for sale 23 931 23 643 23 555 24 028 24 879
Minorities 735 725 724 714 783
Equity 9 128 9 100 6 543 7 500 9 474
Total liabilities and equity 111 743 111 232 110 538 113 192 118 972
Appendix
€ m 1Q16 4Q15 3Q15 2Q15 1Q15
NII 479 474 472 463 497
Net fees 43 21 13 30 29
Insurance income 18 29 21 30 32
Core Income 540 524 506 523 558
Trading & other income (6) 108 (178) 80 (111)
Income 534 632 328 603 447
Operating Expenses (309) (333) (325) (325) (316)
Core Pre-Provision Income 231 190 180 198 242
Pre-Provision Income 225 298 3 278 131
Provisions (158) (739) (256) (2 329) (352)
Operating Profit 67 (441) (253) (2 051) (221)
Other impairments (34) (247) (51) (134) (37)
PBT 33 (688) (304) (2 185) (257)
Taxes (7) (62) 518 540 (5)
PAT (cont. ops) 26 (750) 214 (1 645) (263)
PAT (discount. ops) 71 (1 160) (595) 34 114
Minorities (10) (2) (12) (5) (10)
Other one-offs - (138) (9) - -
Attributable PAT 87 (2 050) (401) (1 616) (159)
30 National Bank of Greece Q1.16 results
Greece
Regional P&L: Greece, SEE & other
Appendix
SEE & Other
€ m 1Q16 4Q15 3Q15 2Q15 1Q15
NII 396 392 389 379 414
Net fees 20 (3) (10) 5 6
Insurance income 16 26 19 29 32
Core Income 432 415 398 413 452
Trading & other income (19) 105 (178) 84 (120)
Income 413 520 219 497 332
Operating Expenses (243) (262) (259) (257) (252)
Core Pre-Provision Income 189 153 139 155 200
Pre-Provision Income 170 258 (39) 240 80
Provisions (134) (671) (232) (2 302) (323)
Operating Profit 35 (413) (271) (2 062) (243)
Other impairments (34) (242) (51) (134) (36)
PBT 2 (655) (322) (2 196) (279)
Taxes (3) (62) 521 543 (2)
PAT (1) (717) 199 (1 653) (281)
€ m 1Q16 4Q15 3Q15 2Q15 1Q15
NII 83 82 83 84 83
Net fees 23 24 23 25 23
Insurance income 2 3 2 1 -
Core Income 108 109 108 110 106
Trading & other income 13 3 1 (4) 10
Income 121 112 109 106 115
Operating Expenses (66) (72) (67) (68) (64)
Core Pre-Provision Income 42 37 41 43 42
Pre-Provision Income 55 40 42 39 51
Provisions (24) (68) (23) (27) (28)
Operating Profit 31 (28) 18 12 23
Other impairments (0) (5) (1) (1) (1)
PBT 31 (33) 18 11 22
Taxes (4) (0) (2) (3) (3)
PAT 27 (33) 15 9 19
Contact details
Paul Mylonas
Deputy CEO
+30210 334 1521
Greg Papagrigoris
Head of IR
+30210 334 2310
Anthony Kouleimanis
Investor Relations
+30210 334 3037
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.
Ioannis Kyriakopoulos
Group CFO
+30210 334 3051
Maria Kanellopoulou
Investor Relations
+30210 334 1537
Ilias Katsikalis
Investor Relations
+30210 334 1401
