Stephen Percoco, CFA
Value, special situations, bonds, newsletter provider

NBG Takes Another Step On The Path To Recovery

On August 29, the National Bank of Greece (NBG) reported its third consecutive quarterly profit. Second quarter results showed improvement across all three geographic segments. In Greece, a reduction in new non-performing loans, an increase in lower cost retail deposits, a decline in higher cost Euro system funding, continued progress in reducing operating costs and some one-off gains helped the Bank to achieve breakeven results for the quarter, reversing last year's €2.0 billion loss. In Turkey, Finansbank's breakneck growth continued, with loans up 14% (in Euro terms), income (i.e. net revenues) up 25% and net profits up 30% year-on-year. In Southeast Europe (SEE), a modest pick-up in economic activity helped NBG to post a small...

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