National Bank of Greece swings to profit in 2013

|By:, SA News Editor

This just in: National Bank of Greece (NBG +2.1%) reports a profit for 2013 - €809M vs. a loss of €2.14B in 2012. For Q4, the bank earned €547M vs. €14.8M a year ago.

Group operating expenses were higher by 1% Y/Y as cost cuts in Greece were offset by higher expenses in the growing Turkish market (93 new branches opened in 2013).

New delinquencies declined 57% Y/Y to €1.5B, and provisions were cut all the way to €1.627B from €2.532B. Liquidity is improved with the loan-to-deposit ratio falling to 97% from 108%.