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National Bank of Greece S.A. (NBGIF) CEO Pavlos Mylonas on Q3 2018 Results - Earnings Call Transcript

Dec. 01, 2018 2:54 AM ETNational Bank of Greece S.A. (NBGIF)
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National Bank of Greece S.A. (OTCPK:NBGIF) Q3 2018 Earnings Conference Call November 29, 2018 11:00 AM ET


Pavlos Mylonas - Chief Executive Officer and Executive Director

Ioannis Kyriakopoulos - Chief Financial Officer

George Angelides - Head of Finance

Greg Papagrigoris - Head of Investor Relations


Jonas Floriani - AXIA Ventures Group

Angeliki Bairaktari - Autonomous Research LLP

Panagiotis Kladis - Eurobank Equities Investment Firm S.A.


Ladies and gentlemen, thank you for standing by. I am Gale, your Chorus Call operator. Welcome, and thank you for joining the National Bank of Greece Conference Call to present and discuss the Third Quarter 2018 Financial Results.

At this time, I would like to turn the conference over to Mr. Paul Mylonas, CEO of National Bank of Greece. Mr. Mylonas, you may now proceed.

Pavlos Mylonas

Good afternoon, everyone, and good morning to those of you joining from the U.S. Welcome to our third quarter financial results call. I'm joined by Ioannis Kyriakopoulos, Group CFO; George Angelides, Head of Finance; Greg Papagrigoris, Head of IR, and several others. After my introductory remarks, the CFO will go into more detail on our financial performance, and then we'll turn to Q&A. So let's begin.

Economic conditions in Greece record a further improvement in the third quarter, employment trends have continued to improve and most importantly, residential real estate prices are recovering across segments and regions driven by tourism-related demand.

Capitalizing on the country's improving economic fundamentals, NBG has been strengthening its balance sheet, specifically reducing NPEs, preserving capital and boosting liquidity buffers. Rising demand for corporate credit will allow us to utilize our liquidity advantage towards improving revenue generation.

The NPE stock has declined by €2.4 billion year-on-year versus the third quarter of 2017, on the back of negative organic formation and closure actions, including sales. Clearly, the

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