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September 1, 2010

NBG Group announces H1 profits

by Richard Kilner

Story link: NBG Group announces H1 profits

National Bank of Greece (NBG) Group has announced that in the first six months of 2010 it achieved net profits of €146m.

Net interest income rose by 8%, year-on-year, to reach €2,075m, and provision coverage ratio increased by 31% to 63% (€649m).

The bank’s Greek activities saw a 3% rise in core income to €1,451m, but incurred a loss of €159m compared to a €426m profit in the corresponding period last year.

Finansbank saw net profit increase by 8% to €251m, with a 25% rise in lending and 29% rise in deposits.

The group’s SE Europe operations saw an 11% decline in net profits, to €50m.

Chief Executive Officer Apostolos Tamvakakis has expressed satisfaction that it managed to achieve profitability despite the significant turbulence in the Greek economy.

Tamvakakis went on to forecast that it would achieve annual profitability in 2010, thanks to the stabilisation of SE Europe and the growth of Finansbank in Turkey.

The Greek economic crisis similarly damaged the profits of Eurobank, which reported a 44% decline in net profits in the first half of the year.


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