Investor Presentaiton
Consistently negative organic NPE flows drive the NPE ratio to 6.1%; best in class capital buffers maintained
NATIONAL BANK
OF GREECE
Balance sheet Highlights
Domestic PE loan book expands by €2.3b yoy
.
•
Disbursements accelerate in 2Q22 reaching €1.9b, up by more than
80% qoq, pushing domestic PEs higher by €1.1b qoq; in 1H22
disbursements totaled €3b, +c50% yoy
NPE stock¹ at €1.9b or €0.4b net of provisions; NPE ratio¹ at 6.1%
2Q22 organic NPE flows remain negative at €-0.1b reflecting
successful restructurings efforts. Absolute value of curing flows
moderate on the back of a contained FNPE perimeter post clean up,
while the cure rate remains high. New defaults & redefaults, at low
levels aid negative organic formation
•
NPE ratio¹ drops by a further c40bps qoq to 6.1%
•
NPE coverage¹ at a sector high of 81%
Key P&L Ratios | Group
NIM (bps)
2Q22
1Q22
4Q21
3Q21
2Q21
194
182
206
216
214
Cost-to-Core Income
49%
52%
55%
49%
51%
Core PPI margin (bps)
264
238
237
288
266
COR (bps)
63
73
71
96
110
COP margin (bps)
201
164
168
191
156
Key Balance Sheet Ratios | Group
2Q22
1Q22
4Q21
3Q21
2Q21
No sign of pick up in NPES, despite persistent inflation and higher
energy costs, including from NBG clients previously under State and
Bank sponsored programs
FL CET1 at 15.0%, FL total capital at 16.1%
•
Strong 2Q22 profitability (+c50bps) absorbs loan-induced RWA
expansion (-c30bps), maintaining capital buffers despite increased
volatility in bond markets throughout 1H22
Pro forma for EVO payments merchant acquiring, FL CET1 and FL
total capital ratios at c15.6% and 16.7%
Liquidity
Loans-to-Deposits
58%³
57%³ 57%³
LCR
259%
255%
242%
52%
266%
53%
259%
Asset quality
NPE ratio
6.3%
6.7%
7.0%
11.9% 12.7%
NPE coverage
80.3%
81.4%
77.2%
69.8% 66.4%
Capital
CET14
CET1 FL4
RWAS (€ b)
16.0%
16.1%
16.9%
16.4%
16.0%
15.0%
15.1%
14.9%
14.2%
13.8%
35.1
34.4
34.7
36.7
36.7
1. Domestic | 2. Loan disbursements for the period not considering rollover of working capital repaid and increase of unused credit limits | 3. Including Frontier senior bond | 4. Including period PAT
National Bank of Greece 2Q22 results
Financial Results
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