NBG is scheduled to announce Q4/FY 2014 results today after market hours – Estimates

23.03.2015 12:00

National Bank of Greece (Q4/FY 2014 Results):  NBG is scheduled to announce Q4/FY 2014 results today after market hours while a conference call will follow at 18:00. Following Eurobank, Bank of Piraeus and Alpha bank results announcements we expect sequential improvements in PPI while higher provisions and other impairments related to AQR provisioning should affect net income.

We expect Q4 net losses to land at €1,023bn due to high loan loss provisions (€400m) and AQR simulation results (€1,3bn). Core pre-provision income (PPI) should stand at €365mn (-11% qoq) on positive NII (+1.9%) and stable fees (130mn). We expect the bank to increase provisions, aiming to close the gap between its own provisioning policies and the AQR results.

Conference call to focus on Finans bank sale, Astir privatization, ELA funding and near term outlook.

 

Conference Call (Mon.23 Mar. 18:00 GR Time):

 

¡  Greece:   + 30 211 180 2000

¡  UK:          + 44 (0) 800 368 1063

¡  US:          + 1 866 288 9315

 

The following table summarise our estimates:

 

NBG Overview
(In Million Euro) 4Q13 3Q14 4Q14 Α QoQ YoY
NII 776 797 812 1,9% 4,6%
Fee income 135 139 130 -6,5% -3,7%
Trading -133 -36 -40 11,1% -69,8%
Other Income 150 24 20 -16,7% -86,7%
Total income 928 924 915 -1,0% -1,5%
Operating costs -836 -510 -550 7,8% -34,2%
Pre-provision-profits 93 414 365 -11,8% 293,9%
Provisions -386 -368 -1.700 362,0% 340,3%
Other results -7 -61 0 -100,0% -100,0%
PBT -300 -51 -1.335 2517,6% 344,5%
Corporate taxes 846 60 -300 -600,0% -135,5%
Net profit 546 11 -1.035

 

 

*Τα όσα αναγράφονται στη στήλη είναι προιόν δημοσιογραφικής έρευνας και δεν αποτελούν προτροπή αγοράς, πώλησης ή διακράτησης μετοχών



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