National bank (Results Q2/H1 2014
results): Consensus expects National Bank of Greece to report a
positive bottom-line in second-quarter, driven by upbeat Turkish operations,
more evident in terms of lending growth and NII.
In all, market sees
NBG’s H1 2014 group net interest at EUR1.52bn (vs EUR1.61bn in 1H13),
provisions at EUR712m (vs EUR853m a year earlier), looking at a net income of
EUR221m from EUR343m in H1 2013.
Other
key results highlights:
¡ At a
group level, market estimates relatively lower income due to trading loss
linked to Turkish operations
¡ Operating
expenses on the rise largely due to Turkey subsidiary
¡ On the
asset quality front, lower NPL inflows, but higher coverage, leading to Q2
2014 flat provisioning charges
¡ Consensus
forecasts some EUR60m DTA recognition in Q2, which should counterbalance the
negative impact arising from trading loss.
The following table summarizes market estimates for
H1:
|
Eur
(mn)
|
2014
|
2013
|
Δ(%)
|
|
H1 Est.
|
H1
|
||
|
NII
|
1,517.0
|
1,609.0
|
-5.7%
|
|
Provisions
|
711.7
|
853.0
|
-16.6%
|
|
Net
Earnings
|
221.3
|
343.0
|
-35.5%
|
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211 180 2000,
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866 288 9315
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