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NBG.N

ISIN: US6336434088
SEDOL: 2501932

Rating:

STRONG BUY

Target Price:

6.20 USD

Investment Horizon:

6 to 24 months
28th Jan 2010 View Report   Download

3Q 09 Update Report

Greece’s economy continues to be in turmoil with the real GDP contracting 1.7% y-o-y in 3Q 09, marking an increase in contraction rate from 1.2% y-o-y in 2Q 09 and 0.5% y-o-y in 1Q 09. The Greek fiscal deficit is reported to have reached the alarming level of 12.7% of GDP for 2009, which has led Fitch to downgrade the country’s rating from a ‘A’ to a ‘A-‘ on 22 October 2009 and further to ‘BBB+’ on 08 December 2009. NBG is heavily exposed to government bonds....

24th Nov 2009 View Report   Download

3Q 09 News Alert

National Bank of Greece S.A. (NBG) reported y-o-y growth in net interest income in 3Q 09, supported by lower interest expenses. However, higher personnel expenses and impairment charges led to deterioration in bottom-line. However, our fundamental outlook remains positive, as the bank remains well-capitalized, combined with a healthy loan-deposit ratio and sequential improvement in impairment losses. Therefore, given our positive outlook and current price levels…

20th Nov 2009 View Report   Download

2Q 09 Update Report

Global financial markets have witnessed a robust increase since the beginning of the year, with the MSCI World Index increasing 28.5% and the MSCI Emerging Market Index increasing 74.2%, since the beginning of this year. Robust growth in financial markets was boosted by the cumulative efforts of central banks worldwide to stimulate economic growth post the 2008 financial crisis. Going forward, we expect further stabilization and marginal recovery…

1st Sep 2009 View Report   Download

2Q 09 News Alert

The National Bank of Greece S.A. (NBG) reported y-o-y growth in top-line in 2Q 09 supported by healthy net interest income (NII) and robust growth in trading income. Bottom-line was negatively impacted by higher provisions, taxes and dividend payments to preference shareholders. However, our fundamental outlook is positive, as the bank remains well-capitalized, with a healthy loan-deposit ratio, and 2Q 09 results exceeded expectations....

19th Jun 2009 View Report   Download

1Q 09 Update Report

The Greek economy is highly dependent on tourism and shipping which have been heavily impacted by contracting global economic conditions, and the Greek economy is expected to continue to suffer as a result. In May 2009, the European Commission forecast Greek real GDP to contract by 0.9% in 2009 before recovering to post a 0.1% rise in 2010, down from a 2.9% rise in 2008. Turkish real GDP is also expected to contract drastically…