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Greece - Financial Services, Economy & Statistics
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Greece’s NBG reports 17% drop in nine-month profit, meets forecast

George Georgiopoulos - 24.11.2009

National Bank of Greece (NBG), the country’s largest lender, said its nine-month net profit fell by 17% year-on-year to 1.01 billion euros on higher loan-loss provisions and slower lending growth at home and across southeast Europe.

Analysts in a Reuters poll forecast a net profit of 1.03 billion euros for the nine-month period to September.

Third-quarter net earnings reached 301 million euros versus a forecast for 310.9 million euros.

"Recognising the substantial challenges facing the banking sector, we are preparing for the gradual winding down of the emergency measures put in place in 2009 to support the global financial system, and have laid the foundations to ensure that NBG will not simply rise to the challenge ahead but seize the opportunities generated by them," chief executive Takis Arapoglou said in a statement.

Nine-month net interest income rose 10% year-on-year and by 2% quarter-on-quarter. 

Net interest margin was steady above 4%, despite competitive pressures that squeezed deposit margins.

Turkish subsidiary Finansbank (www.finansbank.com.tr) contributed profit of 332 million euros in the nine-month period, 33% of the group's total earnings, despite a 12% increase in loan-loss provisions totaling 173 million euros.

NBG (www.nbg.gr), which also has operations in Turkey, Bulgaria, Romania, Serbia, Cyprus and Albania, said 45% of the group's profits came from operations outside Greece. 

Source: Reuters, Balkans.com Business News

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