This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

National Bank Of Greece SA's Management Discusses Q1 2012 Results - Earnings Call Transcript

National Bank of Greece SA (NBG)

Q1 2012 Earnings Conference Call

May 30, 2012 11:00 ET

Executives

Paul Mylonas – Chief Economist

Anthimos Thomopoulos – Deputy Chief Executive Officer

Babis Mazarakis – Group Chief Financial Officer

Analysts

Alex Atienza – Citigroup

Presentation

Operator

Welcome to the NBG's Quarter One 2012 Results Conference Call. My name is (Sara) and I will be your coordinator for today’s conference. For the duration of the call, you will be on listen-only. However, at the end of the call, you will have the opportunity to ask questions. (Operator Instructions)

I am now handing you over to Mr. Paul Mylonas to begin today's conference. Thank you.

Paul Mylonas

Hello, everyone. Thank you for joining us for the Q1 results call. As usual, we’ll start off with Anthimos Thomopoulos going through the company remarks and then we'll have Q&A. I am joined here also by Babis Mazarakis, Group CFO who will be also available for financial questions afterwards. Anthimos?

Anthimos Thomopoulos

Thank you, Paul. Good afternoon everyone. Let's proceed with the key highlights of the first quarter. I'd like to start with a quick reference to the recapitalization. As you know, we have received yesterday the first installment of €7.4 billion from the Hellenic Financial Stability Fund. And as a result, our capital base has been replenished with post-PSI with a capital adequacy ratio now standing at just over 8% on a pro forma basis of course, taking into account the disbursement that took place last night.

The result for the quarter came in at a loss of €537 million, primarily because of the negative trading results of €270 odd million in Greece. The trading results was to a large extent the impact of credit valuation adjustments, the counterparty risk we have with the Hellenic Republic on derivative transactions that carry with the Republic, including Titlos. And as the credit standing of the – credit rating of Republic was deteriorating, we booked a significant markdown on those positions as well. Turkey turned a good quarter contributed €125 million to the group's bottom line, on the back of a very strong showing in net interest income, while businesses in Southeastern Europe were marginally in the red as the leverage in the region impacts the top line.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs