NBG 3Q 2020 Financial Results

Τρίτη, 01 Δεκεμβρίου 2020 14:11
NBG 3Q 2020 Financial Results

NBG actively supports its clients throughout the Covid19 crisis; digital transformation continues unabated 

- Approved payment moratoria extended to corporate and retail customers currently amount to c€3.6b in terms of loan balances, of which c€1.2b Mortgages, c€0.2b Consumer & SBs and c€2.1b Corporate

- Active participation in all State Schemes, including via ΤΕΠΙX ΙΙ involving #5.1k of applications and c€0.4b of loans approved, Stateguaranteed working capital facilities of more than €800m of loans approved, as well as Interest Payment subsidies in #10.6k accounts of mostly SME and SB loans, corresponding to loan balances of €2.3b

- Mortgage State subsidy program “Gefyra” will provide State subsidization to primary residence mortgage clients hit by Covid19; NBG clients eligible to receive the subsidy amount to c€1.2b, of which c40% under payment moratoria

- Following the expiry of moratoria, NBG’s step-up solutions will be provided to borrowers that may continue to experience short-term difficulties due to Covid19

- Number of branch transactions reduced by >60% in October relative to February levels, while digital & alternative channels transactions were boosted by 33%; e-banking transactions were up by an impressive 71% over the same period

- The work-from-home model continues to operate effectively, currently corresponding to c50% of staff

3Q20 PAT at €137m from €58m in 2Q20, reflecting strong core income recovery, sustained momentum in OpEx reduction and moderate provisions, stable qoq; 9M20 PAT at €602m, 33% higher yoy 

- NII recovers sharply by 12% or €32m qoq to €304m in 3Q20, driven by the expansion of the performing loan book, as well as by the funding benefits from the increased TLTRO exposure and the continuing repricing of time deposits

- Following the Covid19-related disruption in transactions in 2Q20, fees rebound by 13% qoq in 3Q20 on the back of both retail and corporate fee recovery; 9M20 fees up by 2% yoy to €188m, despite Covid19 headwinds, driven by the retail segment

- Trading and other income of €43m in 3Q20; in 9M20 trading & other income settles at €830m benefitting from large realized gains related to the GGB swap transaction and the sale of GGBs in the HTCS securities portfolio totaling €779m in 1Q20

- Containment of domestic personnel and G&A expenses continues in 3Q20 (-1% qoq), yielding significant reductions of -8.5% and -9.7% yoy respectively in 9M20; total operating expenses 4% lower yoy in Greece, absorbing the substantial increase in depreciation charges arising from IFRS16 first time adoption (FTA), due to Pangaea (currently “Prodea”) deconsolidation in mid-2019

- Loan impairments of €640m in 9M20 or 244bps over net loans include the total anticipated Covid19 impact mostly booked in 1Q20, amounting to 147bps on a non-annualized basis; underlying CoR at 97bps3 in 9M20

3Q20 Bank NPEs edge lower crossing the €10b mark

- NPEs are reduced by €0.2b qoq in 3Q20 organically, reaching €9.96b at the Bank level, aided by a small pick-up in liquidations and restructurings involving debt forgiveness

- New defaults remain low, as the drop in economic activity is cushioned by the targeted application of payment moratoria measures and Government support schemes

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