ATHENS: National Bank of Greece (NBG) reported losses of 159 million euros in the first quarter of 2015, integrating domestic losses of financial results worth 112 million euros.
Commenting on the results, NBG CEO Leonidas Fragkiadakis said: “Against strong headwinds, which have mainly hit liquidity and asset quality in the domestic banking sector, National Bank of Greece managed to post results that demonstrate, once again, the flexibility of its business model.
In terms of liquidity, National Bank benefits from its leading position in domestic savings deposits, which have shown relative resilience throughout the period of uncertainty, compared with other categories of deposits. NBG continues to maintain a loan-to-deposit ratio well below one. In addition, Eurosystem eligible collateral remains high, corresponding to approximately 25% of domestic deposits.
As for asset quality, there was an increase in domestic delinquencies in the first quarter, reflecting the extreme uncertainty. The formation of higher provisions in Q1 not only fully covered this increase but further strengthened the non-performing loans coverage ratio, which now stands at 61%.”
