NBG Q3:17 1st glimpse: Weak quarter on core business revenues down -15% q-o-q. Surprise on lower CoR

  • NBG Q3:17 1st glimpse: Weak quarter on core business revenues down -15% q-o-q.
  • Surprise on lower CoR (198bps vs our call for 210bps) partly offset weak operating performance.
  • Q3 net loss at €35m vs BETAe of -€27m

The following table summarize results vs our estimates:

NBG Overview
(In Million Euro) 3Q16 2Q17 3Q17 QoQ YoY 3Q17 Est. vs Est.
NII 417 405 378 -6.7% -9.3% 395 -4.3%
Fee income 51 59 57 -3.4% 12.2% 59 -3.4%
Trading Income -26 -53 -60 -13.2% -133.5% -60 0.0%
Insurance/Other Income -1 -20 -21 -5.0% -1809.1% -20 -5.0%
Total income 441 391 354 -9.5% -19.7% 374 -5.3%
Operating costs -257 -232 -238 -2.7% 7.4% -231 -3.0%
Pre-provision-profits 184 159 116 -27.1% -36.9% 143 -18.9%
Provisions -161 -200 -156 22.2% 3.0% -170 8.2%
Other results -15 -1 2 500.0% 113.4% -1
PBT 8 -42 -38 8.9% -569.1% -28 -35.7%
Corporate taxes 6 10 6 -40.0% 0.0% -8 173.9%
Net profit (continued) 2 -52 -44 14.9% -2195.2% -20 -121.3%
Discontinued operations 21 -97 19 0
Net profit 23 -149 -25 83.2% -208.2% -20 -25.8%
Minorities & Pref Shares -7 -7 -10 -40.8% -38.9% -7
Attributable net profit 16 -156 -35 77.6% -320.1% -27 -30.2%

Conference call details (22/11, 18:00 Athens Time)