Friday March 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Markets reject concerns over local banks’ strength

 National Bank reported net profits of 809 mln euros last year

By Evgenia Tzortzi and Yiannis Papadoyiannis

The international market has rejected the troika’s reservations regarding the capital adequacy of Greece’s three systemic banks (Piraeus, National and Alpha) – as well as estimates by Standard & Poor’s – giving a strong vote of confidence in the bonds Piraeus Bank issued this week.

S&P estimated that Piraeus and Alpha will need additional funds to retain their capital adequacy index (Core Tier I) at 8 percent, but the market has offered full support to Piraeus by oversubscribing the bonds offered six times, with an interest of 5 percent. This serves to confirm the rejection of the rating agency estimates when investors aim at the high yields that the Greek issues can offer and are by far the best among all emerging markets.

In view of this market reaction, Deutsche Bank officials told Reuters that “Piraeus offered a great platform for the borrowing of other Greek entities,” and added that “investors are now much less concerned about ratings by the agencies than before,” when it comes to hedge funds.

The ever stronger picture of the local banking sector was confirmed by National Bank’s return to profit, according to the 2013 results it issued on Thursday.

The NBG group recorded net profits of 809 million euros last year, against losses of 2.14 billion euros in 2012, with earnings in the fourth quarter alone amounting to 547 million euros, thanks to the improvement in the country’s general financial climate.

The rise in profits was attributed in particular to the declining trend in nonperforming loans, which has allowed for the reduction of provisions and the decline of the cost of deposits (i.e. interest) and of operating expenditure in Greece by 5 percent.

The contribution of Turkish subsidiary Finansbank was also significant, as it ended the year with profits of 439 million euros, despite the financial difficulties in the neighboring country during the second half of last year.

ekathimerini.com , Thursday March 20, 2014 (22:40)  
Austrian Finmin sees crisis of confidence in Greece
Bundesbank´s Weidmann says euro zone debt in ´danger zone,´ opposes more aid for Greece
Greek future as trade hub in limbo amid Syriza split on railways
Bank deposits lost another 7.6 billion euros last month
Berlin says has no exact information about Greek reforms
The German government has no details about the list of reforms that Greece is due to present by Monday in the hope of avoiding bankruptcy, a spokeswoman for the German finance ministry said....
Greek gov´t denies finance minister Varoufakis to resign [Update]
Greece's outspoken Finance Minister Yanis Varoufakis is not planning to resign, two Greek government officials said on Friday, denying a report in Germany's Bild newspaper. "None of this is ...
Inside News
BASKETBALL
All is well that ends well for Olympiakos
Young Ioannis Papapetrou helped Olympiakos stage an impressive last-quarter performance to beat visiting Efes Anadolu 86-75 on Thursday and bring its Euroleague losing streak to an end. The ...
BASKETBALL
Reds survive KAO Dramas scare in Piraeus
KAO Dramas gave depleted Olympiakos a scare at the Peace and Friendship Stadium on Monday, but the league leaders eventually managed to get their 20th win in 21 games. The Reds won by 10 (72...
Inside Sports
COMMENTARY
Time to get moving
More than two months have passed since the elections and the government has to stop running around in circles and adopt a program of specific reforms, with detailed calculations as to their ...
EDITORIAL
The same old story
One of those infamously bad practices that the political system has been accused of for years is being propagated by the new government today, as it is appointing party cadres and politician...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Austrian Finmin sees crisis of confidence in Greece
2. Berlin says has no exact information about Greek reforms
3. Greek gov´t denies finance minister Varoufakis to resign [Update]
4. Bundesbank´s Weidmann says euro zone debt in ´danger zone,´ opposes more aid for Greece
5. Clocks go forward one hour on Sunday
6. Greek future as trade hub in limbo amid Syriza split on railways
more news
Today
This Week
1. New Democracy's political council convenes to decide line opposite gov't
2. Greek future as trade hub in limbo amid Syriza split on railways
3. Bundesbank's Weidmann says euro zone debt in 'danger zone,' opposes more aid for Greece
4. Clocks go forward one hour on Sunday
5. Greek gov't denies finance minister Varoufakis to resign [Update]
6. Berlin says has no exact information about Greek reforms
Today
This Week
1. Next Monday is D-Day for state funds
2. Total victory is unattainable
3. EU asks Greece for more reforms to speed talks on bailout
4. PM faces Merkel amid race to detail reforms
5. Some more equal than others
6. New book by ex-US diplomat delves deeper into the recesses of Greek terrorism
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.