Monday November 24, 2014 Search
Weather | Athens
14o C
10o 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)  
Athens deserves slack from creditors
Transfer tax to be based on actual property cost, not objective value
Key general meeting at OLP on Tuesday
Agenda
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the party’s former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
BASKETBALL
Olympiakos ends PAOK´s unbeaten run in Basket League
Olympiakos put an end to PAOK’s unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japan’s image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Olympiakos ends PAOK´s unbeaten run in Basket League
2. Athens deserves slack from creditors
3. Transfer tax to be based on actual property cost, not objective value
4. Key general meeting at OLP on Tuesday
5. Agenda
6. Carlsberg to use Greece as regional junction
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. Carlsberg to use Greece as regional junction
4. Transfer tax to be based on actual property cost, not objective value
5. Athens deserves slack from creditors
6. Key general meeting at OLP on Tuesday
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Give Greece a chance
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.