Bulls,
The Greek Gods have been on vacation and they have not done their banking.
Greek God Zeus has his mortgage with the National Bank of Greece – NBG
About The National Bank of Greece:
Founded in 1841 as a commercial bank NBG is the oldest and largest among the Greek banks. It has been listed on the Athens Stock Exchange since the latter's foundation in 1880. Since October 1999, the Bank has been listed on the New York Stock Exchange.
The NBG Group provides a full range of financial products and services that meet the constantly changing needs of corporate customers and private individuals, including investment banking services, brokerage, insurance, asset management, leasing and factoring.
One of the Bank's main strengths is the confidence shown in it by its customers, who hold over 9 million deposit accounts and more than 1.5 million lending accounts with NBG.
Horizontal Analysis:
| | 2008 2009 | |
| Total assets | 113,394 | 101,323 |
| Shareholders' equity | 8,453 | 5,972 |
| Loans and advances to customers (net) | 69,134 | 64,498 |
| Due to customers | 71,194 | 67,657 |
| Total operating income | 5,077 | 4,926 |
| Operating expenses | 2,483 | 2,366 |
| Provisions for loan losses | 1,057 | 520 |
| Net attributable profit | 923 | 1,546 |
| Net interest margin (NIM) | 4.09% | 4.25% |
| Return on equity (RoE) | 13% | 25% |
| Cost / Income | 49% | 48% |
Finansbank – NBG’s stake in Turkey
“Greece’s biggest bank is relying on Turkey to pull it through an economic crisis at home.”
National Bank has spent over than $5 billion since 2006 to acquire Finansbank.
National Bank has spent over than $5 billion since 2006 to acquire Finansbank.
National Bank of Greece SA plans to open 75 branches from Ankara to Izmir this year to benefit from Turkish economic growth that is forecast to reach 5.2 percent. National Bank earned more last year at its Istanbul-based Finansbank ASunit than it did in Greece.
Its not just in Greece, NBG is diversified:
NBG - earned 425 million Euros in Turkey last year, Good investment? I think so.
Turkey’s banking industry is “much better regulated and supervised, and we’re highly capitalized” relative to Greek lenders
Now that the EU put together nearly a TRILLION $ aid package for Europe I think the National Bank of Greece will soar to the upside.
Mr .Stock Picks short term price target for National Bank of Greece (NBG) - $4.11
This stock should be kept on a radar, as this morning it is currently up: $0.36 to $3.03 per share.
Until the next one,
Mr. Stock Pick
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