National Bank of Greece 1Q13 Earnings Call Notes

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This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.

“we’re seeing clear signs of a return to profitability, as first quarter pre-provision earnings at €363 million, up plus 47% year-on-year were supported by the bottoming out of debt decline in NII in Greece and the absence of trading losses.”

“The 90-day past due ratio increased to 20%, 19.8% for the Group and 24.3% in Greece again by far the lowest among Greek peers both had a group as well as the parent level.”

“Regarding deposit flow Paul has made reference to that before that we see a steady of flow back deposits into NBG, we have had certain events that kind of nerved investors, nerved depositors in general even across Europe, looking at the developments in Cyprus, having gone through this period and after that seeing the positive spin that developments in Greece have taken and all the communications it’s coming out of the Eurogroup and all the rating upgrade et cetera. We see a positive tailwind in Greek confidence and we see these deposits, and we expect these deposits to continue to flow back into Greece in NBG particular, but that’s the, is a matter of sentiment which is a slowly and steadily improving and we hope that if we don’t hope for rapid development, because we don’t want this to be a very rapid we want to have a slow but constant sort of comeback.”

“Loan growth is clearly going to be associate with the recovery of GDP that’s expected in the end of this year on either side of 2013, and I believe that’s when you going to see loan growth.”