National Bank returned to profitability in 2013
National Bank Group on Thursday said its net profits totalled 809 million euros in 2013, after losses of 2.1 billion euros in the previous year, helped by an improvement in the domestic economic climate which allowed a reduction in new non-performing loans, lower write-downs and elimination of trading losses of the previous year.
Finansbank contributed positively to National Bank Group’s results, with profits of 439 million euros despite adverse conditions prevailing in the Turkish market in the second half of 2013, while subsidiaries in Southeastern Europe contributed with profits of 32 million euros in 2013, after losses of 65 million euros in 2012. National Bank Group said its net profits totaled 547 million euros in the fourth quarter of 2013 according to ANA-MPA
Higher deposits improved the loan/deposit rate to 97 pct in 2013, from 108 pct in the previous year (90 pct in Greece) putting National Bank (NB) at a better position from the liquidity point of view in the domestic market.
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