-- Alpha Bank A.E. (Alpha), -- Piraeus Bank S.A. (Piraeus), -- National Bank of Greece S.A. (NYSE: NBG), -- Eurobank Ergasias S.A. (Eurobank).
Specifically, it raised to 'CCC+' from 'CCC' its long-term counterparty credit ratings on these banks and affirmed its short-term ratings on the banks at 'C'. The outlook on all four rated Greek banks is stable.
National Bank of Greece (ADR) (NYSE:NBG)?s stock was upgraded by equities researchers at BofA Merrill Lynch from an ?underperform? rating to a ?neutral? rating in a research report issued on May 13. Separately, Analysts at Bank of America upgraded shares of National Bank of Greece (ADR) from an ?underperform? rating to a ?neutral? rating in a research note on Tuesday, April 22nd. National Bank of Greece (ADR) (NYSE:NBG) stock performance was -16.18% in last session and finished the day at $2.90. Traded volume was 28,706,204 shares in the last session and the average volume of the stock remained 3.33 million shares. The beta of the stock remained 6.95.
Mir jucken die Finger und ich würde hier sehr gerne einsteigen: + Der Boden sieht bei 2? relativ fest aus + Die KE ist vollzogen und hatte erheblichen Einfluß auf den Kursverlauf + Namenhafte Hedgefonds sind eingestiegen
Dennoch bin ich mir sehr unsicher. Der Athex hat stark nachgegeben und die Eurokrise ist noch nicht vorbei.
Hat wer nähere Informationen, welche Investoren hier eingestiegen sind (ggf. Blackrock)?
Dir ADR von der NBG macht Hoffnung sieht ganz nach Bodenbildung aus . Am Ende könnte sich eine W-Formation herauskristalisieren (gelb) . Die Unterstützung Bei drei Dollar scheint gehalten zu haben (Grün)
According to Piraeus Securities, National Bank of Greece?s pre-provisions income is projected to grow 24.5% QoQ thanks to cost reduction initiatives Tweet about this on TwitterShare on FacebookShare on LinkedInShare on Google+Email this to someonePrint this page National Bank of Greece (ADR) (NYSE:NBG) has been upgraded from Neutral to Outperform by Piraeus Securities reflecting the bank?s improved risk/return profile.
Natasha Roumantzi of Piraeus Securities? positive rating on NBG echoes JP Morgan Cazenove analysts? recent upgrade of NBG from Neutral to Overweight.
National Bank of Greece?s enhanced Equity Tier 1 ratio Piraeus Securities investor report dated May 22, 2014 points out thanks to National Bank of Greece (ADR) (NYSE:NBG) concluding its recent Eur 2.5 billion SCI at Eur 2.20 per share, the bank is able to cover the capital requirements under BoG?s stress tests for both the Baseline (Eur 2.18 billion) and the Adverse scenarios (Eur 2.5 billion).
The analyst points out that BoG released its assessment report for the capital needs of the Greek banks for June 2013-December 2016 using (i) CLPs on total loans in Greece and abroad and (ii) the estimated operating profitability of the banks, based on conservative adjustments of the restructuring plans submitted to BoG by the banks during Q4 ?13. The capital needs were estimated at Eur 6.382 bn under a Baseline scenario and at Eur 9.417 bn under an Adverse scenario.
The analyst notes the Baseline used a Target EBA Core Tier I of 8% and the Adverse used a respective ratio of 5.5%. The analyst points out that Greek banks addressed the aforementioned requirements through share capital increases. The following table highlights the process for computing capital needs in the Adverse scenarios:
Capital needs-Adverse Scenario National Bank of Greece
Staff exit enhances NBG?s PPI Turning attention to the Q1 preview, the Piraeus Securities analyst anticipates National Bank of Greece (ADR) (NYSE:NBG)?s pre-provisions income at Eur 370 million and with provisions at Eur 355 million, leading to a small net profit of Eur 4.0 million. NBG?s core PPI (excluding trading) is seen up by 24.5% QoQ, primarily due to the anticipated reduction in costs by 12.4% QoQ driven by the 2,500 employee exit plan.
The following table captures NBG?s Q1 ?14 preview as estimated by the analyst:
NBG's Q1 preview
Using Gordon?s growth model, the Piraeus analyst estimates an end-2014 share price of National Bank of Greece (ADR) (NYSE:NBG) at Eur 3.63 (as against Eur 4.81 previously). The analyst points out that the revision reflects the dilutive effect of the SCI and lower Finansbank value (1.2x book vs 1.4x previously) to better reflect market values ahead of a planned sale of a 20% stake.
The analyst notes this is the weighted average of the values derived under three tangible book value scenarios, which partly incorporate recent BoG?s stress test provisioning and profitability assumptions, resulting in a price range of Eur 4.39 to Eur 2.36 per share. The following table highlights end-2014 target value for National Bank of Greece (ADR) (NYSE:NBG):
Successful share capital increase: The Bank successfully completed its ?2.5 billion share capital increase, thereby strengthening its capital position, as per EBA directives and Basel III rules. The share capital increase strengthens the CET 1 ratio to 15.4%, without including the benefits of the capital actions to be completed by September 2014. Business performance: Positive Group profitability for a sixth consecutive quarter. Q1.2014 earnings at ?181 million for the Group, vs. earnings of ?27 million in Q1.2013. Pre-provision income grew 25% on an annual basis, to ?438 million, more than covering the Q1 provisions, which stood at ?362 million, down by 15% on Q1.2013, due to the ongoing reduction in new +90 dpd loans. As a result, operating profit after provisions doubled qoq, reaching ?76 million. Profitability of subsidiaries: The contribution from the Group?s Turkish subsidiary, Finansbank, remains significant, posting net profit of ?63 million in Q1, more than double the performance of the previous quarter. This performance is particularly notable given the intense political uncertainty and significant increase in Turkish interest rates, as well as adverse developments in emerging markets worldwide at the time. Positive input also from the Group?s SE Europe businesses, which posted net profit of ?14 million in Q1.2014, up 8% on an annual basis. Asset quality and provisions: New +90 dpd loans in Greece declined further to ?312 million, down by 32% yoy. The ratio of +90 dpds stood at 23.0% for the Group. The corresponding ratio for the domestic loan book is 28.4%. The Group and the Bank maintain a strong coverage ratio ? the highest among peers ? at 56%, up by circa 2 percentage points yoy. Reducing costs: Substantial 19% yoy reduction in staff expenses in Greece, following the successful completion of the early retirement scheme in December 2013. Overall operating costs in Greece down by 16% yoy and in SE Europe by 4% yoy. Reduction of cost-to-income ratio to 54% for the Group and 52% for domestic activities.
Greece?s biggest lender by assets, National Bank (NBG), reported higher-than-expected profit in the first quarter, helped by lower funding costs, its Turkish unit Finansbank and reduced provisions for bad loans.
Greece?s Finance Ministry has insisted that the country is fully funded until the summer of 2015 in the wake of comments by German Finance Minister Wolfgang Schaeuble that a new loan package of less than 10 billion euros would be needed.
?As is known and was accepted at the last Eurogroup, Greece?s funding needs are covered until mid-2015,? the Finance Ministry said on Sunday.
?For the 2015-16 period the country?s financing needs will depend to a great degree on the results of the bank stress tests that will be carried out by the European Central Bank on a pan-European level.?