NBG Posts Net Profit Of EUR809mn In 2013
News: National Bank of Greece (NBG) posted a net profit of EUR809mn (US$1.13bn) in 2013, compared with a loss of EUR2.14bn (US$2.99bn) in 2012, helped by its Turkish unit Finansbank, lower funding expenses and lower provisions for bad loans. Finansbank posted profit of EUR439mn (US$613.19mn), down 9% year-on-year, regardless of tougher conditions in Turkey's market in H213. The bank's provisions for non-performing loans (NPLs) fell 36% to EUR1.63bn (US$2.28bn), with NPLs growing to 22.5% of its loan book from 21.9% at end Q313. The bank reduced its overall Eurosystem borrowing by EUR1.5bn (US$2.1bn) in Q413, to 11% of group assets.