National Bank of Greece S.A.

A solid franchise within the concentrated Greek banking system. Higher coverage ratio than domestic peers to absorb COVID-19-related losses. Greece's delayed recovery following the pandemic-induced economic shock. Large stock of nonperforming exposures (NPEs). Low quality of capital owing to a high amount of deferred tax assets. Challenges to complete de-risking and strengthen domestic profitability. S&P Global Ratings' stable outlook on the National Bank of Greece (NBG) balances, at the current rating level, the risks over the next 12 months from the pandemic on the bank's ongoing asset-quality cleaning up with the extraordinary measures being taken by the European Central Bank (ECB) and Greek government to support the economy and the banking system. We anticipate that, in this environment, NBG should

...Outlook: Stable S&P Global Ratings' stable outlook on the National Bank of Greece (NBG) balances, at the current rating level, the risks over the next 12 months from the pandemic on the bank's ongoing asset-quality cleaning up with the extraordinary measures being taken by the European Central Bank (ECB) and Greek government to support the economy and the banking system. We anticipate that, in this environment, NBG should preserve its financial risk and business risk profiles, specifically, its deposits base and balanced funding position. Still, we do not expect meaningful progress in the sale and securitization of legacy NPEs in big chunks until mid-2021....

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