Tuesday, 24 Novemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
The Greek index closed 1.78% higher, posting mixed signs intraday. Total
turnover at €188.5m. The banking index soared 5.63% with ETE posting gains
2.81% at €22.70 and EFG closing at €9.37 + 1.85%. OPAP gained 3.40%
closing at €16.75. Today investors focus on EFG results, after market close.

Results Preview
EFG after market close
The bank is seen reporting a 58% fall in 9M2009 net profit. Consensus estimates
expect net profit to reach €270.6m from €647m. NII is expected to post a 1.96%
drop reaching €1,742m from €1,777m. Q3 net is expected at €102.4m, posting a
fall of 51.4%.

Corporate
Alpha/ To distribute dividend for fiscal year 2010

Results
OPAP / Net income at €501.7m (-8.7% yoy) – Lower than estimates
The company’s revenues for the 9M 2009 remained flat at €3,974m slightly
above estimates for sales €3,966. Ebitda reached €693.2m down 13%.
Consensus estimates were expecting ebitda to reach €703.4m. Net income stood
at 501.7m vs estimates for €513m. Stihima and Kino sales stood at €1,460m and
€2,112m both below estimates. The company will distribute an interim dividend
of €0.65 per share. Ex interim dividend date has been set at December 16.

ETE / Net income drops 17% - Meeting forecasts
NBG delivered a solid set of 9M09 financial results, with net income coming in
at €1,010m in line with average forecasts, but below our estimates (€1,066m).
NBG generated a solid pre provision profit of €2,100m in 9M09. On a y-o-y
basis 9M09 net profit registered a 16.8% drop to €1,010m from €1,214m in
9M08. Net income came in 23% down q-o-q.
9M09 NII came in at €2,902m up by 10%y-o-y much better than competition.
9M09 NIM came in at 403bps vs 420bps in 9m 2008 but still above competition.
Fee income came in at €511 down 11% y-o-y. Trading and other income came
in at €455m from €294m in the previous year.
NBG surprised positively with solid 9M09 financial results across the board.
Attributable PAT for Q309 came in 23% down q-o-q. Pre-provision earnings
came in at €2,129m up 15% q-o-q. NII up 10% y-o-y and 2% q-o-q. NIM the
highest among its peers coming in above 400bps. Loan/Deposits ratio came in at
94% in Q309 as loan growth outpaced deposit gathering. We perceive this
deterioration as temporary. NPL’s down 22bps q-o-q with NPLs coming in at
4.9% from to 4.4% in Q209. Q309 charge-offs below Q2 peak at €240m or
143bps on average loans outstanding, above than competition (-14bps q-o-q)
ROE after tax and minorities decreased to 15% in Q309 from 24% in Q209 due
to recent capital increase.
Loans/Deposits ratio at 0.94 probably the lowest among its peers.
The Finansbank performance demonstrating resilience in top and bottom line
results despite NPL’s slight deterioration coming in at 5.73% in Q309 up from
4.7% in Q209.

World Economy
European Monetary Union
Purchasing Manager Index Manufacturing (Nov) at 51 (consensus: 51.5,
October 50.7)

United States
Existing Home Sales (Oct) 6.10M (consensus: 5.72M September 5.57M)

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