losses in 2Q due to trading
NBG has reported its 2Q17 numbers, which are not comparable with our estimates or the consensus due to the deconsolidation of National Insurance and the operations in Romania and Serbia. The negative bottom line (due to recurring trading losses) will not please investors; however, we highlight the strong balance sheet trends (NPE drop, coverage ratio, liquidity, capital) and a conservative provisioning policy (which hurts the current P&L, but could imply a faster return to normalised impairments in 2018E).
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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