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...