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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to rule 13a-16 or 15d-16 of

The Securities Exchange Act of 1934

For the month of August, 2014

National Bank of Greece S.A.

(Translation of registrant’s name into English)

86 Eolou Street, 10232 Athens, Greece

(Address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.]

Form 20-F  x  Form 40-F  o

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.]

Yes  o  No  x

[If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-               ]

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National Bank of Greece S.A.

Group and Bank

Interim Financial Report

30 June 2014

August 2014

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Certification of the Board of Directors

on the financial statements as at 30 June 2014

Certification of Chairman, Chief Executive Officer and a member of the Board of Directors pursuant to Article 5 of Law 3556/07.

We, the members of the Board of Directors of National Bank of Greece S.A. certify that to the best of our knowledge:

(1)         The interim financial report for the period ended 30 June 2014 has been prepared in accordance with IAS 34 and IFRS as adopted by the European Union and present a true and fair view of the items in the Statement of Financial Position, Income Statement, Statement of Comprehensive Income, Statement of Changes in Equity and Cash Flow Statement of the Bank and of the companies included in the consolidation.

(2)         The Board of Directors report for the period ended 30 June 2014 truly and fairly presents all information required by Article 5, Para 6 of Law 3556/07.

Athens, 28 August 2014

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Board of Directors Report

for the period ended 30 June 2014

Economic environment during the first half of 2014

The global economy lost steam in the first half of 2014, compared with the second half of 2013, as economic growth decelerated in advanced economies, particularly in the US, whereas activity was also weaker-than-expected in some major emerging market economies reflecting weak external demand, tighter financial conditions since May 2013 (taper-tantrum) and softer investment growth. More specifically, in the US, weak private consumption and negative contribution from net exports, on top of once-off factors such as adverse weather conditions and the very slow pace of inventories accumulation, took their toll in economic activity with real GDP contracting for the first time in three years by 2.1% q-o-q (annualized) in the first quarter of 2014. Meanwhile, the US housing market recovery has slowed materially on the back of, inter alia, increasing mortgage interest rates. However, the US economy has gathered momentum in the second quarter of the year and returned to positive growth rates (4.0% q-o-q annualized), with labor market conditions improving considerably and the unemployment rate hovering around six-year lows (6.2% as of July 2014). In the euro area, the economy continued to recover only gradually with real GDP increasing by 0.2% q-o-q in the first quarter of 2014, as domestic demand demonstrated signs of revival mainly due to a slower pace of fiscal consolidation. However, the euro area economic growth remains anemic as activity continues to be constrained by a still stubbornly high unemployment rate, as well as elevated private and public debt. Having said that, euro area GDP growth slowed to zero (on a quarterly basis) in Q2:14 with geopolitical tensions in Eastern Europe weighing on business sentiment, as well. In Japan, real GDP surged by 6.1% q-o-q (annualized) in the first quarter of 2014 mainly due to front-loaded private domestic demand ahead of the increase in the consumption tax-rate (to 8.0% from 5.0%) that took place in April 2014 as a first step on behalf of the Japanese Government to put its public finances on a sustainable path. In the second quarter of the year, economic activity contracted sharply as a result of the aforementioned increase in the consumption tax rate hike with real GDP declining by 6.8% q-o-q annualized.

Major central banks continued their ultra accommodative monetary policy stance in the first half of 2014, albeit the Fed decided to slowdown its monthly asset purchases (USD 85.0 billion as of December 2013) effectively from January 2014, and has reduced the monthly pace of asset purchases to USD 25.0 billion, as of July 2014.  Looking forward, the Fed is expected to carry on with a gradual decrease of assets purchases, projecting to terminate them by October 2014 given the ongoing improvement in labor market conditions and inflation moving back its target of 2.0%. Note, however, that the Fed will continue to roll-over maturing Treasuries and agency Mortgage Backed Securities (thus maintaining an accommodative stance) at least until the first rate increase has taken place. Moreover, the Fed applies qualitative forward guidance, stating that its policy rate is expected to remain at ultra low levels for a considerable period after the asset purchase programme ends. On the other side of the Atlantic, the European Central Bank (“ECB”) reduced its main refinancing rate by 10 bps to 0.15% in June 2014, while it cut its deposit rate by 10 bps to negative (-0.1%) for the first time in its history amid anemic growth prospects and deflationary pressures. At the same time, the ECB announced targeted long-term refinancing operations (TLTROs) maturing in September 2018, with the initial operation to be conducted in September 2014, in order to revive bank lending toward the private sector (excluding mortgages) of the euro area economy. Finally, the Bank of Japan continued the aggressive expansion of its balance sheet mainly through purchases of Japanese Government bonds at an annual pace of JPY 50.0 trillion in order to achieve inflation of 2.0% y-o-y (excluding the effect of the consumption tax-rate increase) during full-year 2015.

After six years of recession, economic activity in Greece shows (since the beginning of 2014) signs of stabilization with recessionary momentum losing steam rapidly. The pace of GDP contraction slowed notably in H1:2014 (0.7% y-o-y from 2.3% y-o-y and 3.9% y-o-y in Q4:2012 and full-year 2013 respectively), on the back of a significant reduction in the pace of contraction of domestic demand (1.4% y-o-y in Q1:2014 compared to 5.7% y-o-y in full-year 2013) and accelerating growth in exports (5.4% y-o-y in constant terms, supported by increasing services exports)(1).

Private consumption trend registered a notable improvement, increasing by 0.7% y-o-y in Q1:2014 compared to 6.0% reduction y-o-y in full-year 2013, as a result of supportive confidence and base effects on final spending of non-income constrained households and a slowing pace of wage contraction (1.5% y-o-y in 2014 compared with 6.5% y-o-y in 2013). It must be noted that the base of comparison is supportive of consumption growth as most components of domestic spending fell to multi-year lows in 2013 following 6 years of recession. Moreover, the pace of contraction of employment slowed to 0.7% y-o-y in Q1:2014 from 4.9% y-o-y in full-year 2013 contributing to the stabilization of final spending, although unemployment remains near historical highs (27.2% in Q1:2014). Moreover, the adjustment in personnel expenses is impressive (19.2% cumulatively in the 2010-2013 period) and is translated into solid reduction of unit labor cost that exceeded 15% cumulatively in the same period.

Business conditions are improving, especially in tourism-related services sectors, and capacity utilization rates in export-oriented industrial sectors are gradually returning towards their long-term averages. According to the national accounts data for Q1:2014, the annual growth in business investment, excluding construction, increased by 2.4% y-o-y, while non residential construction declined marginally (0.5% y-o-y). The free fall in residential construction continues (42.3% y-o-y in Q1:2014) and the annual drop in house prices slowed to 8.5% y-o-y in Q1:2014 from 10.8% in full-year 2013. The residential market continues to face strong headwinds resulting from the high stock of unsold houses —amplified by sales of secondary and previously rented homes — and very limited demand against a backdrop of falling incomes, elevated tax burden and uncertainty about the application of capital gains tax on property in H1:2014.

Nonetheless, the gradual improvement in liquidity conditions (on the back of the acceleration in the clearance of government arrears to the private sector, a timely implementation of the public investment program and improving access of larger firms and Greek banks to market financing) in conjunction with the prospective further improvement in demand are expected to support business investment in following months.

(1)  It must be noted that data concerning GDP components are available until Q1:2014

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Net exports are estimated to have added 0.6 pps in real GDP growth in Q1:2014 (compared to 2.0 pps in an annual basis in full-year 2013)  as the support from the strong increase in services exports has been partially offset by slightly weaker goods exports and accelerating imports (2.2% y-o-y in Q1:2014, in constant terms) that reflect increasing demand for primary inputs, fuels, capital goods (including ships and other transportation equipment) and specific categories of consumer durables.

In this respect, external adjustment continued at a strong pace in 5M:2014 following the achievement of the first annual surplus in current account balance in decades in 2013 (0.8% of GDP in full-year 2013). The main sources of the additional improvement in 2014 are the increase in services surplus (i.e. net tourism and shipping revenue that increased by 23.9% y-o-y in 5M:2014) and higher current transfers from the EU (19.2% y-o-y) which have outweighed higher payments for ships and lower exports of oil products.

The sharp and sustained decline in activity and unit labor costs (6.4% y-o-y in full-year 2013 and 15.0% cumulatively from their peak in 2009) has resulted in disinflationary trends in the economy, with headline inflation falling deeper in negative territory (1.4% y-o-y in H1:2014 from 0.9% y-o-y in full-year 2013).

The Greek banking system and the private sector, remain in deleveraging mode. Outstanding credit to private sector contracted by 14.0% in the period December 2009 to June 2014, with business and household lending declining by 4.7% and 3.0% y-o-y, respectively, in 6M:2014. Total deposits in the Greek banking system increased by €3.4 billion in the 5 months to June 2014 and are €14.6 billion higher than their level of June 2012, when outflows from the banking system have peaked in an environment of extreme uncertainty.

Greece’s intensive efforts to address the large fiscal imbalances that resulted in 2013 in a primary surplus of 0.8% in GDP in general government budget (the first one in 12 years). State Budget implementation in 2014 remains on course to overperform for a second consecutive year compared with its annual fiscal targets. Favorable budgetary developments in 6M:2014 are based on improving revenue trends, which supplement a continuing restrain on the spending side. Overall, the primary surplus in the State Budget in 6M:2014 reached 0.4% of GDP, exceeding by 0.7% of GDP the respective 6M target of the Medium Term Fiscal Strategy (MTFS). However, the accumulation of tax payment arrears continued. Nonetheless, the current overperformance in government budget implementation broadly compensates for the underlying formation of new arrears at a general government level (€0.8 billion). Finally, the progress in government’s privatization programme continues to lag behind the programme targets.

European Financial Stability Facility (“EFSF”) approved on April the disbursement of €6.3 billion to Greece, given full compliance with prior actions by Greece. This was the first tranche of the total €8.3 billion installment approved by the Eurogroup on 1 April 2014, following the conclusion of the fourth review mission of Greece’s macroeconomic adjustment programme. The 2nd tranche of €1.0 billion to Greece had been approved on July 2014, taking into consideration the full implementation of a set of milestones and the 3rd is expected to be disbursed within Q3:2014, conditional upon the implementation of remaining milestones, whereas the International Monetary Fund (“IMF”) approved the disbursement of EUR 3.4 billion to Greece on May 2014.

Moreover, the solid progress in fiscal adjustment and the improvement in macroeconomic conditions, together with supportive economic and monetary conditions in the euro area, as well the upgrading of Greece’s government bond rating by international rating agencies in the first 8-months of 2014 (to B- by S&P, to Caa3 by Moody’s and to B by Fitch) led to significant progress in Greek financial asset valuations (sovereign bonds and equity) in 2013 and early 2014, as a result of steadily improving sentiment of investors for Greece. In this environment, the Greek government managed to re-access the market in April 2014, through a 5-year bond sale of €3.0 billion — the first sale since the activation of the financial support program for Greece in May 2010 — with a yield of 5.8%. This issuance has been followed by 3-year bond sale in July, in which Greece raised an additional €1.5 billion with a yield of 3.5%. In this respect, the current liquidity position of the Greek state appears sufficient to fully cover the financing needs in Q3:2014, even assuming no other disbursement of program funding in this period.

During the first half of 2014 the Greek banking system made further steps to improve its capital structure, liquidity and performance. At end-March 2014, the results of the stress tests conducted by the Bank of Greece in cooperation with BlackRock were published. According to those results, capital needs of Greek banks for the period of June 2013 to December 2016 were estimated at €6.4 billion under the Baseline Scenario and €9.4 billion according to the Adverse Scenario. Banks submitted capital plans to cover their estimated capital needs under the Adverse Scenario, which include various actions of capital reinforcement like the sale of non-core assets. Furthermore, all systemic banks proceeded to capital increases to fully cover their estimated capital needs.

The successful capital increases of the four systemic banks through international book building processes reflect the trust of capital markets to their future prospects. The total amount of capital raised in a two-month period was €8.3 billion, mostly covered by international investors. Additionally, NBG and Piraeus Bank issued senior bonds of €750 million and €500 million, with a 5-year and a 3-year duration respectively, achieving a significant oversubscription by three to six times.

The Greek banking system has completed the capital-enhancing measures required, gradually restoring capital adequacy ratios to internationally competitive levels, even under adverse scenarios, while moving ahead with the last round of supplementary actions to enhance their capital structure, the emphasis being on purely banking activities. The clear deceleration in creation of new loan delinquencies and accordingly the ability to reduce provisions, combined with the stabilization of deposit base, the substantial cuts in operating costs and the gradual return to the markets, are making access to liquidity easier while supporting sound, long-term core profitability.

In the first half of 2014, the macroeconomic picture in Turkey was mixed. Economic growth accelerated and external imbalances receded; however, the profitability of the banking sector weakened. Indeed, the Turkish economy seems to have gained momentum in the first half of 2014, in view of the first quarter growth performance (up 4.3% y-o-y from 2.9% y-o-y in the same quarter a year ago) and most of leading indicators. Interestingly, the pick-up in economic activity was driven by buoyant external demand, for the first time since end-

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2012. The first quarter growth performance would have been even higher had domestic demand not decelerated markedly, on the back of a sharp tightening of the monetary policy stance and the increase in domestic political uncertainty ahead of the end-March local elections. Note that the central bank average effective funding rate soared to 9.5% in the first half of the year from 5.8% in the full-year 2013, curbing the growth of lending to the private sector to 21.8% y-o-y in June from 32.2% in December 2013, in line with the authorities’ efforts to contain credit activity growth at 15% by the end of the year. Looking ahead, economic activity is set to weaken somewhat in the second half of the year, due to tighter monetary policy stance. In fact, in a bid to avoid a high volatility of the domestic currency in the context of high inflation (ending the year at 8.3% y-o-y according to the consensus forecast), the central bank is likely to maintain the average effective funding rate above 8% in the second half of the year. We see the full-year 2014 GDP growth at 3.5% (close to its long-term potential of 4%).

The deceleration in domestic demand was accompanied by a narrowing of the current account deficit to 6.4% of GDP in June in 12-month rolling terms, compared with 7.9% in December 2013. Financing the current account deficit had been manageable until end-June; however, the quality of the financing had remained poor, as the bulk of the current account deficit continued to hinge on short term financing (large portfolio inflows and repatriation of bank and non-bank residents’ assets abroad). Against this backdrop of poor quality of financing, the economy and the domestic currency would remain vulnerable to sudden shifts in global investor sentiment, due to fears of earlier-than-expected increase in the Fed central rate and, to a lesser extent, risks of renewed political tensions, especially in the build up to the June 2015 legislative elections.

In line with the sharp tightening of the monetary policy stance in the first half of the year, the Turkish banking sector profitability weakened; however, the quality of its assets remained sound and its capital base strengthened. Specifically, in the first half of the year, the return on average equity ratio moderated to a still robust 12.7% (annualised) from 14.2% in the full-year 2013; the non-performing loans-to-total loans ratio remained broadly unchanged from its 2013 level of 2.8%; and the capital adequacy ratio rose to 16.3% from 15.3% in the full-year 2013, well above the statutory threshold of 12%.

In the first half of 2014, the macroeconomic picture in South Eastern Europe — 5 (“SEE-5”, comprising Albania, Bulgaria, FYROM, Romania and Serbia) improved further. Economic activity seems to have strengthened in the first half of 2014, in view of the first quarter growth performance (up to 2.9% y-o-y from 1.9% y-o-y in the same quarter a year earlier) and a large number of leading indicators. Looking ahead, economic activity is set to keep momentum in the second half of the year, with the composition shifting from export-led growth in 2013 towards domestic demand. Indeed, stronger real disposable income, on the back of improving labour market conditions and weaker inflation, should boost private consumption, while better absorption of EU funds should strengthen further investments. We foresee the full-year 2014 GDP growth moving further towards its long-term potential of 3.5%, standing at 3.0%.

On another positive note, the adjustment in external imbalances, started in 2009 in the wake of the global economic and financial crisis, continued, with the 12-month rolling current account deficit declining further to a multi-year low of 2.0% of GDP in May from 3.1% of GDP in the same month a year ago and the range of 15%-17% of GDP on the eve of the collapse of Lehman Bros, reflecting not only scarce external financing and weak domestic demand but also strong exports.

Amid an improving operating environment the fundamentals and the performance of the SEE-5 banking sector improved in the first quarter of this year. Indeed, the bottom line rose to €1.5 billion (annualised) from €1.3 billion (annualised) in the same quarter a year earlier; the creation of non-performing loans decelerated (leading, however, to excessively high non performing loan ratios, ranging between 11.1% in FYROM and 24.1% in Albania), and the capital adequacy ratio strengthened across-the board (ranging between 16.3% in Romania and 21.2% in Serbia).

The transition of the NBG Group from a phase of stabilization, restructuring and shielding of its position in 2013 to a phase whereby it can actively support the Greek economy should be fully realized during the course of 2014.

Uncertainties, risks and prospects for the future

The growth rate of the global economy is expected to accelerate in the second half of 2014, and in the course of 2015, mainly underpinned by the improvement of private consumption and a milder fiscal tightening on most advanced economies, whereas loose monetary policy stance by most central banks will support growth, albeit to a less extent compared with previous years. Specifically, we expect global economic growth of 3.4% in 2014 and 4.0% in 2015, from 3.2% in 2013. However, there are essential downside risks surrounding the global economic prospects that stem from possibly tighter global financial conditions due to an earlier and faster (compared with market expectations) interest rate hike cycle by the Fed. In addition, the risk of outright deflation in the euro area economy remains intact, albeit to a less extent following the policy measures that ECB adopted in June 2014, as well as its commitment to safeguard price stability with additional measures, should it become necessary. Moreover, euro area bond market stress could emerge, following unexpected capital shortfalls of the euro area banking sector in the light of the announcement of the results of the ECB’s Asset Quality Review (AQR) and stress tests in October 2014. In addition, the slowdown of the Chinese housing market, on top of measures implemented by the authorities to curb excessive credit growth and “shadow” banking activities could lead to a significant slowdown in the Chinese economy, while any further escalation of geopolitical tensions in Ukraine/Russia conflict and in the Middle East could weigh to global economic growth, as well.

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The anticipated gradual recovery of the Greek economy in 2014 is expected to mark the end of a six-year period of recession. In this respect, labor market trends are expected to improve in H2:2014, whereas the recovery of economic activity is expected to reflect the support from the export sector, especially tourism and shipping, in conjunction with the continuance EU structural funds inflows, the completion of clearance of government arrears and the normalization of financing conditions in the economy, which is supported by accelerating inflows of private funds from abroad mainly in the form of portfolio investment.

In Greece, the main risks and challenges for H2:2014 relate to the continuing fiscal pressure on private sector’s liquidity position and the impact on activity, as well as the timeliness of success of the major structural reforms and their impact on the potential growth of the economy. Provided that pressures from fiscal measures and the decline of disposable income and real estate valuations on household and firms balance sheets will remain, the ability of the private sector to increase its saving, as well as enhance deposit creation and therefore generate internal liquidity in the economy through increasing credit, will remain weak in the near term.

After its extensive restructuring and recapitalization, the Greek banking system continues to face challenges, especially in the field of impaired loans management. Apart from the efforts for more effective management of loans in arrears, the improvement in collections is closely tied with the stabilization of the economic climate and the achievement of positive growth rates. The improvement in bad loans management will have a positive effect on the ability of banks to support healthy entrepreneurship, as new loan disbursements depend on the normal and in time repayment of existing loans. In the same direction, recent legislative changes should improve the bank’s dealing with non-performing loans, while further improvement of the legislative framework is expected in the coming months.

In anticipation of the ECB stress tests, Greek banks will be favored by further falls in deposit rates and wholesale funding cost.

There are downside risks to Turkey and SEE-5 positive outlook, stemming from a heavy election agenda in the second half of the year (presidential elections in Turkey, legislative elections in Bulgaria, and presidential elections in Romania) that could lead to policy slippages and consequently result in a weaker macroeconomic and banking sector performance. Moreover, an eventual escalation of the crisis in Iraq, Turkey’s second largest export market, would weigh heavily on Turkey’s growth and external deficit.

Financial results

In H1:2014 the Group’s profit attributable to NBG equity shareholders totalled €1,146 million, up by 233.5% y-o-y. Likewise, profit before provisions totalled €828 million, more than covering provisions for loan impairments of €705 million, and generating operating profits of €123 million vs. operating losses of €61 million a year earlier. This performance was boosted in part by the Bank’s ability to recognise part of outstanding deferred tax. In addition, the continuing decline in the creation of new +90 dpd loans in Greece, reflecting improved prospects for recovery and the improving economic climate, combined with ongoing actions to reduce expenses in Greece and SE Europe, all contributed positively to profitability. The performance posted by Finansbank serves to confirm that it is on a path to recovery, as profit attributable to NBG equity shareholders of Finansbank in Q2.2014 stood at €85 million, up by 33.3% qoq and by 223.8% vs. Q4:2013, which comprised a low point for Finansbank’s profitability due to the extremely difficult conditions prevailing in the Turkish market in the second half of 2013.

Group net interest income in H1:2014 totalled €1,511 million, slightly lower (down by 6.1%) than a year earlier, though the H1:2013 performance was supported by the record high net interest income posted by Finansbank. Similarly, commission income amounted to €266 million (down by 4.7% y-o-y). These results were positively impacted by domestic business where year-on-year growth in net interest income and commissions reached 10.6% and 51.3% respectively.

Group operating expenses in H1:2014 presented a significant decline (down by 12.4% y-o-y), as substantial cost cutting continued in all geographical areas. In Greece, personnel expenses declined by 18.1% y-o-y, due primarily to the synergies generated by the voluntary retirement scheme that was completed at the end of 2013, and the contraction of general administrative and other operating expenses and depreciation and amortization by 10.6%. In the countries of SE Europe, the reduction of operating expenses  in H1:2014 amounted to 5.9%, while in Turkey operating expenses  declined by 5.5% q-o-q, reflecting successful efforts to contain operating expenses.

As regards the quality of the Group’s loan book, the slowdown in new +90 dpd loans continued at a rapid pace for the eighth consecutive quarter. Specifically, the generation of new +90 dpd loans dropped by an impressive 46.5% y-o-y, amounting to €304 million in Q2:2014. Even on a quarterly basis the reduction amounted to an impressive 20.1%. As a result, provisions at Group level were reduced to €342 million, down by 5.5%, vs. €362 million in Q1:2014. The Group maintains high provision coverage levels, at 56.2%.  Furthermore, the +90 dpd Group loan ratio stood at 23.2% at the end of June 2014, vs. 23.0% at the end of March of 2014.

Liquidity has been on a steadily improving trajectory over the past quarters. Specifically, the Group’s deposits posted growth of 7.6% y-o-y, thereby improving the liquidity ratio (loans/deposits) to 93.5%, vs. 102.2% in June 2013. In Greece, the loan-to-deposit ratio stood at 82.8% — an improvement of 10.1 pps y-o-y — thereby placing the Bank comfortably in the best position in the domestic market in terms of liquidity. Note that the corresponding ratio for SE Europe, which stood at 99.8% (an improvement of 3.8 pps y-o-y), is low relative to peers in the same markets, while it has decreased dramatically when compared with the pre-crisis levels, which were in excess of 200%. In Turkey, deposit growth was in the order of 7.5% y-o-y in local currency terms, while low-cost demand deposits grew by 17.3%, further enhancing the deposit mix.

In Q2:2014, following the successful completion of the Bank’s share capital increase of €2.5 billion, the CET 1 capital adequacy ratio stood at 16.2%, placing NBG significantly above the average for the European banking sector, currently 10%. It is worth noting that this position will be significantly enhanced in the near future through further capital actions which are already underway and should be completed before the end of the year, as well through the positive and steadily improving core profitability of the Group.

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Greece: containment of operating expenses and impressive slowdown in new NPLs give cause for optimism for the rest of the year

The main aspects of developments in domestic business in H1.2014 provide cause for optimism for the rest of the year. Specifically:

New +90 dpd loans continued their downward trend in Q2:2014 to €262 million, slowing drastically by 16.0% q-o-q. As a result, provisions for loan impairments in H1:2014 contracted by 18.4% y-o-y, while the coverage ratio remained at 56.1%. The +90 dpd loan ratio stood at 29.3% vs. 28.4% in the previous quarter, mainly reflecting a small decline in loan book outstandings.

Deposits grew by 13.3% y-o-y, to €46.0 billion, reflecting renewed confidence of depositors in NBG and the Greek banking system more generally. Specifically, both time deposits and sight deposits posted impressive growth — up, respectively, by 12.4% y-o-y, and 20.8% — while savings accounts moved up slightly, by 2.4%. This growth of the deposit base is particularly notable, as it was achieved alongside the significant de-escalation of deposit rates.

Total loans and advances to customers before allowance for impairment (excluding loan to the Greek State), stood at €45.5 billion, up 1.7% y-o-y, despite the ongoing deleveraging of the retail portfolio, due to the 4.7% y-o-y increase in lending to large corporate and the 14.1% y-o-y increase in lending to small businesses.

NBG’s loan-to-deposit ratio stood at 82.8% in June 2014 vs. 92.9% a year earlier. Net Eurosystem funding has been reduced by a further €9.7 billion from the start of the year to the present, and corresponds to just 4.4% of Group assets (adjusted for the EFSF notes), while the Bank has zero exposure to the Emergency Liquidity Assistance (“ELA”) since Q3:2013.

Finansbank: Ongoing recovery of operating income and profit

In Q2:2014, conditions in Turkey continued to improve vs. Q4:2013, which was marked by high political uncertainty, negative developments in emerging markets globally, and the significant increase in interest rates. Building on the positive performance of Q1:2014, Finansbank’s reported profit for the period attributable to NBG equity shareholders in Q2:2014 of TL246 million (€85 million), up by 27.9% q-o-q (on a constant currency basis), despite extraordinary trading losses of TL45 million (€15 million) denting the Q2 results. The sustained strengthening of profitability testifies to the high resilience of Finansbank’s business model and holds out the promise of positive performance, particularly for the second half of the year.

Core revenues continued to strengthen in H1 (down by 2.5% q-o-q), despite the adverse changes in the regulatory framework for the country’s banking sector and particularly the changes regarding the pricing of retail products. Net interest income increased by 0.9% q-o-q, while commissions posted notable growth of 6.7% q-o-q. Net interest margin in Q2:2014 stood at the high level of 532 bps, up by 12 bps, while net commission margin increased by 9 bps.

In Q2:2014, the efficiency ratio (cost/income) improved significantly to 51.2% vs. 55.6% in the previous quarter, reflecting the significant contraction in operating expenses, both staff costs (down by 4.9% q-o-q) and general and administrative expenses, which were slashed by 17.9% q-o-q, despite the relatively high level of inflation in the country.

The +90 dpd loan ratio fell to 5.5%, down by 50 bps q-o-q. Provisions for loan impairments totalled TL190 million (down by 12.8% qoq), reflecting the ongoing improvement in asset quality, while the NPL coverage ratio stood at 68.0%.

Finansbank’s total lending amounted to TL50.5 billion (€17.4 billion), up 11.8% y-o-y, while deposits increased by 7.5%, with low-cost sight deposits accounted for 13.7% of total deposits vs. 12.0% in Q1:2014, up by 17.3% y-o-y. As a result of the change in strategy — with a greater focus on SMEs since early 2013 — the retail portfolio continued to contract (down by 4.9% y-o-y) to TL24.8 billion, while the business banking portfolio grew by an impressive 34.2% y-o-y to TL25.8 billion.

The capital adequacy ratio (CAR) reached 16.5%, the highest among its peers, thus giving the Finansbank a key competitive edge.

SEE-5: impressive growth in profitability through enhancement of core sources of revenue and profit

In H1:2014, the Group’s businesses in SE Europe posted profit for the period attributable to NBG equity shareholders of €30 million vs. €7 million a year earlier. This impressive improvement in profitability derived from core sources of revenue, with net interest income posting growth of 9.7% y-o-y and commissions growing by 7.3%. Ongoing rationalization of operating costs (down 5.9% y-o-y), coupled with the recovery of operating income in H1:2014, drove profit before provisions to €77 million, up by 31.9% y-o-y.

Loan impairments stood at €40 million in H1:2014 (down by 20.0% y-o-y), reflecting the slowdown in new +90 dpd loans, particularly in the second quarter, which reported net debt recoveries. Despite the formation of lower provisions q-o-q, the improvement in asset quality led the NPL coverage ratio to 53.5% vs. 51.8% in Q1:2014.

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Liquidity remains at particularly sound levels, as outstanding net loans decreased slightly by 2.5% y-o-y to €5,386 million, while deposits grew marginally (up 1.2% y-o-y) to €5,397 million. Note that throughout the duration of the financial crisis, the Bank has unfailingly focused its efforts on improving the liquidity of its subsidiaries in SE Europe, thus eliminating the gap between lending and deposits. As a result of the elimination of the funding gap and the ongoing deleveraging of the loan book, the loan-to-deposit ratio stood at 99.8% at the end of H1:2014, vs. 126.0% two years earlier and over 200% before the onset of the crisis.

Acquisitions, disposals and other capital transactions

On 20 March 2014, NBG Pangaea REIC acquired 100% of mutual fund ‘‘Picasso—Fondo Comune di Investimento Immobiliare Speculativo di Tipo Chiuso Riservato ad Investitori Qualificati’’ (Picasso—Closed End Real Estate Investment Fund Reserved to Qualified Investors). Picasso—Fondo owns building offices of a total area of 33 thousand sq.m., which are located in Rome and Milan. The consideration of acquisition amounted to €38 million of which €37 million was paid in cash and €1 million was recognised as receivable. The acquisition was part of NBG Pangaea REIC investment policy and within the normal course of its business in order to increase its presence in the real estate market.

On 24 April 2014, the dissolution of the Bank’s wholly owned subsidiary, CPT Investments Ltd, was completed.

On 24 April 2014 the Bank disposed of its 35% participation in the associate “AKTOR FACILITY MANAGEMENT S.A.” for a consideration of €1 million.

On 19 June 2014, the Board of Directors of the Bank and the Ethniki Kefalaiou S.A., a wholly owned subsidiary of the Bank, agreed the merger of the two companies through absorption of the latter by the Bank.  The merger date was agreed to be the 31 May 2014.

In June 2014, the Bank initiated the procedure to dispose of its 100% participation in ANTHOS PROPERTIES S.A. The disposal is highly probable and is expected to be completed within 2014.

Events after the reporting period

On 23 July 2014, the European Commission announced approval of the Bank’s restructuring plan as submitted to the EC by the Finance Ministry on 25 June 2014.

On 12 August 2014, NBG Pangaea REIC purchased 11,654,011 shares in MIG Real Estate REIC (MIG) which represent 82.81% of MIG’s total paid-up share capital and voting rights.

Risk management

Credit risk

Credit risk is the risk of financial loss relating to the failure of a borrower to honour its contractual obligations. It arises in lending activities as well as in various other activities where we are exposed to the risk of counterparty default, such as our trading, capital markets and settlement activities.  The risk of counterparty default is the largest single risk we face. Our credit risk processes are conducted separately by the Bank and each of our subsidiaries.  The credit risk procedures established by the subsidiaries are coordinated by the Group Risk Control & Architecture Division.

The Group’s credit granting processes include:

·                  Credit-granting criteria based on the particular target market, the borrower or counterparty, as well as the purpose and structure of the credit and its source of repayment;

·                  Credit limits that aggregate in a comparable and meaningful manner different types of exposures, at various levels;

·                  Clearly established procedures for approving new credits as well as the amendment, renewal and re-financing of existing credits.

The Group maintains on-going credit administration, measurement and monitoring processes, including in particular:

·                  Documented credit risk policies;

·                  Internal risk rating systems;

·                  Information systems and analytical techniques that enable measurement of credit risk inherent in all relevant activities.

The Group’s internal controls that are implemented for the credit risk related processes include:

·                  Proper management of the credit-granting functions;

·                  Periodical and timely remedial actions on deteriorating credits;

·                  Independent, ongoing assessment of the credit risk management processes by Internal Audit, covering in particular the credit risk systems/models employed by the Group.

Active credit risk management is achieved through:

·                  The application of appropriate limits for exposures to a particular obligor, a group of associated obligors, obligors that belong in the same economic sector, etc.;

·                  The use of credit risk mitigation techniques (such as collateral and guarantees);

·                  The estimation of risk adjusted pricing for most products and services.

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Market Risk of the Trading and Available for Sale Portfolios

Management and monitoring

The Bank, in order to ensure the efficient management of market risk, calculates on a daily basis the Value at Risk (VaR) of its Trading and Available for Sale (“AFS”) portfolios, along with the VaR per risk type. This has been implemented through RiskWatch by Algorithmics (currently IBM). The VaR estimates refer to a 1-day holding period and a 99% confidence interval. The most significant types of market risk to which the Bank is exposed are interest rate, equity and foreign exchange risk.

On a Group level, Finansbank is the other main contributor of market risk, through its positions held in the Trading and AFS portfolios. In order to monitor and efficiently manage market risk, Finansbank calculates VaR on a daily basis for its Trading and AFS portfolios, as well as the VaR per risk type (interest rate, equity and foreign exchange risk). These calculations are based on a 99% confidence interval and 1-day holding period. The engine used for all the calculations is the same as that of the Bank (i.e. RiskWatch).

The Bank has established a framework of VaR limits in order to control and manage more efficiently the risks to which it is exposed. These limits have been determined based on the Risk Appetite framework of the Bank; they refer not only to specific types of market risk, such as interest rate, foreign exchange and equity risk, but also to the overall risk of the Bank’s Trading and AFS portfolios. Finansbank has also established a framework of VaR limits, similar to the one that the Bank has in place.

In order to verify the predictive power of the VaR model, which is used for the estimation of market risk, the Bank conducts backtesting on a daily basis. The aim of backtesting is to examine whether the change in the value of the portfolio, due to the actual movements in the prices of the underlying risk factors, is captured by the VaR estimate of that day. The calculations refer only to the Bank’s trading positions, in accordance with the guidelines from the Bank of Greece. Finansbank also performs back-testing on a daily basis, following a procedure similar to the one that the Bank has established.

The daily VaR estimations refer to “normal” market conditions. However, supplementary analysis is necessary for capturing the potential loss that might arise under extreme and unusual circumstances in the financial markets. Thus, the Bank conducts stress testing on a monthly basis, through the application of different scenarios depending on the type of risk factor (interest rates, stock index prices, exchange rates). Stress testing is performed on both the Trading and the AFS portfolios. Moreover, stress test analysis is also performed by Finansbank on its Trading and Banking book, on a monthly basis. The scenarios refer to extreme movements of interest rates and foreign exchange prices and are based on the latest financial crises which have taken place in Turkey

Related party transactions

Based on the existing regulatory framework, the Group must disclose any transaction between the Bank and all its related parties as defined in IAS 24, which took place during the fiscal year. Management’s total compensation, receivables and payables must be also disclosed separately. The following table presents the transactions between the Bank and its subsidiaries, while there are no significant transactions with its associates.

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Subsidiaries

For further details, see NOTE 16:  Related party transactions in the condensed interim financial statements of the Group and the Bank for the period ended 30 June 2014.

Athens, 28 August 2014

THE CHIEF EXECUTIVE OFFICER

ALEXANDROS G. TOURKOLIAS

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Auditors Review Report

on the interim financial report for the period ended 30 June 2014

TRANSLATION

REVIEW REPORT ON INTERIM FINANCIAL INFOMATION

To the Shareholders of “NATIONAL BANK OF GREECE S.A.”

Introduction

We have reviewed the accompanying condensed separate and consolidated statement of financial position of “NATIONAL BANK OF GREECE S.A.” (the “Bank”) and its subsidiaries (the “Group”) as of 30 June 2014, the related condensed separate and consolidated statements of income and comprehensive income for the six months periods then ended, changes in equity and cash flows for the six months period then ended, as well as the selective explanatory notes, which together comprise the condensed interim financial information and which represent an integral part of the six month financial report provided under Law 3556/2007. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Financial Reporting Standards as adopted by the European Union and applicable to Interim Financial Reporting (International Accounting Standard “IAS” 34). Our responsibility is to express a conclusion on this condensed interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Report on Other Legal and Regulatory Requirements

Our review has not revealed any inconsistency or discrepancy in the content of the other information in the six month financial report provided under article 5 of Law 3556/2007 when compared to the accompanying condensed interim financial information.

Athens, 29 August 2014

The Certified Public Accountant

Beate Randulf

Reg. No. SOEL: 37541

Hadjipavlou Sofianos & Cambanis S.A.

Fragoklisias 3a & Granikou Str.

GR 151 25 Marousi

Reg. No. SOEL: E120

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Statement of Financial Position

as at 30 June 2014

The notes on pages 19 to 44 form an integral part of these financial statements

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Income Statement

for the period ended 30 June 2014

Athens, 28 August 2014

The notes on pages 19 to 44 form an integral part of these financial statements

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Statement of Comprehensive Income

for the period ended 30 June 2014

Athens, 28 August 2014

The notes on pages 19 to 44 form an integral part of these financial statements

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Income Statement

for the period ended 30 June 2014