NBGIF National Bank of Greece SA (PK)

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, 2018

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-           ]

PRESS RELEASE

NBG Group: Q2.18 results highlights

·                  2018 SSM NPE reduction target already met

·                   NBG completed a €2bn NPL disposal of unsecured retail and SBLs in Greece for a total consideration of c6% of the outstanding principal amount; the transaction was capital accretive adding c18 bps to CET1 ratio

·                   In Q2.18 NPE reduction stood €1.3bn ahead of the SSM target, delivering already the FY.18 SSM requirement

·                   Domestic NPE stock drops by €0.5bn qoq on negative formation of €0.3bn and write-offs of €0.2bn

·                   NPE and NPL coverage of 60% and 84% respectively, combine with NPE and NPL ratios of 43% and 30% in Greece

·                   Q2.18 domestic CoR at 48bps from 167bps in Q1.18, aided by recoveries related to the NPL sale; recurring CoR significantly lower qoq (at c110bps), drives the return to operating profitability

·                   Following ELA elimination in end-November 2017, NBG’s LCR ratio is now over the minimum regulatory requirement of 100% (117%)

·                   The removal of ECB’s waiver in August 2018 leaves NBG’s funding cost unaffected as Greek sovereign paper was replaced by investment grade covered bonds

·                   Domestic deposits pick up in Q2.18 (+2% qoq), despite the continuous relaxation of capital controls since the beginning of the year

·                  CET1 ratio at 16.2%

·                   CET1 ratio at 16.2% factoring in Banca Romaneasca (BROM) and NBG Albania impairment charges

·                   Pro forma for the H1.18 PAT and the reduction in RWAs following the completion of NBG Albania sale in July, CET1 at 16.4% and 13.0%, taking into account the IFRS 9 full impact

·                  Group PAT from continuing operations at €41m in H1.18 against losses of €59m in H1.17

·                   Operating profitability improvement in Greece reflects the sharp de-escalation in CoR (-168bps yoy), offsetting core revenue reduction

·                   Domestic NII at €523m (-23% yoy) mainly due to the IFRS 9 impact (Q1) and the repricing of c€0.8bn of the mortgage book linked with 1yr Greek T-Bills (Q2)

·                   H1.18 OpEx at €433m in Greece (+3% yoy), driven by G&As (+6% yoy), which is due to seasonal factors and should reverse in H2

·                   OpEx is set to return to negative growth rates upon completion of the ongoing VES (c500 FTEs) benefiting personnel expenses in H2.18, with the full charge taken in Q2

·                   Loan impairments declined by 64% yoy to €156m in Greece (H1.18 CoR at 108bps), bringing operating result to positive territory in H1.18 (€50m)

·                   Domestic PAT from continuing operations at €28m vs losses of €73m in H1.17

Athens August 31, 2018

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NBG’s Q2.18 financial results evidence the continued improvement of the balance sheet and, more importantly, a turning point in P&L trends. Indeed, following the Q1 return to positive operating results, core profitability continued to strengthen in Q2.

Regarding asset quality, NBG successfully completed the sale of €2bn of unsecured loans at a capital accretive price (+18 bps to CET1). Moreover, NPE reduction continued in Q2 for a 9 th  consecutive quarter, with the outperformance vs the Q2 SSM target reaching c€1.3bn. NBG thus has already fulfilled the FY target and will be aiming to maintain its buffer during H2.

Regarding liquidity, NBG has achieved a large liquidity buffer following the termination of access to ELA in November 2017. Despite ECB’s elimination of the waiver on Greek debt, the impact on our funding cost is zero. NBG’s ECB exposure currently solely comprises TLTRO funding. Importantly, NBG has achieved an LCR ratio of 117% in July.

Regarding P&L performance, NBG produced a positive operating profit of €44m, up from €25m in the previous quarter, driven by significant and sustained cost of risk de-escalation. PPI is expected to have troughed in Q2, with corporate loan expansion, increased fee income and cost cutting expected to lead the rebound. The main short-term profit drivers are a CoR of c110bps, 500FTE VES, which is near completion, and further containment of G&As.

Athens, August 31, 2018

Paul Mylonas

Chief Executive Officer, NBG

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(1) For comparability reasons, NII & trading income have been restated in the previous periods to reclassify the interest income of the loan to the Greek State from NII to trading income under IFRS 9

Asset Quality

NPE reduction continued in Q2.18, with the stock of domestic NPEs down by €0.5bn qoq, driven by negative NPE formation of €0.3bn and write-offs of €0.2bn. The qoq NPE movement incorporates the recently completed NPL disposal of unsecured retail and SBLs in Greece of an outstanding principal amount of c€2bn. The consideration of the transaction, which amounted to c6% of the principal amount, was capital accretive adding c18bps to CET1.

Following the NPL sale, NPE reduction stands €1.3bn ahead of target, fulfilling already the FY.18 SSM requirement. The net NPE reduction achieved since end-2015 amounts to €5.5bn, reflecting negative NPE formation (-€2.1bn) and write offs (-€3.4bn), with the bulk of the latter eventually sold.

The NPE ratio in Greece dropped by 50bps qoq to 42.6% in Q2.18, with NPE coverage settling at 60.1%.

Domestic 90dpd formation also remained in negative territory in Q2.18 (-€199m from -€57m in Q1.18). 90dpd ratio settled at 30.4% (-50bps qoq) on coverage of 84.0% (82.8% at the Group level).

In SE Europe(1), the 90dpd ratio settled at 31.8% on coverage of 62.8%.

Domestic NPE stock movement

(1)  SE Europe includes the Group’s businesses in Cyprus and the Former Yugoslav Republic of Macedonia

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Liquidity

Group deposits increased by 2.3% qoq to €41.2bn in Q2.18, reflecting mainly domestic market developments. Domestic deposits amounted to €39.3bn on accelerating quarterly inflows of €866m. In SE Europe(1), deposits were up by 2.7% qoq to €1.9bn. On an annual basis, Group deposits grew by 8.2% yoy, reflecting deposit inflows of €3.0bn in Greece, despite continuous capital control uplifts.

As a result, NBG’s L:D ratio improved further to 73% in Greece (75% in Q1.18) and 74% at the Group level.

Eurosystem remains at €2.8bn currently from €12.3bn at end-Q4.16, comprising of TLTRO funding from the ECB, with the Bank enjoying a large liquidity buffer. Following ELA elimination in end-November 2017, our LCR ratio is now over the minimum regulatory requirement of 100% (at 117% as at end-July).

The removal of ECB’s waiver in August 2018 leaves NBG’s funding cost unaffected as Greek sovereign paper was replaced by investment grade covered bonds.

Eurosystem funding (€bn)

NBG domestic deposit flows per quarter (€ bn)

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Capital

CET1 ratio of 16.2% in Q2.18, factoring in impairment charges for the sales of Banca Romaneasca and NBG Albania, stands comfortably above regulatory requirements.

Pro forma for the H1.18 PAT and the reduction in RWAs following the completion of NBG Albania sale in July, CET1 stands at 16.4% and 13.0%, taking into account the IFRS 9 full impact.

CET1 ratio

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Profitability

Greece:

PAT from continued operations amounted to €18m in Q2.18 from €10m the previous quarter, reflecting the 72% qoq decrease in loan impairments that offset the pressure in core income (-5% qoq) and trading losses of €9m in a deteriorating international environment against gains of €34m in Q1.18.

On an H1 basis, the sharp de-escalation in CoR (-168bps yoy) brought operating result to positive territory in H1.18 (€50m) against the losses of €53m in H1.17; the Bank reported PAT from continued operations of €28m compared to losses of €73m in H1.17.

NII amounted to €255m from €269m in Q1.18, reflecting the impact of restructurings and sustained deleveraging in the retail book, with corporate balances stable qoq. Most Importantly, Q2.18 NII was negatively affected by the rate adjustment on €0.8bn of mortgages linked to 1 yr. Greek T-Bills. NIM also decreased by 20bps qoq to 267bps. On a H1.18 basis, NII declined by 23% yoy.

Net fee and commission income amounted to €54m from €57m the previous quarter on lower retail lending-related fees. On an annual basis, net fees grew by 3% yoy, driven by the elimination of ELA-related fees.

Trading losses of €9m in Q2.18 mainly reflect the losses from derivatives (€4m) vs gains of €21m in Q1.18. On an H1 basis, the trading line was supportive, generating gains of €25m.

Q2.18 operating expenses amounted to €220m from €213m in Q1.18. The quarterly movement mainly reflects a pick-up in G&As on increased expenses related to professional services (legal, audit and consulting fees). Personnel expenses remained practically stable at €136m (+1% qoq). On an annual basis, OpEx settled at €433m (+3% yoy), again driven by higher G&As, which is due to seasonal factors and should reverse in H2. OpEx is expected to return to negative growth rates upon completion of the ongoing Voluntary Exit Scheme (VES) benefiting personnel expenses in H2.18, with the full charge taken in Q2.

Loan impairments amounted to €35m in Q1.18 from €121m the previous quarter, aided by recoveries related to the €2bn NPL disposal. As a result, CoR dropped sharply to 48bps from 167bps in Q1.18, with recurring provisioning rate still lower in Q2.18 vs Q1.18. H1.18 CoR settled at 108bps from 276bps in H1.17, constituting the key driver for our return to operating profitability.

SE Europe: (1)

In SE Europe(1), PAT from continued operations reached €3m (€11m in Q1.18), reflecting higher provisions and taxation.

On an annual basis, the Group reported PAT from continued operations of €13m from €15m a year ago.

(1)  SE Europe includes the Group’s businesses in Cyprus and the Former Yugoslav Republic of Macedonia

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Disclaimer

No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by National Bank of Greece (the “Group”) as to the accuracy or completeness of the information contained in this announcement and nothing in this announcement shall be deemed to constitute such a representation or warranty.

Although the statements of fact and certain industry, market and competitive data in this announcement have been obtained from and are based upon sources that are believed to be reliable, their accuracy is not guaranteed and any such information may be incomplete or condensed. All opinions and estimates included in this announcement are subject to change without notice. The Group is under no obligation to update or keep current the information contained herein.

In addition, certain of these data come from the Group’s own internal research and estimates based on knowledge and experience of management in the market in which it operates. Such research and estimates and their underlying methodology have not been verified by any independent source for accuracy or completeness. Accordingly, you should not place undue reliance on them.

Certain statements in this announcement constitute forward-looking statements. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. As a result, you are cautioned not to place any reliance on such forward-looking statements. Nothing in this announcement should be construed as a profit forecast and no representation is made that any of these statement or forecasts will come to pass. Persons receiving this announcement should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecast periods, which reflect the Group’s view only as of the date hereof.

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