National Bank of Greece S.A. (NBG) reported y-o-y growth in net interest income in 3Q 09, supported by lower interest expenses. However, higher personnel expenses and impairment charges led to deterioration in bottom-line. However, our fundamental outlook remains positive, as the bank remains well-capitalized, combined with a healthy loan-deposit ratio and sequential improvement in impairment losses. Therefore, given our positive outlook and current price levels, we reiterate the common stock a BUY. We will reassess our common stock rating for NBG in our next full update report. Although, we anticipate a negative currency impact on the ADR over our investment horizon, given our fundamental outlook and current price levels, we reiterate the ADR (5 ADRs = 1 common share) a BUY. We will reassess our ADR rating in our next update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward