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Nat. Bank Of Greece (NBGA)

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Thursday 24 February, 2005

Nat. Bank Of Greece

2004 NBG GROUP Final Results

National Bank Of Greece
24 February 2005




                                             NATIONAL BANK OF GREECE S.A.

                                              (REG. No 6062/06/B/86/01)

                              CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2004

                                                 (In thousand euro)

    ASSETS                                                      2004                           2003

    1. Cash in hand, balances with central banks                           1 123 434                           1 280 563
    2. Treasury bills and other bills eligible for
       refinancing with central banks
       (a)   Treasury bills and similar securities                           150 415                             106 157
    3. Loans and advances to credit institutions
       (a)   Repayable on demand                                39 031                             44 624
       (b)   Other loans and advances                        4 940 990                          5 125 618
       (c)   Reverse Repos                                   3 816 995     8 797 016            3 507 175     8 677 417
                                                            ___________                        ___________
    4. Loans and advances to customers                      27 410 876                         23 112 925
       Less: Provisions for doubtful debts                  (1 098 431)   26 312 445           (1 051 796)   22 061 129
                                                            ___________                        ___________
                                                                                                                        
    5. Debt securities including fixed-income 
       securities
       (a)   Government                                     10 497 121                         14 878 288
       (b1)  Corporate                                       1 373 756                          1 752 797
       (b2)  Other issuers                                     795 572    12 666 449            1 116 797    17 747 882 
                                                            ___________                        ___________
                                              
    6. Shares and other variable-yield securities                            640 779                            657 578
    7. Participating interests                                               223 273                            202 696
    8. Shares in affiliated undertakings                                     722 049                            743 243
    9. Intangible assets
       (a)   Establishment and formation expenses               20 231                             19 590
       (b)   Goodwill                                               76                                 76
       (c)   Other intangible assets                           321 553                            277 218
       Less: Amortisation of intangible assets                (228 023)      113 837             (182 574)     114 310
                                                            ___________                        ___________
   10. Tangible assets
       (a)   Land                                              589 523                            586 841
       (b)   Buildings                              746 909                            737 549
       Less: Depreciation of buildings             (298 865)   448 044                (260 839)   476 710
                                                 ___________                        ___________
                                                               
       (c)   Furniture, electronic & other 
             equipment                              420 861                            404 731
       Less: Depreciation of furniture, 
             electronic & other equipment          (334 634)    86 227                (301 554)   103 177
                                                 ___________                        ___________
             
       (d)   Other tangible assets                   33 004                             26 227
       Less: Depreciation of other tangible assets  (21 444)    11 560                 (18 657)     7 570
                                                 ___________                        ___________

       (e)   Fixed assets under construction and         
             advances                                           29 706    1 165 060                26 866    1 201 164
                                                            ___________                        ___________

   13. Other assets                                                         633 299                            605 954
   14. Prepayments and accrued income                                       329 138                            292 799

                                                                         ___________                        ___________
       TOTAL ASSETS                                                      52 877 194                         53 690 892
                                                                         ___________                        ___________


       LIABILITIES                                              2004                           2003

    1. Amounts owed to credit institutions
       (a)   Repayable on demand                               150 297                            141 406
       (b)   Time and at notice                              1 744 693                          5 608 235
       (c)   Repos                                           4 520 093     6 415 083            3 911 837      9 661 478
                                                            ___________                        ___________
    2. Amounts owed to customers
       (a)   Deposits                                       38 518 798                         36 817 503
       (b)   Other liabilities                                 177 397                            171 258
       (c)   Repos                                           2 112 390    40 808 585            1 989 415     38 978 176
                                                            ___________                        ___________
    3. Debts evidenced by certificates
       (a)   Debt securities in issue                           26 880                              6 814
       (b)   Other                                              28 613        55 493               25 055         31 869
                                                            ___________                        ___________
    4. Other liabilities                                                   1 188 644                           1 215 032
    5. Accrued expenses and deferred income                                  249 945                             226 072
    6. Provisions for liabilities and charges
       (a)   Provisions for staff pensions and similar          25 734                             23 686
             obligations
       (b)   Provisions for taxation                             5 184                              4 745
       (c)   Other provisions                                   18 528        49 446               12 856        41 287
                                                            ___________                        ___________
   6A. Provisions for general banking risks                                    5 761                              5 761
    7. Subordinated liabilities                                              750 000                            750 000
   7A. Hybrid capital (BoG circulars No 17/2002 and 21/V                     832 149                            350 000
       
       Shareholders' Equity:
    8. Paid-up capital                                       1 492 090                           1 147 761
    9. Share premium account                                    32 393                              32 393
   10. Reserves
       (a)    Statutory reserve                     207 582                            208 143
       (b)    Extraordinary reserves                155 798                            140 824
       (c)    Tax-exempt reserves                   741 207                            668 774
       (d)    Special tax-exempt reserve 
              (article 15 of Law 3229/2004)          27 984                            382 937
                                                 ___________                        ___________
              
       (e)    Own shares reserve                          -  1 132 571                     283   1 400 961
   11. Fixed asset revaluation surplus                          52 133                              20 472
  11a. Fixed asset investment subsidy                            2 700                               2 700
   12. Retained earnings                                       360 290                             307 210
   13. Consolidation differences                              (468 876)                           (446 337)
   14. Minority interests                                      124 269                             145 382
   15. Own shares                                             (205 482)     2 522 088             (179 325)   2 431 217
                                                            ___________                        ___________
                                                                           ___________                       ___________
       TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                          52 877 194                        53 690 892
                                                                           ___________                       ___________


       OFF-BALANCE SHEET ITEMS                                  2004                               2003

    1. Contingent liabilities                                              36 707 000                        30 437 728
    2. Commitments arising on sale and repurchase                              18 142                             6 843
       agreements
    3. Other off-balance sheet items
       (a)    Items in custody and safekeeping               7 755 546                           4 649 970
       (b)    Commitments from bilateral contracts           8 875 717                           7 565 380
       (c)    Credit memo accounts                           3 291 317     19 922 580           11 687 465   23 902 815
                                                           ___________     ___________          ___________  ___________
                                                                                                                    

                                                                           ___________                       ___________
       TOTAL OFF-BALANCE SHEET ITEMS                                       56 647 722                        54 347 386
                                                                           ___________                       ___________

     NOTES:
          
     A)   The consolidated financial statements of the NBG Group include 
          National Bank of Greece S.A. and the following  companies of the
          financial sector: 1) Atlantic Bank of New York, 2) National Bank of 
          Greece (Canada), 3) The South African Bank of Athens Ltd, 4) National 
          Bank of Greece (Cyprus) Ltd, 5) National Securities Company S.A., 6) 
          'Diethniki' Mutual Fund Management S.A., 7) National Investment 
          Company S.A., 8) 'National' Mutual Fund Management S.A., 9) 'Ethniki 
          Kefalaiou' Management of Assets and Liabilities Co., 10) National 
          Management and Organization Co., 11) 'Ethniki' Leasing S.A., 12) 
          National Regional Development Co. of Northern Greece S.A. Venture 
          Capital, 13) NBG International Ltd, 14) NBG Finance plc., 15) National 
          Securities Co. (Cyprus) Ltd, 16) Interlease A.D. (Sofia), 17) NBG 
          Balkan Fund Ltd, 18) NBG Greek Fund Ltd, 19) ETEBA Bulgaria A.D., 20) 
          ETEBA Emerging Markets Fund Ltd, 21) ETEBA Estate Fund Ltd, 22) ETEBA 
          Venture Capital Management Company Ltd, 23) ETEBA Romania S.A., 24) 
          'Ethniki' Venture Capital Management S.A., 25) Stopanska Banka A.D. 
          Skopje, 26) United Bulgarian Bank A.D. Sofia, 27) ETEBA Advisory 
          S.R.L., 28) NBG International Inc., 29) NBGI Private Equity Ltd, 30) 
          NBG Bancassurance Insurance Brokers S.A., 31) NBG Management Services 
          Ltd, 32) NBGI Jersey Ltd, 33) NBG Luxembourg Holding S.A, 34) NBG 
          Luxfinance Holding S.A., 35) Innovative Ventures S.A., 36) NBG
          Funding Ltd and 37) Banca Romaneasca S.A. Of the companies included in 
          the consolidated financial statements as at 31.12.2003, NBG Asset 
          Management S.A.S. and NBG International Asset Management S.A.S. were 
          liquidated in 2004 and are excluded from the consolidated statements 
          of 31.12.2004.
            
     B)   Non-financial sector subsidiaries and associated companies are 
          included in the consolidated financial statements of 31.12.2004 using 
          the equity method of accounting.
       
     C)   In 2004, National Bank of Greece S.A. revalued its securities and 
          participating interests portfolio on an aggregate basis to the lower 
          of its acquisition cost and market price, in accordance with paragraph 
          6a of article 43 of Codified Law 2190/1920, whereas in 2003 National 
          Bank of Greece S.A. revalued its securities and participating 
          interests portfolio by applying the provisions of article 15 of Law 
          3229/2004.
       
     D)   Own shares amounting to €205 482 thousand are presented as a deduction 
          from equity in accordance with revised IAS 32 'Financial Instruments - 
          disclosure and presentation'.

     E)   Certain Balance Sheet and Profit & Loss items of the leasing 
          subsidiary companies 'Ethniki' Leasing S.A. and Interlease A.D. Sofia) 
          were reclassified in accordance with IAS 17 'Leases'.
       
     F)   Fixed assets of the NBG Group were free of liens and encumbrances as 
          at 31.12.2004.
       
     G)   The total number of persons employed by the NBG Group as at 31.12.2004 
          was 19 189, following NBG's  voluntary early retirement scheme which 
          1 511 employees took advantage of.

     H)   The accounting principles followed by the NBG Group have not changed 
          since the preceding accounting period.

     I)   Certain items in 31.12.2003 were reclassified so as to be comparable 
          with the corresponding items of 31.12.2004.

     J)   Balances denominated in foreign currency have been translated into 
          euro at the exchange rate prevailing as at 31.12.2004.
       
     K)   Following a decision of the Annual General Meeting of its Shareholders 
          held on 18.05.2004, National Bank of Greece S.A. increased its share 
          capital by €344 329 thousand, through the capitalization of an equal 
          amount of the land and buildings revaluation surplus with the issuance 
          of 76 517 426 new ordinary shares.

     L)   In 2004, National Bank of Greece S.A. revalued its land and buildings 
          pursuant to the provisions of article 19 of Law 3296/ 14.12.2004. The 
          surplus thus arising amounted to €27 438 thousand.

     M)   According to the four-digit National Industry Classification Code 
          (NICC), approximately 94% of the NBG Group's revenues are classified 
          under caption 651.9 'Activities of other intermediary monetary 
          organisations' and the remaining 6% are classified under other 
          captions of economic activity.



       PROFIT AND LOSS ACCOUNT                                 2004                           2003


    1. Interest receivable and similar income
         -   Interest income on fixed-income 
             securities                             493 536                               571 208
         -   Other interest and similar income    2 134 261  2 627 797                  1 879 435  2 450 643
                                                 ___________                             ___________                    

    2. Interest payable and similar charges                 (1 209 034)      1 418 763            (1 217 335) 1 233 308
                                                            ___________                           ___________           
         

    3. Income on securities
       (a)   Shares and other variable-yield 
            securities                              12 017                                  9 265
       (b)   Participating interests                 3 448                                  9 490
       (c)   Shares in affiliated undertakings       1 571      17 036                      3 947     22 702
                                                 ___________                             ___________                    
   3A. Income from associates                                   32 197                                     -
    4. Commissions receivable                                  474 745         523 978               438 585    461 287
                                                             ___________                           ___________          
                                                                             1 942 741                        1 694 595
    5. Commissions payable                                                     (76 931)                         (59 605)
                                                                             1 865 810                        1 634 990
    6. Net profit on financial operations                      120 642                               103 192
    7. Other operating income                                   26 022         146 664                25 869    129 061
                                                            ___________                           ___________           
       Total income                                                          2 012 474                        1 764 051
    8. General administrative expenses
       (a)   Staff costs
             -  Wages and salaries                (514 017)                              (487 965)
             -  Social security costs             (174 032)                              (159 875)
             -  Other charges                      (69 369)   (757 418)                   (70 913)  (718 753)
                                                 ___________                             ___________                    
       b)   Other administrative expenses
             -  Taxes and duties                   (42 843)                               (44 357)
             -  Service fees                      (127 923)                              (122 170)
             -  Other fees to third parties       (127 252)   (298 018)     (1 055 436)  (124 730)  (291 257)(1 010 010)
                                               ___________  ___________   ___________ ___________ ___________ _________ 
           
                                                                                          957 038               754 041
    9. Fixed asset depreciation and amortisation charges      (128 667)                             (114 862)
   10. Other operating charges                                 (15 706)       (144 373)              (14 444)  (129 306)
                                                            ___________     ___________           ___________  _________
       Profit on ordinary activities before provisions                         812 665                          624 735
11+12. Value adjustments in respect of loans and advances                     (177 869)                        (147 780)
       and provisions for contingent liabilities and commitments
                                                                            ___________                      ___________
       Profit on ordinary activities before tax                                634 796                          476 955
   15. Extraordinary income                                     24 756                                30 977
   16. Extraordinary charges                                   (11 695)                              (13 235)
   17. Extraordinary profit                                     37 997          51 058                38 289     56 031
                                                            ___________     ___________           ___________  _________
   18. Profit before tax, minority interests and early                         685 854                          532 986
       retirement scheme
       Minority interests                                                      (23 436)                         (11 985)
                                                                            ___________                      ___________
       Profit before tax and voluntary early retirement                        662 418                          521 001
       scheme
                                                                            ___________                      ___________
       Cost of voluntary early retirement scheme                              (108 876)
                                                                            ___________                      ___________
       Profit before tax                                                       553 542                          521 001
                                                                            ___________                      ___________
       Taxes
         -    Income Tax                                      (154 176)                             (153 824)
         -    Other taxes not included in operating             (8 345)                               (7 320)
              expenses
         -    Differences in tax obligations from               (5 258)                                 (626)
              previous periods
         -    Minority taxes                                       604        (167 175)                1 084   (160 686)
                                                            ___________     ___________           ___________  _________
       Group profit after tax                                                  386 367                          360 315
                                                                            ___________                        _________

                                                          Athens, 24 February 2005

   THE CHAIRMAN AND CHIEF EXECUTIVE       THE DEPUTY CHIEF EXECUTIVE      THE CHIEF FINANCIAL AND CHIEF OPERATIONS     
THE CHIEF ACCOUNTANT
               OFFICER                             OFFICER                                OFFICER



   EFSTRATIOS-GEORGIOS A. ARAPOGLOU        IOANNIS G. PECHLIVANIDIS               ANTHIMOS C. THOMOPOULOS            
IOANNIS P. KYPIAKOPOULOS


          AUDITOR'S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders of National Bank of Greece S.A.

We performed our audit in accordance with the provisions of articles 108 and 130
of Codified Law 2190/1920 'For Societes  Anonymes' of the 11th consolidated
Balance Sheet, consolidated Profit and Loss Account, the related notes thereto
and  consolidated cash flow statement of the National Bank of Greece S.A Group
of companies for the year ended 31 December  2004. We applied the auditing
procedures we considered necessary, which are in accordance with the auditing
standards  adopted by the Greek Institute of Certified Public Accountants, and
we agreed the contents of the Directors' Report to the General Meeting of the
Shareholders with the above consolidated Financial Statements. We did not audit
the financial statements of various subsidiary companies included in the
consolidation, which represent 1,56% of consolidated total assets and 1,57% of
consolidated total income. These financial statements were audited by other 
certified auditors, on whose reports we have relied upon to express our opinion,
to the extent they relate to the  amounts included in the consolidated Financial
Statements. In our opinion the above consolidated Financial Statements  have
been prepared in accordance with the relevant provisions of Codified Law
2190/1920, and present, in accordance with  the prevailing legislation and
accounting principles followed by the Bank, which are generally accepted in
Greece and  are consistent with those applied in the previous year, except for
that disclosed under note (c) to the Consolidated  Balance Sheet, the asset
structure, the financial position, the consolidated results and consolidated
cash flow of  operations of all the companies included in the consolidated
Financial Statements as at 31 December 2004.

                                              Athens, 24 February 2005
                                        CERTIFIED PUBLIC ACCOUNTANT AUDITOR


                                                GEORGIOS D. KAMBANIS
                                                   Reg. No 10761
                                                      DELOITTE.


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