180 years of NBG and 21 successful years of Stopanska Banka AD – Skopje together with NBG

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March 30th marked 180 years of history for the National Bank of Greece (“NBG”). In his brief statement, Mr. Pavlos Mylonas, the Chief Executive Officer of NBG said: “We are very proud of our history, and the role that NBG has played in the development of the economy and society of the country and the region. Today, we continue to encourage innovation and entrepreneurship, aiming to create a better future for our customers and our people.”.

Mr. Mylonas also reflected on the NBG Group results of 2020: “Despite Covid-19 headwinds, our FY20 financial results were strong. At the operating level, before trading gains and non-recurring provisions related to Covid-19, Group core operating profit increased by 41% YoY reaching €328m, reflecting resilience in core income and stringent cost cutting yielding an annual cost saving of c€150m over the past two years. At the bottom line, PAT from continued operations reached €591m, up by 26% YoY, as trading and other income of c€1.1b fully absorbed non-recurring loan loss provisions for Covid-19 and loan securitization program of c€0.8b. The rapidly improving profitability demonstrates our high potential, emanating from our strong balance sheet and the commitment and focus of the NBG team, with all our people increasingly engaged in our transformation.”

2021, also marks 21 years since the strategic investment NBG made in Stopanska Banka AD – Skopje. Using the opportunity of this significant milestone, Mr. Diomidis Nikoletopoulos, Chief Executive Officer of Stopanska Banka AD – Skopje said:

“We are proud to be a member of the NBG Group, one of the most important banking groups in the region, and especially happy that Stopanska Banka AD – Skopje continues to play a notable part in the 180 years of NBG history. 21 years ago, a very successful blend of two of the most historic banks in the region commenced, allowing Stopanska Banka AD – Skopje to become the strong, profitable bank that we know today, a supporting pillar to the economy of North Macedonia and a valuable asset of the NBG Group.

Despite the Covid-19 pandemic, the Bank proved its strong performance and fundamentals again in 2020, by enhancing its balance sheet and increasing its loan portfolio to €1.2 billion and its Deposits to €1.4 billion, delivering at the same time remarkable results: the net profit for 2020 reached €32m according to domestic accounting standards (or €34.6m according to IFRS).

We will continue with the same pace, being one of the most important financial institutions of North Macedonia, operating with superior performance across all business areas, safeguarding the deposits of our customers and generating sustainable value for all stakeholders.”