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NATIONAL BANK OF GREECE S.A.
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Newswire
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03-01-2006 - Financial Results
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2005 full-year results - 100% growth in net profit - 28.6% return on equity. Our disciplined focus on achieving the targets set out in our business plan for 2005 resulted in the freeing-up of value to our shareholders, as the NBG Group posted record profitability. Strong revenue growth, improved operating efficiency and enhanced return on equity are the main drivers of our three-year business plan. We succeeded in all three of these areas, as Group income grew by 20%, the cost/income ratio declined by 11.5 percentage points, and return on equity climbed to 28.6%. With this performance we have covered the greater part of our three year business plan targets. The market recognizes our efforts, shows confidence on us and supports our stock price. This has led to a significant rise in our market capitalization close to euro 15 billion, placing us much higher in the rankings of European banks and enabling us to continue to maintain our independent course. I would like to stress the fact that our strong performance has been accompanied by substantial improvements in the Group’s Corporate Governance, with higher internal controls, strict compliance to all regulatory requirements, and best practice risk management procedures and methods. All these factors create a robust base on which to sustainably grow our business in the years ahead. The proposed dividend of euro 1.00 per share amounts to an increase of 71% on last year in line with the 67% increase in pre-tax operating profit. I am grateful to all the staff of the Group for their efforts, without which these outstanding results could not have been achieved. In recognition of their contribution we propose a euro 40 million distribution of profit to the Group's employees, a 50% increase on the previous year. This corresponds to 5.5% of the Group's net profit for the year. I am certain that all of us will work just as hard in 2006 to meet our commitments to our shareholders.
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