The National Bank of Greece delivered a strong performance at all levels in the first nine months of the year, with profitability up 15% year-on-year and return on equity well above target.

Specifically, the National Bank of Greece recorded:

• A nine-month organic profit after tax of €983 million at +15% p.a., with a return on equity of 17.5% against a target of over 16% for 2024 (on organic profit after tax).
• Its net interest income at €1.8bn was up 9% year over year and unchanged quarter-on-quarter, with net fee and commission income at €313m at +14% year over year.
• Organic profit before provisions at €1.5bn was up 11% year over year, with cost to organic revenue at 30.5% against a target of <33% for 2024.
• The bank's disbursements grew 18% year over year in the nine months, with performing loans up €1.8bn year over year and up €0.9bn year-to-date.
• NPLs after provisions stood at €0.2 billion, with the NPL ratio at 3.3% and the NPL coverage ratio at 86%.
• At the same time, NBG further strengthened its capital position with the overall capital adequacy ratio at 21.5% (+130 m b.p.) from the beginning of the year, the CET1 ratio at 18.7%, exceeding the NBG internal target of 14% by >450 m b.p., and the MREL ratio at 26.6%, against a supervisory target of 25.3% in January 2025.

CEO STATEMENT

"Greece's economic growth rate remains strong, with GDP upward momentum strengthening in Q2 2024. Business activity has been the largest contributor to economic activity growth so far, including strong fixed capital investment, while the labour market has followed suit, also playing a noteworthy role. Importantly, strong fiscal performance is leading to further favourable repricing of risk premiums associated with the economy, enhancing its attractiveness despite challenges stemming from the external environment.

The recent allocation of 10% of our equity capital attracted strong and broad-based demand from high-quality investors. The success of the transaction reflects investors' confidence in the Greek economy, as well as the strong fundamentals of ETE, our clear strategy and our credibility in delivering on the bank's objectives.

We achieved remarkable financial results in Q3, with our strong capital position and highly liquid balance sheet remaining key comparative advantages. Organic profit after tax amounted to around €1bn in 9M 2024, up +15% year-on-year, setting a strong foundation for achieving our 2024 targets. The resilience of net interest income against lower interest rates, which offset the negative effects by strong credit expansion with our disbursements exceeding €5 billion in Nine Months 2024, was what drove this performance. The strong results also reflect double-digit growth in net fee and commission income, as well as the continued normalisation of credit risk costs, combined with prudent management of our operating expenses.

Our strong capital ratios continued to strengthen, with our CET1 ratio at 18.7% and our Total Capital Adequacy Ratio at 21.5%, up +130m b.p. since the start of the year, after a provision for a 40% distribution to shareholders in 2025 from 2024 earnings. Our strong organic capital generation provides us with significant strategic flexibility, including future capital distributions to shareholders.

Our investment in technology and our dedicated people remain at the heart of our strategy, enabling us to enhance our efficiency by responding to an ever-evolving market and focusing on improving the customer experience. We remain committed to playing a key role in supporting the Greek economy, actively investing in development initiatives and sustainability projects that promote growth and stability," Pavlos Mylonas said.